Document:

Exhibit 10.14  

COMCAST CORPORATION  

 2002 EMPLOYEE STOCK PURCHASE PLAN  

 (As Amended and Restated, Effective January 1, 2005)  

1.     Purpose.  

        COMCAST CORPORATION, a Pennsylvania corporation, hereby amends and restates the Comcast Corporation 2002 Employee Stock Purchase Plan (the "Plan"), effective
January 1, 2005. The Plan is intended to encourage and facilitate the purchase of shares of common stock of Comcast Corporation by Eligible Employees of the Company and any Participating
Companies, thereby providing such Eligible Employees with a personal stake in the Company and a long-range inducement to remain in the employ of the Company and Participating Companies. It
is the intention of the Company that the Plan qualify as an "employee stock purchase plan" within the meaning of section 423 of the Code. 

2.     Definitions.  

        (a)   "Account" means a bookkeeping account established by the Committee on behalf of a Participant to hold Payroll Deductions. 

        (b)   "Affiliate" means, with respect to any Person, any other Person that, directly or indirectly, is in control of, is
controlled by, or is under common control with, such Person. For purposes of this definition, the term "control," including its correlative terms "controlled by" and "under common control with," mean,
with respect to any Person, the possession, directly or indirectly, 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. 

        (c)   "Board" means the Board of Directors of the Company. 

        (d)   "Brokerage Account" means the brokerage account established under the Plan by the Company for each Participant, to which
Shares purchased under the Plan shall be credited. 

        (e)   "Change of Control" means any transaction or series of transactions as a result of which any Person who was a Third Party
immediately before such transaction or series of transactions owns then-outstanding securities of the Company such that such Person has the ability to direct the management of the Company,
as determined by the Board in its discretion. The Board may also determine that a Change of Control shall occur upon the completion of one or more proposed transactions. The Board's determination
shall be final and binding. 

        (f)    "Code" means the Internal Revenue Code of 1986, as amended. 

        (g)   "Committee" means the Compensation Committee of the Board. 

        (h)   "Company" means Comcast Corporation, a Pennsylvania corporation, including any successor thereto by merger,
consolidation, acquisition of all or substantially all the assets thereof, or otherwise. 

        (i)    "Compensation" means an Eligible Employee's wages as reported on Form W-2
(i.e., wages as defined in section 3401(a) of the Code and all other payments of compensation for which the Participating Company is required to
furnish the employee a written statement under sections 6041(d) and 6051(a)(3) of the Code) from a Participating Company, reduced by reimbursements or other expense allowances, fringe benefits (cash
and non-cash), moving expenses, deferred compensation, and welfare benefits, but including salary reduction contributions and elective contributions that are not includible in gross income
under sections 125 or 402(a)(8) of the Code. 

        (j)    "Election Form" means the written or electronic form acceptable to the Committee which an Eligible Employee shall use to
make an election to purchase Shares through Payroll Deductions pursuant to the Plan. 

        (k)   "Eligible Employee" means an Employee who is not an Ineligible Employee. Notwithstanding the foregoing to the contrary,
solely for purposes of the Offering Period commencing on October 1, 2002, the 

 

term
"Eligible Employee" means an Employee who was eligible to participate in this Plan immediately before October 1, 2002. 

        (l)    "Eligible Employer" means the Company and any subsidiary of the Company, within the meaning of section 424(f) of
the Code. 

        (m)  "Employee" means a person who is an employee of a Participating Company. 

        (n)   "Fair Market Value" means the closing price per Share on the principal national securities exchange on which the Shares
are listed or admitted to trading or, if not listed or traded on any such exchange, on the National Market System of the National Association of Securities Dealers Automated Quotation System
("NASDAQ"), or if not listed or traded on any such exchange or system, the fair market value as reasonably determined by the Board or the Committee, which determination shall be conclusive. 

        (o)   "Five Percent Owner" means an Employee who, with respect to a Participating Company, is described in
section 423(b)(3) of the Code. 

        (p)   "Ineligible Employee" means an Employee who, as of an Offering Commencement Date: 

        (1)   is
a Five Percent Owner; 

        (2)   has
been continuously employed by a Participating Company on a full-time basis for less than 90 days; 

        (3)   has
been continuously employed by a Participating Company on a part-time basis for less than one year; or 

        (4)   is
restricted from participating under Paragraph 3(b). 

For
purposes of this Paragraph 2(p), an Employee is employed on a part-time basis if the Employee customarily works less than 20 hours per week. For purposes of this
Paragraph 2(p), an Employee is employed on a full-time basis if the Employee customarily works 20 or more hours per week. 

        (q)   "Offering" means an offering of Shares by the Company to Eligible Employees pursuant to the Plan. 

        (r)   "Offering Commencement Date" means the first day of each January 1, April 1, July 1 and
October 1 beginning on or after Offerings are authorized by the Board or the Committee, until the Plan Termination Date, provided that the first Offering Commencement Date shall be on the
Effective Date. 

        (s)   "Offering Period" means the period extending from an Offering Commencement Date through the following Offering
Termination Date. 

        (t)    "Offering Termination Date" means the last day of each March, June, September and December following an Offering
Commencement Date, or such other Offering Termination Date established in connection with a Terminating Event. 

        (u)   "Participant" means an Eligible Employee who has timely delivered an Election Form to the Committee in accordance with
procedures established by the Committee. 

        (v)   "Participating Company" means, as provided in Schedule A to the Plan, the Eligible Employers, if any, that are
approved by the Board or the Committee from time to time. 

        (w)  "Payroll Deductions" means amounts withheld from a Participant's Compensation pursuant to the Plan, as described in
Paragraph 5. 

        (x)   "Person" means an individual, a corporation, a partnership, an association, a trust or any other entity or organization. 

        (y)   "Plan" means the Comcast Corporation 2002 Employee Stock Purchase Plan, as set forth in this document, and as may be
amended from time to time. 

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        (z)   "Plan Termination Date" means the earlier of: 

        (1)   the
Offering Termination Date for the Offering in which the maximum number of Shares specified in Paragraph 9 have been issued pursuant to the Plan; or 

        (2)   the
date as of which the Board or the Committee chooses to terminate the Plan as provided in Paragraph 14. 

        (aa) "Purchase Price" means 85 percent of the lesser of: (1) the Fair Market Value per Share on the Offering
Commencement Date, or if such date is not a trading day, then on the next trading day thereafter or (2) the Fair Market Value per Share on the Offering Termination Date, or if such date is not
a trading day, then on the trading day immediately preceding the Offering Termination Date. 

        (bb) "Shares" means: 

        (1)   except
as otherwise provided in Paragraph 2(bb)(2), shares of Comcast Corporation Class A Common Stock, par value $0.01. 

        (2)   for
the Offering Period commencing on October 1, 2002, shares of Comcast Corporation Class A Special Common Stock, par value $0.01. 

        (cc) "Successor-in-Interest" means the Participant's executor or administrator, or such other person
or entity to whom the Participant's rights under the Plan shall have passed by will or the laws of descent and distribution. 

        (dd) "Terminating Event" means any of the following events: 

        (1)   the
liquidation of the Company; or 

        (2)   a
Change of Control. 

        (ee) "Third Party" means any Person, together with such Person's Affiliates, provided that the term "Third Party" shall not
include the Company or an Affiliate of the Company. 

        (ff)  "Termination Form" means the written or electronic form acceptable to the Committee which an Employee shall use to
discontinue participation during an Offering Period pursuant to Paragraph 7(b). 

3.     Eligibility and Participation.  

        (a)    Eligibility.    Except to the extent participation is restricted under Paragraph 3(b), each Eligible
Employee shall be eligible to participate in the Plan. 

        (b)    Restrictions on Participation.    Notwithstanding any provisions of the Plan to the contrary, no Employee shall
be eligible to purchase Shares in an Offering to the extent that: 

        (1)   immediately
after the purchase of Shares, such Employee would be a Five Percent Owner; or 

        (2)   a
purchase of Shares would permit such Employee's rights to purchase stock under all employee stock purchase plans of the Participating Companies which meet the
requirements of section 423(b) of the Code to accrue at a rate which exceeds $25,000 in fair market value (as determined pursuant to section 423(b)(8) of the Code) for each calendar year
in which such right to purchase Shares is outstanding. 

        (c)    Commencement of Participation.    An Eligible Employee shall become a Participant by completing an Election
Form and filing it with the Committee on or before the 15th day of the month immediately preceding the Offering Commencement Date for the first Offering to which such Election Form applies. Payroll
Deductions for a Participant shall commence on first payroll period ending after the applicable Offering Commencement Date when his or her authorization for Payroll Deductions becomes effective, and
shall end on the Plan Termination Date, unless sooner terminated by the Participant pursuant to Paragraph 7(b). 

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4.     Shares Per Offering.  

