Document:

Series B Cash Trigger Warrant issued to i-STT Investments Pte Ltd

 
Exhibit 10.81

 
THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OR IN A TRANSACTION WHICH, IN THE
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE PARENT, QUALIFIES AS AN EXEMPT TRANSACTION UNDER THE SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. 
 
 
EQUINIX, INC. 
 
SERIES B CASH TRIGGER WARRANT 
 
December 31, 2002 
 

	 Warrant No.
	  	 CT-2

	 Date of Initial Issuance:
	  	 December 31, 2002

 
THIS
CERTIFIES THAT for value received, i-STT Investments Pte Ltd, or its registered assigns (hereinafter called “Warrant Holder”), is entitled to purchase from Equinix, Inc., a Delaware corporation (“Parent”), at any time during any
Exercise Period (as defined below) until the Expiration Date (as defined below), the number of shares of common stock, $0.001 par value per share, of Parent (“Common Stock”) equal to the quotient obtained as of any Exercise Date (as
defined below) by dividing (i) $20 million (“Purchase Amount”), less any proceeds received by Parent from time to time as a result of previous exercises under this Warrant, by (ii) the Warrant Price (as defined below) as of such Exercise
Date, at the Warrant Price as of such Exercise Date, payable as provided herein. The exercise of this Warrant shall be subject to the provisions, limitations and restrictions herein contained. This Warrant may be exercised in whole or from time to
time in part. 
 
Section 1. Definitions. Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed to such terms in the Securities Purchase Agreement, dated October 2, 2002, by and among Parent, the Guarantors thereto and the Purchasers named therein (the “Purchase
Agreement”). For all purposes of this Warrant, the following terms shall have the meanings indicated: 
 
“Amended and Restated Credit Facility” shall mean the Second Amended and Restated Credit and Guaranty Agreement, dated as of
December 31, 2002, by and among Equinix Operating Co., Inc., Equinix, Inc. and certain of its subsidiaries, various lenders, Salomon Smith Barney Inc., and Citicorp USA, Inc., as the same may be amended or restated from time to time. 
 
“Credit Documents” shall have the meaning ascribed
to such term in the Amended and Restated Credit Facility. 
 
“CTW Holders” is defined in Section 2.2(c) of this Warrant. 
 
“Common Stock” is defined in the preamble of this Warrant. 
 
“Cure Date” shall mean 5:00 p.m. Pacific Time on the fifth business day after Parent provides the Warrant Holder with written
notice of a Trigger Event. 
 

 
“Exercise
Date” is defined in Section 2.3 of this Warrant. 
 
“Exercise Period” shall mean that period of time beginning on any Trigger Date and ending on any related Cure Date. 
 
“Expiration Date” shall mean the date on which all of Parent’s obligations under the Amended and Restated Credit Facility
are satisfied in full. 
 
“Loan” shall
have the meaning ascribed to such term in the Amended and Restated Credit Facility. 
 
“Parent” is defined in the preamble of this Warrant. 
 
“Percentage Interest” shall mean the Purchase Amount of the Warrant Holder as a fraction of the Purchase Amount of all holders
of Series A and B Cash Trigger Warrants in the aggregate. 
 
“Purchase Amount” is defined in the preamble of this Warrant. 
 
“Series A and B Cash Trigger Warrants” shall mean this Warrant and all similar warrants denominated Series A Cash Trigger Warrants or Series B Cash Trigger Warrants issued substantially
concurrently with this Warrant. 
 
“Trigger
Date” shall mean the date on which (i) Parent fails to pay when due any installment of principal of any Loan, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory payment or otherwise or any interest on
any Loan or any fee or any other amount due under any of the Credit Documents, provided that at such time Parent does not have sufficient cash or cash equivalents to make such payments, or (ii) Parent defaults in its performance under the covenants
set forth in Sections 6.6 or 6.7(e) of the Amended and Restated Credit Facility. 
 
“Trigger Event” shall mean either of the events referenced in clauses (i) and (ii) of the definition of “Trigger Date.” 
 
“Under-Subscribed Shares” is defined in Section 2.2(c) of this Warrant. 
 
“Warrants” shall mean this Cash Trigger Warrant and
any other Cash Trigger Warrant or Cash Trigger Warrants issued to the original holder of any Cash Trigger Warrant or issued to any transferees of such original holder or subsequent holder. 
 
