Document:

EXHIBIT 4.4 

 

ICAHN ENTERPRISES L.P.

 

ICAHN ENTERPRISES FINANCE CORP.

 

Issuers

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

 

Trustee

 

INDENTURE

 

Dated as of ________ ___, ______

 

Subordinated Debt Securities

 

CROSS-REFERENCE TABLE*

 

	TRUST INDENTURE	 	INDENTURE
	ACT SECTION	 	SECTION
	 	 	 	 	 	 
	310  	(a)  	(1)  	 	 	7.10
	 	(a)	(2)	 	 	7.10
	 	(a)	(3)	 	 	N.A.
	 	(a)	(4)	 	 	N.A.
	 	(a)	(5)	 	 	7.10
	 	(b)	 	 	 	7.08; 7.10
	 	(c)	 	 	 	N.A.
	311	(a)	 	 	 	7.11
	 	(b)	 	 	 	7.11
	 	(c)	 	 	 	N.A.
	312	(a)	 	 	 	2.06
	 	(b)	 	 	 	12.03
	 	(c)	 	 	 	12.03
	313	(a)	 	 	 	7.06
	 	(b)	(1)	 	 	7.06
	 	(b)	(2)	 	 	7.06; 7.07
	 	(c)	 	 	 	7.06; 12.02
	 	(d)	 	 	 	7.06
	314	(a)	 	 	 	4.02; 4.03; 12.02
	 	(b)	 	 	 	N.A.
	 	(c)	(1)	 	 	12.04
	 	(c)	(2)	 	 	12.04
	 	(c)	(3)	 	 	N.A.
	 	(d)	 	 	 	N.A.
	 	(e)	 	 	 	12.05
	 	(f)	 	 	 	N.A.
	315	(a)	 	 	 	7.01
	 	(b)	 	 	 	7.05; 12.02
	 	(c)	 	 	 	7.01
	 	(d)	 	 	 	7.01

 

     

     

    

 

	 	(e)	 	 	 	6.11
	316	(a)	(last sentence)	 	2.09
	 	(a)	(1)	(A)	 	6.05
	 	(a)	(1)	(B)	 	6.04
	 	(a)	(2)	 	 	N.A.
	 	(b)	 	 	 	6.07
	 	(c)	 	 	 	9.04
	317	(a)	(1)	 	 	6.08
	 	(a)	(2)	 	 	6.09
	 	(b)	 	 	 	2.05
	318	(a)	 	 	 	12.01
	 	(b)	 	 	 	N.A.
	 	(c)	 	 	 	12.01

 

N.A. means not applicable.

 

* This Cross-Reference Table is not part of
the Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1	DEFINITIONS AND INCORPORATION BY REFERENCE	01
	 	 	 
	SECTION 1.01.	Definitions.	01
	SECTION 1.02.	Other Definitions.	04
	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act.	04
	SECTION 1.04.	Rules of Construction.	05
	 	 	 
	ARTICLE 2	THE SECURITIES	05
	 	 	 
	SECTION 2.01.	Issuable in Series	05
	SECTION 2.02.	Establishment of Terms of Series of Securities	05
	SECTION 2.03.	Execution and Authentication	07
	SECTION 2.04.	Registrar and Paying Agent	08
	SECTION 2.05.	Paying Agent to Hold Money in Trust	09
	SECTION 2.06.	Holders Lists	09
	SECTION 2.07.	Transfer and Exchange	09
	SECTION 2.08.	Mutilated, Destroyed, Lost and Stolen Securities	09
	SECTION 2.09.	Outstanding Securities	10
	SECTION 2.10.	Treasury Securities	10
	SECTION 2.11.	Temporary Securities	10
	SECTION 2.12.	Cancellation	10
	SECTION 2.13.	Defaulted Interest	10
	SECTION 2.14.	Global Securities.	11
	SECTION 2.15.	CUSIP Numbers	12
	 	 	 
	ARTICLE 3	REDEMPTION AND PREPAYMENT	12
	 	 	 
	SECTION 3.01.	Notices to Trustee	12
	SECTION 3.02.	Selection of Securities to be Redeemed	13

 

     

     

    

 

	SECTION 3.03.	Notice of Redemption	
        13

	SECTION 3.04.	Effect of Notice of Redemption	14
	SECTION 3.05.	Deposit of Redemption Price	14
	SECTION 3.06.	Securities Redeemed in Part	14
	 	 	 
	ARTICLE 4	COVENANTS	14
	 	 	 
	SECTION 4.01.	Payment of Securities	14
	SECTION 4.02.	Reports	14
	SECTION 4.03.	Compliance Certificate.	15
	SECTION 4.04.	Corporate Existence	16
	SECTION 4.05.	Calculation of Original Issue Discount	16
	 	 	 
	ARTICLE 5	SUCCESSORS	16
	 	 	 
	SECTION 5.01.	Merger, Consolidation or Sale of Assets	16
	 	 	 
	ARTICLE 6	DEFAULTS AND REMEDIES	17
	 	 	 
	SECTION 6.01.	Events of Default	17
	SECTION 6.02.	Acceleration	18
	SECTION 6.03.	Other Remedies	18
	SECTION 6.04.	Waiver of Past Defaults	18
	SECTION 6.05.	Control By Majority	18
	SECTION 6.06.	Limitation on Suits	18
	SECTION 6.07.	Rights of Holders to Receive Payment	19
	SECTION 6.08.	Collection Suit by Trustee	19
	SECTION 6.09.	Trustee May File Proofs of Claim	19
	SECTION 6.10.	Priorities	19
	SECTION 6.11.	Undertaking For Costs	20
	 	 	 
	ARTICLE 7	TRUSTEE	20
	 	 	 
	SECTION 7.01.	Duties of Trustee.	20

 

     

     

    

 

	SECTION 7.02.	Rights of Trustee.	21
	SECTION 7.03.	Individual Rights of Trustee	22
	SECTION 7.04.	Trustee's Disclaimer	22
	SECTION 7.05.	Notice of Defaults	22
	SECTION 7.06.	Reports By Trustee to Holders	23
	SECTION 7.07.	Compensation and Indemnity	23
	SECTION 7.08.	Replacement of Trustee	23
	SECTION 7.09.	Successor Trustee by Merger, Etc.	24
	SECTION 7.10.	Eligibility; Disqualification	24
	SECTION 7.11.	Preferential Collection of Claims Against the Company	24
	 	 	 
	ARTICLE 8	DISCHARGE; LEGAL DEFEASANCE AND COVENANT DEFEASANCE	25
	 	 	 
	SECTION 8.01.	Discharge; Option to Effect Legal Defeasance or Covenant Defeasance.	25
	SECTION 8.02.	Legal Defeasance and Discharge	25
	SECTION 8.03.	Covenant Defeasance	25
	SECTION 8.04.	Conditions to Legal or Covenant Defeasance	26
	SECTION 8.05.	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	27
	SECTION 8.06.	Repayment to the Company	27
	SECTION 8.07.	Reinstatement	27
	 	 	 
	ARTICLE 9	AMENDMENT, SUPPLEMENT AND WAIVER	28
	 	 	 
	SECTION 9.01.	Without Consent of Holders	28
	SECTION 9.02.	With Consent of Holders of Securities	29
	SECTION 9.03.	Compliance with Trust Indenture Act	30
	SECTION 9.04.	Revocation and Effect of Consents and Waivers	30
	SECTION 9.05.	Notation on or Exchange of Securities	30
	SECTION 9.06.	Trustee to Sign Amendments, Etc.	30
	 	 	 
	ARTICLE 10	SUBORDINATION	30 
	 	 	 
	SECTION 10.01.	Securities Subordinated to Senior Indebtedness	30

 

     

     

    

 

	SECTION 10.02.	Effectuation of Subordination by Trustee	33
	SECTION 10.03.	Knowledge of Trustee	33
	SECTION 10.04.	Trustee’s Relation to Senior Indebtedness	33
	SECTION 10.05.	Rights of Holders of Senior Indebtedness Not Impaired	34
	 	 	 
	ARTICLE 11	NOTE GUARANTEES	34
	 	 	 
	SECTION 11.01.	Guarantee.	34
	SECTION 11.02.	Limitation on Guarantor Liability.	35
	SECTION 11.03.	Execution and Delivery of Guarantee.	35
	 	 	 
	ARTICLE 12	MISCELLANEOUS	35
	 	 	 
	SECTION 12.01.	Trust Indenture Act Controls	35
	SECTION 12.02.	Notices	35
	SECTION 12.03.	Communication by Holders of Securities with Other Holders of Securities	36
	SECTION 12.04.	Certificate and Opinion as to Conditions Precedent	36
	SECTION 12.05.	Statements Required in Certificate or Opinion	36
	SECTION 12.06.	Rules by Trustee, Paying Agent and Registrar	37
	SECTION 12.07.	No Personal Liability of Directors, Officers, Employees and Stockholders	37
	SECTION 12.08.	GOVERNING LAW	37
	SECTION 12.09.	No Adverse Interpretation of Other Agreements	37
	SECTION 12.10.	Successors	37
	SECTION 12.11.	Severability	37
	SECTION 12.12.	Counterpart Originals	37
	SECTION 12.13.	Table of Contents, Headings, Etc.	37

 

INDENTURE dated as of [__],
[__] between Icahn Enterprises L.P., a Delaware limited partnership ("Icahn Enterprises") Icahn Enterprises Finance
Corp., a Delaware corporation ("Icahn Enterprises Finance" and together with Icahn Enterprises, the "Company"),
and Wilmington Trust, National Association, a national banking association, as trustee (the "Trustee").

 

The Company and the Trustee
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Securities issued under
this Indenture (the "Securities"):

 

     

     

    

 

ARTICLE 1

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.                   
Definitions.

 

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

 

"Agent"
means any Registrar, Paying Agent or co-registrar.

 

"Bankruptcy Law"
means Title 11 of the United States Code, as amended, or any similar federal, state or foreign law for the relief of debtors.

 

"Board of Directors"
means, with respect to any Person, the board of directors or comparable governing body of such Person.

 

"Board Resolution"
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board
of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee.

 

"Business Day"
means any day other than a Legal Holiday.

 

"Capital Stock"
of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of
or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible
into such equity.

 

"Clearstream"
means Clearstream Banking, Societe Anonyme, Luxembourg.

 

"Commission"
or "SEC" means the Securities and Exchange Commission.

 

"Company"
means, collectively Icahn Enterprises and Icahn Enterprises Finance, and any and all successors thereto.

 

"Company Order"
means a written order signed in the name of the Company by two Officers, one of whom must be the Company's principal executive
officer, principal financial officer or principal accounting officer.

 

"Control"
means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a Person,
whether through the ownership of Voting Stock, by agreement or otherwise.

 

"Corporate Trust
Office of the Trustee" shall be at the address of the Trustee specified in Section 12.02 or such other address as to which
the Trustee may give notice to the Company.

 

"Custodian"
means the Trustee, as custodian with respect to the Securities in global form, or any successor entity thereto.

 

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

 

"Definitive Security"
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.07.

 

    	 	1	 

     

    

 

"Depositary"
means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section 2.14
as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and having
become such pursuant to the applicable provision of this Indenture.

 

"Dollar"
means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender
for the payment of public and private debt.

 

"Euroclear"
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended.

 

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

 

"GAAP"
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board, the Commission or in such other statements by such other entity as may be approved by a significant segment of the accounting
profession of the United States, which are in effect from time to time; provided, however, that all reports and other financial
information provided by the Company to the Holders of the Securities, the Trustee and/or the Commission shall be prepared in accordance
with GAAP, as in effect on the date of such report or other financial information.

 

"Global Security"
when used with respect to any Series of Securities issued hereunder, means a Security which is executed by the Company and authenticated
and delivered by the Trustee to the Depositary or pursuant to the Depositary's instruction, all in accordance with this Indenture
and an indenture supplemental hereto, if any, or Board Resolution and pursuant to a Company Order, which shall be registered in
the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all the outstanding Securities of such Series or any portion thereof, in either case having the same terms,
including, without limitation, the same original issue date, date or dates on which principal and interest are due, and interest
rate or method of determining interest and which shall bear the legend as prescribed by Section 2.14(c).

 

"Global Security
Legend" means the legend set forth in Section 2.14(c), which is required to be placed on all Global Securities issued
under this Indenture.

 

"Government Securities"
means direct obligations of, or obligations guaranteed by, the United States of America for the payment of which guarantee or obligations
the full faith and credit of the United States is pledged.

 

"Guarantee"
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct
or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof), of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements,
or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

 

"Guarantor"
means Icahn Enterprises in the event that Icahn Enterprises executes a Guarantee in accordance with the provisions of this Indenture,
and its successors and assigns, in each case, until the Guarantee has been released in accordance with the provisions of this Indenture.

 

"Holder"
means a Person in whose name a Security is registered on the Registrar's books.

 

"Icahn Enterprises"
means Icahn Enterprises L.P. (and not any of its subsidiaries).

 

"Icahn Enterprises
Finance" means Icahn Enterprises Finance Corp.

 

"Indebtedness"
has the meaning specified in the applicable Board Resolution, supplemental indenture or Officers' Certificate relating to a particular
Series of Securities.

 

    	 	2	 

     

    

 

"Indenture"
means this Indenture, as amended or supplemented from time to time.

 

"Interest Payment
Date" when used with respect to any Series of Securities, means the date specified in such Securities for the payment
of any installment of interest on those Securities.

 

"Legal Holiday"
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for
the intervening period.

 

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

 

"Offering"
means the offering of the Securities by the Company.

 

"Officer"
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such
Person.

 

"Officers' Certificate"
means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive
officer, the principal financial officer or the principal accounting officer of the Company, delivered to the Trustee that meets
the requirements set forth in this Indenture, including without limitation the requirements of Section 12.05.

 

"Opinion of Counsel"
means a written opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section
12.05. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company, any Guarantor, or, at the Trustee’s
option, the Trustee.

 

"Original Issue
Discount Security" means any Security that provides for an amount less than the stated principal amount thereof to be
due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

"Participant"
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to the Depositary Trust Company, shall include Euroclear and Clearstream).

 

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

 

"Responsible Officer,"
when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group
of the Trustee) and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

 

"Securities"
has the meaning assigned to it in the preamble to this Indenture.

 

"Securities Act"
means the Securities Act of 1933, as amended.

 

"Series"
or "Series of Securities" means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.01 and 2.02.

 

"Significant Subsidiary"
means any Subsidiary which would be a "significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act of 1933, as amended.

 

    	 	3	 

     

    

 

"Stated Maturity"
when used with respect to any Security, means the date specified in such Security as the fixed date on which an amount equal to
the principal amount of such Security is due and payable.

 

"Subsidiary"
means, with respect to any specified Person:

 

(1)         any
corporation, association or other business entity of which more than 50% of the total Voting Stock is at the time owned or Controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(2)         any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

"TIA"
means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified
under the TIA.

 

"Trustee"
means the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.

 

"Voting Stock"
means, with respect to any Person that is (a) a corporation, any class or series of capital stock of such Person that is ordinarily
entitled to vote in the election of directors thereof at a meeting of stockholders called for such purpose, without the occurrence
of any additional event or contingency, (b) a limited liability company, membership interests entitled to manage, or to elect or
appoint the Persons that will manage the operations or business of the limited liability company, or (c) a partnership, partnership
interests entitled to elect or replace the general partner thereof.

 

"Wholly Owned Subsidiary"
of a Person means a subsidiary of such person all of the outstanding Capital Stock or other ownership interests of which (other
than directors' qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such
Person or by such Person and one or more Wholly Owned Subsidiaries of such Person.

 

SECTION 1.02.         Other
Definitions.

 

	Term	 	Defined in 
 Section
	 
	"Covenant Defeasance"	 	 	8.03	 
	"Event of Default"	 	 	6.01	 
	"Legal Defeasance"	 	 	8.02	 
	"notice of acceleration"	 	 	6.02	 
	"Paying Agent"	 	 	2.04	 
	"Registrar"	 	 	2.04	 
	"Service Agent"	 	 	2.04	 
	"Transfer"	 	 	5.01	 

 

SECTION 1.03.         Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 

The following TIA terms
used in this Indenture have the following meanings:

 

"Indenture Securities"
means the Securities;

 

"Indenture Security Holder"
means a Holder of a Security

 

    	 	4	 

     

    

 

"Indenture to be Qualified"
means this Indenture;

 

"Indenture Trustee"
or "Institutional Trustee" means the Trustee; and

 

"Obligor"
on the Securities means the Company and any successor obligor upon the Securities.

 

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

 

SECTION 1.04.         Rules
of Construction.

 

Unless the context otherwise
requires:

 

(a)         a
term has the meaning assigned to it;

 

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

 

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

 

  

(d)         provisions
apply to successive events and transactions; and

 

(e)         references
to sections of or rules under the Securities Act, the Exchange Act or the TIA shall be deemed to include substitute, replacement
of successor sections or rules adopted by the Commission from time to time.

 

ARTICLE 2

 

THE SECURITIES

 

SECTION 2.01.         Issuable
in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in
a Board Resolution, a supplemental indenture or an Officers' Certificate detailing the adoption of the terms thereof pursuant to
the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officers' Certificate or supplemental indenture may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between
Series in respect of any matters.

 

SECTION 2.02.         Establishment
of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the following shall be established
(as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or as to the
Series generally in the case of Subsections 2.02(b) through 2.02(x)) by a Board Resolution, a supplemental indenture or an Officers'
Certificate pursuant to authority granted under a Board Resolution:

 

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

 

(b)         any
limit upon the aggregate principal amount of the Securities of the Series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series);

 

    	 	5	 

     

    

 

(c)         the
date or dates on which the principal and premium, if any, of the Securities of the Series are payable;

 

(d)         the
rate or rates (which may be fixed or variable) at which the Securities of the Series shall bear interest, if any, or the method
of determining such rate or rates, the date or dates from which such interest, if any, shall accrue, the Interest Payment Dates
on which such interest, if any, shall be payable or the method by which the Interest Payment Dates will be determined, the record
dates for the determination of Holders thereof to whom interest is payable (in the case of Securities in registered form), and
the basis upon which such interest will be calculated if other than that of a 360-day year of twelve 30-day months;

  

(e)         the
currency or currencies, including composite currencies, in which Securities of the Series shall be denominated, if other than Dollars,
the place or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee (in the case of Securities
in registered form), where the principal, premium, if any, and interest with respect to Securities of such Series shall be payable
or the method of such payment, if by wire transfer, mail or other means;

 

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

 

(g)         the
obligation, if any, of the Company to redeem, purchase or repay the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the price or prices at which, the period or periods within which, and the terms
and conditions upon which, Securities of the Series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such
obligations;

 

(j)         the
terms, if any, upon which the Securities of the Series may be convertible into or exchanged for any of the Company's common stock,
preferred stock, other securities or warrants to purchase the Company's common stock, preferred stock or other securities and the
terms and conditions upon which such conversion or exchange shall be effected, including the initial conversion or exchange price
or rate, the conversion or exchange period and any other additional provisions;

 

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

 

 

(l)         if
the amount of principal, premium, if any, or interest with respect to the Securities of the Series may be determined with reference
to an index or pursuant to a formula, the manner in which such amounts will be determined;

 

(m)         if
the principal amount payable at the Stated Maturity of Securities of the Series will not be determinable as of any one or more
dates prior to such Stated Maturity, the amount that will be deemed to be such principal amount as of any such date for any purpose,
including the principal amount thereof which will be due and payable upon any Maturity other than the Stated Maturity and which
will be deemed to be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is
to be determined), and, if necessary, the manner of determining the equivalent thereof in Dollars;

 

(n)         the
applicability of, if any, and any changes or additions to Article 8;

 

(o)         if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02;

 

(p)         the
terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the Series of any properties,
assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA are applicable and any
corresponding changes to provisions of this Indenture as then in effect;

 

    	 	6	 

     

    

 

(q)         any
addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the
Trustee or the requisite Holders of such Series of Securities to declare the principal, premium, if any, and interest on such Series
of Securities due and payable pursuant to Section 6.02;

 

 (r)         if
the Securities of the Series shall be issued in whole or in part in the form of a Global Security, the terms and conditions, if
any, upon which such Global Security may be exchanged in whole or in part for other individual Definitive Securities of such Series,
the Depositary for such Global Security and the form of any legend or legends to be borne by any such Global Security in addition
to or in lieu of the Global Securities Legend;

 

(s)         any
Trustee, authenticating agent, Paying Agent, transfer agent, Service Agent or Registrar;

 

(t)         the
applicability of, and any addition to or change in, the covenants (and the related definitions) set forth in Articles 4 or 5 which
applies to the Securities of the Series;

 

(u)any additional or
different subordination terms, if any, applicable to the Securities of the Series;

 

(v)         with
regard to Securities of the Series that do not bear interest, the dates for certain required reports to the Trustee;

 

(w)         any
United Stated Federal income tax consequences applicable to the Securities;

 

(x)         the
terms applicable to Original Issue Discount Securities, including the rate or rates at which original issue discount will accrue;
and

  

(y)         any
other terms of Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as
permitted by Section 9.01, but which may modify or delete any provision of this Indenture insofar as it applies to such Series).

 

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

 

SECTION 2.03.         Execution
and Authentication. One Officer shall sign the Securities for the Company by manual or facsimile signature. If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless
be valid. A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture or Officers' Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the
date of its authentication..

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture or Officers' Certificate delivered pursuant to Section 2.02, except
as provided in Section 2.08.

 

Prior to the issuance of
Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on:

 

(a)         the
Board Resolution, supplemental indenture or Officers' Certificate establishing the form of the Securities of that Series or of
Securities within that Series and the terms of the Securities of that Series or Securities within that Series; (b) an Officers'
Certificate complying with Section 12.05; and (c) an Opinion of Counsel complying with Section 12.05.

 

    	 	7	 

     

    

 

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

  

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate.

 

Any Global Securities (i)
shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to
the Depositary or pursuant to the Depositary’s instructions or held by the Trustee as Custodian. Participants shall have
no rights either under this Indenture with respect to any Global Security held on their behalf by the Depositary or by the Custodian
or under such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or Trustee
as the owner of such Global Security for all purposes. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Trustee or any Agent or other agent of the Company or the Trustee from giving effect to any written certificate, proxy or other
authorization furnished by the Depositary or impair, as between the Depositary and its Participants, the operation of customary
practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in any Global Security.

 

The Trustee shall have
no responsibility or obligation to any Holder, any member or Participant of the Depositary or any other Person with respect to
the accuracy of the records of the Depositary (or its nominee) or of any Participant or member thereof, with respect to any ownership
interest in the Securities or with respect to the delivery of any notice (including without limitation any notice of redemption)
or the payment of any amount or delivery of any Securities (or other security or property) under which or with respect to the Securities.
The Trustee may rely (and shall be fully protected in relying) upon information furnished by the Depositary with respect to its
members and Participants.

 

SECTION 2.04.         Registrar
and Paying Agent. The Company shall maintain, with respect to each Series of Securities, at the place or places specified with
respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered
for payment ("Paying Agent") and where Securities of such Series may be presented for registration of transfer
or for exchange ("Registrar"). The Registrar shall keep a register with respect to each Series of Securities and
to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change
in the name and address, of each Registrar or Paying Agent. If at any time the Company shall fail to maintain any such required
Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations or surrenders
may be made at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations and surrenders. In no case will any service of legal process be made against the Company at the office of the
Trustee.

 

The Company may also from
time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain
a Registrar or Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes.
The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name
or address of any such co-registrar or additional paying agent. The term "Registrar" includes any co-registrar, and the
term "Paying Agent" includes any additional paying agent.

 

The Company hereby appoints
the Trustee as the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the case may
be, is appointed prior to the time the Securities of that Series are first issued.

 

    	 	8	 

     

    

 

SECTION 2.05.         Paying
Agent to Hold Money in Trust. The Company shall require each Paying Agent, other than the Trustee, to agree in writing that
the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held by
the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default
by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability
for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Securities.

  

SECTION 2.06.         Holders
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of all Holders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the
Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before each Interest Payment
Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of each Series of Securities and the Company shall otherwise comply
with TIA Section 312(a).

 

SECTION 2.07.         Transfer
and Exchange. When Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer
or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee
shall authenticate Securities at the Registrar's request. No service charge shall be made for any registration of transfer or exchange
(except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06, or 9.05).

 

Neither the Company nor
the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning
at the opening of business fifteen days immediately preceding the delivery of a notice of redemption of Securities of that Series
selected for redemption and ending at the close of business on the day of such delivery or (b) to register the transfer or exchange
of any Security of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such
Securities selected, called or being called for redemption in part.

 

SECTION 2.08.         Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding. If there shall be delivered to the Company and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required
by them in their judgment to save each of them and any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request
the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance of any
new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

Every new Security of any
Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of the Series duly issued hereunder.

 

    	 	9	 

     

    

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

SECTION 2.09.         Outstanding
Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.09 as not outstanding. Except as set forth in Section
2.10 hereof, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security;
however, Securities held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section
9.02 hereof.

 

If a Security is replaced
pursuant to Section 2.08, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser.

 

If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, on the Maturity of Securities of a Series money sufficient
to pay such Securities of the Series payable on that date, then on and after that date such Securities of the Series shall be deemed
to be no longer outstanding and shall cease to accrue interest.

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be outstanding
for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination
upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

 

SECTION 2.10.         Treasury
Securities. In determining whether the Holders of the required principal amount of Securities of a Series have concurred in
any request, demand, authorization, notice, direction, waiver or consent, Securities of a Series owned by the Company or an Affiliate
shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such
request, demand, authorization, notice, direction, waiver or consent, only Securities of a Series that the Trustee knows are so
owned shall be disregarded.

  

SECTION 2.11.         Temporary
Securities. Until Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate
temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of Definitive Securities but
may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate Definitive Securities of the same Series and date of maturity in exchange for temporary
Securities. Until so exchanged, temporary Securities shall be entitled to the same rights under this Indenture as the Definitive
Securities.

 

SECTION 2.12.         Cancellation.
The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to
the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee will dispose of canceled
Securities in accordance with its customary practice (subject to the record retention requirement of the Exchange Act). Evidence
of cancellation of all canceled Securities, or confirmation of the reduction in the aggregate principal amount outstanding represented
by a Global Security, as applicable, will be delivered to the Company upon written request. The Company may not issue new Securities
to replace Securities that it has paid or that have been delivered to the Trustee for cancellation.

 

SECTION 2.13.         Defaulted
Interest. If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest in
any lawful manner plus, to the extent lawful, any interest payable on the defaulted interest, to the Persons who are Holders of
the Series on a subsequent special record date. The Company will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Security and the date of the proposed payment. The
Company shall fix each such special record date and payment date. At least 15 days before the special record date, the Company
(or upon the written request of the Company, the Trustee, in the name and at the expense of the Company) shall mail or cause to
be mailed to Holders of the Series a notice that states the special record date, the related payment date and the amount of such
interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

    	 	10	 

     

    

 

SECTION 2.14.         Global
Securities.

 

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

 

(b)         Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 and in addition thereto, any Global
Security shall be exchangeable pursuant to Section 2.07 for Securities registered in the names of Holders other than the Depositary
for such Security or its nominee only if:

 

(i)         such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any
time such Depositary ceases to be a clearing agency registered under the Exchange Act, and in either case, the Company fails to
appoint a successor Depositary within 90 days of such event;

  

(ii)         the
Company executes and delivers to the Trustee an Officers' Certificate to the effect that such Global Security shall be so exchangeable;
or

 

(iii)         an
Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any
Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such
names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security
with like tenor and terms.

 

Except as provided in this
Section 2.14(b), a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security
to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by
the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

"THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THIS GLOBAL SECURITY MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE DELIVERED TO
THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ICAHN ENTERPRISES L.P."

 

(d)         Acts
of Holders.

 

(i)         Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act"
of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section.

 

    	 	11	 

     

    

 

(ii)         The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution
is by a signer acting in a capacity other than such signer's individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such signer's authority. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

  

(iii)         The
ownership of registered securities shall be proved by the register maintained by the Registrar.

 

(iv)         Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security.

 

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

 

(e)         Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of
the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

(f)         Consents,
Declaration and Directions. Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

SECTION 2.15.         CUSIP
Numbers. The Company in issuing the Securities may use "CUSIP" numbers (if then generally in use), and, if so, the
Trustee shall use "CUSIP" numbers in notices of redemption as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the
Trustee of any change in CUSIP Numbers.

 

ARTICLE 3

 

REDEMPTION AND PREPAYMENT

 

SECTION 3.01.         Notices
to Trustee. The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities
or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time
and on such terms as provided for in such Series of Securities. If a Series of Securities is redeemable and the Company wants or
is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such
Securities, it shall notify the Trustee of the redemption date and the principal amount of Securities of the Series to be redeemed
and the redemption price. The Company shall give such notice to the Trustee at least 45 but no more than 60 days before the redemption
date (or such shorter notice as may be acceptable to the Trustee).

 

    	 	12	 

     

    

 

SECTION 3.02.         Selection
of Securities to be Redeemed. Unless otherwise indicated for a particular Series by a Board Resolution, supplemental indenture
or an Officers' Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to purchase at any
time, the Securities to be redeemed or purchased will be selected as follows: (a) if the Securities are in the form of Global Securities,
in accordance with the procedures of the Depositary, and (b) if the Securities are listed on any national securities exchange,
in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed.
No Securities of $1,000 principal amount or less will be redeemed in part. Except as provided in the preceding sentence, provisions
of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

If any Security is to be
redeemed in part only, the notice of redemption that relates to such Security shall state the portion of the principal amount of
that Security to be redeemed. A new Security in principal amount equal to the unredeemed portion of the original Security presented
for redemption will be issued in the name of the Holder thereof upon cancellation of the original Security. Securities called for
redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue or accrete
on Securities or portions of them called for redemption.

 

SECTION 3.03.         Notice
of Redemption. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a supplemental indenture
or an Officers' Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall send,
by first class mail, or electronically in accordance with the procedures of the Depositary, a notice of redemption to each Holder
whose Securities are to be redeemed at its registered address, except that a notice of redemption may be given more than 60 days
prior to a redemption date if the notice is used in connection with Article 8 hereof.

 

The notice shall identify the Securities to
be redeemed and shall state:

 

(a)         the
redemption date;

 

(b)         the
Redemption Price (as defined in the Indenture for the Series of Securities);

 

(c)         if
any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the
redemption date upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion
shall be issued upon cancellation of the original Security;

 

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

 

(e)         that
Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)         that,
unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on the Securities called for redemption ceases to accrue on and after the redemption date;

 

(g)         the
paragraph of the Securities and/or provision of this Indenture or any supplemental indenture or Board Resolution pursuant to which
the Securities called for redemption are being redeemed;

 

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

 

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

 

    	 	13	 

     

    

 

At the Company's written
request, the Trustee shall give the notice of redemption in the Company's name and at its expense; provided, however, that the
Company shall have delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter period as shall be
acceptable to the Trustee), an Officers' Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in the preceding paragraph. If any of the Securities to be redeemed is in the form of a
Global Security, then the Company shall modify such notice to the extent necessary to conform with the procedures of the Depositary
applicable to such redemption.

 

SECTION 3.04.         Effect
of Notice of Redemption. Once notice of redemption is sent in accordance with Section 3.03, Securities called for redemption
become irrevocably due and payable on the redemption date at the redemption price, plus accrued and unpaid interest to such date.
A notice of redemption may not be conditional. Failure to give notice or any defect in the notice to the Holder of any Security
shall not affect the validity of the notice to any other Holder.

 

SECTION 3.05.         Deposit
of Redemption Price. On or before 12:00 p.m. (New York City time) on the redemption date, the Company shall deposit with the
Trustee or with the Paying Agent (or if the Company or any Subsidiary is the Paying Agent, shall segregate and hold in trust) money
sufficient to pay the redemption price, of and accrued interest on, all Securities to be redeemed on that date, other than Securities
or portions of Securities called for redemption that have been delivered to the Trustee for cancellation. The Trustee or the Paying
Agent shall as promptly as practicable return to the Company any money deposited with the Trustee or the Paying Agent by the Company
in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be redeemed. If such
money is then held by the Company or a Subsidiary in trust and is not required for such purpose, it shall be discharged from such
trust.

