Document:

Exhibit 4.14

 

HSBC USA INC. REGISTERED NOTE PROGRAM

 

PAYING AGENT AND SECURITIES REGISTRAR AGREEMENT

 

BETWEEN

 

HSBC USA INC.
 AND
 HSBC BANK USA, N.A.

 

DATED AS OF JUNE 1, 2009

 

HSBC Securities (USA) Inc., a Delaware corporation may offer notes (“Notes”) sold under a registration statement and issued by HSBC USA Inc., a Maryland corporation (the “Issuer”) under and pursuant to, the terms of an indenture (the “Indenture”) dated as of March 31, 2009, between the Issuer and Wells Fargo Bank, National Association (in such capacity, the “Trustee”).

 

For the purpose of providing for a paying agent of the Issuer and securities registrar with respect to the Notes, the Issuer and HSBC Bank USA, N.A. hereby agree as follows:

 

SECTION 1. APPOINTMENT OF PAYING AGENT

 

The Issuer hereby appoints HSBC Bank USA, N.A. as paying agent (in such capacity, the “Paying Agent”) of the Issuer with respect to the Notes, and HSBC Bank USA, N.A. hereby accepts such appointment and agrees to perform the obligations of Paying Agent with respect to the Notes as set forth in the Indenture.

 

SECTION 2. APPOINTMENT OF SECURITIES REGISTRAR

 

The Issuer hereby appoints HSBC Bank USA, N.A. as securities registrar (in such capacity, the “Securities Registrar”) with respect to the Notes, and HSBC Bank USA, N.A. hereby accepts such appointment and agrees to perform the obligations of Securities Registrar with respect to the Notes as set forth in the Indenture.

 

SECTION 3. FEES AND EXPENSES

 

The Paying Agent and the Securities Registrar shall be entitled to such compensation for services under the Indenture and incorporated by reference into this Agreement as set forth in the Fee Schedule for Issuing Agent, Registrar & Paying Agent attached as Exhibit A hereto.

 

SECTION 4. RIGHTS AND LIABILITIES OF PAYING AGENT AND THE SECURITIES REGISTRAR

 

Neither the Paying Agent nor the Securities Registrar shall incur any liability for, or in respect of, any action taken, omitted to be taken or suffered by it in reliance upon any Note, certificate, affidavit, instruction, notice, request, direction, order, statement or other paper, document or communication received from the Issuer and reasonably believed by it to be 

 

 

genuine. Any order, certificate, affidavit, instruction, notice, request, direction, statement or other communication from the Issuer made or given by it and sent, delivered or directed to the Paying Agent or the Securities Registrar, as applicable, under, pursuant to or as permitted by any provision of this Agreement shall be sufficient for purposes of this Agreement if such communication is in writing and signed by any officer or authorized signatory of the Issuer. The Paying Agent and the Securities Registrar may consult with nationally recognized bond counsel reasonably satisfactory to it and the opinion of such counsel shall constitute full and complete authorization and protection of the Paying Agent or the Securities Registrar, as applicable, with respect to any action taken, omitted to be taken or suffered by it hereunder in good faith and in accordance with and in reliance upon the opinion of such counsel. In acting under this Agreement, neither the Paying Agent (in its capacity as such) nor the Securities Registrar (in its capacity as such) assumes any obligation towards, or any relationship of agency or just for or with the holders of the Notes.

 

SECTION 5. RIGHT OF PAYING AGENT AND SECURITIES REGISTRAR TO OWN NOTES

 

The Paying Agent and the Securities Registrar and their respective officers, employees and shareholders may become owners of, or acquire any interests in Notes, with the same rights as if the Paying Agent or the Securities Registrar were not the Paying Agent or the Securities Registrar, as applicable, and may engage in, or have an interest in, any financial or other transaction with the Issuer as if the Paying Agent or the Securities Registrar were not the Paying Agent or the Securities Registrar, as applicable.

 

SECTION 6. DUTIES OF PAYING AGENT AND THE SECURITIES REGISTRAR

 

The Paying Agent and the Securities Registrar shall be obligated only to perform such duties as are specifically set forth in the Indenture.

