Document:

Document

Execution Version

			
	

AGCO INTERNATIONAL HOLDINGS B.V.
as Issuer,
AGCO CORPORATION
as Guarantor,
HSBC BANK USA, NATIONAL ASSOCIATION,
as Trustee, Paying Agent, Transfer Agent and Registrar
			
	

INDENTURE
Dated as of
October 6, 2021
			
	

0.800% Senior Notes due 2028
			
	

TABLE OF CONTENTS
Page
						
	ARTICLE 1
0.800% Senior Notes Due 2028

	Section 1.01.    Establishment
	1

	Section 1.02.    Definitions
	2

	Section 1.03.    Other Definitions
	12

	Section 1.04.    Rules of Construction
	12

	ARTICLE 2
The Notes

	Section 2.01.    Designation, Amount and Issue of Notes
	13

	Section 2.02.    Form and Dating; Terms
	14

	Section 2.03.    Execution, Authentication and Effectuation
	16

	Section 2.04.    Registrar and Paying Agent
	18

	Section 2.05.    Paying Agent to Pay Money
	18

	Section 2.06.    Noteholder Lists
	19

	Section 2.07.    Transfer and Exchange
	19

	Section 2.08.    Replacement Notes
	32

	Section 2.09.    Outstanding Notes
	32

	Section 2.10.    Temporary Notes
	33

	Section 2.11.    Cancellation
	33

	Section 2.12.    Defaulted Interest
	33

	Section 2.13.    ISIN Numbers
	34

	Section 2.14.    Additional Responsibilities of the Paying Agent Regarding the Global Notes
	34

	Section 2.15.    Agents
	35

	Section 2.16.    Certain Matters pertaining to the Trustee
	38

	ARTICLE 3
Redemption and Repurchase of Notes

	Section 3.01.    Notices to Trustee
	39

	Section 3.02.    Selection of Notes to Be Redeemed or Purchased
	39

	Section 3.03.    Notice of Redemption
	40

	Section 3.04.    Effect of Notice of Redemption
	41

	Section 3.05.    Deposit of Redemption or Purchase Price
	41

	Section 3.06.    Notes Redeemed or Purchased in Part
	41

	Section 3.07.    Optional Redemption
	42

	Section 3.08.    Redemption for Tax Reasons
	42

	ARTICLE 4
Particular Covenants of the Issuer and the Guarantor

	Section 4.01.    Payment of Principal, Premium and Interest
	43

2

						
	Section 4.02.    Maintenance of Office or Agency
	43

	Section 4.03.    Appointments to Fill Vacancies in Trustee’s Office
	44

	Section 4.04.    Provisions as to Paying Agent
	43

	Section 4.05.    Existence
	45

	Section 4.06.    Limitation on Liens
	46

	Section 4.07.    Limitation on Sale and Lease-Back Transactions
	47

	Section 4.08.    Offer to Repurchase Upon a Change of Control Triggering Event
	48

	Section 4.09.    OFAC
	50

	Section 4.10.    Compliance Certificate; Notice of Default
	50

	Section 4.11.    Additional Amounts
	51

	ARTICLE 5
Noteholders’ Lists and Reports by the Issuer

	Section 5.01.    Issuer to Furnish Trustee Names and Addresses of Noteholders
	53

	Section 5.02.    Preservation and Disclosure of Lists
	54

	Section 5.03.    Reports by Guarantor
	54

	ARTICLE 6
Remedies of the Trustee and Noteholders on an Event of Default

	Section 6.01.    Events of Default; Acceleration
	54

	Section 6.02.    Payments of Notes on Default; Suit Therefor
	57

	Section 6.03.    Application of Monies Collected by Trustee
	59

	Section 6.04.    Proceedings by Noteholder
	60

	Section 6.05.    Proceedings by Trustee
	61

	Section 6.06.    Remedies Cumulative and Continuing
	61

	Section 6.07.    Direction of Proceedings and Waiver of Defaults by Majority of Noteholders
	61

	Section 6.08.    Undertaking to Pay Costs
	62

	Section 6.09.    Waiver of Stay or Extension Laws
	62

	ARTICLE 7
The Trustee

	Section 7.01.    Certain Duties and Responsibilities
	62

	Section 7.02.    Notice of Defaults or Events of Default
	63

	Section 7.03.    Certain Rights of the Trustee
	63

	Section 7.04.    Trustee’s Disclaimer
	65

	Section 7.05.    May Hold Notes
	66

	Section 7.06.    Monies to be Held in Trust
	66

	Section 7.07.    Compensation and Reimbursement
	66

	Section 7.08.    Corporate Trustee Required; Eligibility
	67

	Section 7.09.    Resignation and Removal of Trustee; Appointment of Successor
	67

	Section 7.10.    Acceptance of Appointment of Successor
	68

	Section 7.11.    Merger, Conversion, Consolidation or Succession to Business
	69

3

						
	ARTICLE 8
The Noteholders

	Section 8.01.    Action by Noteholders
	69

	Section 8.02.    Proof of Execution by Noteholders
	70

	Section 8.03.    Who Are Deemed Absolute Owners
	70

	Section 8.04.    Issuer-Owned Notes Disregarded
	70

	Section 8.05.    Revocation of Consents, Future Noteholders Bound
	71

	ARTICLE 9
Meetings of Noteholders

	Section 9.01.    Purpose of Meetings
	71

	Section 9.02.    Call of Meetings by Trustee
	71

	Section 9.03.    Call of Meetings by Issuer or Noteholders
	72

	Section 9.04.    Qualifications for Voting
	72

	Section 9.05.    Regulations
	72

	Section 9.06.    Voting
	73

	Section 9.07.    No Delay of Rights by Meeting
	73

	ARTICLE 10
Supplemental Indentures

	Section 10.01.    Supplemental Indentures Without Consent of Noteholders
	73

	Section 10.02.    Supplemental Indenture with Consent of Noteholders
	74

	Section 10.03.    Effect of Supplemental Indenture
	75

	Section 10.04.    Notation on Notes
	75

	Section 10.05.    Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee
	76

	ARTICLE 11
Merger, Consolidation, Etc.

	Section 11.01.    Mergers, Consolidations and Certain Transfers, Leases and Acquisitions of Assets
	76

	Section 11.02.    Reserved
	77

	Section 11.03.    Successor to Be Substituted
	77

	ARTICLE 12
Satisfaction and Discharge of Indenture

	Section 12.01.    Discharge of Indenture
	77

	Section 12.02.    Deposited Monies to Be Held in Trust by Trustee
	78

	Section 12.03.    Paying Agent to Repay Monies Held
	78

	Section 12.04.    Return of Unclaimed Monies
	78

	Section 12.05.    Reinstatement
	79

	ARTICLE 13
Immunity of Incorporators, Stockholders, Officers and Directors

	Section 13.01.    Indenture and Notes Solely Corporate Obligations
	79

4

						
	ARTICLE 14
Defeasance

	Section 14.01.    Option to Effect Legal Defeasance or Covenant Defeasance
	79

	Section 14.02.    Defeasance Upon Deposit of Moneys or U.S Government Obligations
	79

	Section 14.03.    Covenant Defeasance
	80

	Section 14.04.    Conditions to Legal or Covenant Defeasance
	81

	Section 14.05.    Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	82

	Section 14.06.    Repayment to Issuer
	83

	ARTICLE 15
Miscellaneous Provisions

	Section 15.01.    Provisions Binding on Issuer’s and Guarantor’s Successors
	83

	Section 15.02.    Official Acts by Successor Corporation
	83

	Section 15.03.    Addresses for Notices, Etc
	83

	Section 15.04.    Governing Law
	85

	Section 15.05.    Evidence of Compliance with Conditions Precedent, Certificates to Trustee
	85

	Section 15.06.    Legal Holidays
	85

	Section 15.07.    No Security Interest Created
	86

	Section 15.08.    Benefits of Indenture
	86

	Section 15.09.    Table of Contents, Headings, Etc
	86

	Section 15.10.    Authenticating Agent
	86

	Section 15.11.    Execution in Counterparts
	87

	Section 15.12.    Severability
	87

	Section 15.13.    Force Majeure
	87

	Section 15.14.    U.S.A Patriot Act
	87

	Section 15.15.    Judgment Currency
	88

	Section 15.16.    English Language
	88

	Section 15.17.    Submission to Jurisdiction; Appointment of Agent
	88

	Section 15.18.    Waiver of Immunity
	89

	Exhibit A: Form of Note	A-1
	Exhibit B: Form of Certificate of Transfer	B-1
	Exhibit C: Form of Certificate of Exchange	C-1

5

Execution Version

INDENTURE
INDENTURE dated as of October 6, 2021, by and among AGCO International Holdings B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, with corporate seat in Grubbenvorst and registered with the Dutch Chamber of Commerce (Kamer van Koophandel) under number 12067080 (hereinafter called the “Issuer”), AGCO Corporation, a Delaware corporation (hereinafter called the “Guarantor”), HSBC Bank USA, National Association, as trustee (hereinafter referred to as the “Trustee” and as Paying Agent, Transfer Agent and Registrar (as such terms are used and defined below)).
WITNESSETH:
WHEREAS, for its lawful corporate purposes, the Issuer has duly authorized the issue of its 0.800% Senior Notes due 2028 (hereinafter called the “Notes”), in an aggregate principal amount not to exceed €600,000,000 on the date hereof, and, to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Issuer has duly authorized the execution and delivery of this Indenture;
WHEREAS, the Notes, the certificate of authentication to be borne by the Notes, a form of certificate of transfer and a form of certificate of exchange are to be substantially in the forms hereinafter provided for; and
WHEREAS, all acts and things necessary to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee or a duly authorized Authenticating Agent, as in this Indenture provided, the valid, binding and legal obligations of the Issuer, and to constitute this Indenture a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issue hereunder of the Notes have in all respects been duly authorized.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the holders thereof, the Issuer covenants and agrees with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Notes (except as otherwise provided below), as follows:
ARTICLE 1
0.800% Senior Notes Due 2028
Section 1.01.Establishment.
There is hereby established a new series of Notes to be issued under this Indenture, to be designated as the Issuer’s 0.800% Senior Notes due 2028. There are to be initially authenticated and delivered up to €600,000,000 principal amount of the Notes. The Notes shall be issued in fully registered form without coupons.

 

Section 1.02.Definitions.
The terms defined in this Section 1.02 (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the respective meanings specified in this Section 1.02 for all purposes of this Indenture and any indenture supplemental hereto. The words “herein”, “hereof”, “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Section 1.02 include the plural as well as the singular.
“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 specified Person means the power to direct or cause the direction of 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 Paying Agent, Registrar, Authenticating Agent, co-registrar, or Transfer Agent
“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the CSK, Euroclear and/or Clearstream that apply to such transfer or exchange.
“Attributable Debt” means the present value (discounted at the weighted average interest rate borne by the Notes outstanding at the time of such Sale and Leaseback Transaction compounded semi-annually) of the obligation of a lessee for net rental payments during the remaining term of any lease (including any period for which such lease has been extended).
“Board of Directors” means the Board of Directors of the Issuer or the Guarantor, as the case may be, or a committee of such Board of Directors duly authorized to act for it hereunder.
“Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in the City of New York or the City of London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2 system”), or any successor thereto, operates. If any interest payment date, maturity date or redemption date is not a business day, then the related payment for such interest payment date, maturity date or redemption date shall be paid on the next succeeding business day with the same force and effect as if made on such interest payment date, maturity date or redemption date, as the case may be, and no further interest shall accrue as a result of such delay.
“Change of Control” means the occurrence of any one of the following:
(a) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Guarantor and its subsidiaries taken as 

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a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act of 1934, as amended (the “Exchange Act”)) other than to the Guarantor or one of its subsidiaries;
(b) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Guarantor, measured by voting power rather than number of shares;
(c) The Guarantor consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Guarantor, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Guarantor or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Guarantor outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;
(d) the first day on which the majority of the members of the board of directors of the Guarantor cease to be Continuing Directors; or
(e) the adoption by the shareholders of the Guarantor of a plan relating to the liquidation or dissolution of the Guarantor.
“Change of Control Triggering Event” means the Notes cease to be rated Investment Grade by at least two of the three Rating Agencies, on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement of the transaction that constitutes or may constitute any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change). Unless at least two of the three Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the Notes will be deemed to have ceased to be rated Investment Grade by at least two of the three Rating Agencies during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.
“Clearing System” means Euroclear or Clearstream, as the case may be and/or any additional or alternative clearing system approved by the Issuer, the Trustee and the Paying Agent (provided that such additional or alternative clearing system must also be authorized to hold the Notes as eligible collateral for Eurosystem monetary policy and intra-day credit operations) collectively.
“Clearstream” means Clearstream Banking, société anonyme and its successors.
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act.

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“Commodity Agreement” means any forward contract, commodity swap, commodity option or other financial agreement or arrangement relating to, or the value of which is dependent upon, fluctuations in commodity prices.
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent Investment Banker selected by the Issuer, a German government bond (Bundesanieihe) whose maturity is closest to the maturity of the Notes being redeemed, or if such Independent Investment Banker in its discretion determines that such similar bond is not in issue, such other German government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond Rate.
“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes, if they were to be purchased at such price on the third (3rd) Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (New York time) on such Business Day as determined by an Independent Investment Banker selected by the Issuer. 
“Common Service Provider” means, with respect to Notes issued in the form of a Global Note in accordance with the New Safekeeping Structure, HSBC Bank plc which is the entity appointed by the ICSDs to service the Notes, or such successor as the ICSDs shall designate.
“Consolidated Net Tangible Assets” means the Guarantor’s and its Restricted Subsidiaries’ total assets (including, without limitation, any net investments in subsidiaries that are not Restricted Subsidiaries) after deducting therefrom (a) all current liabilities (except for indebtedness payable by its terms more than one year from the date of incurrence thereof or renewable or extendible at the option of the obligor for a period ending more than one year after such date of incurrence) and (b) all goodwill, trade names, trademarks, franchises, patents, unamortized debt discount and expense, organization and developmental expenses and other like segregated intangibles, all as computed by the Guarantor and its Restricted Subsidiaries as of the end of the fiscal year preceding the date of determination in accordance with GAAP; provided, that any items constituting deferred income taxes, deferred investment tax credit or other similar items shall not be taken into account as a liability or as a deduction from or adjustment to total assets.
“Continuing Director” means, as of any date of determination, any member of the Board of Directors of the Guarantor who:
(1) was a member of such board of directors of the Guarantor on the date of the Indenture; 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 (or such lesser 

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number comprising a majority of a nominating committee if authority for such nomination, election or appointment has been delegated to a nominating committee whose authority and composition have been approved by at least a majority of the directors who were Continuing Directors at the time such committee was formed.
“Corporate Trust Office” means the designated office of the Trustee at 452 Fifth Avenue, New York, New York 10018.
“CSK” means with respect to Notes issued in the form of a Global Note in accordance with the New Safekeeping Structure, Euroclear, which is the entity elected by the Paying Agent as Common Safekeeper, or such successor as Euroclear shall designate.
“Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement with respect to currency values.
“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.
“Default” means any event that is, or after notice or passage of time, or both, would be, an Event of Default.
“Definitive Note” means a certificated Note registered in the name of the Noteholder thereof and issued in accordance with Section 2.07(c) hereof, substantially in the form of Exhibit A hereto, as the case may be, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.
“Euro” or “€” means the currency of the member states of the European Economic and Monetary Union that have adopted or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union.
“Euroclear” means Euroclear Bank S.A./N.V., and its successors, as operator of the Euroclear system.
“European Union” means the economic and monetary union as contemplated in the Treaty on European Union as of January 1, 2004.
“Fitch” means Fitch Inc., and its successors.
“GAAP” means U.S. generally accepted accounting principles as are set forth in the statements and pronouncements of the Financial Accounting Standards Board and in opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants or in such other statements by such other Person as have been approved by a significant segment of the accounting profession or which have other substantial authoritative support in the United States and are applicable in the circumstances, in each case, as applied on a consistent basis, 

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which are in effect as of the issuance date of the Notes. For the avoidance of doubt, any lease, whether now existing or hereafter entered into, that would be treated as an operating lease under GAAP as in effect on October 6, 2021, will be treated as an operating lease for all purposes of the Indenture.
“Global Note Legend” means the legend set forth in Section 2.07(f)(ii) hereof, which is required to be placed on all Global Notes issued under this Indenture.
“Global Notes” means one or more permanent, registered securities in global form and includes any Global Note intended to be held under the New Safekeeping Structure and registered in the name of a nominee for the Common Safekeeper.
“Government Obligations” (x) any security which is (i) a direct obligation of the German government or (ii) an obligation of a person controlled or supervised by and acting as an agency or instrumentality of the German government the payment of which is fully and unconditionally guaranteed by the German government, the central bank of the German government or a governmental agency of the German government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect thereof
“Guarantee” means a guarantee by the Guarantor of the Issuer’s obligations under this Indenture and any Securities and as provided in the applicable Board Resolution and Officer’s Certificate or by supplemental indenture establishing the terms of the Notes.
“Hedging Obligations” of any person means the obligations of such person pursuant to any interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure to interest rates, any foreign exchange contract, currency swap agreement or other similar agreement with respect to currency values, any forward contract, commodity swap, commodity option or other financial agreement or arrangement relating to, or the value of which is dependent upon, fluctuations in commodity prices or any derivative contract entered into to hedge interest rate risk, currency exchange risk, and commodity price risk.
“ICSD(s)” means Clearstream and/or Euroclear, as the case may be and/or any additional or alternative clearing system approved by the Issuer (provided that such additional or alternative clearing system must also be authorized to hold a Global Note as eligible collateral for Eurosystem monetary policy and intra-day credit operations) collectively.
“Independent Investment Banks”“ means any of BNP Paribas, J.P. Morgan AG or Coöperatieve Rabobank U.A. or if none of such firms are willing or able to select the applicable Comparable Government Bond, a leading independent investment banking institution appointed by the Issuer.
“Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

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“Initial Purchasers” means BNP Paribas, J.P. Morgan AG or Coöperatieve Rabobank U.A., among others.
“Interest” means, when used with reference to the Notes, any interest payable under the terms of the Notes.
“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure to interest rates.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); and a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch) and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Guarantor under the circumstances permitting it to select a replacement Rating Agency and in the manner for selecting a replacement Rating Agency, in each case as set forth in the definition of “Rating Agency.”
“Legal Holiday” means (a) a day that is not a TARGET Settlement Date and (b) a Saturday, a Sunday or other day on which commercial banking institutions are authorized or required to be closed in New York, New York or London, United Kingdom and, for any place of payment outside of New York, New York, or London, United Kingdom, in such place of payment.
“Lien” or “Liens” means any mortgage, pledge, Lien, security interest or other encumbrances, including any lease treated as a capital lease under GAAP, upon any Principal Property or any shares of stock or on indebtedness for borrowed money of any Restricted Subsidiary (whether such Principal Property, shares of stock or indebtedness for borrowed money are now owned or hereafter acquired).
“Market Exchange Rate” means the amount payable on any date in Euro will be converted into dollars on the basis of the most recently available market exchange rate for Euro as published by Bloomberg L.P. at the close of business on the second business day prior to the relevant payment date.
“Moody’s” means Moody’s Investors Service, Inc., and its successors.
“New Safekeeping Structure” or “NSS” means a structure where a Global Note is registered in the name of a Common Safekeeper (or its nominee) for Euroclear and/or Clearstream and will be deposited on or about the issue date with the Common Safekeeper for Euroclear and/or Clearstream.
“Note” or “Notes” has the meaning specified in the recitals hereof, and includes both Original Notes and Additional Notes.

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“Noteholder” or “holder” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered on the Registrar’s books.
“Offering Memorandum” means the Offering Memorandum relating to the Notes dated September 29, 2021. 
“Officer” of the Issuer or the Guarantor means the Chairman of the Board of Directors, a Vice Chairman of the Board of Directors, the Chief Executive Officer, the President or a Vice President or the Chief Financial Officer, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Issuer or the Guarantor, as the case may be, and, with respect to financial matters, the chief financial officer (or similar title), controller or treasurer (or similar title) of the Issuer or the Guarantor, as applicable. For the avoidance of doubt, the Guarantor is governed by a board of directors, and such director(s) will sign in the capacity of an officer as contemplated by this definition.
“Officer’s Certificate” means a certificate signed on behalf of the Issuer or the Guarantor, as applicable by an Officer of the Issuer, as applicable and delivered to the Trustee. One of the officers signing an Officer’s Certificate given pursuant to Section 4.10 shall be the principal executive, financial or accounting officer of the Issuer or the Guarantor, as applicable. Unless the context otherwise requires, each reference herein to an “Officer’s Certificate” shall mean an Officer’s Certificate of the Issuer or the Guarantor, as applicable. References herein, or in any Note, to any officer of a Person that is a partnership shall mean such officer of the partnership or, if none, of a general partner of the partnership authorized thereby to act on its behalf. For the avoidance of doubt, the Guarantor is governed by a board of directors, and such director(s) will sign in the capacity of an officer as contemplated by this definition.
“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Issuer or the Guarantor, or other counsel acceptable to the Trustee.
“Outstanding”, when used with reference to Notes and subject to the provisions of Section 8.04, means, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except:
(a)    Notes theretofore canceled by the Registrar or the Paying Agent or delivered to the Registrar or the Paying Agent for cancellation;
(b)    Notes, or portions thereof, (i) for the redemption of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Issuer) or (ii) which shall have been otherwise discharged in accordance with ARTICLE 12;
(c)    Notes, except to the extent provided in Section 14.02 and Section 14.03, with respect to which the Issuer has effected Legal Defeasance and/or Covenant Defeasance as provided in ARTICLE 14;

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(d)    Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.08; and
(e)    Notes that have been exchanged for other Notes.
“Participant” means, with respect to the CSK, Euroclear or Clearstream, a Person who has an account with the CSK, Euroclear or Clearstream, respectively.
“Person” means any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof.
“Premium” means any premium payable under the terms of the Notes.
“Principal Property” means any single manufacturing or processing plant, office building or warehouse owned or leased by the Guarantor or any of its Subsidiaries other than a plant, warehouse, office building, or portion thereof which, (i) has a gross book value of less than 2% of Consolidated Net Tangible Assets or (ii) in the opinion of the Guarantor’s board of directors, is not of material importance to the business conducted by the Guarantor and its Subsidiaries as an entirety.
“Principal Corporate Trust Office” means the designated office of the Trustee at which its corporate trust business as it relates to this Indenture shall be principally administered at any particular time, which office at the date hereof is located at 452 Fifth Avenue, New York, New York 10018.
“Private Placement Legend” means the legend set forth in Section 2.07 hereof, to be placed on all notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 
“Rating Agency” means each of Fitch, Moody’s and S&P; provided, that if any of Fitch, Moody’s or S&P ceases to provide rating services to Issuers or investors, the Guarantor may appoint another “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for such Rating Agency; provided that the Guarantor shall give written notice of such appointment to the Trustee.
“Record Date” or “record date” for the interest payable on any Interest Payment Date means the September 22 (whether or not a Business Day) next preceding such Interest Payment Date of each year prior to maturity of the Notes, and for any other purpose means the record date established by the Issuer for a specified purpose.
“Redemption Date” means the date fixed for redemption of any Note pursuant to this Indenture.
“Regulation S” means Regulation S promulgated under the Securities Act.
“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

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“Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto, as the case may be, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the CSK or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period.
“Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto, as the case may be, bearing the Global Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the CSK or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903.
“Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.07(f) hereof.
“Responsible Officer” means any vice president, any assistant vice president, any assistant secretary, any assistant treasurer, any trust officer or assistant trust officer, the controller or any assistant controller or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and, in each case, who shall have direct responsibility for the administration of this Indenture. For the avoidance of doubt, the Guarantor is governed by a board of directors, and such director(s) will sign in the capacity of an officer as contemplated by this definition.
“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend.
“Restricted Global Note” means a Global Note bearing the Private Placement Legend.
“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S.
“Restricted Subsidiary” means a Subsidiary of the Guarantor which owns or is a lessee of a Principal Property, including, without limitation, the Issuer.
“Rule 144” means Rule 144 promulgated under the Securities Act.
“Rule 903” means Rule 903 promulgated under the Securities Act.
“Rule 904” means Rule 904 promulgated under the Securities Act.
“Sanctions” means any sanctions imposed or administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of the State, the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority.

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“S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its successors.
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.
“Significant Subsidiary” means any subsidiary of the Guarantor that meets the definition of “significant subsidiary” in Section 1-02(w) of Regulation S-X.
“Subsidiary” means the Issuer and any corporation, partnership or other legal entity (a) the accounts of which are consolidated with ours in accordance with GAAP and (b) of which, in the case of a corporation, more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by the Guarantor or by one or more other subsidiaries, or by the Guarantor and one or more of its subsidiaries or, in the case of any partnership or other legal entity, more than 50% of the ordinary equity capital interests is, at the time, directly or indirectly owned or controlled by the Guarantor or by one or more of its subsidiaries or by the Guarantor and one or more of its subsidiaries.
“TARGET Settlement Date” means any day on which TARGET2 is open for the settlement of payments in euro. 
“Trustee” means HSBC Bank USA, National Association, and its successors and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor trustee at the time serving as successor trustee hereunder.
“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend.
“Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit A attached hereto, as the case may be, that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the CSK, representing Notes that do not bear the Private Placement Legend.
“U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act.
“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the Board of Directors of such Person.

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Section 1.03.Other Definitions.
						
	Term	Defined in
Section
	“Additional Amounts”	4.11
	“Additional Notes”	2.01

	“Agent Members”	2.07
	“Authentication Order”	2.03

	“Change of Control Offer”	4.08

	“Change of Control Payment”	4.08

	“Change of Control Payment Date”	4.08

	“Change in Tax Law”	3.08
	“CSP”	2.14
	“Guarantor’s SEC filing obligations”	6.01

	“Covenant Defeasance”	14.03

	“Defaulted Interest”	2.12

	“Event of Default”	6.01

	“IOA”	2.14
	“Issuer Order”	2.03
	“Legal Defeasance”	14.02

	“Note Register”	2.03

	“Original Notes”	2.01

	“Par Call Date”	3.07
	“Paying Agent”	2.03

	“Payor”	4.11
	“Sale and Leaseback Transaction”	4.07

	“Registrar”	2.03

	“Relevant Taxing Jurisdiction”	4.11
	“Tax Redemption Date”	3.08
	“Taxes”	4.11

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)“including” means including without limitation;
(e)words in the singular include the plural, and in the plural include the singular;

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(f)provisions apply to successive events and transactions;
(g)“will” shall be interpreted to express a command;
(h)references to sections of or rules under the Securities Act or Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time;
(i)references to any statute, law or regulation shall be deemed to refer to the same as from time to time amended and in effect and to any successor statute, law or regulation;
(j)whenever in this Indenture there is mentioned, in any context, principal, interest or any other amount payable under or with respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Amounts, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to this Indenture, provided, however, that the Trustee shall not be deemed to have knowledge of the requirement that any Additional Amount is due unless the Trustee receives written notice from the Issuer stating that such amounts are due and specifying the Euro amounts thereof;
(k)“herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and
(l)all references to Articles, Sections or subdivisions refer to Articles, Sections or subdivisions of this Indenture unless otherwise indicated.
ARTICLE 2
The Notes
Section 2.01.Designation, Amount and Issue of Notes.
The Notes shall be designated as “0.800% Senior Notes Due 2028”. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. Notes not to exceed the aggregate principal amount of €600,000,000 upon the execution of this Indenture may be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Issuer, signed by its Chairman of the Board of Directors, Vice Chairman of the Board of Directors, Chief Executive Officer, President, Chief Financial Officer or any Vice President, without any further action by the Issuer hereunder (the “Original Notes”). In addition, subject to the provisions of Section 15.05 but without the consent of the Noteholders, an unlimited aggregate principal amount of additional Notes (the “Additional Notes”) may be executed after the date of this Indenture by the Issuer and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of an Officer’s Certificate specifying the amount of Notes to be authenticated and the date on which such Notes are to be authenticated and certifying that all conditions precedent to the issuance of the Additional Notes contained herein have been complied with and that no Default or Event of Default would occur as a result of the issuance of such Additional Notes, authenticate and deliver said Additional Notes to or upon the written order of the Issuer, signed as set forth in the preceding sentence; provided that Additional Notes may be issued under this Indenture only if such Additional Notes and the 

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Original Notes constitute one series for United States Federal income tax purposes. The Original Notes and the Additional Notes, if any, shall constitute one series for all purposes under this Indenture, including, without limitation, amendments, waivers and redemptions. The Issuer and the Guarantor may also from time to time purchase the Notes in tender offers, open market purchases or negotiated transactions without prior notice to the Noteholders.
Section 2.02.Form and Dating; Terms.
(a)General.  The Notes and the Trustee’s or Authenticating Agent’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof.
(b)The Initial Notes offered and sold to the Initial Purchasers will be issued on the Issue Date in the form of a permanent global Note, without interest coupons, substantially in the form of Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as set forth in Section 2.07 hereof (the “Global Note”), safekept by the CSK, as common safekeeper for the Clearing Systems, duly executed by the Issuer, authenticated by the Registrar and effectuated by the CSK as hereinafter provided.  The aggregate principal amount of the Global Note may from time to time be increased or decreased by adjustments made on the Note Register. 
Except as described in the succeeding two sentences, the principal of and premium, if any, and interest on the Notes shall be payable at the office or agency of the Issuer maintained for such purpose in New York City, U.S.A, or at such other office or agency of the Issuer as may be maintained for such purpose pursuant to Section 7.08 hereof; provided, however, that, at the option of the Issuer, each installment of interest may be paid by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register.  
Whilst any Notes are represented by a Global Note, all payments due in respect of the Notes shall be made to, or to the order of, the holder of the Global Note, subject to and in accordance with the provisions of the Global Note.  On the occasion of each payment, the Paying Agent shall instruct Euroclear and Clearstream to make the appropriate entries in their records to reflect such payment.  Payments in respect of Notes represented by Definitive Notes (including principal, premium, if any, interest or Additional Amounts, if any,) held by a Holder of at least €1,000,000 aggregate principal amount of Notes represented by Definitive Notes will be made by wire transfer to a Euro account maintained by the payee with a branch of a designated bank in the European Union if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).
In the case of a Global Note intended to be held under the New Safekeeping Structure, save for the purposes of determining Notes that are outstanding for consent or voting purposes under the Base Indenture, the Trustee shall rely on the records of the ICSDs in relation to any determination of the principal amount outstanding of such Global Note.  For this purpose, 

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“records” means the records that each of the ICSDs holds for its customers which reflect the amount of such customer’s interest in the Notes.
Any Subsequent Notes shall be in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage, in addition to those set forth on Exhibit A hereto and in Section 2.07 hereof.  The Issuer and Trustee shall approve the forms of the Notes and any notation, endorsement or legend on them.  Each Note shall be dated the date of its authentication or, if later (in the case of a Global Note), effectuation.  The terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture and, to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to be bound by such terms.
All payments of interest and principal on the Notes, including payments made upon any redemption of the Notes, will be made in Euros.  If the Euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the Issuer’s control or if the Euro is no longer being used by the then member states of the European Economic and Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes shall be made in U.S. dollars until the Euro is again available to the Issuer or so used.  The amount payable on any date in Euros shall be converted into U.S. dollars on the basis of the most recently available Market Exchange Rate for Euros.  The Market Exchange Rate most recently available on, or prior to, the second Business Day before the relevant determination date will be the basis for determining the equivalent of Euro in the currency of the United States of America for any purposes under the Indenture.  Any payment in respect of such Notes so made in U.S. dollars shall not constitute an Event of Default under the Notes or this Indenture.  Neither the Trustee nor the Paying Agent shall have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations.
It is intended that the Notes, whilst represented by one or more Global Notes, will be recognized as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue, or at any or all times during their life. 
In relation to each issue of Eurosystem-eligible Global Notes, the Issuer hereby authorises and instructs the Paying Agent to elect Euroclear as common safekeeper. From time to time, the Issuer and the Paying Agent may agree to vary this election. The Issuer acknowledges that any such election is subject to the right of Euroclear and Clearstream, Luxembourg to jointly determine that the other shall act as common safekeeper in relation to any such issue and agrees that no liability shall attach to the Paying Agent in respect of any such election made by it.
(c)Temporary Global Notes.  Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the CSK, and registered in the name of the CSK or the nominee of the CSK for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee or an Authenticating Agent as hereinafter provided. The Restricted Period shall be terminated upon the receipt by the Trustee of:

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(i)a written certificate from the CSK, together with copies of certificates from Euroclear and Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note; and
(ii)an Officer’s Certificate from the Issuer.
(iii)Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for beneficial interests in the Regulation S Permanent Global Note of the same series pursuant to the Applicable Procedures. Simultaneously with the authentication of the corresponding Regulation S Permanent Global Note, the Registrar shall cancel the corresponding Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the CSK or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.
(d)Terms.  The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.
The Notes shall be subject to repurchase by the Issuer in the event of a Change of Control Offer as provided in Section 4.08 hereof. The Notes shall be redeemable as provided in ARTICLE 3.
(e)Euroclear and Clearstream Procedures Applicable. 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 Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream.
Section 2.03.Execution, Authentication and Effectuation.  One Officer shall execute the Notes, on behalf of the Issuer, by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time the Trustee or an Authenticating Agent authenticates the Definitive Note or the Registrar or an Authenticating Agent authenticates the Global Note and, in the case of a Global Note, the CSK effectuates the Global Notes, the Note shall be valid nevertheless.
A Note shall not be valid until an authorized signatory of the Trustee (with respect to Definitive Notes and the Registrar with respect to a Global Note) or an Authenticating Agent manually authenticates the Note and, in the case of the Global Note, the Global Note is effectuated by the CSK by the manual or facsimile signature of one of its authorized signatories.  The signature of the Trustee or the Registrar or an Authenticating Agent on a Note and, in the case of a Global Note, evidence via facsimile transmission, electronic means or such other 

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evidence in writing as may be acceptable to the Registrar of the execution by the CSK of the certificate of effectuation on such Note shall be conclusive evidence that such Note has been duly and validly authenticated, effectuated and issued under this Indenture.  A Note shall be dated the date of its authentication or, if later (in the case of a Global Note), effectuation.
The Issuer authorizes and instructs the Registrar to (i) authenticate the Global Notes, (ii) transmit such Global Notes electronically to the CSK and to give effectuation instructions in respect of the Global Notes following its authentication thereof and (iii) instruct the Clearing Systems to make appropriate entries in their records to reflect the initial outstanding aggregate principal amount of the Notes.
The Registrar shall authenticate and make available for delivery and the CSK shall effectuate: (1) at any time after the execution and delivery of this Indenture, a Global Note representing the Initial Notes for issue on the Issue Date in an aggregate principal amount of €600,000,000; (2) if and when issued, a Global Note or Global Notes representing each tranche of the Subsequent Notes for issue on the issue date thereof, in each case upon a written order of the Issuer signed by two Officers or by an Officer and an Assistant Treasurer or an Assistant Secretary of the Issuer (the “Issuer Order”); and (3) if and when issued, a Definitive Note or Definitive Notes.  Such Issuer Order shall specify the amount of the Notes to be authenticated and (in the case of a Global Note) effectuated, the date on which the issue of Notes is to be authenticated and (in the case of a Global Note) effectuated and whether the Notes are to be Initial Notes or Subsequent Notes.  The aggregate principal amount of Notes which may be authenticated and delivered and (in the case of a Global Note) effectuated under this Indenture is initially limited to €600,000,000 outstanding (plus any Subsequent Notes), except for Notes authenticated and delivered and (in the case of a Global Note) effectuated upon registration or transfer of, or in exchange for, or in lieu of, other Notes of the same class.  All Notes issued on the Issue Date and all Subsequent Notes shall be identical in all respects other than issue date, issue price and the date from which interest accrues and any changes relating thereto; provided that if the Subsequent Notes are not fungible with the Initial Notes for United States federal income tax purposes, the Subsequent Notes will have a separate Common Code and ISIN number and/or any other identifying number.  Notwithstanding anything to the contrary contained in this Indenture, the Initial Notes and any Subsequent Notes of the same class will be treated as a single class of securities under this Indenture.  Without limiting the generality of the foregoing sentence, unless otherwise provided in this Indenture, all Notes issued under this Indenture shall vote and consent together on all matters as one class and no Notes will have the right to vote or consent as a separate class on any matter.  
The Trustee may appoint an agent reasonably acceptable to the Issuer to authenticate the Definitive Notes and the Registrar (as defined below) may appoint an agent reasonably acceptable to the Issuer to authenticate the Global Notes, as applicable (the “Authenticating Agent”).  Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee or Registrar may do so.  Each reference in this Indenture to authentication by the Trustee or Registrar includes authentication by the Authenticating Agent.  An Authenticating Agent has the same rights as any Registrar, Transfer Agent or Paying Agent to deal with the Issuer or an Affiliate of the Issuer. The Issuer hereby appoints HSBC Bank USA, National Association as Paying Agent, Registrar and Transfer Agent. HSBC Bank USA, National Association accepts its respective appointments. The Paying Agent 