 

If the Company complies
with the provisions of the preceding paragraph, on and after the redemption, interest shall cease to accrue on the Securities called
for redemption. If a Security is redeemed on or after an interest record date but on or prior to the related Interest Payment Date,
then any accrued and unpaid interest shall be paid to the Person in whose name such Security was registered at the close of business
on such record date. If any Security called for redemption shall not be so paid upon surrender for redemption because of the failure
of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date
until such principal is paid, and to the extent lawful, on any interest not paid on such unpaid principal, in each case at the
rate provided in the Securities.

 

SECTION 3.06.         Securities
Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and, upon the Company's
written request, the Trustee shall authenticate for the Holder at the expense of the Company a new Security equal in principal
amount to the unredeemed portion of the Security surrendered.

 

ARTICLE 4

 

COVENANTS

 

SECTION 4.01.         Payment
of Securities. The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly
and punctually make all payments in respect of each Series of Securities on the dates and in the manner provided in such Series
of Securities and this Indenture. Such payments shall be considered made on the date the Trustee or the Paying Agent, if other
than the Company or a Subsidiary thereof, holds, as of 10:00 a.m. New York City time, in accordance with this Indenture, funds
sufficient to make all payments with respect to such Securities then due and the Trustee or the Paying Agent, as the case may be,
is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.

  

SECTION 4.02.         Reports.
Unless otherwise indicated in a Board Resolution, a supplemental indenture or an Officers' Certificate, whether or not required
by the rules and regulations of the Commission so long as any Securities are outstanding, the Company shall furnish to the Trustee
and the Holders of the Securities the following:

 

(a)         all
quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q
and 10-K if the Company were required to file such Forms, including a "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and, with respect to the annual information only, a report thereon by the Company's certified independent
accountants;

 

    	 	14	 

     

    

 

(b)         all
current reports that would be required to be filed with the Commission on Form 8-K if the Company were required to file such reports;
and

 

(c)         any
other information, reports and documents that the Company is required to file with the Commission pursuant to Section 13 or Section
15(d) of the Exchange Act.

 

in each case, within the time periods specified
in the Commission's rules and regulations; provided that such information and reports need not be furnished to the Holders if they
are generally available on the Internet free of charge.

 

In addition, whether or
not required by the rules and regulations of the Commission, the Company shall file a copy of all such information and reports
with the Commission for public availability within the time periods specified in the Commission's rules and regulations (unless
the Commission shall not accept such a filing) and make such information available to securities analysts and prospective investors
upon request.

 

Reports by the Company
delivered to the Trustee should be considered for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officers’ Certificates). The Trustee shall have no duty to determine whether any reports have been posted or filed.

 

SECTION 4.03.         Compliance
Certificate.

 

(a)         The
Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within
90 days after the end of each fiscal year of the Company, an Officers' Certificate stating that a review of the activities of the
Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with
a view to determining whether each of the Company and any other obligors has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge
each entity has fulfilled all of its obligations under this Indenture throughout such year and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is
taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains
in existence by reason of which payments on account of the principal of, premium on, if any, or interest on, the Securities is
prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take
with respect thereto.

 

(b)         So
long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end
financial statements delivered pursuant to Section 4.02(a) above shall be accompanied by a written statement of the Company's independent
public accountants (who shall be a firm of established national reputation, reasonably satisfactory to the Trustee) that in making
the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them
to believe that a Default or an Event of Default has occurred and is continuing or, if any such Default or Event of Default has
occurred and is continuing, specifying the nature and period of existence thereof, it being understood that such accountants shall
not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such Default or Event of Default.
In the event that such written statement of the Company's independent public accountants cannot be obtained, the Company shall
deliver an Officers' Certificate certifying that it has used its best efforts to obtain such statements and was unable to do so.

 

(c)         The
Company shall, so long as any Securities are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of
any Default or Event of Default that is then continuing, an Officers' Certificate specifying such Default or Event of Default and
what action the Company is taking or proposes to take with respect thereto.

 

    	 	15	 

     

    

 

SECTION 4.04.         Corporate
Existence. Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full
force and effect:

 

(a)         its
corporate, partnership or other existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance
with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary;
and

 

(b)         the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company
shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any
of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Securities.

 

SECTION 4.05.         Calculation
of Original Issue Discount. The Company shall file with the Trustee promptly at the end of each calendar year (i) a written
notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding Securities
as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant
under the Internal Revenue Code of 1986, as amended from time to time.

 

ARTICLE 5

 

SUCCESSORS

 

SECTION 5.01.         Merger,
Consolidation or Sale of Assets. Unless otherwise provided for in a particular Series by a Board Resolution, a supplemental
indenture or an Officers' Certificate, the Company shall not consolidate with or merge into (whether or not the Company is the
surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of (collectively, "Transfer")
all or substantially all of its properties or assets to, another Person unless:

 

(a)         the
resulting, surviving or transferee Person (the "Successor Company") shall be a corporation, limited liability
company or limited partnership organized or existing under the laws of the United States, any state thereof or the District of
Columbia;

 

(b)         
the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such Transfer
has been made assumes all the obligations of the Company under the Securities and this Indenture pursuant to a supplemental indenture
or amendment, in a form reasonably satisfactory to the Trustee;

 

(c)         
immediately after such transaction, no Default exists; and

 

(d)         the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or Transfer complies with this Indenture.

 

The Successor Company shall
succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture (as modified by
a Board Resolution, supplemental indenture or Officers' Certificate), and the predecessor Company, except in the case of a lease
of all or substantially all of its assets, shall be released from the obligation to pay the principal of and interest on the Securities.
The foregoing will not prohibit a consolidation or merger between the Company and a Wholly Owned Subsidiary, the transfer of all
or substantially all of the properties or assets of the Company to a Wholly Owned Subsidiary or the transfer of all or substantially
all of the properties or assets of a Wholly Owned Subsidiary to the Company; provided, that if the Company is not the surviving
entity of such transaction or the Person to which such transfer is made, the surviving entity or the Person to which such transfer
is made shall comply with clause (b) of this paragraph.

 

    	 	16	 

     

    

 

ARTICLE 6

 

DEFAULTS AND REMEDIES

 

SECTION 6.01.         Events
of Default. Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture
or an Officers' Certificate, each of the following constitutes an "Event of Default" with respect to each Series of Securities:

 

(a)         default
for 30 days in the payment of interest when due with respect to the Securities;

 

(b)         default
in payment when due of principal or premium, if any, on the Securities at maturity, upon redemption or otherwise;

 

(c)         
failure by the Company for 30 days after receipt of notice (as specified below) to comply with the provisions described under Section
2.04, 4.02, 4.03 or 5.01;

 

(d)         
failure by the Company for 60 days after notice (as specified below) to comply with its other agreements in this Indenture or the
Securities;

 

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

 

(i)         commences
a voluntary case;

 

(ii)         consents
to the entry of an order for relief against it in an involuntary case in which it is the debtor;

 

(iii)         consents
to the appointment of a custodian of it or for all or substantially all of its property; or

 

(iv)         makes
a general assignment for the benefit of its creditors;

 

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

 

(i)         
is for relief against the Company or any Significant Subsidiary in an involuntary case in which it is the debtor;

 

(ii)         appoints
a custodian of the Company or any Significant Subsidiary or for all or substantially all of its property; or

 

(iii)         orders
the liquidation of the Company or any Significant Subsidiary;

 

and the order or decree contemplated in clause
(i), (ii) or (iii), remains unstayed and in effect for 60 consecutive days;

 

A Default under paragraph
(c) or (d) of this Section 6.01 is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount
of the outstanding Securities notify the Company of the Default and the Company does not cure such Default within the time specified
after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a
"Notice of Default".

 

To the extent that the
last day of the period referred to in paragraph (a), (c), (d), (e) or (f) of this Section 6.01 is not a Business Day, then the
first Business Day following such day shall be deemed to be the last day of the period referred to in such clauses. Any "day"
will be deemed to end as of 11:59 p.m., New York City time.

 

    	 	17	 

     

    

 

SECTION 6.02.         Acceleration.
If an Event of Default with respect to any Series of Securities at the time outstanding (other than an Event of Default with respect
to the Company specified in paragraph (e) and (f) of Section 6.01) occurs and is continuing, the Trustee or the Holders of at least
25% in principal amount of the then outstanding Securities of that Series may declare the unpaid principal of, (or, in the case
of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security) premium, if
any, and accrued and unpaid interest on all the Securities of that Series to be due and payable by notice in writing to the Company
(and the Trustee, if given by the Holders) specifying the respective Event of Default and that it is a "notice of acceleration."
Upon such a declaration, such amounts shall be due and payable immediately. If an Event of Default with respect to the Company
specified in paragraph (e) or (f) of Section 6.01 occurs, the principal amount of (or, in the case of Original Issue Discount Securities
of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest
on all the Securities of each Series of Security shall ipso facto become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of the then outstanding Securities
of any Series of Securities by written notice to the Trustee may rescind an acceleration and its consequences if the rescission
would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived with respect to
such Series of Securities (except nonpayment of the principal amount of (or, in the case of Original Issue Discount Securities
of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest
on all the Securities of that Series that has become due solely because of the acceleration).

 

SECTION 6.03.         Other
Remedies. If an Event of Default with respect to any Series of Securities occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of the principal amount of (or, in the case of Original Issue Discount Securities of
that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on
all the Securities of that Series or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Securities of a Series or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default with respect
to any Series of Securities shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
All remedies are cumulative to the extent permitted by law.

 

SECTION 6.04.         Waiver
of Past Defaults. Holders of at least a majority in principal amount of the Securities of any Series (including consents obtained
in connection with a tender offer or exchange for Securities) by notice to the Trustee may on behalf of the Holders of all of Securities
of that Series waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event
of Default in the payment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the
portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities
of that Series. 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 Indenture; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon. The Company shall deliver to the Trustee an Officers’ Certificate stating that the requisite
percentage of Holders has consents to such waiver and shall attach copies of such consents.

  

SECTION 6.05.         Control
By Majority. Holders of a majority in principal amount of the then outstanding Securities of any Series may direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power
conferred on it with respect to that Series. However, the Trustee may refuse to follow any direction that conflicts with law or
this Indenture or, subject to Section 7.01, that the Trustee determines may be prejudicial to the rights of any other Holder of
Securities of that Series or that may involve the Trustee in personal liability.

 

SECTION 6.06.         Limitation
on Suits. Except to enforce the right to receive payment of the principal amount of (or, in the case of Original Issue Discount
Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a
Security of Series when due, no Holder of a Security of that Series may pursue any remedy with respect to this Indenture or the
Securities of that Series unless:

 

(a)         the
Holder previously gave to the Trustee written notice of a continuing Event of Default;

 

    	 	18	 

     

    

 

(b)         the
Holders of at least 25% in aggregate principal amount of the then outstanding Securities of that Series have made a written request
to the Trustee to pursue the remedy;

 

(c)         such
Holder or Holders of that Series has offered and provided to the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense;

 

(d)         the
Trustee has not complied with the request within 60 days after receipt of the request and the offer and, if requested, the provision
of indemnity; and

 

(e)         during
such 60-day period the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series have not
given the Trustee a direction inconsistent with the request.

 

A Holder of Securities
of any Series may not use this Indenture to prejudice the rights of another Holder of that Series or to obtain a preference or
priority over another Holder of that Series.

 

SECTION 6.07.         Rights
of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment
of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of
such Security), premium, if any, and accrued and unpaid interest on the Securities held by such Holder, on or after their Maturity,
or to bring suit for the enforcement of any such payment on or after their Maturity, shall not be impaired or affected without
the consent of such Holder.

  

SECTION 6.08.         Collection
Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized
to recover judgment in its own name and as trustee of an express trust against the Company or any other obligor under the Securities
for the whole amount then due and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

 

SECTION 6.09.         Trustee
May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including without limitation any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company (or any other obligor under the Securities), its creditors or its property and shall be entitled and empowered
to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise.

 

SECTION 6.10.         
Priorities. If the Trustee collects any money or property pursuant to this Article 6 with respect to any Series of Securities,
it shall pay out the money or property in the following order:

 

First: to the
Trustee, its agents and attorneys for amounts due under Section 7.07; Second: to the payment of all Senior Indebtedness if and
to the extent required by Article 10 of this Indenture or other subordination provisions applicable with respect to a Series of
Securities; Third: to Holders for amounts due and unpaid on the Securities of that Series for the principal amount of (or, in the
case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium,
if any, and accrued and unpaid interest, ratably, without preference or priority of any kind, according to the amounts due and
payable on the Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of
that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest, respectively;
and Fourth: to the Company or to such party as a court of competent jurisdiction shall direct.

 

    	 	19	 

     

    

 

The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.10.

 

SECTION 6.11.          
Undertaking For Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims
or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant
to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any Series.

  

ARTICLE 7

 

TRUSTEE

 

SECTION 7.01.         
Duties of Trustee.

 

(a)         
If an Event of Default of which a Responsible Officer of the Trustee has actual knowledge has occurred and is continuing with respect
to any Series of Securities, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the
same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs.

 

(b)         Except
during the continuance of an Event of Default with respect to any Series of Securities of which a Responsible Officer of the Trustee
has actual knowledge or of which written notice shall have been given to the Trustee in accordance with the terms of this Indenture:

 

(i)         
the duties of the Trustee shall be determined solely by the express provisions of this Indenture, with respect to the Securities
of that Series, as modified or supplemented by a Board Resolution, a supplemental indenture or an Officers' Certificate, and the
Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and

 

(ii)         
in the absence of bad faith on its part, the Trustee may with respect to Securities of that Series, conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture. However, with respect to certificates or opinions specifically required by
any provision hereof to be furnished to it, the Trustee shall examine the certificates and opinions to determine whether or not
they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

 

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

 

(i)         
this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

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

 

(iii)         the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 and the Trustee shall be entitled from time to time to request such direction.

 

(d)         Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b) and (c) of this Section 7.01.

 

    	 	20	 

     

    

 

(e)         Notwithstanding
anything to the contrary in this Indenture, no provision of this Indenture shall require the Trustee to expend or risk its own
funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture
at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against
any loss, liability or expense.

 

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

 

(g)         The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent or other paper or documents.

 

SECTION 7.02.          Rights
of Trustee.

 

(a)          The
Trustee may conclusively rely on the truth of the statements and correctness of the opinions contained in, and shall be protected
from acting or refraining from acting upon, any document. The Trustee need not investigate any fact or matter stated in the document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney, to the extent reasonably required by such inquiry or investigation
at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 

(b)         Before
the Trustee acts or refrains from acting, it may require an Officers' Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers' Certificate or Opinion
of Counsel. Prior to taking, suffering or admitting any action, the Trustee may consult with counsel of the Trustee's own choosing
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

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

 

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

  

(e)         Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient
if signed by an Officer of the Company.

 

(f)         The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the
Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.
In no event shall the Trustee be liable or responsible for special, punitive, indirect, consequential or incidental loss or damage
of any kind whatsoever (including but not limited to lost profits) for any action it takes or omits to take, even if the Trustee
has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(g)         The
Trustee shall not be deemed to have notice of any Default or Event of Default with respect to Securities of any Series unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default
or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Issuer
or the Holders of 25% in aggregate principal amount of the outstanding Securities of all series affected thereby, and such notice
references the specific Default or Event of Default, the Notes of such series and this Indenture

 

    	 	21	 

     

    

 

(h)         The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder as Registrar and Paying Agent, and each Agent
and other Person employed to act hereunder.

 

(i)         The
Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles
of Officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any
such certificate previously delivered and not superseded.

 

(j)         Notwithstanding
any provision herein to the contrary, in no event shall the Trustee be liable for any failure or delay in the performance of its
obligations under this Indenture because of circumstances beyond its control, including, but not limited to, nuclear or natural
catastrophes or acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages for
any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the
providing of the services contemplated by this Indenture, inability to obtain material, equipment, or communications or computer
(software and hardware) facilities, or the failure of equipment or interruption of utilities, communications or computer (software
and hardware) facilities, and other causes beyond its control whether or not of the same class or kind as specifically named above.

 

(k)         If at any time Trustee
is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process
which in any way affects any property held by it hereunder (including, but not limited to, orders of attachment or garnishment
or other forms of levies or injunctions or stays relating to the transfer of any property), Trustee is authorized to comply therewith
in any manner as it or its legal counsel of its own choosing deems appropriate in good faith; and if Trustee complies with any
such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, Trustee shall
not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process
may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.

 

(l)          The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

SECTION 7.03.         Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However,
in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission
for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject
to Sections 7.10 and 7.11.

 

SECTION 7.04.         Trustee's
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture
or the Securities, it shall not be accountable for the Company's use of the proceeds from the Securities or any money paid to the
Company or upon the Company's direction under any provision of this Indenture, it shall not be responsible for the use or application
of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to this
Indenture other than its certificate of authentication.

 

SECTION 7.05.         Notice
of Defaults. If a Default or Event of Default with respect to Securities of any Series occurs and is continuing and if it is
known to the Trustee, the Trustee shall mail to Holders of that Series a notice of the Default or Event of Default within 90 days
after it occurs. Except in the case of a Default or Event of Default in payment on any Security pursuant to Section 6.01(a) or
(b), the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of the Holders.

 

    	 	22	 

     

    

  

SECTION 7.06.         Reports
By Trustee to Holders. Unless otherwise specified in the applicable Board Resolution, supplemental indenture or Officers' Certificate,
within 60 days after each September 15 beginning with the September 15 following the date of this Indenture, and for so long as
Securities remain outstanding, the Trustee shall mail to the Holders of the Securities a brief report dated as of such reporting
date that complies with TIA Section 313(a) (but if no event described in TIA Section 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA Section 313(b). The Trustee
shall also transmit by mail all reports as required by TIA Section 313(c).

 

A copy of each report at
the time of its mailing to the Holders shall be mailed to the Company and filed with the Commission and each stock exchange on
which the Company has informed the Trustee in writing the Securities are listed in accordance with TIA Section 313(d). The Company
shall promptly notify the Trustee in writing when the Securities are listed on any stock exchange and of any delisting thereof.

 

SECTION 7.07.         Compensation
and Indemnity. The Company shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture
and services hereunder. To the extent lawful, the Trustee's compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and
expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee's agents and counsel.

 

The Company shall indemnify
the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance
or administration of its duties under this Indenture, including the reasonable costs and expenses of enforcing this Indenture against
the Company or any other obligors under the Securities (including this Section 7.07) and defending itself against any claim (whether
asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder except to the extent any such loss, liability or expense may be attributable to its gross negligence,
bad faith or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure
by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the
claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not
be unreasonably withheld.

 

The obligations of the Company under this Section
7.07 constitute additional Indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture, including
without limitation any termination or rejection hereof under any Bankruptcy Law. The obligations of the Company under this Section
7.07 shall not be subordinated to the payment of Senior Indebtedness.

 

To secure the Company's
payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay principal, premium, if any, and interest on particular Securities. Such
lien shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. The Trustee's
right to receive payment of any amounts due under this Section 7.07 shall not be subordinate to any other Company Indebtedness.

  

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(e) or (f) occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law.

 

The Trustee shall comply
with the provisions of TIA Section 313(b)(2) to the extent applicable.

 

SECTION 7.08.         Replacement
of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon
the successor Trustee's acceptance of appointment as provided in this Section 7.08.

 

The Trustee may resign
in writing at any time and be discharged from the trust hereby created with respect to the Securities of any Series by so notifying
the Company. The Holders of a majority in principal amount of the then outstanding Securities of any Series may remove the Trustee
with respect to such Series of Securities by so notifying the Trustee and the Company in writing. The Company may remove the Trustee
if:

 

    	 	23	 

     

    

 

(a)         the
Trustee fails to comply with Section 7.10;

 

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

 

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

 

(d)         the
Trustee becomes incapable of acting.

 

If the Trustee resigns,
is removed by the Company or by the Holders of a majority in principal amount of the Securities of any Series and such Holders
do not reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee
in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

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

 

If the Trustee, after written
request by any Holder of a Security who has been a Holder of a Security for at least six months, fails to comply with Section 7.10,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, provided that all sums owing to the Trustee hereunder have
been paid and subject to the lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section
7.08, the Company's obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

 

SECTION 7.09.         Successor
Trustee by Merger, Etc. If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its
corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee;
provided, such corporation or association shall be otherwise eligible and qualified under this Article 7 and shall notify the Company
of its successor hereunder.

 

SECTION 7.10.         Eligibility;
Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee
power, that is subject to supervision or examination by federal or state authorities and has a combined capital and surplus of
at least $50.0 million as set forth in its most recent published annual report of condition.

 

This Indenture shall always have a Trustee who
satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b).

 

SECTION 7.11.         Preferential
Collection of Claims Against the Company. The Trustee is subject to TIA Section 311(a), excluding any creditor relationship
listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated
therein.

 

    	 	24	 

     

    

 

ARTICLE 8

 

DISCHARGE; LEGAL DEFEASANCE AND COVENANT
DEFEASANCE

 

SECTION 8.01.         Discharge;
Option to Effect Legal Defeasance or Covenant Defeasance.

 

(a)         When
(i) the Company delivers to the Trustee all outstanding Securities of a Series (other than Securities replaced pursuant to Section
2.08) for cancellation or (ii) all outstanding Securities have become due and payable at maturity and the Company irrevocably deposits
with the Trustee funds sufficient to pay at Maturity all outstanding Securities of such Series, including interest thereon to Maturity
(other than Securities replaced pursuant to Section 2.08), and if in either case the Company pays all other sums payable hereunder
by the Company, then this Indenture shall cease to be of further effect except as set out in Section 8.01(c). The Trustee shall
acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers' Certificate and an
Opinion of Counsel and at the cost and expense of the Company.

  

(b)         Notwithstanding
Section 8.01(a), the Company's obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08 and 2.11 and the rights, powers, trusts,
duties and immunities of the Trustee, including without limitation, under Sections 7.07, 8.05 and 8.07, and the Company's obligations
in connection therewith, shall survive until the Securities of a Series have been paid in full. The rights of outstanding Securities
to receive solely from the trust funds described in Section 8.05 payments in respect of principal of, premium, if any, and interest
on such Securities when such payments are due shall also survive until the Securities have been paid in full. Thereafter, the Company's
obligations in Sections 7.07 and 8.06 shall survive.

 

(c)         The
Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers' Certificate, at any time,
elect to have all of its obligations discharged with respect to all outstanding Securities of any Series pursuant to Section 8.02
or 8.03 and upon compliance with the conditions set forth below in this Article 8.

 

SECTION 8.02.         Legal
Defeasance and Discharge. Upon the Company's exercise under Section 8.01(b) of the option applicable to this Section 8.02,
the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from
its obligations with respect to all outstanding Securities of that Series on the date the conditions set forth below are satisfied
(hereinafter, "Legal Defeasance"). For this purpose, Legal Defeasance means that the Company shall be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding Securities of that Series, which shall thereafter
be deemed to be "outstanding" only for the purposes of Section 8.05 and the other Sections of this Indenture referred
to in (a) and (b) below, and to have satisfied all its other obligations under such Securities and this Indenture (and the Trustee,
on demand and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder:

 

(a)         
the rights of Holders of outstanding Securities of that Series to receive solely from the trust fund described in Section 8.04(a),
payments in respect of the principal of, premium, if any, and interest on such Securities of that Series when such payments are
due;

 

(b)         
the Company's obligations with respect to such Securities of that Series under Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08 and
2.11;

 

(c)         
the rights, powers, trusts, duties and immunities of the Trustee, including without limitation, under Sections 7.07, 8.05 and 8.07,
and the Company's obligations in connection therewith; and

 

(d)         
the provisions of this Article 8.

 

Subject to compliance with
this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03.

 

SECTION 8.03.         
Covenant Defeasance. Upon the Company's exercise under Section 8.01(b) of the option applicable to this Section 8.03, the
Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from its obligations under
the covenants contained in a Board Resolution, a supplemental indenture or an Officers' Certificate and Section 5.01 with respect
to the outstanding Securities of that Series on and after the date the conditions set forth below are satisfied (hereinafter, "Covenant
Defeasance"), and the Securities of that Series shall thereafter be deemed not "outstanding" for the purposes
of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed "outstanding" for all other purposes hereunder (it being understood that such
Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect
to the outstanding Securities of that Series, the Company and its Subsidiaries may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01,
but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In addition, upon
the Company's exercise under Section 8.01(b) of the option applicable to this Section 8.03, subject to the satisfaction of the
conditions set forth in Section 8.04, any event specified in Section 6.01 (other than Section 6.01(e) and (f)) shall not constitute
an Event of Default.

 

    	 	25	 

     

    

  

SECTION 8.04.         Conditions
to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section 8.02 or 8.03 to
the outstanding Securities:

 

In order to exercise either
Legal Defeasance or Covenant Defeasance with respect to any Series of Securities:

 

(a)         the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that Series of Securities, (i) cash
in United States dollars, (ii) non-callable Government Securities or (iii) a combination thereof, in such amounts as shall be sufficient,
in the opinion of a nationally recognized firm of independent public accountants to pay the principal of, premium, if any, and
interest on the outstanding Securities of such Series on the stated maturity or on the applicable redemption date, as the case
may be, and the Company must specify whether the Securities of such Series are being defeased to maturity or to a particular redemption
date;

 

(b)         
in the case of an election under Section 8.02, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that (i) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling or (ii) since the date hereof, there has been a change in the applicable federal income tax
law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding
Securities of such Series shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance
and shall be subject to federal income tax on the same amounts, in the same manner and at the same time as would have been the
case if such Legal Defeasance had not occurred;

 

(c)         
in the case of an election under Section 8.03, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of such Series shall not
recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

  

(d)         no
Default or Event of Default with respect to that Series of Securities shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) or insofar
as Sections 6.01(e) and (f) are concerned, at any time in the period ending on the 91st day after the date of deposit (it being
understood that this condition shall not be deemed satisfied until the expiration of such period);

 

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

 

(f)         the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit,
the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors' rights generally;

 

    	 	26	 

     

    

 

(g)         
the Company shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders over the other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any other creditors of the Company or others; and

 

(h)         the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

SECTION 8.05.      Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06, all money and
non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.05, the "Trustee") pursuant to Section 8.04 in respect of the outstanding Securities
of that Series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee
may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if
any, and interest but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Securities of that Series.

  

Anything in this Article
8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request of
the Company, and be relieved of all liability with respect to, any money or non-callable Government Securities held by it as provided
in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the
amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 8.06.         Repayment
to the Company. Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal of, premium, if any, and interest on any Security and remaining unclaimed for one year after such principal, and
premium, if any, or interest, has become due and payable shall be paid to the Company on its written request or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in
the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance
of such money then remaining shall be repaid to the Company.

 

SECTION 8.07.         Reinstatement.
If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance
with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the obligations of the Company under this Indenture, and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided, however,
that, if the Company makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the money held by the Trustee or Paying Agent.

 

    	 	27	 

     

    

 

ARTICLE 9

 

AMENDMENT, SUPPLEMENT AND WAIVER

 

SECTION 9.01.         Without
Consent of Holders. Without the consent of any Holder, the Company and the Trustee may amend or supplement this Indenture or
the Securities:

 

(a)         to
evidence the succession of another Person to the Company pursuant to Article 5 and the assumption by such successor of the Company's
covenants, agreements and obligations in this Indenture and in the Securities;

 

(b)         to
surrender any right or power conferred upon the Company by this Indenture, to add to the covenants of the Company such further
covenants, restrictions, conditions or provisions for the protection of the Holders of all or any Series of Securities as the Board
of Directors of the Company shall consider to be for the protection of the Holders of such Securities, and to make the occurrence,
or the occurrence and continuance, of a default in respect of any such additional covenants, restrictions, conditions or provisions
a Default or an Event of Default under this Indenture; provided, however, that with respect to any such additional covenant, restriction,
condition or provision, such amendment may provide for a period of grace after default, which may be shorter or longer than that
allowed in the case of other Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies available
to the Trustee upon such Default or may limit the right of Holders of a majority in aggregate principal amount of the Securities
of any Series to waive such default;

 

(c)         to
cure any ambiguity or correct or supplement any provision contained in this Indenture, in any supplemental indenture or in any
Securities that may be defective or inconsistent with any other provision contained therein;

 

(d)         to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in regard to
matters or questions arising under this Indenture as shall not adversely affect the interests of any Holders of Securities of any
Series;

 

(e)         to
modify or amend this Indenture in such a manner as to permit the qualification of this Indenture or any supplemental indenture
hereto under the TIA as then in effect;

 

(f)         to
change or eliminate any restrictions on the payment of principal or premium with respect to Securities in registered form, so as
to not adversely affect the interests of the Holders or any coupons of any Series in any material respect or permit or facilitate
the issuance of Securities of any Series in uncertificated form;

 

(g)         
to make any change in the provisions of this Indenture or any supplemental indenture relating to subordination that would limit
or terminate the benefits available to any holder of Senior Indebtedness (as defined in the applicable Board Resolution, supplemental
indenture hereto or Officers' Certificate related to such Series of Subordinated Securities) under such provisions (but only if
each such holder of Senior Indebtedness under such provisions consents to such change);

 

(h)     to
add guarantees with respect to the Securities or to secure the Securities;

 

(i)     
to make any change that does not adversely affect the rights of any Holder;

 

(j)         to
add to, change or eliminate any of the provisions of this Indenture with respect to one or more Series of Securities, so long as
any such addition, change or elimination not otherwise permitted under this Indenture shall (x) neither apply to any Security of
any Series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor modify
the rights of the Holders of any such Security with respect to the benefit of such provision or (y) become effective only when
there is no such Security outstanding;

  

(k)         to
conform the text of this Indenture to any provision of this description of debt securities or any description of debt securities
contained in the prospectus supplement to the extent that such provision was intended to be a verbatim recitation of the Indenture;

 

(l)         
to evidence and provide for the acceptance of appointment by a successor or separate Trustee with respect to the Securities of
one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of this Indenture by more than one Trustee; or

 

    	 	28	 

     

    

 

(m)     to
establish the form or terms of Securities and coupons of any Series pursuant to Article 2.

 

Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental Indenture,
and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall join with the Company in the execution
of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

SECTION 9.02.      
With Consent of Holders of Securities. The Company and the Trustee may amend or supplement this Indenture or the Securities
of any Series with the consent of the Holders of at least a majority in principal amount of the Securities of such Series then
outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange offer for Securities),
and, subject to Sections 6.02, 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, or interest on the Securities (except a payment default resulting from an
acceleration that has been rescinded)) or compliance with any provision of this Indenture or the Securities of any Series may be
waived with the consent of the Holders of a majority in principal amount of the then outstanding Securities of such Series voting
as a single class (including consents obtained in connection with or a tender offer or exchange offer for the Securities).

 

Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid,
and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall join with the Company in the execution
of such amended or supplemental Indenture unless such amended or supplemental indenture affects the Trustee's own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may, but shall not be obligated to, enter into such
amended or supplemental indenture.

  

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice
briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. However,
without the consent of the Holders of all of the affected Securities, an amendment, supplement or waiver may not (with respect
to any Security of any Series held by a non-consenting Holder):

 

(a)         reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)         
reduce the principal amount of or extend the Stated Maturity of any Security, or alter the provisions with respect to the redemption
of the Securities;

 

(c)         
reduce the rate of or extend the time for payment of interest on any Securities;

 

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

 

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

 

(f)         
make any change in Section 6.04 or 6.07;

 

    	 	29	 

     

    

 

(g)          waive
a redemption payment with respect to any Security; or

 

(h)         make
any change in the foregoing amendment and waiver provisions of this Article 9. 

 

Notwithstanding the foregoing, any amendment
to the provisions of Article 10 of this Indenture with respect to any Series of Securities shall require the consent of the Holders
of at least 75% in aggregate amount of Securities of such Series then outstanding (including consents obtained in connection with
a tender offer or exchange for such Securities, if such amendment would adversely affect the rights of the Holders of the Securities
of such Series). 