 

SECTION 7. TERMINATION, RESIGNATION OR REMOVAL OF PAYING AGENT OR SECURITIES REGISTRAR

 

The Paying Agent or the Securities Registrar may at any time terminate its obligations in such capacity under this Agreement by giving no less than 90 days written notice to the Issuer unless the Issuer consents in writing to a shorter time (a “Resignation”). Upon receipt of notice of Resignation by the Paying Agent or the Securities Registrar, the Issuer agrees promptly to appoint a successor Paying Agent or Securities Registrar, as applicable. The Issuer may terminate the Paying Agent or the Securities Registrar in such capacity under this Agreement at any time by giving written notice to the Paying Agent or the Securities Registrar, as applicable, and specifying the date when the termination shall become effective (a “Removal”); provided, however, that no Resignation by or Removal of the Paying Agent or the Securities Registrar or the Issuer shall become effective prior to the date of the appointment by the Issuer, as provided in Section 8 hereof, of a successor Paying Agent or Securities Registrar, as applicable, and the acceptance of such appointment by such successor Paying Agent or Securities Registrar, as applicable. Upon termination pursuant to the provisions of this Section, the Paying Agent or the Securities Registrar, as applicable, shall be entitled to the payment of any compensation owed to it by the Issuer hereunder and to the reimbursement of all reasonable expense, disbursements and advances incurred or made by the Paying Agent or the Securities Registrar, as applicable, in

 

 

connection with the services rendered by it pursuant to the Indenture up to (but excluding) the date on which such Resignation or Removal shall have become effective, as provided by Section 3 hereof. The provisions of Section 9 shall remain in effect following any such Resignation or Removal.

 

SECTION 8. APPOINTMENT OF SUCCESSOR PAYING AGENT OR SECURITIES REGISTRAR

 

Any successor Paying Agent or Securities Registrar appointed by the Issuer following a Resignation or Removal pursuant to the provisions of Section 8 hereof shall execute and deliver to the Paying Agent or the Securities Registrar, as applicable, and to the Issuer an instrument accepting such appointment, and thereupon such successor Paying Agent or Securities Registrar shall, without any further act or instrument, become vested with all the rights, immunities, duties and obligations of the Paying Agent or the Securities Registrar, as applicable, with like effect as if originally named as Paying Agent or Securities Registrar hereunder, and the Paying Agent or Securities Registrar, as applicable, shall thereupon be obligated to transfer and deliver, and such successor Paying Agent or Securities Registrar, as applicable, shall be entitled to receive and accept, copies of any available records maintained by the Paying Agent or the Securities Registrar, as applicable, in connection with the performance of its obligations hereunder.

 

SECTION 9. INDEMNIFICATION

 

The Issuer shall indemnify the Paying Agent and the Securities Registrar for, and hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this Agreement or performance of the Paying Agent or the Securities Registrar pursuant to their respective obligations under the Indenture, including the 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.

 

SECTION 10. MERGER, CONSOLIDATION OR SALE OF BUSINESS BY PAYING AGENT AND SECURITIES REGISTRAR

 

Any entity into which HSBC Bank USA, N.A. may be merged, converted, or consolidated, or any entity resulting from any merger, conversion or consolidation to which HSBC Bank USA, N.A. may be a party, or any entity to which HSBC Bank USA, N.A. may sell or otherwise transfer all or substantially all of its corporate trust business, shall, to the extent permitted by applicable law, become the Paying Agent and the Securities Registrar under this Agreement without the execution of any paper or any further act by the parties hereto.

 

SECTION 11. NOTICES

 

Any notice or other communication given hereunder shall be delivered in person, sent by letter, telecopy, electronic transmission or communicated by telephone (subject, in the case of communication by telephone, to written confirmation (which written confirmation may be in the form of an electronic transmission) dispatched within 24 hours) to the addresses given below or such other address as the party to receive such notice may have previously specified:

 

To the Issuer:

 

 

HSBC USA Inc.

452 Fifth Avenue

New York, New York 10018

Telephone:_______________

Facsimile:________________

 

To the Paying Agent:

 

HSBC Bank USA, National Association

452 Fifth Avenue

New York, New York 10018

Attention: Corporate Trust and Loan Agency

Telephone: (212) 525-1363

Facsimile: (212) 525-1300

 

To the Securities Registrar:

 

HSBC Bank USA, National Association

452 Fifth Avenue

New York, New York 10018

Attention: Corporate Trust and Loan Agency

Telephone: (212) 525-1363

Facsimile: (212) 525-1300

 

Any notice hereunder given by letter or telecopy shall be deemed to have been received when it would have been received in the ordinary course of post or transmission, as the case may be.