        The Plan shall be implemented by a series of Offerings that shall commence after Offerings have been authorized by the Board or the Committee, and terminate on
the Plan Termination Date. Offerings shall be made with respect to Compensation accumulated during each Offering Period for the period commencing with the first day of the first Offering Period (when
such Offering Period is authorized by the Board or the Committee) and ending with the Plan Termination Date. Shares available for any Offering shall be the difference between the maximum number of
Shares that may be issued under the Plan, as determined pursuant to Paragraph 8(a), for all of the Offerings, less the actual number of Shares purchased by Participants pursuant to prior
Offerings. If the total number of Shares subject to purchase under the Plan on any Offering Termination Date exceeds the maximum number of Shares available, the Board or the Committee shall make a pro
rata allocation of Shares available for delivery and distribution in as nearly a uniform manner as practicable, and as it shall determine to be fair and equitable, and the unapplied Account balances
shall be returned to Participants as soon as practicable following the Offering Termination Date. 

5.     Payroll Deductions.  

        (a)    Amount of Payroll Deductions.    On the Election Form, an Eligible Employee may elect to have Payroll
Deductions of not more than 10 percent of Compensation earned for each payroll period ending within the Offering Period, subject to the limitation that the maximum amount of Payroll Deductions
for any Eligible Employee for any calendar year shall not exceed $10,000. The rules established by the Committee regarding Payroll Deductions, as reflected on the Election Form, shall be consistent
with section 423(b)(5) of the Code. 

        (b)    Participants' Accounts.    All Payroll Deductions with respect to a Participant pursuant to
Paragraph 5(a) shall be credited to the Participant's Account under the Plan. 

        (c)    Changes in Payroll Deductions.    A Participant may discontinue Payroll Deductions during an Offering Period by
providing a Termination Form to the Committee at any time before the Offering Termination Date applicable to any Offering. No other change can be made during an Offering, including, but not limited
to, changes in the amount of Payroll Deductions for such Offering. A Participant may change the amount of Payroll Deductions for subsequent Offerings by giving written notice (or notice in another
form pursuant to procedures established by the Committee) of such change to the Committee on or before the 15th day of the month immediately preceding the Offering Commencement Date for the Offering
for which such change is effective. 

6.     Purchase of Shares.  

        (a)    In General.    On each Offering Termination Date, each Participant shall be deemed to have purchased a number
of whole Shares equal to the quotient obtained by dividing the balance credited to the Participant's Account as of the Offering Termination Date, by the Purchase Price, rounded to the next lowest
whole Share. Shares deemed purchased by a Participant under the Plan shall be credited to the Participant's Brokerage Account as soon as practicable following the Offering Termination Date. 

        (b)    Terminating Events.    The Company shall give Participants at least 30 days' notice (or, if not
practicable, such shorter notice as may be reasonably practicable) prior to the anticipated date of the consummation of a Terminating Event. The 20th day following the issuance of such notice by the
Company (or such earlier date as the Board or the Committee may reasonably determine) shall constitute the Offering Termination Date for any outstanding Offering. 

        (c)    Fractional Shares and Minimum Number of Shares.    Fractional Shares shall not be issued under the Plan.
Amounts credited to an Account remaining after the application of such Account to the purchase of Shares under the Plan shall be credited to the Participant's Account for the next succeeding Offering,
or, at the Participant's election, returned to the Participant as soon as practicable following the Offering Termination Date, without interest. 

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        (d)    Transferability of Rights to Purchase Shares.    No right to purchase Shares pursuant to the Plan shall be
transferable other than by will or by the laws of descent and distribution, and no such right to purchase Shares pursuant to the Plan shall be exercisable during the Participant's lifetime other than
by the Participant. 

7.     Termination of Participation.  

        (a)    Account.    Except as provided in Paragraph 7(c), no amounts shall be distributed from Participants'
Accounts during an Offering Period. 

        (b)    Suspension of Participation.    A Participant may discontinue Payroll Deductions during an Offering Period by
providing a Termination Form to the Committee at any time before the Offering Termination Date applicable to any Offering. All amounts credited to such Participant's Account shall be applied to the
purchase of Shares pursuant to Paragraph 6. A Participant who discontinues Payroll Deductions during an Offering Period shall not be eligible to participate in the Offering next following the
date on which the Participant delivers the Termination Form to the Committee. 

        (c)    Termination of Employment.    Upon termination of a Participant's employment for any reason, all amounts
credited to such Participant's Account shall be returned to the Participant, or, following the Participant's death, to the Participant's Successor-in-Interest. 

8.     Interest.  

        No interest shall be paid or allowed with respect to Payroll Deductions paid into the Plan or credited to any Participant's Account. 

9.     Shares.  

        (a)    Maximum Number of Shares; Adjustments.    Subject to adjustment as provided in this Paragraph 9, not
more than 4,250,000 Shares in the aggregate may be issued pursuant to the Plan pursuant to Offerings under the Plan, including Offerings commenced since the Plan first became effective as the Comcast
Corporation 2001 Employee Stock Purchase Plan. Shares delivered pursuant to the Plan may, at the Company's option, be either treasury Shares or Shares originally issued for such purpose. In the event
that Shares are changed into or exchanged for a different number or kind of shares of stock or other securities of the Company, whether through merger, consolidation, reorganization, recapitalization,
stock dividend, stock split-up or other substitution of securities of the Company, the Board or the Committee shall make appropriate equitable anti-dilution adjustments to the
number and class of shares of stock available for issuance under the Plan, to the number and class of shares of stock subject to outstanding Offerings and to the Purchase Price. Any reference to the
Purchase Price in the Plan and in any related documents shall be a reference to the Purchase Price as so adjusted. Any reference to the term "Shares" in the Plan and in any related documents shall be
a reference to the appropriate number and class of shares of stock available for issuance under the Plan, as adjusted pursuant to this Paragraph 9. The Board's or the Committee's adjustment
shall be effective and binding for all purposes of this Plan. All Shares issued pursuant to the Plan shall be validly issued, fully paid and nonassessable. 

        (b)    Participant's Interest in Shares.    A Participant shall have no interest in Shares offered under the Plan
until Shares are credited to the Participant's Brokerage Account. 

        (c)    Crediting of Shares to Brokerage Account.    Shares purchased under the Plan shall be credited to the
Participant's Brokerage Account as soon as practicable following the Offering Termination Date. 

        (d)    Restrictions on Purchase.    The Board or the Committee may, in its discretion, require as conditions to the
purchase of any Shares under the Plan such conditions as it may deem necessary to assure that such purchase of Shares is in compliance with applicable securities laws. 

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10.   Expenses.  

        The Participating Companies shall pay all fees and expenses incurred (excluding individual Federal, state, local or other taxes) in connection with the Plan. No
charge or deduction for any such expenses will be made to a Participant upon the termination of his or her participation under the Plan or upon the distribution of certificates representing Shares
purchased with his or her Payroll Deductions. 

11.   Taxes.  

        The Participating Companies shall have the right to withhold from each Participant's Compensation an amount equal to all federal, state, city or other taxes as
the Participating Companies shall determine are required to be withheld by them in connection with the purchase of Shares under the Plan and in connection with the sale of Shares acquired under the
Plan. In connection with such withholding, the Participating Companies may make any such arrangements as they may deem necessary or appropriate to protect their interests. 

12.   Plan and Contributions Not to Affect Employment.  

        The Plan shall not confer upon any Eligible Employee any right to continue in the employ of the Participating Companies. 

13.   Administration.  

        The Plan shall be administered by the Committee. The Board and the Committee shall have authority to interpret the Plan, to prescribe, amend and rescind rules and
regulations relating to it, and to make all other determinations deemed necessary or advisable in administering the Plan, with or without the advice of counsel. The Committee may delegate its
administrative duties, subject to its review and supervision, to the appropriate officers and employees of the Company. The determinations of the Board and the Committee on the matters referred to in
this Paragraph 13 shall be conclusive and binding. 

14.   Amendment and Termination.  

        The Board or the Committee may terminate the Plan at any time and may amend the Plan from time to time in any respect; provided, however, that upon any
termination of the Plan, all Shares or Payroll Deductions (to the extent not yet applied to the purchase of Shares) under the Plan shall be distributed to the Participants, provided further, that no
amendment to the Plan shall affect the right of any Participant to receive his or her proportionate interest in the Shares or his or her Payroll Deductions (to the extent not yet applied to the
purchase of Shares) under the Plan, and provided further that the Company may seek shareholder approval of an amendment to the Plan if such approval is determined to be required by or advisable under
the regulations of the Securities and Exchange Commission or the Internal Revenue Service, the rules of any stock exchange or system on which the Shares are listed or other applicable law or
regulation. 

15.   Effective Date.  

        The original effective date of the Plan was December 20, 2000. This amendment and restatement of the Plan is effective on January 1, 2005. 