 

SECTION 9.03.         
Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture or the Securities shall comply with
the TIA as then in effect.

 

SECTION 9.04.         Revocation
and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and
every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder's Security,
even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke
the consent or waiver as to such Holder's Security or portion of the Security if the Trustee receives the notice of revocation
before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every
Holder. An amendment or waiver becomes effective once both (i) the requisite number of consents have been received by the Company
or the Trustee and (ii) such amendment or waiver has been executed by the Company and the Trustee.

  

The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding
the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and
only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action,
whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more
than 120 days after such record date.

 

SECTION 9.05.         Notation
on or Exchange of Securities. The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Security thereafter authenticated. The Company in exchange for all Securities may issue and the Trustee
upon receipt of a Company Order shall authenticate new Securities
that reflect the amendment, supplement or waiver.

 

Failure to make the appropriate
notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

 

SECTION 9.06.         Trustee
to Sign Amendments, Etc. The Trustee shall sign any amended or supplemental Indenture authorized pursuant to this Article 9
if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amendment or supplemental Indenture until the Board of Directors approves it. In executing any amended or supplemental
indenture the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon, in addition
to the documents required by Section 10.04, an Officers' Certificate and an Opinion of Counsel stating that the execution of such
amended or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, that it has
been duly authorized, executed and delivered by the Company and any Guarantor and that it will be valid and binding upon the Company
and any Guarantor in accordance with its terms.

 

ARTICLE 10

 

SUBORDINATION

 

SECTION 10.01.         Securities
Subordinated to Senior Indebtedness. The Company covenants and agrees, and each Holder of Securities by such Holder’s
acceptance thereof, likewise covenants and agrees, that the indebtedness evidenced by the Securities and the payment of the principal
of, premium, if any and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of Senior Indebtedness.

 

    	 	30	 

     

    

 

Anything in this Indenture or in the Securities
to the contrary notwithstanding, the indebtedness evidenced by the Securities shall be subordinate and junior in right of payment,
to the extent and in the manner hereinafter set forth, to all Senior Indebtedness. Senior Indebtedness shall continue to be Senior
Indebtedness and entitled to the benefits of these subordination provisions irrespective of any amendment, modification or waiver
of any term of Senior Indebtedness or extension or renewal of Senior Indebtedness.

 

(a)         In
the event the Company shall default in the payment of any Senior Indebtedness when the same becomes due and payable, whether at
maturity or on a date fixed for prepayment or by declaration or otherwise, then, unless and until such default shall have been
cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property or securities or by set-off or
otherwise) shall be made or agreed to be made on account of the principal of, premium, if any, or interest on the Securities, or
as a sinking fund for the Securities, or in respect of any redemption, retirement, purchase or other acquisition of any of the
Securities.

 

(b)          Upon
the happening of an event of default with respect to any Senior Indebtedness, permitting the holders thereof to accelerate the
maturity thereof (other than under circumstances when the terms of Section 10.01(a) are applicable), then, unless and until such
event of default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property
or securities or by set-off or otherwise) shall be made or agreed to be made on account of the principal of, or premium, if any,
or interest on the Securities, or as a sinking fund for the Securities, or in respect of any redemption, retirement, purchase or
other acquisition of any of the Securities, during any period:

 

(i)          of
90 days after written notice of such default shall have been given to the Company by any holder of Senior Indebtedness; or

 

(ii)         in
which any judicial proceeding shall be pending in respect of such default and a notice of acceleration of the maturity of such
Senior Indebtedness shall have been transmitted to the Company in respect of such default.

 

(c)          In
the event of

 

(i)          any
insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar proceeding relating
to the Company, its creditors or its property;

 

(ii)         any
proceeding for the liquidation, dissolution or other winding-up of the Company, voluntary or involuntary, whether or not involving
insolvency or bankruptcy proceedings;

 

(iii)        any
assignment by the Company for the benefit of creditors; or

 

(iv)       any
other marshalling of the assets of the Company,

 

all Senior Indebtedness (including any interest
accruing after the commencement of such proceedings) shall first be paid in full before any payment or distribution, whether in
cash, securities or other property, shall be made to any Holder of Securities on account of the Securities. Any payment or distribution,
whether in cash, securities or other property (other than securities of the Company or any other corporation provided for by a
plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in this Article 10
with respect to the Securities, to the payment of all Senior Indebtedness at the time outstanding and to any securities issued
in respect thereof under any such plan of reorganization or readjustment), which would otherwise (but for the provisions of this
Article 10) be payable or deliverable in respect of the Securities shall be paid or delivered directly to the holders of Senior
Indebtedness in accordance with the priorities then existing among such holders until all Senior Indebtedness (including any interest
thereon accruing after the commencement of any such proceedings) shall have been paid in full.

 

    	 	31	 

     

    

 

(d)          In
the event that any Security shall be declared due and payable as the result of the occurrence of any one or more defaults in respect
thereof, under circumstances when the terms of Section 10.01(c) are not applicable, no payment shall be made in respect of any
Securities unless and until all Senior Indebtedness shall have been paid in full or such declaration and its consequences shall
have been rescinded and all such defaults shall have been remedied or waived. The rights of holders of Senior Indebtedness under
this Section 10.01 do not extend to any payment or distribution, whether in cash, securities or other property, to the extent
applied to the Trustee’s rights to compensation, reimbursement of expenses, liabilities or indemnification.

 

(e)          If
any payment or distribution of any character or any security, whether in cash, securities or other property (other than securities
of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate,
at least to the extent provided in the provisions of this Article 10 with respect to the Securities, to the payment of all Senior
Indebtedness at the time outstanding and to any securities issued in respect thereof under any such plan or reorganization or readjustment),
shall be received by any Holder of Securities in contravention of any terms hereof and before all the Senior Indebtedness shall
have been paid in full, such payment or distribution or security shall be received in trust for the benefit of, and shall be paid
over or delivered and transferred to, the holders of the Senior Indebtedness at the time outstanding, in accordance with the priorities
then existing among such holders for application to the payment of all Senior Indebtedness remaining unpaid, or, if applicable,
to any trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making paying or distribution
of assets of the Company, to the extent necessary to pay all such Senior Indebtedness in full. In the event of the failure of any
Holder of Securities to endorse or assign any such payment, distribution or security, each holder of Senior Indebtedness is hereby
irrevocably authorized to endorse or assign the same.

 

(f)          Nothing
contained herein shall impair, as between the Company and the Holder of any Securities, the obligation of the Company to pay to
the Holder thereof the principal thereof and interest thereon as and when the same shall become due and payable in accordance with
the terms of such Security, or prevent the Holder of any Securities from exercising all rights, powers and remedies otherwise permitted
by applicable law or pursuant to the terms of this Indenture and the Security, upon a default or Event of Default under this Indenture,
all subject to the rights of the holders of the Senior Indebtedness to receive cash, securities or other property otherwise payable
or deliverable to the Holders of the Securities.

 

(g)          Senior
Indebtedness shall not be deemed to have been paid in full unless the holders thereof shall have received cash equal to the amount
of such Senior Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness, the Holders of Securities shall
be subrogated to all rights of any holders of Senior Indebtedness to receive any further payments or distributions applicable to
the Senior Indebtedness until all amounts owing on the Securities shall have been paid in full, and such payments or distributions
received by the holders of the Securities by reason of such subrogation, of cash, securities or other property which otherwise
would be paid or distributed to the holders of Senior Indebtedness, shall, as between the Company and its creditors other than
the holders of Senior Indebtedness, on the one hand, and the Holders of Securities, on the other hand, be deemed to be a payment
by the Company on account of Senior Indebtedness and not on account of Securities.

 

The Company shall give prompt written notice
to the Trustee of any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar
proceeding relating to the Company within the meaning of this Section 10.01. Upon any payment or distribution of assets of the
Company referred to in this Article 10, the Trustee, subject to the provisions of Section 7.01, and the Holders of Securities
shall be entitled to conclusively rely upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of
creditors or other liquidating agent making such payment or distribution, delivered to the Trustee or to the Holders of Securities,
or upon an order or decree made by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, readjustment, composition or other similar proceedings are pending, for the purpose of ascertaining the person
entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article 10. In the absence of any such bankruptcy trustee, receiver, assignee, or other Person, the Trustee shall be entitled
to conclusively rely upon a written notice by a Person representing itself, himself or herself to be a holder of Senior Indebtedness
(or a trustee or representative on behalf of such holder) as evidence that such Person is a holder of such Senior Indebtedness
(or is such a trustee or representative), the amount of or payable on and the amount or amounts paid or distributed on such Senior
Indebtedness or other indebtedness, and all other facts pertinent to such Senior Indebtedness or other indebtedness.

 

    	 	32	 

     

    

 

In the event that the Trustee determines, in
good faith, that further evidence is required with respect to the right of any person as a holder of Senior Indebtedness to participate
in any payment or distribution pursuant to this Section 10.01, the Trustee may request such person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such person, as to the extent to which such person
is entitled to participate in such payment or distribution, and as to other facts pertinent to the rights of such person under
this Section 10.01, and if such evidence is not furnished, the Trustee may defer any payment to such person pending judicial determination
as to the right of such person to receive such payment.

 

SECTION 10.02.         Effectuation
of Subordination by Trustee. Each Holder of Securities, by such Holder’s acceptance thereof, authorizes and directs the
Trustee in his behalf to take such action as may be necessary or appropriate to effectuate, as between the Holders of the Securities
and the holders of Senior Indebtedness, the subordination provided in this Article 10 and appoints the Trustee his attorney-in-fact
for any and all such purposes.

 

SECTION 10.03.         Knowledge
of Trustee. Nothing contained in this Article 10 or elsewhere in this Indenture, shall (a) prevent the Company from setting
aside in trust or depositing with the Trustee or any Paying Agent, at any time, except during the pendency of any of the proceedings
or upon the happening or continuance of any of the events referred to in Section 10.01, moneys for the payment of principal of,
or premium, if any, or interest on, the Securities, or (b) prevent the application by the Trustee or Paying Agent of any moneys
deposited with it hereunder by or on behalf of the Company to the payment of or on account of the principal of, or the premium,
if any, or interest on the Securities, if the Trustee or the Paying Agent, as the case may be, did not have written notice of any
event prohibiting such application by the close of business on the Business Day immediately prior to the date of such application.

 

Notwithstanding the provisions of this Article
or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness
or of any default or event of default with respect to any Senior Indebtedness or any fact or facts which would prohibit the making
of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee, and
shall be entitled conclusively to assume that no such facts exist, unless and until the Trustee shall have received written notice
thereof from the Company, any Holder of Securities, any paying or conversion agent of the Company or the holder or representative
of any class of Senior Indebtedness who shall have been certified by the Company or otherwise established to the reasonable satisfaction
of the Trustee to be such holder or representative or by the trustee under any indenture pursuant to which Senior Indebtedness
shall be outstanding; provided, however, that if the Trustee shall not have received the written notice provided for in this Section
at least three (3) Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose
(including, without limitation, the payment of the principal of or interest on any Security) then, anything herein contained to
the contrary notwithstanding, the Trustee shall have all power and authority to receive such money and to apply the same to the
purpose for which such money were received and shall not be affected by any notice to the contrary which may be received by it
during or after such three (3) Business Day period.

 

SECTION 10.04.         Trustee’s
Relation to Senior Indebtedness. The Trustee shall be entitled to all rights set forth in this Article 10 with respect to any
Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in Section
7.11 or elsewhere in this Indenture shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 10 shall
subordinate to Senior Indebtedness the claims of, or payments to, the Trustee under or pursuant to Section 7.07, or otherwise in
connection with any compensation, reimbursement or indemnification afforded the Trustee in connection with this Indenture.

 

With respect to the holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article 10 and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture
against the Trustee and the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall
not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders, the Company or any other Person
monies or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

 

    	 	33	 

     

    

 

SECTION 10.05.         Rights
of Holders of Senior Indebtedness Not Impaired. No right of any present or future holder of any Senior Indebtedness to enforce
the subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part of
the Company or by any non-compliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any
knowledge thereof any such holder may have or be otherwise charged with.

 

ARTICLE 11

 

NOTE GUARANTEES

 

SECTION 11.01.       
Guarantee.

 

(a)         Subject
to this Article 11, the Guarantor hereby unconditionally guarantees to each Holder of Securities issued by Icahn Enterprises Finance,
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Securities or the obligations of the Company hereunder or thereunder, that:

 

(1)         the
principal of, premium and liquidated damages, if any, and interest on, the Notes will be promptly paid in full when due, whether
at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of
premium on, if any and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders
or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and

 

(2)         in
case of any extension of time of payment or renewal of any Securities or any of such other obligations, that same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing payment when due
of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will pay the same immediately.
The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)         The
Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the
Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. The
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenant that this Guarantee will not be discharged except by complete performance of the obligations contained in the Securities
and this Indenture.

 

(c)         If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantor, any amount paid by either to the
Trustee or such Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d)              
The Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the
Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any
declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable)
will forthwith become due and payable by the Guarantor for the purpose of this Guarantee.

 

    	 	34	 

     

    

 

SECTION 11.02.         
Limitation on Guarantor Liability.

 

The Guarantor, and by its acceptance of Securities,
each Holder, hereby confirms that it is the intention of all such parties that the Guarantee not constitute a fraudulent transfer
or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the
Holders and the Guarantor hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount
that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are
relevant under such laws.

  

SECTION 11.03.         Execution
and Delivery of Guarantee.

 

To evidence its Guarantee set forth in Section
11.01 hereof, the Guarantor hereby agrees that a notation of such Note Guarantee will be endorsed by an Officer of the Guarantor
on each Security authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of the Guarantor
by one of its Officers.

 

The Guarantor hereby agrees that its Guarantee
set forth in Section 11.01 hereof will remain in full force and effect notwithstanding any failure to endorse on the Securities
a notation of such Guarantee.

 

If an Officer whose signature
is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Securities on which
a Guarantee is endorsed, the Guarantee will be valid nevertheless.

 

The delivery of any Securities
by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guarantee set forth in this Indenture
on behalf of the Guarantor.

 

ARTICLE 12

 

MISCELLANEOUS

 

SECTION 12.01.         Trust
Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA Section
318(c), the imposed duties shall control.

 

SECTION 12.02.         Notices.
Any notice or communication by the Company, any Guarantor or the Trustee shall be in writing and delivered in person or mailed
by first class mail (registered or certified, return receipt requested) or by overnight air courier guaranteeing next day delivery,
as follows:

 

	 	If to the Company or the Guarantor:
	 	 
	 	Icahn Enterprises L.P.
	 	Icahn Enterprises Finance Corp.
	 	767 Fifth Avenue, Suite 4700
	 	New York, New York 10153
	 	Attention:  Jesse Lynn,  General Counsel
	 	 
	 	With a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, NY 10036-8299
	 	Attention:  Julie M. Allen, Esq.

 

    	 	35	 

     

    

 

	 	If to the Trustee:
	 	 
	 	Wilmington Trust, National Association
	 	50 South Sixth Street, Suite 1290
	 	Minneapolis, MN 55402
	 	Telecopier No.:  (612) 217-5651
	 	Attention:  Corporate Trust Administration
	 	 
	 	With a copy to:
	 	 
	 	Curtis, Mallet-Prevost, Colt & Mosle LLP
	 	101 Park Avenue
	 	Suite 3500
	 	New York, New York 10178
	 	Facsimile No.:  (212) 697-1559
	 	Attention:  Susana M. Namnum, Esq.
	 	    Steven J. Reisman, Esq.

 

The Company, the Guarantor
or the Trustee, by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery.

 

Any notice or communication
to a Holder shall be sent electronically or mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown
on the register kept by the Registrar.

 

Failure to mail or deliver
a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is mailed or delivered in the manner provided above within the time prescribed, it is duly given, whether
or not the addressee receives it.

 

If the Company mails or
delivers a notice or communication to Holders, it shall mail or send electronically a copy to the Trustee and each Agent at the
same time.

 

SECTION 12.03.          Communication
by Holders of Securities with Other Holders of Securities. Holders may communicate pursuant to TIA Section 312(b) with other
Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA Section 312(c).

 

SECTION 12.04.         Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

 

(a)         an
Officers' Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied;
and

 

(b)         an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent and covenants have been satisfied.

 

SECTION 12.05.         Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

 

(a)         a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

    	 	36	 

     

    

 

(b)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)         a
statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(d)         a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.

 

SECTION 12.06.         Rules
by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

SECTION 12.07.         No
Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee, incorporator or stockholder
of the Company as such shall have any liability for any obligations of the Company under the Securities or this Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting
a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities.

 

SECTION 12.08.         
GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE SECURITIES
AND THE GUARANTEE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

SECTION 12.09.         No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan or debt agreement
of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

SECTION 11.10.         Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in
this Indenture shall bind its successors.

 

SECTION 12.11.         Severability.
In case any provision in this Indenture or in the Securities or the Guarantee shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  

SECTION 12.12.         
Counterpart Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement.

 

SECTION 12.13.         Table
of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof. 

 

[Signatures on following page]

 

    	 	37	 

     

    

 

SIGNATURES

 

Dated as of _______

 

	 	ICAHN ENTERPRISES L.P.
	 	 
	 	By:  	Icahn Enterprises G.P., Inc.,
	 	 	its general partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	ICAHN ENTERPRISES FINANCE CORP.
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:Exhibit 4.1

 

 

ADIENT GLOBAL HOLDINGS LTD

4.875% SENIOR UNSECURED NOTES DUE 2026

 

 

DOLLAR NOTES INDENTURE

 

Dated as of August 19, 2016

 

 

 

 

 

U.S. BANK NATIONAL ASSOCIATION

 

Trustee

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE 1.   DEFINITIONS AND INCORPORATION BY REFERENCE
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.01
    	
Definitions
    	
1
    
	
Section 1.02
    	
Other Definitions
    	
25
    
	
Section 1.03
    	
Inapplicability of TIA
    	
26
    
	
Section 1.04
    	
Rules of   Construction
    	
26
    
	
Section 1.05
    	
Certain Calculations
    	
27
    
	
 
    	
 
    	
 
    
	
ARTICLE 2. THE   SECURITIES
    	
27
    
	
 
    	
 
    	
 
    
	
Section 2.01
    	
Form Generally
    	
27
    
	
Section 2.02
    	
Securities in Global   Form
    	
27
    
	
Section 2.03
    	
Amount of Securities
    	
28
    
	
Section 2.04
    	
Execution,   Authentication, Delivery and Dating
    	
28
    
	
Section 2.05
    	
Registrar, Transfer   Agent and Paying Agent
    	
30
    
	
Section 2.06
    	
Paying Agent to Hold   Money
    	
30
    
	
Section 2.07
    	
Holder Lists
    	
31
    
	
Section 2.08
    	
Registration,   Registration of Transfer and Exchange
    	
31
    
	
Section 2.09
    	
Replacement Securities
    	
41
    
	
Section 2.10
    	
Outstanding Securities
    	
41
    
	
Section 2.11
    	
When Securities   Disregarded
    	
42
    
	
Section 2.12
    	
Temporary Securities
    	
42
    
	
Section 2.13
    	
Cancellation
    	
42
    
	
Section 2.14
    	
Payment of Interest
    	
43
    
	
Section 2.15
    	
Persons Deemed Owners
    	
43
    
	
Section 2.16
    	
Computation of Interest
    	
44
    
	
Section 2.17
    	
CUSIP   Numbers, ISINs, Common Code numbers, etc.
    	
44
    
	
Section 2.18
    	
Issuance of Additional   Securities
    	
44
    
	
Section 2.19
    	
Payment of Additional   Amounts
    	
45
    
	
Section 2.20
    	
[Reserved]
    	
47
    
	
 
    	
 
    	
 
    
	
ARTICLE 3.   REDEMPTION AND PREPAYMENT
    	
47
    
	
 
    	
 
    	
 
    
	
Section 3.01
    	
Right to Redeem;   Notices to Trustee
    	
47
    
	
Section 3.02
    	
Selection of Securities   to Be Redeemed
    	
48
    
	
Section 3.03
    	
Notice of Redemption to   Holders
    	
49
    
	
Section 3.04
    	
Effect of Notice of   Redemption
    	
50
    
	
Section 3.05
    	
Deposit of Redemption   Price
    	
50
    
	
Section 3.06
    	
Redemption for Tax   Reasons
    	
51
    
	
Section 3.07
    	
Securities Redeemed in   Part
    	
51
    
	
Section 3.08
    	
Special Mandatory   Redemption
    	
51
    
	
Section 3.09
    	
Post-Release Date   Redemption
    	
52
    
	
 
    	
 
    	
 
    
	
ARTICLE 4.   COVENANTS
    	
52
    

 

 

	
Section 4.01
    	
Payment of Securities
    	
52
    
	
Section 4.02
    	
Maintenance of Office   or Agency
    	
52
    
	
Section 4.03
    	
Reports and Other   Information
    	
53
    
	
Section 4.04
    	
Compliance Certificate
    	
54
    
	
Section 4.05
    	
Reserved
    	
54
    
	
Section 4.06
    	
Reserved
    	
54
    
	
Section 4.07
    	
Reserved
    	
54
    
	
Section 4.08
    	
Reserved
    	
54
    
	
Section 4.09
    	
Reserved
    	
54
    
	
Section 4.10
    	
Limitation on Liens
    	
54
    
	
Section 4.11
    	
Limitation on   Sale/Leaseback Transactions
    	
54
    
	
Section 4.12
    	
Future Guarantors
    	
55
    
	
Section 4.13
    	
Activities Prior to   Spinoff Date
    	
55
    
	
Section 4.14
    	
Existence
    	
56
    
	
Section 4.15
    	
Stay and Extension Laws
    	
56
    
	
Section 4.16
    	
Maintenance of Listing
    	
57
    
	
Section 4.17
    	
Covenant Suspension
    	
57
    
	
 
    	
 
    	
 
    
	
ARTICLE 5.   SUCCESSORS
    	
58
    
	
 
    	
 
    	
 
    
	
Section 5.01
    	
Merger and   Consolidation
    	
58
    
	
Section 5.02
    	
Issuer Assumption
    	
59
    
	
 
    	
 
    	
 
    
	
ARTICLE 6.   DEFAULTS AND REMEDIES
    	
60
    
	
 
    	
 
    	
 
    
	
Section 6.01
    	
Events of Default
    	
60
    
	
Section 6.02
    	
Acceleration
    	
61
    
	
Section 6.03
    	
Other Remedies
    	
62
    
	
Section 6.04
    	
Waiver of Past Defaults
    	
62
    
	
Section 6.05
    	
Control by Majority
    	
62
    
	
Section 6.06
    	
Limitation on Suits
    	
63
    
	
Section 6.07
    	
Rights of Holders of   Securities to Receive Payment
    	
63
    
	
Section 6.08
    	
Collection Suit by   Trustee
    	
63
    
	
Section 6.09
    	
Trustee May File   Proofs of Claim
    	
63
    
	
Section 6.10
    	
Priorities
    	
64
    
	
Section 6.11
    	
Undertaking for Costs
    	
64
    
	
 
    	
 
    	
 
    
	
ARTICLE 7. TRUSTEE
    	
65
    
	
 
    	
 
    	
 
    
	
Section 7.01
    	
Duties of Trustee
    	
65
    
	
Section 7.02
    	
Rights of Trustee
    	
66
    
	
Section 7.03
    	
Individual Rights of   Trustee
    	
67
    
	
Section 7.04
    	
Trustee’s Disclaimer
    	
67
    
	
Section 7.05
    	
Notice of Defaults
    	
67
    
	
Section 7.06
    	
Reserved
    	
68
    
	
Section 7.07
    	
Compensation and   Indemnity
    	
68
    
	
Section 7.08
    	
Replacement of Trustee
    	
68
    

 

 

	
Section 7.09
    	
Successor Trustee by   Merger, etc.
    	
69
    
	
Section 7.10
    	
Eligibility;   Disqualification
    	
69
    
	
 
    	
 
    	
 
    
	
ARTICLE 8.   DISCHARGE OF INDENTURE; DEFEASANCE
    	
70
    
	
 
    	
 
    	
 
    
	
Section 8.01
    	
Discharge of Liability   on Securities; Defeasance
    	
70
    
	
Section 8.02
    	
Conditions to Legal or   Covenant Defeasance
    	
71
    
	
Section 8.03
    	
Deposited U.S. Dollars   and U.S. Government Obligations to be Held in Trust
    	
72
    
	
Section 8.04
    	
Repayment to the Issuer
    	
72
    
	
Section 8.05
    	
Indemnity for U.S.   Government Obligations
    	
73
    
	
Section 8.06
    	
Reinstatement
    	
73
    
	
 
    	
 
    	
 
    
	
ARTICLE 9.   AMENDMENT, SUPPLEMENT AND WAIVER
    	
73
    
	
 
    	
 
    	
 
    
	
Section 9.01
    	
Without Consent of   Holders of Securities
    	
73
    
	
Section 9.02
    	
With Consent of Holders   of Securities
    	
75
    
	
Section 9.03
    	
Reserved
    	
77
    
	
Section 9.04
    	
Effect of Consents
    	
77
    
	
Section 9.05
    	
Notation on or Exchange   of Securities
    	
77
    
	
Section 9.06
    	
Trustee to Sign   Amendments, etc.
    	
77
    
	
Section 9.07
    	
Effect of Supplemental   Indentures
    	
78
    
	
 
    	
 
    	
 
    
	
ARTICLE 10. CHANGE   OF CONTROL TRIGGERING EVENT
    	
78
    
	
 
    	
 
    	
 
    
	
ARTICLE 11.   GUARANTEE
    	
80
    
	
 
    	
 
    	
 
    
	
Section 11.01
    	
Guarantee
    	
80
    
	
Section 11.02
    	
Limitation on Liability
    	
82
    
	
Section 11.03
    	
Release of Guarantors
    	
82
    
	
Section 11.04
    	
Successors and Assigns
    	
83
    
	
Section 11.05
    	
No Waiver
    	
83
    
	
Section 11.06
    	
Modification
    	
83
    
	
Section 11.07
    	
Execution of   Supplemental Indenture for Future Guarantors
    	
84
    
	
Section 11.08
    	
Non-Impairment
    	
84
    
	
Section 11.09
    	
Jersey Law Waivers
    	
84
    
	
 
    	
 
    	
 
    
	
ARTICLE 12.   MISCELLANEOUS
    	
84
    
	
 
    	
 
    	
 
    
	
Section 12.01
    	
Consent to Capital   Reductions
    	
84
    
	
Section 12.02
    	
Notices
    	
85
    
	
Section 12.03
    	
Reserved
    	
85
    
	
Section 12.04
    	
Certificate and Opinion   as to Conditions Precedent
    	
85
    
	
Section 12.05
    	
Statements Required in   Certificate or Opinion
    	
86
    
	
Section 12.06
    	
Rules by Trustee   and Agents
    	
87
    
	
Section 12.07
    	
No Personal Liability   of Directors, Officers, Employees, Managers, Incorporators and   Stockholders
    	
87
    
	
Section 12.08
    	
Governing Law
    	
87
    
	
Section 12.09
    	
No Adverse   Interpretation of Other Agreements
    	
87
    

 

 

	
Section 12.10
    	
Successors
    	
87
    
	
Section 12.11
    	
Severability
    	
88
    
	
Section 12.12
    	
Counterpart Originals
    	
88
    
	
Section 12.13
    	
Table of Contents,   Headings, etc.
    	
88
    

 

 

EXHIBITS

 

	
Exhibit A
    	
FORM OF SECURITY
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit B
    	
FORM OF GUARANTOR   SUPPLEMENTAL INDENTURE
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit C
    	
FORM OF ISSUER ASSUMPTION SUPPLEMENTAL   INDENTURE
    	
 
    

 

 

INDENTURE, dated as of August 19, 2016, between Adient Global Holdings Ltd, a public company under the Companies (Jersey) Law 1991, and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

 

The Issuer has duly authorized the execution and delivery of this Indenture (as defined herein) to provide for the issuance of $900,000,000 aggregate principal amount of its 4.875% Senior Unsecured Notes due 2026 (the “Initial Securities” and, together with any Additional Securities (as defined herein), the “Securities”) to be issued as provided in this Indenture.

 

For and in consideration of the premises and purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of the Holders of the Securities as follows:

 

ARTICLE 1.
 DEFINITIONS AND INCORPORATION
 BY REFERENCE

 

Section 1.01                            Definitions.

 

“Additional Assets” means:

 

(1)                                 any business, assets, property or capital expenditures used or useful in the Adient Business or any reasonable extension of the Adient Business, or any business related, ancillary or complementary to the Adient Business or any reasonable extension of the Adient Business;

 

(2)                                 the Capital Stock of a Person that becomes a Subsidiary as a result of the acquisition of such Capital Stock by (including by merger with or into or consolidation with) Parent or any Subsidiary; or

 

(3)                                 Capital Stock constituting a minority interest in any Person that at such time is a Subsidiary;

 

provided, however, that any such Subsidiary described in clause (2) or (3) above is primarily engaged in the Adient Business or any reasonable extension of the Adient Business, or any business related, ancillary or complementary to the Adient Business or any reasonable extension of the Adient Business.

 

“Additional Securities” means any additional 4.875% Senior Unsecured Notes due 2026 issued from time to time after the Issue Date under the terms of this Indenture other than pursuant to Sections 2.08, 2.09, 2.12 or 9.05 of this Indenture.

 

“Adient Business” means (a) the business, operations and activities conducted at any time prior to the Effective Time by RemainCo, Parent or their current or former Affiliates relating to the designing, manufacturing, researching and developing, marketing and selling, either directly or indirectly, of interior products and systems for passenger cars and light trucks, including complete seating systems, frames, mechanisms, foam, head restraints, armrests, trim covers and fabrics, interior systems, door systems, floor consoles, instrument panels, cockpits, overhead systems 

 

 

and overhead consoles and (b) any terminated, divested or discontinued businesses, operations and activities that, at the time of termination, divestiture or discontinuation, primarily related to the business, operations or activities described in clause (a) as then conducted (other than those expressly agreed to be excluded by RemainCo and the Issuer).

 

“Adjusted Treasury Rate” means, with respect to any Redemption Date for the Securities, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (or, if no maturity is within three months before or after August 15, 2021, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined by the Quotation Agent and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date, in each case calculated on the third Business Day immediately preceding the Redemption Date, in each case of (1) and (2), plus 0.50%.

 

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Agent” means any Registrar, Transfer Agent or Paying Agent.

 

“Applicable Premium” means, with respect to any Security at any Redemption Date, as determined by the Issuer, the greater of:

 

(1) 1.00% of the principal amount of such Security; and

 

(2) the excess of:

 

(A) the present value at such Redemption Date of (i) the Redemption Price of such Security on August 15, 2021 (such Redemption Price being described in the first paragraph of Paragraph 5 of the Securities set forth in Exhibit A exclusive of any accrued interest), plus (ii) all required remaining scheduled interest payments due on such Security through August 15, 2021 (but excluding accrued and unpaid interest to the Redemption Date), computed using a discount rate equal to the Adjusted Treasury Rate, over

 

(B) the principal amount of such Security on such Redemption Date.

 

2

 

“Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate borne by the Securities, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended).

 

“Bankruptcy Law” means Title 11 of the United States Code or any similar federal, state or foreign law for the relief of debtors.

 

“Board of Directors” means, as to any Person, the board of directors or managers or other governing body, as applicable, of such Person or any direct or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person).

 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors of the Issuer and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution, such action may be taken by any committee, officer or employee of the Issuer authorized to take such action by a Board Resolution.

 

“Business Day” means each day which is not a Legal Holiday.

 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.

 

“Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; provided, that all obligations of any person that are or would be characterized as operating lease obligations in accordance with GAAP on August 6, 2013 (whether or not such operating lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations (and not as Capitalized Lease Obligations) for purposes of this Indenture regardless of any change in GAAP following such date that would otherwise require such obligations to be recharacterized (on a prospective or retroactive basis or otherwise) as Capitalized Lease Obligations.