 

SECTION 12. BENEFIT OF AGREEMENT

 

Except as provided herein, this Agreement is solely for the benefit of the parties hereto and their successors and assigns and no other person shall acquire or have any rights under or by virtue hereof.

 

SECTION 13. GOVERNING LAW

 

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

 

 

IN WITNESS WHEREOF, this Agreement has been entered into the day and year first above written.

 

 

	
 
    	
HSBC USA INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert J. Williams
    
	
 
    	
 
    	
Name: Robert J. Williams
    
	
 
    	
 
    	
Title: SR. VP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HSBC BANK USA, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Vivian Ly
    
	
 
    	
 
    	
Name: Vivian Ly
    
	
 
    	
 
    	
Title: Assistant Vice President
    

 

 

EXHIBIT A

[See Attached]

 

 

 

FEE SCHEDULE

FOR

 

ISSUING AGENT, REGISTRAR & PAYING AGENT

 

PRESENTED TO

 

HSBC USA, INC.

 

 

FOR

 

U.S. REGISTERED NOTE PROGRAM

 

March, 2009

Confidential

 

 

HSBC USA INC.

 

FOR

 

U.S. REGISTERED NOTE PROGRAM

 

SCHEDULE OF FEES FOR

 

ISSUING AGENT, REGISTRAR & PAYING AGENT

 

	
INITIAL FEE:
    	
$5,000
    
	
 
    	
 
    
	
This   one-time acceptance fee includes our review, negotiation and execution of   program documentation, the establishment of necessary roles and procedures,   including administrative procedures.
    	
 
    
	
 
    	
 
    
	
ANNUAL ADMINISTRATIVE FEE:
    	
$62,500 FOR
    
	
 
    	
FIRST YEAR
    
	
This   annual fee includes the on-going services for acting as Issuing Agent,   Registrar and Paying Agent, including the maintenance of all the security   holder records, interest rates, along with coordination with dealers,   exchanges, and Clearing systems. This fee also includes ongoing payment on   the notes, and is payable annually in advance. The fee is based on annual   issuance volume of up to 250 individual cusips.
    	
 

$75,000 FOR

EACH

SUBSEQUENT

YEAR
    
	
 
    	
 
    
	
-   Initial service period to be June 1, 2009 to   May 31, 2010.
    	
 
    
	
- After completion of the first year of service each subsequent year’s   Annual Administrative Fee will include provision of all services for new   issuances and all securities that were issued in prior years.
    	
 
    
	
 
    	
 
    
	
LEGAL AND   EXTERNAL OUT-OF-POCKET EXPENSES:
    	
WAIVED
    
	
 
    	
 
    
	
Covers   all external out-of-pocket expenses including, but not limited to, our   external counsel’s fees, publications, travel, temporary services, etc.
    	
 
    
	
 
    	
 
    
	
INTERNAL   OUT-OF-POCKET EXPENSES:
    	
WAIVED
    
	
 
    	
 
    
	
Covers   all internal out-of-pocket expenses including, but not limited to postage,   messenger services, express mail charges, notary fees, endorsement stamps and   telephone/telegraph expenses, etc.
    	
 
    

 

 

TERMS OF PROPOSAL

 

Please note that our willingness to act in the capacities specified above and the fees designated herein are indicative and based upon our current understanding of the transaction and is subject to receipt of any necessary internal credit approval by HSBC Bank USA, N.A. In addition, this proposal is subject to a review of the deal documentation and the receipt of appropriate indemnities, opinions of counsel, etc. After review of all the governing documentation, we will quote fees for any services required of us not contemplated herein.

 

·                       Should HSBC Bank USA, N.A. be mandated for the above roles and the transaction fails to close, then we would charge a termination fee equal to the Initial Fee of the Issuing Agent, Registrar and Paying Agent, and any of our associated counsel fees.

·                       Assumes New York law will govern documentation that HSBC Bank USA, NA. is expected to execute.