16.   Government and Other Regulations.  

        (a)    In General.    The purchase of Shares under the Plan shall be subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies as may be required. 

        (b)    Securities Law.    The Committee shall have the power to make each Offering under the Plan subject to such
conditions as it deems necessary or appropriate to comply with the then-existing requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as
amended, including Rule 16b-3 (or any similar rule) promulgated by the Securities and Exchange Commission thereunder. 

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17.   Non-Alienation.  

        No Participant shall be permitted to assign, alienate, sell, transfer, pledge or otherwise encumber his right to purchase Shares under the Plan prior to time that
Shares are credited to the Participant's Brokerage Account. Any attempt at assignment, alienation, sale, transfer, pledge or other encumbrance shall be void and of no effect. 

18.   Notices.  

        Any notice required or permitted hereunder shall be sufficiently given only if delivered personally, telecopied, or sent by first class mail, postage prepaid, and
addressed: 

If to the Company: 

Comcast
Corporation

1500 Market Street

Philadelphia, PA, 19102

Fax: 215-981-7794

Attention: General Counsel 

Or
any other address provided pursuant to notice provided by the Committee. 

If to the Participant: 

At
the address on file with the Participating Company from time to time, or to such other address as either party may hereafter designate in writing (or via such other means of communication permitted
by the Committee) by notice similarly given by one party to the other. 

19.   Successors.  

        The Plan shall be binding upon and inure to the benefit of any successors or assigns of the Company. 

20.   Severability.  

        If any part of this Plan shall be determined to be invalid or void in any respect, such determination shall not affect, impair, invalidate or nullify the
remaining provisions of this Plan which shall continue in full force and effect. 

21.   Acceptance.  

        The election by any Eligible Employee to participate in this Plan constitutes his or her acceptance of the terms of the Plan and his or her agreement to be bound
hereby. 

22.   Applicable Law.  

        This Plan shall be construed in accordance with the laws of the Commonwealth of Pennsylvania, to the extent not preempted by applicable Federal law. 

        Executed
as of the 1st day of January, 2005. 

	 	 	COMCAST CORPORATION
	

 	
 	

BY:	
 	

 
	 	 	 	 	

	

 	
 	

ATTEST:	
 	

 
	 	 	 	 	

7

 
SCHEDULE A  

Participating Companies 

Effective as of January 1, 2005  

Comcast
Business Communications Holdings, Inc. and its subsidiaries 

Comcast
Cable Communications Holdings, Inc. and its subsidiaries 

Comcast
Cable Communications, LLC, and its subsidiaries 

Comcast
Corporation 

Comcast
Holdings Corporation 

Comcast
Online Communications, Inc. 

Comcast
Shared Services Corporation 

Comcast
SportsNet West, Inc. 

G4
Media, LLC 

Home
Team Sports Limited Partnership 

International
Channel 

Outdoor
Life Network, LLC 

Philadelphia
Sports Media, L.P. 

8Exhibit 4.1

 

 

 

 

 

BOND GUARANTY AGREEMENT

Dated March 1, 1999

by

BOSTROM SEATING, INC.

in favor of

NBD
BANK

As Trustee

 

 

 

 

BOND GUARANTY AGREEMENT

THIS BOND GUARANTY AGREEMENT
dated March 1, 1999 is entered into by BOSTROM SEATING, INC. (herein collectively the “Guarantor”) for the
benefit of NBD BANK, a banking corporation with its principal place of business
in Detroit, Michigan (the “Trustee”), as trustee under the Indenture
referred to below.

Recitals

The Industrial Development
Board of the City of Piedmont (the “Issuer”) has duly authorized the
creation, execution and delivery, under and pursuant to that certain Trust Indenture
dated March 1, 1999 (the “Indenture”) from the Issuer to the Trustee,
$3,100,000 aggregate principal amount of Variable/Fixed Rate Industrial
Development Revenue Bonds (Bostrom Seating, Inc. Project) dated the date of
delivery (the “Bonds”).

The proceeds of the Bonds
shall be applied by the Issuer to pay the costs of acquiring, constructing and
installing buildings, structures, facilities and related machinery and
equipment on certain realty heretofore acquired by the Issuer for use in the
manufacturing, processing, assembling, storing and distribution of seats for
heavy trucks and buses and related products (said real estate, buildings,
structures, facilities, machinery, equipment and related personal property
being hereinafter collectively referred to as the “Project”).

Simultaneously with the
issuance of the Bonds, the Issuer and Bostrom Seating, Inc., a Delaware
corporation (the “Guarantor”) will enter into a Lease Agreement dated
March 1, 1999 (the “Lease Agreement”), whereby the Issuer will agree to
lease the Project to the Guarantor and the Guarantor will agree to pay rentals
to the Issuer at such times and in such amounts as shall be sufficient to pay
when due the principal of, premium (if any) and interest (“Debt Service”)
on the Bonds and the purchase price of Bonds tendered for purchase pursuant to
the mandatory or optional tender provisions of the Indenture.

The Bonds shall be limited
obligations of the Issuer payable solely out of the rentals payable by the
Guarantor pursuant to the Lease Agreement and any other revenues, rentals or
receipts derived by the Issuer from the leasing or sale of the Project (the “Lease
Revenues”).

As additional security for
the payment of Debt Service on the Bonds, the Guarantor will enter into this
Bond Guaranty Agreement dated March 1, 1999 (the “Bond Guaranty”) in
favor of the Trustee, whereby the Guarantor will guarantee payment when due of
Debt Service on the Bonds.

As additional security for
the payment of the Bonds, the Guarantor will cause Chase Manhattan Bank
Delaware (in its capacity as issuer of the initial letter of credit referred to
below, the “Credit Obligor”) to issue an irrevocable letter of credit in
favor of the Trustee in the amount of (i) the aggregate principal amount of the
Bonds, to enable the Trustee to pay the principal amount of the Bonds when due
and to pay the principal portion of the purchase price of Bonds tendered (or
deemed tendered)

 

 

for purchase, plus (ii)
interest on the Bonds for a period of 56 days at the rate of 12% per annum, to
enable the Trustee to pay interest on the Bonds when due and to pay the
interest portion of the purchase price of Bonds tendered (or deemed tendered)
for purchase.  The initial letter of
credit to be delivered to the Trustee and any substitute letter of credit
delivered to the Trustee pursuant to this Indenture are herein referred to as
the “Letter of Credit”.

The Letter of Credit is
initially issued pursuant to various credit, guaranty and security agreements
among the Credit Obligor, the Issuer, the User, and persons related to the
User, which evidence, guarantee or provide security for the obligations of the
User to reimburse the Credit Obligor for draws under the Letter of Credit and
the observance and performance of various agreements of the User related
thereto (collectively the “Credit Documents”).

NOW, THEREFORE, for and in
consideration of the premises, the consummation by the Issuer and the Trustee
of the transactions contemplated by the Indenture and the Lease Agreement and
the purchase of the Bonds by all Holders thereof, the Guarantor hereby covenants,
agrees and binds itself as follows:

ARTICLE I

 

Provisions
of General Application

SECTION 1.01                                           Definitions

For all purposes of this
Agreement, except as otherwise expressly provided or unless the context
otherwise requires:

“Beneficial Owners”
shall mean the owners of the beneficial interests in the Bonds.

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

“Default” shall mean
an event or condition the occurrence of which would, with or without the lapse
of time or the giving of notice or both, be an Event of Default.

“Event of Default”
shall mean an event as defined in Article VI.

“Financing Documents”
shall mean collectively the Indenture, the Lease Agreement, the Bond Guaranty
Agreement, the Credit Documents, and the Remarketing Agreement (as defined in
the Indenture).

“Financing Participants”
shall mean the parties to the Financing Documents.

“Holder” means the
Beneficial Owners of any of the Bonds or a former Beneficial Owner of any of
the Bonds entitled to enforce any rights hereunder.

“Lien” shall mean any
interest in Property securing an obligation owed to, or a claim by, a Person
other than the owner of the Property, whether such interest is based on the
common law, statute or contract, and including but not limited to the security
interest or lien arising from a mortgage, encumbrance, pledge, conditional sale
or trust receipt or a lease assignment or bailment for security purposes.  For the purposes of this Agreement, the
Guarantor shall be

 

2

 

deemed to be the owner of
any Property which it shall have acquired or holds or hold subject to a conditional
sale agreement, financing lease or other arrangement pursuant to which title to
the Property has been retained by or vested in some other person for security
purposes.

“Material Adverse Effect”
shall mean any act or circumstance or event which 

(i) causes an Event of Default or Default, (ii) otherwise might be material and
adverse to the financial condition or business operations of the Guarantor or
(iii) would adversely affect the validity or enforceability of any of the
papers executed in connection with the Bonds.