 

“CFC” means a “controlled foreign corporation” within the meaning of section 957(a) of the Code (or any successor provision thereto).

 

“Change of Control” means the occurrence of any of the following, in each case, after the Spinoff Date:

 

(1)                                 the Issuer or Parent becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act) that any person has become 

 

3

 

the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (1) such person shall be deemed to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Parent;

 

(2)                                 the first day on which a majority of the members of the Board of Directors of Parent are not Continuing Directors;

 

(3)                                 the adoption of a plan relating to the liquidation or dissolution of Parent; or

 

(4)                                 other than in connection with an Issuer Assumption or other assumption permitted by this Indenture, the Issuer shall cease to be a direct or indirect Subsidiary of Parent.

 

Notwithstanding the foregoing, a transaction described under clauses (1) and (2) above will not be deemed to involve a Change of Control if (a) Parent becomes a direct or indirect wholly owned subsidiary of a holding company or other Person and (b)(i) the direct or indirect holders of the voting power of the Voting Stock of such holding company or other Person immediately following that transaction are substantially the same as the holders of the voting power of the Voting Stock of Parent immediately prior to that transaction or (ii) immediately following that transaction no person (other than a holding company or other Person satisfying the requirements of this sentence) is the owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of such holding company or other Person.  As used in this definition, the term “person” has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Clearstream” means Clearstream Banking, societe anonyme or its successor.

 

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

 

“Comparable Treasury Issue” means, with respect to the Securities, the United States Treasury security selected by the Quotation Agent as having a maturity most nearly equal to the remaining term of the Securities from the Redemption Date to August 15, 2021, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of U.S. dollar denominated corporate debt securities of a maturity most nearly equal to August 15, 2021.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, if clause (2) of the definition of “Adjusted Treasury Rate” is applicable, the average of three, or if not possible, such lesser number as is obtained by the Quotation Agent, Reference Treasury Dealer Quotations for such Redemption Date.

 

4

 

 

“Consolidated Total Assets” means the total consolidated assets of Parent, the Issuer and the Restricted Subsidiaries, as shown on the most recent balance sheet of Parent (giving pro forma effect to any acquisition or disposition of assets of Parent, the Issuer or any of the Restricted Subsidiaries with Fair Market Value in excess of $25,000,000 that has occurred since the end of the most recent fiscal quarter of Parent reflected on such balance sheet as if such acquisition or disposition had occurred on the last day of such fiscal quarter).

 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors of Parent who:

 

(1)           was a member of such Board of Directors on the Issue Date; or

 

(2)           was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination).

 

“Corporate Trust Office of the Trustee” means the corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered, which office as of the date of this instrument is located at 1555 North RiverCenter Drive, Suite 203, Milwaukee, WI 53202, Attention: Global Corporate Trust Services, except for all purposes for which an office of the Trustee in the Borough of Manhattan in New York, New York is herein required such term shall mean the office or agency in the Borough of Manhattan in New York, New York at which the Trustee conducts its corporate trust business, which office as of the date of this instrument is located at 100 Wall Street, 16th Floor, New York, New York 10015, Attention: Global Corporate Trust Services.

 

“Credit Agreement” means the Credit Agreement, dated as of July 27, 2016, among the Issuer, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (including, without limitation, any guarantee agreements and security documents related thereto), as it may be amended (including any amendment and restatement thereof), supplemented, replaced, extended or otherwise modified from time to time.

 

“Credit Facilities” means one or more debt facilities (including, without limitation, the Credit Agreement), commercial paper facilities or indentures, in each case with banks, institutional or other lenders, institutional investors or a trustee providing for revolving credit loans, term loans, debt securities, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or similar obligations, in each case, as amended, restated, modified, renewed, extended, increased, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time.

 

5

 

“Currency Agreement” means, with respect to any Person, any foreign exchange contract, currency swap agreements or other similar agreement or arrangement to which such Person is a party or of which it is a beneficiary.

 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary” means DTC, its nominees and their respective successors.

 

“DTC” means The Depository Trust Company, a New York corporation.

 

“Disqualified Stock” means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event:

 

(1)                                 matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise;

 

(2)                                 is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock convertible or exchangeable solely at the option of Parent, the Issuer or a Restricted Subsidiary; provided, however, that any such conversion or exchange shall be deemed an Incurrence of Indebtedness or Disqualified Stock, as applicable); or

 

(3)                                 is redeemable at the option of the holder thereof, in whole or in part (other than solely for Capital Stock of such Person which is not itself Disqualified Stock);

 

in the case of each of clauses (1), (2) and (3), on or prior to 91 days after the Stated Maturity of the Securities; provided, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock upon the occurrence of (A) an “asset sale” shall not constitute Disqualified Stock or (B) a “change of control” shall not constitute Disqualified Stock if:

 

(1)                                 the “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to the Securities and described under Article 10; and

 

(2)                                 any such requirement only becomes operative after compliance with such terms applicable to the Securities, including the purchase of any Securities tendered pursuant thereto.

 

“Distribution Compliance Period” means, with respect to the Initial Securities, the period through and including the 40th day after the later of the commencement of the offering of the Initial Securities and the Issue Date, and with respect to any Additional Securities that are Transfer Restricted Securities, the comparable 40-day period.

 

6

 

“Effective Time” means 12:01 a.m., New York City time, on the Spinoff Date.

 

“English Subsidiary” means any Restricted Subsidiary of Parent that was formed under the laws of England and Wales.

 

“Equity Offering” means a public or private offering of Capital Stock (other than Disqualified Stock) of the Issuer or any parent thereof, including Parent.

 

“Escrow Agent” shall have the meaning set forth in the Escrow Agreement.

 

“Escrow Agreement” means the Dollar Notes Escrow Agreement dated the date hereof by and among the Issuer, the Trustee and the Escrow Agent, relating to the Initial Securities, as amended, modified or supplemented from time to time.

 

“Escrow End Date” shall be the earlier of (i) June 30, 2017, and (ii) any Monthly Additional Deposit Date if the Escrow Agent has not received the related Monthly Additional Deposit on or within five Business Days of such date.

 

“Escrowed Property” has the meaning set forth in the Escrow Agreement.

 

“Escrow Release Conditions” shall have the meaning set forth in the Escrow Agreement.

 

“Escrow Release Date” means the date of the Escrow Release (as defined in the Escrow Agreement).

 

“Euro Notes” means the Issuer’s 3.50% Senior Unsecured Notes due 2024 issued pursuant to the Euro Notes Indenture.

 

“Euro Notes Indenture” means that certain Indenture, dated as of August 19, 2016, by and among the Issuer, U.S. Bank National Association, as trustee, Elavon Financial Services DAC, UK Branch, as Paying Agent, and Elavon Financial Services DAC, as Transfer Agent and Registrar, pursuant to which the Euro Notes were issued.

 

“Euroclear” means Euroclear Bank, S.A./N.V. or its successor.

 

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

 

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction as such price is, unless specified otherwise in this Indenture, determined in good faith by a Financial Officer of Parent or the Issuer or by the Board of Directors of Parent or the Issuer (or, in each case, any duly authorized committee thereof).

 

“Financial Officer” means the Chief Financial Officer, the Treasurer or the Chief Accounting Officer of Parent or the Issuer, as applicable.

 

7

 

“Foreign Subsidiary” means any Subsidiary of RemainCo that is incorporated or organized under the laws of any jurisdiction other than the United States of America, any State thereof or the District of Columbia.

 

“Form 10” means the registration statement on Form 10 and any exhibit thereto (including the information statement to be sent to shareholders of RemainCo), in each case, filed by Parent with the SEC (as amended, supplemented as modified from time to time prior to the Issue Date or after the Issue Date so long as such amendments, supplements and modifications are not materially adverse to the Holders of the Securities, as determined in good faith by the Issuer).

 

“FSHCO” means any Subsidiary of RemainCo that is incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia (but not any territory thereof) and that owns no material assets (directly or through Subsidiaries) other than the Capital Stock of one or more Foreign Subsidiaries that are CFCs.

 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time set forth in:

 

(1)                                 the Accounting Standards Codification of the Financial Accounting Standards Board,

 

(2)                                 such other statements by such other entities as approved by a significant segment of the accounting profession, and

 

(3)                                 the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC;

 

provided, however, that if a change in GAAP would (as determined in good faith by the Board of Directors of Parent (or any duly authorized committee thereof)) materially change the calculation of any financial ratio, standard or term of this Indenture or the Securities, Parent may provide prompt notice of such change to the Trustee, whereupon such calculations shall continue to be made in accordance with GAAP without giving effect to such change.

 

“Government-Sponsored Financing” means Indebtedness under tax-favored or government-sponsored financing transactions (including, for the avoidance of doubt, financing transactions sponsored by the European Investment Bank); provided that the net proceeds of such Indebtedness shall be used to (i) prepay the Term Loans, as defined, and in accordance with, the Credit Agreement (or other secured Indebtedness of Parent or any Subsidiary) or (ii) prepay, repay, redeem, purchase or refinance other Indebtedness of Parent or its Subsidiaries Incurred under other tax-favored or government-sponsored financing transactions.

 

“guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person:

 

8

 

(1)                                 to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or

 

(2)                                 entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part);

 

provided, however, that the term “guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning.  The term “guarantor” shall mean any Person guaranteeing any obligation.

 

“Guarantee” means the guarantee by each Guarantor of the Guaranteed Obligations pursuant to Article 11.

 

“Guarantor” means (w) on or prior to the Escrow Release Date, each of the Initial U.S. Subsidiary Guarantors, (x) within 10 Business Days following the Spinoff Date, Parent, each of the Initial English Subsidiary Guarantors and each of the Initially Excluded U.S. Subsidiaries,  (y) after the Spinoff Date, each of Parent’s other Wholly Owned Subsidiaries that is required to guarantee the Securities in accordance with Section 4.12 and (z) as (and if) required under Section 5.02(a)(i), the Initial Issuer; provided, in each case, that upon the release or discharge of any such Person from its Guarantee in accordance with this Indenture, such Person shall cease to be a Guarantor.

 

“Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or raw materials hedge agreement or any hedging agreement entered into in connection with the issuance of securities convertible or exchangeable for equity of such Person.

 

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

 

“IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning.  The accretion of principal of a non-interest bearing or other discount security shall not be deemed the Incurrence of Indebtedness.

 

“Indebtedness” means, with respect to any Person on any date of determination, without duplication:

 

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(1)                                 the principal of indebtedness of such Person for borrowed money;

 

(2)                                 the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(3)                                 all obligations of such Person for the reimbursement of any obligor on any letter of credit, bank guarantee, bankers’ acceptance or similar credit transaction (other than obligations with respect to letters of credit, bank guarantees, bankers’ acceptances or similar credit transactions securing obligations (other than obligations described in clauses (1), (2) and (5)) entered into in the ordinary course of business of such Person to the extent such letters of credit, bank guarantees, bankers’ acceptances or similar credit transactions are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the letter of credit, bank guarantee, bankers’ acceptance or similar credit transaction);

 

(4)                                 all obligations of such Person to pay the deferred and unpaid purchase price of property or services (except Trade Payables), which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such services;

 

(5)                                 all Capitalized Lease Obligations of such Person and all Attributable Debt in respect of Sale/Leaseback Transactions entered into by such Person;

 

(6)                                 the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary of such Person, any Preferred Stock (but excluding, in each case, any accrued and unpaid dividends);

 

(7)                                 all obligations of the type referred to in clauses (1) through (6) of other Persons secured by a Lien on any asset of such Person, whether or not such obligation is assumed by such Person; provided, however, that the amount of such obligation of such Person shall be the lesser of:

 

(A)                               the Fair Market Value of such asset at such date of determination and

 

(B)                               the amount of such obligation of such other Persons;

 

(8)                                 Hedging Obligations of such Person; and

 

(9)                                 all obligations of the type referred to in clauses (1) through (6) of other Persons for the payment of which such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any guarantee.

 

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Notwithstanding the foregoing, in connection with the purchase by Parent, the Issuer or any Restricted Subsidiary of any business, the term “Indebtedness” will exclude (a) post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter, and (b) obligations owed to banks and other financial institutions in connection with any Supply Chain Financing or similar arrangement whereby a bank or other institution purchases payables owed by Parent or its Subsidiaries.

 

The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above; provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value thereof at such time.

 

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

 

“Initial English Subsidiary Guarantor” means each Person that is (or will be) a Wholly Owned Subsidiary of Parent (other than the Issuer) that is an English Subsidiary which guarantees (or will guarantee) the obligations of the Issuer as borrower under the Credit Agreement on the Spinoff Date.

 

“Initial Issuer” means Adient Global Holdings Ltd, a public company under the Companies (Jersey) Law 1991.

 

“Initial Issuer Guarantee” means the Guarantee of the Guaranteed Obligations by the Initial Issuer in accordance with Section 5.02(a)(i).

 

“Initial Securities” has the meaning assigned to it in the preamble of this Indenture.

 

“Initial U.S. Subsidiary Guarantor” means each Person (other than the Initially Excluded U.S. Subsidiaries) that is (or will be) a Wholly Owned Subsidiary of Parent that is incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia (but not any territory thereof) which guarantees (or will guarantee) the obligations of the Issuer as borrower under the Credit Agreement on the Spinoff Date.

 

“Initially Excluded U.S. Subsidiary” means each Person that is (or will be) a Wholly Owned Subsidiary of Parent (i) that is incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia (but not any territory thereof) which guarantees (or will guarantee) the obligations of the Issuer as borrower under the Credit Agreement on the Spinoff Date and (ii) that is, on the Escrow Release Date, (A) an FSHCO or (B) a Subsidiary of a Foreign Subsidiary that is a CFC.

 

“Interest Payment Date” means February 15 and August 15 of each year, commencing with respect to the Initial Securities on February 15, 2017.

 

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“Interest Rate Agreement” means, with respect to any Person, any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement to which such Person is party or of which it is a beneficiary.

 

“Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by Standard & Poor’s, or an equivalent rating by any other Rating Agency.

 

“Issue Date” means August 19, 2016.

 

“Issuer” means (a) prior to the Issuer Assumption Date, Adient Global Holdings Ltd, a public company under the Companies (Jersey) Law 1991, and (b) from and after the Issuer Assumption Date, the Successor Issuer, in each case, together with its successors permitted by the terms of this Indenture.

 

“Issuer Assumption Date” means the date, set forth in the Issuer Assumption Notice, on which the Issuer Assumption shall be consummated, which date shall be no less than 5 Business Days after the date of delivery of the Issuer Assumption Notice to the Trustee.

 

“Issuer Order” means a written order signed in the name of the Issuer by an Officer and delivered to the Trustee or Authenticating Agent, or, with respect to Sections 2.04, 2.08, 2.09, 2.12 and 9.05, any other employee of the Issuer named in an Officers’ Certificate delivered to the Trustee.

 

“JCI” means Johnson Controls, Inc., a Wisconsin corporation, and its successors.

 

“Johnson Controls Business” means all businesses, operations and activities (whether or not such businesses, operations or activities are or have been terminated, divested or discontinued) conducted at any time prior to the Effective Time by either RemainCo or Parent or any of their respective Subsidiaries, other than the Adient Business.

 

“Legal Holiday” means a Saturday, Sunday or other day on which the Trustee or banking institutions are not required by law or regulation to be open in the State of New York or the City of London.

 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge in the nature of an encumbrance of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof).

 

“Merger” means merger of Merger Sub with and into JCI, with JCI surviving as a wholly-owned consolidated subsidiary of TIFSA as contemplated by the Merger Agreement.

 

“Merger Agreement” means that certain Agreement and Plan of Merger, dated January 24, 2016 (as amended from time to time) among JCI, New JCI and Merger Sub.

 

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“Merger Sub” means Jagara Merger Sub LLC, a Wisconsin limited liability company.

 

“Monthly Additional Deposit” has the meaning set forth in the Escrow Agreement.

 

“Monthly Additional Deposit Date” has the meaning set forth in the Escrow Agreement.

 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating business.

 

“Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, initial purchasers’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees actually Incurred in connection with such issuance or sale and net of taxes paid or payable in connection therewith.

 

“New JCI” shall mean Tyco International plc, with company number 543654, an Irish public limited company (which intends to change its corporate name to Johnson Controls International plc upon or shortly after consummation of the Merger), and its successors.

 

“Non-English Foreign Subsidiary” means any Restricted Subsidiary of Parent that is not organized (i) under the laws of the United States of America, any State thereof or the District of Columbia or (ii) under the laws of England and Wales.

 

“Offering Memorandum” means the offering memorandum relating to the offering of the Initial Securities dated August 5, 2016.

 

“Officer” means, as to the Issuer or any Guarantor, the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer, the Secretary, any Assistant Secretary, any director or any equivalent of the foregoing or any Person duly authorized to act for or on behalf of the Issuer or such Guarantor, as applicable.

 

“Officers’ Certificate” means a certificate signed by two Officers.

 

“Opinion of Counsel” means a written opinion acceptable to the Trustee from legal counsel licensed in any State of the United States of America and applying the laws of such State. The counsel may be an employee of or counsel to Parent, the Issuer or a Subsidiary Guarantor.

 

“Parent” means Adient Limited, a private limited company incorporated under the laws of Ireland, or, after re-registration of Adient Limited as a public limited company, Adient plc, a public limited company incorporated under the laws of Ireland, together with its successors permitted by the terms of this Indenture.

 

“Parent Guarantee” means the Guarantee of the Guaranteed Obligations by Parent.

 

“Permitted Bank Indebtedness” means any Indebtedness and associated obligations of Parent or any of its Subsidiaries pursuant to one or more Credit Facilities (including the Credit 

 

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Agreement) and guarantees of such Indebtedness by Parent or any of its Subsidiaries; provided that, after giving effect to any such Incurrence (including, for the avoidance of doubt, the application of the proceeds therefrom), the aggregate principal amount of all such Indebtedness Incurred and then outstanding (without duplication) does not exceed $4,000,000,000.

 

“Permitted Liens” means, with respect to any Person:

 

(1)                                 Liens existing on the Spinoff Date;

 

(2)                                 Liens securing Permitted Bank Indebtedness;

 

(3)                                 Liens on property of, or on Capital Stock or Indebtedness of, any Person existing at the time such Person becomes a Subsidiary and not Incurred as a result of (or in connection with or in anticipation of) such Person becoming a Subsidiary;

 

(4)                                 Liens on property, Capital Stock or Indebtedness existing at the time of acquisition thereof, including acquisition through merger or consolidation, and not Incurred as a result of (or in connection with or in anticipation of) such acquisition;

 

(5)                                 Liens for taxes, duties, levies, imposts, assessments, deductions, withholdings, value added taxes, or any other goods and services, use or sales taxes, or other similar charges imposed by any federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory or legislative body, whether computed on a separate, consolidated, unitary, combined or other basis, and any interest, fines, penalties or additions to tax with respect to the foregoing, in each case not yet delinquent by more than 30 days or that are being contested in good faith;

 

(6)                                 Liens imposed by law, constituting landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, supplier’s, construction or other like Liens, securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, if applicable, Parent or any Subsidiary shall have set aside on its books reserves in accordance with GAAP;

 

(7)                                 (A) pledges and deposits and other Liens made in the ordinary course of business in compliance with the Federal Employers Liability Act or any other workers’ compensation, unemployment insurance and other social security laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in respect of such obligations and (B) pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance 

 

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carriers providing property, casualty or liability insurance to Parent or any of its Subsidiaries;

 

(8)                                 deposits and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capitalized Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof), in each case to the extent such deposits and other Liens are Incurred in the ordinary course of business, including those Incurred to secure health, safety and environmental obligations in the ordinary course of business;

 

(9)                                 zoning, land use and building restrictions, regulations and ordinances, easements, survey exceptions, minor encroachments by and on Real Property, railroad trackage rights, sidings and spur tracks, leases (other than Capitalized Lease Obligations), subleases, licenses, special assessments, rights-of-way, covenants, conditions, restrictions and declarations on or with respect to the use of Real Property, reservations, restrictions and leases of or with respect to oil, gas, mineral, riparian and water rights and water usage, servicing agreements, development agreements, site plan agreements and other similar encumbrances Incurred in the ordinary course of business and title defects or irregularities that are of a minor nature and that, in the aggregate, do not interfere in any material respect with the ordinary conduct of the business of Parent or any Subsidiary;

 

(10)                          Liens securing (A) Capitalized Lease Obligations, mortgage financings and other Indebtedness (including, for the avoidance of doubt, any Indebtedness in connection with sale leaseback transactions) Incurred by Parent or any of its Subsidiaries prior to or within 360 days after the acquisition, lease, construction, repair, replacement or improvement of the respective property (real or personal, and whether through the direct purchase of property or the Capital Stock of any person owning such property) in order to finance such acquisition, lease, construction, repair, replacement or improvement, in an aggregate principal amount that immediately after giving effect to the Incurrence of such Indebtedness and the use of proceeds thereof, together with the aggregate principal amount of any other outstanding Indebtedness secured pursuant to this clause (10), would not exceed the greater of $500,000,000 and 5.0% of Consolidated Total Assets when Incurred, created or assumed; provided, that such Liens do not apply to any property or assets of Parent, the Issuer or any Subsidiary Guarantor other than the property or assets acquired, leased (including in connection with a sale leaseback transaction), constructed, replaced, repaired or improved with such Indebtedness (or the Indebtedness refinanced thereby), and accessions and additions thereto, proceeds and products thereof, customary security deposits and related property; provided, further, that individual 

 

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financings provided by one lender may be cross-collateralized to other financings provided by such lender (and its Affiliates);

 

(11)                          any interest or title of a ground lessor or any other lessor, sublessor or licensor under any ground leases or any other leases, subleases or licenses entered into by Parent or any of its Subsidiaries in the ordinary course of business, and all Liens suffered or created by any such ground lessor or any other lessor, sublessor or licensor (or any predecessor in interest) with respect to any such interest or title in the property which is subject thereof;

 

(12)                          Liens that are contractual rights of set-off (A) relating to the establishment of depository relations with banks and other financial institutions not given in connection with the issuance of Indebtedness, (B) relating to pooled deposits, sweep accounts, reserve accounts or similar accounts of Parent or any of its Subsidiaries to permit satisfaction of overdraft or similar obligations Incurred in the ordinary course of business of Parent or any of its Subsidiaries, including with respect to credit card charge-backs and similar obligations, or (C) relating to purchase orders and other agreements entered into with customers, suppliers or service providers of Parent or any of its Subsidiaries in the ordinary course of business;

 

(13)                          Liens (A) arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights, (B) attaching to commodity trading accounts or other commodity brokerage accounts Incurred in the ordinary course of business, (C) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts Incurred in the ordinary course of business and not for speculative purposes, (D) in respect of any accounts or funds, or any portion thereof, received by Parent or any Subsidiary as agent on behalf of third parties in accordance with a written agreement that imposes a duty upon Parent or one or more of its Subsidiaries to collect and remit those funds to such third parties or (E) in favor of credit card companies pursuant to agreements therewith;

 

(14)                          Liens securing obligations in respect of letters of credit, bank guarantees, warehouse receipts or similar obligations Incurred in the ordinary course of business or consistent with past practice or industry practices and not supporting obligations in respect of Indebtedness for borrowed money;

 

(15)                          leases or subleases, and licenses or sublicenses (including with respect to any fixtures, furnishings, equipment, vehicles or other personal property, or intellectual property) granted to others in the ordinary course of business not interfering in any material respect with the business of Parent and its Subsidiaries, taken as a whole;

 

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(16)                          Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

 

(17)                          Liens solely on cash earnest money deposits made by Parent or any of its Subsidiaries in connection with any letter of intent or purchase agreement in respect of any investment;

 

(18)                          Liens on any amounts held by a trustee or other escrow agent under any indenture or other debt agreement issued in escrow pursuant to customary escrow arrangements pending the release thereof, or under any indenture or other debt agreement pursuant to customary discharge, redemption or defeasance provisions;

 

(19)                          Liens securing insurance premiums financing arrangements; provided, that such Liens are limited to the applicable unearned insurance premiums;

 

(20)                          in the case of Real Property that constitutes a leasehold interest, any Lien to which the fee simple interest (or any superior leasehold interest) is subject;

 

(21)                          Liens securing Indebtedness of Parent or any Subsidiary in favor of Parent, the Issuer or any Subsidiary Guarantor;

 

(22)                          Liens securing Hedging Obligations;

 

(23)                          Liens on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter of credit or bank guarantee issued or created for the account of Parent or any Subsidiary in the ordinary course of business;

 

(24)                          Subordination, non-disturbance and/or attornment agreements with any ground lessor, lessor or any mortgagor of any of the foregoing, with respect to any ground lease or other lease or sublease entered into by Parent or any of its Subsidiaries;

 

(25)                          Liens arising out of conditional sale, title retention or similar arrangements for the sale or purchase of goods by Parent or any of its Subsidiaries in the ordinary course of business;

 

(26)                          Liens securing Government-Sponsored Financing;

 

(27)                          other Liens with respect to property or assets of Parent, the Issuer or any Subsidiary Guarantor securing (A) obligations in an aggregate outstanding principal amount that, together with the aggregate principal amount of other obligations that are secured pursuant to this clause (27), immediately after giving effect to the Incurrence of such Liens, would not exceed 

 

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15.0% of Consolidated Total Assets when Incurred, created or assumed and (B) obligations Incurred to refinance obligations secured pursuant to the preceding clause (A);

 

(28)                          Liens securing the Securities and/or the Euro Notes; and

 

(29)                          any extension, renewal or replacement, in whole or in part, of any Lien described in the foregoing clauses (1) through (28); provided that such Lien is limited to (A) such item of property originally covered by such Lien, improvements thereof or additions or accessions thereto, (B) property other than Principal Property or the Capital Stock of any Subsidiary or Indebtedness of any Subsidiary, (C) after acquired property that is required to be pledged pursuant to the agreement granting such Lien and/or (D) proceeds and products of any of the foregoing.

 

For purposes of determining whether a Lien is a Permitted Lien, (A) a Lien securing any obligation need not be permitted solely be reference to one category of Permitted Liens (or any portion thereof) described in clauses (1) through (29) above but may be permitted in part under any combination thereof, and (B) in the event that a Lien securing any obligation (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens (or any portion thereof) described in clauses (1) through (29) above, the Issuer may, in its sole discretion, classify or divide such Lien securing such obligation (or any portion thereof) in any manner that complies with this definition and will be entitled to only include the amount and type of such Lien or such obligation secured by such Lien (or any portion thereof) in one of the above clauses and such Lien securing such obligation (or portion thereof) will be treated as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof).

 

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

 

“Post-Release Date Redemption” means the redemption of the Securities by the Issuer at the Post-Release Date Redemption Price following a Post-Release Date Redemption Event.

 

“Post-Release Date Redemption Event” means that the Escrow Release Date has occurred and either (i) the Spinoff Date does not occur prior to July 5, 2017, or (ii) prior to July 5, 2017, the Issuer notifies the Escrow Agent and the Trustee in writing that RemainCo is no longer pursuing the Spinoff.

 

“Post-Release Date Redemption Price” means a Redemption Price equal to 101% of the issue price of the Securities (as set forth on the cover of the Offering Memorandum), plus accrued and unpaid interest from the Issue Date, or the most recent date on which interest has been paid or provided for, to, but not including, the Post-Release Redemption Date.

 

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“Post-Release Redemption Date” means the date specified by the Issuer in a notice of Post-Release Date Redemption delivered pursuant to Section 3.09, which date shall be no later than July 10, 2017.

 

“Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

 

“principal” of a Security means the principal of such Security plus the premium, if any, payable on such Security which is due or overdue or is to become due at the relevant time.

 

“Principal Property” means any manufacturing plant, facility or warehouse, together with the land upon which it was erected and fixtures constituting a part of such manufacturing plant, facility or warehouse, owned by the Issuer or any Guarantor and located in the United States of America (excluding its territories and possessions and Puerto Rico) or England or Wales, having a net book value (after deducting accumulated depreciation) as of the date of determination in excess of 1.5% of the Consolidated Total Assets of Parent. Principal Property shall not include any manufacturing plant, facility or warehouse or any portion of any manufacturing plant, facility or warehouse or any fixture constituting a part thereof which, in the opinion of Parent’s or the Issuer’s Board of Directors (or, in each case, any duly authorized committee thereof), is not material to the business conducted by Parent and its Subsidiaries, taken as a whole.

 

“Quotation Agent” means one of the Reference Treasury Dealers selected by the Issuer.

 

“Rating Agency” means Standard & Poor’s and Moody’s or, if Standard & Poor’s or Moody’s or both shall not make a rating on the Securities publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer (as certified by a resolution of its Board of Directors (or any duly authorized committee thereof)) which shall be substituted for Standard & Poor’s or Moody’s or both, as the case may be.

 

“Rating Event” means:

 

(1) if the Securities are not rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Securities are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the Securities on the first day of the Trigger Period and/or cease to be rated by each of the Rating Agencies on any date during the Trigger Period;

 

(2) if the Securities are rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Securities are downgraded to below Investment Grade (i.e. below BBB- or Baa3) and/or cease to be rated by each of the Rating Agencies on any date during the Trigger Period; or

 

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(3) if both (A) the Securities are rated Investment Grade by one of the Rating Agencies, and (B) the Securities are not rated Investment Grade by the other Rating Agency, in each case, on the first day of the Trigger Period, then both of the following occur: (i) in the case of the Rating Agency referred to in clause (A), the Securities are downgraded to below Investment Grade (i.e. below BBB- or Baa3) or cease to be rated by such Rating Agency on any date during the Trigger Period, and (ii) in the case of the Rating Agency referred to in clause (B), the Securities are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the Securities on the first day of the Trigger Period or cease to be rated by such Rating Agency on any date during the Trigger Period;

 

provided that a Rating Event otherwise arising by virtue of a particular downgrade in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform the Issuer that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Rating Event); provided further that in the event that a Rating Agency does not provide a rating of the Securities on the first day of the Trigger Period, such absence of rating shall be treated as both a downgrade in the rating of the Securities by such Rating Agency and a downgrade that results in the Securities no longer being rated Investment Grade by such Rating Agency, in each case, for purposes of clauses (1), (2) and (3) above and shall not be subject to the immediately preceding proviso.

 

“Real Property” means, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee simple or leased by Parent, the Issuer or any Subsidiary Guarantor, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof.

 

“Redemption Date,” when used with respect to any Security to be redeemed, shall mean the date specified for redemption of such Security in accordance with the terms of such Security and this Indenture.

 

“Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to the terms of such Security and this Indenture.

 

“Reference Treasury Dealer” means any dealer of U.S. Government securities selected by the Issuer in good faith.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 

 

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5:00 p.m., New York City time, on the third Business Day immediately preceding such Redemption Date.

 

“Regular Record Date” means February 1 and August 1, as applicable (whether or not a Business Day).

 

“RemainCo” means (a) if the Merger shall have been consummated, New JCI, and (b) if the Merger shall not have been consummated, JCI.

 

“Release Request” has the meaning set forth in the Escrow Agreement.

 

“Resale Restriction Period” means the period from the Issue Date until the date that is one year (in the case of Securities sold to Persons believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act) after the later of the Issue Date, the closing date of the issuance of any Additional Securities and the last date that the Issuer or any of its affiliates was the owner of the Securities or any predecessor of the Securities or 40 days (in the case of Securities sold outside the United States of America in reliance on Regulation S under the Securities Act) after the later of the Issue Date and when the Securities or any predecessor of the Securities are first offered to persons other than distributors (as defined in Rule 902 of Regulation S) in reliance on Regulation S.

 

“Restricted Subsidiary” means any Subsidiary of Parent other than the Issuer and any Unrestricted Subsidiary.

 

“Sale/Leaseback Transaction” means any arrangement with any Person (other than Parent or any Subsidiary) providing for the leasing by Parent, the Issuer or any Subsidiary Guarantor, for a period of more than three years, of any Principal Property, which Principal Property has been or is to be sold or transferred by Parent, the Issuer or such Subsidiary Guarantor to such Person in contemplation of such leasing.