·                       The Notes, when issued, will be in the form of a Permanent Global Note held in DTC. [** confirm MMI notes meet this requirement]

·                       Any tax imposed on any account, if applicable, would be for the account of the Issuer.

·                       This proposal assumes that HSBC Bank USA, N.A. will not be required to perform Tax Reporting.

·                       All fees will be payable within sixty days of invoicing.

·                       All roles performed by HSBC Bank USA, N.A. in its capacity will be non-discretionary.

·                       Any money to be disbursed by HSBC Bank USA, N.A. must be paid to us on or before at least one business day prior to any disbursement date.

·                       All roles performed by HSBC Bank USA, N.A. in its capacity will be non-discretionary.

·                       HSBC Bank USA, N.A. reserves the right to revisit the fees should the parameters of the transaction change.

	
 
    

 

In the event that in connection with the above-referenced transaction HSBC Bank USA, National Association (“HSBC”) is required to purchase, invest in, sell, or otherwise acquire or dispose of (each an “investment action”) securities, financial instruments and other investment products (including mutual funds, each a “financial asset”), the following provisions will apply, unless otherwise expressly agreed or required by law:

 

Investment Action only upon Customer Direction. HSBC will act solely on the express investment direction of the person(s) appointed under the transaction document(s) to which HSBC is a party (each a “Customer”). HSBC will not independently take investment action. HSBC disclaims any and all implied investment discretion, except to the extent reasonably necessary to effect Customer direction. Without Customer direction, funds on hand with HSBC may remain idle and uninvested, and HSBC may personally benefit.

 

Customer Responsible for Suitability. HSBC will not furnish investment advice. The Customer will be responsible for its own investment strategy and portfolio management, including suitability of any and all financial assets that it acquires and holds through HSBC.

 

HSBC and HSBC-Affiliate Financial Assets. HSBC may invest in a financial asset issued and/or owing by HSBC or any of its affiliates in the event that: (a) a Customer specifically directs investment in an HSBC or HSBC-affiliate financial asset; or (b) a Customer directs investment by means of criteria and an HSBC or HSBC-affiliate financial asset satisfies such criteria, provided that HSBC will not preferentially select its or its affiliates’ financial assets over an equally qualified and priced non-HSBC financial asset.

 

Additional Compensation for HSBC and Affiliates - Brokerage and Mutual Fund Transactions. HSBC may use one or more brokers and dealers, which may include any of HSBC’s affiliates, including HSBC Securities (USA) Inc. Such brokers and dealers may charge fees, commissions and costs associated with investment action, which, if charged to HSBC, it will charge back to the Customer. In addition, such brokers and dealers may earn compensation from the spread between their bid and offer prices for certain financial assets, by purchasing at a discount and selling at premium. If any of HSBC’s affiliates executes a purchase or sale transaction, such affiliate shall earn its usual and customary charges and spread for transactions of similar type. Further, in connection with an investment in a mutual fund, HSBC and/or its affiliates may earn an investment management fee, a revenue sharing fee or other compensation from the applicable mutual fund company, which may be managed by, or otherwise associated with, HSBC or its affiliates, as such fees and compensation are disclosed in the prospectus for such mutual fund. HSBC and its affiliates shall be entitled to keep, for their own account, any and all of the foregoing fees, commissions, spreads and other compensation, and reimbursement of costs, earned or charged in connection with the purchase and the sale of financial assets, in addition to the above-specified fees and expenses payable to HSBC in connection with the transaction.

 

No Mutual Fund Recommendation. HSBC may, pursuant to a written agreement, discount or entirely waive fees that it would otherwise directly charge to a Customer for HSBC investment action in a specified mutual fund. No such fee discount or waiver is meant to be a recommendation by HSBC for a Customer to invest in such mutual fund.

 

Risk of Loss. Some financial assets that may be invested in through HSBC are not obligations of HSBC or any of its affiliates and may not be insured by the Federal Deposit Insurance Corporation (the “FDIC”) or any other governmental agency. HSBC makes no undertaking to pay in respect of any financial asset, other than its own express obligations in accordance with their terms and conditions, nor to indemnify, hold harmless or otherwise protect the Customer or any other person against any risks of loss. The FDIC insures deposits only at certain insured financial institutions’ offices located in the United States up to relatively limited amounts. For information about the applicability of FDIC insurance, consider contacting your legal, investment or other advisor and/or the FDIC’s website at: www.fdic.gov. In sum, financial assets (including but not limited to money market funds and offshore time deposits) are subject to investment risk, including the possible loss of principal, may be subject to cross-border risk, and depending on the type, amount and obligor of the financial asset, HSBC will have no liability therefor.