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is authorized by the PRA and regulated by the FCA and PRA. Nothing in this Agreement shall require the Paying Agent to carry on an activity of the kind specified by any provision of Part II (other than article 5 (accepting deposits)) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, or to lend money to the Issuer.
Where the Registrar delivers any authenticated Global Note to a CSK for effectuation using electronic means, it is authorized and instructed to destroy the Global Note retained by it following its receipt of confirmation from the CSK that the relevant Global Note has been effectuated.
Section 2.04.Registrar and Paying Agent.
The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register for the recordation of the name and address of the Noteholders, any successors or assignees, the commitments of, and principal amount of the Notes held by such Noteholder, any successor or assignees, (“Note Register”). The entries in the Note Register shall be conclusive (absent manifest error), and the Issuer, the Agents, the Trustee, and the Noteholders shall treat each Person whose name is recorded in the Note Register pursuant to the terms hereof as a Noteholder and the owner of its portion of the Notes, as set forth in the Note Register for all purposes under this agreement. No transfer or assignment of Notes will be effective unless it is recorded in the Register as provided for in this Section. The Issuer may appoint one or more co-registrars and one or more additional Paying Agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional Paying Agent. The Issuer may change any Paying Agent or Registrar without prior notice to any Noteholder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. The Issuer, the Guarantor or any of the Guarantor’s Subsidiaries may act as Registrar or Paying Agent.
The ICSDs will initially appoint the CSK to act as common safekeeper for the Clearing Systems with respect to the Global Note.  The Issuer has entered or will enter into an Issuer – ICSD Agreement in the form mandated by the Clearing Systems in connection with the servicing of the Notes by the Clearing Systems.
The Issuer has initially appointed HSBC Bank USA, National Association as the Paying Agent, Transfer Agent and Registrar for the Notes, and HSBC Bank USA, National Association hereby accepts such appointment. 
Section 2.05.Paying Agent to Pay Money.
By at least 10:00 a.m. (New York time) on the date on which any principal of and premium, if any, or interest on any Note is due and payable, the Issuer shall deposit with the Paying Agent a sum in Euros sufficient to pay such principal, premium, if any, or interest when due. The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall pay for the benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest or Additional Amounts, if any, on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. The Paying Agent will not hold any amounts in trust. Money held by the Paying Agent 

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(other than when the Issuer, Guarantor or Subsidiary acts as Paying Agent) will not need to be segregated, except as required by law, and in no event shall any Paying Agent be liable for any money received by it hereunder. The Paying Agents will not be liable for interest on any money received by it from the Issuer or any Guarantor. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer 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 Issuer, the Guarantor or a Subsidiary) shall have no further liability for the money. If the Issuer, the Guarantor or a Subsidiary acts as Paying Agent, it shall segregate and pay into a separate trust fund for the benefit of the Noteholders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer or the Guarantor, the Paying Agent shall serve as agent of the Trustee for the Notes.
The Issuer shall ensure that no later than 10.00 a.m. (New York time) on the second Business Day immediately preceding the date on which any payment is to be made to the Paying Agent, the Paying Agent shall receive a copy of an irrevocable payment instruction to or a payment confirmation from the paying bank of the Issuer.
For the avoidance of doubt, the Paying Agent, the Trustee and any other Agent shall be held harmless and have no liability with respect to the payment or disbursements to be made by the Paying Agent and the Trustee (i) for which payment instructions are not made or received or that are not otherwise deposited by the respective times set forth in this Section 2.05 and (ii) until they have confirmed receipt of funds sufficient to make the relevant payment.
Section 2.06.Noteholder 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 Noteholders. If HSBC Bank USA, National Association is not the Registrar, the Issuer shall furnish to the Trustee at least two (2) 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 Noteholders of Notes and the Issuer.
Section 2.07.Transfer and Exchange.
To permit registrations of transfers and exchanges, the Issuer shall, subject to the other terms and conditions of this ARTICLE 2, execute and the Trustee or an Authenticating Agent shall authenticate Definitive Notes and the Registrar shall authenticate or an Authenticating Agent Global Notes at the Registrar’s or co-registrar’s request; provided that the Issuer shall instruct, or shall cause the Paying Agent to instruct, the CSK to effectuate any such Global Notes and such Global Notes shall have been effectuated by (or on behalf of) the CSK on the proposed issue date thereof.
(a)Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section, a Global Note may be transferred, in whole and not in part, only to another nominee of the CSK or to a successor CSK or a nominee of such successor CSK. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless  the CSK (x) notifies the Issuer that it is unwilling or unable to continue as CSK for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor CSK is not 

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appointed by the Issuer within 120 days or  there shall have occurred and be continuing an Event of Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i) or (ii) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the CSK (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.07 or Section 2.08 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (i) or (ii) above and pursuant to Section 2.07(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.07(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.07(b) or (c) hereof. All Global Notes shall be registered in the name of a nominee of the CSK, for, and in respect of interests held through the Clearing Systems and all transfers of beneficial ownership interests therein will be made in accordance with the rules of the Clearing Systems.  The Paying Agent will instruct Euroclear and Clearstream to make the appropriate entries in their records in respect of all Global Notes.  No investor or other party purchasing, selling or otherwise transferring beneficial ownership interests in Global Notes shall receive, hold or deliver any certificate representing the same.  The Issuer, the Guarantor and the Trustee or any Agent shall have no responsibility or liability for transfers of beneficial ownership interests in any Global Note.
(b)Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Clearing Systems, in accordance with the provisions of this Indenture and the Applicable Procedures. The Paying Agent is authorised by the Issuer to instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such transfer and exchange. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes 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 Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Noteholder). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.07(b)(i).
(ii)All Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.07(b)(i) hereof, the transferor of such beneficial interest must deliver to the 

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Registrar either  a written order from a Participant or an Indirect Participant given to the ICSDs in accordance with the Applicable Procedures directing the ICSDs to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and  instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or   a written order from a Participant or an Indirect Participant given to the ICSDs in accordance with the Applicable Procedures directing the ICSDs to cause to be issued a Definitive Note of the same series in an amount equal to the beneficial interest to be transferred or exchanged and  instructions given by the ICSDs to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.07(g) hereof.
(iii)Transfer of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.07(b)(ii) hereof and the Registrar receives the following:
(A)the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof.
(iv)Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.  A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.07(b)(ii) hereof and the Registrar receives the following:
(A)if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note of the same series, a certificate from such Noteholder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or
(B)if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note of the same series, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

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and, in each such case set forth in this subclause (iv), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form and substance satisfactory to 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 Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
If any such transfer is effected pursuant to this subsection (iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 hereof, the Trustee or an Authenticating Agent shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this subsection (iv).
Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.
(c)Transfer or Exchange of Beneficial Interests for Definitive Notes.
(i)Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.  If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in subsection (i) or (ii) of Section 2.07(a) hereof and receipt by the Registrar of the following documentation:
(A)if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;
(B)if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;
(C)if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof;
(D)if such beneficial interest is being transferred to the Issuer or any of its Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or
(E)if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate 

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substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,
the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(g) hereof, and the Issuer shall execute and the Registrar or an Authenticating Agent shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c)(i) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the ICSDs and the Participant or Indirect Participant. The Registrar shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.
(ii)Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes.  Notwithstanding Section 2.07(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to  the expiration of the Restricted Period and  the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.
(iii)Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.  A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in subsection (i) or (ii) of Section 2.07(a) hereof and if the Registrar receives the following:
(A)if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or
(B)if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subsection (iii), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form and substance satisfactory to 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 Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

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(iv)Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.  If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subsection (i) or (ii) of Section 2.07(a) hereof and satisfaction of the conditions set forth in Section 2.07(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(g) hereof, and the Issuer shall execute and the Registrar or an Authenticating Agent shall and the Registrar shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the ICSDs and the Participant or Indirect Participant. The Registrar shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall not bear the Private Placement Legend.
(d)Transfer and Exchange of Definitive Notes for Beneficial Interests.
(i)Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.  In the event that the Noteholders of Notes of at least $50,000,000 aggregate principal amount request that Definitive Notes be exchanged for Global Notes, the Issuer agrees to use its commercially reasonable best efforts to cooperate with such Noteholders to permit the Notes to be eligible for clearance and settlement through the Depository. If the Notes are eligible for clearance and settlement through the Depository, and any Noteholder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:
(A)if the Noteholder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Noteholder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;
(B)if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;
(C)if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof;

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(D)if such Restricted Definitive Note is being transferred to the Issuer or any of its Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or
(E)if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,
the Registrar shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global Note and in the case of clause (C) above, the applicable Regulation S Global Note.
(ii)Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Noteholder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:
(A)if the Noteholder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Noteholder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or
(B)if the Noteholder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Noteholder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subclause (ii), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form and substance satisfactory  to 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 Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.07(d)(ii), the Registrar shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.
(iii)Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Noteholder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Registrar shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

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If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subsection (ii) or (iii) of this Section at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 hereof, the Trustee or an Authenticating Agent shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.
(e)Transfer and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Noteholder of Definitive Notes and such Noteholder’s compliance with the provisions of this Section 2.07(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Noteholder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Noteholder or by its attorney, duly authorized in writing. In addition, the requesting Noteholder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.07(e):
(i)Restricted Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:
(A)if the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or
(B)if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable.
(ii)Restricted Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be exchanged by the Noteholder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following:
(A)if the Noteholder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Noteholder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or
(B)if the Noteholder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Noteholder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof;

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and, in each such case set forth in this subsection (ii), if the Registrar so requests, an Opinion of Counsel in form and substance satisfactory to 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 Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
(iii)Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A Noteholder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Noteholder thereof.
(f)Legends.  The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture:
(i)Private Placement Legend: Each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution therefor) shall bear the legend in substantially the following form:
THIS SECURITY IS SUBJECT TO THE RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER, AND THE RIGHTS OF REDEMPTION BY THE ISSUER, CONTAINED IN THE INDENTURE GOVERNING THIS SECURITY. 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, DELIVER OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH AGCO INTERNATIONAL HOLDINGS B.V. OR ANY AFFILIATE OF AGCO INTERNATIONAL HOLDINGS B.V. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO AGCO INTERNATIONAL HOLDINGS B.V. OR ANY SUBSIDIARY OR AFFILIATE THEREOF, RELIANCE ON REGULATION (B) PURSUANT TO OFFERS AND SALES TO NON U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER 

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THE SECURITIES ACT, OR (C) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO AGCO INTERNATIONAL HOLDINGS B.V.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (B) OR (C) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS 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)Global Note Legend.  Each Global Note shall bear a legend in substantially the following form:
“THIS CERTIFICATE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE NOMINEE OF THE ENTITY APPOINTED AS COMMON SAFEKEEPER (THE “CSK”) FOR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM”) AND EUROCLEAR BANK S.A./N.V. (“EUROCLEAR” AND, TOGETHER WITH CLEARSTREAM, THE “CLEARING SYSTEMS”).  
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE CSK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE CSK OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE CSK (AND ANY PAYMENT IS MADE TO THE CSK OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE CSK), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE CLEARING SYSTEMS, HAS AN INTEREST HEREIN.”
(iii)Regulation S Temporary Global Note Legend.  Any Regulation S Temporary Global Note shall bear a legend in substantially the following form:
“BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS 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.”

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(g)Book-Entry Provisions.   This Section 2.01(g) shall apply only to Global Notes deposited with the CSK, as common safekeeper for the Clearing Systems.
(i)Each Global Note initially shall (A) be registered in the name of a nominee of the CSK for and in respect of interests held through, the Clearing Systems, (B) be delivered to the CSK as the common safekeeper for the Clearing Systems and (C) bear legends as set forth in Section 2.07 hereof.
(ii)Members of, or participants in, the Clearing Systems (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Clearing Systems or by the CSK as common safekeeper for the Clearing Systems or under such Global Note, and the nominee of the CSK may be treated by the Issuer, the Trustee, the Agents and any agent of the Issuer, the Trustee or the Agents as the absolute owner of such Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Agents from giving effect to any written certification, proxy or other authorization furnished by the Clearing Systems or impair, as between the CSK, the Clearing Systems and its Agent Members, the operation of customary practices of the Clearing Systems governing the exercise of the rights of a Holder of a beneficial interest in any Global Note.
(iii)In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to this Indenture hereof to beneficial owners who are required to hold Definitive Notes, the Registrar and the Paying Agent shall procure that the Clearing Systems reflect in their books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Issuer shall execute, and the Registrar or an Authenticating Agent shall authenticate and deliver, one or more Definitive Notes of like tenor and amount.
(iv)In connection with the transfer of an entire Global Note to beneficial owners, such Global Note shall be deemed to be surrendered to the Registrar for cancellation, and the Paying Agent will inform the CSK and procure that the relevant amendments are made in the records of the Clearing Systems and the Issuer shall execute, and the Trustee or an Authenticating Agent shall authenticate and deliver, to each beneficial owner identified by the Clearing Systems in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.
(v)The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.
(vi)For the avoidance of doubt, if the Issuer has been notified that Euroclear or Clearstream (or any additional or alternative clearing system approved by the Issuer, the Trustee and the Paying Agent) has been closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or has announced an 

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intention permanently to cease business or does in fact do so; or an event of default has occurred and is continuing and the Registrar has received a request from Euroclear or Clearstream; then, upon surrender by an ICSD of the global note, certificated notes will be issued to each person that the ICSD identifies as the beneficial owner of the notes represented by the global note. Upon the issuance of certificated notes, the Registrar is required to register the certificated notes in the name of that person or persons, or their nominee, and cause the certificated notes to be delivered thereto.  None of the Issuer, the Guarantor, the Paying Agent, Registrar, Transfer Agent or the Trustee will be liable for any delay by an ICSD or any participant or indirect participant in the ICSD in identifying the beneficial owners of the related notes and each of those persons may conclusively rely on, and will be protected in relying on, instructions from the ICSD for all purposes, including with respect to the registration and delivery, and the respective principal amounts, of the notes to be issued.
(h)Cancellation and/or Adjustment of Global Notes.  At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Registrar in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the ICSDs at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the ICSDs at the direction of the Trustee to reflect such increase.
(i)General Provisions Relating to Transfers and Exchanges.
(i)To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee, the Registrar or an Authenticating Agent shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.03 hereof or at the Registrar’s request.
(ii)No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Noteholder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith.
(iii)Neither the Registrar nor the Issuer shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.
(iv)All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this 

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Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.
(v)The Issuer shall not be required  to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of such mailing,  to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or  to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.
(vi)Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.
(vii)Upon surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section 4.02 hereof, the Issuer shall execute, and the Registrar or an Authenticating Agent shall authenticate and the Registrar shall mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.
(viii)At the option of the Noteholder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee, the Registrar or an Authenticating Agent shall authenticate and mail (as applicable), shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Noteholder making the exchange is entitled to in accordance with the provisions of Section 2.03 hereof.
(ix)All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.07 to effect a registration of transfer or exchange may be submitted by facsimile.
(x)The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among ICSDs participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

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(xi)Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the ICSDs.
Section 2.08.Replacement Notes.
If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, the Registrar or an Authenticating Agent, upon receipt of an Authentication Order, shall authenticate and deliver a replacement Note of like tenor and principal amount, bearing a certificate number not contemporaneously outstanding, if the Trustee’s requirements are met; provided, that in the case of any Global Notes, the Registrar shall instruct, or shall cause the Paying Agent to instruct, the CSK to effectuate such Note and such Global Note shall have been effectuated by the CSK. An indemnity bond must be supplied by the Noteholder 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 Note is replaced. The Issuer and the Trustee may charge for their expenses in replacing a Note.
Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.
Section 2.09.Outstanding Notes.
The Notes outstanding at any time are all the Notes authenticated by the Trustee or an Authenticating Agent and, in the case of the Global Notes, all Global Notes authenticated by the Registrar or an Authenticating Agent and effectuated by the CSK, except for those canceled by it, those delivered to the Registrar or Paying Agent for cancellation, those reductions in the interest in a Global Note 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 8.04, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.
If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.
If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.
If the Trustee or the Paying Agent (other than the Issuer, the Guarantor, a Subsidiary or an Affiliate of any thereof) holds, on a Redemption Date, Change of Control Payment Date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

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Section 2.10.Temporary Notes.
Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee or an Authenticating Agent, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.
Noteholders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Noteholders, or beneficial holders, respectively, of Notes under this Indenture.
Section 2.11.Cancellation.
The Issuer at any time may deliver Notes to the Paying Agent or Registrar for cancellation. The Trustee, the Transfer Agent and the each other Agent shall forward to the Registrar any Notes surrendered to them for registration of transfer, exchange or payment. The Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in accordance with its customary procedures (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all cancelled Notes shall be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Registrar for cancellation. The Paying Agent is authorised by the Issuer, in the case of any Global Note which is held under the New Safekeeping Structure, to instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such redemption or purchase and cancellation, as the case may be; provided, that, in the case of a purchase or cancellation, the Issuer has notified the Paying Agent of the same.
Section 2.12.Defaulted Interest.
Any interest, including Additional Amounts, if any, on any Note which is payable but is not punctually paid or duly provided for on any interest payment date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Noteholder on the relevant Record Date by virtue of his having been such Noteholder, and such Defaulted Interest may be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below:
(a)The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on a special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Issuer shall fix a special Record Date for the payment of such Defaulted Interest which date shall be not more than 

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15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Issuer shall promptly notify the Paying Agent and Trustee of such special Record Date and, in the name and at the expense of the Issuer, the Paying Agent shall cause notice of the proposed payment of such Defaulted Interest and the special Record Date therefor to be mailed, first-class postage prepaid, to the Noteholders of such Notes at their addresses as they appear in the Security Register, not less than 10 days prior to such special Record Date. Notice of the proposed payment of such Defaulted Interest and the special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Notes (or their respective predecessor Notes) are registered at the close of business on such special Record Date and shall no longer be payable pursuant to the following clause (b).
(b)The Issuer may make payment of any Defaulted Interest on Notes in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.
Section 2.13.ISIN Numbers.
The Issuer in issuing the Notes may use ISIN numbers (if then generally in use) and, if so, the Trustee shall use ISIN numbers in notices of redemption as a convenience to Noteholders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will as promptly as practicable notify the Trustee in writing of any change in the ISIN numbers
Section 2.14.Additional Responsibilities of the Paying Agent Regarding the Global Notes.
(a)The Paying Agent will inform the Clearing Systems through the Common Service Provider appointed by the Clearing Systems to service the Global Notes (the “CSP”) of the initial issue outstanding amount (“IOA”) for the Notes on or prior to the applicable closing date.
(b)If any event occurs that requires a mark-up or mark-down of the records that Euroclear or Clearstream holds for its customers to reflect such customers’ interest in any Global Note, the Paying Agent will promptly provide details of the amount of such mark-up or mark-down, together with a description of the event that requires it, to the Clearing Systems (through the CSP) to ensure that the records of the Clearing Systems reflecting the IOA of the Notes remain at all times accurate.
(c)The Paying Agent will at least once every month perform a reconciliation process with the Clearing Systems (through the CSP) with respect to the IOA for the Notes and will promptly inform the Clearing Systems (through the CSP) of any discrepancies.

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(d)The Paying Agent will promptly assist the Clearing Systems (through the CSP) in resolving any discrepancy identified in the records reflecting the IOA of the Notes.
(e)The Paying Agent will promptly provide to the Clearing Systems (through the CSP) details of all amounts paid under the Notes.
(f)The Paying Agent will promptly provide to the Clearing Systems (through the CSP) notice of any changes to the Notes that will affect the amount of, or date for, any payment due under the Notes.
(g)The Paying Agent will promptly provide to the Clearing Systems (through the CSP) copies of all notices in its possession that are given by or on behalf of the Issuer to the holders of the Notes.
(h)The Paying Agent will promptly pass on to the Issuer all communications it receives from the Clearing Systems directly or through the CSP relating to the Notes.  Any such notice shall be deemed to have been conclusively given by being sent by facsimile to the Issuer.
(i)The Paying Agent will promptly notify the Clearing Systems (through the CSP) of any failure by the Issuer to make any payment or delivery due under the Notes when due.
Section 2.15.Agents.
(a)The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint or joint and several.
(b)The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by notice in writing to each of the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee. The Agents need have no concern for the interests of the Holders and except in the case of the Paying Agents as provided above and in Section 2.05 shall act solely as agents of the Issuer.
(c)The Agents hold all funds as banker and not as trustee, subject to the terms of this Indenture.
(d)Any obligation the Agents may have to publish a notice to Noteholders on behalf of the Issuer will have been met upon delivery of the notice to Euroclear and/or Clearstream, as applicable.
(e)Any Agent may resign and be discharged from its duties under this Indenture at any time by giving 30 days’ prior written notice of such resignation to the Trustee and Issuer. The Trustee or Issuer may remove any Agent at any time by giving 30 days’ prior written notice to any Agent. Upon such notice, a successor Agent shall be appointed by the Issuer, who shall provide written notice of such to the Trustee. Such successor Agent shall become the Agent hereunder upon the resignation or removal date specified in such notice. If the Issuer is unable to replace the resigning Agent within 30 days after such notice, the Agent may, in its sole discretion, appoint a successor Agent reasonably satisfactory to the Issuer and the Trustee, deliver any funds then held hereunder in its possession to the Trustee (or its designee for 

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such purpose) or may apply to a court of competent jurisdiction for the appointment of a successor Agent or for other appropriate relief. The costs and expenses (including its counsels’ fees and expenses) properly incurred by the Agent in connection with such proceeding shall be paid by the Issuer. Upon receipt of the identity of the successor Agent, the Agent shall deliver any funds then held hereunder to the successor Agent, less the Agent’s fees, costs and expenses or other obligations owed to the Agent. Upon its resignation and delivery of any funds, the Agent shall be discharged of and from any and all further obligations arising in connection with this Indenture but shall continue to enjoy the benefit of Section 7.07 hereof.
(f)In the event that instructions given to any Agent are not reasonably clear, then such Agent shall be entitled to seek clarification from the Issuer or other party entitled to give the Agents instructions under this Indenture by written request promptly upon receipt by such Agent of such instructions. If an Agent has sought clarification in accordance with this Section 2.15(f) then such Agent shall be entitled to take no action until such clarification is provided and shall not incur any liability for not taking any action pending receipt of such clarification. 
(g)In acting under this Indenture, no Agent shall be under any duty or other obligation towards, or have any relationship of agency or trust for or with, any person other than the Issuer or the Trustee (as applicable).
(h)Each party to this Indenture shall, within ten Business Days of a written request by another party, supply to that other party such forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes of that other party’s compliance with Applicable Law; provided, however, that no party to this Indenture shall be required to provide any forms, documentation or other information pursuant to this Section 2.15(h) to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of such party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality.
(i)No Agent shall be required to make any payment under this Indenture unless and until it has received the full amount to be paid in accordance with the terms of this Indenture. To the extent that an Agent has made a payment for which it did not receive the full amount, the Issuer will reimburse the Agent the full amount of any shortfall, and the Issuer will, in addition to paying amounts due, pay to the Agent on demand interest (at a rate which represents the Agent’s cost of funding) on the amount (or the unreimbursed portion thereof) until the receipt in full by the Agent of the amount.
(j)The Issuer shall notify each Agent in the event that it determines that any payment to be made by an Agent under the Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated, provided, however, that the Issuer’s obligation under this Section 2.15(j) shall apply only to the extent that such payments are so treated by virtue of characteristics of the Issuer, the Notes, or both. For avoidance of doubt no Agent shall incur any loss or liability pursuant to such payments in accordance with Section 2.15(j) and (k).

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(k)Notwithstanding any other provision of this Indenture, each Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Notes for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the Agent shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Issuer the amount so deducted or withheld, in which case, the Issuer shall so account to the relevant Authority for such amount.
(l)In the event that the Issuer determines in its sole discretion that withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agents on any Notes, then the Issuer will be entitled to redirect or reorganize any such payment in any way that it sees fit in order that the payment may be made without such deductions or withholding provided that, any such redirected or reorganized payment is made through a recognized institution of international standing and otherwise made in accordance with this Indenture. The Issuer will promptly notify the Agents and the Trustee of any such redirection or reorganization.
(m)If the Issuer or the Paying Agent is, in respect of any payment in respect of the Notes, required to withhold or deduct any amount for or on account of any taxes, duties, assessments or similar governmental charges, the Issuer shall give written notice of that fact to the Trustee and the Paying Agent as soon as the Issuer becomes aware of the requirement to make the withholding or deduction and shall give to the Trustee and/or Paying Agent such information as the Trustee or Paying Agent shall require to enable it to assess and comply with the requirement for or on account of any taxes, duties, assessments or similar government charges (including FATCA Withholding).
(n)Notwithstanding any other provision of this Indenture, the Issuer shall indemnify any Agent against any liability or loss incurred in connection with the Issuer’s obligation to withhold or deduct an amount on account of Tax; provided that such liability or loss is not incurred as a result of the gross negligence, willful misconduct or fraud of such Paying Agent.
(o)The Issuer agrees to pay any and all stamp, registration and other documentary taxes, duties, assessments or government charges (including any interest and penalties thereon or in connection therewith) payable in connection with the execution, delivery, performance and enforcement of this Indenture by the Agents.
(p)Notwithstanding any other provision of this Indenture, the Agent shall be entitled to take any action or to refuse to take any action which the Agent regards as necessary for the Agent to comply with any Applicable Law, or the rules, operating procedures or market practice of any relevant stock exchange or other market or clearing system.
(q)Nothing in this Indenture shall require the Agent to assume an obligation of the Issuer arising under any provision of the listing, prospectus, disclosure or transparency rules.
(r)If:

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(i)the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Indenture; or
(ii)any change in the status of the Issuer of the composition of the shareholders of the Issuer after the date of this Indenture,
obliges the Paying Agent or the Registrar to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Issuer shall promptly upon the request of the Paying Agent or the Registrar supply or procure the supply of such documentation and other evidence as is reasonably requested by the Paying Agent or the Registrar in order for the Paying Agent or Registrar to carry out and be satisfied that it has complied with all necessary “know your customer” or similar checks under all applicable laws and regulations.
(s)For the purposes of Section 2.15, the following definitions apply:
”Applicable Law” means any law or regulation including, but not limited to: (i) any statute or regulation; (ii) any rule or practice of any Authority by which any Party is bound or with which it is accustomed to comply; (iii) any agreement between any Authorities; and (iv) any customary agreement between any Authority and any Party.
”Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction.
”FATCA Withholding” means any withholding or deduction required pursuant to an agreement described in section 1471(b) of the Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto.
”Party” means any party to this Indenture.
Section 2.16.Certain Matters pertaining to the Trustee.
(a)The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, an Agent Member or any other Person with respect to (i) the accuracy of the records of the CSK, the Clearing Systems or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes, (ii) the delivery to any participant, member, beneficial owner or other Person (other than the Clearing Systems) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes, or (ii) the selection of the particular Notes or portions thereof to be redeemed or refunded in the event of a partial redemption or refunding of the Notes.  All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the CSK or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global Note shall be exercised only through the CSK subject to the applicable rules and procedures of the Clearing Systems.  The Trustee may rely and shall 

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be fully protected in relying upon information furnished by the Clearing Systems with respect to its members, participants and any beneficial owners.
(b)The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among the Clearing Systems, their Agent Members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture with respect to transfers between Holders, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
(c)None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any actions taken or not taken by the CSK or the Clearing Systems, as the case may be.
ARTICLE 3
Redemption and Repurchase of Notes
Section 3.01.Notices to Trustee.
If the Issuer elects to redeem the Notes pursuant to Section 3.07 hereof, it shall furnish to the Trustee, at least 10 days (or such shorter period as shall be acceptable to the Trustee) before notice of redemption is required to be mailed or caused to be mailed to holders pursuant to Section 3.03 hereof but not more than 60 days before a Redemption Date, an Officer’s Certificate setting forth  the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur,  the Redemption Date,  the principal amount of the Notes to be redeemed and  the redemption price.
Section 3.02.Selection of Notes to Be Redeemed or Purchased.
If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes to be redeemed or purchased on a pro rata basis. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called for redemption or purchase.
The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of €100,000 or whole multiples of €1,000 in excess thereof; no Notes of €100,000 or less can be redeemed in part, except that if all of the Notes of a holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such holder, even if not €100,000 or a multiple of €1,000 in excess thereof. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

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Section 3.03.Notice of Redemption.
Subject to Section 4.08 hereof, the Issuer shall mail or cause to be mailed by first-class mail notices of redemption at least 30 days but not more than 60 days before the Redemption Date to each holder of Notes to be redeemed at such holder’s registered address, while the Notes are in global form, or otherwise in accordance with the procedures of the ICDSs, if applicable, except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with ARTICLE 12 or ARTICLE 14 hereof.
The notice shall identify the Notes (including the ISIN numbers) to be redeemed and shall state:
(a)the Redemption Date;
(b)the redemption price;
(c)if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed will be issued in the name of the holder of the Notes upon cancellation of the original Note;
(d)the name and address of the Paying Agent;
(e)that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(f)that, unless the Issuer or the Guarantor defaults in making such redemption payment, interest and Additional Amounts, if any, on Notes called for redemption ceases to accrue on and after the Redemption Date;
(g)the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and
(h)that no representation is made as to the correctness or accuracy of the ISIN number, if any, listed in such notice or printed on the Notes.
At the Issuer’s request, the Paying Agent shall (or the Trustee may but shall not be obliged to) give the notice of redemption in the Issuer’s name and at the Issuer’s expense; provided that the Issuer shall have delivered to the Paying Agent and Trustee, at least 10 days (or such shorter period as shall be acceptable to the Paying Agent or Trustee) before notice of redemption is required to be mailed or caused to be mailed to holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Paying Agent or Trustee), an Officer’s Certificate requesting that the Trustee or Paying Agent give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

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Section 3.04.Effect of Notice of Redemption.
Once notice of redemption is mailed in accordance with Section 3.03 or Section 3.08 hereof, as applicable, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price. The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05 hereof, on and after the Redemption Date, interest ceases to accrue on Notes or portions thereof called for redemption.
Section 3.05.Deposit of Redemption or Purchase Price.
Prior to 10:00 a.m. (New York time) on the Redemption Date or purchase date (including any purchase pursuant to Section 4.08), the Issuer shall deposit with the Trustee or with the Paying Agent or by such other entity designated or appointed by the Trustee money sufficient to pay the redemption or purchase price of and accrued and unpaid interest and Additional Amounts, if any, and premium, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent or such other entity designated or appointed by the Trustee  shall promptly, and in any event within two (2) Business Days after the Redemption Date or purchase date, 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 or purchase price of, and accrued and unpaid interest and Additional Amounts, if any, on, all Notes to be redeemed or purchased.
If the Issuer complies with the provisions of the preceding paragraph, on and after the Redemption Date or purchase date (including any purchase pursuant to Section 4.08), interest and Additional Amounts, if any, shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date.
Section 3.06.Notes Redeemed or Purchased in Part.
Upon surrender of a Note that is redeemed or purchased in part, the Issuer shall issue and the Trustee or an Authenticating Agent shall authenticate (and instruct the CSK to effectuate) for the holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; provided that each new Note will be in a principal amount of €100,000 or an integral multiple of €1,000. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note.