 

“SEC” means the Securities and Exchange Commission.

 

“Securities” has the meaning assigned to it in the preamble of this Indenture.

 

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

 

“Separation” means the separation of the Adient Business from the Johnson Controls Business.

 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of Parent within the meaning of Rule 1—02 under Regulation S—X promulgated by the SEC.

 

“Special Mandatory Redemption” means the redemption of the Securities by the Issuer at the Special Mandatory Redemption Price following a Special Mandatory Redemption Event.

 

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“Special Mandatory Redemption Date” means the date specified by the Issuer in a notice of Special Mandatory Redemption delivered pursuant to Section 3.08, which date shall be no later than the third Business Day following the date of the applicable Special Mandatory Redemption Event.

 

“Special Mandatory Redemption Event” means (i) the Escrow Agent has not received a Release Request on or prior to the Escrow End Date, or (ii) the Issuer notifies the Escrow Agent and the Trustee in writing that RemainCo is no longer pursuing the Spinoff.

 

“Special Mandatory Redemption Price” means a Redemption Price equal to 100% of the issue price of the Securities, plus accrued and unpaid interest from the Issue Date, or the most recent date on which interest has been paid or provided for, to, but not including, the Special Mandatory Redemption Date.

 

“Special Record Date” for the payment of any Defaulted Interest on the Securities means a date fixed by the Trustee pursuant to Section 2.14 hereof.

 

“Spinoff” means the transfer of all the Capital Stock (other than nominal shares) of the Issuer to Parent and all of the Capital Stock of Parent being conveyed to RemainCo’s public shareholders.

 

“Spinoff Date” means the date (determined by the Board of Directors of RemainCo (or any duly authorized committee thereof) in its sole and absolute discretion) of the consummation of the Spinoff.

 

“Standard & Poor’s” means Standard & Poor’s Rating Services, a division of McGraw Hill Financial, Inc., and any successor to its rating business.

 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred).

 

“Subsidiary” of any Person means any corporation, limited liability company, partnership or other entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by:

 

(1)                                 such Person;

 

(2)                                 such Person and one or more Subsidiaries of such Person; or

 

(3)                                 one or more Subsidiaries of such Person.

 

22

 

Unless otherwise specified in this Indenture, each reference to a “Subsidiary” will refer to a Subsidiary of Parent, and the term “Subsidiary” also shall include (1) any corporation, limited liability company, partnership or other entity that:  (a) under GAAP may be consolidated with Parent for financial reporting purposes; and (b) has been designated as a Subsidiary of Parent by its Board of Directors (or any duly authorized committee thereof) or by the Board of Directors of the Issuer (or any duly authorized committee thereof) for so long as such designation remains in effect and (2) any joint venture owned by Parent which is consolidated with Parent pursuant to GAAP.

 

“Subsidiary Guarantee” means, as to any Subsidiary Guarantor, the Guarantee of the Guaranteed Obligations thereby.

 

“Subsidiary Guarantor” means each Subsidiary of Parent, other than the Issuer (but including (if applicable), after an Issuer Assumption, the Initial Issuer), which provides a Guarantee of the Guaranteed Obligations.

 

“Successor Issuer” means (i) prior to the Spinoff Date, a Subsidiary of the Initial Issuer (A) all the Capital Stock of which (other than directors’ qualifying shares or shares required pursuant to applicable law) is owned by the Initial Issuer or another wholly owned Subsidiary of the Initial Issuer and (B) that was formed under the laws of England and Wales and (ii) from and after the Spinoff Date, a Wholly Owned English Subsidiary of Parent, in each case, to whom the Initial Issuer has transferred or intends to promptly commence transferring all or substantially all of its assets.

 

“Supply Chain Financing” means any agreement to provide to Parent or any Subsidiary letters of credit, guarantees or other credit support provided in respect of Trade Payables of Parent or any Subsidiary, in each case issued for the benefit of any bank, financial institution or other Person that has acquired such Trade Payables pursuant to “supply chain” or other similar financing for vendors and suppliers, including tooling vendors, of Parent or any Subsidiaries.

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect from time to time.

 

“TIFSA” means Tyco International Finance S.A., a limited company (société anonyme) incorporated under the laws of Luxembourg, having its registered office at 29, Avenue de la Porte Neuve, L - 2227 Luxembourg and registered with the Luxembourg trade and company register under number B123550 and its successors.

 

“Trade Payables” means, with respect to any Person, any accounts payable or any indebtedness or monetary obligation to trade creditors created, assumed or guaranteed by such Person arising in the ordinary course of business in connection with the acquisition of goods or services.

 

“Transactions” means (a) the issuance and sale of the Securities and the Euro Notes pursuant to the Offering Memorandum, (b) the entering into of the Credit Agreement and the making of borrowings thereunder, (c) the Separation and Spinoff (and the transactions related thereto)

 

23

 

as described in the Form 10 and (d) the entry into the Escrow Agreement and the Escrow Agreement (as defined in the Euro Notes Indenture), and, in each case, the transactions related thereto.

 

“Transfer Restricted Securities” means Definitive Securities and any other Securities that bear or are required to bear or are subject to the Restricted Securities Legend.

 

“Trigger Period” means the period commencing on the first public announcement by the Issuer of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of such Change of Control (which 60-day period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible downgrade by one of the Rating Agencies).

 

“Trustee” means the party named as such in the preamble until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

 

“Trust Officer” means any officer within the corporate trust department of the Trustee, including any vice president, senior associate, associate, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“Unrestricted Subsidiary” means:

 

(1)                                 any Subsidiary of Parent (other than the Issuer) that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of Parent or the Issuer (or, in each case, any duly authorized committee thereof) in the manner provided below; and

 

(2)                                 any Subsidiary of an Unrestricted Subsidiary.

 

The Board of Directors of Parent or the Issuer (or, in each case, any duly authorized committee thereof) may designate any Subsidiary of Parent (including any newly acquired or newly formed Subsidiary of Parent, but excluding the Issuer) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or owns or holds any Lien on any property of, Parent or the Issuer or any other Subsidiary of Parent that is not (or will not substantially concurrently become) (x) a Subsidiary of the Subsidiary to be so designated or (y) an Unrestricted Subsidiary, and only for so long as (i) the Subsidiary to be so designated has consolidated total assets of $100,000 (or the currency equivalent thereof as determined by the Issuer in its sole discretion) or less or (ii) such Subsidiary is a Non-English Foreign Subsidiary that is a joint venture or similar entity.

 

“Unrestricted Definitive Security” means Definitive Securities that are not required to bear, or are not subject to, the Restricted Securities Legend.

 

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“Unrestricted Global Security” means a Global Security which is not a Restricted Global Security.

 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the issuer’s option.

 

“U.S. Subsidiary” means any Restricted Subsidiary of Parent that was formed under the laws of the United States of America, any State thereof or the District of Columbia (but not any territory thereof).

 

“Voting Stock” of a Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

 

“Wholly Owned English Subsidiary” means any Wholly Owned Subsidiary that is an English Subsidiary.

 

“Wholly Owned U.S. Subsidiary” means any Wholly Owned Subsidiary that is a U.S. Subsidiary.

 

“Wholly Owned Subsidiary” means a Restricted Subsidiary of Parent all the Capital Stock of which (other than directors’ qualifying shares or shares required pursuant to applicable law) is owned by Parent, the Issuer or another Wholly Owned Subsidiary.

 

Section 1.02         Other Definitions.

 

	
 
    	
 
    	
Defined in
    
	
Term
    	
 
    	
Section
    
	
 
    	
 
    	
 
    
	
“Additional Amounts”
    	
 
    	
2.19(a)
    
	
“Authenticating Agent”
    	
 
    	
2.03
    
	
“Book Entry Interests”
    	
 
    	
2.08
    
	
“Change of Control Offer”
    	
 
    	
10(b)
    
	
“Covenant Defeasance”
    	
 
    	
8.01(b)
    
	
“Defaulted Interest”
    	
 
    	
2.14
    
	
“Defeasance Trust”
    	
 
    	
8.02(a)
    
	
“Definitive Securities”
    	
 
    	
2.08
    
	
“Event of Default”
    	
 
    	
6.01
    
	
“Global Securities”
    	
 
    	
2.02
    
	
“Guaranteed Obligations”
    	
 
    	
11.01(a)
    
	
“Issuer Assumption”
    	
 
    	
5.02(a)
    
	
“Issuer Assumption Notice”
    	
 
    	
5.02(a)
    
	
“Legal Defeasance”
    	
 
    	
8.01(b)
    

 

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Defined in
    
	
Term
    	
 
    	
Section
    
	
“Material Indebtedness”
    	
 
    	
4.12(a)
    
	
“Paying Agent”
    	
 
    	
2.05
    
	
“Registrar”
    	
 
    	
2.05
    
	
“Regulation S Book Entry Interests”
    	
 
    	
2.08
    
	
“Regulation S Global Security”
    	
 
    	
2.02
    
	
“Regulation S Securities”
    	
 
    	
2.02
    
	
“Relevant Taxing Jurisdiction”
    	
 
    	
2.19(a)
    
	
“Restricted Global Securities”
    	
 
    	
2.08(b)
    
	
“Restricted Securities Legend”
    	
 
    	
2.08(a)
    
	
“Reversion Date”
    	
 
    	
4.17(b)
    
	
“Rule 144A Book Entry Interests”
    	
 
    	
2.08
    
	
“Rule 144A Global Security”
    	
 
    	
2.02
    
	
“Successor Guarantor”
    	
 
    	
5.01(b)
    
	
“Successor Person”
    	
 
    	
5.01(a)
    
	
“Suspension Date”
    	
 
    	
4.17(a)
    
	
“Taxes”
    	
 
    	
2.19(a)
    
	
“Transfer Agent”
    	
 
    	
2.05
    

 

Section 1.03         Inapplicability of TIA.

 

This Indenture will not be qualified under or be subject to the TIA.

 

Section 1.04         Rules of Construction.

 

Unless the context otherwise requires:

 

(a)           a term has the meaning assigned to it;

 

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

 

(c)           “or” is not exclusive;

 

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

 

(e)           provisions apply to successive events and transactions; and

 

(f)            references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time.

 

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Section 1.05         Certain Calculations.

 

For purposes of any calculation made under this Indenture with respect to Parent, the Issuer and the Restricted Subsidiaries in respect of any period prior to the Spinoff Date, pro forma effect will be given to the consummation of the Transactions.

 

ARTICLE 2.
 THE SECURITIES

 

Section 2.01         Form Generally

 

The Securities shall be substantially in the form of Exhibit A hereto with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Officers executing such Securities as evidenced by their execution of the Securities.

 

The certificated Securities shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner; provided that such method is permitted by the rules of any securities exchange on which such Securities may be listed, all as determined by the Officers executing such Securities as evidenced by their execution of such Securities.

 

Section 2.02         Securities in Global Form

 

Securities sold to persons believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act will initially be represented by one or more global Securities in registered form without interest coupons attached (collectively, the “Rule 144A Global Securities”). Securities sold outside the United States of America in reliance on Regulation S under the Securities Act (the “Regulation S Securities”) will initially will be represented by one or more global Securities in registered form without interest coupons attached (collectively, the “Regulation S Global Securities” and, together with the Rule 144A Global Securities, the “Global Securities”). The Global Securities will be deposited, on the Issue Date, with the Trustee as custodian for DTC, and registered in the name of DTC or its nominee, in each case for credit to an account of a participant or indirect participant in DTC.

 

Securities issued as a Global Security shall represent such of the outstanding Securities as specified therein and may provide that it shall represent the aggregate principal amount of outstanding Securities from time to time endorsed thereon or otherwise notated on the books and records of the Registrar and that the aggregate principal amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the aggregate principal amount of any increase or decrease in the amount of outstanding Securities represented thereby shall be made by the Registrar or the Depositary in such manner and upon instructions given by the Holder thereof.

 

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Global Securities may be issued in either registered or bearer form and in either temporary or permanent form. Permanent Global Securities will be issued in certificated form.

 

The provisions of the last sentence of Section 2.04 hereof shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Issuer, and the Issuer delivers to the Trustee the Global Security together with written instructions (which need not comply with Section 12.04 or 12.05 hereof and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 2.04 hereof.

 

Section 2.03         Amount of Securities.

 

On the Issue Date, the Trustee or its authenticating agent (the “Authenticating Agent”) shall authenticate and deliver the Initial Securities and, at any time and from time to time thereafter, the Trustee or Authenticating Agent shall authenticate and deliver Securities for original issue in an aggregate principal amount specified in an Issuer Order. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities may have notations, legends or endorsements required by law, stock exchange rules or usage. The Securities shall be issued in minimum denominations of $200,000 and any integral multiple of $1,000 in excess thereof.

 

Subject to Section 2.18, all Additional Securities shall have identical terms as the Initial Securities issued on the Issue Date.

 

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

 

The Securities, including any Additional Securities, will be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that if such Additional Securities are not fungible with the Initial Securities (or any other Additional Securities) for U.S. federal income tax purposes, such Additional Securities will have one or more separate CUSIP, ISIN, Common Code number and/or other identifying number, as applicable.

 

Section 2.04         Execution, Authentication, Delivery and Dating

 

Two Officers shall sign the Securities for the Issuer by manual or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time a Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated by the manual or facsimile signature of the Trustee or Authenticating Agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

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At any time and from time to time after the execution and delivery of this Indenture, and subject to delivery of an Officers’ Certificate, the Issuer may deliver Securities executed by the Issuer to the Trustee or Authenticating Agent for authentication, together with an Issuer Order for the authentication and delivery of such Securities; and the Trustee or Authenticating Agent in accordance with such Issuer Order shall authenticate and deliver such Securities.

 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee or Authenticating Agent by manual or facsimile signature of an authorized signatory, and such certificate and signature upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. The Trustee’s certificate of authentication shall be in substantially the following form:

 

This is one of the Securities referred to in the within-mentioned Indenture.

 

	
 
    	
U.S. Bank National   Association,
    
	
 
    	
as Trustee
    
	
 
    	
 
    
	
 
    	
[                                                                  ,
    
	
 
    	
as Authenticating   Agent]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    

 

Each Security shall be dated the date of its authentication.

 

The Trustee may appoint one or more Authenticating Agents reasonably acceptable to the Issuer to authenticate the Securities.  Any such appointment shall be evidenced by an instrument signed by a Responsible Officer of the Trustee, a copy of which shall be furnished to the Issuer.  Unless limited by the terms of such appointment, an Authenticating Agent may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such Authenticating Agent.  An Authenticating Agent has the same rights as any Registrar, Paying Agent or Transfer Agent for service of notices and demands.

 

Notwithstanding the foregoing, if any Security shall have been duly authenticated and delivered hereunder but never issued and sold by the Issuer, and the Issuer shall deliver such Security to the Trustee for cancellation as provided in Section 2.13 hereof together with a written statement (which need not comply with Section 12.04 or 12.05 hereof and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Issuer, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

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Section 2.05                            Registrar, Transfer Agent and Paying Agent.

 

The Issuer will maintain one or more paying agents (each a “Paying Agent”) for the Securities. The initial Paying Agent for the Securities will be the Trustee.

 

In addition the Issuer will maintain a transfer agent (the “Transfer Agent”) and a registrar (the “Registrar”) for the Securities. The initial Transfer Agent and Registrar will be the Trustee. The Registrar will maintain a register reflecting ownership of the Securities outstanding from time to time, if any, and together with the Transfer Agent, will make payments on and facilitate transfers of the Securities on behalf of the Issuer.

 

The Issuer may enter into an appropriate agency agreement with any Paying Agent, Registrar or Transfer Agent. Such agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer shall notify the Trustee of the name and address of any such Agent. The Issuer may remove any Paying Agent, Registrar or Transfer Agent upon written notice to such Paying Agent, Registrar or Transfer Agent and to the Trustee; provided, however, that no such removal shall become effective until, if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Paying Agent, Registrar or Transfer Agent, as the case may be, and delivered to the Trustee.

 

The Issuer may change any Paying Agent, the Registrar or the Transfer Agent without prior notice to the Holders of the Securities. The Issuer or any of its Subsidiaries may act as Paying Agent, Transfer Agent or Registrar in respect of any Securities.

 

The Issuer hereby initially appoints the Trustee as Registrar, Transfer Agent and Paying Agent.  The Trustee hereby accepts each such initial appointment and the Issuer confirms that such initial appointments are acceptable to it.  The obligations of the Paying Agent, Transfer Agent and Registrar shall be several and not joint.

 

Section 2.06                            Paying Agent to Hold Money.

 

The Issuer shall require each Paying Agent (other than the Issuer) to agree in writing that the Paying Agent will hold for the benefit of Holders of Securities or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, on, interest on, or Additional Amounts, if any, on such Securities, and will notify the Trustee of any default by the Issuer in making any such payment. Money held by the Paying Agent need not be segregated, except as required by law, and in no event shall the Paying Agent be liable for interest on any money received by it hereunder.  If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent.

 

The Issuer will make payments of any amounts owing in respect of the Global Securities (including principal, premium, if any, interest and any Additional Amounts) to the applicable

 

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Paying Agent, and such Paying Agent will, in turn, make such payments to the Depositary or its nominee, subject to the Paying Agent having received cleared funds sufficient to make such payments. The Depositary will distribute such payments to participants in accordance with its customary procedures. Payments on all Securities other than Global Securities will be made by the Issuer to the applicable Paying Agent and such Paying Agent will make payment by check to the address provided by the Holder of such Securities (or by wire transfer to those Holders that have provided wire instructions to the Issuer or applicable Paying Agent).

 

All payments of principal and interest on the Securities by or on behalf of the Issuer will be made free and clear of and without withholding or deduction for or on account of any present or future tax, assessment or other governmental charge (and any interest, penalties and additions with respect thereto) unless required by applicable law or the official interpretation or administration thereof.

 

The principal of, premium, if any, and interest on, and all other amounts payable in respect of the Securities will be paid to Holders of such Securities in U.S. dollars.

 

Section 2.07                            Holder Lists.

 

The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders of Securities. The Issuer shall furnish, or cause the Registrar to furnish, to the Trustee at least five Business Days before each Interest Payment Date and at such other times as the Trustee may reasonably request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of the Securities.

 

Section 2.08                            Registration, Registration of Transfer and Exchange.

 

Upon surrender for registration of transfer or exchange of any Securities at an office or agency of the Issuer designated pursuant to Section 4.02 hereof for such purpose, the Issuer shall execute, and the Trustee or Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of any authorized denominations, of a like aggregate principal amount. No service charge will be made for any registration of transfer or exchange of Securities. However, the Issuer may require Holders to pay any transfer taxes or other similar governmental charges payable in connection with any such transfer or exchange (other than any exchange of a temporary Security for a permanent Security not involving any change in ownership or any exchange pursuant to Section 2.12 or 9.05 hereof, not involving any transfer).

 

Notwithstanding any other provisions (other than the provisions set forth in the third paragraph) of this Section 2.08, a Global Security representing all or a portion of the Securities may not be transferred except as a whole to the Depositary or its nominee. Any Holder of beneficial interests in the Rule 144A Global Security (the “Rule 144A Book Entry Interests”) and beneficial interests in the Regulation S Global Security (the “Regulation S Book Entry Interests” and, together with the Rule 144A Book Entry Interests, the “Book Entry Interests”) shall, by acceptance of such Book Entry Interest, agree that transfers of Book Entry Interest in such Global Security 

 

31

 

may be effected only through records maintained by the Depositary and its participants, and that ownership of a Book Entry Interest in such Global Security shall be required to be reflected in a book-entry.

 

Each Global Security is exchangeable for Securities in certificated form (the “Definitive Securities”) only (1) if the Depositary notifies the Issuer that it is unwilling or unable to continue to act as depositary for the Securities and a successor depositary is not appointed by the Issuer within 120 days, (2) if the Issuer, at its option, notifies the Trustee and the applicable Paying Agent in writing that it elects to cause the issuance of Definitive Securities or (3) if the owner of a Global Security requests such exchange in writing delivered through the Depositary following an Event of Default and commencement of enforcement action under this Indenture; provided that in no event shall the Regulation S Global Securities be exchanged by the Issuer for Definitive Securities prior to (x) the expiration of the Distribution Compliance Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In such an event, the Issuer will issue Definitive Securities, registered in the name or names and issued in any approved denominations requested by or on behalf of the Depositary (in accordance with its customary procedures and based upon directions received from participants reflecting the beneficial ownership of Book Entry Interests), and such Definitive Securities will bear the Restricted Securities Legend set forth below, unless that legend is not required by this Indenture or applicable law. Should Definitive Securities be issued to individual Holders of the Securities, a Holder of Securities who, as a result of trading or otherwise, holds a principal amount of Securities that is less than the minimum denomination of Securities would be required to purchase an additional principal amount of Securities such that its holding of Securities amounts to the minimum specified denomination.  The Trustee shall deliver such Securities as instructed in writing by the Depositary.

 

Upon the exchange of a Global Security for Definitive Securities, such Global Security shall be canceled by the Trustee. All canceled Global Securities held by the Trustee shall be destroyed by the Trustee and a certificate of their destruction delivered to the Issuer.

 

At the option of the Holders of Definitive Securities, Definitive Securities may be exchanged for other Definitive Securities of any authorized denomination or denominations of a like aggregate principal amount and tenor, upon surrender of the Definitive Securities to be exchanged at such office or agency. Whenever any Definitive Securities are so surrendered for exchange, the Issuer shall execute, and the Trustee or Authenticating Agent shall authenticate and deliver, the Definitive Securities which the Holder making the exchange is entitled to receive.

 

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

 

The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Global Securities that are held by participants through Euroclear or Clearstream.

 

32

 

(a)                                 Legend.

 

(i)                                     Each Security certificate evidencing the Global Securities (and all Global Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form:

 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”

 

Except as permitted by the following paragraph (ii) or (iii) or otherwise agreed by the Issuer and the applicable Holder, each Security certificate evidencing the Global Securities and the Definitive Securities that are Transfer Restricted Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (the “Restricted Securities Legend”) (each defined term in the legend being defined as such for purposes of the legend only):

 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.  NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.  THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS, IN THE CASE OF RULE 144A NOTES, ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY 

 

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ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), OR, IN THE CASE OF REGULATION S NOTES, 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.  BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF REPRESENTS AND WARRANTS THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.”

 

Except as permitted by the following paragraph (ii) or (iii) or otherwise agreed by the Issuer and the applicable Holder, each Definitive Security shall bear the following additional legend:

 

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“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.”

 

Except as permitted by the following paragraph (ii) or (iii) or otherwise agreed by the Issuer and the applicable Holder, each Security certificate evidencing the Regulation S Global Securities and the Definitive Securities representing Regulation S Securities (and all Securities issued in exchange therefor or in substitution of such Definitive Securities) shall bear the following additional legend:

 

“BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS AND WARRANTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

 

(ii)                                  Upon any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Security for a Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Security).

 

(iii)                               Any Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities Legend.

 

(b)                                 Transfer and Exchange of Book Entry Interests in Global Securities.  The transfer and exchange of Book Entry Interests in the Global Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depositary.  Book Entry Interests in Transfer Restricted Securities which are Global Securities (“Restricted Global Securities”) shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act.  Prior to the expiration of the Distribution Compliance Period, Regulation S Book Entry Interests may be transferred only to non-U.S. Persons under Regulation S, qualified institutional buyers under Rule 144A or IAIs.  Except as otherwise set forth herein, Book Entry Interests in Global Securities shall be transferred or exchanged only for Book Entry Interests in Global Securities.  Transfers and exchanges of Book Entry Interests in the Global Securities also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(i)                                     Transfer of Book Entry Interests in the Same Global Security.  Book Entry Interests in any Restricted Global Security may be transferred to Persons who take delivery thereof in the form of a Book Entry Interest in the same Restricted Global Security in accordance with the transfer restrictions set forth in the Restricted Securities Legend.  

 

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A Book Entry Interest in an Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a Book Entry Interest in the same Unrestricted Global Security.  No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.08(b)(i).

 

(ii)                                  All Other Transfers and Exchanges of Book Entry Interests in Global Securities.  In connection with all transfers and exchanges of Book Entry Interest in any Global Security that is not subject to Section 2.08(b)(i), the transferor of such Book Entry Interest must deliver to the Registrar (1) a written order from a participant given to the Depositary in accordance with the applicable rules and procedures of the Depositary directing the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the Book Entry Interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depositary containing information regarding the participant account to be credited with such increase.  Upon satisfaction of all of the requirements for transfer or exchange of Book Entry Interests in Global Securities contained in this Indenture and the Securities or otherwise applicable under the Securities Act, the Registrar shall adjust the principal amount of the relevant Global Security pursuant to Section 2.08(f).

 

(iii)                               Transfer of Book Entry Interests to Another Restricted Global Security.  A Book Entry Interest in a Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a Book Entry Interest in another Restricted Global Security if the transfer complies with the requirements of Section 2.08(b)(ii) above and the Registrar receives the following:

 

(A)                               if the transferee will take delivery in the form of a Book Entry Interest in a Rule 144A Global Security, then the transferor must deliver a certificate in the form attached to the applicable Security; and

 

(B)                               if the transferee will take delivery in the form of a Book Entry Interest in a Regulation S Global Security, then the transferor must deliver a certificate in the form attached to the applicable Security.

 

(iv)                              Transfer and Exchange of Book Entry Interest in a Restricted Global Security for Book Entry Interest in an Unrestricted Global Security.  A Book Entry Interest in a Restricted Global Security may be exchanged by any Holder thereof for a Book Entry Interest in an Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a Book Entry Interest in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.08(b)(ii) above and the Registrar receives the following:

 

(A)                               if the Holder of such Book Entry Interest in a Restricted Global Security proposes to exchange such Book Entry Interest for a Book Entry Interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or

 

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(B)                               if the Holder of such Book Entry Interest in a Restricted Global Security proposes to transfer such Book Entry Interest to a Person who shall take delivery thereof in the form of a Book Entry Interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security, 

 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depositary so require, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act.  If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an Issuer Order and an Officers’ Certificate in accordance with Section 2.04, the Trustee or Authenticating Agent shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Book Entry Interests transferred or exchanged pursuant to this subparagraph (iv).

 

(v)                                 Transfer and Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a Restricted Global Security.  Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Security.

 

(c)                                  Transfer and Exchange of Book Entry Interests in Global Securities for Definitive Securities.  A Book Entry Interest in a Global Security may not be exchanged for a Definitive Security except under the circumstances described above in this Section 2.08.  A Book Entry Interest in a Global Security may not be transferred to a Person who takes delivery thereof in the form of a Definitive Security except under the circumstances described above in this Section 2.08.

 

(d)                                 Transfer and Exchange of Definitive Securities for Book Entry Interests in Global Securities.  Transfers and exchanges of Book Entry Interests in the Global Securities shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable:

 

(i)                                     Transfer Restricted Securities that are Definitive Securities to Book Entry Interests in Restricted Global Securities.  If any Holder of a Transfer Restricted Security that is a Definitive Security proposes to exchange such Transfer Restricted Security for a Book Entry Interest in a Restricted Global Security or to transfer such Transfer Restricted Security to a Person who takes delivery thereof in the form of a Book Entry Interest in a Restricted Global Security, then, upon receipt by the Registrar of the following:

 

(A)                               if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a Book Entry Interest in a Restricted Global Security, a certificate from such Holder in the form attached to the applicable Security;

 

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(B)                               if such Transfer Restricted Security is being transferred to a qualified institutional buyer in accordance with Rule 144A under the Securities Act, a certificate from such Holder in the form attached to the applicable Security;

 

(C)                               if such Transfer Restricted Security is being transferred through offers and sales to non-U.S. Persons that occur outside the United States of America within the meaning of Regulation S under the Securities Act, a certificate from such Holder in the form attached to the applicable Security;

 

(D)                               if such Transfer Restricted Security is being transferred pursuant to any other available exemption from the registration requirements of the Securities Act, a certificate from such Holder in the form attached to the applicable Security; or

 

(E)                                if such Transfer Restricted Security is being transferred to Parent, the Issuer or any of their Subsidiaries, a certificate from such Holder in the form attached to the applicable Security, the Registrar shall cancel such Transfer Restricted Security, and increase or cause to be increased the aggregate principal amount of the appropriate Restricted Global Security.

 

(ii)                                  Transfer Restricted Securities that are Definitive Securities to Book Entry Interests in Unrestricted Global Securities.  A Holder of a Transfer Restricted Security that is a Definitive Security may exchange such Transfer Restricted Security for a Book Entry Interest in an Unrestricted Global Security or transfer such Transfer Restricted Security to a Person who takes delivery thereof in the form of a Book Entry Interest in an Unrestricted Global Security only if the Registrar receives the following:

 

(A)                               If the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a Book Entry Interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or

 

(B)                               if the Holder of such Transfer Restricted Securities proposes to transfer such Transfer Restricted Security to a Person who shall take delivery thereof in the form of a Book Entry Interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security,

 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depositary so require, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act.  Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel such Transfer Restricted Securities and increase or cause to be increased the aggregate principal amount of such Unrestricted Global Security.  If any 

 

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such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an Issuer Order and an Officers’ Certificate in accordance with Section 2.04, the Trustee or Authenticating Agent shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Securities transferred or exchanged pursuant to this subparagraph (ii).

 

(iii)                               Unrestricted Definitive Securities to Book Entry Interests in Unrestricted Global Securities.  A Holder of an Unrestricted Definitive Security may exchange such Unrestricted Definitive Security for a Book Entry Interest in an Unrestricted Global Security or transfer such Unrestricted Definitive Security to a Person who takes delivery thereof in the form of a Book Entry Interest in an Unrestricted Global Security at any time.  Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Securities.  If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an Issuer Order and an Officer’s Certificate in accordance with Section 2.04, the Trustee or Authenticating Agent shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Securities transferred or exchanged pursuant to this subparagraph (iii).

 

(iv)                              Unrestricted Definitive Securities to Book Entry Interests in Restricted Global Securities.  An Unrestricted Definitive Security cannot be exchanged for, or transferred to, a Person who takes delivery thereof in the form of, a Book Entry Interest in a Restricted Global Security.

 

(e)                                  Transfer and Exchange of Definitive Securities for Definitive Securities.  Upon request by a Holder of Definitive Securities and such Holder’s compliance with the provisions of this Section 2.08(e), the Registrar shall register the transfer or exchange of Definitive Securities.  Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing.  In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.08(e):

 

(i)                                     Transfer Restricted Securities that are Definitive Securities to Transfer Restricted Securities that are Definitive Securities.  A Transfer Restricted Security that is a Definitive Security may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Security that is a Definitive Security if the Registrar receives the following:

 

(A)                               if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Security;

 

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(B)          if the transfer will be made through offers and sales to non-U.S. Persons that occur outside the United States of America within the meaning of Regulation S under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Security;

 

(C)          if the transfer will be made pursuant to any other available exemption from the registration requirements of the Securities Act, a certificate in the form attached to the applicable Security; or

 

(D)          if such transfer will be made to Parent, the Issuer or any of their Subsidiaries, a certificate in the form attached to the applicable Security.

 

(ii)           Transfer Restricted Securities that are Definitive Securities to Unrestricted Definitive Securities.  Any Transfer Restricted Security that is a Definitive Security may be exchanged by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security if the Registrar receives the following:

 

(A)          if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security; or

 

(B)          if the Holder of such Transfer Restricted Security proposes to transfer such Transfer Restricted Security to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security,

 

and, in each such case, if the Issuer or the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act.

 

(iii)          Unrestricted Definitive Securities to Unrestricted Definitive Securities.  A Holder of an Unrestricted Definitive Security may transfer such Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at any time.  Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Securities pursuant to the instructions from the Holder thereof.

 

(iv)          Unrestricted Definitive Securities to Transfer Restricted Securities that are Definitive Securities.  An Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Security that is a Definitive Security.

 

(f)            Cancellation or Adjustment of Global Security.  At such time as all Book Entry Interest in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.13 of this Indenture.  At any time prior to such cancellation, if any Book Entry 

 

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Interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a Book Entry Interest in another Global Security or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Registrar or by the Depositary at the direction of the Registrar to reflect such reduction; and if the Book Entry Interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a Book Entry Interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Registrar or by the Depositary at the direction of the Trustee to reflect such increase.