 

	
IMPORTANT INFORMATION   FOR OPENING A NEW ACCOUNT
    

 

To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify and record information that identifies each person or entity that opens an account.

 

What this means to you: If you open an account, we are required to ask your name, address, tax identification number, and other information that will allow us to identify you. Additionally, we may be required to take certain steps to verify your identity through documents or by checking other sources

 

	
ACCEPTED   BY:
    	
 
    	
/s/ Robert J. Williams
    
	
 
    	
 
    	
 
    
	
DATE:
    	
 
    	
5/24/09Exhibit 4.15

 

NO. [___]

 

Registered

CUSIP No. [________]

ISIN No. US[________]

 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY OR 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 OF THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR.

 

This Global Security is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other governmental agency.

 

HSBC USA INC.

 

GLOBAL SECURITY

 

representing

 

[__________] Senior Notes due [_________, ____]

 

HSBC USA INC., a Maryland corporation (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[____] on [_______, ___] and to pay interest thereon at a rate per annum equal to [____].  The Company will pay interest from [_______, ___], or from the most recent Interest Payment Date to which interest has been paid or duly provided for, [_____________] of each year (beginning on [_______, ___]), until the principal hereof is paid or duly provided for.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Holder of this Global Security (or one or more Predecessor Securities) of record at the close of business on the Regular Record Date for such interest, which shall be the fifteenth calendar day (whether or not a Business Day) preceding such Interest Payment Date except

 

Fixed Rate Senior Note

 

 

that interest payable at maturity shall be paid to the same Person to whom the principal of this Global Security is payable. Interest will be computed on the basis of a 360-day year of twelve 30-day months.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder of this Global Security (or one or more Predecessor Securities) of record at the close of business on a Special Record Date fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to Holders not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.  Payment of the principal of the Notes and, unless otherwise paid as hereinafter provided, the interest (if any) thereon will be made at the office or agency of the Company in New York, New York or at such other office or agency as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check or draft mailed to the Person entitled thereto at the address appearing in the Security Register.  Additional provisions of this Global Security are set forth on the reverse hereof.

 

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

 

Fixed Rate Senior Note

 

 

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

 

 

	
 
    	
 
    	
HSBC USA INC.
    
	
 
    	
 
    	
 
    
	
ATTEST:
    	
 
    	
 
    	
By:
    	
 
    
	
Name:
    	
 
    	
Name:
    
	
Title:
    	
 
    	
Title:
    
					

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Global Securities of the series designated herein referred to in the within mentioned Indenture.

 

Dated: [________,___]

 

Wells Fargo Bank, National Association, as Trustee

 

 

	
By:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
				

 

Fixed Rate Senior Note

 

 

[Reverse of Note]

 

HSBC USA INC.

[____] SENIOR NOTES DUE [_________, ___]

 

This Global Security is one of a duly authorized issue of notes of the Company (herein called the “Notes”), issuable in series, unlimited in aggregate principal amount except as may be otherwise provided in respect of the Notes of a particular series, issued and to be issued under and pursuant to an Indenture dated as of March 31, 2009 (the “Indenture”), duly executed and delivered by the Company to Wells Fargo Bank, National Association, as Trustee, and is one of a series designated as [____] Senior Notes due [_________, ___] (herein called the “[____] Senior Notes”).  Reference is hereby made to the Indenture for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders.  The [____] Senior Notes are general unsecured obligations of the Company.

 

Interest on the [____] Senior Notes will be payable [__________________] commencing [_________, ___] (each an “Interest Payment Date”).  Interest payable on each Interest Payment Date will include interest accrued from and including [_________, ___] or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date. Interest payable prior to maturity will be payable to the Person in whose name a Registered Security is registered at the close of business on the fifteenth calendar day (whether or not a Business Day) preceding an Interest Payment Date. The interest payment at maturity will include interest accrued to but excluding the maturity date and will be payable to the Person to whom principal is payable.  If an Interest Payment Date is not a Business Day, such Interest Payment Date shall be postponed to the next succeeding Business Day as if made on the date such payment was due, and no interest will accrue on the amount so payable for the period from and after the date such payment was due.