“Warrant Holder” is defined in the preamble of this Warrant. 
 
“Warrant Price” shall mean the per share price that
is the product obtained by multiplying (x) the Current Market Value as of the Exercise Date and (y) 0.90. 
 
“Warrant Shares” shall mean shares of Common Stock, subject to adjustment or change as herein provided, purchased or purchasable
by Warrant Holder upon the exercise hereof. 
 
Section 2.
Exercise of Warrant. 
 
2.1 Regulatory
Approvals. This Warrant shall not be exercisable until Warrant Holder has obtained all authorizations, consents, orders and approvals required by law, statute, rule, regulation or under any court order or governmental authority as a condition of
such exercise, including without 
 

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limitation, termination of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), if applicable. Parent will cooperate with Warrant Holder in preparation of all required filings and will otherwise take all actions reasonably
necessary to enable Warrant Holder to obtain all required authorizations, consents, orders and approvals with respect to exercise of the Warrant. If an exercise under this Warrant will require Warrant Holder to make a filing under the HSR Act,
Warrant Holder may elect to exercise this Warrant for shares of Series A-1 Convertible Preferred Stock of Parent. 
 
2.2 Exercise Amount. 
 
(a) During any given Exercise Period for which the Trigger Event is clause (i) of the definition of Trigger Date: 
 
(i) the minimum number of shares Warrant
Holder shall be entitled to purchase shall be equal to the product of (a) the Percentage Interest and (b) the quotient obtained by dividing (x) $5 million by (y) the Warrant Price as of such Exercise Date; and 
 
(ii) the maximum number of shares Warrant
Holder shall be entitled to purchase shall be equal to the product of (a) the Percentage Interest, and (b) the quotient obtained as of the Exercise Date by dividing (x) the sum of (A) the amount of any past due principal or interest payment on any
Loan, and (B) US$5 million, by (y) the Warrant Price as of such Exercise Date. 
 
(b) During any given Exercise Period for which the Trigger Event is clause (ii) of the definition of Trigger Date: 
 
(i) the minimum number of shares Warrant Holder shall be entitled to purchase shall be equal
to the product of (a) the Percentage Interest and (b) the quotient obtained by dividing (x) $5 million by (y) the Warrant Price as of such Exercise Date; and 
 
(ii) the maximum number of shares Warrant Holder shall be entitled to purchase shall be equal to the product of (a) the
Percentage Interest, and (b) the quotient obtained as of the Exercise Date by dividing (x) the sum of (A) the amount by which the required minimum cash and cash equivalents for the applicable month, as set forth on Schedules 6.6 and 6.7(e) of the
Amended and Restated Credit Facility exceeds Parent’s actual cash and cash equivalents balance, but for an exercise under this Warrant during the Exercise Period, as of the Exercise Date, and (B) US$5 million, by (y) the Warrant Price as of
such Exercise Date. 
 
(c) Notwithstanding anything
to the contrary in this Section 2.2, in the event that during any Exercise Period the amount of shares obtained by the calculations in clause (b) of Section 2.2(a)(ii) or clause (b) of Section 2.2(b)(ii), as applicable, exceeds the number of shares
for which all holders of Series A and B Cash Trigger Warrants (“CTW Holders”) tendered Notice of Exercise (in the form attached hereto as Exhibit A) for such Exercise Period (the “Under-Subscribed Shares”), then Warrant Holder
may purchase any and all Under-Subscribed Shares if Warrant Holder has tendered a Notice of Additional Exercise (in the form attached hereto as Exhibit D). If the number of shares for which CTW Holders tender Notice of Additional Exercise exceeds
the amount of Under-Subscribed Shares, then the Under-Subscribed Shares shall be allocated pro rata (based on each such CTW Holder’s relative Purchase Amount) among such CTW Holders, including Warrant Holder. 
 