 

The Issuer will not be required to transfer or exchange any Security selected for redemption or to transfer or exchange any Security for a period of 15 days prior to a selection of Securities to be redeemed.

 

Section 2.09         Replacement Securities.

 

If any mutilated Security is surrendered to the Trustee or the Issuer or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Security, the Issuer shall issue and the Trustee or Authenticating Agent, upon receipt of an Issuer Order, shall authenticate a replacement Security if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any Authenticating Agent from any loss that any of them may suffer if a Security is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing a Security (including, with limitation, attorneys’ fees and disbursements in replacing such Security). In the event any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Issuer may pay such Security instead of issuing a new Security in replacement thereof.

 

Every replacement Security is an additional obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Securities duly issued hereunder.

 

The provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 2.10         Outstanding Securities.

 

The Securities outstanding at any time are all the Securities authenticated by the Trustee or Authenticating Agent except for those canceled by the Trustee, those delivered to the Trustee for cancellation, those reductions in the interest in a Global Security effected by the Registrar in accordance with the provisions hereof, and those described in this Section 2.10 or Article 10(i) as not outstanding. Except as set forth in Section 2.11 hereof, a Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security. Subject to the foregoing, in determining whether the Holders of the requisite principal amount of outstanding Securities have given or concurred in any request, demand, authorization, direction, notice, consent or 

 

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waiver hereunder (including, without limitation, determinations pursuant to Articles 6 and 9 hereof), only Securities outstanding at the time of such determination shall be considered in any such determination.

 

If a Security is replaced pursuant to Section 2.09 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.

 

If the principal amount of any Security is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Issuer, a Subsidiary of the Issuer or an Affiliate of any thereof) holds, on a Redemption Date or maturity date, money sufficient to pay Securities payable on that date, then on and after that date such Securities shall be deemed to be no longer outstanding and shall cease to accrue interest.

 

Section 2.11         When Securities Disregarded.

 

For purposes of determining whether the Holders of the requisite principal amount of Securities have taken any action under this Indenture, Securities owned by the Issuer, the Guarantors or by any Affiliate of the Issuer or the Guarantors shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any direction, waiver or consent, only Securities which the Trustee actually knows are so owned shall be so disregarded. Subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination.

 

Section 2.12         Temporary Securities.

 

Until certificates representing Securities are ready for delivery, the Issuer may prepare and the Trustee or Authenticating Agent, upon receipt of an Issuer Order, shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of certificated Securities but may have variations that the Issuer considers appropriate for temporary Securities and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee or Authenticating Agent shall authenticate definitive Securities in exchange for temporary Securities.

 

Holders of temporary Securities shall be entitled to all of the benefits of this Indenture as permanent Securities.

 

Section 2.13         Cancellation.

 

The Issuer at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy canceled Securities (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Securities shall be delivered to the Issuer. The Issuer 

 

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may not issue new Securities to replace Securities that it has paid or that have been delivered to the Trustee for cancellation.

 

Section 2.14         Payment of Interest.

 

Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Security (or one or more predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, even if such Securities are canceled after such applicable Regular Record Date and on or before such applicable Interest Payment Date, except as otherwise provided in this Section 2.14 with respect to Defaulted Interest.

 

If the Issuer defaults in a payment of interest on the Securities which is payable (“Defaulted Interest”), it shall pay the Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the Defaulted Interest, to the Persons who are Holders on a subsequent Special Record Date, in each case at the rate provided in the Securities. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on the Securities and the date of the proposed payment. The Issuer shall fix or cause to be fixed each such Special Record Date and payment date, provided that no such Special Record Date shall be less than 10 days prior to the related payment date for such Defaulted Interest. At least 15 days before the Special Record Date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail, or deliver electronically if the Securities are held by any depositary in accordance with such depositary’s customary procedures, to Holders a notice that states the Special Record Date, the related payment date and the amount of such interest to be paid.

 

Subject to the foregoing provisions of this Section 2.14 and Section 2.08 hereof, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

Section 2.15         Persons Deemed Owners.

 

The Issuer and the Trustee will treat the Persons in whose names the Securities, including the Global Securities, are registered as the owners of such Securities for the purpose of receiving payments and for all other purposes.

 

Consequently, neither the Issuer or the Trustee, nor any agent of the Issuer or the Trustee, has or will have any responsibility or liability for (a) any aspect of the Depositary’s records or any participant’s or indirect participant’s records relating to or payments made on account of Book Entry Interests in the Global Securities or for maintaining, supervising or reviewing any of the Depositary’s records or any participant’s or indirect participant’s records relating to the Book Entry Interests in the Securities, or (b) any other matter relating to the actions and practices of the Depositary or any of its participants or indirect participants.

 

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Payments by the participants and the indirect participants to the beneficial owners of Securities will be governed by standing instructions and customary practices and will be the responsibility of the participants or the indirect participants and will not be the responsibility of the Depositary, the Trustee or the Issuer.  Neither the Issuer nor the Trustee will be liable for any delay by the Depositary or any of its participants in identifying the beneficial owners of the Securities, and the Issuer and the Trustee may conclusively rely on and will be protected in relying on instructions from the Depositary or its nominee for all purposes.

 

Ownership of the Global Securities will be evidenced through registration from time to time at the registered office of the Registrar, and such registration is a means of evidencing title to the Securities.

 

Section 2.16         Computation of Interest.

 

Interest on the Securities will be computed on the basis of a 360-day year comprised of twelve 30-day months.  If the date on which a payment of interest or principal on the Securities is scheduled to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

 

Section 2.17         CUSIP Numbers, ISINs, Common Code numbers, etc.

 

The Issuer, in issuing the Securities, may use CUSIP numbers, ISINs, Common Code numbers and/or other identifying numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs, Common Code numbers and/or other identifying numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee of any change in the CUSIP numbers, ISINs, Common Code numbers and/or other identifying numbers.

 

Section 2.18         Issuance of Additional Securities.

 

Following the consummation of the Spinoff, the Issuer shall be entitled to issue Additional Securities under this Indenture, which shall have identical terms and conditions as the Initial Securities issued on the Issue Date, other than with respect to the date of issuance, the date from which interest will accrue thereon and the issue price; provided, however, that the Issuer will only be permitted to issue such Additional Securities if at the time of and after giving effect to such issuance Parent, the Issuer and the Restricted Subsidiaries are in compliance with the covenants contained in this Indenture.

 

With respect to any Additional Securities, the Issuer shall set forth in a resolution of the Board of Directors (or any duly authorized committee thereof) and an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the following information:

 

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(1)           the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this Indenture; and

 

(2)           the issue price, the issue date and the CUSIP numbers, ISINs, Common Code numbers and/or other identifying numbers of such Additional Securities.

 

Section 2.19         Payment of Additional Amounts.

 

(a)                 All payments in respect of the Securities or any Guarantee thereof by or on behalf of the Issuer or any Guarantor, will be made without withholding or deduction for or on account of any present or future taxes, duties, levies, assessments, or other governmental charges, including any related interest, penalties or additions to tax (“Taxes”) unless such withholding or deduction is required by law. If any deduction or withholding in respect of any Taxes imposed or levied by or on behalf of (a) any jurisdiction in which the Issuer or any Guarantor is or was incorporated, organized, or engaged in business or resident for tax purposes, or (b) any jurisdiction from or through which payment is made by or on behalf of the Issuer or any Guarantor (or any of their respective agents, including the jurisdiction of any Paying Agent for the Securities) (each of (a) and (b), and any political subdivision thereof or therein, a “Relevant Taxing Jurisdiction”) will at any time be required to be made by any applicable withholding agent in respect of any payment made under or with respect to any Securities or any Guarantee thereof, the Issuer or the relevant Guarantor, as applicable, will pay such additional amounts (“Additional Amounts”) as shall be necessary in order that the net amounts received by the beneficial owners of the Securities, after such withholding or deduction by such applicable withholding agent, shall equal the respective amounts which would otherwise have been received in respect of the Securities in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable:

 

(1)                                 in respect of any Taxes imposed or withheld by reason of the Holder or beneficial owner having some current or former connection with the Relevant Taxing Jurisdiction (other than the mere holding or disposition of such Security, the receipt of principal, interest or any other amount in respect of such Security or Guarantee, or the enforcement of such Security or Guarantee);

 

(2)                                 in respect of any Taxes imposed or withheld by reason of the failure of the relevant Holder or beneficial owner to satisfy or comply with (or cause any affiliate or owner of such Holder or beneficial owner to satisfy or comply with) any certification, declaration, identification, information or other requirements required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction as a precondition to any applicable exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a declaration of non-residence);

 

(3)                                 in respect of any Taxes imposed otherwise than by withholding from payments under or in respect of the applicable Securities or Guarantee;

 

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(4)                                 in respect of any Taxes that could have been avoided by such Holder presenting the applicable Security to another reasonably available Paying Agent;

 

(5)                                 in respect of any Taxes that would not have been imposed but for the presentation by the Holder of the applicable Security, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except to the extent that such Holder or beneficial owner would have been entitled to Additional Amounts had such Security been presented on the last day of such 30-day period and no additional withholdings or deductions were made as a result of such late presentment;

 

(6)                                 in respect of any Taxes imposed pursuant to current Sections 1471 through 1474 of the Code (or any amended or successor provisions that are substantively comparable), any current or future regulations thereunder or any official interpretations thereof, any agreement entered into pursuant to current Section 1471(b) of the Code (or any amended or successor provision described above) or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into implementing the foregoing, or any law or agreements implementing an intergovernmental approach thereto;

 

(7)                                 in respect of any Taxes that are estate, inheritance, gift, sales, transfer, wealth or personal property Tax or similar Tax, or excise tax imposed on the transfer of the applicable Security;

 

(8)                                 in respect of any payment to any Holder that is not the sole beneficial owner of the Securities, or a portion of the Securities, or that is a fiduciary, partnership or other flow-through entity, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or other flow-through entity would not have been entitled to the payment of Additional Amounts had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; and

 

(9)                                 in respect of any combination of items (1), (2), (3), (4), (5), (6), (7) and/or (8).

 

The Issuer and the Guarantors will pay any present or future stamp, issue, registration, court, documentary, property or similar Taxes that arise in any Relevant Taxing Jurisdiction from the execution, issuance, initial delivery, or initial registration (and in any jurisdiction from the enforcement) of any Security, any Guarantee thereof, this Indenture or any other document or instrument referred to therein.

 

The Securities are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Securities. Except as specifically provided under this Section 2.19, neither the Issuer, nor any Guarantor, will be required to 

 

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make any payment for any Taxes imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision withheld from any payment in respect of any Security.

 

(b)                 Upon the Issuer’s reasonable request, each Holder and beneficial owner shall provide a properly completed and executed IRS Form W-9 or IRS Form W-8, as applicable, as would have been applicable if the Issuer were incorporated in the United States of America, any State thereof or the District of Columbia.

 

(c)                 Wherever in this Indenture or the Securities there is mentioned, in any context:

 

(1) the payment of principal;

 

(2) Redemption Prices or purchase prices in connection with a redemption or purchase of Securities;

 

(3) interest; or

 

(4) any other amount payable on or with respect to any of the Securities;

 

such reference shall be deemed to include payment of Additional Amounts as described under this Section 2.19 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.

 

The obligations of the Issuer or any Guarantor under this Section 2.19 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor to the Issuer or such Guarantor, as applicable, and any jurisdiction in which any successor Person to the Issuer or such Guarantor is incorporated, organized, or engaged in business or resident for tax purposes, or any jurisdiction from or through which such Person (or its Paying Agent) makes any payment under or with respect to any Securities or any Guarantee thereof, and, in each case, any political subdivision thereof or therein.

 

Section 2.20         [Reserved].

 

ARTICLE 3.
 REDEMPTION AND PREPAYMENT

 

Section 3.01         Right to Redeem; Notices to Trustee.

 

Except as set forth in Paragraph 5 of the Securities set forth in Exhibit A and this Article 3, the Issuer will not be entitled to redeem the Securities at its option prior to their Stated Maturity.

 

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If the Issuer elects to redeem Securities, it shall furnish to the Trustee, at least 30 days (or such shorter period as may be acceptable to the Trustee) but not more than 60 days before a Redemption Date, written notice of such redemption accompanied with an Officers’ Certificate setting forth (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of Securities to be redeemed and (iv) the Redemption Price. If fewer than all the Securities are to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be not fewer than 10 days after the date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of such redemption being sent to any Holder and shall thereby be void and of no effect.

 

Except as set forth in Section 3.08 and Section 3.09, the Issuer is not required to make any mandatory redemption or sinking fund payments with respect to the Securities and may at any time and from time to time acquire Securities by means other than a redemption, whether pursuant to an issuer tender offer, open market purchase or otherwise, so long as the acquisition does not otherwise violate the terms of this Indenture.

 

Notwithstanding anything in this Indenture or the Securities to the contrary, in connection with any tender offer for the Securities, if Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all such Securities validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 but not more than 60 days’ notice mailed, or delivered electronically if such Securities are held by any depositary, by the Issuer to each Holder of such Securities, given not more than 30 days following such purchase date, to redeem or purchase, as applicable, all the Securities that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the redemption or purchase date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

Section 3.02         Selection of Securities to Be Redeemed.

 

If the Issuer partially redeems any of the Securities, the Trustee will select the applicable Securities to be redeemed in accordance with the procedures of the Depositary; provided, however, with respect to any Securities not registered with the Depositary, the Trustee will select such Securities by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate. In any case, the principal amount of a Security remaining outstanding after a redemption in part shall be $200,000 or an integral multiple of $1,000 in excess thereof.

 

The Trustee shall promptly notify the Issuer in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

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Section 3.03         Notice of Redemption to Holders.

 

At least 30 days but not more than 60 days before a Redemption Date, the Issuer shall mail or cause to be mailed, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, a notice of redemption to each Holder whose Securities are to be redeemed at its registered address. Any redemption (other than pursuant to the second paragraph of Paragraph 5 of the Securities set forth on Exhibit A) may, at the Issuer’s option, be subject to the satisfaction of one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time (including more than 60 days after the date the notice of redemption was delivered (or delivered electronically if the Securities are held by any depositary)) as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Redemption Date, or by the Redemption Date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied or waived.

 

The notice shall identify the Securities to be redeemed and shall state:

 

(a)           the Redemption Date;

 

(b)           the Redemption Price and the amounts of accrued and unpaid interest to the Redemption Date;

 

(c)           if less than all the outstanding Securities are to be redeemed, the identification (and in the case of partial redemption, the portion of the principal amount) of the particular Security to be redeemed;

 

(d)           that, after the Redemption Date upon cancellation of such Security, a new Security or Securities in principal amount equal to the unredeemed portion, if any, of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

 

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

 

(f)            that Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption Price plus accrued and unpaid interest;

 

(g)           that, unless the Issuer defaults in making such redemption payment, interest, if any, on Securities (or portion thereof) called for redemption ceases to accrue on and after the Redemption Date;

 

(h)           the paragraph of the Securities and/or Section of this Indenture pursuant to which the Securities called for redemption are being redeemed; and

 

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(i)            that no representation is made as to the correctness or accuracy of the CUSIP number, ISIN, Common Code number and/or other identifying number, if any, listed in such notice or printed on the Securities.

 

The Issuer may provide in any notice of redemption that payment of the Redemption Price and accrued and unpaid interest, if any, and the performance of the Issuer’s obligations with respect to such redemption may be performed by another Person.

 

At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense. In such event, the Issuer shall provide the Trustee with the information required by this Section 3.03.

 

Section 3.04         Effect of Notice of Redemption.

 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Securities called for redemption become due and payable on the Redemption Date and at the Redemption Price stated in such notice, provided that a notice of redemption may be conditional in accordance with Section 3.03 hereof. Upon surrender to the Paying Agent, such Securities shall be paid at the Redemption Price stated in the notice, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date; provided, however, that if the Redemption Date is on or after a Regular Record Date but on or prior to the next succeeding Interest Payment Date, then any accrued and unpaid interest in respect of the Securities subject to redemption shall be paid on the Redemption Date to the Person in whose name the Securities are registered at the close of business on such Regular Record Date and no additional interest will be payable to Holders whose Securities are subject to redemption by the Issuer. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 

Section 3.05         Deposit of Redemption Price.

 

Prior to 10:00 a.m. New York City time on the Redemption Date, the Issuer shall deposit with the Trustee or with the Paying Agent (or, if the Issuer or any of its Subsidiaries is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the Redemption Price of, and (unless the Redemption Date shall be an Interest Payment Date) accrued and unpaid interest to, but not including the Redemption Date, on the Securities or portions thereof to be redeemed on such date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the Redemption Price of, and accrued and unpaid interest on, all Securities to be redeemed.

 

If the Issuer complies with the provisions of the preceding paragraph, on and after the Redemption Date, interest shall cease to accrue on the Securities or the portions of Securities called for redemption. If any Security called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the Redemption Date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Securities.

 

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Section 3.06         Redemption for Tax Reasons.

 

If, as a result of any change in, or amendment to, the laws or regulations of a Relevant Taxing Jurisdiction, or any change in the official position regarding the application or interpretation of such laws or regulations (a “Change in Tax Law”), the enactment or adoption of which Change in Tax Law is publicly announced, and which Change in Tax Law becomes effective, after the date of the Offering Memorandum (or, if a Relevant Taxing Jurisdiction becomes a Relevant Taxing Jurisdiction after the date of the Offering Memorandum, after such later date), the Issuer is or will become obligated to pay Additional Amounts as described herein under Section 2.19 with respect to the Securities, then the Issuer may at any time at its option redeem, in whole, but not in part, all of the Securities on not less than 30 nor more than 60 days’ prior notice, at a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on those Securities, if any, to, but not including, the date fixed for redemption.

 

Notwithstanding the foregoing, no such notice of redemption may be given earlier than 90 days prior to the first date on which the Issuer would be obligated to pay Additional Amounts.  Prior to the mailing, or delivery electronically if the Securities are held by any depositary, by the Issuer to each Holder of Securities of any notice of redemption of the Securities pursuant to the foregoing, the Issuer will deliver to the Trustee (i) an Officers’ Certificate stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the Issuer’s right so to redeem have been satisfied, and (ii) a written opinion of an independent tax counsel of recognized standing to the effect that the Issuer would be required to pay Additional Amounts in respect of such Securities as a result of a Change in Tax Law.

 

The provisions of this Section 3.06 shall apply mutatis mutandis to any successor to the Issuer and any jurisdiction in which any successor Person to the Issuer is incorporated, organized, or engaged in business or resident for tax purposes, or any jurisdiction from or through which such Person (or its Paying Agent) makes any payment under or with respect to any Securities, and, in each case, any political subdivision thereof or therein.

 

Section 3.07         Securities Redeemed in Part.

 

Upon cancellation of a Security that is redeemed in part, the Issuer shall issue and the Trustee or Authenticating Agent shall authenticate for the Holder (at the expense of the Issuer) a new Security equal in principal amount to the unredeemed portion of the Security surrendered.

 

Section 3.08         Special Mandatory Redemption.

 

(a)           If a Special Mandatory Redemption Event occurs, then the Issuer will redeem the aggregate principal amount of the Securities outstanding on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

(b)           The Issuer will cause a notice of Special Mandatory Redemption to be mailed to the Trustee and mailed, or delivered electronically if held by any depositary, to the Holders at their registered addresses no later than the Business Day following the Special Mandatory Redemption Event, which shall provide for the redemption of the Securities on the Special Mandatory 

 

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Redemption Date.  Upon the deposit of funds sufficient to pay the Special Mandatory Redemption Price of all Securities to be redeemed on the Special Mandatory Redemption Date with the applicable Paying Agent on or before such Special Mandatory Redemption Date, the Securities will cease to bear interest and all rights under the Securities shall terminate (except the obligations of the Issuer and/or the Guarantors under Section 2.19).  After payment of the Special Mandatory Redemption Price to the Holders, any excess Escrowed Property will be returned to the Issuer.

 

Section 3.09         Post-Release Date Redemption.

 

(a)           In the event a Post-Release Date Redemption Event occurs, the Issuer will redeem the aggregate principal amount of the Securities outstanding on the Post-Release Redemption Date at the Post-Release Date Redemption Price (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

(b)           The Issuer will cause a notice of Post-Release Date Redemption to be mailed to the Trustee and mailed, or delivered electronically if held by any depositary, to the Holders at their registered addresses on July 6, 2017, which shall provide for the redemption of the Securities on the Post-Release Redemption Date.  Upon the deposit of funds sufficient to pay the Post-Release Date Redemption Price of all Securities to be redeemed on the Post-Release Redemption Date with the applicable Paying Agent on or before such Post-Release Redemption Date, the Securities will cease to bear interest and all rights under the Securities shall terminate (except the obligations of the Issuer and/or the Guarantors under Section 2.19).

 

ARTICLE 4.
 COVENANTS

 

Section 4.01         Payment of Securities.

 

The Issuer shall pay or cause to be paid the principal of, premium, if any, on and interest on the Securities on the dates and in the manner provided in the Securities. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds as of 10:00 a.m. New York City time on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.

 

Section 4.02         Maintenance of Office or Agency.

 

The Issuer shall maintain an office or agency (which may be an office of the Trustee, an affiliate of the Trustee or the Registrar) where the Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Securities and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

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The Issuer also may from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in each place of payment for the Securities for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer.

 

Section 4.03                            Reports and Other Information.

 

(a) From and after the consummation of the Spinoff on the Spinoff Date, so long as the Securities are outstanding, Parent will deliver to the Trustee within 15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the information, documents and other reports (including interim reports on Form 8-K), if any, which Parent is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.

 

(b) In addition, from and after the consummation of the Spinoff on the Spinoff Date and for so long as any Securities remain outstanding during any period when Parent is not subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, Parent will furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(c) Notwithstanding the foregoing, Parent will be deemed to have furnished such reports referred to in clauses (a) and (b) of this Section 4.03 to the Trustee and the Holders if Parent has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available.  If the SEC will not accept Parent’s filings for any reason or Parent is not required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, Parent will post the reports referred to in clause (a) of this Section 4.03 on its website no later than 15 days after the end of the time periods that would apply if Parent were required to file those reports with the SEC.

 

(d) Under no circumstances shall the information and reports referred to in this Section 4.03 be required to contain separate financial information for Guarantors that would be required under Rule 3-10 of Regulation S-X promulgated by the SEC (or any successor provisions thereof).

 

(e) If any of Parent’s Subsidiaries have been designated as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary, then the annual and quarterly information required by clause (a) of this Section 4.03 shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, of the financial 

 

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condition and results of operations of Parent and its Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries.

 

(f) Delivery of such reports and information to the Trustee shall be for informational purposes only and the Trustee’s receipt of them shall not constitute constructive notice of any information contained therein or determinable from information contained therein (including the Issuer’s compliance with any of its covenants under this Indenture as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).

 

Section 4.04                            Compliance Certificate.

 

The Issuer will deliver to the Trustee, (a) within 120 days after the end of each fiscal year, an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Issuer they would normally have knowledge of any Default and indicating whether the signers thereof know of any Default with respect to the Securities that occurred during the previous year and (b) within 30 days after the occurrence thereof, written notice of any event which would constitute a Default, its status and what action the Issuer is taking or proposes to take in respect thereof.

 

Section 4.05                            Reserved.

 

Section 4.06                            Reserved.

 

Section 4.07                            Reserved.

 

Section 4.08                            Reserved.

 

Section 4.09                            Reserved.

 

Section 4.10                            Limitation on Liens.

 

From and after the consummation of the Spinoff on the Spinoff Date, Parent and the Issuer will not, and Parent will not permit any Subsidiary Guarantor to, directly or indirectly, create, Incur or assume any Lien (the “Initial Lien”) on any Principal Property or on any Capital Stock or Indebtedness of a Subsidiary, whether owned at the Spinoff Date or thereafter acquired, which secures any Indebtedness for borrowed money, other than Permitted Liens, without effectively providing that the Securities shall be secured equally and ratably with (or prior to) the Indebtedness for borrowed money so secured for so long as such Indebtedness for borrowed money is so secured. Any Lien created for the benefit of the Holders pursuant to the preceding sentence shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien.

 

Section 4.11                            Limitation on Sale/Leaseback Transactions.

 

From and after the consummation of the Spinoff on the Spinoff Date, Parent and the Issuer will not, and Parent will not permit any Subsidiary Guarantor to, enter into any Sale/Leaseback Transaction other than (a) any Sale/Leaseback Transaction so long as Parent, the 

 

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Issuer or such Subsidiary Guarantor would be entitled to create a Lien on such Principal Property securing the Attributable Debt with respect to such Sale/Leaseback Transaction without equally and ratably securing the Securities pursuant to Section 4.10 and (b) any Sale/Leaseback Transaction of which the net proceeds received by Parent, the Issuer or any Subsidiary Guarantor are at least equal to the fair market value (as determined by the Board of Directors of Parent (or any duly authorized committee thereof)) of such Principal Property and are applied by Parent, the Issuer or such Subsidiary Guarantor, as applicable, within 365 days after the sale of such Principal Property in connection with which such Sale/Leaseback Transaction is completed, to either (or any combination of) (i) the prepayment, repayment, redemption or purchase of Securities, Indebtedness of Parent or the Issuer that is pari passu in right of payment to the Securities or Indebtedness (other than Disqualified Stock) of a Subsidiary (other than Indebtedness owed to Parent or an Affiliate of Parent) or (ii) the purchase, construction, development, expansion or improvement of Additional Assets.

 

Section 4.12                            Future Guarantors.

 

(a)                                 From and after the consummation of the Spinoff on the Spinoff Date, the Issuer shall cause each Wholly Owned U.S. Subsidiary (other than each Initially Excluded U.S. Subsidiary) and each Wholly Owned English Subsidiary (other than each Initial English Subsidiary Guarantor) of Parent that guarantees Indebtedness (or becomes a co-obligor on Indebtedness) of (i) Parent, (ii) the Issuer, (iii) a U.S. Subsidiary or (iv) an English Subsidiary, as applicable, under any Credit Facility of Parent, the Issuer, a U.S. Subsidiary or an English Subsidiary, as applicable, with an aggregate principal amount in excess of $400.0 million (or the currency equivalent thereof as determined by the Issuer in its sole discretion) (such Credit Facility of Parent, the Issuer, a U.S. Subsidiary or an English Subsidiary, as applicable, “Material Indebtedness”) to execute and deliver to the Trustee a supplemental indenture to this Indenture pursuant to which such Subsidiary will guarantee the Guaranteed Obligations within 150 days after the later of (A) the date it becomes a Wholly Owned Subsidiary and (B) the date it guarantees such Material Indebtedness.

 

(b)                                 Within 10 Business Days following the consummation of the Spinoff on the Spinoff Date, Parent, each of the Initial English Subsidiary Guarantors and each of the Initially Excluded U.S. Subsidiaries shall execute and deliver to the Trustee a supplemental indenture to this Indenture pursuant to which Parent, each of the Initial English Subsidiary Guarantors and each of the Initially Excluded U.S. Subsidiaries will guarantee the Guaranteed Obligations.

 

Section 4.13                            Activities Prior to Spinoff Date.

 

Prior to the Spinoff Date:

 

(a)                                 each of the Issuer’s and the Issuer’s Subsidiaries’ primary activities are restricted to (i) issuing the Securities, the Euro Notes, the Guarantees and the guarantees of the Euro Notes, as applicable, (ii) issuing Capital Stock to, and receiving capital contributions (and assuming certain liabilities) from, RemainCo and its Subsidiaries, (iii) performing its obligations, as applicable, under the Securities, the Euro Notes, the Guarantees, the guarantees of the Euro Notes, this Indenture, the Euro Notes Indenture, the Escrow Agreement, and the Escrow Agreement (as defined 

 

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in the Euro Notes Indenture), (iv) consummating the Escrow Release Conditions (and the Escrow Release Conditions (as defined in the Euro Notes Indenture)) or redeeming the Securities as set forth under Section 3.09 (or the Euro Notes as set forth under Section 3.09 of the Euro Notes Indenture), (v) performing its obligations, if any, under the Credit Agreement, (vi) conducting such other activities as are necessary or appropriate to maintain its existence and carry out the activities described in the foregoing clauses (i) through (v), and (vii) such other activities as are necessary or appropriate to facilitate the Separation and Spinoff (including conducting the operations, business and activities of the Adient Business); and

 

(b)                                 each of the Issuer and the Issuer’s Subsidiaries will not engage in any business activity or enter into any transaction or agreement (including, without limitation, making any restricted payment, Incurring any Indebtedness for borrowed money (other than under the Credit Agreement and in respect of the Securities and the Euro Notes), Incurring any Liens securing Indebtedness for borrowed money except in favor of the Holders (and Liens in favor of the holders of the Euro Notes and the secured parties under the Credit Agreement), entering into any merger, consolidation or sale of all or substantially all of its assets or engaging in any transaction with its Affiliates) except (i) in connection with the activities described in clause (a) of this Section 4.13, (ii) in accordance in all material respects with the description of the Transactions set forth in the Offering Memorandum and the Form 10 or (iii) as consented to by the Holders of a majority in principal amount of the Securities outstanding.

 

Section 4.14                            Existence.

 

From and after the consummation of the Spinoff on the Spinoff Date, subject to the Issuer’s right to (i) engage in transactions permitted by Section 5.01, (ii) implement the Issuer Assumption, and (iii) convert into a limited liability company, limited partnership or limited liability partnership or similar entity under applicable law, the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.  On and after any conversion of the Issuer into a limited liability company, limited partnership, limited liability partnership or similar entity under applicable law, the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its limited liability company, limited partnership, limited liability partnership or other entity existence, as applicable. Notwithstanding the foregoing, or anything contained in this Indenture or the Securities, or otherwise, the Initial Issuer shall be permitted to liquidate, dissolve or otherwise wind up, or transfer all of its assets to the Successor Issuer or any Guarantor, at any time on or after the Issuer Assumption Date.

 

Section 4.15                            Stay and Extension Laws.

 

The Issuer and each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede 

 

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the execution of any power therein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.16                            Maintenance of Listing.

 

The Issuer will use its commercially reasonable efforts to obtain and maintain the listing of the Securities on the Channel Islands Securities Exchange Authority Limited for so long as the Securities are outstanding; provided that if at any time the Issuer determines that it will not maintain such listing, it will, prior to the delisting of the Securities from the Channel Islands Securities Exchange Authority Limited (if then listed on the Channel Islands Securities Exchange Authority Limited), use commercially reasonable efforts to obtain and maintain a listing of the Securities on another “recognised stock exchange” as defined in Section 1005 of the Income Tax Act 2007 of the United Kingdom (in which case, references in this covenant to the Channel Islands Securities Exchange Authority Limited will be deemed to be refer to such other “recognised stock exchange”). In no event will this covenant require the Issuer to obtain or maintain the listing of the Securities on any exchange that requires financial reporting for any fiscal period in addition to the fiscal periods required by the SEC.

 

Section 4.17                            Covenant Suspension.

 

(a)                                 If on any date following the Spinoff Date (a “Suspension Date”): (i) the Securities are rated Investment Grade by both of the Rating Agencies and (ii) no Default has occurred and is continuing under this Indenture, then beginning on that day, with respect to the Securities, Parent, the Issuer and the Restricted Subsidiaries will not be subject to the provisions of Section 4.12(a).  In addition, upon the occurrence of a Suspension Date, the Issuer may elect to suspend the Subsidiary Guarantees.

 

(b)                                 In the event that Parent, the Issuer and the Restricted Subsidiaries are not subject to Section 4.12(a) for any period of time as a result of an event described in clause (a) of this Section 4.17, and on any subsequent date (a “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade rating or downgrade the rating assigned to the Securities below Investment Grade, then, with respect to such Securities, Parent, the Issuer and the Restricted Subsidiaries will thereafter again be subject to Section 4.12(a) with respect to future events and any previously suspended Subsidiary Guarantee will be reinstated to the extent required by this Section 4.12.