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Section 3.07.Optional Redemption.
(a)Prior to August 6, 2028 (the “Par Call Date”), the Notes may be redeemed at the option of the Issuer, in whole or in part, in cash, upon notice as set forth in Section 3.03. The redemption price for the Notes to be redeemed on any Redemption Date shall be equal to the greater of the following amounts:
(i)100% of the principal amount of the Notes being redeemed on the Redemption Date; or
(ii)the sum of the present values of the remaining scheduled payments of principal and interest in respect of the notes being redeemed that would be due if the notes being redeemed matured on the Par call Date (in each case, not including the amount, if any, of unpaid interest accrued to, but excluding, the redemption date) discounted to the redemption date on an annual, ACTUAL/ACTUAL basis (in accordance with the rules of the International Capital Markets Association), at the Comparable Government Bond Rate plus 20 basis points.
Beginning on August 6, 2028, the Issuer may redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the notes being redeemed.
plus, in each case, accrued and unpaid interest and Additional Amounts, if any, on the Notes to, but excluding, the Redemption Date. The redemption price will be calculated on an annual, ACTUAL/ACTUAL basis (in accordance with the rules of the International Capital Markets Association).
The provisions of this Section 3.07 shall be subject to Section 4.01 hereof.
Section 3.08.Redemption for Tax Reasons.
(a)The Issuer may redeem the Notes in whole, but not in part, at any time upon giving not less than 30 nor more than 60 days’ notice to the Holders of the Notes (which notice will be irrevocable) at a redemption price equal to 100.00% of the principal amount thereof, together with accrued and unpaid interest (including any Additional Amounts) that will become due on the Tax Redemption Date as a result of the redemption or otherwise, if any, to the date fixed by the Issuer for redemption (the “Tax Redemption Date”) (subject to the right of Holders of the Notes on the relevant record date to receive interest and Additional Amounts (if any) due on a relevant interest payment date), if the Issuer determines that, as a result of:
(i)any change in, or amendment to, the law (or any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction (as defined below) affecting taxation; or
(ii)any change in position regarding the application, administration or interpretation of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) (each of the foregoing in clauses (i) and (ii), a “Change in Tax Law”), 

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the Issuer or the Guarantor is, or on the next interest payment date in respect of the Notes would be, required to pay Additional Amounts and the Issuer or the Guarantor cannot avoid any such payment obligation by taking reasonable measures available to it (including, for the avoidance of doubt, the appointment of a new paying agent) and, in the case of the Guarantor, only if the relevant payment cannot reasonably be made by the Issuer without the obligation to pay an Additional Amount. The Change in Tax Law must be publicly announced and become effective on or after the date of the Offering Memorandum (or, if the applicable Tax jurisdiction first becomes a Relevant Taxing Jurisdiction on a date after the date of the Offering Memorandum, such later date). Notice of redemption for tax reasons will be published in accordance with the procedures described in this Indenture. Notwithstanding the foregoing, no such notice of redemption will be given earlier than 90 days prior to the earliest date on which the Payor would be obliged to make such payment of Additional Amounts were a payment due.
(b)In connection with the delivery of any notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (a) an Officer’s Certificate stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to its right to so redeem have been satisfied; and (b) an opinion of an independent tax counsel (including, for the avoidance of doubt, tax accountants) of recognized standing to the effect that a Change in Tax Law has occurred that will require the payment of Additional Amounts on the next interest payment date. The Trustee will be entitled to conclusively rely upon such Officer’s Certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent as described above, in which event they will be conclusive and binding on the Holders of the Notes.
(c)The foregoing provisions will apply mutatis mutandis to any successor to the Issuer after such successor person becomes a party to this Indenture.
ARTICLE 4
Particular Covenants of the Issuer and the Guarantor
Section 4.01.Payment of Principal, Premium and Interest.
The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid the principal of and premium, if any, and interest, on each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.
The Issuer will be responsible for making calculations called for under the Notes, including, but not limited to, determination of redemption price, premium, if any, and other amounts payable on the Notes, if any. The Issuer will make the calculations in good faith and, absent manifest error, their calculations will be final and binding on the holders. The Issuer will provide a schedule of their calculations to the Trustee when applicable, and the Trustee is entitled to rely conclusively on the accuracy of the Issuer’s calculations without independent verification.
Section 4.02.Maintenance of Office or Agency.
The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange and an office or agency where Notes may be 

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presented for payment (the “Place of Payment”). The Issuer shall cause the Paying Agent and the Registrar to maintain an office or agency in the New York, U.S.A. The Place of Payment will initially be the office of the Paying Agent at 452 Fifth Avenue, New York, New York 10018 (or such other office of the Paying Agent in New York, U.S.A.as agreed to by the Issuer and the Paying Agent).  The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. 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 or at the address of the Trustee’s designee, in either case, as agent of the Issuer.
The Issuer may also from time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuer will 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.
So long as the Trustee is the Registrar, the Trustee agrees to mail, or cause to be mailed, the notices set forth in Section 7.09(b) and the third paragraph of Section 7.10. If co-registrars have been appointed in accordance with this Section, the Trustee shall mail such notices only to the Issuer and the holders of Notes it can identify from its records.
Section 4.03.Appointments to Fill Vacancies in Trustee’s Office.
The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.
Section 4.04.Provisions as to Paying Agent.
(a)If the Issuer shall appoint a Paying Agent other than the Trustee, the Issuer will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:
(i)that it will hold all sums held by it as such agent for the payment of the principal of, or premium, if any, or interest on, the Notes (whether such sums have been paid to it by the Issuer or by any other obligor on the Notes) for the benefit of the holders of the Notes;
(ii)that it will give the Trustee written notice of any failure by the Issuer (or by any other obligor on the Notes) to make any payment of the principal of, or premium, if any, or interest on, the Notes when the same shall be due and payable; and
(iii)that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held.
The Issuer shall, on or before each due date of the principal of, or premium if any, or interest on, the Notes, deposit with the Paying Agent a sum (in funds which are immediately 

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available on the due date for such payment) sufficient to pay such principal, premium, if any, interest or Additional Amounts, if any, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made on the due date, such deposit shall be received by the Paying Agent by 10:00 a.m. New York time, on such date.
(b)If the Issuer shall act as the Paying Agent, it will, on or before each due date of the principal of, or premium, if any, or interest on, the Notes, set aside, segregate and hold for the benefit of the holders of the Notes a sum sufficient to pay such principal, premium, if any, interest or Additional Amounts, if any, so becoming due, will account for any funds disbursed by it and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment of the principal of, or premium, if any, or interest on, the Notes when the same shall become due and payable.
(c)Anything in this Section 4.04 to the contrary notwithstanding, the Issuer may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held by the Issuer or any Paying Agent hereunder as required by this Section 4.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by the Issuer or any Paying Agent to the Trustee, the Issuer or such Paying Agent shall be released from all further liability with respect to such sums.
(d)Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums as provided in this Section 4.04 is subject to Sections 12.03 and 12.04.
The Trustee shall not be responsible for the actions of any other Paying Agents (including the Issuer if acting as the Paying Agent) and shall have no control of any funds held by such other Paying Agents.
Section 4.05.Existence.
The Issuer represents and warrants that:
(a)it has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization and has obtained all necessary approvals, permits, authorizations and licenses from the authorities required by it under the laws and regulations of its jurisdiction of organization to carry on its business as now conducted;
(b)it has the requisite power and authority to execute, deliver and perform its obligations under this Indenture and has taken all necessary action to authorize the execution, delivery and performance of its obligations under the this Indenture;
(c)this Indenture has been duly executed and delivered by it and constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with the terms hereof; and
(d)Subject to ARTICLE 11, the Issuer and the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

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Section 4.06.Limitation on Liens.
The Guarantor agrees that it will not, nor will it permit any Restricted Subsidiary to, create, incur, issue, assume or guarantee any Secured Debt upon any Principal Property or any shares of stock or indebtedness for borrowed money of any Restricted Subsidiary, whether owned at the date hereof or hereafter acquired, without in any such case effectively providing, concurrently with the creation, incurrence, issuance, assumption or guarantee of any such Secured Debt, that the Notes (together with, if the Issuer or the Guarantor shall so determine, any other indebtedness of or guaranteed by the Guarantor or such Restricted Subsidiary ranking equally with the Notes or the Guarantee and then existing or thereafter created) shall be secured equally and ratably with or, at the Guarantor’s option, prior to such Secured Debt so long as such Secured Debt shall be secured. The term “Secured Debt” means any indebtedness for money borrowed secured by a Lien. The foregoing restrictions shall not apply to, and there shall be excluded from Secured Debt in any computation under such restriction, Secured Debt secured by:
(a)Liens on any property, shares of stock or indebtedness for borrowed money of any entity existing at the time such entity becomes a Restricted Subsidiary;
(b)Liens on property or shares of stock existing at the time of the acquisition of such property or stock by the Guarantor or a Restricted Subsidiary, or existing as of the original date hereof;
(c)Liens to secure the payment of all or any part of the price of acquisition, construction or improvement of such property or stock by the Guarantor or a Restricted Subsidiary, or to secure any Secured Debt incurred by the Guarantor or a Restricted Subsidiary, prior to, at the time of, or within 180 days after, the later of the acquisition or completion of construction (including any improvements on an existing property), which Secured Debt is incurred for the purpose of financing all or any part of the purchase price thereof or construction of improvements thereon; provided, however, that, in the case of any such acquisition, construction or improvement, the Lien shall not apply to any property theretofore owned by the Guarantor or a Restricted Subsidiary, other than, in the case of any such construction or improvement, any theretofore substantially unimproved real property on which the property or improvement so constructed is located;
(d)Liens granted in favor of, or for the benefit of, the Guarantor or a Restricted Subsidiary;
(e)Liens on property of an entity existing at the time such entity is merged into or consolidated with the Guarantor or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of an entity as an entirety or substantially as an entirety to the Guarantor or a Restricted Subsidiary;
(f)Liens to secure Hedging Obligations entered into in the ordinary course of business for bona fide hedging purposes to purchase any raw material or other commodity or to hedge risks or reduce costs with respect to the Guarantor’s, or any Restricted Subsidiary’s, interest rate, currency or commodity exposure, and not for speculative purposes;

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(g)easements, rights-of-way, restrictions, encroachments, protrusions and other similar encumbrances on real property which in the aggregate do not materially detract from the value of such property or materially interfere with the ordinary conduct of the business of the Guarantor or its Restricted Subsidiaries; and
(h)Any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any Lien referred to in clauses (a) through (g) above; provided, however, that the principal amount of Secured Debt so secured shall not exceed the principal amount of Secured Debt so secured at the time of such extension, renewal or replacement (except any amounts committed on the date of this Indenture), and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the Lien so extended, renewed or replaced (plus improvements and construction on such property).
Notwithstanding the foregoing provisions of this Section 4.06, the Guarantor and any one or more Restricted Subsidiaries may, without securing the Notes, create, incur, issue, assume or guarantee Secured Debt secured by a Lien which would otherwise be subject to the foregoing restrictions in an aggregate amount which, together with all other Secured Debt of the Guarantor and its Restricted Subsidiaries which (if originally created, incurred, issued, assumed or guaranteed at such time) would otherwise be subject to the foregoing restrictions (not including Secured Debt permitted to be secured under clauses (a) through (h) above), does not at the time exceed 15% of Consolidated Net Tangible Assets of the Guarantor as shown on the consolidated financial statements of the Guarantor as of the end of the fiscal year preceding the date of determination.
Section 4.07.Limitation on Sale and Lease-Back Transactions.
The Guarantor shall not, nor shall it permit any Restricted Subsidiary to, enter into any arrangement with any Person providing for the leasing by the Guarantor or any Restricted Subsidiary of any Principal Property, whether such Principal Property is now owned or hereafter acquired (except for temporary leases for a term, including renewals at the option of the lessee, of not more than three years and except for leases between the Guarantor and a Restricted Subsidiary or between Restricted Subsidiaries), which Principal Property has been or is to be sold or transferred by the Guarantor or such Restricted Subsidiary to such Person (herein referred to as a “Sale and Leaseback Transaction”) with the intention of taking back a lease of such Principal Property, unless
(a)the Guarantor or such Restricted Subsidiary would be entitled, pursuant to the provisions of Section 4.06, to create, incur, issue, assume or guarantee indebtedness secured by a Lien upon such Principal Property at least equal in amount to the Attributable Debt in respect of such arrangement without equally and ratably securing the Notes, provided, however, that from and after the date on which such arrangement becomes effective the Attributable Debt in respect of such arrangement shall be deemed for all purposes to be Secured Debt subject to the provisions of Section 4.06;
(b)Since the date hereof and within a period of twelve months before and twelve months after the consummation of the Sale and Leaseback Transaction, the Guarantor or any Restricted Subsidiaries, as the case may be, has expended or will expend for the Principal 

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Property an amount equal to:  the net proceeds of the Sale and Leaseback Transaction and the Guarantor elects to designate such amount as a credit against such Sale and Leaseback Transaction; or  a part of the net proceeds of the Sale and Leaseback Transaction and the Guarantor elects to designate such amount as a credit against such Sale and Leaseback Transaction and applies an amount equal to the remainder of the net proceeds as described below; 
(c)such Sale and Leaseback Transaction does not come within the exceptions provided in Section 4.07(a) and the Guarantor does not make the election permitted by Section 4.07(b) or makes such election only as to a part of such net proceeds, in either of which events the Guarantor shall apply an amount in cash equal to the Attributable Debt in respect of such arrangement (less any amount elected under Section 4.07(b) above) to the retirement, within 180 days of the effective date of any such arrangement, of indebtedness for borrowed money of the Guarantor or any Restricted Subsidiary (other than indebtedness of the Guarantor for borrowed money which is subordinated to the Notes) which by its terms matures at or is extendible or renewable at the sole option of the obligor without requiring the consent of the obligees to a date more than twelve months after the date of the creation of such indebtedness for borrowed money (it being understood that such retirement may be made by prepayment of such indebtedness for borrowed money, if permitted by the terms thereof, as well as by payment at maturity, and that at the option of the Guarantor and pursuant to the terms of this Indenture, such indebtedness may include the Notes); or
(d)such Sale and Leaseback Transaction is a tax incentive sale and leaseback with a governmental entity where the Guarantor or Restricted Subsidiary has the option to purchase the underlying property at the end of the lease for nominal consideration.
Section 4.08.Offer to Repurchase Upon a Change of Control Triggering Event.
(a)If a Change of Control Triggering Event occurs, unless the Issuer has exercised its right to redeem the Notes as described under Section 3.07 hereof, the Issuer shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the date of purchase, subject to the right of holders of the Notes of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control, or at the Issuer’s option, prior to the date of the Change of Control, but after public announcement thereof, the Issuer shall send notice of such Change of Control Offer by certified mail, with a copy to the Trustee, to each holder of Notes to the address of such holder appearing in the security register with a copy to the Trustee or otherwise in accordance with the procedures of the ICSDs, with the following information:
(i)that a Change of Control Offer is being made pursuant to this Section 4.08 and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Issuer;
(ii)the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”);

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(iii)that any Note not properly tendered will remain outstanding and continue to accrue interest;
(iv)that unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest and Additional Amounts, if any, on the Change of Control Payment Date;
(v)that holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;
(vi)that holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes, provided that the Paying Agent receives, not later than the close of business on the expiration date of the Change of Control Offer, a facsimile transmission or letter setting forth the name of the holder of the Notes, the principal amount of Notes tendered for purchase, if such Notes are certificated, the certificate numbers and ISIN numbers of the withdrawn Notes, the principal amount of such Notes, if any, that remain subject to the Change of Control Offer and a statement that such holder is withdrawing its tendered Notes and its election to have such Notes purchased; and
(vii)that if the Issuer is redeeming less than all of the Notes, the holders of the remaining Notes will be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to €100,000 or an integral multiple of €1,000 in excess thereof.
The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the holder receives such notice. If (a) the notice is mailed in a manner herein provided and (b) any holder fails to receive such notice or a holder receives such notice but it is defective, such holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other holders that properly received such notice without defect. The Issuer shall comply with the requirements of Rule 13e-4 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof.
(b)On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law,
(i)accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control Offer;

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(ii)deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so tendered; and
(iii)deliver, or cause to be delivered, to the Registrar for cancellation the Notes so accepted together with an Officer’s Certificate and Opinion of Counsel (in form and substance satisfactory to the Trustee) to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuer and confirming compliance with these conditions, which shall operate as sufficient evidence of the satisfaction of the conditions as described above, in which event they will be conclusive and binding on the Noteholders.
The Paying Agent will promptly mail to each holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each holder of a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of €100,000 and integral multiples of €1,000 in excess thereof.
(c)The Issuer shall not be required to make a Change of Control Offer following a Change of Control Triggering Event if 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 Section 4.08 applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making of the Change of Control Offer.
(d)Other than as specifically provided in this Section 4.08, any purchase pursuant to this Section 4.08 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06 hereof.
Section 4.09.OFAC.
The Issuer covenants that it will not, directly or indirectly, use the proceeds hereof, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the target or subject of Sanctions or (ii) in any other manner that would result in a violation of Sanctions by any Person.
Section 4.10.Compliance Certificate; Notice of Default.
The Issuer shall deliver to the Trustee, within ninety (90) days after the end of each fiscal year of the Issuer, an Officer’s Certificate, one of the signers of which shall be the principal executive officer, principal financial officer or principal accounting officer of the Issuer, stating whether or not to the best knowledge of the signers thereof the Issuer is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) 

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and, if the Issuer shall be in default, specifying all such defaults and the nature and the status thereof of which the signer may have knowledge.
The Issuer will deliver to the Trustee, as soon as possible after the Issuer becomes aware of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officer’s Certificate setting forth the details of such Default or Event of Default and the action that the Issuer has taken, is taking or proposes to take with respect thereto.
Any notice required to be given under this Section 4.10 shall be delivered to a Responsible Officer of the Trustee at its Principal Corporate Trust Office.
Section 4.11.Additional Amounts.  All payments made by or on behalf of the Issuer, any Subsidiary Guarantor or any successors thereto (a “Payor”) on the Notes (including any Subsidiary Guarantee for the purposes of this covenant) will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (including, without limitation, penalties and interest and other additions thereto) (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which a Payor is organized or otherwise resident for tax purposes (or any political subdivision or governmental authority thereof or therein having the power to tax), or any jurisdiction from or through which payments are made (each, as applicable, a “Relevant Taxing Jurisdiction”) unless such withholding or deduction is then required by law or by the official interpretation or administration thereof.
In the event any withholding or deduction is required from payments made by or on behalf of a Payor with respect to the Notes or any Subsidiary Guarantee, including payments of principal, redemption price, interest or premium, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each Holder of the Notes after such withholding or deduction (including any such deduction or withholding from such Additional Amounts) equal the amounts which would have been received by it in respect of such payments in the absence of such withholding or deduction; provided, however, that no such Additional Amounts will be payable with respect to:
(a)any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner and the Relevant Taxing Jurisdiction imposing such Taxes (other than the mere acquisition, ownership or holding of such Note or enforcement of rights thereunder or under the Indenture or any Guarantee or the receipt of payments in respect thereof);
(b)any withholding tax due under the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021);
(c)any Taxes that would not have been so imposed if the Holder had made a declaration of non-residence or any other claim or filing for exemption to which it is legally entitled (provided that such declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Relevant Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold all or a part of any such Taxes;

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(d)any Taxes that would not have been imposed but for the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); 
(e)any Taxes that are not payable by way of deduction or withholding from a payment of the principal of, premium, if any, or interest on the Notes made under or with respect to any Note or Guarantee;
(f)any Taxes imposed under Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or any successor law or regulation implementing or complying with, or introduced in order to conform to, such sections, or imposed pursuant to any intergovernmental agreement or any agreement entered into pursuant to section 1471(b)(1) of the Code;
(g)any estate, inheritance, gift, sale, transfer, personal property, capital gains or similar tax, assessment or other governmental charge (including an excise tax in lieu thereof); or
(h)any combination of items (a) through (f) above.
Additional Amounts will not be paid with respect to any payment of the principal of or any premium or interest on the Notes or the Guarantees to any Holder of a Note who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that payment would be required by the laws of the Relevant Taxing Jurisdiction to be included in the income, for tax purposes, of a beneficiary of settlor with respect to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder.
The Payor will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The Issuer will, upon request, make available to the Holders, within 30 days after the date on which the payment of any Taxes so deducted or withheld is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by the Payor or if, notwithstanding the Payor’s reasonable efforts to obtain such receipts, the same are not obtainable, other evidence of such payment by the Payor.
At least 30 days prior to each date on which any payment under or with respect to the Notes is due and payable, if the Payor will be obligated to pay Additional Amounts with respect to such payment, the Payor will deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable. The Trustee shall be entitled to rely solely on each such Officer’s Certificate as conclusive proof that such payments are necessary.
Wherever mentioned in this Indenture or the Notes, in any context: (1) the payment of principal, (2) interest, or (3) any other amount payable on or with respect to the Notes, such reference shall be deemed to include payment of Additional Amounts as described under this heading to the 

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extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
The Payor will pay and indemnify the Holder for any present or future stamp, issue, transfer, court or documentary taxes or any other excise or property taxes, charges or similar levies which arise in any jurisdiction from the execution, delivery or registration of any Notes or any other document or instrument referred to therein (other than on a transfer of the Notes except for the initial sale by each initial purchaser of the Notes), or the receipt of any payments with respect to the Notes, excluding any such taxes, charges or similar levies imposed by any jurisdiction that is not a Relevant Taxing Jurisdiction.
The Issuer agrees to provide to the Trustee, and consents to the collection and processing by the Trustee of, any authorisations, waivers, forms, documentation and other information, relating to its status (or the status of its direct or indirect owners or Noteholders) or otherwise required to be reported, under the Foreign Account Tax Compliance Act (“FATCA”) (the “FATCA Information”). The Issuer further consents to the disclosure, transfer and reporting of such FATCA Information to any relevant government or taxing. The Issuer further consents to the disclosure, transfer and reporting of such FATCA Information to any relevant government or taxing authority, any member of the Trustee’s group, any sub-contractors, Trustees, service providers or associates of the Trustee’s Group, and any person making payments to the Trustee or a member of the Trustee’s group, including transfers to jurisdictions which do not have strict data protection or similar laws, to the extent that the Trustee reasonably determines that such disclosure, transfer or reporting is necessary or warranted to facilitate compliance with FATCA. The Issuer agrees to inform the Trustee promptly, and in any event, within 30 days in writing if there are any changes to the FATCA Information supplied to the Trustee from time to time. The Issuer warrants that each person whose FATCA Information it provides (or has provided) to the Trustee has been notified of and agreed to and has been given such other information as may be necessary to permit, the collection, processing, disclosure, transfer and reporting of their information as set out in this paragraph.
The foregoing obligations will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to a Payor is organized or any political subdivision or taxing authority or agency thereof or therein.
ARTICLE 5
Noteholders’ Lists and Reports by the Issuer
Section 5.01.Issuer to Furnish Trustee Names and Addresses of Noteholders.
The Issuer covenants and agrees that it will furnish or cause to be furnished to the Trustee, semiannually, not more than ten (10) days after each October 6 in each year beginning with October 6, 2022, and at such other times as the Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the registered holders of Notes as of the most recent Record Date (or such other date as the Trustee may reasonably request in order to so provide any such notices), except that no such list 

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need be furnished by the Issuer to the Trustee so long as the Trustee is acting as the sole Registrar.
Section 5.02.Preservation and Disclosure of Lists.
(a)The Registrar shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Notes contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Registrar or co-registrar in respect of the Notes, if so acting. The Registrar may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.
Section 5.03.Reports by the Guarantor.
The Guarantor shall file with the Trustee and transmit to holders of the Notes, such information, documents and other reports as it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act within 30 days after the same is so required to be filed with the Commission; provided, however, that to the extent filing with the Commission on its EDGAR system shall constitute a permissible form of filing, transmission or delivery with or to the Trustee and the holders, then the filing of any such information, documents or other reports with the Commission on its EDGAR system (or any successor system on which filings are publicly accessible) shall be deemed to satisfy such requirement; provided, however, that the Trustee will have no responsibility to determine whether such filing has taken place. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
ARTICLE 6
Remedies of the Trustee and Noteholders on an Event of Default
Section 6.01.Events of Default; Acceleration.
In case one or more of the following Events of Default (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing:
(a)default in the payment of any installment of interest or Additional Amounts with respect to any of the Notes as and when the same shall become due and payable, and continuance of such default for a period of thirty (30) days; or
(b)default in the payment of the principal of or premium, if any, on any of the Notes as and when the same shall become due and payable either at maturity or in connection with any redemption or repurchase, in each case pursuant to ARTICLE 3, Section 4.08, by acceleration or otherwise; or

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(c)failure on the part of the Issuer or Guarantor duly to observe or perform the covenants in ARTICLE 11; or
(d)failure on the part of the Issuer or Guarantor duly to observe or perform any other of the covenants or agreements on the part of the Issuer in the Notes or in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section 6.01 specifically dealt with) continued for a period of ninety (90) days after the date on which written notice of such failure, requiring the Issuer to remedy the same, shall have been given to the Issuer by the Trustee, or the Issuer and a Responsible Officer of the Trustee by the holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04; or
(e)a default or defaults under the terms of any bond(s), debenture(s), note(s) or other evidence(s) of, or under any mortgage(s), indenture(s), agreement(s) or instrument(s) under which there may be issued or by which there may be secured or evidenced, any indebtedness for money borrowed of the Issuer or any of its Significant Subsidiaries with a principal amount then outstanding, individually or in the aggregate, of at least $50,000,000 (or the equivalent in Euros) whether such indebtedness now exists or is hereafter incurred, which default or defaults  shall have resulted in such indebtedness becoming due and payable prior to the date on which it would otherwise have become due and payable or  shall constitute the failure to pay such indebtedness at the final stated maturity thereof (after expiration of any applicable grace period) and such default shall not have been rescinded or such indebtedness shall not have been discharged within 30 days; or
(f)except as permitted by this Indenture, the Guarantee of the Issuer’s Notes is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or the Guarantor, or any authorized Person acting on behalf of the Guarantor, denies or disaffirms the Guarantor’s obligations under the Guarantee; or
(g)the entry by a court having jurisdiction in the premises of  a decree or order for relief in respect of the Issuer, the Guarantor or any Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or  a decree or order adjudging the Issuer, the Guarantor or any Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer, the Guarantor or any Significant Subsidiary under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer, the Guarantor or any Significant Subsidiary or of any substantial part of the property of the Issuer, the Guarantor or any Significant Subsidiary, or ordering the winding up or liquidation of the affairs of the Issuer, the Guarantor or any Significant Subsidiary, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 30 consecutive days; or
(h)the commencement by the Issuer, the Guarantor or any Significant Subsidiary of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Issuer, the Guarantor or any Significant Subsidiary to the entry of a decree or order for relief in respect of the Issuer, the Guarantor or any Significant 

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Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Issuer, the Guarantor or any Significant Subsidiary or the filing by the Issuer, the Guarantor or any Significant Subsidiary of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by the Issuer, the Guarantor or any Significant Subsidiary to the filing of such a petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Issuer, the Guarantor or any Significant Subsidiary or of any substantial part of the property of the Issuer, the Guarantor or any Significant Subsidiary, or the making by the Issuer, the Guarantor or any Significant Subsidiary of an assignment for the benefit of creditors, or the admission by the Issuer, the Guarantor or any Significant Subsidiary in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer, the Guarantor or any Significant Subsidiary in furtherance of any such action;
then, and in each and every such case (other than an Event of Default specified in 6.01(f) or 6.01(g) that occurs with respect to the Issuer or the Guarantor), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the holders of not less than twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding hereunder determined in accordance with Section 8.04, by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Noteholders) specifying the respective Event of Default and stating that it is a “notice of acceleration”, may declare the principal of and premium, if any, on the outstanding Notes and the interest accrued and Additional Amounts, if any, thereon to be due and payable immediately, and upon receipt of such notice the same shall become and shall be immediately due and payable. If an Event of Default specified in 6.01(f) or 6.01(g) involving the Issuer or the Guarantor occurs, the principal of all the Notes and the interest accrued and Additional Amounts, if any, thereon shall be immediately and automatically due and payable without necessity of further action. This provision, however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Issuer or the Guarantor shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest and Additional Amounts, if any, upon all Notes and the principal of, and premium, if any, and Additional Amounts, if any, on, any and all Notes which shall have become due otherwise than by acceleration (with interest on overdue installments of interest (to the extent that payment of such interest is enforceable under applicable law) and on such principal and premium, if any, at the rate borne by the Notes plus 1%, to the date of such payment or deposit) and amounts due to the Trustee pursuant to Section 7.07, and if any and all defaults under this Indenture, other than the nonpayment of principal of, and premium, if any, Additional Amounts, if any, and accrued interest on, Notes which shall have become due by acceleration, shall have been cured or waived pursuant to Section 6.07, then and in every such case the holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Issuer and the Guarantor and to the Trustee, may waive all Defaults or Events of Default and rescind and annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. In accordance with Section 4.09, the Issuer or the Guarantor, as the case may be, shall notify in writing a Responsible 

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Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default or any event which, with notice or the lapse of time or both, would constitute an Event of Default.
In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Issuer, the holders of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the holders of Notes, and the Trustee shall continue as though no such proceeding had been taken.
Notwithstanding the foregoing, the sole remedy for an Event of Default specified in Section 6.01(d) relating to the failure by the Guarantor to comply with Section 5.03 (the “Guarantor’s SEC Filing Obligations”) shall for the first 60 days after the occurrence of such an Event of Default consist exclusively of the right to receive an extension fee on the Notes equal to 0.25% of the principal amount of the Notes. If the Issuer elects, this extension fee will be payable on the outstanding Notes on the date on which an Event of Default relating to a failure to comply with the Guarantor’s SEC filing obligations first occurs. On such 60th day if such Event of Default has not been cured or waived pursuant to Section 6.07 prior to such 60th day, then the Trustee or the holders of not less than 25% in principal amount of the Notes may declare the principal of and accrued and unpaid interest and Additional Amounts, if any, and the extension fee on all such Notes to be due and payable immediately. This provision shall not affect the rights of Noteholders in the event of the occurrence of any other Event of Default. If the Issuer elects to pay the extension fee as the sole remedy for an Event of Default specified in Section 6.01(d) relating to the failure by the Issuer to comply with the Guarantor’s SEC filing obligations, the Issuer shall notify, in the manner provided for in Section 15.03, the Noteholders and the Trustee of such election at any time on or before the close of business on the date on which such Event of Default first occurs. If the extension fee is payable under this Section 6.01, the Issuer shall deliver to the Trustee an Officer’s Certificate to that effect stating the date on which the extension fee is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such an Officer’s Certificate, the Trustee may assume without inquiry that no extension fee is payable. If the extension fee has been paid by the Issuer directly to the persons entitled to such payment, the Issuer shall deliver to the Trustee a certificate setting forth the particulars of such payment.
Section 6.02.Payments of Notes on Default; Suit Therefor.
The Issuer covenants that  in case default shall be made in the payment of any installment of interest or Additional Amounts upon any of the Notes as and when the same shall become due and payable, and such default shall have continued for a period of thirty (30) days, or  in case default shall be made in the payment of the principal of or premium, if any, on any of the Notes as and when the same shall have become due and payable, whether at maturity of the Notes or in connection with any redemption or repurchase, by or under this Indenture or otherwise, then, upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the holders of the Notes, the whole amount that then shall have become due and payable on all such Notes for principal, premium, if any, interest or Additional Amounts, if any, as the case may be, with interest upon the overdue principal and premium, if any, and (to the extent that 

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payment of such interest is enforceable under applicable law) upon the overdue installments of interest (including Additional Amounts, if any) at the rate borne by the Notes, plus 1% and, in addition thereto, such further amount as shall be sufficient to cover the properly incurred costs and expenses of collection, including compensation to the Trustee, its agents, attorneys and counsel, and all other amounts due the Trustee under Section 7.07. Until such demand by the Trustee, the Issuer may pay the principal of, and premium, if any, and interest (including Additional Amounts) on, the Notes to the registered holders, whether or not the Notes are overdue.
In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or any other obligor on the Notes wherever situated the monies adjudged or decreed to be payable.
In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Issuer or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or such other obligor, the property of the Issuer or such other obligor, or in the case of any other judicial proceedings relative to the Issuer or such other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal, premium, if any, interest and Additional Amounts, if any, owing and unpaid in respect of the Notes, and, in case of any judicial proceedings, 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, its agents and its counsel and of the Noteholders allowed in such judicial proceedings relative to the Issuer or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due the Trustee under Section 7.07, and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Noteholders 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 Noteholders, to pay to the Trustee any amount due it for properly incurred compensation, expenses, advances and disbursements, including counsel fees and expenses incurred by it up to the date of such distribution. The Trustee may participate as a member, voting or otherwise, of any committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the Noteholders in any election of a trustee in bankruptcy or other Person performing similar functions. Any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official in any such judicial proceeding is authorized and directed by each Noteholder to only make payments to the Trustee unless the Trustee consents in writing to the making of such payments directly to the Noteholders subject to 

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the Trustee’s receipt of payment for any amounts due it for the properly incurred compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee.
Nothing herein shall be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such proceeding; provided, that the Trustee is authorized to report the vote of any Noteholder on any such plan of reorganization, arrangement, adjustment or composition to the receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official.
All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the properly incurred compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the holders of the Notes.
In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Notes, and it shall not be necessary to make any holders of the Notes parties to any such proceedings.
Section 6.03.Application of Monies Collected by Trustee.
Any monies or other compensation collected by the Trustee pursuant to this ARTICLE 6 shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such monies or other compensation, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:
FIRST:  To the payment of all amounts due the Trustee (including any other role or capacities in which the Trustee acts with respect to the Notes) and the Agents under Section 7.07;
SECOND:  In case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of interest (including Additional Amounts, if any) on the Notes in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest (including Additional Amounts, if any) at the rate borne by the Notes plus 1%, such payments to be made ratably to the Persons entitled thereto;
THIRD:  In case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount then owing and unpaid upon the Notes for principal and premium, if any, 

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and interest (including Additional Amounts, if any), with interest on the overdue principal and premium, if any, and (to the extent that such interest (including Additional Amounts, if any) has been collected by the Trustee) upon overdue installments of interest (including Additional Amounts, if any) at the rate borne by the Notes plus 1% to the Persons entitled thereto, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal, premium, if any, interest and Additional Amounts, if any, without preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal and premium, if any, and accrued and unpaid interest; and
FOURTH:  To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto.
Section 6.04.Proceedings by Noteholder.
No holder of any Note shall have any right by virtue of or by reference to any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, and unless also the holders of not less than twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity or security (or both) satisfactory to the Trustee against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.07; it being understood and intended, and being expressly covenanted by the taker and holder of every Note with every other taker and holder and the Trustee, that no one or more holders of Notes shall have any right in any manner whatever by virtue of or by reference to any provision of this Indenture to affect, disturb or prejudice the rights of any other holder of Notes, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Notes (except as otherwise provided herein). For the protection and enforcement of this Section 6.04, each and every Noteholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any holder of any Note to receive payment of the principal of, and premium, if any (including the redemption or repurchase price upon redemption or repurchase pursuant to ARTICLE 3), and accrued interest on, such Note, on or after the respective due dates expressed in such Note or in the case of a redemption or repurchase, on the Redemption Date, or 

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to institute suit for the enforcement of any such payment on or after such respective dates against the Issuer shall not be impaired or affected without the consent of such holder.
Section 6.05.Proceedings by Trustee.
In case of an Event of Default which occurs and is continuing, the Trustee may, in its discretion, but shall not be required to, proceed to protect and enforce the rights vested in it by this Indenture by pursuing any available remedy to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in any proceeding.
Section 6.06.Remedies Cumulative and Continuing.
All powers and remedies given by this ARTICLE 6 to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such Default or any acquiescence therein, and, subject to the provisions of Section 6.04, every power and remedy given by this ARTICLE 6 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders.
Section 6.07.Direction of Proceedings and Waiver of Defaults by Majority of Noteholders.
The holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that  such direction shall not be in conflict with any rule of law or with this Indenture, and  the Trustee may take any other action which is not inconsistent with such direction. The holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may, on behalf of the holders of all of the Notes, waive any past or existing default or Event of Default hereunder and its consequences except  a past or existing Default in the payment of interest (including Additional Amounts, if any) or premium, if any, on, or the principal of, the Notes (including in connection with an offer to purchase); provided however that holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration in accordance with Section 6.01,  a default in the payment of the redemption price pursuant to ARTICLE 3,  a default in the payment of the purchase price pursuant to Section 4.08 or  a default in respect of a covenant or provisions hereof which under ARTICLE 10 cannot be modified or amended without the consent of the holders of each or all Notes then outstanding or 

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affected thereby. Upon any such waiver, the Issuer, the Trustee and the holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been cured or waived as permitted by this Section 6.07, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. The Trustee shall not be liable with respect to any action it takes or omits to take in reliance on a direction received by it pursuant to this Section 6.07.
Section 6.08.Undertaking to Pay Costs.
All parties to this Indenture agree, and each holder of any Note by his acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess the properly incurred costs, including attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.08 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of, or premium, if any, or interest or Additional Amounts, if any, on, any Note on or after the due date expressed in such Note.
Section 6.09.Waiver of Stay or Extension Laws.
The Issuer covenants (to the extent that it may lawfully do so) that it shall 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, or which may affect the covenants or the performance of this Indenture and the Issuer (to the extent 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 the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
ARTICLE 7
The Trustee
Section 7.01.Certain Duties and Responsibilities.
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture 

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relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. The Trustee should be entitled to take any action or to refuse to take any action which the Trustee regards as necessary for the Trustee to comply with any applicable law, regulation or fiscal requirement, court order, or the rules, operating procedures or market practice of any relevant stock exchange or other market or clearing system.
Section 7.02.Notice of Defaults or Events of Default.
Subject to the provisions of Section 7.03(i), the Trustee shall give the Noteholders notice of any Default or Event of Default hereunder actually hereunder known to the Trustee; provided, however, that except in the case of default in the payment of the principal of, or premium, if any, or interest or Additional Amounts on, any of the Notes, the Trustee shall be protected in withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Noteholders.
Section 7.03.Certain Rights of the Trustee.
Subject to the provisions of Section 7.01:
(a)the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it in good faith to be genuine and to have been signed or presented or delivered by the proper party or parties (including an authorized representative of the Issuer);
(b)any request or direction of the Issuer or the Guarantor mentioned herein shall be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Issuer or the Guarantor, as applicable;
(c)whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely conclusively upon an Officer’s Certificate or Opinion of Counsel as to such matter that is reasonably satisfactory to the Trustee without independent verification;
(d)the Trustee may consult with counsel and other professional advisors of its selection, at the expense of the Issuer, and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
(e)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 Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee reasonable 

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security or indemnity (or both) satisfactory to it against the costs, expenses (including properly incurred attorney’s fees and expenses) and liabilities which might be incurred by it in compliance with such request or direction; any permissive right or power available to the Trustee under this Indenture shall not be construed to be a mandatory duty or obligation;
(f)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, order, bond, debenture note, other evidence of indebtedness, other paper or document. Further, the Trustee shall not be bound to make any investigation into the performance or observance of any of the covenants, agreements or other terms and conditions set forth in this Indenture. However, the Trustee, in its discretion, may, but shall not be required to, 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 Issuer, personally or by agent or attorney;
(g)the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed by it with due care hereunder;
(h)the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith, in reliance on an Officer’s Certificate or otherwise, or for any loss or damage resulting from its actions or inaction except where such loss or damage is directly attributable to its own gross negligence or willful misconduct, or for any action it takes or omits to take which is reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture, or for any action it takes or omits to take in accordance with the direction of the holders of a majority in principal amount of the outstanding Notes; in no event shall the Trustee be liable to any person for special, indirect, consequential or punitive damages or any damages for lost profits;
(i)the Trustee shall not be deemed to have knowledge of any Default or Event of Default 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 the Trustee at the Principal Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture;
(j)the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities and roles hereunder and its capacity as Trustee under any other agreement executed in connection with this Trust Indenture to which the Trustee is a party, and to and by each Agent, Custodian and other Person employed to act hereunder provided that any references to the Trustee’s gross negligence, willful misconduct or fraud for such purposes shall be read as the Agent’s, Custodian’s or other Person’s gross negligence, willful misconduct or fraud;
(k)the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; 

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(l)the Trustee may request that the Issuer and the Guarantor to each 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;
(m)the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture and no implied covenants or obligations should be read into this Indenture against the Trustee
(n)if a Default or an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture with the same degree of care and skill in its exercise thereof as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;
(o)the Trustee shall not be liable for any error of judgment unless it shall be proved (by a non-appealable final decision of a court of competent jurisdiction which is binding on the Trustee) that the Responsible Officer of the Trustee who made such judgment was grossly negligent in ascertaining the pertinent facts; and
(p)any provision hereof providing that the Trustee may act shall grant discretion to act but not create or imply any duty of the Trustee to act or to exercise any duty of care in deciding whether to act.
Section 7.04.Trustee’s Disclaimer.
(a)The statements contained herein and in the Notes, except in the Trustee’s certificate of authentication, shall be taken as the statements of the Issuer and the Trustee assumes no responsibility for their correctness. The Trustee is not responsible for and makes no representations as to the validity or sufficiency of this Indenture and, the Notes or the Guarantee or any offering or registration documents related thereto. The Trustee shall not be accountable for the use or application by the Issuer of any Notes or the proceeds thereof.
(b)None of the Trustee, the Registrar or any Paying Agent shall be liable for any failure on the part of the CSK to effectuate any Global Note or for any failure on the part of the CSK to do so in a timely manner, unless it shall be proved that the Trustee, Registrar or Paying Agent was negligent in instructing the CSK to effectuate any such Global Note in accordance with the applicable provision hereof; provided, that the Trustee, Registrar or Paying Agent shall not be deemed to have acted with negligence if it shall have given such instructions in the manner and by the time prescribed by the CSK, provided further that in the absence of any such prescribed manner or timing, the Trustee, Registrar or Paying Agent shall be entitled to give, and shall incur no liability hereunder if it shall give, such instructions by facsimile transmission (without any requirement for telephonic confirmation) to a telephone number provided by the CSK for such purpose or by email to an email address provided by the CSK for such purpose and shall be protected in giving and shall incur no liability hereunder in giving such instructions no later than one Business Day after the applicable Global Note shall have been delivered to the Registrar for authentication.