2.3 Procedure for Exercise of Warrant. Parent shall
promptly provide the Warrant Holder with written notice of a Trigger Event, and in no event later than the second Business Day following the 
 

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Trigger Event. At any time
during the Exercise Window, the purchase rights represented by this Warrant are exercisable by the Warrant Holder in whole or in part (but not as to any fractional share of Common Stock) at any time (the “Exercise Date”) before the close
of business on the Expiration Date by delivery to Parent at its office referred to in Section 9 hereof: (i) the Notice of Exercise in the form of Exhibit A attached hereto, (ii) cash, certified or official bank check payable to the order of Parent,
or wire transfer of funds to Parent’s account. This Warrant shall be exercised by the Warrant Holder by the surrender of this Warrant to Parent at any time during usual business hours at Parent’s principal place of business, accompanied by
written notice, substantially in the form of Exhibit A attached hereto, that the Warrant Holder elects to exercise all or a portion of this Warrant and specifying the name or names (with address) in which a certificate or certificates for shares of
Common Stock are to be issued and (if so required by Parent) by a written instrument or instruments of transfer in form reasonably satisfactory to Parent duly executed by the Warrant Holder or its duly authorized attorney. Upon exercise of this
Warrant, Parent shall deliver to Warrant Holder the certificate or certificates for the shares of Common Stock so purchased within the number of days specified in Rule 15c6-1 under the Exchange Act with respect to open market purchases,
provided that immediately prior to the close of business on the Exercise Date, the exercising Warrant Holder shall be deemed to be the holder of record of the shares of Common Stock, as applicable, issuable upon exercise of this Warrant,
notwithstanding that the share register of Parent shall then be closed or that certificates representing such Common Stock shall not then be actually delivered to such Person. Immediately prior to the close of business on the Exercise Date, all
rights with respect to this Warrant so exercised, including the rights, if any, to receive notices, will terminate (in the case of a partial exercise, to the extent of the portion of this Warrant so exercised), except only the rights of the Warrant
Holder to (i) receive certificates for the number of shares of Common Stock, into which this Warrant has been exercised; and (ii) exercise the rights to which the Warrant Holder is entitled as a holder of Common Stock. 
 
2.4 Transfer Restriction Legend. Each certificate for
Warrant Shares shall bear the following legend (and any additional legend required by (i) any applicable state securities laws and (ii) any securities exchange upon which such Warrant Shares may, at the time of such exercise, be listed) on the face
thereof unless at the time of exercise such Warrant Shares shall be registered under the Securities Act: 
 
‘THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT.” 
 
Any certificate issued at any time in exchange or substitution for any certificate bearing such legend (except a new certificate issued upon completion of a public distribution under a registration
statement of the securities represented thereby) shall also bear such legend unless, in the opinion of counsel for Warrant Holder thereof (which counsel shall be reasonably satisfactory to Parent) the securities represented thereby are not, at such
time, required by law to bear such legend. 
 
2.5
Preferred Stock Election. Warrant Holder may elect to exercise this Warrant for Series A Convertible Preferred Stock of Parent in lieu of Common Stock. 
 
Section 3. Covenants as to Common Stock. Parent covenants and agrees that all shares of Common Stock that may be issued upon the exercise of the
rights represented by this Warrant shall, upon issuance, be validly issued, fully-paid and nonassessable, and free from all taxes, liens and charges with respect to the issue thereof and not issued in violation of any preemptive rights. Parent
further covenants and agrees that it shall pay when due and payable any and all federal and state taxes which may be payable in respect of the issue of this Warrant or any Common Stock or certificates therefor issuable upon the exercise of

 

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this Warrant. Parent further
covenants and agrees that Parent shall at all times have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant. Parent further
covenants and agrees that if any shares of capital stock to be reserved for the purpose of the issuance of shares upon the exercise of this Warrant require registration with or approval of any governmental authority under any federal or state law
before such shares may be validly issued or delivered upon exercise, then Parent shall in good faith and as expeditiously as possible endeavor to secure such registration or approval, as the case may be. If and so long as the Common Stock issuable
upon conversion of this Warrant is listed on any national securities exchange, Parent shall, if permitted by the rules of such exchange, list and keep listed on such exchange, upon official notice of issuance, all shares of such Common Stock
issuable upon conversion of this Warrant. 
 