“Person” shall mean
and include an individual, a partnership, a joint venture, a corporation, an
association, a trust, an unincorporated organization and a government or any
department, agency or political subdivision thereof.

“Property” shall mean
any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible.

“Tribunal” shall mean
any state, commonwealth, federal, foreign, district, territorial, or other
court or governmental department, board, bureau, agency or instrumentality
having jurisdiction over Guarantor.

SECTION 1.02                                           Accounting
Principles

Where the character or
amount of any asset or liability or item of income or expense is required to be
determined is required to be made for the purposes of this Agreement, this
shall be done in accordance with the system of accounting used by Guarantor in
preparation of its federal income tax returns. 
The User shall maintain books and records in accordance with generally
accepted accounting principles (“GAAP”) consistently applied.

SECTION 1.03                                           Action Taken
Directly or Indirectly

Where any provision in this
Agreement refers to action to be taken by any Person, or which such Person is
prohibited from taking, such provision shall be applicable whether such action
is taken directly or indirectly by such Person.

SECTION 1.04                                           Governing Law

This Agreement shall be
governed by and construed in accordance with the laws of the State of Alabama.

SECTION 1.05                                           General Rules
of Construction

(1)           Capitalized terms used herein without
definition shall have the meaning assigned to them in the Indenture.

(2)           Singular terms shall include the
plural as well as the singular, and vice versa.

 

3

 

(3)           All references in this instrument to
designated “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and subdivisions of this instrument as originally executed.

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

SECTION 1.06                                           Effect of
Headings and Table of Contents

The Article and Section
headings herein and in the Table of Contents are for convenience only and shall
not affect the construction hereof.

ARTICLE II

 

Guaranty

SECTION 2.01                                           Guaranty of
Payment of Bond

(a)           The Guarantor hereby absolutely and
unconditionally guarantees (i) the punctual payment when due (whether at stated
maturity, by acceleration or call for redemption or otherwise), in lawful money
of the United States of America, of any and all sums which may become due at
any time or from time to time to each Holder as Debt Service on the Bonds,
including interest on any past due amounts of Debt Service (but without regard
to any provision set forth in the Bonds or the Indenture limiting the sources
of payment of amounts becoming due on the Bonds), (ii) the full and prompt
payment of all costs and expenses, including court costs and reasonable attorneys’
fees, incurred by the Trustee or any Holder in attempting to collect or enforce
any such obligations), and (iii) the prompt payment of all other amounts
payable by the Issuer under the Indenture. 
If a Holder or the Trustee shall fail to receive any such payment when
due as aforesaid, the Guarantor shall immediately pay to the Holder or the
Trustee, as appropriate, in lawful money of the United States of America, an
amount equal to the required payment; provided, anything herein to the
contrary notwithstanding, there shall be credited against any amounts owing to
the Holders hereunder all amounts theretofore paid to the Trustee by the
Guarantor pursuant to any of the Financing Documents with respect to the Bonds
held by such Holders.

(b)           The guaranty set forth in this
Section is an absolute and irrevocable guaranty of payment and not of
collectibility or performance and is in no way conditioned or contingent upon
any attempt to collect from the Issuer or any other Person or to realize upon
any Property subject to the Lien of the Indenture or upon any other direct or
indirect security for the Bonds, or to resort to any other remedies.

(c)           Each default in payment of Debt
Service shall give rise to a separate cause of action hereunder and separate
suits may be brought hereunder as each cause of action arises.

(d)           The Guarantor hereby waives all of
the following and all defenses, counterclaims, or offsets which the Guarantor
may have by reason thereof:  (1) notice
of acceptance hereof, notice of any action taken or omitted in reliance hereon,
notice of any defaults by the Is-

 

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suer in the payment of any
such sums, and notice of the creation, renewal, or accrual of any liability of
the Issuer, (2) any presentment, demand, notice or protest of any kind, (3) any
right (i) to have the Issuer joined with the Guarantor in any suit brought
against the Guarantor on this Agreement, (ii) to require the Trustee or a
Holder to forthwith bring suit against the Issuer on the Bonds, and (iii) to
require that the Trustee or a Holder obtain any judgment against the Issuer on
the Bonds in connection with the enforcement of any rights against the Guarantor
hereunder, and (4) any other act or thing (including without limitation
alteration of the Bonds, Letter of Credit or the Financing Documents or debt
evidenced thereby or security therefor), or omission or delay to do any other
act or thing which may, by operation of law or otherwise, in any manner or to
any extent vary the risk of the Guarantor or which might otherwise operate as a
discharge of the Guarantor.

(e)           The guaranty set forth in this
Section shall remain in full force and effect without reference to future
changes in conditions, including, to the extent permitted by applicable law,
changes in law, until all Holders shall have been indefeasibly paid in full all
sums due under the terms and provisions of the Bonds and the Lease Agreement
notwithstanding any terms or provisions contained in the Bonds (including any
discharge or termination of the Indenture as a result of deposits being made
with the Trustee), and until such sums are not subject to rescission or
repayment upon any bankruptcy, insolvency, arrangement, reorganization,
moratorium, receivership or similar proceeding affecting the Issuer or the
Guarantor.

SECTION 2.02                                           Indemnification
Against Invalidity

(a)           If, at any time and for any reason
whatsoever, an Adjudication of Invalidity (as defined hereinafter) shall have
been made, the Guarantor hereby agrees to indemnify and save the Holders
harmless from the consequences of such an event by purchasing the Bonds at a
price equal to the outstanding principal amount thereof plus interest accrued
thereon to the date of the purchase.  A
purchase will be made within thirty days after receipt by the Guarantor of a
written request from a Holder, which written request shall specify that an
Adjudication of Invalidity has occurred. 
The Guarantor shall be obligated to make such purchase without the necessity
of any showings or proofs on the part of a Holder that such Holder has suffered
any losses or damages (such losses and damages being conclusively presumed upon
the occurrence of an Adjudication of Invalidity).  The term “Adjudication of Invalidity”
shall mean either (i) a final, unappealable adjudication by any court of
competent jurisdiction, binding upon the Guarantor or the Issuer (or any of
them), or if not binding upon the Guarantor or the Issuer (or any of them),
applicable to the Bonds in the unqualified Opinion of Bond Counsel satisfactory
to the Trustee, such opinion being in form and substance reasonably
satisfactory to the Guarantor, that, under the constitution or general laws of
the State of Alabama, the Issuer or the Trustee or the Credit Obligor lacked
authority to do any one or more of the following at the time any one of the following
was done:  (a) issue the Bonds, (b) enter
into the Indenture, (c) issue the Letter of Credit, or (d) enter into the Lease
Agreement; or (ii) a final, unappealable adjudication by any such court that
the Bonds (or, on a ground applicable to the Bonds, that any other obligations)
are otherwise invalid for any other reason whatsoever, including, without limitation,
any invalidity or irregularity in any statutory, judicial or other proceedings
relating to the formation or existence of the Issuer, relating to the issuance
of the Bonds or the Letter of Credit or relating to the execution and delivery
of any of the Financing Documents.  The
obligation to purchase the Bonds in the event of an Adjudication of Invalidity
shall apply even though the Bonds or a part thereof may have

 

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been called for redemption
and shall apply even after the date set for redemption if the Bonds shall not
yet have been redeemed.  The Guarantor
shall give or cause to be given at their expense to the Trustee prompt written
notice of any Adjudication of Invalidity of which the Guarantor may become
aware, and the Trustee shall give written notice of such Adjudication of
Invalidity to the Holders.

(b)           No purchase of the Bonds by the
Guarantor pursuant to this Section shall relieve the Guarantor of its
obligation to pay Basic Rental Payments upon the occurrence of a Determination
of Taxability.

(c)           Whether or not there is an
Adjudication of Invalidity and in addition to the foregoing, the Guarantor
hereby agrees to indemnify and save each Holder and the Trustee harmless from
and against all damage, loss, cost or expense (including reasonable attorneys’
fees) which any Holder or the Trustee may incur or be subject to as a
consequence, direct or indirect, of (1) such Adjudication of Invalidity, (2)
any breach by the Guarantor or the Issuer (or any of them) of any representation,
warranty, covenant, term or condition in, or the occurrence of any default or
any Event of Default under any Financing Document, the Letter of Credit, or the
Bonds, together with all reasonable expenses resulting from the compromise or
defense of any claims or liabilities arising as a result of any such
breach or default or Event of Default, (3) any legal action commenced to challenge
the validity of any of the Financing Documents, the Letter of Credit or the
Bonds, and (4) any other cause relating to any of the Financing Documents, the
Letter of Credit or the Bonds.  The
Guarantor shall be obligated to make the payments described in this paragraph
only after receipt from a Holder of written notice requesting that such
payments be made, identifying the reason for such payments and specifying the
amounts to be paid.  The Guarantor shall
make such payments to the Holder within thirty days after receipt of such
notice.