 

(c)                                  The Issuer will provide the Trustee with written notice of each Suspension Date or Reversion Date within five Business Days of the occurrence thereof.  Notwithstanding that Section 4.12(a) may be reinstated, no Default will be deemed to have occurred as a result of a failure to comply with Section 4.12(a) during the period of time between a Suspension Date and a Reversion Date.  Within 30 days of such Reversion Date, the Issuer must comply with the terms of Section 4.12.

 

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ARTICLE 5.
 SUCCESSORS

 

Section 5.01                            Merger and Consolidation.

 

(a)                                 The Issuer will not, directly or indirectly, consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets in one or a series of related transactions to, any Person, unless:

 

(1)                                                                                                                                  the resulting, surviving or transferee Person (the “Successor Person”) will be a corporation, limited liability company, public liability company, limited partnership or other entity organized and existing under the laws of (u) the United States of America, any State thereof or the District of Columbia, (v) Ireland, (w) England and Wales, (x) Jersey, (y) any member state of the European Union as in effect on the Issue Date or (z) Switzerland; provided that the Successor Person (if not the Issuer) will expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Issuer under the Securities and this Indenture;

 

(2)                                                                                                                                  immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Person, Parent or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Person, Parent or such Restricted Subsidiary at the time of such transaction), no Default shall have occurred and be continuing; and

 

(3)                                                                                                                                  the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture.

 

The Successor Person will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture, and the predecessor Issuer, other than in the case of a lease, will be automatically released from all obligations under the Securities and this Indenture, including, without limitation, the obligation to pay the principal of and interest on the Securities.

 

(b)                                 In addition, subject to the provisions governing release of Guarantees as set forth in Section 11.03, the Issuer will not permit any Guarantor to, directly or indirectly, consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its assets in one or a series of related transactions to, any Person unless:

 

(1)                                                                                                                                  the surviving (if other than such Guarantor) or transferee Person (the “Successor Guarantor”) will expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form 

 

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reasonably satisfactory to the Trustee, all the obligations of such Guarantor under its Guarantee;

 

(2)                                                                                                                                  immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Guarantor, the Issuer or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Guarantor, the Issuer or such Restricted Subsidiary at the time of such transaction), no Default shall have occurred and be continuing; and

 

(3)                                                                                                                                  the Issuer will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture.

 

The Successor Guarantor will succeed to, and be substituted for, and may exercise every right and power of, such Guarantor under this Indenture, and the predecessor Guarantor, other than in the case of a lease, will be automatically released from all obligation under the Securities, this Indenture and its Guarantee, including, without limitation, the obligation to pay the principal of and interest on the Securities.

 

(c)                                  Notwithstanding the foregoing clauses (a) and (b) of this Section 5.01:

 

(1)                                                                                                                                  any Restricted Subsidiary may, directly or indirectly, consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets in one or a series of related transactions, to Parent, the Issuer or any Subsidiary Guarantor;

 

(2)                                                                                                                                  the Issuer may, directly or indirectly, consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets in one or a series of related transactions, to, the Successor Issuer in connection with an Issuer Assumption; and

 

(3)                                                                                                                                  the Issuer or Parent may, directly or indirectly, consolidate with or merge with or into an Affiliate incorporated solely for the purpose of reincorporating the Issuer or Parent in another jurisdiction within the United States of America, any State thereof or the District of Columbia, Ireland, England and Wales, Jersey, any member state of the European Union as in effect on the Issue Date or Switzerland to realize tax or other benefits.

 

Section 5.02                            Issuer Assumption.

 

(a)                                 Notwithstanding anything in this Indenture or otherwise to the contrary, at any time from and after the Issue Date, at the option of the Issuer and following prior written notice from the Issuer to the Trustee (the “Issuer Assumption Notice”), the Successor Issuer may assume all obligations of the Initial Issuer under this Indenture and the Securities pursuant to an 

 

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indenture supplemental hereto, substantially in the form of Exhibit C hereto, at which time the Initial Issuer will be automatically released from any obligations as Issuer under this Indenture and the Securities (an “Issuer Assumption”); provided, however, that:

 

(i)                                     unless the Initial Issuer is liquidated, dissolved, transfers all of its assets to the Successor Issuer or any Guarantor or is otherwise wound up on the Issuer Assumption Date, the Initial Issuer shall, by an indenture supplemental hereto, substantially in the form of Exhibit B hereto, become a Guarantor of the Securities; and

 

(ii)                                  an Issuer Assumption may only be consummated with respect to both the Securities and the Euro Notes.

 

(b)                                 The Issuer Assumption shall be consummated on the Issuer Assumption Date.  From and after the Issuer Assumption Date, the Successor Issuer shall be considered the Issuer for all purposes of this Indenture.

 

(c)                                  On the Issuer Assumption Date, the Initial Issuer shall deliver, with respect to the Securities, to the Trustee (a) the supplemental indenture or supplemental indentures, as applicable, and (b) an Officers’ Certificate and an Opinion of Counsel, each stating that such Issuer Assumption and such supplemental indenture or supplemental indentures, as applicable, comply with this Indenture.

 

ARTICLE 6.
 DEFAULTS AND REMEDIES

 

Section 6.01                            Events of Default.

 

Each of the following is an event of default (each, an “Event of Default”):

 

a.                                                                                      a default in any payment of interest or Additional Amounts on the Securities, when due and payable, continued for 30 days;

 

b.                                                                                      a default in the payment of principal (but not, for the avoidance of doubt, Additional Amounts) of any Security when due and payable at its Stated Maturity, upon optional redemption or required repurchase, upon declaration of acceleration or otherwise;

 

c.                                                                                       the failure by the Issuer or any Guarantor to comply for 30 days after notice with its obligations under Section 5.01;

 

d.                                                                                      the failure by the Issuer to comply for 45 days after notice with any of its obligations under Article 10;

 

e.                                                                                       the failure by the Issuer or any Guarantor to comply for 60 days after notice with its other agreements contained in this Indenture;

 

f.                                                                                        the failure by Parent, the Issuer or any Significant Subsidiary to pay any Indebtedness (other than Indebtedness owing to Parent, the Issuer or any Restricted Subsidiary) 

 

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within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default if the total amount of such Indebtedness unpaid or accelerated exceeds $200.0 million or its foreign currency equivalent (as determined by the Issuer in its sole discretion);

 

g.                                                                                       (A) Parent, the Issuer or any Significant Subsidiary, pursuant to or within the meaning of Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a custodian of it or for all or substantially all of its assets or (iv) makes a general assignment for the benefit of its creditors, or (B) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against Parent, the Issuer or any Significant Subsidiary in an involuntary case, (ii) appoints a custodian of Parent, the Issuer or any Significant Subsidiary or for all or substantially all of the assets of Parent, the Issuer or any Significant Subsidiary, or (iii) orders the liquidation of Parent, the Issuer or any Significant Subsidiary;

 

h.                                                                                      the Parent Guarantee of the Securities ceases to be in full force and effect in all material respects (except as contemplated by the terms thereof) or Parent denies or disaffirms its obligations in respect of the Securities under this Indenture, and such Default continues for 10 days after receipt of the notice as specified in this Indenture; or

 

i.                                                                                          any Subsidiary Guarantee of the Securities by a Significant Subsidiary ceases to be in full force and effect in all material respects (except as contemplated by the terms thereof) or any Subsidiary Guarantor that is a Significant Subsidiary denies or disaffirms such Subsidiary Guarantor’s obligations in respect of the Securities under this Indenture or its Subsidiary Guarantee, and such Default continues for 10 days after receipt of the notice as specified in this Indenture.

 

The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is 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.

 

However, a default under clauses (c), (d) (e), (f), (h) or (i) will not constitute an Event of Default with respect to the Securities until the Trustee notifies the Issuer, or the Holders of at least 25% in principal amount of the outstanding Securities notify the Issuer and the Trustee, of the default and the Issuer or the Guarantor, as applicable, does not cure such default within the time specified in clauses (c), (d), (e), (f), (h) or (i) hereof after receipt of such notice.

 

Section 6.02                            Acceleration.

 

If an Event of Default (other than an Event of Default specified in clause (g) of Section 6.01 with respect to Parent or the Issuer) occurs and is continuing as to the Securities, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, by notice to the Issuer may declare the principal of and accrued but unpaid interest on all such Securities to be due and payable. Upon such a declaration, such principal and interest will be due and payable immediately. If an Event of Default specified in clause (g) of Section 6.01 with respect to Parent 

 

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or the Issuer occurs, the principal of and interest on the Securities will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in principal amount of the outstanding Securities by written notice to the Trustee may on behalf of all of the Holders of Securities rescind any such acceleration with respect to such Securities and its consequences if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived.

 

Section 6.03                            Other Remedies.

 

If an Event of Default with respect to Securities occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, on and interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture.

 

The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Security in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

 

Section 6.04                            Waiver of Past Defaults.

 

Holders of a majority in principal amount of the Securities then outstanding voting as a single class, by notice to the Trustee, may on behalf of the Holders of all of the Securities waive any Default and its consequences hereunder, except a Default in the payment of the principal of, premium, if any, on or interest on the Securities (including in connection with an offer to repurchase) (provided, however, that pursuant to Section 6.02 of this Indenture the Holders of a majority in aggregate principal amount of the then outstanding Securities may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). 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 Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05                            Control by Majority.

 

The Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to such Securities. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Security or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee will be entitled to indemnification reasonably satisfactory to the Trustee in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

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Section 6.06                            Limitation on Suits.

 

Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder of a Security may pursue any remedy with respect to this Indenture or the Securities unless:

 

(a)                                                                                 such Holder has previously given the Trustee notice that an Event of Default is continuing;

 

(b)                                                                                 Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy;

 

(c)                                                                                  such Holders have offered the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

 

(d)                                                                                 the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of indemnity; and

 

(e)                                                                                  Holders of a majority in principal amount of the Securities have not given the Trustee a direction inconsistent with such request within such 60-day period.

 

A Holder of any Security may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.

 

Section 6.07                            Rights of Holders of Securities to Receive Payment.

 

Notwithstanding any other provision of this Indenture, any Holder of the Securities shall have the right to bring suit for the payment of principal of, premium, if any, on and interest (including Additional Amounts) on its Security, on or after the respective due dates expressed or provided for in such Security (including in connection with an offer to repurchase).

 

Section 6.08                            Collection Suit by Trustee.

 

If an Event of Default specified in Section 6.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Securities for the whole amount of principal of, premium, if any on, and interest remaining unpaid on the Securities and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

Section 6.09                            Trustee May File Proofs of Claim.

 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Securities allowed in any judicial proceedings relative to the 

 

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Issuer, the Guarantors, their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.10                            Priorities.

 

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

 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to Holders of Securities for amounts due and unpaid on the Securities for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal, premium, if any and interest, respectively; and

 

Third: to the Issuer or, to the extent the Trustee collects any amount from any Guarantor, to such Guarantor, or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment date for any payment to Holders of Securities pursuant to this Section 6.10.

 

Section 6.11                            Undertaking for Costs.

 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims 

 

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or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities.

 

ARTICLE 7.
 TRUSTEE

 

Section 7.01                            Duties of Trustee.

 

(a)                                                                                 If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. Other than with respect to an Event of Default in the payment when due of interest or an Event of Default in the payment when due of principal of or premium, the Trustee shall not be deemed to have knowledge of Events of Default unless a Trust Officer has actual knowledge or receives written notice of such Event of Default in accordance with Section 12.02 and such notice references the Securities and this Indenture. If an Event of Default has occurred and is continuing, the Trustee will be under no obligation to exercise any of the rights and powers under this Indenture at the request or direction of any Holders of Securities, unless such Holders shall have offered to the Trustee indemnity satisfactory to it against any loss, liability or expense, and then only to the extent required by the terms of this Indenture.

 

(b)                                                                                 With respect to the Securities, except during the continuance of an Event of Default with respect to the Securities:

 

(i)                                     the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)                                  in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

 

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

 

(i)                                     this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(ii)                                  the Trustee shall not be liable for any error of judgment made in good faith, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and

 

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(iii)                               the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof.

 

(d)                                                                                 Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

 

(e)                                                                                  No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers.

 

(f)                                                                                   The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

Section 7.02                            Rights of Trustee.

 

(a)                                                                                 The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)                                                                                 Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

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

 

(d)                                                                                 The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence.

 

(e)                                                                                  Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer.

 

(f)                                                                                   Prior to taking any action under this Indenture, the Trustee will be entitled to indemnification reasonably satisfactory to the Trustee in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

(g)                                                                                  The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent, the Authenticating 

 

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Agent, the custodian, any other agent of the Trustee hereunder and any other Person employed to act hereunder.

 

(h)                                                                                 The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(i)                                                                                     The permissive rights of the Trustee shall not be construed as a duty.

 

(j)                                                                                    The Trustee may, but shall not be obligated to, request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of Officers authorized at such time to take specified actions pursuant to this Indenture.

 

(k)                                                                                 In no event shall the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

Section 7.03                            Individual Rights of Trustee.

 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest, it must either eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee must also comply with Section 7.10 hereof.

 

Section 7.04                            Trustee’s Disclaimer.

 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Issuer’s use of the proceeds from the Securities or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to this Indenture other than its certificate of authentication.

 

Section 7.05                            Notice of Defaults.

 

If a Default occurs and is continuing as to the Securities, and is known to a Trust Officer, the Trustee must mail to each Holder of Securities, notice of the Default within the later of 90 days after it occurs or 60 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Security (including payments pursuant to the redemption provisions of the Securities), the Trustee may withhold notice if and so long as a committee of its Trust Officers in good faith determines that withholding notice is in the interests of the Holders of the Securities.

 

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Section 7.06                            Reserved

 

Section 7.07                            Compensation and Indemnity.

 

The Issuer shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable out-of-pocket disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

Except as otherwise provided in this Section 7.07, the Issuer shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture or any Guarantee against the Issuer or any Guarantor (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer, any Guarantor, or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder (but excluding any Taxes imposed on or calculated by reference to the net income, profits or gains of the Trustee), except to the extent any such loss, liability or expense may be attributable to its willful misconduct or gross negligence or bad faith. The Trustee shall notify the Issuer promptly of any claim for which a Trust Officer has received notice and for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder except to the extent that the Issuer has been materially prejudiced by such failure. The Issuer shall defend the claim and the Trustee shall cooperate in the defense. The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.

 

The obligations of the Issuer under this Section 7.07 shall survive the satisfaction and discharge of this Indenture.

 

To secure the Issuer’s payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium, if any, on and interest on particular Securities.

 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(g) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.08                            Replacement of Trustee.

 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08.

 

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The Trustee may resign in writing at any time by notifying the Issuer in writing at least 10 days prior to the date of the proposed resignation and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if:

 

(a)                                                                                 the Trustee fails to comply with Section 7.10 hereof;

 

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

 

(c)                                                                                  a custodian or public officer takes charge of the Trustee or its property; or

 

(d)                                                                                 the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee.

 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10% in principal amount of the then outstanding Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the retiring Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee.

 

Section 7.09                            Successor Trustee by Merger, etc.

 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

 

Section 7.10                            Eligibility; Disqualification.

 

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any State thereof that is authorized 

 

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under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition.

 

ARTICLE 8.
 DISCHARGE OF INDENTURE; DEFEASANCE

 

Section 8.01                            Discharge of Liability on Securities; Defeasance.

 

(a)                                                                                 Subject to Section 8.01(c), this Indenture shall be discharged and will cease to be of further effect as to all outstanding Securities when:

 

(i)                                     either (A) all the Securities theretofore authenticated and delivered (other than Securities pursuant to Section 2.09 which have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or (B) all of the Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable, (2) will become due and payable at their Stated Maturity within one year or (3) have been called for redemption as a result of the mailing (or delivery electronically) of a notice of redemption or otherwise and will become due and payable within one year, and, in the case of this clause (B), the Issuer has irrevocably deposited or caused to be deposited in trust with the Trustee or Paying Agent, as applicable, (x) U.S. dollars in an amount sufficient, or (y) U.S. Government Obligations the principal of and interest on which will be sufficient, or (z) a combination thereof sufficient, as evidenced by an Officers’ Certificate of the Issuer, to pay at Stated Maturity or upon redemption all outstanding Securities, including premium, if any, and interest thereon to Stated Maturity or such Redemption Date, together with irrevocable instructions from the Issuer directing the Trustee or the Paying Agent, as applicable, to apply such funds to the payment thereof at Stated Maturity or redemption, as the case may be, provided that, with respect to any redemption of any Securities that requires the payment of the Applicable Premium, the amount deposited pursuant to this subclause (a)(i) shall be sufficient for purposes of this Indenture to the extent that an amount is so deposited with the Trustee or Paying Agent, as applicable, equal to the Applicable Premium on such Securities calculated as of the date of the notice of redemption, with any deficit on the Redemption Date only required to be deposited with the Trustee or Paying Agent, as applicable, on or prior to the Redemption Date;

 

(ii)                                  the Issuer and/or the Guarantors have paid all other sums payable under this Indenture by the Issuer and/or the Guarantors with respect to the Securities; and

 

(iii)                               the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been satisfied or waived.

 

(b)                                                                                 Subject to Section 8.01(c), the Issuer at any time may terminate (i) all of its obligations as to the Securities under this Indenture (“Legal Defeasance”) or (ii)(A) its and 

 

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each Guarantor’s (if applicable) obligations under Article 10 and Sections 4.03, 4.10, 4.11, 4.12, 4.13, 4.14 and 5.01 and (B) the operation of Sections 6.01(f) and 6.01(g) (with respect to Significant Subsidiaries) (“Covenant Defeasance”). The Issuer may exercise its Legal Defeasance option notwithstanding its prior exercise of its Covenant Defeasance option.

 

If the Issuer exercises its Legal Defeasance option with respect to the Securities, payment of the Securities may not be accelerated because of an Event of Default with respect thereto. If the Issuer exercises its Covenant Defeasance option with respect to the Securities, payment of the Securities may not be accelerated because of an Event of Default specified in Section 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (with respect only to Significant Subsidiaries), 6.01(h) or 6.01(i). In the event that the Issuer exercises its Legal Defeasance option or Covenant Defeasance option with respect to the Securities, each Guarantor will be released from all of its obligations with respect to its Guarantee of such Securities.

 

Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates.

 

(c)                                                                                  Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 2.19, 7.07, 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Issuer’s obligations in Sections 2.19, 7.07, 8.05 and 8.06 shall survive such satisfaction and discharge.

 

Section 8.02                            Conditions to Legal or Covenant Defeasance.

 

In order to exercise either its Legal Defeasance option or its Covenant Defeasance option:

 

(a)                                                                                 the Issuer must irrevocably deposit or cause to be deposited in trust (the “Defeasance Trust”) with the Trustee or Paying Agent, as applicable, for the benefit of the Holders, (i) U.S. dollars in an amount sufficient, or (ii) U.S. Government Obligations, the principal of and interest on which will be sufficient, or (iii) a combination thereof sufficient, as evidenced by an Officers’ Certificate of the Issuer, to pay at Stated Maturity or upon redemption all outstanding Securities, including premium, if any, and interest thereon to Stated Maturity or the applicable Redemption Date, as the case may be (provided that, with respect to any redemption of any Securities that requires the payment of the Applicable Premium, the amount deposited pursuant to this clause (a) shall be sufficient for purposes of this Indenture to the extent that an amount is so deposited with the Trustee or Paying Agent, as applicable, equal to the Applicable Premium on such Securities calculated as of the date of the notice of redemption, with any deficit on the Redemption Date only required to be deposited with the Trustee or Paying Agent, as applicable, on or prior to the Redemption Date);

 

(b)                                                                                 in the case of an exercise of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that (A) the Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling or (B) since the date this Indenture was first executed, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall 

 

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confirm that, the Holders of the outstanding Securities will not recognize income, gain or loss for United States federal  income tax purposes as a result of such Defeasance Trust and Legal Defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance Trust and Legal Defeasance had not occurred;

 

(c)                                                                                  in the case of an exercise of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the outstanding Securities will not recognize income, gain or loss for United States federal income tax purposes as a result of such Defeasance Trust and Covenant Defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance Trust and Covenant Defeasance had not occurred; and

 

(d)                                                                                 the Legal Defeasance or Covenant Defeasance, as applicable, shall not result in or constitute a Default or Event of Default under this Indenture.

 

Section 8.03                            Deposited U.S. Dollars and U.S. Government Obligations to be Held in Trust.

 

Subject to Section 8.04 hereof, all U.S. dollars and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to this Article 8 shall be held in trust and applied by the Trustee, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or any Subsidiary of the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such discharged or defeased Securities, as the case may be, of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

Section 8.04                            Repayment to the Issuer.

 

Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the request of the Issuer any U.S. dollars or U.S. Government Obligations held by it as provided in Section 8.02 hereof which in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee are in excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article 8.

 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, on or interest on any Securities and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Securities shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in The New York Times 

 

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and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.

 

Section 8.05                            Indemnity for U.S. Government Obligations.

 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to this Article 8 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities so discharged or defeased.

 

Section 8.06                            Reinstatement.

 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in accordance with this Article 8 by reason of any legal proceeding or order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s obligations under this Indenture and the Securities so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with this Article 8; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, on or interest on any such Securities following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE 9.
 AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01                            Without Consent of Holders of Securities.

 

The Issuer, the Guarantors and the Trustee, as applicable, at any time and from time to time may amend this Indenture, the Securities or any Guarantee, or enter into one or more indentures supplemental hereto, without the consent of any Holder of a Security for any of the following purposes:

 

(1)                                                                                 to cure any ambiguity, omission, defect or inconsistency;

 

(2)                                                                                 to provide for the assumption by a successor entity of the obligations of the Issuer under this Indenture and the Securities or any Guarantor under its Guarantee;

 

(3)                                                                                 to provide for uncertificated Securities in addition to or in place of certificated Securities (provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code);

 

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(4)                                                                                 to secure the Securities or add additional Guarantees with respect to the Securities, or confirm and evidence the release, termination or discharge of any Guarantee when such release, termination or discharge is permitted under this Indenture;

 

(5)                                                                                 to add to the covenants of Parent, the Issuer or any of their respective Subsidiaries for the benefit of the Holders of the Securities, or to surrender any right or power conferred upon Parent, the Issuer or any of their respective Subsidiaries;

 

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

 

(7)                                                                                 to make any amendment to the provisions of this Indenture relating to the form, authentication, transfer and legending of the Securities; provided, however, that

 

(i)                                     compliance with this Indenture as so amended would not result in Securities being transferred in violation of the Securities Act or any other applicable securities law; and

 

(ii)                                  such amendment does not materially affect the rights of such Holders to transfer Securities;

 

(8)                                                                                 to add any additional Events of Default with respect to the Securities;

 

(9)                                                                                 to evidence and provide for the acceptance of an appointment under this Indenture of a successor trustee; provided that the successor trustee is otherwise qualified and eligible to act as such under the terms of this Indenture;

 

(10)                                                                          to provide for the issuance of Additional Securities permitted to be issued under this Indenture;

 

(11)                                                                          to comply with the rules of any applicable securities depositary;

 

(12)                                                                          to conform the text of this Indenture, the Securities or the Guarantees, in each case, to any provision of the “Description of Notes” section of the Offering Memorandum;

 

(13)                                                                          to convey, transfer, assign, mortgage or pledge as security for the Securities any property or assets in accordance with Section 4.10;

 

(14)                                                                          to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance or discharge of the Securities pursuant to Article 8; provided, however, that any such action shall not adversely affect the interests of the Holders of the Securities; or

 

(15)                                                                          to provide for the implementation of an Issuer Assumption.

 

Upon the request of the Issuer accompanied by a Board Resolution authorizing the execution of any such amendment or supplemental indenture, and upon receipt by the Trustee of the 

 

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documents described in Section 7.02(b) hereof, the Trustee shall join with the Issuer in the execution of any amendment or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amendment or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

After an amendment under this Section 9.01 becomes effective, the Issuer shall mail, or deliver electronically if held by any depositary in accordance with such depositary’s customary procedures, to the Holders of Securities a notice briefly describing such amendment. However, the failure to give such notice to all Holders of the Securities, or any defect therein, shall not in any way impair or affect the validity of the amendment.

 

Section 9.02                            With Consent of Holders of Securities.

 

Except as provided below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend this Indenture, the Securities and the Guarantees with the written consent of the Holders of a majority in principal amount of the Securities then outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange for the Securities), and, subject to Sections 6.04 and 6.07 hereof and except as otherwise provided below in this Section 9.02, any Default (other than a Default in the payment of the principal of, premium, if any, on, interest on or Additional Amounts, if any, in respect of the Securities, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provisions of this Indenture, the Securities and the Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Securities voting as a single class (including consents obtained in connection with a tender offer or exchange for the Securities).

 

Upon the request of the Issuer accompanied by a Board Resolution authorizing the execution of any such amendment or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02(b) hereof, the Trustee shall join with the Issuer in the execution of any amendment or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amendment or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

The consent of the Holders of Securities under this Section 9.02 is not necessary to approve the particular form of any proposed amendment or waiver.  It will be sufficient if such consent approves the substance of the proposed amendment or waiver. A consent to any amendment or waiver under this Indenture, the Securities, any Guarantee or the Escrow Agreement, by any Holder given in connection with a tender or exchange of such Holder’s Securities will not be rendered invalid by such tender or exchange.

 

After an amendment under this Section 9.02 becomes effective, the Issuer is required to mail, or deliver electronically if held by any depositary in accordance with such depositary’s customary 

 

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procedures, to Holders of Securities a notice briefly describing such amendment. However, the failure to give such notice to all such Holders, or any defect therein, will not impair or affect the validity of the amendment.

 

Notwithstanding the foregoing, without the consent of each Holder of an outstanding Security affected, no amendment may:

 

(1)                                                                                 reduce the amount of the Securities whose Holders must consent to an amendment;

 

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

 

(3)                                                                                 reduce the principal of or extend the Stated Maturity of any Security;

 

(4)                                                                                 reduce the premium payable upon the redemption of any Security or change the time at which any Security may be redeemed as described under Paragraph 5 of the Securities set forth on Exhibit A and (solely as it may relate to a redemption of the type described under Paragraph 5 of the Securities as set forth on Exhibit A) Article 3 above; provided that the notice period for redemption may be reduced to not less than 3 Business Days with the consent of the Holders of a majority in principal amount of the Securities then outstanding if a notice of redemption has not prior thereto been sent to such Holders;

 

(5)                                                                                 make any Security payable in money other than that stated in such Security;

 

(6)                                                                                 amend the right of any Holder of the Securities to bring suit for the payment of principal, premium, if any, and interest on its Securities, on or after the respective due dates expressed or provided for in such Securities;

 

(7)                                                                                 make any change in the amendment or waiver provisions which require the consent of each Holder of Securities;

 

(8)                                                                                 modify the Guarantees in any manner adverse to the Holders of the Securities;

 

(9)                                                                                 modify any provision of this Indenture with respect to the Issuer’s obligation to redeem the Securities through the Special Mandatory Redemption in a manner that would materially adversely affect the Holders of such Securities; or

 

(10)                                                                          modify any provision of this Indenture with respect to the Issuer’s obligation to redeem the Securities through the Post-Release Date Redemption in a manner that would materially adversely affect the Holders of such Securities.

 

For the avoidance of doubt, no amendment to, or deletion of any of the covenants in this Indenture, including without limitation the covenants described under Sections 4.03, 4.10, 4.11, 

 

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4.13, 4.14 and 5.01, or Article 10, shall be deemed to amend the right of any Holder of the Securities to bring suit for the payment of principal, premium, if any, and interest on its Securities.

 

Notwithstanding anything herein or otherwise, the provisions under this Indenture relative to the Issuer’s obligation to make any offer to repurchase the Securities as a result of a Change of Control Triggering Event pursuant to Article 10 hereof may be waived or modified with the written consent of the Holders of a majority in principal amount of the Securities.

 

No provisions of the Escrow Agreement (including, without limitation, those relating to the release of the Escrowed Property) may be amended or waived in a manner that would materially adversely affect the Holders of the Securities (as determined in good faith by the Issuer) without the consent of the Holders of a majority in principal amount of the Securities then outstanding.  Notwithstanding the foregoing, without the consent of any Holder of Securities, the Issuer may amend the Escrow Agreement to conform the text thereof to any provision of the “Description of Notes” section of the Offering Memorandum.

 

Section 9.03                            Reserved.

 

Section 9.04                            Effect of Consents.

 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder of a Security and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

Section 9.05                            Notation on or Exchange of Securities.

 

The Trustee or Authenticating Agent may place an appropriate notation about an amendment, supplement or waiver on any Security thereafter authenticated. The Issuer in exchange for all Securities may issue and the Trustee or Authenticating Agent shall, upon receipt of an Issuer Order, authenticate new Securities that reflect the amendment, supplement or waiver. Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.06                            Trustee to Sign Amendments, etc.

 

The Trustee shall sign any amendment or supplemental indenture authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amendment or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture.

 

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Section 9.07                            Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture under this Article 9, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby, except to the extent otherwise set forth thereon.

 

ARTICLE 10.
 CHANGE OF CONTROL TRIGGERING EVENT

 

(a)                                                                                 Upon the occurrence of a Change of Control Triggering Event, each Holder will have the right to require the Issuer to purchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

(b)                                                                                 Within 30 days following any Change of Control Triggering Event, the Issuer shall mail to each Holder, or deliver electronically if the applicable Securities are held by any depositary, with a copy to the Trustee, a notice (the “Change of Control Offer”), stating:

 

(1)                                                                                                                                  that a Change of Control Triggering Event has occurred and that such Holder has the right to require the Issuer to purchase all or a portion of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant Interest Payment Date);

 

(2)                                                                                                                                  the circumstances and relevant facts and financial information regarding such Change of Control Triggering Event;

 

(3)                                                                                                                                  the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed or delivered electronically); and

 

(4)                                                                                                                                  the instructions determined by the Issuer, consistent with this Article 10, that a Holder must follow in order to have its Securities purchased.

 

(c)                                                                                  The Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Securities validly tendered and not withdrawn under such Change of Control Offer or (ii) the Securities have been or are called for redemption by the Issuer prior to the Issuer being required to mail or deliver 

 

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electronically notice of the Change of Control Offer, and thereafter the Issuer redeems all Securities called for redemption in accordance with the terms set forth in such redemption notice.

 

(d)                                                                                 Notwithstanding anything to the contrary contained herein, a revocable Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditioned upon the consummation of the relevant Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made.

 

(e)                                                                                  If Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described above, purchases all of the Securities validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Securities that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but not including, the Redemption Date for such Securities (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

(f)                                                                                   The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the purchase of Securities pursuant to this Article 10. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Article 10, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Article 10 by virtue thereof.

 

(g)                                                                                  Reserved.

 

(h)                                                                                 Holders electing to have a Security repurchased shall be required to surrender the Security, with an appropriate form duly completed, to the Issuer at the address specified in the notice prior to the repurchase date. The Holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the repurchase date a telegram, telex, facsimile transmission or letter sent to the applicable address specified in Section 12.02 or set forth in the notice described in Section 10(b) setting forth the name of the Holder, the principal amount of the Security which was delivered for repurchase by the Holder and a statement that such Holder is withdrawing his election to have such Security repurchased. Holders whose Securities are repurchased only in part shall, upon request, be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered.

 

(i)                                                                                     Securities repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Securities issued but not outstanding or will be retired and canceled at the option of the Issuer. Securities repurchased by a third party pursuant to the preceding clause (c)(i) will have the status of Securities issued and outstanding.

 

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ARTICLE 11.
 GUARANTEE

 

Section 11.01                     Guarantee.

 

(a)                                 Each Guarantor, as a primary obligor and not merely as a surety, hereby jointly and severally guarantees, on an unsecured, unsubordinated basis, to each Holder and to the Trustee and its successors and assigns, the performance and full and punctual payment when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Securities, whether for payment of principal of, premium, if any, or interest on the Securities, expenses, indemnification or otherwise (all such obligations guaranteed by the Guarantors being herein called the “Guaranteed Obligations”).