 

“Business Day” means any day other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in The City of New York.

 

The [____] Senior Notes [are not] redeemable prior to maturity at the option of the Holders.

 

The [____] Senior Notes [are not] entitled to any sinking fund.

 

The provisions of the Indenture regarding defeasance of the Company’s indebtedness shall apply to the [____] Senior Notes.

 

If any Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the [____] Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture at any time by the Company with the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes at the time Outstanding of each series which is affected

 

Fixed Rate Senior Note

 

 

by such amendment or modification, except that certain amendments specified in the Indenture may be made without approval of Holders of the Notes.  The Indenture also contains provisions permitting (i) the Holders of 66 2/3% in aggregate principal amount of the Outstanding Notes of any series to waive on behalf of the Holders of such series of Notes compliance by the Company with certain provisions of the Indenture and (ii) the Holders of a majority in aggregate principal amount of the Outstanding Notes of any series to waive certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holders of the [____] Senior Notes shall be binding upon such Holders and upon all future Holders of the [____] Senior Notes and any Notes issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon such Notes.

 

No reference herein to the Indenture and no provision of the [____] Senior Notes or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on the [____] Senior Notes at the times, place and rate, and in the coin or currency prescribed in the [____] Senior Notes.

 

As provided in the Indenture and subject to certain limitations therein set forth, transfer of this [____] Senior Note is registrable on the Security Register, upon surrender of this [____] Senior Note for registration of transfer at the office or agency of the Company in New York, New York duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new [____] Senior Notes, of authorized denominations and for a like aggregate principal amount, will be issued to the designated transferee or transferees.

 

The [____] Senior Notes are issuable only as registered Notes without coupons in denominations of $100,000 or any integral multiple of $1,000 in excess thereof authorized by the Company.  As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of the same series containing identical terms and provisions and of different authorized denominations, as requested by the Holder surrendering the same.

 

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

 

The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this [____] Senior Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes whether or not this [____] Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This [____] Senior Note is exchangeable by the Company only if (x) the Depository notifies the Company that it is unwilling or unable to continue as Depository for this Global Security or if at any time the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended and a successor depositary has not been appointed by the Company within 90

 

Fixed Rate Senior Note

 

 

days, (y) the Company in its sole discretion determines that this [_____] Senior Note shall be exchangeable for certificated [____] Senior Notes in registered form, or (z) an Event of Default has occurred and is continuing with respect to the [____] Senior Notes; provided, that the certificated [____] Senior Notes so issued by the Company in exchange for this permanent Global Security shall be in denominations of $100,000 and any integral multiple of $1,000 in excess thereof and be of like aggregate principal amount and tenor as the portion of this permanent Global Security to be exchanged, and provided further that, unless the Company agrees otherwise, Notes of this series in certificated registered form will be issued in exchange for this permanent Global Security, or any portion hereof, only if such Notes in certificated registered form were requested by written notice to the Trustee or the Securities Registrar by or on behalf of a Person who is beneficial owner of an interest hereof given through the Holder hereof.  Except as provided above, owners of beneficial interests in this permanent Global Security will not be entitled to receive physical delivery of Notes in certificated registered form and will not be considered the Holders thereof for any purpose under the Indenture.

 

All initially capitalized terms used in this [____] Senior Note which are defined in the Indenture have the meanings assigned to them in the Indenture.

 

Fixed Rate Senior Note

 

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

	
 
    
	
Name and Address of Assignee
    
	
 
    
	
(
    	
)
    
	
 
    	
Social Security Number
   or other identifying
   number of Assignee
    	
 
    
			

 

the within Global Security and all rights thereunder, hereby irrevocably constituting and appointing ____________ Attorney to transfer said Global Security on the books of the Company, with full power of substitution in premises.

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NOTICE: The   Signature to this Assignment must correspond with the name written upon the   face of this Note in every particular, without alteration or enlargement or   any change whatever.
    

 

Fixed Rate Senior Note

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