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Section 7.05.May Hold Notes.
The Trustee (including its officers, directors, employees and affiliates), any authentication agent, any Paying Agent, any Registrar or any other agent of the Issuer or the Trustee, in its individual or any other capacity, may become the owner or pledgee of, or acquire any interest in, any Notes, and, subject to Sections 7.08, may otherwise deal with the Issuer and any other obligor upon the Notes with the same rights it would have if it were not Trustee, authentication agent, Paying Agent or Registrar and may engage or be interested in any financial or other transaction with the Issuer and may act on, or as depositary, trustee or Trustee for, any committee or body of holders of Notes or in connection with any other obligations of the Issuer as freely as if the Trustee were not appointed hereunder.
Section 7.06.Monies to be Held in Trust.
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Issuer.
Section 7.07.Compensation and Reimbursement.
The Issuer and the Guarantor, jointly and severally, agree (1) to pay to the Trustee from time to time such compensation as shall be agreed in writing among the Issuer, the Guarantor and the Trustee, including the compensation described herein, for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); (2) to reimburse the Trustee upon its request for all properly incurred expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including legal fees and the compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct; and (3) to indemnify and/or secure each of the Trustee and any predecessor Trustee and its officers, directors, employees, representatives and agents for, and to hold it harmless against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based on the income of the Trustee) incurred without gross negligence or willful misconduct on its part being directly responsible, as determined by a court of competent jurisdiction by a final and non-appealable judgment, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses, including attorney’s fees and expenses, of defending itself against any claim (whether asserted by the Issuer, the Guarantor or a Noteholder or any other Person) or liability, or of complying with any process served upon it or any of its officers, in connection with the exercise or performance of any of its powers or duties hereunder, including the costs and expenses of enforcing this Indenture. The Issuer and the Guarantor, as applicable, shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer and the Guarantor shall pay without limitation the properly incurred fees and expenses of such counsel.
The Trustee shall have a lien prior to the Notes as to all property and funds held by it hereunder for any amount owing it or any predecessor Trustee pursuant to this Section 7.07, except with respect to funds held in trust for the benefit of the holders of particular Notes.

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When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(f) or 6.01(h) and with respect to the Issuer or any other Obligor, the expenses (including without limitation the properly incurred fees, charges and expenses of its agents and counsel) charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency or other similar law.
The provisions of this Section 7.07 shall survive the satisfaction, discharge and termination of this Indenture and the resignation or removal of the Trustee.
Section 7.08.Corporate Trustee Required; Eligibility.
There shall at all times be a Trustee hereunder which shall be a Person that is eligible to act as such and has its Corporate Trust Office located in the Borough of Manhattan, The City of New York. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 7.08, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.08, it shall resign immediately in the manner and with the effect hereinafter specified in this ARTICLE 7.
Section 7.09.Resignation and Removal of Trustee; Appointment of Successor.
(a)No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this ARTICLE 7 shall become effective until the acceptance of appointment by the successor Trustee under Section 7.10.
(b)The Trustee may resign at any time and be discharged of its duties by giving written notice thereof to the Issuer, specifying the date on which its desired resignation shall become effective. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee.
(c)The Trustee may be removed at any time by act of the holders of a majority in principal amount of the outstanding Notes, delivered to the Trustee and the Issuer. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being removed may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor.
(d)If at any time:
(i)the Trustee shall fail to comply with Section 7.08 after written request therefor by the Issuer or by any Noteholder who has been a bona fide holder of a Note for at least six months, or

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(ii)the Trustee shall cease to be eligible under Section 7.08 and shall fail to resign after written request therefor by the Issuer or by any such Noteholder, or
(iii)the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, the Issuer may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.08, any Noteholder who has been a bona fide holder of a Note or Notes for at least six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.
(e)If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Issuer, by a resolution of the Board of Directors, shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by act of the holders of a majority in principal amount of the outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or the holders and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee.
(f)The Issuer shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to all holders in the manner provided in Section 15.03. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office.
(g)Notwithstanding replacement of the Trustee pursuant to this Section 7.09, the Issuer’s and the Guarantor’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.
Section 7.10.Acceptance of Appointment of Successor.
Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on written request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property 

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and money held by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts.
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this ARTICLE 7.
Upon acceptance of appointment by a successor Trustee as provided in this Section 7.10, the Issuer (or the former Trustee, at the written direction and expense of the Issuer) shall mail or cause to be mailed notice of the succession of such Trustee hereunder to the holders of Notes at their addresses as they shall appear on the Note Register, which notice shall include the address of the Corporate Trust Office of such successor Trustee. If the Issuer fails to mail such notice within ten (10) days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Issuer.
Section 7.11.Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this ARTICLE 7, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes.
ARTICLE 8
The Noteholders
Section 8.01.Action by Noteholders.
Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the holders of such specified percentage have joined therein may be evidenced  by any instrument or any number of instruments of similar tenor executed by Noteholders in person or by agent or proxy appointed in writing, or  by the record of the holders of Notes voting in favor thereof at any meeting of Noteholders duly called and held in accordance with the provisions of ARTICLE 9, or  by a combination of such instrument or instruments and any such record of such a meeting of Noteholders. Whenever the Issuer or the Trustee solicits the taking of any action by the holders of the Notes, the Issuer or the Trustee may fix in advance of such solicitation, a date as the record date for determining holders entitled to take such action. The record date shall be not more than fifteen (15) days prior to the date of commencement of initial solicitation of such action without giving effect to any extension or amendment of such action or solicitation.

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Section 8.02.Proof of Execution by Noteholders.
Subject to the provisions of Sections 7.03 and 9.05, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the registry of such Notes or by a certificate of the Registrar.
The record of any Noteholders’ meeting shall be proved in the manner provided in Section 9.06.
Section 8.03.Who Are Deemed Absolute Owners.
The Issuer, the Trustee, any Authenticating Agent, any Paying Agent and any Registrar may deem the Person in whose name such Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Issuer or any Registrar) for the purpose of receiving payment of or on account of the principal of, and premium, if any, and interest on, such Note and for all other purposes; and neither the Issuer nor the Trustee nor any Authenticating Agent, any Paying Agent nor any Registrar shall be affected by any notice to the contrary. All such payments so made to any holder for the time being, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note.
Section 8.04.Issuer-Owned Notes Disregarded.
In determining whether the holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes which are owned by the Issuer, the Guarantor or any other obligor on the Notes or any Affiliate of the Issuer or any other obligor on the Notes shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action, only Notes which a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Notes and that the pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of the Issuer or any such other obligor. In the case of a dispute as to such right, any good faith decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Issuer to be owned or held by or for the account of any of the above described Persons, and, subject to Section 7.03, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

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Section 8.05.Revocation of Consents, Future Noteholders Bound.
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Notes specified in this Indenture in connection with such action, any holder of a Note which is shown by the evidence to be included in the Notes the holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the holder of any Note shall be a continuing action and conclusive and binding upon such holder and upon all future holders and owners of such Note and of any Notes issued in exchange or substitution therefor, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every holder.
ARTICLE 9
Meetings of Noteholders
Section 9.01.Purpose of Meetings.
A meeting of Noteholders may be called at any time and from time to time pursuant to the provisions of this ARTICLE 9 for any of the following purposes:
(a)to give any notice to the Issuer or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Noteholders pursuant to any of the provisions of ARTICLE 6;
(b)to remove the Trustee and nominate a successor Trustee pursuant to the provisions of ARTICLE 7;
(c)to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or
(d)to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law.
Section 9.02.Call of Meetings by Trustee.
At the Issuer’s expense, the Trustee may at any time call a meeting of Noteholders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Noteholders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be mailed to holders of Notes at their addresses as they shall appear on the Note Register. Such notice shall also be mailed to the Issuer. Such notices shall be mailed not less than twenty (20) nor more than ninety (90) days prior to the date fixed for the meeting.

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Any meeting of Noteholders shall be valid without notice if the holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the holders of all Notes outstanding, and if the Issuer and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice.
Section 9.03.Call of Meetings by Issuer or Noteholders.
In case at any time the Issuer, pursuant to a resolution of its Board of Directors, or the holders of at least twenty-five (25%) in aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Noteholders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within twenty (20) days after receipt of such request, then the Issuer or such Noteholders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02.
Section 9.04.Qualifications for Voting.
To be entitled to vote at any meeting of Noteholders a person shall  be a holder of one or more Notes on the record date pertaining to such meeting or  be a person appointed by an instrument in writing as proxy by a holder of one or more Notes on the record date pertaining to such meeting. The only persons who shall be entitled to be present or to speak at any meeting of Noteholders shall be the persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Issuer and its counsel.
Section 9.05.Regulations.
Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Noteholders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.
The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Issuer or by Noteholders as provided in Section 9.03, in which case the Issuer or the Noteholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a majority in principal amount of the Notes represented at the meeting and entitled to vote at the meeting except that any meeting called by the Issuer shall be chaired by a representative of the Issuer and any meeting called by the Trustee may, at the Trustee’s election, be chaired by the Trustee.
Subject to the provisions of Section 8.04, at any meeting each Noteholder or proxyholder shall be entitled to one vote for each €1,000 principal amount of Notes held or represented by him. If any vote cast or counted or proposed to be cast or counted is challenged on the ground that such Note is not outstanding, or does not comply with the provisions 

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of Section 9.04, the chairman of the meeting shall determine whether the holder of such Note is authorized to act. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by him or instruments in writing as aforesaid duly designating him as the proxy to vote on behalf of other Noteholders. Any meeting of Noteholders duly called pursuant to the provisions of Section 9.02 or 10.02 may be adjourned from time to time by the holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.
Section 9.06.Voting.
The vote upon any resolution submitted to any meeting of Noteholders shall be by written ballot on which shall be subscribed the signatures of the holders of Notes or of their representatives by proxy and the outstanding principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall be representatives of the Trustee, and who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Noteholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 9.02. The record shall show the principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Issuer and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated, absent manifest error.
Section 9.07.No Delay of Rights by Meeting.
Nothing contained in this ARTICLE 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Noteholders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Noteholders under any of the provisions of this Indenture or of the Notes.
ARTICLE 10
Supplemental Indentures
Section 10.01.Supplemental Indentures Without Consent of Noteholders.
The Issuer and the Guarantor, when authorized by the resolutions of their respective Boards of Directors, and the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes:

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(a)to evidence the succession of another Person to the Issuer or the Guarantor, as applicable and the assumption by any such successor of the covenants of the Issuer or the Guarantor, as applicable, herein and in the Notes pursuant to ARTICLE 11; or
(b)to add to the covenants of the Issuer for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer or the Guarantor; or
(c)to evidence or provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes; or
(d)to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, which shall not be inconsistent with the provisions of this Indenture; or
(e)to add to, change or eliminate any of the provisions of this Indenture to permit or facilitate the issuance of Global Notes and matters related thereto, provided that such action pursuant to this clause (e) shall not adversely affect the interests of the Noteholders in any material respect; or
(f)to provide for the issuance of Additional Notes in accordance with the provisions of this Indenture.
Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by its Secretary or Assistant Secretary authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Issuer and the Trustee without the consent of the holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.
Section 10.02.Supplemental Indenture with Consent of Noteholders.
With the consent (evidenced as provided in ARTICLE 8) of the holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Issuer, when authorized by the resolutions of the Board of Directors, and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the holders of the Notes; provided that no such supplemental indenture shall  extend the fixed maturity of any Note or reduce the rate or extend the time of payment of interest or Additional Amounts thereon or reduce the principal amount thereof or premium, if any, thereon or reduce any amount payable on redemption or repurchase thereof or impair the right of any Noteholder to institute 

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suit for the payment thereof or make the principal thereof or interest or Additional Amounts or premium, if any, thereon payable in any coin or currency or payable at any place other than that provided in this Indenture or the Notes, or change the obligation of the Issuer to redeem any Note on a Redemption Date in a manner adverse to the holders of Notes or change the obligation of the Issuer to redeem any Note upon the happening of a Change of Control Triggering Event in a manner adverse to the holders of Notes in a manner adverse to the holders of Notes or reduce the quorum or the voting requirements under the Indenture, or modify any of the provisions of this Section 10.02 or Section 6.07, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the holder of each Note so affected, or change any obligation of the Issuer to maintain an office or agency in the places and for the purposes set forth in Section 4.01, in each case, without the consent of the holder of each Note so affected or  reduce the aforesaid percentage of Notes, the holders of which are required to consent to any such supplemental indenture or to waive any past Event of Default, without the consent of the holders of all Notes affected thereby.
Subject to Section 10.05, upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by its Secretary or Assistant Secretary authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Noteholders as aforesaid, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.
It shall not be necessary for the consent of the Noteholders under this Section 10.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.
Section 10.03.Effect of Supplemental Indenture.
Upon the execution of any supplemental indenture pursuant to the provisions of this ARTICLE 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer and the holders of Notes shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 10.04.Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this ARTICLE 10 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any modification of this Indenture contained in any such supplemental indenture may, at the Issuer’s expense, be prepared and executed by the Issuer, authenticated by the Trustee (or an Authenticating Agent duly appointed by the Trustee pursuant to Section 15.10) 

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and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding; provided that and, in the case of any Global Note, the Issuer shall also instruct or cause the Paying Agent to instruct the CSK to effectuate, a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment.
Section 10.05.Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee.
Prior to entering into any supplemental indenture, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel (in form and substance satisfactory to the Trustee) as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this ARTICLE 10.
ARTICLE 11
Merger, Consolidation, Etc.
Section 11.01.Mergers, Consolidations and Certain Transfers, Leases and Acquisitions of Assets.
Neither the Issuer nor the Guarantor shall consolidate with or merge with or into (whether or not the Issuer or the Guarantor, as the case may be, is the surviving Person) or sell, assign, convey, transfer or lease their respective properties and assets substantially as an entirety to any Person, unless:
(a)In case the Issuer or the Guarantor shall consolidate with or merge into another Person, the Person formed by such consolidation or into which the Issuer or the Guarantor, as the case may be, is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Issuer or the Guarantor substantially as an entirety, as the case may be shall be an entity, organized and validly existing under the laws of (i) the United States of America or any State or territory thereof or the District of Columbia, (ii) any member state of the European Union as in effect on the date hereof, or (iii) Switzerland and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest, including Additional Amounts, if any, on, all the Notes and the performance or observance of every covenant and obligation of this Indenture and the Notes on the part of the Issuer or the Guarantor, as the case may be to be performed or observed;
(b)immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and
(c)the Issuer or the Guarantor, as the case may be shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (in form and substance satisfactory to the Trustee) each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this ARTICLE 11 and that all conditions precedent herein provided for relating to such transaction have been complied with, which shall operate as 

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sufficient evidence of the satisfaction of the conditions as described above, in which event they will be conclusive and binding on the Noteholders.
Section 11.02.Reserved.
Section 11.03.Successor to Be Substituted.
Upon any consolidation of the Issuer with, or merger of the Issuer into, any other Person or any conveyance, transfer or lease of the properties and assets of the Issuer substantially as an entirety in accordance with Section 11.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Notes.
ARTICLE 12
Satisfaction and Discharge of Indenture
Section 12.01.Discharge of Indenture.
When:
(a)either:
(i)the Issuer shall have delivered to the Registrar for cancellation all Notes theretofore authenticated (other than any Notes that have been destroyed, lost or stolen and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) and not theretofore canceled, or
(ii)all the Notes not theretofore canceled or delivered to the Registrar for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Issuer shall deposit with the Trustee, in trust, funds in cash, Government Obligations or a combination thereof sufficient to pay at maturity or upon redemption or repurchase of all of the Notes (other than any Notes that shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) not theretofore canceled or delivered to the Registrar for cancellation, including principal, premium, if any, and interest and Additional Amounts, if any, if any, due or to become due to such date of maturity or Redemption Date, accompanied by a verification report, as to the sufficiency of the deposited amount, from an independent certified public accountant or other financial professional satisfactory to the Trustee, and
(b)the Issuer shall pay or cause to be paid all other sums payable hereunder by the Issuer, as the case may be,

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(c)no default or Event of Default has occurred and is continuing on the date of such deposit with the Trustee or will occur as a result of such deposit (other than as a result of the borrowing of the funds to be used to make the deposit); and
(d)the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (in form and substance satisfactory to the Trustee), each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with, which shall operate as sufficient evidence of the satisfaction of the conditions, in which event they will be conclusive and binding on the Noteholders,
then this Indenture shall cease to be of further effect (except that in the case of clause (a)(i) above, Articles 2, 3 and 12 and Sections 4.01, 4.02, 7.01 and 7.03 through 7.11 shall survive until no Note remains outstanding). The rights, obligations and immunities of the Trustee hereunder shall survive any discharge pursuant to this Section 12.01, and Section 7.07 shall survive the termination of this Indenture. The Trustee, on written demand of the Issuer accompanied by the aforementioned Officer’s Certificate and an Opinion of Counsel shall, at the cost and expense of the Issuer, execute proper instruments acknowledging the satisfaction and discharge of this Indenture; the Issuer, however, hereby agrees to reimburse the Trustee for any costs or expenses thereafter properly incurred by the Trustee (including the properly incurred fees and expenses of its counsel) and to compensate the Trustee for any services thereafter properly rendered by the Trustee in connection with this Indenture or the Notes.
Section 12.02.Deposited Monies to Be Held in Trust by Trustee.
Subject to Section 12.04, all monies deposited with the Trustee pursuant to Section 12.01, shall be held in trust for the sole benefit of the Noteholders, and such monies shall be applied by the Trustee to the payment, either directly or through any Paying Agent (including the Issuer if acting as the Paying Agent), to the holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest and Additional Amounts, if any.
Section 12.03.Paying Agent to Repay Monies Held.
Upon the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent of the Notes (other than the Trustee) shall, upon written request of the Issuer, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to such monies.
Section 12.04.Return of Unclaimed Monies.
Subject to the requirements of applicable law and this Indenture, any monies deposited with or paid to the Trustee for payment of the principal of, or premium, if any, or interest on or Additional Amounts with respect to, Notes and not applied but remaining unclaimed by the holders of Notes for two years after the date upon which the principal of, or premium, if any, or interest on, such Notes, as the case may be, shall have become due and payable, shall be repaid to the Issuer by the Trustee on written demand and all liability of the 

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Trustee shall thereupon cease with respect to such monies; and the holder of any of the Notes shall thereafter look only to the Issuer for any payment that such holder may be entitled to collect unless an applicable abandoned property law designates another Person.
Section 12.05.Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money in accordance with Section 12.02 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 12.02; provided that if the Issuer makes any payment of interest on or principal of any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.
ARTICLE 13
Immunity of Incorporators, Stockholders, Officers and Directors
Section 13.01.Indenture and Notes Solely Corporate Obligations.
No recourse for the payment of the principal of, or premium, if any, or interest on, any Note, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or the Trustee, respectively, in this Indenture or in any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Issuer or the Trustee, respectively, or of any respective successor corporation, either directly or through the Issuer or the Trustee, respectively, or any respective successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.
ARTICLE 14
Defeasance
Section 14.01.Option to Effect Legal Defeasance or Covenant Defeasance.
The Issuer may, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, at any time, elect to have either Section 14.02 or Section 14.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth in this ARTICLE 14.
Section 14.02.Defeasance Upon Deposit of Moneys or U.S. Government Obligations.
Upon the Issuer’s exercise under Section 14.01 hereof of the option applicable to this Section 14.02, the Issuer will, subject to the satisfaction of the conditions set forth in Section 

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14.04 hereof, be deemed to have discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer will be deemed to have paid and discharged the entire indebtedness represented by the outstanding Notes which will thereafter be deemed “outstanding” only for purposes of Section 14.05 hereof and the other Sections of this Indenture referred to in clauses (a) through (e) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive unless otherwise terminated or discharged hereunder:
(a)the rights of holders of outstanding Notes to receive, solely from the trust fund described in Sections 14.04 and 14.05 hereof, payments in respect of the principal of, or interest (and Additional Interest) or premium, if any, on such Notes when such payments are due under Section 4.01;
(b)the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, mutilated, destroyed, lost, stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;
(c)the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith;
(d)the optional redemption provisions with respect to the Notes; and
(e)this Section 14.02.
If the Issuer exercises under Section 14.01 hereof the option applicable to this Section 14.02, subject to the satisfaction of the conditions set forth in Section 14.04 hereof, payment of the Notes may not be accelerated because of an Event of Default. Subject to compliance with this ARTICLE 14, the Issuer may exercise its option under this Section 14.02 notwithstanding the prior exercise of its option under Section 14.03 hereof.
Section 14.03.Covenant Defeasance.
Upon the Issuer’s exercise under Section 14.01 hereof of the option applicable to this Section 14.03, the Issuer will, subject to the satisfaction of the conditions set forth in Section 14.04 hereof, be deemed to have discharged from its obligations under the covenants contained in Sections 4.05, 4.06, 4.07, 4.08, 4.09 and ARTICLE 11 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 14.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for purposes of any direction, waiver, consent or declaration or act of holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer may omit to comply with and will 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 

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document and such omission to comply will not constitute a Default or Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 14.01 hereof of the option applicable to this Section 14.03 hereof, subject to the satisfaction of the conditions set forth in Section 14.04 hereof, payment of the Notes may not be accelerated because of an Event of Default specified in Sections 6.01(c) and 6.01(d).
Section 14.04.Conditions to Legal or Covenant Defeasance.
In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 14.02 or 14.03 hereof:
(i)the Issuer shall have deposited or caused to be deposited irrevocably with the Trustee (or with such other entity designated or appointed by the Trustee for this purpose, or other qualifying trustee), specifically pledged as security for, and dedicated solely to, the benefit of the holders of the Notes cash in Euros, Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, premium and interest (including Additional Interest, if any) on the outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Issuer must specify whether the Notes are being defeased to maturity or to a particular Redemption Date;
(ii)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) or insofar as Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit;
(iii)such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than the Indenture) to which the Issuer or any of its Significant Subsidiaries is a party or by which the Issuer, the Guarantor or any of its Significant Subsidiaries is bound;
(iv)the Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of preferring the holders of Notes being defeased over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others;
(v)in the case of a Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel (in form and substance satisfactory to the Trustee) from a nationally recognized tax firm, confirming that  the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or  since the date of this Indenture, 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 confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for United States Federal income tax purposes as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same 

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manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
(vi)the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (in form and substance satisfactory to the Trustee), each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with, which shall operate as sufficient evidence of the satisfaction of the conditions, in which event they will be conclusive and binding on the Noteholders;
(vii)in the case of a Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel (in form and substance satisfactory to the Trustee) confirming that the beneficial owners of the outstanding Notes will not recognize income, gain or loss for 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 Covenant Defeasance had not occurred; and
(viii)the Issuer shall have delivered irrevocable instructions to the Trustee (or with such other entity designated or appointed by the Trustee for this purpose, or other qualifying trustee) under this Indenture to apply the deposited money toward the payment of the Notes at maturity or the Redemption Date, as the case may be (which instructions may be contained in the Officer’s Certificate referred to in clause (vi) above).
Notwithstanding the Issuer’s exercise of Covenant Defeasance, the Issuer may subsequently exercise Legal Defeasance.
Section 14.05.Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.
Subject to Section 14.06 hereof, all money and Government Obligations (including the proceeds thereof) deposited with or to the order of the Trustee (or with such other entity designated or appointed by the Trustee for this purpose, or other qualifying trustee, collectively for purposes of this Section 14.05, the “Trustee”) pursuant to Section 14.04 hereof in respect of the outstanding Notes shall be held and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (or with such other entity designated or appointed by the Trustee for this purpose, or other qualifying trustee) (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the holders of such Notes of all sums due and to become due thereon in respect of principal (and premium, if any) and interest (including Additional Interest), if any, but such money need not be segregated from other funds except to the extent required by law.
The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Obligations deposited pursuant to Section 14.04 hereof 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 Notes.

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Notwithstanding anything in this ARTICLE 14 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or Government Obligations held by it as provided in Section 14.04 hereof which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 14.04(a) hereof), 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 14.06.Repayment to Issuer.
Any money deposited with or to the order of the Trustee or any Paying Agent (or with such other entity designated or appointed by the Trustee for this purpose, or other qualifying trustee), or then held by the Issuer, in trust for the payment of the principal of, premium or interest (including Additional Interest) on any Note and remaining unclaimed for two years after such principal, premium or interest or Additional Amounts, if any, has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust; and the holder of such Note will thereafter be permitted to 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, will thereupon cease.
ARTICLE 15
Miscellaneous Provisions
Section 15.01.Provisions Binding on Issuer’s and Guarantor’s Successors.
All the covenants, stipulations, promises and agreements by the Issuer and the Guarantor contained in this Indenture shall bind their respective successors and assigns whether so expressed or not.
Section 15.02.Official Acts by Successor Corporation.
Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Issuer or the Guarantor shall and may be done and performed with like force and effect by the like board, committee or officer of any Person that shall at the time be the lawful sole successor of the Issuer or the Guarantor, as applicable.
Section 15.03.Addresses for Notices, Etc.
Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of Notes on the Issuer shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box as follows:
if to the Issuer: 
AGCO International Holdings B.V. 
Horsterweg 66a

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Grubbenvorst 5971 NG 
The Netherlands 
        Attn:  General Counsel 
if to the Guarantor: 
AGCO Corporation
4205 River Green Parkway
Duluth, Georgia  30096
        Attn:  General Counsel 
And also to: 
    Troutman Pepper Hamilton Sanders, LLP
    600 Peachtree St., Suite 3000
    Atlanta, Georgia  30308
    Attn:  Andrea Farley
if to the Trustee, Paying Agent, Transfer Agent or Registrar: 
    HSBC Bank USA, National Association
    452 Fifth Avenue
    New York, New York
    10018
    USA
And also to: 
HSBC Bank plc
8 Canada Square
London 
E14 5HQ
United Kingdom
The Trustee, by notice to the Issuer and the Guarantor, may designate additional or different addresses for subsequent notices or communications.
Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail, postage prepaid, at his address as it appears on the Note Register and shall be sufficiently given to him if so mailed within the time prescribed.

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Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.
Section 15.04.Governing Law.
This Indenture, the Notes and the Guarantee shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be governed by and construed in accordance with the laws of the State of New York without reference to its principles of conflict of laws.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
Section 15.05.Evidence of Compliance with Conditions Precedent, Certificates to Trustee.
Upon any application or demand by the Issuer or the Guarantor to the Trustee to take any action under any of the provisions of this Indenture, the Issuer or the Guarantor, as applicable shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel (in form and substance satisfactory to the Trustee) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include: (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; (3) a statement that, in the opinion of such person, he 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 complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.
Section 15.06.Legal Holidays.
A “Legal Holiday” is (a) a day that is not a TARGET Settlement Date and (b) a Saturday, a Sunday or other day on which commercial banking institutions are authorized or required to be closed in the Netherlands, New York, New York or London, United Kingdom and, for any place of payment outside of the Netherlands, New York, New York, or London, United Kingdom, in such place of payment.  If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

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Section 15.07.No Security Interest Created.
Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction in which property of the Issuer or its subsidiaries is located.
Section 15.08.Benefits of Indenture.
Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Authenticating Agent, any Registrar and their successors hereunder and the holders of Notes any benefit or any legal or equitable right, remedy or claim under this Indenture.
Section 15.09.Table of Contents, Headings, Etc.
The table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Section 15.10.Authenticating Agent.
The Trustee may appoint an Authenticating Agent that shall be authorized to act on its behalf, and subject to its direction, in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under ARTICLE 2, ARTICLE 3 and Section 4.08, as fully to all intents and purposes as though the Authenticating Agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the Authenticating Agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such Authenticating Agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.
Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of the Authenticating Agent hereunder, if such successor corporation is otherwise eligible under this Section 15.10, without the execution or filing of any paper or any further act on the part of the parties hereto or the Authenticating Agent or such successor corporation.
Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible under this Section, the 

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Trustee shall either promptly appoint a successor Authenticating Agent or itself assume the duties and obligations of the former Authenticating Agent under this Indenture and, upon such appointment of a successor Authenticating Agent, if made, shall give written notice of such appointment of a successor Authenticating Agent to the Issuer and, at the Issuer’s expense, shall mail notice of such appointment of a successor Authenticating Agent to all holders of Notes as the names and addresses of such holders appear on the Note Register.
The Issuer agrees to pay to the Authenticating Agent from time to time such reasonable compensation for its services as shall be agreed upon in writing between the Issuer and the Authenticating Agent.
The provisions of Sections 7.03, 7.04, 7.05, 8.03 and this Section 15.10 shall be applicable to any Authenticating Agent.
Section 15.11.Execution in Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 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 for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
Section 15.12.Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 15.13.Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, any act or provision of any present or future law or regulation or governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
Section 15.14.U.S.A. Patriot Act.
In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the parties hereto 

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acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act and comply with the Applicable Law.
Section 15.15.Judgment Currency.
If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than Euros, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee or any Holder, as the case may be, could purchase Euros with such other currency in New York, U.S.A. on the Business Day preceding that on which final judgment is given.  The obligation of the Guarantor or the Issuer with respect to any sum due from it to the Trustee or any Holder shall, notwithstanding any judgment in a currency other than Euros, be discharged only if and to the extent that on the first Business Day following receipt by the Trustee or such Holder, as the case may be, of any sum adjudged to be so due in such other currency, the Trustee or such Holder may in accordance with normal banking procedures purchase Euros with such other currency.  If the Euros so purchased are less than the sum originally due to the Trustee or such Holder hereunder, the Guarantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Trustee or such Holder against such loss.  If the Euros so purchased are greater than the sum originally due to the Trustee or such Holder hereunder, the Trustee or such Holder, as the case may be, agrees to pay to the Guarantor an amount equal to the excess of the Euros so purchased over the sum originally due to the Trustee or such Holder hereunder.
Section 15.16.English Language.
This Indenture has been negotiated and executed in the English language. All certificates, reports, notices and other documents and communications delivered or delivered pursuant to this Indenture (including any modifications or supplements hereto), shall be in the English language, or accompanied by a certified English translation thereof. In the case of any document originally issued in a language other than English, the English language version of any such document shall for purposes of this Indenture, and absent manifest error, control the meaning of the matters set out therein.
Section 15.17.Submission to Jurisdiction; Appointment of Agent.
Any suit, action or proceeding against the Issuer or the Guarantor or their respective properties, assets or revenues with respect to this Indenture, the Securities or the Guarantee (a “Related Proceeding”) may be brought in any state or Federal court in the Borough of Manhattan in The City of New York, New York, as the Person bringing such Related Proceeding may elect in its sole discretion. The Issuer and the Guarantor hereby consent to the nonexclusive jurisdiction of each such court for the purpose of any Related Proceeding and have irrevocably waived any objection to the laying of venue of any Related Proceeding brought in any such court and to the fullest extent they may effectively do so and the defense of an 

- 88 -

inconvenient forum to the maintenance of any Related Proceeding or any such suit, action or proceeding in any such court. The Issuer and the Guarantor hereby agree that service of all writs, claims, process and summonses in any Related Proceeding brought against them in the State of New York may be made upon Corporation Service Company, located at 19 West 44th Street, Suite 200, New York, New York 10036 (the “Process Agent”). The Issuer has irrevocably appointed the Process Agent as its agent and true and lawful attorney in fact in its name, place and stead to accept such service of any and all such writs, claims, process and summonses, and hereby agrees that the failure of the Process Agent to give any notice to it of any such service of process shall not impair or affect the validity of such service or of any judgment based thereon. The Issuer and the Guarantor hereby agree to have an office or to maintain at all times an agent with offices in the United States of America to act as Process Agent. Nothing in this Indenture shall in any way be deemed to limit the ability to serve any such writs, process or summonses in any other manner permitted by applicable law. 
Section 15.18.Waiver of Immunity.
To the extent that the Issuer or the Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or execution, on the ground of sovereignty or otherwise) with respect to itself or its property, it hereby irrevocably waives, to the fullest extent permitted by applicable law, such immunity in respect of its obligations under this Indenture, Securities and/or the Guarantee.  
HSBC Bank USA, National Association, hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein above set forth.