 

(b)                                 Each Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment.  Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations.  The Guarantee of each Guarantor hereunder shall not be affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Securities or any other agreement or otherwise; (ii) any extension or renewal of this Indenture, the Securities or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or each Guarantor; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of each Guarantor, except as provided in Sections 5.01(b) and 11.03.  Each Guarantor hereby waives any right to which it may be entitled to have its Guarantee hereunder divided among the Guarantors, such that such Guarantor’s Guarantee would be less than the full amount claimed.

 

(c)                                  Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment of the Issuer’s obligations under this Indenture and the Issuer’s or such Guarantor’s Guarantee hereunder prior to any amounts being claimed from or paid by such Guarantor hereunder.  Each Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to an action being initiated against such Guarantor.

 

(d)                                 Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment and performance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations.

 

(e)                                  The Guarantee of each Guarantor is, to the extent and the in the manner set forth in this Article 11, equal in right of payment to all existing and future unsubordinated Indebtedness, and senior in right of payment to all existing and future subordinated Indebtedness of such Guarantor.

 

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(f)                                   Except as expressly set forth in Sections 5.01(b), 8.01(b), 11.02, 11.03 and 11.06, the Guarantee of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise.  Without limiting the generality of the foregoing, the Guarantee of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity.

 

(g)                                  Each Guarantee is a continuing Guarantee and shall, subject to Sections 5.01(b) and 11.03, remain in full force and effect until payment in full of all the Guaranteed Obligations.  Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise.

 

(h)                                 In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the Holders and the Trustee.

 

(i)                                     Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations.  Each Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (A) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (B) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for purposes of this Section 11.01.

 

(j)                                    Each Guarantor also agrees to pay any and all out-of-pocket costs and expenses (including reasonable out-of-pocket counsel fees and expenses) incurred by the Trustee in enforcing any rights under the Guarantees.

 

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(k)                                 Upon request of the Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary to carry out more effectively the purpose of this Indenture.

 

Section 11.02                     Limitation on Liability.

 

Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without rendering the Guarantee, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

 

Section 11.03                     Release of Guarantors.

 

(a)                                 The Subsidiary Guarantee of a Subsidiary Guarantor will automatically terminate and be of no further force or effect, and such Subsidiary Guarantor will automatically be released from all obligations under this Article 11:

 

(i)                                     upon the sale, disposition, exchange or other transfer (including pursuant to any exercise of remedies by a holder of Indebtedness of Parent, the Issuer or of such Subsidiary Guarantor or through consolidation, merger, amalgamation or otherwise) of any Capital Stock of the applicable Subsidiary Guarantor following which the applicable Subsidiary Guarantor is no longer a Wholly Owned Subsidiary, if such sale, disposition, exchange or other transfer is made in a manner not in violation of this Indenture;

 

(ii)                                  upon the release or discharge of the guarantee by such Subsidiary Guarantor of the (A) Indebtedness under the Credit Agreement and/or (B) Material Indebtedness (if any) which created the obligation to guarantee the Securities;

 

(iii)                               upon the conveyance, transfer or lease of all or substantially all the assets in one or more related transactions of such Subsidiary Guarantor, if such conveyance, sale or lease is made in a manner not in violation of this Indenture;

 

(iv)                              upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary”;

 

(v)                                 upon the Issuer’s exercise of its Legal Defeasance option or Covenant Defeasance option as to the Securities as described under Article 8, or the Issuer’s obligations under this Indenture with respect to the Securities being discharged in accordance with the terms of this Indenture;

 

(vi)                              solely in respect of the Subsidiary Guarantee of a Subsidiary Guarantor (if any) that is the Successor Issuer, on the Issuer Assumption Date; or

 

(vii)                           solely in respect of the Initial Issuer Guarantee (if any), upon the liquidation, dissolution or other winding up of the Initial Issuer or the transfer of all of the Initial 

 

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Issuer’s assets to the Successor Issuer or any Guarantor, in each case after the Issuer Assumption Date (as certified in an Officers’ Certificate of the Successor Issuer delivered to the Trustee and on which the Trustee is entitled to rely exclusively).

 

In addition, upon the occurrence of a Suspension Date, the Issuer may elect to suspend the Subsidiary Guarantees as described in Section 4.17.

 

(b)                                 The Parent Guarantee will automatically be released upon the Issuer’s exercise of its Legal Defeasance option or Covenant Defeasance option as to the Securities as described under Article 8 or the Issuer’s obligations under this Indenture with respect to the Securities being discharged in accordance with the terms of this Indenture.

 

(c)                                  The Issuer shall promptly notify the Trustee and the Holders if the Guarantee of any Guarantor is released or if the Issuer elects to suspend any Subsidiary Guarantee in accordance with Section 4.17.  The Trustee shall execute and deliver an appropriate instrument confirming the release or suspension, as applicable, of any such Guarantee upon request of the Issuer.

 

Section 11.04                     Successors and Assigns.

 

This Article 11 shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of, and be enforceable by, the Trustee, the Holders and their successors, transferees and assigns and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

 

Section 11.05                     No Waiver.

 

Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article 11 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege.  The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 11 at law, in equity, by statute or otherwise.

 

Section 11.06                     Modification.

 

No modification, amendment or waiver of any provision of this Article 11, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No notice to or demand on any Guarantor in any case shall entitle any Guarantor to any other or further notice or demand in the same, similar or other circumstances.

 

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Section 11.07                     Execution of Supplemental Indenture for Future Guarantors.

 

Each Person which is required to become a Guarantor of the Securities pursuant to Section 4.12, pursuant to Section 5.01(a)(i) or in accordance with the terms and conditions of the Escrow Agreement, shall promptly execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit B hereto pursuant to which such Person shall become a Guarantor under this Article 11 and shall guarantee the Guaranteed Obligations.  Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate as provided under Section 9.06.

 

Section 11.08                     Non-Impairment.

 

The failure to endorse a Guarantee on any Security shall not affect or impair the validity thereof.

 

Section 11.09                     Jersey Law Waivers.

 

Without prejudice to the generality of any waiver granted in this Indenture, each Guarantor irrevocably and unconditionally abandons and waives any right which it may have at any time under the laws of the island of Jersey:

 

(a)                                                                                 whether by virtue of the droit de discussion or otherwise to require that recourse be had to the assets of any other Guarantor or any other person before any claim is enforced against it in respect of the obligations or liabilities assumed by it under this Indenture; and

 

(b)                                                                                 whether by virtue of the droit de division or otherwise to require that any obligation or liability under this Indenture be divided or apportioned with any other Guarantor or any other person or reduced in any manner whatsoever.

 

ARTICLE 12.
 MISCELLANEOUS

 

Section 12.01                     Consent to Capital Reductions.

 

Notwithstanding anything to the contrary contained in this Indenture, nothing in this Indentures or the Securities will prevent any of Parent, the Issuer, or any of their Subsidiaries from reducing its company capital in any way permitted by applicable law, and the Trustee and each present and future Holder consents to any such reduction of company capital and, without limiting the foregoing, consents to and agrees not to object to any such reduction of company capital by way of court or other procedure required to implement any such reduction of company capital.  Notwithstanding the foregoing, nothing under this Section 12.01 shall diminish the applicability of the covenants described in Sections 4.03, 4.10, 4.11, 4.12, 4.14, and 5.01.

 

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Section 12.02                     Notices.

 

Any notice or communication by the Issuer, Guarantors, Trustee, Paying Agent, Transfer Agent or Registrar to any of the others is duly given if in writing and sent electronically or delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address:

 

If to the Issuer or the Guarantors:

 

Adient Global Holdings Ltd
 Attention:  Steve Mielke, VP & Treasurer

833 E Michigan Street

Suite 1100

Milwaukee, WI 53202

Telephone: (414) 220-8992

E-Mail: steven.t.mielke@adient.com

 

If to the Trustee, Paying Agent, Transfer Agent or Registrar:

 

U.S. Bank National Association
 Attention:  Global Corporate Trust Services

1555 North RiverCenter Drive, Suite 203
 Milwaukee, WI 53212
 Facsimile: (414) 905-5049
 Telephone:  (414) 905-5010

 

The Issuer, Guarantors, Trustee, Paying Agent, Transfer Agent or Registrar, by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication to a Holder shall be mailed or sent electronically (if the Securities are held by any depositary) or by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

If the Issuer mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Section 12.03                     Reserved.

 

Section 12.04                     Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee (and, in the case of the authentication of Securities by the Authenticating Agent, to the Authenticating Agent) at the request of the Trustee:

 

85

 

(a)                                                                                 an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(b)                                                                                 except upon the issuance of the Initial Securities, an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 12.05                     Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04) shall include:

 

(a)                                                                                 a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(b)                                                                                 a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(c)                                                                                  a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)                                                                                 a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an Officer of the Issuer may be based insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion or representations is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer stating that the information with respect to such factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 

86

 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 12.06                     Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for action by or at a meeting of Holders. Each of the Registrar, Transfer Agent or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section 12.07                     No Personal Liability of Directors, Officers, Employees, Managers, Incorporators and Stockholders.

 

No director, officer, employee, manager or incorporator of, or holder of any Capital Stock in, the Issuer (or any direct or indirect parent company of the Issuer, including, without limitation, Parent) or any Guarantor will have any liability for any obligations of the Issuer (or any direct or indirect parent company of the Issuer, including, without limitation, Parent) or such Guarantor under the Securities, this Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities.  The waiver may not be effective to waive liabilities under the federal securities laws.

 

Section 12.08                     Governing Law.

 

THIS INDENTURE, THE GUARANTEES AND THE SECURITIES WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 12.09                     No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 12.10                     Successors.

 

All agreements of the Issuer and the Guarantors in this Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of the Paying Agent or Authenticating Agent in this Indenture shall bind its successors. All agreements of the Registrar or Transfer Agent in this Indenture shall bind its respective successors.

 

87

 

Section 12.11                     Severability.

 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 12.12                     Counterpart Originals.

 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Indenture.  Notwithstanding the foregoing, the exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes.

 

Section 12.13                     Table of Contents, Headings, etc.

 

The Table of Contents and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

[Signatures on following page]

 

88

 

SIGNATURES

 

 

Dated as of August 19, 2016

 

	
 
    	
ADIENT GLOBAL   HOLDINGS LTD
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven T. Mielke
    
	
 
    	
 
    	
Name: Steven T. Mielke
    
	
 
    	
 
    	
Title: Authorized   Representative
    
	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL   ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Yvonne Siira
    
	
 
    	
 
    	
Name: Yvonne Siira
    
	
 
    	
 
    	
Title: Vice President
    

 

[Signature Page to Dollar Notes Indenture]

 

 

EXHIBIT A

 

[Form of Face of Security]

 

[Global Securities Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Insert below Restricted Securities Legend if required pursuant to the terms of the Indenture]

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.  NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS, IN THE CASE OF RULE 144A NOTES, ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), OR, IN THE CASE OF REGULATION S NOTES, 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO PARENT, THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR

 

A-1

 

RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.  BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF REPRESENTS AND WARRANTS THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

[Insert below definitive securities legend if required pursuant to the terms of the Indenture]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

[Insert below Regulation S Securities legend if required pursuant to the terms of the Indenture]

 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS AND WARRANTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

A-2

 

[CUSIP              ]

[ISIN              ]

[Common Code              ]

$              

 

[RULE 144A ][REGULATION S ][GLOBAL ]SECURITY

 

4.875% Senior Unsecured Notes Due 2026

 

No.        

 

ADIENT GLOBAL HOLDINGS LTD

 

promises to pay to Cede & Co. or registered assigns, the principal sum set forth on the Schedule of Exchanges of Interests in the [Global ]Security attached hereto on August 15, 2026.

 

Interest Payment Dates: February 15 and August 15, commencing on February 15, 2017.

 

Regular Record Dates: February 1 and August 1.

 

Dated:                      , 20     .

 

	
 
    	
 
    	
ADIENT GLOBAL HOLDINGS   LTD
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
This   is one of the Securities referred to in the within-mentioned Indenture:
    
	
 
    	
 
    	
 
    
	
U.S. BANK NATIONAL   ASSOCIATION,
    	
 
    	
 
    
	
 as Trustee
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[By:                                ,
    	
 
    	
 
    
	
as Authenticating   Agent]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Authorized   Signatory
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

A-3

 

4.875% Senior Unsecured Notes Due 2026

 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.                                      Interest.

 

Adient Global Holdings Ltd, a public company under the Companies (Jersey) Law 1991, as the Issuer under the Indenture, for value received, hereby promises to pay to Cede & Co. the principal sum of $900,000,000 on August 15, 2026, and to pay interest thereon from August 19, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually at a fixed rate, on February 15 and August 15 in each year, commencing February 15, 2017, and at the Stated Maturity thereof, at the rate of 4.875% per annum, until the principal hereof is paid or made available for payment, and (to the extent that the payment of such interest shall be legally enforceable) at the rate borne by the Securities on any overdue principal and premium and on any overdue installment of interest from the dates such amounts are due until they are paid or made available for payment. Interest on the Securities will be computed on the basis of a 360-day year comprised of twelve 30-day months. If the date on which a payment of interest or principal on the Securities is scheduled to be paid is not a Business Day, then that interest or principal will be paid on the next succeeding Business Day but no further interest will be paid in respect of the delay in such payment.

 

2.                                      Method of Payment.

 

The Issuer will pay interest on the Securities on each February 15 and August 15 to the Persons who are registered Holders of the relevant Securities at the close of business on the February 1 or August 1 immediately preceding the applicable Interest Payment Date, even if such Securities are canceled after such applicable Regular Record Date and on or before such applicable Interest Payment Date, except as otherwise provided in Section 2.14 of the Indenture with respect to Defaulted Interest.

 

The Issuer will make payments of any amounts owing in respect of the Global Securities (including principal, premium, if any, interest and any Additional Amounts) to the applicable Paying Agent, and such Paying Agent will, in turn, make such payments to the Depositary or its nominee. The Depositary will distribute such payments to participants in accordance with its customary procedures. Payments on all Securities other than Global Securities will be made by the Issuer to the applicable Paying Agent and such Paying Agent will make payment by check to the address provided by the Holder of such Securities (or by wire transfer to those Holders that have provided wire instructions to the Issuer or applicable Paying Agent). The principal of, premium, if any, and interest on, and all other amounts payable in respect of the Securities will be paid to Holders of such Securities in U.S. dollars.

 

3.                                      Paying Agent, Registrar and Transfer Agent.

 

Initially, U.S. Bank National Association will act as Registrar, Transfer Agent and Paying Agent. The Issuer may change any Paying Agent, the Registrar or the Transfer Agent without prior notice to the Holders of the Securities. The Issuer or any of its Subsidiaries may act as Paying Agent, Transfer Agent or Registrar in respect of any Securities.

 

A-4

 

4.                                      Indenture.

 

This Security is one of the duly authorized Securities of the Issuer issued and to be issued under an Indenture, dated as of August 19, 2016 (herein called the “Indenture”), among the Company and U.S. Bank National Association, as trustee (herein called the “Trustee” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Securities are unsecured unsubordinated obligations of the Company. The terms of the Securities include those stated in the Indenture, which will not be qualified under or be subject to the TIA. The Securities are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

5.                                      Optional Redemption.

 

On or after August 15, 2021, the Issuer may redeem the Securities, in whole or in part, on not less than 30 nor more than 60 days’ prior notice mailed, or delivered electronically if the Securities are held by any depositary, by the Issuer to each Holder of Securities, at the following Redemption Prices (expressed as percentages of principal amount), plus accrued and unpaid interest to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on August 15 of the years set forth below:

 

	
Year
    	
 
    	
Redemption
   Price
    	
 
    
	
2021
    	
 
    	
102.438
    	
%
    
	
2022
    	
 
    	
101.625
    	
%
    
	
2023
    	
 
    	
100.813
    	
%
    
	
2024 and   thereafter
    	
 
    	
100.000
    	
%
    

 

Prior to August 15, 2019, the Issuer may, on one or more occasions, also redeem up to a maximum of 40% of the original aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional Securities under the Indenture), with the Net Cash Proceeds of one or more Equity Offerings by the Issuer, Parent or any other parent of the Issuer (in the case of any other parent of the Issuer, to the extent that the proceeds thereof are contributed to the Issuer’s common equity capital), at a Redemption Price equal to 104.875% of the principal amount thereof to be redeemed, plus accrued and unpaid interest to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date); provided, however, that:

 

(1)                                 at least 50% of the original aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional Securities, as applicable, under the Indenture) remains outstanding after giving effect to any such redemption; and

 

(2)                                 any such redemption by the Issuer must be made within 120 days after the closing of such Equity Offering on not less than 30 days’ nor more than 60 days’ notice mailed, or delivered 

 

A-5

 

electronically if the Securities are held by any depositary, by the Issuer to each Holder of the Securities, and such Securities shall otherwise be redeemed in accordance with the procedures set forth in the Indenture.

 

Notice of any redemption upon any Equity Offering may be given prior to the completion thereof.

 

Prior to August 15, 2021, the Issuer may at its option redeem the Securities, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). Notice of such redemption must be mailed, or delivered electronically if the Securities are held by any depositary, by the Issuer to each Holder of Securities not less than 30 nor more than 60 days’ prior to the Redemption Date.

 

If the Redemption Date is on or after a Regular Record Date but on or prior to the next succeeding Interest Payment Date, then any accrued and unpaid interest in respect of the Securities subject to redemption shall be paid on the Redemption Date to the Person in whose name the Securities are registered at the close of business on such Regular Record Date and no additional interest will be payable to Holders whose Securities are subject to redemption by the Issuer.

 

Notwithstanding anything in the Indenture or the Securities to the contrary, in connection with any tender offer for the Securities, if Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all such Securities validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 but not more than 60 days’ notice mailed, or delivered electronically if such Securities are held by any depositary, by the Issuer to each Holder of such Securities, given not more than 30 days following such purchase date, to redeem or purchase, as applicable, all the Securities that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the redemption or purchase date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

6.                                      Reserved.

 

7.                                      Denominations, Transfer, Exchange.

 

The Securities will be issued in fully registered book-entry form, without coupons and in minimum denominations of $200,000 and integral multiples of $1,000 in excess thereof.

 

The Securities will initially be represented by one or more Global Securities. The Global Securities will be deposited, on the Issue Date, with the Trustee as custodian for DTC, and registered in the name of DTC or its nominee, in each case for credit to an account of a participant or indirect participant in DTC.  Transfers of Book Entry Interests in such Global Securities may be effected only through records maintained by the Depositary and its participants, and 

 

A-6

 

ownership of a Book Entry Interest in such Global Security shall be required to be reflected in a book-entry.

 

Each Global Security is exchangeable for Definitive Securities only (1) if the Depositary notifies the Issuer that it is unwilling or unable to continue to act as depositary for the Securities and a successor depositary is not appointed by the Issuer within 120 days, (2) if the Issuer, at its option, notifies the Trustee and the applicable Paying Agent in writing that it elects to cause the issuance of Definitive Securities or (3) if the owner of a Global Security requests such exchange in writing delivered through the Depositary following an Event of Default and commencement of enforcement action under the Indenture; provided that in no event shall the Regulation S Global Securities be exchanged by the Issuer for Definitive Securities prior to (x) the expiration of the Distribution Compliance Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In such an event, the Issuer will issue Definitive Securities, registered in the name or names and issued in any approved denominations requested by or on behalf of the Depositary (in accordance with its customary procedures and based upon directions received from participants reflecting the beneficial ownership of Book Entry Interests), and such Definitive Securities will bear the Restricted Securities Legend set forth in Section 2.08 of the Indenture, unless that legend is not required by the Indenture or applicable law. Should Definitive Securities be issued to individual Holders of the Securities, a Holder of Securities who, as a result of trading or otherwise, holds a principal amount of Securities that is less than the minimum denomination of Securities would be required to purchase an additional principal amount of Securities such that its holding of Securities amounts to the minimum specified denomination.

 

No service charge will be made for any registration of transfer or exchange of Securities. However, the Issuer may require Holders to pay any transfer taxes or other similar governmental charges payable in connection with any such transfer or exchange (other than any exchange of a temporary Security for a permanent Security not involving any change in ownership or any exchange pursuant to Section 2.12 or 9.05 of the Indenture, not involving any transfer).

 

Upon any registration of transfer or exchange, the Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents.

 

8.                                      Persons Deemed Owners.

 

The Issuer and the Trustee will treat the Persons in whose names the Securities, including the Global Securities, are registered as the owners of such Securities for the purpose of receiving payments and for all other purposes.  Consequently, neither the Issuer or the Trustee, nor any agent of the Issuer or the Trustee, has or will have any responsibility or liability for (a) any aspect of the  Depositary’s records or any participant’s or indirect participant’s records relating to, or payments made on account of Book Entry Interests in the Global Securities or for maintaining, supervising or reviewing any of the Depositary’s records or any participant’s or indirect participant’s records relating to the Book Entry Interests in the Securities, or (b) any other matter relating to the actions and practices of the Depositary or any of its participants or indirect participants.

 

A-7

 

9.                                      Amendment, Supplement and Waiver.

 

Except as provided in Section 9.02 of the Indenture, the Issuer, the Guarantors and the Trustee may amend the Indenture, the Securities and the Guarantees with the written consent of the Holders of a majority in principal amount of the Securities then outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange for the Securities), and, subject to Sections 6.04 and 6.07 of the Indenture and except as otherwise provided in Section 9.02 of the Indenture, any Default (other than a Default in the payment of the principal of, premium, if any, on, interest on or Additional Amounts, if any, in respect of the Securities, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provisions of the Indenture, the Securities and the Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Securities voting as a single class (including consents obtained in connection with a tender offer or exchange for the Securities).

 

10.                               Defaults and Remedies.

 

If an Event of Default (other than an Event of Default specified in clause (g) of Section 6.01 of the Indenture with respect to Parent or the Issuer) occurs and is continuing as to the Securities, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, by notice to the Issuer may declare the principal of and accrued but unpaid interest on all such Securities to be due and payable.  Upon such a declaration, such principal and interest will be due and payable immediately.  If an Event of Default specified in clause (g) of Section 6.01 of the Indenture with respect to Parent or the Issuer occurs, the principal of and interest on the Securities will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.

 

11.                               Trustee Dealings with the Issuer.

 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest, it must either eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee must also comply with Section 7.10 of the Indenture.

 

12.                               No Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders.

 

No director, officer, employee, manager or incorporator of, or holder of any Capital Stock in, the Issuer (or any direct or indirect parent company of the Issuer, including, without limitation, Parent) or any Guarantor will have any liability for any obligations of the Issuer (or any direct or indirect parent company of the Issuer, including, without limitation, Parent) or such Guarantor under the Securities, the Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. The waiver may not be effective to waive liabilities under the federal securities laws.

 

A-8

 

13.                               Governing Law.

 

THE INDENTURE AND THIS SECURITY WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

14.                               Authentication.

 

This Security shall not be valid until authenticated by the manual or facsimile signature of the Trustee or Authenticating Agent.

 

15.                               Abbreviations.

 

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

16.                               [CUSIP Numbers, ]ISINs, Common Code numbers, etc.

 

The Issuer has caused [CUSIP numbers, ]ISINs, Common Code numbers and/or other identifying numbers to be printed on the Securities. The Trustee shall use such [CUSIP numbers, ]ISINs, Common Code numbers and/or other identifying numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.

 

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

Adient Global Holdings Ltd
 Attention:  Steve Mielke, VP & Treasurer

833 E Michigan Street

Suite 1100

Milwaukee, WI 53202

E-Mail: steven.t.mielke@adient.com

 

A-9

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

 

	
(I) or (we) assign   and transfer this Security to:
    	
 
    
	
 
    	
(Insert   assignee’s legal name)
    
	
 
    
	
(Insert assignee’s soc. sec. or tax I.D. no.)
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
(Print or type assignee’s name, address and zip   code)
    

 

and irrevocably appoint                                                                                                                                                         agent to transfer this Security on the books of the Issuer. The agent may substitute another to act for him or her.

 

	
Date:
    	
 
    	
 
    	
 
    

 

	
 
    	
Your Signature:
    	
 
    
	
 
    	
 
    	
(Sign exactly as your   name appears on the face of this Security)
    

 

	
Signature   Guarantee*:
    	
 
    	
 
    

 

*                                         Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

A-10

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR
 REGISTRATION OF TRANSFER RESTRICTED SECURITIES

 

This certificate relates to $                     principal amount of Securities held in (check applicable space)          book-entry or          definitive form by the undersigned.

 

The undersigned (check one box below):

 

o                                                                                    has requested the Registrar or Transfer Agent by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depositary a Security or Securities in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above);

 

o                                                                                    has requested the Register or Transfer Agent by written order to exchange or register the transfer of a Security or Securities.

 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the Resale Restriction Period (as defined in the Indenture), the undersigned confirms that such Securities are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

(1)                                 o                                    to the Parent, the Issuer or any of their subsidiaries; or

 

(2)                                 o                                    under a registration statement that has been declared effective under the Securities Act of 1933; or

 

(3)                                 o                                    for so long as this Security is eligible for resale under Rule 144A under the Securities Act of 1933, to a person the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that is purchasing for its own account or for the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A; or

 

(4)                                 o                                    through an offer or sale to a non-U.S. person that occurs outside the United States within the meaning of Regulation S under the Securities Act of 1933; or

 

(5)                                 o                                    under any other available exemption from the registration requirements of the Securities Act of 1933.

 

Unless one of the boxes is checked, the Registrar will refuse to register any of the Securities evidenced by this certificate in the name of any Person other than the registered Holder thereof.  If box (4) or (5) is checked, the Issuer and the Trustee reserve the right to require, in connection with any offer, sale or other transfer of Securities, the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuer and the Trustee.

 

	
Date:
    	
 
    	
 
    	
Your Signature:
    	
 
    

 

A-11

 

Signature Guarantee:

 

	
Date:
    	
 
    	
 
    	
 
    
	
Signature must be   guaranteed by a participant in a recognized signature guaranty medallion   program or other signature guarantor program reasonably acceptable to the   Registrar or Transfer Agent
    	
 
    	
Signature of Signature   Guarantee
    

 

A-12

 

TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
NOTICE: To be executed   by an executive officer
    

 

A-13

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE [GLOBAL] SECURITY

 

The initial outstanding principal amount of this Global Security is $                 . The following increases and decreases in this Global Security have been made:

 

	
Date of Exchange
    	
 
    	
Amount of decrease in
   Principal Amount of
   this Global Security
    	
 
    	
Amount of increase in
   Principal Amount of
   this Global Security
    	
 
    	
Principal Amount of
   this Global Security
   following such decrease
   (or increase)
    	
 
    	
Signature of authorized
   officer of Registrar or
   Trustee
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

A-14

 

EXHIBIT B

 

[FORM OF GUARANTOR SUPPLEMENTAL INDENTURE]

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [          ], among [GUARANTOR] (the “New Guarantor”)[,][ and] U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”)[ and the Guarantors party hereto].

 

W I T N E S S E T H :

 

WHEREAS, [Adient Global Holdings Ltd] (together with any successors thereto, the “Issuer”) and the Trustee have heretofore executed an indenture, dated as of August 19, 2016 (as amended, supplemented or otherwise modified, the “Indenture”; capitalized terms used herein shall have the meanings assigned to them in the Indenture unless otherwise indicated), providing for the issuance of the Issuer’s 4.875% Senior Unsecured Notes due 2026 (the “Securities”), initially in the aggregate principal amount of $900,000,000;

 

WHEREAS, Sections 4.12 and 11.07 of the Indenture provide that under certain circumstances the Issuer is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall guarantee the Guaranteed Obligations; and

 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee, the New Guarantor[,][ and] the Issuer[ and the Guarantors party hereto] are authorized to execute and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuer[, the Guarantors Party hereto] and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows:

 

1.                                      Defined Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular Section hereof.

 

2.                                      Agreement to Guarantee.  The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to guarantee the Guaranteed Obligations on the terms and subject to the conditions set forth in Article 11 of the Indenture and to be bound by all other applicable provisions of the Indenture and the Securities and to perform all of the obligations and agreements of a Guarantor under the Indenture.

 

3.                                      Notices.  All notices or other communications to the New Guarantor shall be given as provided in Section 12.02 of the Indenture.

 

4.                                      Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental

 

B-1

 

Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 

5.                                      Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

6.                                      Trustee Makes No Representation.  The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee.  Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Issuer, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Issuer[,][ and] the New Guarantor[ and each Guarantor], in each case, by action or otherwise, (iii) the due execution hereof by the Issuer[,][ and] the New Guarantor[ and each Guarantor] or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters.

 

7.                                      Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Supplemental Indenture.  Notwithstanding the foregoing, the exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

 

8.                                      Effect of Headings.  The Section headings of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

[Remainder of page intentionally left blank.]

 

B-2

 

IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as of the date first written above.

 

	
 
    	
[ADIENT GLOBAL HOLDINGS   LTD]
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
[NEW   GUARANTOR/GUARANTOR], as 
   a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:                             ]
    
	
 
    	
 
    	
 
    
	
[SIGNED AND DELIVERED as   a DEED
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
for and on behalf of
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[GUARANTOR/NEW GUARANTOR]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:                                                ]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
by its lawfully   appointed attorney
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:                                                 ]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL   ASSOCIATION, 
   as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

B-3

 

EXHIBIT C

 

[FORM OF ISSUER ASSUMPTION SUPPLEMENTAL INDENTURE]

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [          ], among [SUCCESSOR ISSUER] (the “Successor Issuer”), [Adient Global Holdings Ltd] (the “Initial Issuer”), the Guarantors party hereto and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS, the Initial Issuer and the Trustee have heretofore executed an indenture, dated as of August 19, 2016 (as amended, supplemented or otherwise modified, the “Indenture”), providing for the issuance of the Issuer’s 4.875% Senior Unsecured Notes due 2026 (the “Securities”), initially in the aggregate principal amount of $900,000,000;

 

WHEREAS, Section 5.02 of the Indenture provides that under certain circumstances the Successor Issuer may assume all obligations of the Initial Issuer under the Indenture and the Securities pursuant to a supplemental indenture to the Indenture, at which time the Initial Issuer will be automatically released from any obligations as Issuer under the Indenture and the Securities; and

 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee, the Successor Issuer, the Initial Issuer and the Guarantors party hereto are authorized to execute and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Successor Issuer, the Initial Issuer, the Guarantors party hereto and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows:

 

1.                                      Defined Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular Section hereof.

 

2.                                      Agreement to Assume Obligations.  The Successor Issuer hereby agrees to unconditionally assume the Issuer’s Obligations under the Securities and the Indenture on the terms and subject to the conditions set forth in the Indenture and to be bound by all provisions of the Indenture and the Securities applicable to the Issuer and to perform all of the obligations and agreements of the Issuer under the Indenture and the Securities and may exercise every right and power of the Issuer.

 

3.                                      Notices.  All notices or other communications to the Successor Issuer shall be given as provided in Section 12.02 of the Indenture.

 

4.                                      Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE

 

C-1

 

STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

5.                                      Trustee Makes No Representation.  The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee.  Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Initial Issuer, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Initial Issuer, the Successor Issuer and the each Guarantor, in each case, by action or otherwise, (iii) the due execution hereof by the Initial Issuer, the Successor Issuer and the Guarantors or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters.

 

6.                                      Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Supplemental Indenture.  Notwithstanding the foregoing, the exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

 

7.                                      Effect of Headings.  The Section headings of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

[Remainder of page intentionally left blank.]

 

C-2

 

IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as of the date first written above.

 

	
 
    	
[ADIENT GLOBAL HOLDINGS   LTD], as Initial Issuer
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
[SUCCESSOR ISSUER], as   Successor Issuer
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
[NEW   GUARANTOR/GUARANTOR], as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:                         ]
    
	
 
    	
 
    	
 
    
	
[SIGNED AND DELIVERED as   a DEED
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
for and on behalf of
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[GUARANTOR/NEW GUARANTOR]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:                                           ]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
by its lawfully   appointed attorney
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:                                                        ]
    
	
 
    	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL   ASSOCIATION, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

C-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]