Section 4.
Adjustments 
 
(a) If Parent proposes a
Fundamental Transaction, as a condition to consummating any such transaction the Surviving Person shall assume the obligations under the Warrants and issue to each Warrant Holder an assumption agreement. The assumption agreement shall provide (i)
that the Warrant Holder may exercise the Warrant for the kind and amount of securities, cash or other assets which such holder would have received immediately after the Fundamental Transaction if such holder had exercised such Warrant immediately
before the effective date of the transaction, assuming (to the extent applicable) that such holder (A) was not a constituent person or an affiliate of a constituent person to such transaction, (B) made no election with respect thereto, and (C) was
treated alike with the plurality of non-electing holders, and (ii) that the Surviving Person shall succeed to and be substituted to every obligation of Parent in respect of this Warrant. The assumption agreement shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The Surviving Person shall mail to Warrant Holder a notice briefly describing the assumption agreement. If the issuer of securities deliverable
upon exercise of Warrants is an affiliate of the Surviving Person, that issuer shall join in such assumption agreement. 
 
(b) Parent shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, or
shares of Common Stock held in the treasury of Parent, for the issuance upon exercise of this Warrant and payment of the exercise price, the full number of shares of Common Stock then deliverable upon the exercise of the entire Warrant, and the
shares so deliverable shall be fully paid and nonassessable and free from all liens and security interests. 
 
(c) Parent will not be required to issue fractional shares upon exercise of this Warrant or distribute share certificates that evidence
fractional shares. In lieu of fractional shares, there shall be paid to the Warrant Holder an amount in cash equal to the same fraction of the Current Market Value, per share of Common Stock on the Business Day preceding the Exercise Date. Such
payments will be made by check. 
 
(d) If at any
time Parent grants, Distribution Rights or, without duplication, makes any Distribution on the Capital Stock, then Parent shall grant, issue, sell or make to each Warrant Holder, the aggregate Distribution Rights or Distribution, as the case may be,
which such Warrant Holder would have acquired if such Warrant Holder had held the maximum number of shares acquirable upon complete exercise of this Warrant immediately before the record date for the grant, issuance or sale of such Distribution
Rights or Distribution, as the case may be, or, if there is no such record date, the date as of which the record holders of Capital Stock are to be determined for the grant, issue or sale of such Distribution Rights or Distribution, as the case may
be. 
 

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Section 5. Ownership.

 
5.1 Ownership of Warrant. Parent may deem
and treat the person in whose name this Warrant is registered as the holder and owner hereof (notwithstanding any notations of ownership or writing hereon made by anyone other than Parent) for all purposes and shall not be affected by any notice to
the contrary until presentation of this Warrant for registration of transfer as provided in this Section 5. 
 
5.2 Transfer and Replacement. This Warrant and all rights hereunder are transferable in whole or in part upon the books of Parent
by Warrant Holder hereof in person or by duly authorized attorney, and a new Warrant or Warrants, of the same tenor as this Warrant but registered in the name of the transferee or transferees (and in the name of Warrant Holder, if a partial transfer
is effected) shall be made and delivered by Parent upon surrender of this Warrant duly endorsed, at the office of Parent referred to in Section 9 hereof, together with a properly executed Assignment (in the form of Exhibit B or Exhibit C hereto, as
the case may be). Upon receipt by Parent of evidence reasonably satisfactory to it of the loss, theft or destruction, and, in such case, of indemnity or security reasonably satisfactory to it, and upon surrender of this Warrant if mutilated, Parent
shall make and deliver a new Warrant of like tenor, in lieu of this Warrant; provided that if the Warrant Holder hereof is an instrumentality of a state or local government or an institutional holder or a nominee for such an instrumentality
or institutional holder an irrevocable agreement of indemnity by such Warrant Holder shall be sufficient for all purposes of this Section 5, and no evidence of loss or theft or destruction shall be necessary. This Warrant shall be promptly cancelled
by Parent upon the surrender hereof in connection with any transfer or replacement. Except as otherwise provided above, in the case of the loss, theft or destruction of a Warrant, Parent shall pay all expenses, taxes and other charges payable in
connection with any transfer or replacement of this Warrant, other than stock transfer taxes (if any) payable in connection with a transfer of this Warrant, which shall be payable by Warrant Holder. Warrant Holder shall not transfer this Warrant and
the rights hereunder except in compliance with federal and state securities laws. 
 