(d)           The obligations of the Guarantor
under this Section constitute original undertakings on the part of the
Guarantor, are not collateral to the obligations of the Issuer or any other
person or entity with respect to the Bonds, and are independent, separate and
apart from the guaranty obligations of the Guarantor set forth under Section
2.01.

SECTION 2.03                                           Character of
Obligations Hereunder

(a)           All obligations of the Guarantor
under this Agreement are unconditional, primary, absolute and irrevocable under
any and all circumstances.  Without
limiting the generality of the foregoing, to the fullest extent permitted under
applicable law, the obligations of the Guarantor hereunder shall not be subject
to or impaired by:

(i)      any inability or failure on the part of
any party thereto to perform or comply with the Letter of Credit, the Financing
Documents or the Bonds;

(ii)     any invalidity or irregularity in any
statutory or other proceedings relating to the formation or existence of the Issuer,
to the issuance of the Bonds or to the execution and delivery of any Financing
Document;

(iii)    any invalidity or unenforceability of, or
any impairment, modification or release of liability of any party under, or any
impossibility, impracticability, illegality or frustration of performance by
any party of, the Letter of Credit, the Financing Documents

 

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or the Bonds, for any reason
whatsoever, including, without limitation, any decision by any court invalidating
or otherwise affecting the obligations of any party under or in connection with
the Letter of Credit, the Financing Documents or the Bonds;

(iv)          any inability or failure on the part
of the Guarantor to perform or comply with the Lease Agreement;

(v)           any invalidity or unenforceability
of, or any impairment, modification or release of liability of the Guarantor
under, or any impossibility, impracticability, illegality or frustration of
performance by the Guarantor of this Agreement;

(vi)          the voluntary or involuntary
liquidation, dissolution, merger, consolidation, sale or other disposition of
all or substantially all of the assets, marshalling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, moratorium, arrangement, composition with creditors or
readjustment of debt of, or other similar proceedings affecting, the Issuer
(including any payments to be received by the Issuer under the Lease Agreement
in connection with any of the aforementioned proceedings or events), the Credit
Obligor or the Guarantor;

(vii)         any waiver, consent, extension,
indulgence or other action or inaction in respect of the Letter of Credit, any
Financing Document, or the Bonds, including any modification, amendment or
supplement to any of the foregoing, the renewal or extension of the Bonds, the
release of any Property subject to the Lien of the Indenture or the Lease
Agreement or any other similar act;

(viii)        any right of setoff, counterclaim or
defense, or any act, omission or breach on the part of the Issuer, the Credit
Obligor or the Guarantor;

(ix)           any claim whatsoever against the
Issuer;

(x)            any defect in the title, compliance
with specifications, value, condition, design, operation, merchantability, quality,
durability or suitability of, consequences of use or misuse of, or unfitness
for use of, the Project or any part thereof, any abandonment, destruction,
noncompletion, requisition, condemnation, foreclosure of or damage to the
Project or any part thereof, or any event of force  majeure
relating to the Project or any part thereof;

(xi)           any breach of any representation or
warranty relating to the Bonds or the Project;

(xii)          any release, extinguishment or
satisfaction of the Issuer’s obligations to make payments of Debt Service until
there have been paid to the Trustee or the Holders in lawful currency of the
United States an amount sufficient to pay all Debt Service (including interest
on overdue amounts of Debt Service including, to the extent permitted by
applicable law, interest) that would have been due and owing to the Holders by
the Issuer had the Issuer’s obligations not been so released, extinguished or
satisfied;

 

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(xiii)         the failure to give notice to the
Guarantor of the occurrence of any default or event of default under the Bonds,
the Letter of Credit or the Financing Documents;

(xiv)        the compromise, settlement, release or
termination of any or all of the obligations, covenants or agreements of any of
the parties to any of the Financing Documents (the “Financing Participants”)
under the Bonds, the Letter of Credit or the Financing Documents;

(xv)         any assignment, pledge or mortgage of
all or any part of the interest of any of the Financing Participants in the
Project or the Trust Estate;

(xvi)        any waiver of the payment, performance
or observance by any of the Financing Participants of any obligation, agreement
or covenant of any of them contained in the Bonds, the Letter of Credit or the
Financing Documents;

(xvii)       the extension of the time for payment of
Debt Service on the Bonds or any part thereof or of the time for performance of
any other obligations, agreements or covenants of any of the Financing
Participants under the Bonds, the Letter of Credit or the Financing Documents;

(xviii)      the modification or amendment (whether
material or otherwise) of any obligation, agreement or covenant contained in
the Bonds, the Letter of Credit or the Financing Documents;

(xix)         any failure, omission, or delay on the
part of any of the Financing Participants to enforce, assert or exercise any
right, power or remedy conferred upon any of them by the Bonds, the Letter of
Credit or the Financing Documents;

(xx)          the bankruptcy, insolvency,
reorganization, appointment of a receiver for, or dissolution of any of the
Financing Participants, or the entering by any or all of them into an agreement
of composition with creditors, or the making by any or all of them of an
assignment for the benefit of creditors;

(xxi)         any rights of set-off, recoupment,
counterclaim or other defense, whether similar or dissimilar to the foregoing,
which the Guarantor might otherwise have against any of the Financing Participants
or any other person;

(xxii)        the default or failure of any one or
more of the Financing Participants to perform fully any obligation, covenant or
agreement contained in the Bonds, the Letter of Credit or the Financing Documents;

(xxiii)       the release or discharge of any one or
more of the Financing Participants by operation of law, to the extent that such
release or discharge may be lawfully avoided, from the performance or
observance of any agreement or covenant contained in the Bonds, the Letter of
Credit or the Financing Documents;

(xxiv)       the invalidity or unenforceability of the
Bonds, the Letter of Credit or the Financing Documents or of any provision of
such instruments.

 

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(b)           The Guarantor acknowledges that this
Agreement is executed for the benefit of the Holders and the Trustee and that
the Bonds will be purchased in reliance on this Agreement.  No act of commission or omission of any kind
at any time on the part of the Trustee or any Holder in respect of any matter
whatsoever shall in any way affect or impair any right, power or benefit of the
Trustee, or any Holder under this Agreement and, to the extent permitted by
applicable law, no setoff, claim, reduction, diminution of any obligation, or
any defense of any kind or nature which the Guarantor may have against the
Trustee or any Holder, shall be available against the Trustee or any Holder in
any suit or action brought by the Trustee or any Holder to enforce any right,
power or benefit under this Agreement. 
Any conflict or ambiguity between this Agreement and the other Financing
Documents shall be interpreted and determined in the manner most favorable to
the Trustee and the Holders.

ARTICLE III

 

Determination
of Taxability

SECTION 3.01                                           Payments by the
Guarantor

In connection with a
Determination of Taxability, the Guarantor agrees to pay, in addition to the
amounts specified in the Bonds and in the Lease Agreement, the reasonable fees
and expenses of the Trustee incurred in connection therewith.

SECTION 3.02                                           No Obligation
to Contest or Appeal

No Holder shall have any
duty to make any contest of such a Determination of Taxability or to pursue any
appeal of, or have any communication with the Internal Revenue Service concerning,
such Determination of Taxability.

ARTICLE IV

 

Business
Covenants

SECTION 4.01                                           Affirmative
Covenants

The Guarantor covenants that
so long as this Agreement is in effect, the Guarantor shall

(a)           Existence; Properties, Etc.  (i)  Do
or cause to be done all things necessary to preserve and keep in full force and
effect the legal existence of the Guarantor and all privileges, rights and
franchises and comply with all laws where failure to so comply would have a
Material Adverse Effect; (ii) at all times maintain, preserve and protect all
of its property used or useful in the conduct of its business where the failure
to so maintain, preserve and protect would have a Material Adverse Effect, and
keep the same in good repair, working order and condition, and from time to
time make, or cause to be made, all necessary and proper repairs, renewals and
replacements, betterments and improvements thereto so that (a) the business
carried on in connection therewith may be properly and advantageously conducted
at all times and (b) the failure to so repair or replace would not have a
Material Adverse Effect; (iii) at all times keep its insurable properties adequately
insured and maintain, where the failure to so keep and maintain would

 

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have a Material Adverse
Effect, (a) insurance to such extent and against such risks, including fire, as
is customary with companies in the same or similar business, (b) necessary
worker’s compensation insurance, and (c) such other insurance as may be
required by law or as may be reasonably required in writing by the Trustee; and
(iv) cause the Credit Obligor to be named as loss payee on each of said
policies relating to the Project.