- 89 -

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed.

						
	AGCO INTERNATIONAL HOLDINGS B.V., as Issuer
	 By:	/s/ Roger N. Batkin        
		Name:    Roger N. Batkin
		Title:    SVP, GC / Director
	

By:
	

/s/ Adam Frost             

		Name:    Adam Frost
		Title:    Director

						
	AGCO CORPORATION, as Guarantor
	By:	/s/ Andrew H. Beck       
		Name:    Andrew H. Beck
		Title:    SVP

- 90 -

Execution Version

						
	HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee, Paying Agent, Transfer Agent and Registrar

	By:	/s/ Nimish Pandey         
		Name:    Nimish Pandey
		Title:    Vice President

EXHIBIT A
0.800% SENIOR NOTE DUE 2028

THIS SECURITY IS SUBJECT TO THE RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER, AND THE RIGHTS OF REDEMPTION BY THE ISSUER, CONTAINED IN THE INDENTURE GOVERNING THIS SECURITY. 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, DELIVER OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH AGCO INTERNATIONAL HOLDINGS B.V. OR ANY AFFILIATE OF AGCO INTERNATIONAL HOLDINGS B.V. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO AGCO INTERNATIONAL HOLDINGS B.V. OR ANY SUBSIDIARY OR AFFILIATE THEREOF, RELIANCE ON REGULATION (B) 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 (C) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO AGCO INTERNATIONAL HOLDINGS B.V.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (B) OR (C) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS 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.

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON SAFEKEEPER OR A NOMINEE OF A COMMON SAFEKEEPER.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE COMMON SAFEKEEPER OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON SAFEKEEPER TO A NOMINEE OF THE COMMON SAFEKEEPER OR BY A NOMINEE OF THE COMMON SAFEKEEPER TO THE COMMON SAFEKEEPER OR ANOTHER NOMINEE OF THE COMMON SAFEKEEPER.

A-1
 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, SA/NV, AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR /CLEARSTREAM”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF EUROCLEAR, AS NOMINEE OF A COMMON SAFEKEEPER (THE “COMMON SAFEKEEPER”) FOR EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO CLEARSTREAM NOMINEES LTD. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON SAFEKEEPER), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, EUROCLEAR, HAS AN INTEREST HEREIN.

A-2
 

______________________________________
AGCO INTERNATIONAL HOLDINGS B.V. 
as Issuer, 
AGCO CORPORATION 
as Guarantor
______________________________________

€600,000,000

0.800% SENIOR NOTE DUE 2028

No. R-1    
ISIN No. XS2393323071

AGCO International Holdings B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, with corporate seat in Grubbenvorst and registered with the Dutch Chamber of Commerce (Kamer van Koophandel) under number 12067080 (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), and AGCO Corporation, a Delaware Corporation (the “Guarantor”), for value received, hereby certifies that Euroclear Nominees Ltd, 33 Canon Street, London EC4M 5SB, United Kingdom, Companies Registration #02369969 is entered in the Security Register as a registered holder of or registered assigns (the “Holder”) of the €600,000,000 0.800% Senior Note Due 2028, and promises to pay to Euroclear, the principal sum of SIX HUNDRED MILLION EUROS (€600,000,000) on October 6, 2028, and to pay interest thereon on October 6 of each year at a rate per annum equal to 0.800% until the principal hereof is paid or made available for payment.  Notwithstanding the foregoing, the minimum interest rate for this note shall at all times be no less than 0.00% per annum.  

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Record Date (as defined below)  immediately preceding such Interest Payment Date (each, a “Regular Record Date”); provided that the interest payable at the Maturity Date will be paid to the Person to whom principal is payable.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. In the case of a Global 
A-3
 

Note, with respect to the definition of “Record Date” in the Indenture, the words “the September 22 (whether or not a Business Day) next preceding such Interest Payment Date” shall be deemed to be deleted and replaced with “at the close of business on the Clearing System Business Day immediately prior to the Interest Payment Date.” “Clearing System Business Day” means any day other than (i) Saturdays and Sundays and (ii) January 1 and December 25 of each year. 

Payments of interest on the Notes will include interest accrued to but excluding the respective Interest Payment Date.  Interest on the Notes will be calculated on an Actual Basis.  If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the payment of the interest and principal payable on such date will be made on the next Business Day.

All payments of interest and principal, including payments made upon any redemption of the Notes, shall be payable in Euros.  Payment of interest, subject to such surrender where applicable, (i) may be made at the Company’s option by wire transfer or by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register and (ii) in the case of any Global Security, must be made by wire transfer at such place and to such account at a banking institution as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto.  So long as the beneficial owner of the Notes is Euroclear Bank SA/NV (“Euroclear”) and/or Clearstream Banking S.A (“Clearstream”) acting as common safekeeper or their nominee, payment of principal and interest shall be made in accordance with the requirements of Euroclear and Clearstream.  If, on or after the date the Indenture, the Euro is unavailable to the Company (or the Guarantor, in the case of payments under the guaranty hereunder) due to the imposition of exchange controls or other circumstances beyond the Company’s (or the Guarantor’s, in the case of payments under the guaranty hereunder) control or if the Euro is no longer being used by the then-member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. Dollars until the Euro is again available to the Company (or the Guarantor, as applicable) or so used.  In such circumstances, the amount payable on any date in Euros will be converted into U.S. Dollars at the most recently available market exchange rate for euro as published by Bloomberg L.P. at the close of business on the second business day prior to the relevant payment date. or, in the event Bloomberg L.P. has not mandated a rate of conversion, on the basis of the then most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or most recently prior to the second business day prior to the relevant payment date.  Any payment in respect of the Notes so made in U.S. Dollars will not constitute an Event of Default under the Notes or the Indenture.  Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

Upon (a) any exchange of a part of such Global Security for an interest in another Global Security or for a definitive Note, (b) receipt of instructions from Euroclear or Clearstream (together with Euroclear, the “relevant Clearing Systems”) that, following the purchase by or on behalf of the Issuer of a part of such Global Security, part is to be cancelled or (c) any redemption of a part of that Global Security, the Issuer shall procure that the portion of the 
A-4
 

principal amount of the Global Security so exchanged, cancelled or redeemed shall be entered pro rata in the records of the relevant Clearing Systems.

Upon any payment in respect of the Notes represented by a Global Security held under the New Safekeeping Structure, the Issuer shall procure that the amount so paid shall be entered pro rata in the records of the relevant Clearing Systems but any failure to make such entries shall not affect the validity of such payment.

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

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

This Note shall not be valid unless effectuated by the entity acting as the common safekeeper for Euroclear Bank SA/NV or Clearstream Banking S.A.

[Signatures on Next Page]

A-5
 

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

Dated: October 6, 2021        AGCO INTERNATIONAL HOLDINGS B.V., as Company 

By: /s/ Roger N. Batkin          
     Name: Roger N. Batkin
     Title:   SVP, GC / Director

By: /s/ Adam Frost                 
     Name: Adam Frost
     Title:   Director

                

[Notation of Guarantee and Trustee’s Certificate of Authentication Follow]

A-6
 

NOTATION OF GUARANTEE

AGCO Corporation, a Delaware corporation (the “Guarantor”, which term includes any successor thereto under the Indenture (the “Indenture”) referred to in the security on which this notation is endorsed (the “Security”)), has unconditionally guaranteed, pursuant to the terms of the Guarantee contained in the Indenture, the due and punctual payment of the principal of and any premium and interest on this Security, when and as the same shall become due and payable in accordance with the terms of this Security and the Indenture.
The obligations of the Guarantor to the Holders of the Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in the Indenture and the Security. Reference is hereby made to such Article and Indenture for the precise terms of the Guarantee.
The Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Security upon which this notation of the Guarantee is endorsed shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories.
.
AGCO CORPORATION

By: /s/ Andrew H. Beck     
     Name: Andrew H. Beck
     Title: SVP

A-7
 

CERTIFICATE OF AUTHENTICATION

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

HSBC Bank USA, National Association,
as Trustee
						
	By:
	/s/ Nimish Pandey      

		Authorized Signatory

Dated: October 6, 2021        

A-8
 

CERTIFICATE OF EFFECTUATION
 

             						
		Euroclear,
		as common safekeeper
	By:
	/s/ Karin Desmedt      

		Authorized Signatory

A-9

REVERSE OF 0.800% SENIOR NOTE DUE 2028

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under that certain Indenture dated as of October 6, 2021, by and among the Company, as Issuer, AGCO Corporation, a Delaware corporation, as Guarantor (herein called the “Guarantor”), and HSBC Bank USA, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)) and as further amended or supplemented from time to time, herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), among the Company, the Guarantor, the Trustee, Registrar, Transfer Agent and HSBC Bank USA, National Association, as initial Paying Agent, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee, the Registrar, the Transfer Agent and the Paying Agent and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof (the “Notes”) which is unlimited in aggregate principal amount.

HSBC Bank USA, National Association shall initially serve as Paying Agent with respect to the Notes, with the Place of Payment for all Notes initially being the following office of the initial Paying Agent: 452 Fifth Avenue, New York, New York 10018.  The Trustee shall initially serve as Transfer Agent and Registrar with respect to the Notes, and the Notes may be registered for transfer or exchange at the office of the Registrar at 452 Fifth Avenue, New York, New York 10018.  The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent, Transfer Agent or Registrar for the Notes, to appoint additional or other Paying Agents, Transfer Agents or Registrars for the Notes and to approve any change in the office through which any Paying Agent, Transfer Agent or Registrar for the Notes acts.

Prior to August 6, 2028 (the “Par Call Date”), the Notes will be redeemable, in whole or in part from time to time, at the Issuer’s option as set forth below. The Company may redeem such Notes at a redemption price equal to the greater of:
•100% of the principal amount of the notes being redeemed; and
•the sum, as determined by an Independent Investment Banker, of the present values of the remaining scheduled payments of principal and interest in respect of the notes being redeemed that would be due if the notes being redeemed matured on the Par Call Date (in each case, not including the amount, if any, of unpaid interest accrued to, but excluding, the redemption date) discounted to the redemption date on an annual, ACTUAL/ACTUAL basis (in accordance with the rules of the International Capital Markets Association)) at the applicable Comparable Government Bond Rate plus 20 basis points.
Beginning on August 6, 2028, the Company may redeem the Notes, in whole or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the Notes being redeemed.
A-10

In each case, the Company will also pay the accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date. 
The Notes are also subject to redemption for tax reasons as described in the Indenture.

Additional Amounts will be paid in respect of any payments of interest or principal so that the amount a Holder receives after the imposition of withholding tax by the Relevant Jurisdiction will not be less than the amount that the Holder would have received if no withholding tax had been applicable, subject to the exceptions described in the Indenture.

Upon the occurrence of a Change of Control Triggering Event (as defined in the Indenture), the Company will be required, unless it has given written notice with respect to a redemption of the Notes, within a specified period, to make an offer to purchase all Notes at a price equal to 101% of the aggregate principal amount outstanding on the date of such change of control triggering event, plus accrued and unpaid interest, if any, from the date of initial issuance to, but not including, the repurchase date.

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute, or to order or direct the Trustee to institute, any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in aggregate principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default and offered the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities to be incurred or reasonably probable to be incurred in compliance with such request, the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding and no direction inconsistent with such 
A-11

written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes.  The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon on or after the respective due dates expressed or provided for herein. 

The payment by the Company of the principal of, premium, if any, and interest on the Notes, when and as the same become due and payable, whether at maturity, upon redemption or repurchase, by declaration of acceleration or otherwise, including any Additional Amounts required to be paid, is unconditionally and irrevocably guaranteed by the Guarantor. 

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

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

The Notes are issuable only in registered form without coupons in denominations of €100,000 and integral multiples of €1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes having the same Stated Maturity and of like tenor of any authorized denominations as requested by the Holder upon surrender of the Note or Notes to be exchanged at the office or agency of the Company.

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

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

A-12

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM -                    as tenants in common

TEN ENT -                    as tenants by the entireties

JT TEN -    as joint tenants with rights of survivorship and not as tenants in common

UNIF GIFT MIN ACT -             ______________________________  Custodian for
(Cust)

                         ______________________________
(Minor)

Under Uniform Gifts to Minors Act of

_______________________________
(State)

Additional abbreviations may also be used though not on the above list. 

A-13

To assign this Note, fill in the following form:

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

___________________________________________________________________________
(please insert Social Security or other identifying number of assignee)

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE

the within Note and all rights thereunder, hereby irrevocably constituting and appointing

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________

agent to transfer said Note on the books of the Company, with full power of substitution in the premises.

Dated:_______________ __, ____

                            ____________________________________

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatsoever.

A-14

OPTION OF HOLDER TO ELECT PURCHASE

    If you elect to have this Note purchased by the Company pursuant to the Indenture, check this box:  □

    If you want to elect to have only part of this Note purchased by the Company pursuant to the Indenture, state the amount in principal amount (must be at least €100,000 and integral multiples of €1,000 in excess thereof): 
€ _________________________

Date: ______________    Your Signature: _____________________________________
    (Sign exactly as your name appears on the other side of the Security)
Signature Guarantee: _________________________________________________________
(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15.

A-15

EXHIBIT B
FORM OF CERTIFICATE OF TRANSFER
AGCO Corporation
4205 River Green Parkway
Duluth, Georgia 30096
Attention: General Counsel
AGCO International Holdings B.V.
Horsterweg 66a, 
Grubbenvorst 5971 NG, 
The Netherlands
Attention: General Counsel

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attention: CTLA Deal Management
Email: ctlanydealmanagement@us.hsbc.com

Re: 0.800% Senior Notes due 2028
Reference is hereby made to the Indenture, dated as of October 6, 2021 (the “Indenture”) among, inter alios, AGCO International Holdings B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands, with corporate seat in Grubbenvorst and registered with the Dutch Chamber of Commerce (Kamer van Koophandel) under number 12067080 (the “Issuer”), AGCO Corporation, a Delaware corporation (the “Guarantor”), and HSBC Bank USA, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
_______________ (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of €__________ in such Note[s] or interests (the “Transfer”), to     _______________ (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:
[CHECK ALL THAT APPLY]
1.    [  ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor 
B-1

hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial holder). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act.
2.    [  ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
(a)    [  ] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;
or
(b)    [  ] such Transfer is being effected to the Issuer or a subsidiary thereof;
or
(c)    [  ] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act.
4.    [  ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.
(a)    [  ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in 
B-2

accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
(b)    [  ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
(c)    [  ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

B-3

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer.
						
	[Insert Name of Transferor]
	By:	
		Name:
		Title:

Dated:

B-4

ANNEX A TO CERTIFICATE OF TRANSFER
1.    The Transferor owns and proposes to transfer the following:
[CHECK ONE OF (a) OR (b)]
(a)    [  ] a beneficial interest in the Regulation S Global Note (ISIN [       ]), or
(b)    [  ] a Restricted Definitive Note.
2.    After the Transfer the Transferee will hold:
[CHECK ONE]
(a)    [  ] a beneficial interest in the:
(i)    [  ] Regulation S Global Note (ISIN [       ]), or
(ii)    [  ] Unrestricted Global Note (ISIN [       ]); or
(b)    [  ] a Restricted Definitive Note; or
(c)    [  ] an Unrestricted Definitive Note,
in accordance with the terms of the Indenture.
B-5

EXHIBIT C
FORM OF CERTIFICATE OF EXCHANGE
AGCO Corporation
4205 River Green Parkway
Duluth, Georgia 30096
Attention: General Counsel
AGCO International Holdings B.V.
Horsterweg 66a, 
Grubbenvorst 5971 NG, 
The Netherlands
Attention: General Counsel

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attention: CTLA Deal Management
Email: ctlanydealmanagement@us.hsbc.com

Re: 0.800% Senior Notes due 2028
Reference is hereby made to the Indenture, dated as of October 6, 2021 (the “Indenture”) among, inter alios, AGCO International Holdings B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands, with corporate seat in Grubbenvorst and registered with the Dutch Chamber of Commerce (Kamer van Koophandel) under number 12067080 (the “Issuer”), AGCO Corporation, a Delaware corporation (the “Guarantor”), and HSBC Bank USA, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
__________ (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of €__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:
1)    EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE
a)    [  ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the 

C-1

Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
b)    [  ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
c)    [  ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
d)    [  ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities 

C-2

Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
2)    EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES
a)    [  ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.
b)    [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.
This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and are dated ____________________.
						
	[Insert Name of Owner]
	By:	
		Name:
		Title:

Dated: ____________________

C-3ex_289263.htm

Exhibit 10.1

 

 

 

 

 

 

AGREEMENT FOR PURCHASE AND SALE OF

MEMBERSHIP INTERESTS

 

BY AND AMONG

 

 

TAC P FIN II JV, LLC, TAC P FIN VII JV, LLC,

TAC P FIN V JV, LLC and P FIN VI JV, LLC

 

collectively, as Seller

 

AND

 

VINEBROOK HOMES OPERATING PARTNERSHIP, L.P.

 

as Buyer

 

 

 

 

 

 

TABLE OF CONTENTS

 

	
			 

				 	Page
	
			1.

				
			Purchase and Sale; Membership Interests

				5
	
			2.

				
			Deposit; Purchase Price; Inspection Period

				11
	
			3.

				
			Closing

				15
	
			4.

				
			Condition of Title

				16
	
			5.

				
			Right to Exclude Parcels

				20
	
			6.

				
			Interim Operating Covenants

				23
	
			7.

				
			Apportionments

				27
	
			8.

				
			Closing Costs

				30
	
			9.

				
			Municipal Violations/Notices

				31
	
			10.

				
			Seller’s Representations

				31
	
			11.

				
			Buyer Representations

				40
	
			12.

				
			Conditions Precedent to Closing

				42
	
			13.

				
			Deliveries at Closing; Mechanics of Closing

				46
	
			14.

				
			Default

				48
	
			15.

				
			Notices; Computation of Periods

				50
	
			16.

				
			Fire or Other Casualty

				51
	
			17.

				
			Condemnation

				52
	
			18.

				
			Assignability

				53
	
			19.

				
			Inspections

				53
	
			20.

				
			Brokers

				56
	
			21.

				
			Condition of Property

				57
	
			22.

				
			Survival of Provisions; Indemnification

				61
	
			23.

				
			Miscellaneous

				64

 

- i -

 

 

	
			24.

				
			Sophistication of the Parties

				66
	
			25.

				
			Limited Liability

				66
	
			26.

				
			Joint and Several Obligations

				66
	
			27.

				
			Enforcement

				66
	
			28.

				
			Force Majeure

				67
	
			29.

				
			Schedules and Exhibits

				67
	
			30.

				
			Rule 3.14 Audit

				67
	
			31.

				
			Companion Contract

				68

 

- ii -

 

 

LIST OF EXHIBITS

 

	
			EXHIBIT A

				
			LIST OF FEE OWNERS AND PROPERTIES

			
	 	 
	
			EXHIBIT B

				
			LIST OF ASSUMED LOAN DOCUMENTS

			
	 	 
	
			EXHIBIT C

				
			LIST OF EXISTING LEASES

			
	 	 
	
			EXHIBIT D

				
			LIST OF EXISTING LOANS

			
	 	 
	
			EXHIBIT E

				
			LIST OF ASSUMED LOANS

			
	 	 
	
			EXHIBIT F

				
			ESCROW AGREEMENT

			
	 	 
	
			EXHIBIT G

				
			ALLOCATION OF PURCHASE PRICE

			
	 	 
	
			EXHIBIT H

				
			COMPANION CONTRACT PROPERTIES

			
	 	 
	
			EXHIBIT I

				
			REQUIRED CONSENTS

			
	 	 
	
			EXHIBIT J

				
			LIST OF PENDING LITIGATION

			
	 	 
	
			EXHIBIT K

				
			LIST OF TENANT CHARGE ARREARAGES

			
	 	 
	
			EXHIBIT L

				
			RENT ROLL

			
	 	 
	
			EXHIBIT M-1

				
			LIST OF EXISTING CONTRACTS

			
	 	 
	
			EXHIBIT M-2

				
			LIST OF MANAGEMENT AGREEMENTS

			
	 	 
	
			EXHIBIT N

				
			EXISTING TITLE POLICY CLAIMS

			
	 	 
	
			EXHIBIT O

				
			CONSTRUCTION PROJECTS

			
	 	 
	
			EXHIBIT P

				
			LIST OF INSURANCE POLICIES

			
	 	 
	
			EXHIBIT Q

				
			LIST OF INDEBTEDNESS

			
	 	 
	
			EXHIBIT R

				
			LIST OF OUTSTANDING HOA FEES AND HAP PAYMENTS

			
	 	 
	
			EXHIBIT S

				
			LIST OF PARCELS SUBJECT TO AN HOA

			
	 	 
	
			EXHIBIT T

				
			FORM OF ASSIGNMENT OF MEMBERSHIP INTERESTS

			
	 	 
	
			EXHIBIT U

				
			FORM OF ESCROW HOLDBACK AGREEMENT

			
	 	 
	
			EXHIBIT V

				
			FIRPTA CERTIFICATION

			
	 	 
	
			EXHIBIT W

				
			ENVIRONMENTAL MATTERS

			
	 	 
	
			EXHIBIT X

				
			STORM DAMAGED PARCELS

			

 

- ii -

 

 

 

AGREEMENT FOR PURCHASE AND SALE

OF MEMBERSHIP INTERESTS

 

THIS AGREEMENT FOR PURCHASE AND SALE OF MEMBERSHIP INTERESTS (this “Agreement”), dated as of October 1, 2021 (the “Effective Date”), is entered into by and among TAC P FIN II JV, LLC, a Delaware limited liability company (“FIN II Seller”), TAC P FIN VII JV, LLC, a Delaware limited liability company (“FIN VII Seller”), and TAC P FIN V JV, LLC, a Delaware limited liability company (“FIN V Seller”), and P FIN VI JV, LLC, a Delaware limited liability company (“FIN VI Seller”, and together with FIN II Seller, FIN VII Seller, and FIN V Seller each individually, a “Seller”, and collectively, “Sellers”), and VineBrook Homes Operating Partnership, L.P., a Delaware limited partnership (“Buyer”). In addition to this Agreement, Buyer (or an Affiliate of Buyer) is also entering into (i) the Prager PM PSA (as defined below) to acquire the assets of Prager Property Management, LLC (an Affiliate of Sellers), and (ii) the Companion Contract (as defined below) with P FIN I, LLC (an Affiliate of Sellers) to acquire the Companion Contract Property (as defined below), and the Closing under this Agreement is intended to occur contemporaneously with the closings under the Prager PM PSA and the Companion Contract.

 

Recitals

 

A.         FIN II Seller owns 100% of the membership interests in (i) P FIN II F Holdings, LLC, a Delaware limited liability company (“FIN II F Holdings”), which, in turn, owns 100% of the membership interests in P FIN II F, LLC, a Delaware limited liability company (“FIN II F Fee Owner”), and (ii) P FIN II Holdings, LLC, a Delaware limited liability company (“FIN II Holdings”), which, in turn, owns 100% of the membership interests in P FIN II, LLC, a Delaware limited liability company (“FIN II Fee Owner”). Each of FIN II F Fee Owner and FIN II Fee Owner owns a fee interest in the single-family residential properties listed next to its respective name on Exhibit A attached hereto.

 

B.         FIN VII Seller owns 100% of the membership interests in (i) P FIN VII MEM Holdings, LLC, a Delaware limited liability company (“FIN VII MEM Holdings”), which, in turn, owns 100% of the membership interests in P FIN VII MEM, LLC, a Delaware limited liability company (“FIN VII MEM Fee Owner”); (ii) P FIN VII STL Holdings, LLC, a Delaware limited liability company (“FIN VII STL Holdings”), which, in turn, owns 100% of the membership interests in P FIN VII STL, LLC, a Delaware limited liability company (“FIN VII STL Fee Owner”); (iii) P FIN VII KC Holdings, LLC, a Delaware limited liability company (“FIN VII KC Holdings”), which, in turn, owns 100% of the membership interests in P FIN VII KC, LLC, a Delaware limited liability company (“FIN VII KC Fee Owner”); (iv) P FIN VII TN 40, LLC, a Delaware limited liability company (“FIN VII TN 40 Fee Owner”); and (v) P FIN VII MO 40, LLC, a Delaware limited liability company (“FIN VII MO 40 Fee Owner”). Each of FIN VII MEM Fee Owner, FIN VII STL Fee Owner, FIN VII KC Fee Owner, FIN VII TN 40 Fee Owner and FIN VII MO 40 Fee Owner owns a fee interest in the single family residential properties listed next to its respective name on Exhibit A attached hereto.

 

C.         FIN VI Seller owns 100% of the membership interests in P FIN VI Holdings, LLC, a Delaware limited liability company (“FIN VI Holdings”), which, in turns owns 100% of the membership interests in P FIN VI, LLC, a Delaware limited liability company (“FIN VI Fee Owner”), which, in turn, owns a fee interest in the single family residential properties listed next to its name on Exhibit A attached hereto.

 

1

 

 

D.         FIN V Seller owns 100% of the membership interests in (i) P FIN V FL Holdings, LLC, a Delaware limited liability company (“FIN V FL Holdings”), which, in turn, owns 100% of the membership interests in P FIN V FL, LLC, a Delaware limited liability company (“FIN V FL Fee Owner”); (ii) P FIN V NC Holdings, LLC, a Delaware limited liability company (“FIN V NC Holdings”), which, in turn, owns 100% of the membership interests in P FIN V NC, LLC, a Delaware limited liability company (“FIN V NC Fee Owner”); (iii) P FIN V NM Holdings, LLC, a Delaware limited liability company (“FIN V NM Holdings”), which, in turn, owns 100% of the membership interests in P FIN V NM, LLC, a Delaware limited liability company (“FIN V NM Fee Owner”); and (iv) P FIN V OTHER, LLC, a Delaware limited liability company (“FIN V OTHER Fee Owner”). Each of FIN V FL Fee Owner, FIN V NC Fee Owner and FIN V NM Fee Owner owns a fee interest in the single family residential properties listed next to its respective name on Exhibit A attached hereto. FIN V OTHER Fee Owner owns the land parcel and certain other property as listed next to its name on Exhibit A attached hereto.

 

E.         Each of FIN II F Holdings, FIN II Holdings, FIN VI Holdings, FIN VII MEM Holdings, FIN VII STL Holdings, FIN VII KC Holdings, FIN VII TN 40 Fee Owner, FIN VII MO 40 Fee Owner, FIN V FL Holdings, FIN V NC Holdings, FIN V NM Holdings, FIN V OTHER Fee Owner, and FIN VI Fee Owner are referred to herein, individually, as an “Acquired Company”, and collectively, as the “Acquired Companies”). Each of FIN II F Fee Owner, FIN II Fee Owner, FIN VII MEM Fee Owner, FIN VII STL Fee Owner, FIN VII KC Fee Owner, FIN VII TN 40 Fee Owner, FIN VII MO 40 Fee Owner, FIN VI Fee Owner, FIN V FL Fee Owner, FIN V NC Fee Owner, FIN V NM Fee Owner and FIN V OTHER Fee Owner are herein referred to, individually, as a “Fee Owner”, and collectively, as the “Fee Owners”.

 

F.         Sellers desire to sell to Buyer, and Buyer desires to purchase from Sellers, all of the Membership Interests (as defined below) in the Acquired Companies in accordance with and subject to the terms and conditions of this Agreement.

 

Agreement

 

NOW, therefore, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

DEFINITIONS. The following terms shall have the meanings given to them in the referenced Section or other portion of this Agreement:

 

	
			Definition

				
			Section

			
	
			Acquired Company

				
			Recitals D

			
	
			Advanced Rents

				
			Section 1(a)(ii)

			
	
			Affiliate

				
			Section 6(e)

			
	
			Agreement

				
			Preamble

			
	
			Annual Financial Statement

				
			Section 10(a)(xvii)

			
	
			Approved Lease

				
			Section 6(b)

			
	
			Assignment and Assumption of Membership Interests

				
			Section 13(a)(i)

			

 

2

 

 

	Definition	Section
	
			Assumed Loan

				
			Section 1(e)(iii)

			
	
			Assumed Loan Documents

				
			Section 1(e)(ii)

			
	
			Books and Records

				
			Section 2(d)(xvi)

			
	Business Day	Section 15(b)
	
			Buyer

				
			Preamble

			
	
			Buyer CapEx Credit

				
			Section 5(a)(i)

			
	
			Buyer Loan Assumption Costs

				
			Section 1(f)(v)

			
	
			Buyer Parties

				
			Section 19(b)(B)

			
	
			Cash

				
			Section 2(a)(i)

			
	
			Claims

				
			Section 21(e)(i)

			
	
			Closing

				
			Section 3

			
	
			Closing Date

				
			Section 3(a)

			
	
			Closing Outside Date

				
			Section 3

			
	
			Closing Statement

				
			Section 7(a)(xi)

			
	
			Companion Contract

				
			Section 31

			
	
			Companion Contract Buyer

				
			Section 31

			
	
			Companion Contract Properties

				
			Section 31

			
	
			Companion Contract Seller

				
			Section 12(c)

			
	
			Code

				
			Section 2(c)(i)

			
	
			Construction Projects

				
			Section 10(a)(xxii)(C)

			
	
			Continuation Notice

				
			Section 19(e)

			
	
			Contract

				
			Section 6(c)(ii)(D)

			
	
			Control

				
			Section 6(e)

			
	
			Deductible

				
			Section 22(e)(iii)

			
	
			Deposit

				
			Section 2(a)(i)

			
	
			Diligence Materials

				
			Section 2(d)

			
	
			Diligence Room

				
			Section 2(d)

			
	
			Disclosed Broker

				
			Section 20

			
	
			Effective Date

				
			Preamble

			
	
			Environmental Requirements

				
			Section 10(a)(xx)(E)

			
	
			ERISA

				
			Section 10(a)(xii)

			
	
			Escrow Holder

				
			Section 2(a)(i)

			
	
			Excluded Parcel

				
			Section 5(a)(i)

			
	
			Excluded Parcel Cap

				
			Section 5(a)(i)

			
	
			Existing Leases

				
			Section 1(a)(ii)

			
	
			Existing Loans

				
			Section 1(e)

			
	
			Existing Title Policies

				
			Section 2(d)(v)

			
	
			Express Representations

				
			Section 21(d)

			
	
			Failed Condition Party

				
			Section 12(d)

			
	Fee Owner	Recitals D
	
			Financial Statements

				
			Section 10(a)(xvii)

			
	
			Financing Liens

				
			Section 1(e)

			
	
			HAP

				
			Section 2(d)(xi)

			
	
			HAP Payments

				
			Section 2(d)(xi)

			
	Hazardous Materials	Section 10(a)(xx)(E)

 

3

 

 

	Definition	Section
	
			HOA

				
			Section 2(d)(xv)

			
	
			HOA Fees

				
			Section 7(a)(vii)

			
	
			Improvements

				
			Section 2(a)(i)

			
	
			Included Contracts

				
			Section 6(e)

			
	
			Indebtedness

				
			Section 1(e)

			
	
			Indemnified Parties

				
			Section 19(a)

			
	
			Inspection Period

				
			Section 2(e)

			
	
			Interim Financial Statements

				
			Section 10(a)(xvii)

			
	
			IRS

				
			Section 2(a)(i)

			
	
			Leased Properties

				
			Section 12(a)(ix)

			
	
			Leases

				
			Section 1(a)(ii)

			
	
			Lender Costs

				
			Section 1(e)(v)

			
	
			Lenders

				
			Section 1(f)(i)

			
	
			Liabilities

				
			Section 10(a)(xviii)

			
	
			Liability Cap

				
			Section 22(c)(iii)

			
	
			Lists

				
			Section 10(a)(xi)(B)a

			
	
			Litigation

				
			Section 10(a)(x)

			
	
			Loan Borrower

				
			Section 1(e)

			
	
			Loan Assumption Conditions

				
			Section 1(e)(iv)

			
	
			Loan Assumptions

				
			Section 1(e)(iv)

			
	
			Losses

				
			Section 22(c)

			
	
			Management Agreements

				
			Section 10(a)(xvi)

			
	
			Mandatory Cure Exceptions

				
			Section 4(f)

			
	
			Material Defect

				
			Section 5(a)(ii)

			
	
			Material Defect Notice

				
			Section 5(a)(ii)

			
	
			Membership Interests

				
			Section 1(a)

			
	
			Non-Refundable Deposit

				
			Section 2(a)(i)

			
	
			Occupancy Condition

				
			Section 5(e)

			
	
			OFAC

				
			Section 10(a)(xi)(A)

			
	
			Order

				
			Section 10(a)(xi)(A)

			
	
			Parcel

				
			Section 1(a)

			
	
			Permits

				
			Section 1(a)(iii)

			
	
			Permitted Encumbrances

				
			Section 4(a)

			
	
			Personal Property

				
			Section 1(c)

			
	
			Prager PM Acquisition

				
			Section 12(a)(vi)

			
	
			Prager PM PSA

				
			Section 12(a)(vi)

			
	
			Prager PM PSA Buyer

				
			Section 12(a)(vi)

			
	
			Pre-Closing Period

				
			Section 20(g)

			
	
			Pre-Closing Tax Period

				
			Section 7(a)(v)

			
	
			Prohibited Country

				
			Section 10(a)(xi)(B)d

			
	
			Property

				
			Section 1(a)

			
	
			Purchase Price

				
			Section 2(b)

			
	
			Pursuit Costs

				
			Section 14(b)

			
	
			Real Property

				
			Section 1(a)(i)

			
	
			Release Claims

				
			Section 6(e)

			

 

4

 

 

	Definition	Section
	
			Released Parties

				
			Section 6(e)

			
	
			Releasing Parties

				
			Section 6(e)

			
	
			Rent Rolls

				
			Section 10(a)(xiv)

			
	
			Reports

				
			Section 19(c)

			
	
			Representation Notice

				
			Section 10(c)

			
	
			Security Deposits

				
			Section 1(a)(ii)

			
	
			Sellers

				
			Preamble

			
	
			Seller Cure Matter

				
			Section 4(c)(iv)(A)

			
	
			Seller Parties

				
			Section 19(b)(A)

			
	
			Seller’s Representations

				
			Section 10(b)

			
	
			Survival Period

				
			Section 22(b)

			
	
			Taking

				
			Section 17

			
	
			Tax

				
			Section 10(a)(xx)(D)

			
	
			Taxable

				
			Section 10(a)(xx)(D)

			
	
			Tax Authority

				
			Section 10(a)(xx)(D)

			
	
			Tax Return

				
			Section 10(a)(xx)(D)

			
	
			Tenant Charges

				
			Section 7(a)(i)

			
	
			Tenant Inducement Costs

				
			Section 7(a)(iii)

			
	Tenant Liens	Section 1(c)
	
			Tenants

				
			Section 1(a)(ii)

			
	
			Title Company

				
			Section 4(c)(iv)(A)

			
	Transfer Taxes	Section 8(c)
	
			Treasury Regulations

				
			Section 2(c)(i)

			
	
			Warranties

				
			Section 1(a)(iv)

			
	
			Warranty Claim Period

				
			Section 22(e)(iv)

			
	
			Warranty Notice

				
			Section 22(e)(ii)

			

 

 

 

 

1.    Purchase and Sale; Membership Interests.

 

(a)    At the Closing, Buyer hereby agrees to purchase, and each Seller hereby agrees to sell, upon the terms and conditions hereinafter set forth, 100% of the membership interests in the Acquired Companies owned by such Seller, free and clear of all liens and encumbrances other than the Permitted Encumbrances, including all rights, interests, and obligations that may be allocable to such membership interests, including all of such Seller’s proportionate right, title, and interest in and to the business, properties, all Books and Records which are in any Seller’s, Acquired Company’s, Fee Owner’s or any of their respective Affiliates’ possession or control, and assets of the Acquired Companies owned by such Seller, and to the capital, distributions, profits, and losses of the Acquired Companies owned by such Seller allocable or attributable to such membership interests from and after the Closing, including all voting rights, rights to distributions, and all other appurtenant rights and privileges appurtenant thereto (collectively, the “Membership Interests”), and by virtue thereof, the indirect ownership of one hundred percent (100%) of the membership interests in the Fee Owners owned by such Acquired Companies free and clear of all liens and encumbrances other than the Permitted Encumbrances, where applicable, and the indirect ownership of the parcels of real property owned by the respective Fee Owners as listed in Exhibit A attached hereto (each a “Parcel,” or collectively, the “Parcels”), including, indirectly, all right, title and interest of, and obligations with respect to, each of the respective Fee Owners in and to the following property (collectively, the “Property”):

 

(i)    The real property constituting each of the Parcels, and all of each Fee Owner’s right, title and interest, if any, in and to the buildings and improvements located thereon (“Improvements”), together with any right, title and interest of each Fee Owner (if any) in and to adjacent streets, rights-of-way, development rights, easements and interests appurtenant thereto, including, but not limited to, any streets or other public ways adjacent thereto and any water or mineral rights appurtenant thereto (collectively, the “Real Property”);

 

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(ii)    Each Fee Owner’s interest as landlord under any leases, ground leases, licenses or other occupancy agreements affecting or relating to the Real Property existing as of the Effective Date and listed on Exhibit C attached hereto (collectively, the “Existing Leases”) (as the same may be amended, modified, renewed, extended or terminated in compliance with the terms of this Agreement) and the Approved Leases (the Existing Leases together with the Approved Leases, collectively, the “Leases”), to the extent the Leases do not expire by their terms, or are not terminated pursuant to a tenant termination right set forth in a Lease or pursuant to a default by the applicable Tenant, prior to the Closing Date, in accordance with the terms of this Agreement, and each Fee Owner’s interest in all security deposits actually held by such Fee Owner with respect to any such Leases (collectively, the “Security Deposits”) and advance payments actually made to such Fee Owner with respect to any such Leases (“Advanced Rents”) to occupy all or any portion of, or use facilities within, the Real Property made by tenants or licensees (“Tenants”) under the Leases, but excluding the Fee Owners’ rights to rents received prior to Closing;

 

(iii)    To the extent assignable upon a change in control of Acquired Companies or Fee Owners, and to the extent of Sellers’, Acquired Companies’ or Fee Owners’ interests therein, each Fee Owner’s interest, if any, in any licenses, permits, encroachment maintenance and removal agreements, certificates, approvals, authorizations, variances and consents (but excluding therefrom licenses to the extent included in the definition of Leases) which are transferable without consent (collectively, the “Permits”) issued or granted by governmental and quasi-governmental bodies, officers, agencies, officials, tribunals and authorities in respect of the ownership, occupancy, use and operation of the respective Parcels;

 

(iv)    To the extent assignable upon a change in control of Acquired Companies or Fee Owners, and to the extent of Sellers’, Acquired Companies’ or Fee Owners’ interests therein, each Fee Owner’s interest, if any, in any guaranties and warranties received by such Acquired Company from any contractor, manufacturer or other person in connection with the construction or operation of any portion of the Real Property (the “Warranties”);

 

(v)    All Included Contracts;

 

(vi)    Accounts receivable relating to any Parcel;

 

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(vii)    All cash on hand held by any of the Acquired Companies and Fee Owners, accounts, deposits (including, without limitation, bank and demand deposit accounts (but excluding any Security Deposits and Advanced Rents)), and insurance policies of Sellers, except to the extent a credit is received by any of the Sellers at Closing in accordance with the terms hereof; and

 

(viii)    Rights to payments, reimbursements or refunds from the United States of America, any State, any insurer, municipality, public utility or other agency, individual or entity, including, without limitation, real estate and Personal Property Tax refunds, payments, reimbursements and deposits with respect to any Parcel, in each case, with respect to the period beginning on and after the Closing.