Section 6. Notice of Dissolution or Liquidation. In case of any distribution of the assets of Parent in dissolution or liquidation (except under circumstances when Section 4(c) shall be applicable), Parent
shall give notice thereof to Warrant Holder hereof and shall make no distribution to stockholders until the expiration of thirty days from the date of mailing of the aforesaid notice and, in any case, Warrant Holder hereof may exercise this Warrant
within thirty days from the date of the giving of such notice, and all rights herein granted not so exercised within such thirty-day period shall thereafter become null and void. 
 
Section 7. Notice of Dividends. If the Board of Directors of Parent shall declare any dividend or other distribution
on its Common Stock except by way of a stock dividend payable in shares of its Common Stock, Parent shall mail notice thereof to Warrant Holder hereof not less than thirty days prior to the record date fixed for determining stockholders entitled to
participate in such dividend or other distribution, and Warrant Holder hereof shall not participate in such dividend or other distribution unless this Warrant is exercised prior to such record date. The provisions of this Section 7 shall not apply
to distributions made in connection with transactions covered by Section 4. 
 
Section 8. Notices. Any notice or other document required or permitted to be given or delivered to Warrant Holder shall be delivered at, or sent by certified or registered mail to, Warrant Holder at its address for notices set
forth in the Purchase Agreement or to such other address as shall have been furnished to Parent in writing by Warrant Holder. Any notice or other document required or permitted to be given or delivered to Parent shall be delivered at, or sent by
certified or registered mail to, Parent at its address for notices set forth in the Purchase Agreement or to such other address as shall have been furnished in writing to Warrant Holder by Parent. Any notice so addressed and mailed by registered or
certified mail shall be deemed to be given when so mailed. Any notice so addressed and otherwise delivered shall be deemed to be given when actually received by the addressee. 
 
 

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Section 9. No Rights as
Stockholder; Limitation of Liability. This Warrant shall not entitle Warrant Holder to any of the rights of a stockholder of Parent except upon exercise in accordance with the terms hereof. No provision hereof, in the absence of affirmative
action by Warrant Holder to purchase shares of Common Stock, and no mere enumeration herein of the rights or privileges of Warrant Holder, shall give rise to any liability of Warrant Holder for the Warrant Price hereunder or as a stockholder of
Parent, whether such liability is asserted by Parent or by creditors of Parent. 
 
Section 10. Governing Law; Arbitration. This Warrant and the rights and obligations of the parties under this Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York
(including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York). Each of Parent and the Warrant Holder agree that any dispute, controversies or claims (whether in contract, tort or otherwise) arising out of,
related to or otherwise by virtue of this Warrant, breach of this Warrant or the transactions contemplated hereby shall be finally settled by arbitration (which shall be the exclusive forum for dispute resolution) as provided in Section 11.10 of the
Purchase Agreement. 
 
Section 11. Amendments. This Warrant
and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by both parties (or any respective successor in interest thereof). The headings in this Warrant are for purposes of reference only and
shall not affect the meaning or construction of any of the provisions hereof. 
 

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IN WITNESS
WHEREOF, Parent has caused this Warrant to be signed by its duly authorized officer as of the date first written above. 
 

	 EQUINIX, INC. 

	
	 By:
	 	 /s/    PETER VAN
CAMP        

	 	 	 Name: Peter Van Camp
 Title: Chief Executive Officer

 

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EXHIBIT A

 
FORM OF NOTICE OF EXERCISE 
 
[To be signed only upon exercise of the Warrant] 
 
TO BE EXECUTED BY THE REGISTERED HOLDER 
TO EXERCISE THE ATTACHED WARRANT 
 
The undersigned hereby exercises the right to purchase
                     shares of Common Stock which the undersigned is entitled to purchase by the terms of the attached Warrant according to
the conditions thereof, and herewith makes payment of $                     therefor in cash, certified or official bank check or wire
transfer of funds. 
 
All shares to be issued pursuant hereto shall
be issued in the name of and the initial address of such person to be entered on the books of Equinix, Inc., a Delaware corporation, shall be: 
 
The shares are to be issued in certificates of the following denominations: 
 

	
	

	 	 	 
	
	 By:
	 	

	 	 	 Name
 Title:

 

	
	 Dated:
	 	

 

 
EXHIBIT B

 
FORM OF ASSIGNMENT 
(ENTIRE) 
 
[To be signed only upon transfer of entire Warrant] 
 
TO BE EXECUTED BY THE REGISTERED HOLDER 
TO TRANSFER THE ATTACHED WARRANT 
 
FOR VALUE RECEIVED                      hereby sells, assigns and transfers unto
                     all rights of the undersigned under and pursuant to the attached Warrant, and the undersigned does hereby irrevocably
constitute and appoint                      Attorney to transfer said Warrant on the books of Equinix, Inc., a Delaware corporation, with full
power of substitution. 
 

	 i-STT Investments Pte Ltd

	
	 By:
	 	

	 	 	 Name
 Title:

 

	
	 Dated:
	 	

 
NOTICE 
 
The signature to the foregoing Assignment must correspond to the name as
written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change whatsoever. 
 