(b)           Payment of Indebtedness, Taxes,
etc.  (i)  Pay all of its indebtedness and obligations
promptly and in accordance with normal terms where failure to pay would have a
Material Adverse Effect, and (ii) pay and discharge or cause to be paid or
discharged promptly all taxes, assessments and governmental charges or levies
imposed upon it or upon its income and profits, or upon any of its Property,
real, personal or mixed, or upon any part thereof, before the same shall become
in default, as well as all lawful claims for labor, materials and supplies or
otherwise, which, if unpaid, might become a lien upon such properties or any
part thereof where failure to pay would have a Material Adverse Effect; provided,
however, that the Guarantor shall not be required to pay and discharge
any such tax, assessment, charge, levy or claim so long as the validity thereof
shall be contested in good faith by appropriate proceedings and the Guarantor
shall have set aside on its books adequate reserves with respect to any such
tax, assessment, charge, levy or claim so contested.

(c)           Further Assurances.  On request of the Trustee, promptly correct
any defect, error or omission which may be discovered in the contents of any of
the papers executed in connection with the Bonds or in the execution or
acknowledgement thereof, and execute, acknowledge and deliver such further
instruments and do such further acts as may be necessary or as may be requested
by the Trustee to carry out more effectively the purposes of this Agreement and
the papers executed in connection with the Bonds.

SECTION 4.02                                           Information as
to Guarantor

Financial and Business
Information.  The
Guarantor shall deliver to the Trustee:

(a)           Notice of Default or Event of
Default.  Immediately upon becoming
aware of the existence of any condition or event which constitutes a default or
an event of default under any Financing Document, a written notice specifying
the nature and period of existence thereof and what action the Guarantor is
taking or proposes to take with respect thereto;

(b)           Notice of Claimed Default.  Immediately upon becoming aware that a Holder
or the holder of any evidence of indebtedness or other security of the
Guarantor has given notice or taken any other action with respect to a claimed
default or event of default thereunder which would cause a default or event of
default which would have a Material Adverse Effect, a written notice specifying
the notice given or action taken by such holder and the nature of the claimed
default or event of default and what action the Guarantor is taking or proposes
to take with respect thereto;

(c)           Requested Information and Audits.  With reasonable promptness, such financial
and other data and information as from time to time may be reasonably
requested;

 

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(d)           Notice of Litigation.  Immediately upon becoming aware of the
existence of any proceedings before any Tribunal involving the Guarantor which
involves the probability of any final judgment or liability against such
Guarantor in an amount which would have a Material Adverse Effect, a written
notice specifying the nature thereof and what action such Guarantor is taking
and proposes to take with respect thereto; and

(e)           Notice from Regulatory Agencies.  Promptly upon receipt thereof, information
with respect to and copies of any notices received from federal or state
regulatory agencies or any Tribunal relating to an order, ruling, statute or
other law or information which might have a Material Adverse Effect on the
franchises, permits, licenses, or rights, or the condition, financial or otherwise,
of the Guarantor.

ARTICLE V

 

Representations,
Warranties and Agreements

The Guarantor represents, warrants
and agrees that:

SECTION 5.01                                           No Material
Adverse Effect

Since the date of
application to the Credit Obligor for the loan represented by the Letter of
Credit, (i) there has been no change in the business, prospects, profits,
Properties or condition (financial or otherwise) of the Guarantor, except
changes in the ordinary course of business, none of which individually or in
the aggregate has a Material Adverse Effect, (ii) the Guarantor has not
incurred any material liability which has a Material Adverse Effect, and (iii)
there exists no default under the provisions of any instrument evidencing any
such liabilities or under any agreement relating thereto which would have a
Material Adverse Effect.

SECTION 5.02                                           Full Disclosure

No written statement
furnished by the Guarantor to the Trustee contains any untrue statement of a
material fact or omits to state a material fact necessary to make the
statements contained therein or herein not misleading.  There is no fact which the Guarantor has not
disclosed to the Trustee in writing which has a Material Adverse Effect or, so
far as the Guarantor can now foresee, will have a Material Adverse Effect.

SECTION 5.03                                           Pending
Litigation

To the Guarantor’s
knowledge, there are no proceedings pending, or to the knowledge of the
Guarantor threatened, against or affecting the Guarantor in any court or before
any governmental authority or arbitration board or Tribunal which involve the
possibility of a Material Adverse Effect, or the ability of the Guarantor to
perform this Agreement or to perform the Lease Agreement.  The Guarantor is not in default with respect
to any order of any court, governmental authority, arbitration board or
Tribunal which would have a Material Adverse Effect.

 

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SECTION
5.04                                           Title to
Properties

Except as set forth in the Indenture, the Issuer has good and
marketable title in fee simple to the Project.

SECTION 5.05                                           No Defaults

No event has occurred and no
conditions exist which would, in any material respect, upon the issuance of the
Bonds, constitute (i) a default under any note or other evidence of
indebtedness or under any agreement of the Guarantor if the effect of such
default would have a Material Adverse Effect or (ii) a default or event of
default under the Financing Documents or any of them, and the Guarantor is not
in violation in any material respect of any term of any agreement or other
instrument to which it is a party or by which it may be bound that would have a
Material Adverse Effect.

SECTION 5.06                                           Governmental
Consent

No consent, approval or
authorization of, or filing, registration or qualification with, any governmental
authority on the part of the Guarantor is required in connection with the
execution and delivery of the Financing Documents to which the Guarantor is a
party.

SECTION 5.07                                           Use of Proceeds

The Guarantor will cause the
proceeds from the sale of the Bonds to be applied as provided in the
Indenture.  None of the transactions
contemplated (including, without limitation thereof, the use of the proceeds
from the sale of the Bonds) will violate or result in a violation of Section 7
of the Securities Exchange Act of 1934, as amended, or any regulations issued
pursuant thereto, including, without limitation, Regulations G, T, U and X of
the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter
II.  The Guarantor does not own or intend
to carry or purchase any “margin security” within the meaning of said
Regulation G including margin securities originally issued by the
Guarantor.  None of the proceeds from the
sale of the Bonds will be used to purchase or carry (or refinance any borrowing
the proceeds of which were used to purchase or carry) any “security” within the
meaning of the Securities Exchange Act of 1934, as amended.

SECTION 5.08                                           Compliance with
Law

The Guarantor:

(a)           is not in violation of any laws,
ordinances, governmental rules or regulations to which Guarantor is subject, or

(b)           has not failed to obtain any
licenses, permits, franchises or other governmental authorizations necessary to
the ownership of the Property, or to the conduct of the business, of Guarantor,

which violation or failure
to obtain would have a Material Adverse Effect.

 

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SECTION
5.09                                           Restrictions on
Guarantor

The Guarantor is not a party
to any contract or agreement which requires consent of any creditor of the
Guarantor or other party thereto to the right or ability of the Guarantor to
incur debt or guarantee indebtedness hereunder.

SECTION 5.10                                           Maintenance of
Tax Exemption

The Guarantor represents
that it has not taken any action, and it knows of no action that any other Person
has taken, which would cause interest on the Bonds to be includible in the
gross income of the holder thereof for federal income tax purposes, and
covenants that it will not take any action or omit to take any action at any
time, or permit any Person to take any action or omit to take any action at any
time, which action or omission would result in the loss of the exemption from
federal income taxation of the interest on the Bonds; provided that no
such representation or covenant is made with respect to any Bonds for any
period during which they are held by a “substantial user” or a “related person”
as those terms are used in Section 147 of the Code.  The Guarantor further represents that it will
not take or omit to take any action, or permit any Person to take any action or
omit to take any action, which action or omission will in any way cause the
proceeds from the sale of the Bonds to be applied, or result in such proceeds
being applied, in any manner other than as provided in the Indenture and the Lease
Agreement.

SECTION 5.11                                           Indemnification

(a)           The Guarantor will indemnify and hold
harmless any Holder and each Person, if any, who controls any Holder within the
meaning of Section 15 of the Securities Act of 1933, as amended, (any Holder
and any such person being in this Section collectively called a “Holder”)
against any and all losses, claims, damages or liabilities, joint and several,
or actions in respect thereof, to which any Holder may become subject under any
statute or common law or otherwise, insofar as such losses, claims, damages or
liabilities, or actions in respect thereof, arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in
this Agreement, including the financial statements referred to herein, or any
omission or alleged omission to state herein a material fact necessary in order
to make the statements herein not misleading; and will reimburse any Holder for
all legal or other expenses reasonably incurred by such Holder in connection with
investigating or defending any such action or claim.