 

Notwithstanding anything herein to the contrary, to the extent any Parcel described in Exhibit A hereto is or becomes an Excluded Parcel, such Parcel, and all of the above appurtenant rights and any Personal Property solely relating to such Parcel, shall be excluded from the definition of “Property” hereunder.

 

(b)    For U.S. federal income Tax purposes (and any comparable provision of state and local income Tax Law), the parties agree to treat the transactions contemplated by this Agreement as purchases and sales of the assets owned by the Acquired Companies. Each Party shall file all Tax Returns consistent with this treatment in accordance with Rev. Rul. 99-6, 1999-6, IRB 6.

 

(c)    As used herein, “Personal Property” shall mean, collectively, the Leases, Security Deposits, Included Contracts, Permits, Warranties, and each Seller’s or Acquired Company’s indirect interest and each Fee Owner’s interest, if any, in any furniture, trade fixtures, equipment and other tangible personal property located on and used in connection with each Parcel, free and clear of any monetary liens other than liens arising out of the acts or omissions of any Tenants or for which any Tenants are responsible pursuant to the Leases (collectively, “Tenant Liens”). To the extent the Personal Property is owned by any third parties that are not Affiliated with the Acquired Companies or the Fee Owners (including Tenants), then such Personal Property is expressly excluded from this Agreement and is not part of the Property.

 

(d)    Notwithstanding anything in this Agreement to the contrary, the Property shall not include, and Sellers shall not be required to sell, transfer or convey to Buyer, any Confidential or proprietary information (including attorney-client communications).

 

(e)    Indebtedness. At Closing, other than with respect to the Assumed Loans, Sellers shall cause the Acquired Companies to, and to cause the Fee Owners to, (i) repay in full any existing obligations and indebtedness of the Acquired Companies and the Fee Owners, respectively, (a) for borrowed money (other than trade debt and other similar liabilities incurred in the ordinary course of business), (b) evidenced by a note, bond, debenture or similar instrument, (c) created or arising under any capital lease, conditional sale, earn out or other arrangement for the deferral of purchase price of any Property, (d) drawn under letters of credit, banker’s acceptances or similar credit transactions, (e) for any other person’s obligation or indebtedness of the same type as any of the foregoing, whether as obligor, guarantor or otherwise, and/or (f) for interest (including default interest) and penalties on any of the foregoing (“Indebtedness”), other than any expenses to the extent that Buyer receives a credit against the Purchase Price or are adjusted between the parties in accordance with Section 7 hereof, and (ii) obtain a payoff letter from the applicable lenders (other than the Lenders) with respect to any and all liens on the Parcels or any Property comprising any mortgages, deeds of trust, security agreements, financing statements or other instruments which evidence or secure Indebtedness of the Acquired Companies or the Fee Owners (or the Sellers to the extent secured by any lien on the Membership Interests), but excluding Tenant Liens (collectively, the “Financing Liens”), including, without limitation, the Financing Liens on the Parcels as listed in Exhibit D (the “Existing Loans”).

 

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(f)    Assumption of Certain Loans.

 

(i)    “Lenders” means, individually and collectively, each of the lenders pursuant to the Assumed Loan Documents.

 

(ii)    “Assumed Loan Documents” means all of the loan documents evidencing or securing the Assumed Loans and listed on Exhibit B.

 

(iii)   “Assumed Loan” or “Assumed Loans” means, individually and collectively, each of the loans issued to any of the Fee Owners pursuant to the Assumed Loan Documents and set forth on Exhibit E.

 

(iv)    Within fourteen (14) days after the later of the Effective Date and the date upon which Buyer has been provided with copies of the Assumed Loan Documents and other documentation and information as required pursuant to this Section 1(f) (“Loan Assumption Application Submission Deadline”), Buyer shall prepare and submit to the servicer for each Assumed Loan, the initial applications and other documentation and information (collectively, the “Loan Assumption Applications”) necessary for the Lenders to commence the review and approval of the assignment and transfer of the Membership Interests (collectively, the “Loan Assumptions”). Buyer acknowledges and agrees that Buyer is primarily responsible for the preparation and submittal of the Loan Assumption Applications. Buyer will be responsible for the timely collection and submission of all materials, information, documents, certificates, financial statements, signatures, and other items required to be submitted to the Lenders in connection with the Loan Assumption Applications to the extent such items are in Buyer’s or its Affiliates’ possession or control or can be obtained with reasonable efforts. Buyer shall promptly provide to Sellers (A) a copy of the Loan Assumption Applications (subject to any redactions of any confidential information) and (B) evidence of Buyer’s submission of such Loan Assumption Applications to the Lender on or before the Loan Assumption Application Submittal Deadline. The obligation of Sellers and Buyer to close the transactions contemplated hereunder shall be subject to the satisfaction of the following conditions (collectively, the “Loan Assumption Conditions”): (i) each Lender shall have provided its final written approval and consent to the Loan Assumptions, subject to conditions as outlined in the Assumed Loan Documents, and any other conditions required by such Lender and reasonably acceptable to Buyer and Sellers; (ii) each Lender shall have confirmed in writing that, upon the consummation of the Loan Assumptions, Sellers and any and all existing guarantors, indemnitors and other credit support providers of the Assumed Loans shall be fully released from any and all obligations under the Assumed Loan Documents and otherwise with respect to the repayment of the Assumed Loans occurring or arising from and after Closing, and that each such Lender will accept Buyer's parent, principal or other entity or individual designated by Buyer as the replacement guarantor and indemnitor under the Assumed Loans; (iii) each Lender shall have agreed to close on the Loan Assumptions on the Closing Date, contemporaneously with the Closing contemplated hereunder; and (iv) Buyer and Sellers shall have received Loan Assumptions documents confirming each Lender's consent to such applicable Loan Assumption, which Loan Assumptions documents shall be in a form and substance reasonably satisfactory to Buyer and Sellers.

 

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(v)    At Closing, Sellers shall pay directly to or as directed by the Lenders any and all consent, assumption, application and processing fees to be paid to the Lenders and any servicer of the Assumed Loans in connection with the Loan Assumptions as required under the Assumed Loan Documents, and any other costs, fees or charges that are to be paid or reimbursed to the Lenders, servicer, or third parties engaged by Lenders in connection with the Loan Assumptions, in each case, provided such costs, fees and charges are contemplated in the applicable Assumed Loan Documents, and not as a reimbursement to Buyer (collectively, the “Lender Costs”), except Sellers shall reimburse Buyer for (x) any Lenders’ and/or servicers’ attorneys’ fees and expenses and (y) any costs incurred in connection with any third party reports which are customarily obtained by the buyers or buyers’ lenders in acquisitions of real property ((x) and (y), collectively, the “Capped Loan Assumption Costs”), such Capped Loan Assumption Costs’ reimbursement not to exceed Thirty Thousand and 00/100 Dollars ($30,000) in the aggregate per Assumed Loan (“Capped Loan Assumption Costs Ceiling”). Sellers shall not pay or reimburse any costs related to attorneys’ fees incurred by Buyer (or its affiliates) in connection with the Loan Assumptions, other than, subject to the Capped Loan Assumption Costs Ceiling, the Capped Loan Assumption Costs.

 

(vi)    Sellers shall reasonably cooperate in good faith with Buyer, and shall cause the Acquired Companies and Fee Owners to reasonably cooperate in good faith with Buyer, in connection with the Loan Assumptions, including without limitation: (A) providing Buyer with true, correct and complete copies of the Assumed Loan Documents and any amendments or modifications thereto, (B) providing contact information for the Lenders or their respective loan servicer, (C) making necessary introductions, (D) provide Lenders with any additional information and materials requested or required by the Lenders from Sellers in order to process and approve the Loan Assumptions, including, without limitation, updated rent rolls and proof of insurance, (E) using commercially reasonable efforts to facilitate and participate in communications with each Lender with regard to the Loan Assumption Applications, (F) executing and delivering any acknowledgments, consents and other documentation required by the Lenders and their respective loan servicers in order for Lenders and their respective loan servicer to commence the Loan Assumptions, and to permit the loan servicers or Lenders to correspond directly with Buyer regarding the Assumed Loans and the Loan Assumptions, and (G) complying, and causing the Acquired Companies and Fee Owners to comply, with all covenants applicable to such parties in the Assumed Loan Documents in all material respects; provided that, in each case of the preceding clauses (A) through (G), (x) Sellers shall not be required to waive or reduce any rights or increase their obligations or liabilities under this Agreement and (y) in no event shall any Seller Parties (other than Sellers) be required to incur any obligations or liabilities.

 

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(vii)    Buyer and, subject to the provisions of clause (vi) above, each Seller agrees to use commercially reasonable efforts to cause the satisfaction of the Loan Assumption Conditions in a timely manner prior to the Closing. At or prior to the Closing, Buyer shall deliver (i) to the Lenders all documents required to be executed and delivered by Buyer (in form and substance reasonably acceptable to Buyer) in order to satisfy all conditions of the Lenders for the Loan Assumptions by Buyer, subject to the Acceptable Modifications (as hereinafter defined) and (ii) to Sellers evidence reasonably satisfactory to Sellers of the delivery of such documents at or prior to the Closing. Buyer agrees that except for (a) substituting the entities and the names of entities used, (b) the names of the applicable loan guarantors, (c) amending the transfer provisions, (d) modifying or deleting, as applicable, those provisions that are personal to Sellers and the existing guarantors, and (e) the notice provisions for each ((a) through (e), collectively, the “Acceptable Modifications”), Buyer will not request any material modifications to the Assumed Loans. If Lender’s consent has been obtained, at the Closing, Buyer shall (I) execute, acknowledge and deliver to the Lenders the documents required by the Lenders, consistent in form and content with other commercially reasonable loan assumption documents customarily required of similarly situated buyers, in order to confirm Buyer’s assumption of the Assumed Loans, and (II) in addition to the Purchase Price, reimburse the Sellers, in the same manner as is provided for herein for the payment of the balance of the Purchase Price, for any and all (A) deposits, holdbacks, reserves (including any FF&E reserves) and escrows being held as of the Closing Date by the Lenders (or the servicers) under the Assumed Loan Documents (the “Lender Reserves and Escrows”), as confirmed by Lenders as of the Closing Date, (B) other funds derived from the Properties held by the Lenders (or the servicers) in any lockbox or other account or subaccount, as confirmed by Lenders as of the Closing Date, subject to adjustments in accordance with proration provisions specified herein, and (C) interest paid on the Assumed Loans prior to the Closing Date, attributable to periods after the Closing Date, as confirmed by Lenders as of the Closing Date.

 

(viii)    In the event that Buyer makes the efforts required to achieve same as set forth in this Agreement but the Loan Assumption Conditions are not satisfied prior to the Closing Outside Date, Buyer may terminate this Agreement pursuant to Section 12(c) in which event: (i) the Deposit (including the Non-Refundable Deposit) shall be returned to Buyer, (ii) Sellers shall be required to pay any and all Lender Costs and other fees imposed by Lenders in connection with the contemplated Loan Assumption, other than the Buyer Loan Assumption Costs, and such payment obligation shall survive termination of this Agreement, and (iii) thereafter, the parties shall be relieved from any and all further obligations hereunder other than those which expressly survive termination; provided, however, that if the Loan Assumption Conditions are met as to some of the Assumed Loans (the “Approved Assumed Loans”), but not all of the Assumed Loans, then, provided that such Loan Assumption Conditions do not fail to be satisfied due to a breach by Buyer of its obligations under this Agreement, Buyer shall have the right and option to choose to move forward with closing on the assumption of the Approved Assumed Loans and the Parcels for which the Loan Assumption Conditions have not been satisfied shall be treated as Excluded Parcels without being subject to the Excluded Parcel Cap and the provisions of Section 5(c) shall apply).

 

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2.    Deposit; Purchase Price; Inspection Period.

 

(a)    Delivery of Deposit.

 

(i)    Not later than five (5) Business Days after the Effective Date, Buyer shall deposit with Westcor Land Title Insurance Company, Inc., 600 West Germantown Pike, Ste. 450, Plymouth Meeting, PA 19462, Attn: Anthony Spangler, 321-214-6860, aspangler@wltic.com (the “Escrow Holder”) by wire transfer in immediately available good funds in United States dollars (“Cash”) the amount of ELEVEN MILLION FOUR HUNDRED TWENTY-SEVEN THOUSAND FOUR HUNDRED EIGHTY AND NO/DOLLARS ($11,427,480.00) (the “Deposit”), of which, TWO MILLION EIGHT HUNDRED SIXTEEN THOUSAND SIX HUNDRED FORTY-THREE AND 53/100 DOLLARS ($2,816,643.53) (the “Non-Refundable Deposit”) shall be non-refundable to Buyer other than in the event of (i) a Seller Default which has not been timely cured pursuant to and in accordance with Section 14(b) or (ii) the failure of the Loan Assumption Conditions to be satisfied as a result of any reason other than a Buyer’s default under this Agreement which has not been timely cured in accordance with Section 14(a), in either of which events, the Deposit (including the Non-Refundable Deposit) shall be fully refundable to Buyer. In the event Buyer fails to deliver the Deposit in accordance with the terms herein, then this Agreement shall automatically be deemed null and void and of no further effect without the necessity of confirmation by either party, except Buyer and Sellers shall have such rights and obligations as are set forth herein to survive termination hereof.

 

(ii)    Concurrently with the execution and delivery of this Agreement, Buyer and Sellers shall execute and deliver an Escrow Agreement in the form of Exhibit F attached hereto (the “Escrow Agreement”).

 

(iii)    Buyer and Sellers agree to execute such further or supplemental escrow instructions as Escrow Holder reasonably may request in connection with its performance under this Agreement, provided that the same are consistent with the terms and conditions of this Agreement and the Escrow Agreement.

 

(b)    Purchase Price. The purchase price for the Membership Interests of the Acquired Companies and the Property shall be TWO HUNDRED EIGHTY-FIVE MILLION SIX HUNDRED EIGHTY-SEVEN THOUSAND AND NO/DOLLARS ($285,687,000.00) (the “Purchase Price”), subject to adjustment in accordance with the provisions hereof. The Purchase Price shall be paid as follows:

 

(i)    At Closing, the Deposit shall be disbursed to Sellers and applied against the Purchase Price; and

 

(ii)    At Closing, Buyer shall pay the balance of the Purchase Price, as adjusted in accordance with Section 4 and Section 5, plus the costs to be paid by Buyer pursuant to Section 7 and any other applicable provision of this Agreement, to Escrow Holder, and such amount, less the Holdback Escrow Amount, shall be disbursed to Sellers in accordance with separate instructions provided by Sellers and Buyer (separately) to Escrow Holder, which instructions shall be consistent with this Agreement; and

 

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(iii)    At Closing, the Holdback Escrow Amount shall be retained by the Escrow Holder and, such amount, or portion thereon, shall be released following Closing in accordance with the Escrow Holdback Agreement.

 

(c)    Withholding and Allocation.

 

(i)    Each of Buyer and the Escrow Holder shall be entitled to deduct and withhold from amounts otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payments under the Internal Revenue Code of 1986, as amended (the “Code”), the U.S. Treasury regulations promulgated thereunder (the “Treasury Regulations”), and/or any other applicable state, local or non-U.S. Law. To the extent that amounts are so deducted or withheld by Buyer or the Escrow Holder, as the case may be, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was made. In the event that Buyer determines that it or the Escrow Holder is required to so deduct and withhold amounts under the Code, the Treasury Regulations and/or other applicable state, local or non-U.S. law, it shall use best efforts to notify Sellers not later than five (5) days prior to Closing, and shall cooperate with Sellers with respect to any available means to avoid or mitigate such withholdings. Absent a change in law, each of Buyer and Escrow Holder agrees that no such deduction or withholding of U.S. federal tax shall be made if Seller, including the sole member of Seller, provides a duly completed and executed IRS Form W-9.

 

(ii)    Sellers and Buyer hereby agree that for all purposes hereunder, the Purchase Price and any liabilities of the Acquired Companies shall be allocated among the Property as set forth on the allocation schedule attached hereto as Exhibit G (the “Allocation Schedule”). Sellers, Buyer, and their respective Affiliates shall not take a position in any Tax Return, examination, or administrative or judicial proceeding relating to any Tax Return inconsistent with the Allocation Schedule. Any subsequent adjustments or additions to the Purchase Price shall be reflected in amendment to the Allocation Schedule made in accordance with the principles set forth in Treasury Regulation Section 1.1060-1. In the event that the Allocation Schedule is disputed by any Tax Authority, the party (including for such purposes a party’s Affiliates) receiving notice of such dispute will promptly notify the other party, and the parties will consult and cooperate in good faith how to resolve such dispute in a manner consistent with the Allocation Schedule. This Section 2(c) shall survive the Closing.

 

(d)    Diligence Materials. Within ten (10) days after the Effective Date, Sellers shall place, or shall cause to be placed, the following materials (collectively, the “Diligence Materials”) into a link at a website or data room (the “Diligence Room”):

 

(i)    Monthly rent rolls at and since December 31, 2020 (including a delinquency report of Tenant Charge arrearages for each month beginning January 2021), dated no later than five (5) Business Days prior to the Effective Date;

 

(ii)    a copy of the form of lease utilized by Sellers at the Parcels as of the Effective Date;

 

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(iii)    copies of all executed leases and any addendums, amendments, supplements, renewals and/or assignments thereto for current tenants, schedule of leases including lease renewal and expiration data, and to the extent in the possession of Sellers or their Affiliates or obtainable by them with reasonable efforts, lease concessions and uncollectable/bad debt expense and screening criteria;

 

(iv)    any and all management agreements and service contracts relating to the operations of the Property to which the Acquired Companies and/or Fee Owners are a party, as the same are in existence as of the Effective Date;

 

(v)    copies of existing title insurance policies for each of the Parcels (the “Existing Title Policies”);

 

(vi)    disclosure of any Parcels located in a flood zone and HOA documentation to the extent in Sellers’ possession or control;

 

(vii)    to the extent in the possession of Sellers or their Affiliates or obtainable by them with reasonable efforts, disclosure of any Parcels with the presence of oil tanks, septic, cistern or well water systems;

 

(viii)    information related to any rental restrictions affecting the Parcels;

 

(ix)    two (2) years of audited financial statements of, or to the extent audited financial statements have not been prepared, unaudited financial statements of, the Acquired Companies and the Fee Owners;

 

(x)    to the extent in the possession of Sellers or their Affiliates or obtainable by them with reasonable efforts, municipal occupancy certifications and certificates of occupancy, inspection reports, one year of work order history (including current open work orders), open and unresolved violations, eviction filing reports by unit (from January 1, 2020 to present) including current open filings, threatened or pending litigation and insurance claims (notices of claim or filed suits including condemnations);

 

(xi)    articles of organization and operating agreements for each of the Acquired Companies and Fee Owners, plus any other governing documents, if any, with respect to the Acquired Companies and Fee Owners;

 

(xii)    copies of documentation relating to any outstanding and unresolved Litigation with respect to any of the Acquired Companies, Fee Owners, any Tenant (in connection with the Property) or the Property other than, in each case, Litigation that is covered by insurance;

 

(xiii)    information related to mold at any Parcel to the extent confirmed by testing and remains unremediated;

 

(xiv)    documentation relating to on-going capital expenditure projects in excess of twenty percent (20%) of the value for each respective Parcel to the extent in possession or control of Sellers, Acquired Companies, Fee Owners, or any of their respective Affiliates;

 

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(xv)    tax returns for the past five (5) years for each Acquired Company and Fee Owner;

 

(xvi)    any and all books and records related to the Acquired Companies and/or the Fee Owners (whether maintained by the Acquired Company or by any other entity within the organizational structure), which shall include, without limitation, trial balances, general ledgers, invoices, bank statements, cash disbursement details, accounts payable and accrued expenses, and operating expenses (collectively, “Books and Records”);

 

(xvii)    complete organizational charts of all Acquired Companies and Fee Owners;

 

(xviii)    a list of all Parcels for which any Fee Owner is receiving Section 8 housing choice voucher payments or other tenant-based rental subsidies benefitting Tenants (“HAP Payments”) pursuant to any Housing Assistance Program (“HAP”), including providing (A) true and correct copies of any Contracts related thereto. Upon Buyer’s request, Sellers further shall provide Buyer access, in the Diligence Room, to any other material documents, reports or financial information material to the Property in the possession or control of Sellers, which are not proprietary or attorney-client privileged and which are not Sellers’ own work product, which materials shall, upon Buyer’s request, be posted to the Diligence Room, or, if such posting is not reasonably feasible at nominal cost, shall remain subject to access at Sellers’ office; and

 

(xix)    with respect to any Parcels owned by FIN V FL Fee Owner, FIN V NC Fee Owner, and/or FIN V NM Fee Owner, copies of any and all surveys including ALTA surveys, geotechnical, engineering, environmental, wetland, and all other physical inspections and property condition reports with respect to each of the Parcels, including soil reports, to the extent in possession or control of Sellers, Acquired Companies, Fee Owners, or any of their respective Affiliates.

 

(e)    Inspection Period. Buyer shall have the right, from the Effective Date through 5:00 p.m. Eastern Time on the last day of the sixty (60) day period commencing on the later of the Effective Date or the date upon which Sellers have provided to Buyer all Diligence Materials required under Section 2(d) above as well as the Rent Rolls (Exhibit L) (the “Inspection Period”), to assess Buyer’s decision as to whether to proceed to purchase the Membership Interests. Unless Buyer has delivered to Sellers and Escrow Holder, prior to the expiration of the Inspection Period, a Continuation Notice pursuant to Section 19(e), this Agreement shall terminate promptly upon the expiration of the Inspection Period without further action by Sellers or Buyer, it being understood that Buyer shall have no obligation to deliver a Continuation Notice hereunder. Prior to the termination of this Agreement, Buyer shall have access to the Diligence Room to assess the materials placed into the Diligence Room and Buyer shall have access to inspect certain of the Parcels pursuant to Section 19 hereof on the terms and conditions contained in this Agreement.

 

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(f)    Included Contracts. At any time prior to the expiration of the Inspection Period, Buyer may deliver written notice (“Contracts Election Notice”) to Sellers electing to (A) not terminate any Contracts identified in such notice entered into by an Acquired Company or a Fee Owner and (B) cause the assignment to Buyer (which shall be effectuated by Buyer’s acquisition, indirectly, of all of the membership interests in the Fee Owners) at Closing of any Contracts identified in such notice entered into by Sellers or their Affiliates (other than the Acquired Companies) which benefit any Property or Properties, which shall include any agreements or engagement letters with accounting groups (all such Contracts which Buyer elects to assume at Closing, collectively, the “Included Contracts”). At Closing, Sellers shall, or shall cause the Acquired Companies, Fee Owners and/or such other of Sellers’ Affiliates party to such Contracts to, terminate, at no cost to Sellers (it being agreed that Buyer shall not be responsible for the termination costs of any Contracts Buyer does not elect to assume at Closing which are entered into by Seller after the Effective Date without Buyer’s prior written approval; provided that Buyer’s prior written approval of any Contracts shall be deemed Buyer’s election to assume same at Closing and such Contracts shall be deemed Included Contracts), all Contracts other than the Included Contracts (and other than the Raymond James Agreement (as hereinafter defined)), and to cause the assignment at Closing (which shall be effectuated by Buyer’s acquisition, indirectly, of all of the membership interests in the Fee Owners or by assignment of any Included Contracts from any other Affiliates of Sellers as necessary) of such Included Contracts to be assigned to Buyer (or Buyer’s designee) as contemplated pursuant to clause (B) above. In the event that Buyer does not timely deliver the Contracts Election Notice, Buyer shall be deemed to have elected not to assume any Contracts (other than the Contracts Buyer approves in writing after the Effective Date, all of such Contracts to be deemed Included Contracts). Notwithstanding the foregoing, Sellers shall be solely responsible for, and in no event shall Buyer be responsible for, any fees, costs or expenses associated with the termination of any property management agreement with Prager Property Management, LLC or its Affiliates.

 

(g)    Delivery of Exhibits. Exhibit L (Rent Roll) shall be delivered to Buyer by Sellers within ten (10) days after the Effective Date.

 

3.    Closing.

 

(a)    The closing of the conveyances of the Membership Interests contemplated hereby (the “Closing”) shall be held and completed on the date which is fifteen (15) days after the later of (i) the expiration of the Inspection Period, or (ii) the date upon which all of the Loan Assumption Conditions have been satisfied; provided, however, that the Closing shall not take place until each of the conditions to Closing set forth in Section 12 has been satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing Date); provided, further, that the Closing shall be subject to extension in accordance with the express provisions of this Agreement or the mutual agreement of Buyer and Sellers. Notwithstanding anything to the contrary set forth in this Agreement, in the event that the Closing fails to occur on or before the date that is four (4) months after the Effective Date (the “Closing Outside Date”) (x) due to Buyer’s default or the failure of the conditions to Closing set forth in Section 12(b) to have been satisfied, in each case, on or before the Closing Outside Date, Sellers shall have the right to terminate this Agreement and exercise such other remedies as expressly provided in Sections 12 and 14(a), as applicable; provided, however, that if the Loan Assumption Condition is the condition not met, and Buyer default is not the reason for such failure to meet the Loan Assumption Condition, and there is a reasonable likelihood that the Loan Assumption Condition can be met in the next fifteen (15) days, then Buyer or Sellers may elect, by written notice to the other party delivered by not later than three (3) Business Days prior to the Closing Outside Date, to extend the Closing Outside Date by up to fifteen (15) days as the parties work to satisfy the Loan Assumption Condition, or (y) due to Sellers’ default or any failure to satisfy the conditions to Closing set forth in Section 12(a) not caused by a Buyer default, but subject to Seller’s extension rights in accordance with this Agreement, Buyer shall have the remedies set forth in Sections 12 and 14(b), as applicable.

 

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(b)    Closing Date. The date that Closing actually occurs shall be referred to herein as the “Closing Date.”

 

(c)    Designation of Reporting Person. In order to assure compliance with the requirements of Section 6045 and any related reporting requirements of the Code, Sellers and Buyer agree as follows:

 

(i)    The Escrow Holder is designated as the person to be responsible for all information reporting under Section 6045(e) of the Code.

 

(ii)    Sellers and Buyer shall provide, or cause to be provided, to the Escrow Holder all information and certifications, as reasonably requested by the Escrow Holder or otherwise required to be provided by Sellers, Buyer, or any Affiliate of Sellers or Buyer under Section 6045 of the Code.

 

(iii)    Buyer and Sellers shall provide, or cause to be provided, to the Escrow Holder IRS Form W‐9 or an acceptable substitute form, signed under penalties of perjury, stating that the taxpayer identification number supplied by Buyer, or any Affiliate of Buyer, or Sellers or any Affiliates of Sellers, to the Escrow Holder is correct.

 

4.    Condition of Title.

 

(a)    Title to the Real Property shall be subject only to the Permitted Encumbrances. The term “Permitted Encumbrances” shall mean:

 

(i)    rights of Tenants under any Existing Leases and under any Approved Leases (in each case, as the same may be modified prior to the Closing in accordance with the terms of this Agreement);

 

(ii)    taxes, assessments and other governmental charges or fees, or water or sewer charges not yet due and payable;

 

(iii)    all covenants, restrictions and rights and all easements and agreements for the erection and/or maintenance of water, gas, steam, electric, telephone, sewer or other utility pipelines, poles, wires, conduits or other like facilities, and appurtenances thereto, over, across and under the Real Property which are either (i) presently existing or (ii) granted to a public utility in the ordinary course (provided that same do not prohibit the use of the relevant Real Property for its current use);

 

(iv)    any matters affecting the Property set forth in the Existing Title Policies as to which Buyer does not timely object in accordance with this Section 4;

 

(v)    any matters set forth in the Title Commitments obtained by Buyer (if any) as to which Buyer does not timely object in accordance with this Section 4;

 

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(vi)    any exceptions to title set forth in the Title Commitments to which Buyer timely objects in accordance with Section 4 but which are not cured or caused to be insured by the applicable Seller and which Buyer accepts or waives as exceptions to title to the Real Property;

 

(vii)    any matters which would be disclosed by an accurate survey of each Real Property;

 

(viii)    obligations which are to be performed by the Tenants under the Leases, including Tenant Liens;

 

(ix)    any matters pertaining to the organization or authority of Buyer or created by, through, under, at the direction of or with the consent of Buyer, including any liens referred to in Section 19(d);

 

(x)    all present and future zoning, building, land use, environmental and other Laws, including, without limitation, landmark designations and all zoning variance and special exceptions, if any;

 

(xi)    immaterial variations between tax lot lines and lines of record;

 

(xii)    minor possible encroachments and/or projections of stoop areas, roof cornices, window trims, vent pipes, cellar doors, steps, columns and column bases, flue pipes, signs, piers, lintels, window sills, fire escapes, satellite dishes, protective netting, sidewalk sheds, ledges, fences, coping walls (including retaining walls and yard walls), air conditioners and the like, if any, on, under or above any street or highway, the Improvements, or any adjoining property, provided that the same shall not prevent the use of the relevant Real Property for its current use;

 

(xiii)    title standard exclusions from coverage contained in the form of title policy or “marked-up” title commitment employed by the Title Company; and

 

(xiv)    any matters deemed to constitute additional Permitted Encumbrances under Section 4.

 

(b)    Title Review. Buyer, at its expense, has or will review the Existing Title Policies and, at Buyer’s option, may order updates to the Existing Title Policies (herein, the “Title Commitments”).

 

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(c)    Title Defects.

 

(i)    Buyer shall be deemed to have waived its right to object to any encumbrance or other title exception or matter pertaining to the Real Property unless Buyer shall have given Sellers a specific written notice of its objection in Buyer’s reasonable discretion (based solely on a title or survey matter that would cause the applicable Parcel to not be rentable in the ordinary course of business) to any such matter (an “Initial Title Objection Notice”) by not later than ten (10) Business Days prior to the expiration of the Inspection Period (the “Initial Title Objection Deadline”). Notwithstanding the foregoing, if an update to a Title Commitment for any Parcel received after the expiration of the Inspection Period and prior to the Closing Date references a new exception to title that (A) is not a Permitted Encumbrance, (B) was not previously reflected or referenced on the Title Commitment, any existing survey or an updated survey delivered or made available to Buyer prior to the expiration of the Inspection Period, (C) was not created by Buyer or Buyer Parties and (D) has a material adverse effect on the Property, the Acquired Companies and the Companion Property, as a whole, then Buyer shall have the right to object to such matter, by delivery of a written notice (a “Subsequent Title Objection Notice”) to Sellers within two (2) Business Days (but not later than the then-scheduled Closing Date) from receipt of such update to a Title Commitment. Sellers shall have no obligation to remove or cure any alleged defects, objections or survey matters raised in an Initial Title Objection Notice or a Subsequent Title Objection Notice (each, a “Title Objection”), except for the Mandatory Cure Exceptions.