 
EXHIBIT C

 
FORM OF ASSIGNMENT 
(PARTIAL) 
 
[To be signed only upon partial transfer of Warrant] 
 
TO BE EXECUTED BY THE REGISTERED HOLDER 
TO TRANSFER THE ATTACHED WARRANT 
 
FOR VALUE RECEIVED
                     hereby sells, assigns and transfers unto
                     (i) the rights of the undersigned to purchase
             shares of Common Stock under and pursuant to the attached Warrant, and (ii) on a non-exclusive basis, all other rights of the undersigned under and pursuant to the
attached Warrant, it being understood that the undersigned shall retain, severally (and not jointly) with the transferee(s) named herein, all rights assigned on such non-exclusive basis. The undersigned does hereby irrevocably constitute and appoint
                     Attorney to transfer said Warrant on the books of Equinix, Inc., a Delaware corporation, with full power of substitution.

 

	 i-STT Investments Pte Ltd

	
	 By:
	 	

	 	 	 Name
 Title:

 

	
	 Dated:
	 	

 
NOTICE 
 
The signature to the foregoing Assignment must correspond to the name as
written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change whatsoever. 
 

 
EXHIBIT D

 
FORM OF NOTICE OF ADDITIONAL EXERCISE

 
TO BE EXECUTED BY THE REGISTERED HOLDER

 
The undersigned hereby gives notice to Parent of
its commitment to purchase up to                      Under-Subscribed Shares by the terms of the attached Warrant according to the conditions
thereof. 
 

	
	

	 	 	 
	
	 By:
	 	

	 	 	 Name
 Title:

 

	
	 Dated:First Supplemental Indenture between Equinix & State Street Bank and Trust Comp.

 
            Exhibit 10.82 
 

 
EQUINIX, INC. 
 
and 
 
STATE STREET BANK AND TRUST COMPANY OF CALIFORNIA, N.A.,

as Trustee 
 

 
FIRST SUPPLEMENTAL INDENTURE

 
dated as of December 28, 2002 
 

 
 
13% Senior Notes due 2007 
 

 
 
Supplementing the Indenture dated as of December 1, 1999 
 

 
 
 

 
FIRST
SUPPLEMENTAL INDENTURE, dated as of December 28, 2002 (this “First Supplemental Indenture”), between EQUINIX, INC., a Delaware corporation (the “Company”), and STATE STREET BANK AND TRUST COMPANY OF CALIFORNIA, N.A., a national
banking association, as trustee (the “Trustee”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Indenture (as defined below). 
 
R E C I T A L S 
 
The Company and the Trustee executed and delivered the
Indenture, dated as of December 1, 1999 (the “Indenture”), providing for the issuance thereunder by the Company, and the authentication and delivery by the Trustee, of the Company’s 13% Senior Notes due 2007 (the “Notes”).

 
The Company commenced an offer to exchange the
Notes for cash and shares of the Company’s common stock and, in connection therewith, a solicitation of consents from the registered holders of the Notes (the “Holders”) to certain amendments to the Indenture, the particulars of which
are more fully set forth herein (the “Amendments”). 
 
The Holders of a majority in aggregate principal amount of the outstanding Notes, determined as provided in the Indenture, have consented to the Amendments in accordance with the provisions of Section 9.2 of the Indenture, and all
other conditions set forth in the Indenture to the execution and delivery of this First Supplemental Indenture have been fulfilled and satisfied. 
 