(b)           If any such action or claim shall be
brought or asserted against any Holder and in respect of which indemnity may be
sought from the Guarantor, such Holder shall promptly notify the Guarantor in
writing and the Guarantor shall assume the defense thereof, including the
employment of counsel and the payment of all expenses.  Any Holder shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Holder
unless (a) the employment thereof has been specifically authorized by the
Guarantor in writing, (b) the Guarantor has failed to assume the defense and to
employ counsel, or (c) the named parties to any such action (including any
impleaded parties) include both such Holder and the Guarantor, and such Holder
shall have been advised by such counsel that there may be one or more legal
defenses available to it which are different from or additional to those
available to the Guarantor (in which case, if such Holder notifies the
Guarantor in writing that it elects to employ separate counsel at the

 

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Guarantor’s expense, the
Guarantor shall not have the right to assume the defense of such action on
behalf of such Holder, it being understood, however, that the Guarantor shall
not, in connection with any one such action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys for all such Holders,
which firm shall be designated in writing by such Holders).  Each Holder, as a condition of such
indemnity, shall use its best efforts to cooperate with the Guarantor in the
defense of any such action or claim.  The
Guarantor shall not be liable for any settlement of any such action effected
without its written consent, but if settled with the written consent of the
Guarantor, or if there be a final judgment for the plaintiff in any such
action, the Guarantor agrees to indemnify and hold harmless any such Holder
from and against any loss or liability by reason of such settlement or judgment.

SECTION 5.12                                           Survival of
Representations, Warranties and Covenants

The representations,
warranties and covenants of the Guarantor contained in this Agreement, and any
other document, instrument and agreement referred to or contemplated by this Agreement,
shall remain operative and in full force and effect regardless of (i) any
investigation made by or on behalf of the Issuer, any Holder or any other
Person, or (ii) delivery of, and payment for, the Bonds.

ARTICLE VI

 

Events
of Default and Remedies

SECTION 6.01                                           Events of
Default

An “Event of Default” shall
exist under this Agreement if any of the following occurs and is continuing
(whatever the reason for such event and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

(a)           Particular Covenant Defaults.  The Guarantor fails to perform or observe any
covenant or agreement contained in Sections 2.01 or 2.02 for a period of five
business days after the earlier of (i) notification by the Trustee or a Holder
of such failure or (ii) such other time as the Guarantor shall have actual
knowledge thereof;

(b)           Other Defaults.  The Guarantor fails to comply with any other
provision of this Agreement, and such failure continues for a period of thirty
days after the earlier of (i) notification by the Trustee or a Holder of such
failure or (ii) such other time as the Guarantor shall have actual knowledge
thereof;

(c)           Warranties or Representations.  Any warranty, representation or other
statement by or on behalf of the Guarantor contained in this Agreement, or in
any instrument furnished in compliance with or in reference to this Agreement,
is false or misleading in any material respect and action which eliminates such
falsity or misleading character is not completed for a period of thirty days
after the earlier of (i) notification by the

 

14

 

Trustee
or any Holder of such false or misleading statement or (ii) such other time as
the Guarantor shall have actual knowledge thereof;

(d)           Default on Other Indebtedness.  Default by the Guarantor in any payment of
any obligation for money received as an advance (or any obligation under any
conditional sale or other title retention agreement or any obligation issued or
assumed as full or partial payment for property whether or not secured by
purchase money lien or any obligation under notes payable or drafts accepted
representing extensions of credit) beyond any grace period provided with
respect thereto, or default in the performance of any other agreement, term or
condition contained in any agreement under which such obligation is created (or
any other default under any such agreement which shall occur and be continuing
beyond any period of grace provided with respect thereto), if the effect of
such default would have a Material Adverse Effect, and such default shall
remain uncured for a period of ten days after the Guarantor has notice thereof;

(e)           Involuntary Bankruptcy Proceedings.  A receiver, liquidator or trustee of the
Guarantor, or of any of its Property, is appointed by court order and such
order remains in effect for more than sixty days, or an order or decree for
relief in an involuntary bankruptcy case is entered with respect to the
Guarantor, or any of its Property is sequestered by court order and such order
remains in effect for more than sixty days, or a petition is filed against the
Guarantor under any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, dissolution or liquidation law of any jurisdiction,
whether now or hereafter in effect, and is not dismissed within sixty days
after such filing;

(f)            Voluntary Petitions.  The Guarantor files a petition in voluntary
bankruptcy or seeking relief under any provision of any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation law of any jurisdiction, whether now or hereafter in effect, or consents
to the filing of any petition against it under any such law;

(g)           General Assignment for Benefit of
Creditors, etc.  The Guarantor makes
a general assignment for the benefit of its creditors, or is unable to pay its
debts generally as they become due, or consents to the appointment of a
receiver, trustee or liquidator of the Guarantor, or of all or any part of its
Property;

(h)           Undischarged Final Judgments or
Settlements.  One or more final
judgments shall be entered against the Guarantor, or the Guarantor shall enter
into settlement of any litigation, which judgments and settlements are not
covered by insurance, and which judgments and settlements will have a Material
Adverse Effect on the Guarantor; or

(i)            Other Defaults.  The occurrence of an event of default, as
therein defined, under any other Financing Document (other than the Credit
Documents) and the expiration of the applicable grace period, if any, specified
therein.

 

15

 

SECTION 6.02                                           Remedies

If an Event of Default
exists, the Trustee may, only with the consent of the Credit Obligor if the
Letter of Credit is in effect and the Credit Obligor has not dishonored a draft
thereunder (presented in strict conformance with such Letter of Credit) and a Credit
Obligor Insolvency Date shall not have occurred, proceed to protect its rights
and the rights of the Holders of the Bonds by suit in equity, action at law or
other appropriate proceedings, whether for the specific performance of any
covenant or agreement of any of the Guarantor herein contained or in aid of the
exercise of any power or remedy granted to the Trustee under the other
Financing Documents.  The Trustee may
proceed directly against the Guarantor as provided herein without resorting to
any other remedies which it may have and without proceeding against any other security
held by the Trustee.

SECTION 6.03                                           Limitation on
Suits

No Holder shall have any
right to institute any proceeding, judicial or otherwise, under or with respect
to this Agreement, unless

(1)           such Holder has previously given
written notice to the Trustee of a continuing Event of Default;

(2)           the Holders of not less than 25% in
principal amount of the Outstanding Bonds shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its
own name as Trustee hereunder;

(3)           such Holder or Holders have offered
to the Trustee reasonable indemnity against the costs, expenses and liabilities
to be incurred in compliance with such request;

(4)           the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to
institute any such proceedings; and

(5)           no direction inconsistent with such
written consent has been given to the Trustee during such 60-day period by the
Holders of a majority in principal amount of the Outstanding Bonds,

it being understood and
intended that no one or more Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Agreement to
affect, disturb or prejudice the rights of any other Holders, or to obtain or
to seek to obtain priority or preference over any other Holders or to enforce
any right under this Agreement, except in the manner herein provided and for
the equal and ratable benefit of all Outstanding Bonds.

SECTION 6.04                                              Unconditional
Right of Bondholders to Receive Principal, Premium and Interest

Notwithstanding any other
provision in this Agreement, the Holder of any Bond shall have the right, which
is absolute and unconditional, to receive payment of the principal of (and
premium, if any) and interest on such Bond on the respective stated maturity
and due dates expressed in such Bond (or, in the case of redemption, on the
redemption date) and to institute

 

16

 

suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of
such Holder.

SECTION 6.05                                           Application of
Money Collected

Any money collected by the
Trustee pursuant to this Agreement shall be applied to the payment of the whole
amount then due and unpaid upon the Outstanding Bonds for principal (and premium,
if any) and interest, in respect of which or for the benefit of which such
money has been collected; and in case such money shall be insufficient to pay
in full the whole amount so due and unpaid upon such Bonds, then to the payment
of such principal (and premium, if any) and interest, without any preference or
priority, ratably according to the aggregate amount so due.

SECTION 6.06                                           Agreement to
Pay Attorneys’ Fees

In the event the Guarantor
should default under any of the provisions of this Agreement and the Trustee
(in its own name or in the name and on behalf of the Holders) should employ
attorneys or incur other expenses for the collection of any payments due hereunder
or the enforcement of performance or observance of any agreement or covenant on
the part of the Guarantor herein contained, the Guarantor will on demand
therefor pay to the Trustee the reasonable fees of such attorneys and such
other reasonable expenses so incurred.

SECTION 6.07                                           Waiver of Past
Defaults

(a)           Before any judgment or decree for
payment of money due has been obtained by the Trustee, the Holders of not less
than a majority in principal amount of the Outstanding Bonds may, by Act of
such Holders delivered to the Trustee and the Guarantor, on behalf of the
Holders of all the Bonds, waive any past default hereunder and its
consequences, except for a default in the payment of any sums due pursuant to Article
2.

(b)           Upon any such waiver, such default
shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Agreement and the Indenture;
but no such waiver shall extend to any subsequent or other default or impair
any right consequent thereon.

SECTION 6.08                                           No Additional
Waiver Implied by One Waiver

If any agreement contained
in this Agreement should be breached by the Guarantor and thereafter waived by
the Holders of not less than a majority in principal amount of the Outstanding
Bonds, such waiver shall be limited to the particular breach so waived and
shall not be deemed to waive any other breach hereunder.