 

(ii)    Upon Buyer’s failure to timely deliver an Initial Title Objection Notice or a Subsequent Title Objection Notice with respect to any encumbrance or other title exception or matter in accordance with clause (i) above, all liens, encumbrances and other title exceptions or matters shall thereafter be deemed Permitted Encumbrances, except for the Mandatory Cure Exceptions.

 

(iii)    Should Buyer timely deliver an Initial Title Objection Notice or a Subsequent Title Objection Notice to Sellers as above provided, Sellers shall have the right, at their sole option, upon written notice (each, a “Title Objection Response Notice”) to Buyer within (x) with respect to a response to an Initial Title Objection Notice, eight (8) Business Days of receipt of Buyer’s Initial Title Objection Notice, if any, or (y) with respect to a response to a Subsequent Title Objection Notice, two (2) Business Days of receipt of Buyer’s Subsequent Title Objection Notice (and the then-scheduled Closing Date shall be automatically extended to allow for such response period, if necessary), if any, to elect either of the following:

 

(A)    to (1) use commercially reasonable efforts to remove or cure any Title Objection; or (2) deliver to Westcor Land Title Insurance Company, Inc., 600 West Germantown Pike, Ste. 450, Plymouth Meeting, PA 19462, Attn: Anthony Spangler, 321-214-6860, aspangler@wltic.com (the “Title Company”) such assurances as the Title Company requires to insure Buyer against any loss arising from such Title Objection (in either of which events, such matter shall be a “Seller Cure Matter”), or

 

(B)    to elect neither of the elections referenced in Section 4(c)(iii)(A). Failure by Sellers to deliver a Title Objection Response Notice within the applicable time period set forth in clause (iii) above shall be deemed an election by Sellers to proceed under this clause (B). If any Seller makes or is deemed to make the election described in this clause (B) and Buyer delivers a Continuation Notice prior to the expiration of the Inspection Period, then such Title Objections shall be deemed Permitted Encumbrances.

 

(iv)    In the event a Seller elects to use commercially reasonable efforts to cure a Title Objection pursuant to Section 4(c)(iii)(A)(1), and such Seller is unable to cure such Title Objection on or before the date originally scheduled for Closing, then Sellers shall have the right to defer the Closing from time to time (but in no event for more than thirty (30) days after the then-scheduled Closing Date) in order to provide the applicable Seller an opportunity to cure such Title Objection or to proceed under Section 4(c)(iii)(A)(2) (provided that the extension(s) of the Closing Date pursuant to this clause shall not cause the Closing Date to extend more than fifteen (15) days beyond the Closing Outside Date unless Buyer consents in writing). In the event any Seller is unable to cure any Title Objection which such Seller elected to attempt to cure pursuant to Section 4(c)(iii)(A)(1) or Section 4(c)(iii)(A)(2) on or before the date scheduled for Closing (as such date may be extended as set forth above) or Sellers elect or are deemed to elect to proceed under Section 4(c)(iii)(B), then Buyer shall have the election set forth in Section 4(d).

 

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(d)    Failure of Title.

 

(i)    If, prior to the expiration of the Inspection Period, title to any particular Parcel is not insurable and the applicable Seller does not elect to cure the same as provided in Section 4(c)(iii)(A) above, Buyer may elect, as its sole right and remedy by reason thereof (other than with respect to Buyer’s rights and remedies under Section 4(f)), within five (5) Business Days of a Seller’s election in accordance with Section 4(c)(iii) above, either to (A) retain such affected Parcel as part of the transaction based on the existing title that can be conveyed, with no abatement of the Purchase Price, or (B) subject to the provisions of Section 5 (including, without limitation, the Excluded Parcel Cap), designate the applicable affected Parcel as an Excluded Parcel, in which event Section 5(c) shall apply. Failure by Buyer to timely make the election described in clause (B) of this Section 4(d) shall be deemed an election by Buyer to proceed under clause (A) of this Section 4(d).

 

(ii)    If, following the expiration of the Inspection Period, but on or before the Closing Date, Buyer delivers a Subsequent Title Objection Notice in accordance with Section 4(c)(i) and Sellers make, or are deemed to make, the election under Section 4(c)(iii)(B), or any Seller is unable to cure any Title Objection raised in a timely delivered Subsequent Title Objection Notice which such Seller elected to attempt to cure pursuant to Section 4(c)(iii)(A)(1) or Section 4(c)(iii)(A)(2) on or before the date scheduled for Closing, then Buyer shall have the right to terminate this Agreement by written notice to Sellers delivered on or before the date scheduled for Closing and, in such case, the Deposit (other than the Non-Refundable Deposit) shall be returned to Buyer and the parties shall have no further rights or obligations hereunder, except as expressly set forth herein to survive the termination of this Agreement, unless Sellers shall notify Buyer in writing, within two (2) Business Days from receipt of Buyer’s termination notice pursuant to this Section 4(d)(ii), that Sellers elect (in lieu of Buyer’s termination of this Agreement) to treat the Parcel impacted by the applicable Title Objection as an Excluded Parcel (without counting against the Excluded Parcel Cap), and in such case the provisions of Section 5(c) shall apply.

 

(e)    Intentionally Omitted.

 

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(f)    Removal of Monetary Liens. Notwithstanding the foregoing provisions of this Section 4, Sellers shall cause the removal, at or prior to the Closing Date, of all of the following, but only to the extent that the same have not been created, caused by or consented to by Buyer or any Buyer Parties (“Mandatory Cure Exceptions”): (i) mortgages, deeds of trust or other security interests for any financing incurred by Sellers, Acquired Companies or Fee Owners which encumber the Real Property, other than the Assumed Loan Documents, (ii) mechanics’ liens filed against the Real Property by third parties in connection with any work contracted by or at the written direction of (or with the written approval of) Sellers, Acquired Companies or Fee Owners and performed on the Real Property prior to the Closing Date, (iii) delinquent real estate tax liens encumbering the Real Property (but excluding inchoate tax liens for taxes not yet delinquent), if any, (iv) judgment liens against the Sellers, Acquired Companies and/or Fee Owners and any monetary liens imposed against the Sellers, Acquired Companies or Fee Owners by any Governmental Authority having jurisdiction over the Real Property and arising from violations of law not exceeding, in the aggregate as to all matters in this clause (iv), $250,000, and (v) liens, covenants and other encumbrances which any Seller has knowingly and intentionally placed or knowingly and intentionally allowed to be placed on the Real Property after the date which ten (10) days prior to the expiration of the Inspection Period without the consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that Sellers instead may cause the Title Company to insure title to the Property free of any exception for any such Mandatory Cure Exception.

 

(g)    Search Reports. Buyer, with expenses being split 50/50 between Buyer and Sellers, shall obtain (and deliver copies to Seller) within thirty (30) days after the Effective Date, state and local UCC searches, fixture searches, federal and state tax liens searches, local and federal litigation searches, judgment liens searches and bankruptcy searches with respect to Sellers, the Acquired Companies, the Fee Owners and the Property in such jurisdictions as Buyer deems necessary and appropriate.

 

5.    Right to Exclude Parcels.

 

(a)    Buyer Exclusion Rights. Buyer shall have the right to designate any individual Parcel as an “Excluded Parcel” (“Excluded Parcel”) in accordance with the following (or any other applicable provisions of this Agreement):

 

(i)    Prior to the expiration of the Inspection Period, Buyer shall have the right, in its sole and absolute discretion, to designate up to four percent (4%) of the aggregate number of the Parcels listed on (x) Exhibit A to this Agreement and (y) Exhibit A to the Companion Contract as Excluded Parcels (“Excluded Parcel Cap”).

 

(ii)    Subject to the Excluded Parcel Cap, at any time prior to the expiration of the Inspection Period, without terminating this entire Agreement, Buyer shall have the right to designate any Parcel as an Excluded Parcel in the event such Parcel has a Material Defect by giving notice of such exclusion (a “Material Defect Notice). A “Material Defect” shall mean any one of the following: (1) Buyer has made a Title Objection in accordance with Section 4(c) that (A) has more than an insignificant adverse effect on the value of the particular Parcel as a single family home or the ability to lease the particular Parcel in the ordinary course of business, (B) is not a Permitted Encumbrance, (C) is not a Mandatory Cure Exception (it being understood that Sellers shall be required to remove Mandatory Cure Exceptions pursuant to Section 4 hereof), and (D) the applicable Seller has not elected to cure or remove such Title Objection pursuant to Section 4(c)(iii)(A); (2) a governmental authority having applicable jurisdiction over the applicable Parcel has alleged that Hazardous Materials have been released at, under or on such Parcel in violation of the applicable Environmental Requirements that have not been cured and remediated and which would cost over Fifteen Thousand and No/Dollars ($15,000.00) to remediate unless, within five (5) Business Days following delivery of the applicable Material Defect Notice to Sellers, the applicable Seller elects, in its sole discretion, to remediate such Hazardous Materials prior to Closing or give Buyer credit at Closing for the amount of such costs to the extent such costs exceed Twenty Thousand and No/Dollars ($20,000.00) (a “Buyer Hazmat Credit”), (3) such Parcel requires a capital expense infusion of more than Fifteen Thousand and No/Dollars ($15,000.00) in order to cause such Parcel to be in rentable condition in the ordinary course of business assuming similar standards as currently being used on the applicable Property by the Fee Owners prior to Closing, unless (i) such damage is covered by insurance that is available to Buyer following Closing (including by assignment of Seller’s right to collect such insurance proceeds to Buyer at Closing along with a credit for any applicable deductibles), or (ii) within five (5) Business Days following delivery of the applicable Material Defect Notice to Sellers, the applicable Seller elects, in its sole discretion, to repair such Property prior to Closing or give Buyer credit at Closing for the amount of such costs to the extent such costs exceed Fifteen Thousand and No/Dollars ($15,000.00) (a “Buyer CapEx Credit”), or (4) such Parcel is subject to an HOA or other recorded restriction that imposes limitations on leasing that would not allow the leasing of the Parcel in the ordinary course of business. In the event that Buyer would be entitled to receive a Buyer Hazmat Credit or Buyer CapEx Credit with respect to any Parcel, Sellers may instead elect to exclude such Parcel in which case (x) Sellers’ Excluded Parcel Ceiling would not apply to such excluded Parcel, and (y) the provisions of Section 5(c) shall apply with respect to such excluded Parcel.

 

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(b)    Seller Exclusion Rights. In the event that Buyer has elected to terminate this Agreement pursuant to any provision of this Agreement and the condition, matter or breach (including, without limitation, the Occupancy Condition) giving rise to such termination relates to one or more specific Parcels or the attributes of the aggregate group or sub-group of Parcels, then, if designating such affected Parcel or Parcels as an Excluded Parcel would cure or eliminate the applicable condition, matter or default that gave rise to such termination, Sellers shall have the right, by delivery of written notice to Buyer within five (5) Business Days following receipt of a termination notice from Buyer, to designate such affected Parcel or Parcels as Excluded Parcels, and in such event, (i) this Agreement shall continue in full force and effect with respect to all Parcels, other than with respect to such Parcels designated as Excluded Parcels by Sellers pursuant to this Section 5(b) and any other Excluded Parcels, as elected by Buyer in accordance with this Agreement, and (ii) the provisions of Section 5(c) shall apply with respect to all such Excluded Parcels; provided, however, that in no event shall Sellers have the right to designate more than twenty-five (25) Parcels as Excluded Parcels under this Section 5(b) and Section 5(e), together with the Companion Contract Property designated under Section 5(b) and Section 5(e) of the Companion Contract, in the aggregate (the “Sellers’ Excluded Parcel Ceiling”).

 

(c)    Excluded Parcels.

 

(i)    In the event that any Parcels are designated as Excluded Parcels pursuant to Section 5(a) or Section 5(b) or any other applicable provision of this Agreement or by mutual agreement of the parties, then (i) Buyer shall no longer be obligated to acquire, and Sellers shall no longer be obligated to sell, such Excluded Parcels, (ii) other than as set forth in Section 5(c)(ii) below and Section 21(c)(iv), this Agreement shall be terminated with respect to such Excluded Parcels and Buyer’s and Sellers’ obligations hereunder with respect to such Excluded Parcels shall be null and void, except as expressly set forth herein to survive the termination of this Agreement, (iii) Buyer and Sellers shall be obligated to proceed to Closing with respect to all Parcels other than the Excluded Parcels (subject to the terms hereof), (iv) Seller’s Representations shall be deemed modified to exclude any such Excluded Parcels, (v) at Closing, the portion of the Deposit allocated to such Excluded Parcels shall be applied toward the Purchase Price, and (vi) the Purchase Price will be reduced by the sum of the amounts set forth in the Allocation Schedule in Exhibit G allocated to such Excluded Parcels.

 

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(ii)    In the event that any Parcels are designated as Excluded Parcels hereunder, then immediately prior to Closing, Sellers shall cause the applicable Fee Owners to convey by quitclaim deed or other similar deed without representation or warranty, all of such Fee Owners’ rights, title and interests in and to the Excluded Parcels, and execute and deliver any and all assignments, bills of sales, transfer Tax Returns and other documents as may be required to convey such Excluded Parcels to Sellers or Affiliates of Sellers (other than any Acquired Company or Fee Owner) prior to Closing. Any and all costs and expenses incurred in connection with such transfer, including any Transfer Taxes, recording Taxes and other charges, shall be borne by Sellers and paid at Closing. Such conveyance shall be made without any representation or warranty of any kind from the Acquired Companies or Buyer.

 

(d)    Failure to Exclude Parcels. If, on or before the expiration of the Inspection Period, Buyer is aware that any Parcel has a Material Defect, and even if Buyer has delivered to Sellers a Title Objection Notice in accordance with Section 4(c)(ii), but Buyer does not designate such Parcel as an Excluded Parcel prior to the expiration of the Inspection Period, Buyer shall have waived the right to subsequently designate such Parcel as an Excluded Parcel or to terminate this Agreement as a result of such Material Defect.

 

(e)    Occupancy Condition. Notwithstanding anything to the contrary contained herein, in the event the pool of Parcels remaining after the Excluded Parcels are removed results in a failure of the condition set forth in Section 12(a)(ix) below (the “Occupancy Condition”), Buyer shall have the right to elect, by written notice to Sellers delivered by not later than one (1) Business Day prior to the Closing Date (the “Occupancy Election Notice”), to proceed to Closing and the Occupancy Condition shall no longer be a condition to Closing; provided, in such event, Sellers shall provide a credit to Buyer at Closing equal to the product of (the “Occupancy Condition Credit”): (i) the difference between the actual occupancy rate at Closing and the occupancy rate set forth in the Occupancy Condition, multiplied by (ii) the average Rent Roll for Leased Properties, multiplied by (iii) 3; provided, further, however, that, in lieu of providing Buyer with any Occupancy Condition Credit at Closing, Sellers shall have the right to elect to designate additional Excluded Parcels if they are unoccupied in order to satisfy the Occupancy Condition and any Parcels designated by Sellers as Excluded Parcels pursuant to this Section 5(e) shall be subject to the Sellers’ Excluded Parcel Ceiling. In no event shall Buyer have the right to terminate this Agreement as a result of the failure of the Occupancy Condition to be satisfied.

 

(f)    Excluded Parcels Assumption. Notwithstanding anything to the contrary contained in this Section 5, in the event Buyer elects any Parcel to become an Excluded Parcel and such Parcel is not capable of becoming an Excluded Parcel because it is subject to an Assumed Loan and the lender will not permit the release of such Parcel from such Assumed Loan, then Buyer agrees to acquire the Membership Interests in the Fee Owner which holds title to such Parcel and Buyer shall receive a credit from Sellers at Closing in the amount of TWENTY THOUSAND AND NO/DOLLARS ($20,000.00) for each such Parcel.

 

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(g)    No Cherry Picking. Except as otherwise expressly set forth in this Agreement with respect to the Excluded Parcels, Buyer shall have no right to buy, and Sellers shall have no obligation to sell, less than all of the Property, it being the express agreement and understanding of Buyer and Sellers that, as a material inducement to Sellers and Buyer to enter into this Agreement, Buyer has agreed to buy, and Sellers have agreed to sell, all of the Property (it being understood that such Property is being acquired indirectly by Buyer’s acquisition of the Membership Interests hereunder) other than Excluded Parcels.

 

6.    Interim Operating Covenants.

 

(a)    Leases. During the period from the date following the expiration of the Inspection Period to the Closing (or earlier termination of this Agreement), Sellers shall not, and shall not cause or permit the Fee Owners to, enter into new leases for Parcels now vacant or for Parcels which may become vacant, or enter into any amendments of any Existing Leases or consent to any renewals, extensions, expansions or terminations of any Leases (other than those to which the Tenant is entitled pursuant to the terms of the Existing Lease) unless such actions are in the ordinary course of business and on similar lease forms, rental rates and other terms as is consistent in all material respects with the past practices of Sellers.

 

(b)    Approved Leases. Any new lease entered into by any Seller after the Effective Date in accordance with Section 6(a), and any Existing Lease extended or otherwise amended or modified after the Effective Date in accordance with Section 6(a), shall be referred to herein as an “Approved Lease” and collectively, the “Approved Leases”. Buyer expressly acknowledges that the termination of any of the Existing Leases or Approved Leases prior to Closing by reason of the expiration of their respective terms or the default of the Tenants thereunder (so long as such termination is in compliance with the provisions of Section 6(a)), or a failure of a proposed tenant to follow through with the execution thereof, shall not excuse Buyer from its obligation to complete Closing and to pay the full Purchase Price. Upon Buyer’s written request, Sellers shall post to the Data Room updated Rent Rolls for the Parcels, provided same shall not be requested more than once per month prior to Closing (but up to twice during the final month before Closing Date), and the final Rent Roll shall be delivered to Buyer by posting same to the Data Site no sooner than three (3) days prior to Closing.

 

(c)    Conduct of the Acquired Companies and Fee Owners.

 

(i)    Except (1) to the extent compelled or required by applicable law or HOA, (2) as otherwise permitted by this Agreement, or (3) as consented to in writing by Buyer, during the period from Effective Date to the Closing Date, Sellers shall cause each of the Acquired Companies to, and each Acquired Company shall and shall cause the Fee Owners to: (A) conduct their respective business and operations and operate, manage and maintain the Parcels in all material respects in the ordinary course, consistent in all material respects with past practice and applicable law; (B) maintain their respective assets and properties consistent with past practice and applicable law in all material respects, provided in no event shall Sellers be required to cause the Acquired Companies or the Fee Owners to make any improvements to the Property other than as necessary to maintain the Improvements in their present condition, ordinary wear and tear excluded, but only to the extent that Sellers, Acquired Companies and/or Fee Owners would otherwise make such expenditure in the ordinary course of business consistent in all material respects with past practices; (C) perform, in all material respects, all of their respective material obligations under the Leases and Contracts to which each is a party to the extent same could result in any liability to Buyer after the Closing; (D) maintain its Books and Records in the usual, regular and ordinary manner, on a basis consistent in all material respects with past practice; and (E) maintain in full force and effect the insurance policies currently in effect with respect to the Parcels (or replacements continuing substantially similar coverage).

 

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(ii)    Without limiting the generality of the foregoing, except (1) to the extent compelled or required by applicable law or HOA, (2) as otherwise permitted by this Agreement, or (3) as consented to in writing by Buyer, which consent shall be in Buyer’s sole discretion (except if such actions are necessary or are in response to any emergency with respect to any Acquired Company, any Fee Owner or Parcel, then such consent shall not be unreasonably withheld, conditioned or delayed), during the period from Effective Date (except as otherwise set forth below) to the Closing Date, Sellers shall cause each Acquired Company not to, and each Acquired Company shall not, and shall cause, where applicable, the Fee Owners not to:

 

(A)    modify or amend any of the organizational documents of any Acquired Company or Fee Owner;

 

(B)    issue, or authorize the issuance of, any membership interest of any Acquired Company or Fee Owner, or form a subsidiary of an Acquired Company (other than the Fee Owners) or a Fee Owner;

 

(C)    incur or suffer to exist any Indebtedness except for (i) existing Indebtedness as of the Effective Date, and (ii) trade payables incurred in the ordinary course of business consistent with past practice that are subject to adjustments pursuant to Section 7;

 

(D)    during the period from and after the date that is ten (10) days prior to the expiration of the Inspection Period until the Closing (provided that Sellers shall disclose to Buyer in writing, at least two (2) days prior to the expiration of the Inspection Period, all of the following that take place during such period), enter into new contracts or agreements relating to the construction, management, service, utility operation, maintenance, repair or improvement of the Property, or otherwise imposing obligations on or affecting the Property, any Acquired Company or Fee Owner, including management agreements, easement agreements, brokerage agreements for the leasing of the Property, equipment leases, maintenance agreements, warranties, Management Agreements, and parking agreements (each, a “Contract”), in each case, to the extent same would be binding on Buyer (directly or indirectly) or any Acquired Company or Fee Owner following the Closing, other than (i) as necessary to conduct its business and operations and operate, manage and maintain the Parcels in all material respects in the ordinary course, consistent in all material respects with past practice and applicable law, (ii) Contracts that are terminable upon thirty (30) days prior notice at no cost to Buyer or any Acquired Company or Fee Owner, and (iii) the Leases ;

 

(E)    other than Leases, sell or transfer all or any portion of the Real Property or any interest therein or otherwise dispose of the Real Property or any part thereof or interest therein (except in connection with any condemnation), or alter or amend the zoning classification of the Real Property;

 

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(F)    during the period from and after the date that is ten (10) days prior to the expiration of the Inspection Period until the Closing (provided that Sellers disclose to Buyer in writing, at least two (2) days prior to the expiration of the Inspection Period, all of the following that take place during such period), other than Leases, further encumber all or any portion of the Real Property or any interest therein without Buyer’s prior consent, not to be unreasonably withheld, conditioned or delayed;

 

(G)    adopt a plan or agreement of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other material reorganization of any of the Acquired Companies or Fee Owners;

 

(H)    during the period from and after the expiration of the Inspection Period to the Closing Date, hire any employees;

 

(I)    during the period from and after the expiration of the Inspection Period to the Closing Date, enter into, modify, amend, or terminate any collective bargaining or similar Contract with any union, works council, or labor organization;

 

(J)    file or cause to be filed any Tax Return with respect to the Acquired Companies or Fee Owners other than in accordance with past practice, amend any Tax Return, enter into any closing agreement, make or change any Tax election, change any Tax method of accounting, or agree to extend the statute of limitations in respect of any Taxes;

 

(K)    during the period from and after the date that is ten (10) days prior to the expiration of the Inspection Period until the Closing (provided that Sellers disclose to Buyer in writing, at least two (2) days prior to the expiration of the Inspection Period, all of the following that take place during such period), settle or compromise any pending or threatened in writing Litigation which is not paid by insurance and which settlement is in excess of Twenty Thousand and 00/100 Dollars ($20,000.00); provided, however, that if a Seller or any Acquired Company or Fee Owner is served with process or receives written notice that Litigation has been commenced against it which is not covered in full by insurance (other than deductibles payable thereunder) and is in excess of $20,000.00, Sellers shall notify Buyer within five (5) days of receipt of such service of process or written notice; and provided, further, that Sellers shall diligently pursue a resolution or settlement, at Sellers’ sole cost and expense, of any outstanding and unresolved Litigation that is not covered in full by insurance (other than deductibles payable thereunder) that exists as of the Closing Date with respect to any Seller, any of the Acquired Companies, any Fee Owners, any Tenant in connection with the Property, but expressly excluding any Tenant eviction proceedings, or the Property (“Unresolved Litigation”), and Sellers shall, upon written request from Buyer from time to time, update Buyer as to the status of such Unresolved Litigation. The foregoing obligation shall survive the Closing;

 

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(L)    during the period from and after the date that is ten (10) days prior to the expiration of the Inspection Period until the Closing (provided that Sellers disclose to Buyer in writing, at least two (2) days prior to the expiration of the Inspection Period, all of the following that take place during such period), amend, supplement, or modify (other than paying off any Indebtedness and causing such Indebtedness and any liens relating thereto to be terminated, released or assigned) any documents, agreements or instruments evidencing, securing, guaranteeing or otherwise pertaining to any Indebtedness or any provision thereof or take any action which would cause a breach or default thereof;

 

(M)    during the period from and after the date that is ten (10) days prior to the expiration of the Inspection Period until the Closing (provided that Sellers disclose to Buyer in writing, at least two (2) days prior to the expiration of the Inspection Period, all of the following that take place during such period), agree to incur any new Tenant Inducement Costs without Buyer’s prior written consent, not to be unreasonably withheld, conditioned or delayed; or

 

(N)    authorize, agree, resolve or consent to any of the foregoing.

 

(d)    Efforts. Upon the terms and conditions set forth herein, each of the parties shall use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things, necessary, proper or advisable to make effective as promptly as practicable, but in no event later than the Closing Date, the transactions contemplated herein; provided that (i) Sellers shall not be required to waive or reduce any rights or increase their obligations or liabilities under this Agreement and (ii) in no event shall any Seller Parties (other than Sellers) be required to incur any obligations or liabilities. If requested by Buyer, Sellers shall reasonably cooperate with Buyer (at no cost to Sellers) with respect to any financing to be obtained by Buyer at Closing by any lender, provided that (i) Sellers shall not be required to waive or reduce any rights or increase their obligations or liabilities under this Agreement and (ii) in no event shall any Seller Parties (other than Sellers) be required to incur any obligations or liabilities.

 

(e)    Release of Acquired Companies and Fee Owners. Solely if and when the Closing occurs, and effective as of the Closing Date, each Seller, on behalf of itself, its applicable Acquired Companies and Fee Owners, and its and their respective Affiliates and each of its respective officers, directors, employees, agents, successors and assigns (the “Releasing Parties”), hereby releases, acquits and forever discharges the Acquired Companies, the Fee Owners, and their respective successors and assigns, together with their present and former directors and officers (solely in their capacity as such but not in any other capacities) (collectively, the “Released Parties”), from any and all manner of claims, actions, suits, damages, demands and liabilities whatsoever in law or equity, whether known or unknown, liquidated or unliquidated, fixed, contingent, direct or indirect (collectively, “Release Claims”), which the Releasing Party ever had, has or may have against any of the Released Parties for, upon, or by reason of any matter, transaction, act, omission or thing whatsoever arising under or in connection with any of the Released Parties, from the beginning of time up to, but not including, the Closing Date, other than obligations arising under this Agreement and any documents executed and delivered by the parties at Closing. This release shall become effective only upon completion of the Closing and prior to such date shall have no force or effect and shall not be legally binding on the parties. For purposes of this Agreement, “Affiliate” shall mean, with respect to any entity, any other entity that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such first entity, as the case may be. For the purposes of this definition, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting securities, by contract or otherwise. This Section 6(e) shall survive the Closing.

 

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(f)    No-Shop. Between the Effective Date and ending on the earlier of (i) the Closing Date or (ii) the termination of this Agreement, none of Sellers, the Acquired Companies, the Fee Owners, or any of their Affiliates shall solicit, encourage or facilitate (including by way of providing information regarding the Acquired Companies, Fee Owners, or their businesses or the Property to any person or providing access to any person) any inquiries, discussions or proposals regarding, continue or enter into discussions or negotiations with respect to, or enter into or consummate any agreement or understanding in connection with any proposal regarding, any purchase or other acquisition of all or any portion of the assets or properties (including the Property) of any of the Acquired Companies or Fee Owners (other than the sale of products or services in the ordinary course of business consistent with past practices) or any membership interest (whether newly issued or currently outstanding) of any of the Acquired Companies or Fee Owners, any merger, business combination or recapitalization involving any of the Acquired Companies or Fee Owners, the liquidation, dissolution or reorganization of any Acquired Company or Fee Owner, or any similar transaction, and Sellers and the Acquired Companies and Fee Owners shall cause each Acquired Company’s, Fee Owner’s and each of their Affiliates’ directors, officers, employees, agents, representatives to refrain from any of the foregoing; provided, that Sellers and the Acquired Companies and Fee Owners shall not be required to initiate litigation against any such directors, officers, employees, agents or representatives.

 

7.    Apportionments. 

 

(a)    Generally. Apportionments under this Section 7 shall be made as of 11:59 p.m. on the day immediately preceding the Closing Date (the “Cut-Off Time”), as if Buyer was vested with title to the Property during the entire day upon which the Closing occurs. Sellers shall be entitled to all income produced from the operation of the Property which is allocable to the period prior to the Cut-Off Time and shall be responsible for all expenses allocable to that period.

 

(i)    Rent. Rent (including any prepaid rent but excluding any Deferred Rents) under each Lease will be apportioned as of the Cut-Off Time (collectively, “Tenant Charges”). All Tenant Charges which are attributable to the period of time prior to the Cut-Off Time will accrue to the applicable Sellers. All Tenant Charges which are attributable to the period of time from and after the Cut-Off Time will accrue to Buyer. If Closing occurs on a day other than the first day of a calendar month, then Buyer will receive a credit at such Closing for the portion of the Tenant Charges actually received by Sellers for the month of such Closing relating to the period of time from and after the Cut-Off Time through the remaining portion of the month. All Tenant Charges collected by Buyer after the Closing shall be Buyer’s sole and exclusive property and shall not be prorated at the Closing. After the Closing, Sellers may not commence any action to collect delinquent Tenant Charges with respect to the Properties (collectively, the “Delinquent Tenant Charges”). Any Tenant Charges prepaid and applicable to the period following the Closing Date shall be credited (without any duplication under Section 1(a)(vii)) by Sellers to the Buyer on the Closing Date.

 

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(ii)    Leasing Commissions. Sellers agree that Sellers shall be responsible for payment of, and Sellers shall pay the same on or prior to Closing or give Buyer a credit at Closing for, any unpaid installments of any leasing or brokerage commissions due on account of the existing term and the existing leased premises of the Existing Leases, whether such installments of leasing or brokerage commissions are payable before or after the Effective Date or before or after the Closing Date. Except as provided below in this Section 7(a)(ii), if Seller enters into any Approved Lease or amends an Existing Lease prior to Closing in accordance with Section 6 of this Agreement, then any commission payable with respect thereto shall be apportioned between Sellers and Buyer as of the Closing Date based on the period of the initial lease term or amended lease term, as applicable.

 

(iii)    Tenant Inducement Costs; Free Rent Periods. In the event there are any Tenant Inducement Costs associated with the Leases, there shall be an apportionment of such Tenant Inducement Costs. For purposes of this Agreement, the term “Tenant Inducement Costs” means tenant improvement costs, moving costs, improvement allowances and similar tenant inducement costs which are to be borne by the landlord per the terms of the Lease, including any reduced Tenant Charges on account of free or reduced rent periods.

 

(iv)    Prorations Under Included Contracts. Except as otherwise provided herein (e.g., in Section 7(a)(ii) with respect to leasing commissions), amounts payable under any Included Contracts and other operating and maintenance expenses and other recurring costs relating to the Property shall be apportioned as of the Cut-Off Time.

 

(v)    Taxes and Assessments. Real estate taxes, ad valorem taxes, taxes in lieu, pilot payments, assessments and similar property taxes (“Real Property Taxes”) shall be apportioned as of the Cut-Off Time as follows:(A) Sellers shall be allocated and bear all liability for Real Property Taxes relating to the period ending prior to the Closing Date and (B) Buyer shall be allocated and bear all liability for Real Property Taxes relating to the periods on and after the Closing Date. If the Real Property Tax bill for the Real Property Tax year in which the Closing occurs has not been issued on or before the Closing Date, the apportionment of Real Property Taxes shall be computed based upon the most recent Real Estate Tax bill available. If, on the Closing Date, bills for the Real Property Taxes imposed upon the Real Property for the Real Property Tax year in which Closing occurs have been issued and are due and payable but shall not have been paid by Sellers, such real property Taxes shall be paid at the time of Closing pursuant to the apportionment provided by this Section 7(a)(v). For the avoidance of doubt, any refunds of Real Property Taxes (including in the form of a direct credit or estimated Tax payments) with respect to the period up to the Cut-Off Time (any such refund, a “Pre-Closing Tax Refund”) shall be for the account of Sellers, and Buyer shall pay over to Sellers any such Pre-Closing Tax Refund (including any interest received with respect thereto) within ten (10) Business Days after receipt, or if the Pre-Closing Tax Refund is in the form of a direct credit, within ten (10) Business Days after the date on which the Tax Return claiming such credit is filed. Buyer shall cooperate with Sellers in obtaining such Pre-Closing Tax Refunds, including through the filing of amended Tax Returns or refund claims, provided Sellers shall reimburse Buyer for all reasonable and actual third party associated costs and expenses incurred in connection with the collection of any Pre-Closing Tax Refunds related to the period prior to the Cut-Off Time. Notwithstanding anything to the contrary set forth in this clause (v), for U.S. federal income Tax purposes (and any comparable provision of state and local income Tax Law), the parties agree to treat the transactions contemplated by this Agreement as purchases and sales of the assets owned by the Acquired Companies and no income Taxes shall be prorated between the parties.

 

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(vi)    HAP Payments. HAP Payments and all dues, fees, assessments and impositions with respect to a Parcel shall be apportioned as of the Cut-Off Time.

 

(vii)    HOA Fees. Charges levied or assessed or imposed against a Parcel, by an HOA (“HOA Fees”) shall be apportioned as of the Cut-Off Time.

 

(viii)   Utilities. Utilities, including water, sewer, electric and gas, which are not paid by tenants under the Leases shall be prorated on a per diem basis as of the Cut-Off Time based upon last available invoices therefor and, if necessary, such prorations will be adjusted pursuant to and in accordance with Section 7(a)(xiii).

 

(ix)    Credits. Subject to the terms and conditions of Section 5, Buyer shall receive a credit at Closing in the amount of all credits related to the failure of the Occupancy Condition, the HazMat Credits and the Buyer CapEx Credits, if any.

 

(x)    Other Income and Expenses. All other income or revenue of the Property, and all other operating expenses of the Property, shall be prorated as of the Cut-Off Time to the extent received prior to Closing.

 

(xi)    Accounting. Upon the request of Sellers (which request may be made from time to time but shall not be made more than once in any calendar quarter), Buyer shall provide Sellers an accounting of all sums received and/or paid by Buyer or any of its subsidiaries under any of the Leases.

 

(xii)   Preliminary Closing Adjustment. Sellers and Buyer shall jointly prepare a preliminary closing statement within five (5) days prior to the Closing Date (the “Closing Statement”), and shall deliver such a final Closing Statement to the Escrow Holder at least 24-hours prior to the Closing Date. The preliminary Closing Statement and the apportionments and/or proration allocations reflected therein shall be based upon actual figures to the extent available. If any of the apportionments and/or prorations cannot be calculated accurately based on actual figures on the Closing Date, they shall be calculated based on Sellers’ and Buyer’s good faith estimates thereof, subject to reconciliation as hereinafter provided.

 

(xiii)   Post-Closing Reconciliation. If there is an error on the preliminary Closing Statement or, if after the actual figures are available as to any items that were estimated on the preliminary Closing Statement, it is determined that any actual proration or apportionment varies from the amount thereof reflected on the preliminary Closing Statement, the pro ration or apportionment shall be adjusted based on the actual figures as soon as feasible. Either party owing the other party a sum of money based on such subsequent proration(s) shall promptly pay said sum to the other party, which payment shall be treated as an adjustment to the Purchase Price, including for Tax purposes. The parties shall seek to complete all such reconciliations within one hundred twenty (120) days after the Closing Date, after which time such reconciliations shall be deemed final (and neither party shall have any further right to dispute the same), except for (i) Taxes, which shall be reconciled within forty-five (45) days after the date the actual Taxes are finalized based on receipt of the actual tax bills, and (ii) any specific matters for which either party has given notice of dispute to the other party and is actively pursuing resolution of such dispute in good faith. Sellers and Buyer and Buyer’s property manager shall maintain and make reasonably available to each other any books or records necessary for the adjustment of any items hereunder.