NOW, THEREFORE, in consideration of the foregoing and of the mutual premises and covenants contained herein and for other good and
valuable consideration, the parties hereto agree, for the equal and ratable benefit of the respective Holders from time to time of the Notes, as follows: 
 
ARTICLE 1 
 
AMENDMENTS TO THE INDENTURE 
 
SECTION 1.1. Amendments to the Indenture. Sections 4.03, 4.04, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16, 5.01, 6.01 and
8.04 of the Indenture are hereby amended and restated in their entirety to read as set forth on Schedule 1 hereto. All terms defined in Section 1.01 of the Indenture that are used only in sections or subsections of the Indenture, or in other
defined terms that are used only in sections or subsections of the Indenture, that are deleted and omitted as provided on Schedule 1 hereto are hereby deleted. 
 
ARTICLE 2 
 
MISCELLANEOUS 
 
SECTION 2.1. Effectiveness and Effect. 
 
(a) This First Supplemental Indenture shall take effect on the date hereof; provided, however, that the Amendments set forth on
Schedule 1 hereto and made pursuant to 
 

 
Article 1 hereof shall become
operative only upon the date of and simultaneously with, and shall have not any force or effect prior to, the delivery by the Company to the Trustee of an Officers’ Certificate stating that on that date, after delivery of such Officers’
Certificate, the Company will accept Notes for exchange pursuant to the Exchange Offer referred to in such Officers’ Certificate. 
 
(b) The provisions set forth in this First Supplemental Indenture shall be deemed to be, and shall be construed as part of, the Indenture
to the same extent as if set forth fully therein. All references to the Indenture in the Indenture or in any other agreement, document or instrument delivered in connection therewith or pursuant thereto shall be deemed to refer to the Indenture as
amended by this First Supplemental Indenture. Except as amended hereby, the Indenture shall remain in full force and effect. 
 
SECTION 2.2. Trust Indenture Act Controls. If any provision of this First Supplemental Indenture limits, qualifies or conflicts
with another provision that is required by or deemed to be included in this First Supplemental Indenture by the Trust Indenture Act of 1939, the required or incorporated provision shall control. 
 
SECTION 2.3. Governing Law. THIS FIRST SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 
SECTION 2.4. Counterparts. The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement. 
 
SECTION 2.5. Severability. In case any provision in this First Supplemental Indenture 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
2.6. Effect of Headings. The headings of the Articles and Sections of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of
the terms or provisions hereof. 
 
[The remainder of
this page intentionally left blank.] 
 

-2- 

 
[First
Supplemental Indenture signature page] 
 
Dated as of December 28, 2002 
 

	 EQUINIX, INC. 

	
	 By:
	 	 /s/    PHILIP J.
KOEN        

	 	 	 Name: Philip J. Koen

	 	 	 Title: President

 

	 STATE STREET BANK AND TRUST COMPANY OF CALIFORNIA, N.A., as Trustee

	
	 By:
	 	 /s/    SCOTT C.
EMMONS        

	 	 	 Name: Scott C. Emmons

	 	 	 Title: Vice President

 
 

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Schedule 1
to First Supplemental Indenture 
 
Amendments
to the Indenture 
 
SECTION 4.3. Intentionally
omitted. 
 
SECTION 4.4. Compliance
Certificate. 
 
(a) The Company shall deliver
to the Trustee within 90 days after the end of each fiscal year, 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 the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her
knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and 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 or interest, if any, on the Notes 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. For purposes of this paragraph, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. 
 
(b) Intentionally omitted. 
 
(c) The Company shall, so long as any of the Notes are
outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take
with respect thereto. 
 
(d) If Liquidated Damages
are payable under the Registration Rights Agreement, the Company shall deliver to the Trustee a certificate to that effect stating (i) the amount of Liquidated Damages that is payable and (ii) the date on which Liquidated Damages is payable. Unless
and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no Liquidated Damages are payable. If Liquidated Damages have been paid by the Company directly to
the persons entitled to them, the Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 
 
SECTION 4.7. Intentionally omitted. 
 
SECTION 4.8. Intentionally omitted. 
 
SECTION 4.9. Incurrence of Indebtedness and Issuance of Preferred Stock. 
 
(a) Intentionally omitted. 
 

 
(b)
Intentionally omitted. 
 
(c) Intentionally
omitted. 
 
(d) Intentionally omitted.