SECTION 6.09                                           Remedies
Subject to Applicable Law

All rights, remedies and
powers provided by this Article may be exercised only to the extent the
exercise thereof does not violate any applicable provision of law in the
premises, and all the provisions of this Article are intended to be subject to
all applicable mandatory prov-

 

17

 

isions of law which may be
controlling in the premises and to be limited to the extent necessary so that
they will not render this Agreement invalid or unenforceable.

ARTICLE VII

 

Miscellaneous

SECTION
7.01                                           Consent to
Service of Process

The Guarantor irrevocably (a) agrees that any suit, action or other
legal proceeding arising out of this Agreement may be brought in the courts of
record of the State of Alabama or the courts of the United States located in
the State of Alabama; (b) consents to the jurisdiction of each such court in
any such suit, action or proceeding, and (c) waives any objection which the
Guarantor may have to trial by jury or the laying of venue of any such suit,
action or proceeding in any of such courts.

SECTION 7.02                                           Benefit of the
Agreement

This Agreement is entered
into by the Guarantor for the benefit of the Trustee and the Holders from time
to time of the Bonds, all of whom shall, subject to the provisions hereof, be
entitled to enforce performance and observance of each and every provision of
this Agreement to the same extent as if they were parties signatory
hereto.  The Guarantor hereby expressly
waives notice from the Trustee or the Holders from time to time of the Bonds of
their acceptance and reliance on this Agreement.

SECTION 7.03                                           Notices

(a)           Any request, demand, authorization,
direction, notice, consent, or other document provided or permitted by this
Agreement to be made upon, given or furnished to, or filed with, the Guarantor
or the Trustee shall be sufficient for every purpose hereunder if in writing
and (except as otherwise provided in this Agreement) either (i) delivered
personally to the party or, if such party is not an individual, to an officer,
or other legal representative of the party to whom the same is directed
(provided that any document delivered personally to the Trustee must be
delivered at its Principal Office during normal business hours) at the address
specified in Section 1.10 of the Indenture or (ii) mailed by first-class, registered
or certified mail, postage prepaid and addressed as so specified.  Either party may change the address for
receiving any such notice or document by giving notice of the change to the
other party as provided in this Section.

(b)           Any such notice or other document
shall be deemed delivered when actually received by the party to whom directed
(or, if such party is not an individual, to an officer, or other legal representative
of the party) at the address specified pursuant to this Section, or, if sent by
mail, three days after such notice or document is deposited in the United
States mail, proper postage prepaid, addressed as provided above.

 

18

 

SECTION 7.04                                           Amendments

(a)           This Agreement may not be amended without
the prior written consent of each party hereto and unless there has first been
delivered to the Trustee, the Guarantor and the Remarketing Agent an Opinion of
Bond Counsel that such action will not, whether solely or in conjunction with
any other fact or circumstance, cause the interest on the Bonds to be or to become
Taxable.

(b)           Without the consent of the Holders of
any Bonds, the Guarantor may from time to time enter into one or more
amendments hereto, in form satisfactory to the Trustee, for any of the
following purposes:

(1)           to add to the covenants of the
Guarantor for the benefit of the Holders and to make the occurrence, or the
occurrence and continuance, of a default in any of such additional covenants an
Event of Default permitting the enforcement of all or any of the several
remedies provided in this Agreement or the Indenture; provided, however,
that with respect to any such additional covenant such amendment to this
Agreement may provide for a particular period of grace after default (which
period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such default or may
limit the remedies available to the Trustee and the Holders upon such default;
or

(2)           to surrender any right or power
herein conferred upon the Guarantor; or

(3)           to cure any ambiguity, to correct or
supplement any provision herein which may be inconsistent with any other
provision herein or to make any other provision, with respect to matters or
questions arising under this Agreement, which shall not be inconsistent with
provisions of this Agreement; provided such action shall not, in the
judgment of the Trustee, adversely affect the interests of the Holders.

(c)           With the consent of the Holders of
not less than a majority in principal amount of the Bonds then Outstanding, by
Act of such Holders delivered to the Trustee, the Guarantor may enter into an
amendment hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Trustee or of the Holders under this Agreement;
provided, however, that no such amendment shall, without the
consent of the Holder of each Outstanding Bond affected thereby,

(1)           reduce the amount, coverage or scope
of the obligations contained in Article 2

(2)           change the absolute and unconditional
nature of such obligations, or

(3)           reduce the principal amount of
Outstanding Bonds, the Holders of which are required to consent to such
amendment, change or modification.

 

19

 

(d)           If the Credit Obligor is not in
default under the Letter of Credit, no amendment or change to this Agreement
may be made without the prior written consent of the Credit Obligor.

SECTION 7.05                                           Reproduction of
Documents

The Guarantor hereby agrees
that any Financing Document and all documents relating thereto, including,
without limitation, (a) supplements, consents, waivers and modifications which
may hereafter be executed, (b) documents received by any Holder at any closing
of any purchase of the Bonds and (c) financial statements, certificates and
other information previously or hereafter furnished to the Trustee or any
Holder, may be reproduced by the Trustee or such Holder by any photographic,
photostatic, microfilm, microcard, miniature photographic or other similar
process and they may destroy any original document so reproduced.  To the extent permitted by law, the Guarantor
agrees and stipulates that any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding
(whether or not the original is in existence and whether or not such
reproduction was made by them in the regular course of business) and that any
enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence.

SECTION 7.06                                           Survival

All warranties,
representations and covenants made by the Guarantor herein or on any certificate
or other instrument delivered by them or on their behalf under this Agreement
shall be considered to have been relied upon by the Trustee and the Holders
regardless of any investigation made by them or on their behalf.  All statements in any such certificate or
other instrument shall constitute warranties and representations by the
Guarantor hereunder.

SECTION 7.07                                           Successors and
Assigns

The terms of this Agreement
shall inure to the benefit of and be binding upon the heirs, executors,
administrators, successors and assigns of each of the parties.  The provisions of this Agreement are intended
to be for the benefit of all Holders, and shall be enforceable for the benefit
of any such Holder, whether or not an express assignment to such Holder of
rights under this Agreement has been made by any previous Holder or its
successors or assigns.

SECTION 7.08                                           Effective Date
of Agreement

The obligations of the
Guarantor hereunder shall arise absolutely and unconditionally when the Bonds
shall have been issued, sold and delivered by the Issuer.

SECTION 7.09                                           Entire
Agreement; Counterparts

This Agreement constitutes
the entire agreement, and supersedes all prior agreements and understandings,
both written and oral, between the parties with respect to the subject matter
hereof and may be executed simultaneously in several counterparts, each of
which shall be deemed an original, and all of which together shall constitute
one and the same instrument.

 

20

 

SECTION 7.10                                           Severability

The invalidity or unenforceability
of any one or more phrases, sentences, clauses or sections contained in this
Agreement shall not affect the validity or enforceability of the remaining
portions of this Agreement, or any part thereof.

SECTION 7.11                                           Date For
Identification Purposes Only

The date of this Agreement
is for identification purposes only and is not intended to indicate that this
Agreement was executed on such date.

SECTION
7.12                                           Exceptions to
Covenants

The Guarantor shall not be
deemed to be permitted to take any action or fail to take any action which is
permitted as an exception to any of the covenants contained herein or which is
within the permissible limits of any of the covenants contained herein if such
action or omission would result in the breach of any other covenant contained
herein.

SECTION 7.13                                           Waivers

The Guarantor hereby waives,
as to the enforcement of this Agreement, (i) all rights of exemption that it
may have under the constitution and laws of the State of Alabama or any other
state as to any levy on and sale of property, and (ii) until the Bonds have
been Fully Paid, any rights of subrogation it may have against the Issuer or
others by reason of the Guarantor’s performance under this Agreement.

SECTION 7.14                                           Termination of
Agreement

This Agreement shall
terminate when the Bonds shall have been Fully Paid.

 

21

IN WITNESS WHEREOF, the
Guarantor has caused this Agreement to be executed in its name and behalf under
its corporate seal, and the same to be attested, all by officers thereof duly authorized
thereunto, and the Trustee has executed this Agreement by causing its name to
be hereunto subscribed by one of its duly authorized officers, all as of the
day and year first above written.

	
   

  	
  BOSTROM SEATING, INC.,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald C. Mueller

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
  SEAL

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
  /s/ Kenneth M. Tallering

  	
   

  	
   

  
	
   

  	
  Its Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Accepted:

  
	
   

  	
   

  
	
   

  	
  NBD BANK, as Trustee

  
	
   

  	
  Birmingham, Alabama

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Illegible

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  Assistant Vice President 

  
					

 

22

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