 
(e) The Company shall not, and shall not permit
any of its Restricted Subsidiaries (other than Foreign Subsidiaries) to, incur any Indebtedness (including Permitted Indebtedness) that is contractually subordinated in right of payment to any other Indebtedness unless such Indebtedness is also
contractually subordinated in right of payment to the Notes on substantially identical terms; provided, however, that no Indebtedness shall be deemed to be contractually subordinated in right of payment to any other Indebtedness solely by
virtue of being unsecured. 
 
SECTION 4.10.
Intentionally omitted. 
 
SECTION 4.11.
Intentionally omitted. 
 
SECTION 4.12.
Intentionally omitted. 
 
SECTION 4.14.
Intentionally omitted. 
 
SECTION 4.15.
Intentionally omitted. 
 
SECTION 4.16.
Intentionally omitted. 
 
SECTION 5.1. Merger,
Consolidation or Sale of Assets. 
 
(a) The
Company may not, directly or indirectly, (1) consolidate or merge with or into (whether or not the Company is the surviving corporation), or sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets,
in one or more related transactions, to another Person or (2) permit any of the Restricted Subsidiaries to enter into any such transaction or series of transactions if it would result in such disposition of all or substantially all of the assets of
the Company and the Restricted Subsidiaries on a consolidated basis, unless: 
 
(i) Intentionally omitted; 
 
(ii) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition shall have
been made assumes all the obligations of the Company under the Registration Agreement, the Notes, the Exchange Notes and this Indenture pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee; 
 
(iii) Intentionally omitted; 
 
(iv) Intentionally omitted; 
 
(v) Intentionally omitted; 
 

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(vi)
Intentionally omitted. 
 
(b) The Company may not,
directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person. 
 
SECTION 6.1. Events of Default. 
 
(a) Events of Defaults” are: 
 
(i) default for 30 days in the payment when due of interest on the Notes; or 
 
(ii) default in the payment when due of the principal of, or premium, if any, on the Notes; or 
 
(iii) intentionally omitted; 
 
(iv) failure by the Company or any of the Restricted
Subsidiaries for 60 days after notice to comply with any of its other agreements in this Indenture, the Notes or the Escrow Agreement; or 
 
(v) intentionally omitted; 
 
(vi) intentionally omitted; 
 
(vii) intentionally omitted; 
 
(viii) the Company or any of its Significant Subsidiaries: 
 
(A) commences a voluntary case under any Bankruptcy Law, 
 
(B) consents to the entry of an order for relief against it
in an involuntary case under any Bankruptcy Law, 
 
(C) consents to the appointment of a custodian of it or for all or substantially all of its property, 
 
(D) makes a general assignment for the benefit of its creditors, or 
 
(E) generally is not paying its debts as they become due; or 
 
(ix) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that: 
 
(A) is
for relief against the Company or any of its Significant Subsidiaries, 
 

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(B) appoints
a custodian of the Company or any of its Significant Subsidiaries or for all or substantially all of the property of the Company or any of its Significant Subsidiaries, or 
 
(C) orders the liquidation of the Company or any of its Significant Subsidiaries; and the order or decree
remains unstayed and in effect for 60 consecutive days. 
 
(b) The Company shall be required to deliver to the Trustee annually a statement regarding compliance with this Indenture, and the Company shall be required within 30 days of becoming aware of any Default or Event of Default to
deliver to the Trustee a statement specifying such Default or Event of Default. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal of,
premium, if any, or interest on, the Notes) if it determines that withholding notice is in their interest. 
 
SECTION 8.4 Conditions to Legal or Covenant Defeasance. 
 
The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the
outstanding Notes: 
 
In order to exercise either
Legal Defeasance or Covenant Defeasance: 
 
(a) the
Company must irrevocably deposit, or cause to be deposited, with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will 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 Notes on the stated maturity thereof or on the applicable redemption date, as the case may be, and
the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 
 
(b) intentionally omitted; 
 
(c) intentionally omitted; 
 
(d) no Default or Event of Default 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); 
 
(e) intentionally omitted; 
 
(f) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over other creditors of the
Company, or with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 
 
(g) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel in the United States reasonably
acceptable to the Trustee, each stating that 
 

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the conditions precedent
provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in the case of the Officers’ Certificate, in clauses (a) through (f) and, in the case of the Opinion of Counsel, in clauses (a) (with respect to the validity
and perfection of the security interest) and clauses (b) and (c) of this paragraph, have been complied with. 
 

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