 

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(b)    Tenant Security Deposits. At Closing, Sellers shall give Buyer a credit for all Security Deposits then held by Sellers, Acquired Companies or Fee Owners as of the Closing Date by or for tenants under the Leases, to the extent not previously applied in accordance with the Leases, including any accrued interest. Buyer will cause all Security Deposits to be maintained after Closing in accordance with the requirements of applicable law and shall indemnify and defend Sellers and the other Indemnified Parties from and against all Claims of Tenants with respect to the Security Deposits for which Buyer received a credit at Closing, which indemnity shall survive Closing indefinitely.

 

8.    Closing Costs.

 

(a)    Buyer’s Costs. Buyer shall pay: (i) the costs of its counsel, architect, engineers and other professionals and consultants, (ii) the cost of obtaining any surveys, (iii) any mortgage recording Tax on any mortgage financing which Buyer may obtain in connection with its acquisition of the Property, and (iv) one-half of the escrow fee and closing fees charged by the Escrow Holder, (vi) the premiums and other fees payable at Closing in connection with the binding of a R&W Insurance Policy, if any, and (vii) Capped Loan Assumption Costs which are above the Capped Loan Assumption Costs Threshold.

 

(b)    Seller’s Costs. Sellers shall pay: (i) the costs of its counsel and other professionals and consultants; (ii) one-half of the escrow fee and closing fees charged by the Escrow Holder; (iii) Lender Costs; and (iv) Capped Loan Assumption Costs not to exceed the Capped Loan Assumption Costs Threshold.

 

(c)    Other Taxes and Charges. Sellers shall pay one-half and Buyer shall pay one-half of (i) the costs associated with the provision of a standard owner’s title insurance policy and any endorsements to the standard owner’s title insurance policy requested by Buyer to be issued at Closing and any coinsurance or reinsurance costs, if any; (ii) any and all transfer, sales (including bulk sales), use, documentary, stamp and other similar Taxes, and all conveyance fees, recording charges and other similar fees and charges (including interest, penalties and/or additional amounts with respect thereto) incurred in connection with the consummation of the Transactions (item (ii) hereinafter referred to as “Transfer Taxes”); and (iii) all other closing costs not specifically set forth herein. Any Tax Returns that must be filed in connection with Transfer Taxes shall be prepared and filed by the party primarily or customarily responsible under applicable local law for filing such Tax Returns, and such party shall use its reasonable best efforts to provide a draft of such Tax Returns to the other party at least five (5) Business Days prior to the date such Tax Returns are due to be filed for such other party’s review and consent (not to be unreasonably withheld, delayed or conditioned). Buyer and Sellers shall cooperate in the timely completion and filing of all such Tax Returns. To the extent that a party makes a payment of a Transfer Tax (or portion thereof) for which the other party should have paid, such other party shall promptly reimburse the party that paid the Transfer Taxes in the amount of such payment.

 

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9.    Municipal Violations/Notices. To the extent the Tenants under their respective Leases are to comply with laws, ordinances, public regulations or statutes applicable to their respective leased premises, Buyer shall look solely to the Tenants under the Leases to comply with any notices concerning the existence of an uncorrected violation issued by any public authority (including any fines, interest or penalties thereon due to non-compliance therewith) in respect of the Real Property, and Sellers shall not be responsible to comply with any such notices or the conditions referred to therein, nor shall the issuance or existence of any such notices relieve Buyer of its obligations to consummate the transactions contemplated herein. The provisions of this Section 9 shall survive Closing indefinitely.

 

10.    Seller’s Representations.

 

(a)    Each Seller hereby represents and warrants to Buyer, as to itself and the Acquired Companies in which such Seller holds 100% of their respective Membership Interests, as of the Effective Date and as of the Closing Date (as may be updated or modified in accordance with this Agreement), except for such representations and warranties that are expressly provided as of another specific date, as follows:

 

(i)    Organization. Such Seller is a limited liability company, duly organized and validly existing under the laws of the State of Delaware and has all requisite limited liability company power and authority to carry on its business as now conducted.

 

(ii)    Authorization. Such Seller has the limited liability company power and authority to enter into and perform this Agreement and the transactions contemplated hereby, and such Seller has duly authorized the execution and performance of this Agreement. Such Seller has, or will have prior to Closing, obtained any consents from partners, members, and/or shareholders required to permit the transactions contemplated by this Agreement.

 

(iii)    Organization, Authority and Qualification of the Acquired Companies and Fee Owners. Each Acquired Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite limited liability company power and authority to carry on its business as now conducted and to perform this Agreement and the transactions contemplated hereby. Each Fee Owner is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite limited liability company power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its business as it has been and is currently conducted. Each Acquired Owner and each Fee Owner is duly qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of its business as currently conducted makes such licensing or qualification necessary.

 

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(iv)    Capitalization. The capitalization and record owners of all of the limited liability company interests of each Acquired Company and each Fee Owner is as set forth on Exhibit A. All of the Membership Interests, and all membership interests of the Acquired Companies and the Fee Owners, are duly authorized, have been validly issued and are fully paid and non-assessable, are owned beneficially and of record by Sellers (or by the applicable Acquired Company as to the Fee Owners), free and clear of any lien (except any liens that will be released as part of Closing), and were issued in compliance with applicable securities laws or exemptions therefrom. Except as set forth on Exhibit A, no limited liability company interests or other interests of any Acquired Company or Fee Owner were issued, reserved for issuance or outstanding. No person has preemptive rights with respect to securities of any Acquired Company or Fee Owner. No Acquired Company or Fee Owner has any outstanding securities convertible into or exchangeable or exercisable for its limited liability company interests or any rights to subscribe for or to purchase, or any agreements providing for the issuance (contingent or otherwise) of, or any calls against, commitments by or claims against it of any character relating to, any of its limited liability company interests. Other than the limited liability company agreement for each Acquired Company and each Fee Owner (a true and correct copy of which has been provided by Sellers to Buyer), no Acquired Company or Fee Owner is a party to and there is not, and immediately after the Closing there will not be, any Contract, right of first refusal, right of first offer, proxy, voting agreement, voting trust, registration rights agreement or shareholders or members agreement, whether or not any Acquired Company or Fee Owner is a party thereto, with respect to the purchase, sale or voting of any limited liability company interests of any Acquired Company or Fee Owner or any securities convertible into or exchangeable or exercisable for any limited liability company interests of any Acquired Company or Fee Owner. None of the Acquired Companies or Fee Owners owns any equity interest in any entity other than the Acquired Companies’ interests in the Fee Owners set forth on Exhibit A.

 

(v)    No Conflicts; Consents. Except as set forth on Exhibit I, the execution, delivery and performance by such Seller of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the organizational documents of such Seller, or Fee Owner or Acquired Company owned by such Seller; (b) conflict with or result in a violation or breach of any law or governmental order binding upon such Seller, Fee Owner or Acquired Company (subject to the second sentence of Section 10(a)(vi) below); or (c) require the consent, notice or other action by any person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel, any material Included Contract to which such Acquired Company, Fee Owner or Seller is a party or by which such Acquired Company, Fee Owner or Seller is bound or to which any of their respective properties and assets are subject.

 

(vi)    Governmental Authorizations and Consents. No consents, licenses, approvals or authorizations of, any governmental authority are required to be obtained or made by such Seller or Acquired Company or Fee Owner owned by such Seller in connection with the execution, delivery, performance, validity and enforceability of this Agreement or the consummation by such Sellers or Acquired Company or Fee Owner of the transactions contemplated herein. Notwithstanding the foregoing, while the parties intend for the transactions contemplated by this Agreement to comply with applicable securities laws, such Seller makes no representation or warranty with respect to such compliance.

 

(vii)    No Condemnation. To such Seller’s knowledge, as of the Effective Date, (a) there are no existing or pending condemnation proceedings or deeds in lieu of condemnation affecting its Parcels comprising part of the Real Property and (b) none of such Seller nor Acquired Company or Fee Owner owned by such Seller has received any written notices regarding any pending condemnation proceedings or deeds in lieu of condemnation affecting any of their Parcels comprising part of the Real Property.

 

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(viii)    FIRPTA. Such Seller is not a “foreign person” or “foreign corporation” as those terms are defined in the Code and the regulations promulgated thereunder.

 

(ix)    Bankruptcy. None of such Seller nor Acquired Company or Fee Owner owned by such Seller has: (A) commenced a voluntary case, or had entered against it a petition, for relief under the federal bankruptcy code or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other relief for debtors, (B) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceedings, to hold, administer and/or liquidate all or substantially all of its property, or (C) made an assignment for the benefit of creditors.

 

(x)    Litigation. To such Seller’s knowledge, as of the Effective Date, except for those matters described in Exhibit J, none of such Seller nor the Acquired Company or Fee Owner owned by such Seller has received any written notice of any pending claims (for which legal proceedings have been commenced), actions, suits, audits, proceedings or governmental investigations (“Litigation”) against (1) such Acquired Company, (2) such Fee Owner, (3) any of the Real Property owned by such Fee Owner, (4) any interest (direct or indirect) of such Seller, Acquired Company or Fee Owner in the Real Property owned by such Fee Owner, and/or (5) any interest of such Seller in the Acquired Company owned by such Seller, or of such Acquired Company in the Fee Owner owned by such Acquired Company, in each case, other than Litigation which is covered in full by insurance (other than deductibles payable thereunder) or involves a sum in dispute which does not exceed $20,000.00.

 

(xi)    Seller not a “Prohibited Person”.

 

(A)    Such Seller and Acquired Company and Fee Owner owned by such Seller are in compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof (the Order, such other rules, regulations, legislation, or orders are collectively called the “Orders”).

 

(B)    None of such Seller or Acquired Company or Fee Owner owned by such Seller, or, to such Seller’s knowledge, any beneficial owner of such Seller, Acquired Company or Fee Owner (other than the holder of an interest in any publicly traded company):

 

a.    is listed on any Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”);

 

b.    is a person subject to the prohibitions contained in the Orders;

 

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c.    is owned or controlled by, or acts for or on behalf of, any person on the Lists or any other person subject to the prohibitions contained in the Orders;

 

d.    is any of the governments of Cuba, Iran, North Korea, Myanmar, Syria or Sudan or any other country with whom a United States citizen or entity organized under the laws of the United States or its territories is prohibited from transacting business of the type contemplated by this Agreement (each, a “Prohibited Country”);

 

e.    is established in, organized under or has their principal place of business in a Prohibited Country;

 

f.    is a publicly traded company identified by an independent researcher specializing in global security as (1) owning or controlling material property or assets or having employees or facilities located in, (2) providing goods or services to or obtaining goods or services from, (3) having distribution agreements with, issuing credits or loans to or purchasing bonds or commercial paper issued by, or (4) investing in, any Prohibited Country or any company domiciled in any Prohibited Country; or

 

(C)    is a person Affiliated with a person described in clauses (a) to (f) above.

 

(xii)    ERISA. None of such Seller nor Acquired Company or Fee Owner owned by such Seller is (i) an “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a “plan” that is subject to the prohibited transaction provisions of Section 4975 of the Code or (iii) an entity whose assets are treated as “plan assets” under ERISA by reason of an employee benefit plan’s or plan’s investment in such entity.

 

(xiii)    Leases. (A) As of the Effective Date, there are no leases, subleases, ground leases, licenses or other occupancy agreements to which such Seller, or Acquired Company or Fee Owner owned by such Seller, is a party (including by assignment or other succession) affecting or relating to the Real Property owned thereby as of the Effective Date except for the Existing Leases (provided, however, that no representation or warranty is or will be made by such Seller that any Leases will be in effect as of the Closing Date and no representation or warranty is or will be made with respect to subleases to which none of such Seller, Acquired Company or Fee Owner is a party); and (B)  Exhibit C contains a true, correct and complete in all material respects list of all of the Existing Leases; and, to such Seller’s knowledge, true, correct and complete in all material respects copies of the Existing Leases, including, without limitation, guaranties thereof and amendments thereto, have been made available via the Diligence Room to Buyer. As of the Effective Date, other than as set forth on Exhibit K, there are no outstanding Tenant Charge arrearages. No Fee Owner has undertaken any eviction with respect to any Parcel in violation of the eviction moratorium issued by the U.S. Centers for Disease Control and Prevention in response to COVID-19 (the “CDC Eviction Moratorium”), or in violation of any other state or local eviction moratorium applicable to any Parcels.

 

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(xiv)    Rent Roll. Attached hereto as Exhibit L are the current rent rolls as of a date no more than five (5) days prior to the date hereof with respect to the Parcels (the “Rent Rolls”), which are the Rent Rolls used by such Seller in the ordinary course of business in connection with the ownership and operation of the Parcels. The Rent Rolls set forth a list of all Security Deposits actually being held by the landlord under the respective Existing Leases with respect to each Parcel owned, indirectly, by such Seller as of the date of such Rent Roll.

 

(xv)    Commission Agreements. Copies of all leasing commission agreements entered into by such Seller or Acquired Company or Fee Owner owned by such Seller (except for the Raymond James Agreement) affecting all of any portion of the Property owned thereby, other than the leasing commission provisions set forth in the Management Agreements, have been posted to the Diligence Room.

 

(xvi)    Contracts. As of the Effective Date, except as set forth on Exhibit M-1, the Existing Leases and any Contracts identified on the Title Commitment, there are no existing Contracts to which such Seller, or Fee Owner or Acquired Company owned by such Seller, is a party or that will be binding upon such Seller, Fee Owner or Acquired Company or the Property of such Seller, Fee Owner or Acquired Company after Closing. Exhibit M-2 sets forth all agreements entered into by and between the Acquired Company or Fee Owner owned by such Seller and any manager in connection with the property management of any of the Property owned by such Fee Owner (the “Management Agreements”).

 

(xvii)    Financial Statements. To the extent available, copies of the audited financial statements, or to the extent audited financial statements have not been prepared, unaudited financial statements, of the Acquired Companies and Fee Owners as of December 31, 2020 and December 31, 2019 and for the periods January 1, 2019 to December 31, 2019 and from January 1, 2020 to December 31, 2020 consisting of the balance sheet and the related statements of income and retained earnings, members’ equity and cash flow (the “Annual Financial Statement”), and unaudited financial statements consisting of the balance sheet of such Acquired Companies as of March 31, 2021 and the profit and loss statements for the three-month period then ended (the “Interim Financial Statements” and together with the Annual Financial Statement, the “Financial Statements”) have been delivered or made available to Buyer. The Financial Statements have been prepared in accordance with tax basis, as customarily applied in the real estate industry, and applied on a consistent basis throughout the period involved, subject, in the case of the Interim Financial Statements, to normal and recurring year-end adjustments (the effect of which are not anticipated to be materially adverse). The Financial Statements are based on the Books and Records of the Sellers, Acquired Companies and Fee Owners and accurately reflect, in all material respects, the financial position of the respective Seller, Acquired Company and Fee Owner as of the date of such Financial Statements. Since the date of the most recent Financial Statements, each of such Acquired Companies has conducted its business in the ordinary course and in a manner consistent with past practice as a special purpose entity whose sole business is the ownership of the applicable Fee Owners or Parcels.

 

(xviii)    Undisclosed Liabilities. The Acquired Company and Fee Owner owned by such Seller has no written or documented liabilities, obligations or commitments asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured, that would be required by tax basis to be included in the Financial Statements (collectively, “Liabilities”), except (a) those which are adequately reflected or reserved against in the Financial Statements as of the date of such Financial Statements, and (b) those which have been incurred in the ordinary course of business consistent with past practice since the date of such Financial Statements and which are not, in the aggregate, material to the value of the Property owned by such Fee Owner as a whole.

 

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(xix)    Employment Matters.

 

(A)    None of the Fee Owner or Acquired Company owned by such Seller has any employees.

 

(B)    None of the Fee Owner or Acquired Company owned by such Seller is party to or bound by any collective bargaining agreement or other similar agreement with any union or other labor organization which affect the Property owned thereby or the Membership Interests which will survive the Closing.

 

(xx)    Tax Matters.

 

(A)    Each of the Tax Returns required to be filed by the Acquired Company and Fee Owner owned by such Seller with any Tax Authority on or before the Closing Date: (i) has been filed on or before the applicable due date (including any valid and timely extensions of such due date); and (ii) has been prepared in compliance with applicable laws, and is otherwise true, correct and complete in all material respects. All Taxes shown as due on such Tax Returns have been paid in full. There are no liens for Taxes on the assets of the Fee Owner or Acquired Company owned by such Seller or interests therein, other than liens for Taxes that are not yet due or payable. All Taxes that the Acquired Company or Fee Owner owned by such Seller have been required to collect or withhold have been duly collected or withheld and have been duly and timely paid to the proper Tax Authority.

 

(B)    There has not been any audit, inquiry or investigation of the Fee Owner or Acquired Company’s Tax Returns by any Tax Authority in the past three (3) years. None of such Seller, or any Acquired Company or Fee Owner owned by such Seller, has been notified in writing that any such audit is contemplated or pending.

 

(C)    Each of the Acquired Company and Fee Owner owned by such Seller has at all times been treated as a “disregarded entity” within the meaning of Treasury Regulation 301.7701-3 (and none such entity has made any election to be treated as an association Taxable as a corporation for U.S. federal income Tax purposes).

 

(D)    As used in this Agreement, (A) the term “Tax” (including, with correlative meanings, the terms “Taxes” and “Taxable”) means all U.S. federal, state, local and foreign Taxes, levies, duties, assessments or other changes or withholdings of a similar nature, in each case that is imposed by a Tax Authority, together with all interest, penalties and additions imposed with respect thereto; (B) the term “Tax Return” means all returns and reports (including elections, declarations, disclosures, schedules, estimates and information returns) relating to Taxes and any amendments thereto; and (D) “Tax Authority” means any U.S. federal, state or local governmental or regulatory with the authority to oversee, implement, collect or administer any Tax.

 

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(xxi)    Environmental Matters. Except as provided in Exhibit W, none of such Seller, nor any Fee Owner or Acquired Company owned by such Seller, has received written notice from any third party, including any governmental authority, that any Hazardous Materials exist on, under or about any of the Parcels in violation of any Environmental Laws which has not been cured. As used herein, the term “Hazardous Materials” shall mean any substance which is or contains (A) any “hazardous substance” as now or hereafter defined in CERCLA or any regulations promulgated under CERCLA; (B) any “hazardous waste” as now or hereafter defined in RCRA or regulations promulgated under RCRA; (C) any substance regulated by the TSCA; (D) gasoline, diesel fuel, or other petroleum hydrocarbons; (E) asbestos and asbestos containing materials, in any form, whether friable or non-friable; (F) polychlorinated biphenyls; (G) radon gas; and (H) any additional substances or materials which are currently classified or considered to be hazardous or toxic under Environmental Requirements or the common law, or any other applicable laws relating to the Property. As used herein, the term “Environmental Requirements” shall mean all laws, ordinances, statutes, codes, rules, regulations, applicable binding judgments, applicable judicial or administrative orders, and applicable consent decrees, now or hereafter enacted, promulgated, or amended, of the United States, the states, the counties, the cities, or any other political subdivisions in which the applicable Property is located, and any other political subdivision, agency or instrumentality exercising jurisdiction over the Fee Owner of such Property, relating to pollution, the protection or regulation of human health, natural resources, or the environment, or the emission, discharge, release or threatened release of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or waste or Hazardous Materials into the environment (including, without limitation, ambient air, surface water, ground water or land or soil).

 

(xxii)    Relationship with Affiliates. Except for the Management Agreements, none of such Seller nor any of its Affiliates (nor any officer or director of any of the foregoing) is a party to any Contract with the Acquired Company or Fee Owner owned by such Seller, including with respect to compensation or remuneration to be paid to such Seller or any of its Affiliates (nor any officer or director of any of the foregoing) in connection with this Agreement or the transactions contemplated herein.

 

(xxiii)    Existing Title Policy Claims. Exhibit N contains a list of outstanding or pending claims against any Existing Title Policy.

 

(xxiv)    Existing Casualty. To such Seller’s knowledge, no fire or other casualty has occurred with respect to any Parcel owned, indirectly, thereby which has not been restored and would have a material adverse effect on such Parcel, except as set forth on Exhibit X. With regard to any Parcels that were damaged by storms or hurricanes prior to the Effective Date, including, without limitation, those Parcels located in Pensacola, Florida (collectively, the “Storm Damaged Parcels”), Exhibit X attached hereto contains a complete and accurate list of all such storm or hurricane damaged Parcels, including, as to each such Parcel, (i) a description of all insurance claims (whether for property damage, business interruption, loss of income, etc.) made with respect to such Parcels, including the name and contact information of the applicable insurance company, (ii) the current status of such insurance claims, including any amounts paid by insurance companies with respect to such claims and details regarding any rejected or disputed claims, (iii) status and amounts of any deductibles paid or required to be paid in connection with such claims, and (iv) status of any construction, repairs or restoration work with respect to such Parcel.

 

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(xxv)    Special Purpose Entities. Other than the ownership of the membership interests in the Fee Owner or the leasing, financing, management and operation, directly or indirectly, of the Parcels owned thereby and other single family residential properties that have previously been sold or conveyed by the Fee Owner, the Acquired Company owned by such Seller (x) has not owned, developed, leased, managed or operated any asset or property, (y) has not engaged in any business, or (z) has no existing liabilities except those arising from or through such ownership, financing, leasing, management and operation.

 

(xxvi)    Insurance. The Acquired Company and Fee Owner owned by such Seller maintains the insurance policies listed on Exhibit P, which insurance is in full force and effect. Except as detailed in Exhibit P, within the last three (3) years, none of the Acquired Company or Fee Owner owned by such Seller has made any material claim against an insurance policy as to which the insurer has or is denying coverage. To such Seller’s knowledge, none of the Acquired Company or Fee Owner owned by such Seller is in default in any material respect under any insurance policy maintained by any of them.

 

(xxvii)    Books and Records. The physical or electronic copies of the Acquired Company’s and Fee Owner’s Books and Records have been delivered or made available to Buyer and, to Seller’s knowledge, are accurate in all material respects.

 

(xxviii)    Indebtedness. Exhibit Q sets forth a true and complete list in all material respects as of the Effective Date of the Indebtedness of the Acquired Companies and Fee Owners, other than (i) trade debt and other similar liabilities incurred in the ordinary course of business and (ii) any expenses to the extent that Buyer receives a credit against the Purchase Price or are adjusted between the parties in accordance with Section 7 hereof.

 

(xxix)    HOAs; HAP Payments. To such Seller’s knowledge, as of the Effective Date, other than as set forth on Exhibit R, there are no HOA Fees or HAP payments due and payable and outstanding with respect to the Property owned, indirectly, by such Seller. None of the Parcels owned, indirectly, by such Seller consist of housing cooperatives or manufactured housing. To such Seller’s knowledge, Exhibit S sets forth a true, accurate and complete in all material respects list of Parcels owned, indirectly, by such Seller which are subject to an HOA for which HOA Fees are paid on a regular basis.

 

(xxx)    Anti-Bribery; Anti-Corruption. None of the Seller, or the Acquired Company or the Fee Owner owned by such Seller, (i) has offered, promised, given or agreed to give to any person or entity any bribe on behalf of Buyer or its Affiliates or otherwise pertaining to the Acquired Companies or the Property; or (ii) has engaged in any activity or practice which would constitute an offense under any applicable anti-bribery and/or anti-corruption laws, including but not limited to the United States Foreign Corrupt Practices Act of 1977 with respect to the transaction contemplated by this Agreement.

 

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(xxxi)    Current Use and Occupation Restriction Agreements. Other than the Leases or as set forth on the Title Commitments, none or Sellers, Acquired Companies or Fee Owners has entered, during its period of ownership of their respective Parcels, into an agreement which would restrict the current use and occupation of any Parcel after the Closing.

 

(xxxii)    Construction Projects. Exhibit O details construction, renovation, repair or development projects with respect to any Parcel with costs or expenses in excess of $12,500 in the aggregate with respect to such Parcel or any tenant improvement funding obligations which are ongoing as of the Effective Date (the “Construction Projects”).

 

(b)    All references in this Section 10 or elsewhere in this Agreement and/or in any other document or instrument executed by any Seller in connection with or pursuant to this Agreement, to “Seller’s knowledge” or “to the knowledge of Seller” and words of similar import shall refer solely to facts within the actual knowledge as of the Effective Date of Merek Shoob or Todd M. Terwilliger, without further investigation or inquiry and without any individual liability on their part, but shall not otherwise be construed to refer to the knowledge of any other past, present or future employee, officer, director, shareholder or agent of the Sellers, Acquired Companies, Fee Owners or any of their respective Affiliates and their respective officers, directors, agents, employees or representatives, and shall in no event be deemed to include imputed, implied or constructive knowledge. All references in this Agreement to “Seller’s Representations” shall mean Seller’s representations set forth in this Section 10 and in Section 20 of this Agreement.

 

(c)    If any Seller or Buyer discovers any inaccuracy in any of the foregoing representations and warranties or if events occur or there is a change in facts or circumstances which would cause any of the foregoing representations and warranties to be inaccurate or cause any Seller to be unable to re-make such representations and warranties as of the Closing Date (an “RW Change”), such party shall bring such matter to the attention of the other party by written notice delivered within five (5) Business Days of obtaining actual knowledge thereof (a “Representation Notice”). Failure of Buyer to deliver a timely Representation Notice to Sellers upon obtaining actual knowledge of an RW Change shall be deemed a waiver of any such RW Change and the applicable representation or warranty shall be deemed updated by such RW Change. If a Representation Notice identifies an RW Change with respect to one or more Parcels which results in a material adverse effect on the Property, the Acquired Companies, the Fee Owners and the Companion Contract Property, as a whole, and if Sellers are unable to provide assurance reasonably satisfactory to Buyer that the substantive circumstance causing such material breach of a representation or warranty will be cured prior to Closing (an “RW Change Cure Assurance”) (or if Sellers provide such assurance but thereafter is unable to cure such material breach, subject to Section 12(d), on or before the Closing Date), then Buyer shall have the right, as its sole remedy (which must be exercised by delivery of a written notice to Sellers on the date which is the earlier of (x) five (5) Business Days from Sellers’ delivery of an RW Change Cure Assurance or (y) the then-scheduled Closing Date), to either (i) proceed to Closing hereunder without any reduction in Purchase Price, (or (ii) terminate this Agreement and receive back the Deposit (excluding the Non-Refundable Deposit unless such RW Change arose or resulted from Seller’s default hereunder); provided, however, that if Buyer elects to terminate this Agreement in accordance with this Section 10(c), Sellers shall have the rights set forth in Section 5(b); and provided, further, that if such RW Change occurred as a result of a breach by any Seller of its covenants hereunder, then Buyer shall have the right to (1) pursue remedies set forth in Section 14(b), or (2) designate the affected Parcels as Excluded Parcels without counting against the Excluded Parcel Cap, and in such event Section 5(c) will apply. In the event of any termination of this entire Agreement by Buyer pursuant to and in accordance with this Section 10(c), then, except as provided in Section 14(b), upon the return of the Deposit (including the Non-Refundable Deposit, to the extent refundable hereunder) to Buyer, this Agreement shall be and become null and void, neither party shall have any further rights or obligations hereunder (except for the obligations of Buyer and Sellers that expressly survive termination as set forth in this Agreement, which shall survive the cancellation of this Agreement). If Buyer does not timely terminate the Agreement following the delivery by the applicable Sellers to Buyer of an RW Change Cure Assurance, then Buyer shall be deemed to have waived any objection to such matter, such matter thereafter shall not be construed as a breach of the representations and warranties of Sellers set forth herein, and at Closing, the applicable representation or warranty shall be deemed updated by such RW Change and Buyer shall be deemed to have acquired the Property subject to such information delivered by Sellers.

 

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11.    Buyer Representations. Buyer hereby represents to Sellers, as of the Effective Date and as of the Closing Date, as follows:

 

(a)    Organization. Buyer is a corporation, duly organized and validly existing under the laws of the State of Delaware, and has all requisite corporate power and authority to carry on its business as now conducted.

 

(b)    Authorization. Buyer has the corporate power and authority to enter into and perform this Agreement and the transactions contemplated hereby, and Buyer has duly authorized the execution of this Agreement. Buyer has, or will have prior to Closing, obtained any consents from partners, members, shareholders, directors, managers and investment committees required to permit the transactions contemplated by this Agreement.

 

(c)    Litigation. There is no Litigation pending and served upon Buyer, or to Buyer’s knowledge, threatened against Buyer, which if adversely determined, would adversely affect Buyer’s ability to consummate the transactions contemplated by this Agreement.

 

(d)    ERISA. Buyer is not, and is not acquiring the Property with the assets of, (i) an “employee benefit plan” (as defined in Section 3(3) of ERISA that is subject to Title I of ERISA, (ii) a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code, as amended) to which Section 4975 of said Code applies, or (iii) an entity whose underlying assets include “plan assets” of a plan described in (i) or (ii) by reason of such plan’s investment in the entity.

 

(e)    Bankruptcy. Buyer has not (i) commenced a voluntary case, or had entered against it a petition, for relief under the federal bankruptcy code or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other relief for debtors, (ii) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceedings, to hold, administer and/or liquidate all or substantially all of its property, or (iii) made an assignment for the benefit of creditors.

 

(f)    Buyer not a “Prohibited Person”.

 

(i)    Buyer is in compliance with the Order and other similar requirements contained in the rules and regulations of OFAC.

 

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(ii)    Neither Buyer, nor, to Buyer’s actual knowledge, any beneficial owner of Buyer:

 

(A)    is listed on the Lists;

 

(B)    is a person subject to the prohibitions contained in the Orders;

 

(C)    is owned or controlled by, or acts for or on behalf of, any person on the Lists or any other person subject to the prohibitions contained in the Orders;

 

(D)    is any of the governments of a Prohibited Country;

 

(E)    is established in, organized under or has its principal place of business in a Prohibited Country; or

 

(F)    is a person owned and controlled by a person described in clauses (a) to (e) above;

 

provided, that in each case, the foregoing shall not apply to any direct or indirect holder of publicly traded shares in any person or any Affiliate thereof.

 

(g)    Anti-Bribery; Anti-Corruption.

 

(i)    None of Buyer nor any of its Affiliates (i) has offered, promised, given or agreed to give to any person or entity any bribe on behalf of Sellers or their Affiliates or otherwise pertaining to the Acquired Companies or the Property; or (ii) has engaged in any activity or practice which would constitute an offense under any applicable anti-bribery and/or anti-corruption laws, including but not limited to the United States Foreign Corrupt Practices Act of 1977 with respect to the transaction contemplated by this Agreement;

 

(ii)    Buyer and its Affiliates (i) have in place, their own policies and procedures to address compliance with any applicable anti-corruption laws; and (ii) have in place, effective accounting procedures and internal controls necessary to record all expenditures in connection with this Agreement, which enable Buyer, Sellers and Sellers’ Affiliates to readily identify Buyer’s, and its Affiliates’ financial and related records in connection with this Agreement.

 

(h)    No Conflict. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, does or will conflict with or result in a breach of (i) the organizational documents applicable to Buyer, (ii) any law, regulation, order, writ, judgment or injunction applicable to Buyer, or any other determination of any court or governmental authority applicable to Buyer, or (iii) any agreements to which Buyer is a party or by which any of its assets are bound.

 

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12.    Conditions Precedent to Closing.

 

(a)    Conditions to Buyer’s Obligations. Buyer shall not be obligated to close under this Agreement unless each of the following conditions shall be satisfied or waived by Buyer on or prior to the Closing Date:

 

(i)    Intentionally omitted.

 

(ii)    No Prohibition. No governmental authority shall have enacted, issued, promulgated, enforced or entered any governmental order against Sellers which is in effect as of the Closing Date and has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

(iii)    No Termination. Buyer shall have given a Continuation Notice to Sellers and Escrow Holder pursuant to the second sentence of Section 19(e) prior to the expiration of the Inspection Period.

 

(iv)    Title Policies. The Title Company shall be prepared to issue (or to endorse the respective Acquired Companies’ existing title insurance policies to the Closing Date), upon payment of the title premium and charges therefore, owner’s Title Policies for each of the Parcels with face coverage in the amount of the allocated portion of the Purchase Price for each Parcel, and subject only to the Permitted Encumbrances and otherwise as described in and in accordance with Section 4(a) hereof.

 

(v)    Loan Assumptions. All of the Loan Assumption Conditions for which Sellers are responsible shall have been duly satisfied by such Sellers concurrently with the Closing.

 

(vi)    Prager Property Management. The consummation of the transactions (the “Prager PM Acquisition”) set forth in that certain Asset Purchase Agreement, to be entered into prior to the Closing, by and between Buyer (or Buyer’s Affiliate) (the “Prager PM PSA Buyer”) and Prager Property Management LLC (the “Prager PM PSA”) shall occur contemporaneously with the Closing.

 

(vii)    Accuracy of Representations. Other than with respect to any Excluded Parcel, and except as qualified pursuant to Section 10(c), the representations and warranties made by Sellers in Section 10(a) of this Agreement shall be true and correct in all material respects as of the Closing Date; provided, that (x) those representations and warranties which address matters only as of a particular date shall only be required to be true and correct as of such particular date made, (y) Sellers’ representations and warranties shall be deemed modified by the RW Changes subject to the conditions and in accordance with the terms of Section 10(c), and (z) if any loss or damage to Buyer arising out of any breach of the representations and warranties made by Sellers in Section 10(a) could be cured by the occurrence of the Closing or by the designation of one or more Parcels as Excluded Parcels in accordance with the terms of this Agreement, then the foregoing shall not be a condition to Buyer’s obligation to close hereunder and Section 5(b) shall apply.

 

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(viii)    No Default. Sellers shall have performed in all material respects its obligations under this Agreement and shall not be in default hereunder, except that if Sellers are ready, willing and able to proceed to Closing hereunder, and any material loss or damage to Buyer arising out of such default would be cured by the occurrence of the Closing or by the designation of one or more Parcels as Excluded Parcels in accordance with the terms of this Agreement, then such Seller default shall not be a failure of a condition to Buyer’s obligation to close hereunder.

 

(ix)    Excluded Parcels. In the event that any Property has been designated an Excluded Parcel, Sellers shall have performed in all respects their obligations pursuant to Section 5(c)(ii).

 

(x)    Occupancy. Subject to Section 5(e), no less than ninety percent (90%) of the Parcels selected to be acquired by Buyer shall be occupied by tenants on an arms-length basis in accordance with each tenant’s respective Lease, free and clear of all encumbrances (other than Permitted Encumbrances), it being understood that Leases subject to Delinquent Tenant Charges shall be deemed occupied by tenants unless eviction proceedings have been commenced by Fee Owners in accordance with the eviction moratorium issued by the U.S. Centers for Disease Control and Prevention in response to COVID-19, if applicable, and all other applicable moratoriums, statutes, laws, rules, regulations, codes and other eviction related restrictions or requirements of any governmental authority (collectively, the “Leased Properties”).

 

(xi)    Companion Contract. The “Closing” (as defined in the Companion Contract) of the transactions set forth in the Companion Contract shall occur in accordance with the terms of the Companion Contract contemporaneously with the Closing

 

(xii)    Indebtedness Repayment. Subject to Section 1(e) hereof, Sellers shall have paid off, or shall concurrently with Closing pay off, all Existing Loans (but excluding the Assumed Loans) of the Acquired Companies and Fee Owners.

 

(b)    Conditions to Sellers’ Obligations. Sellers shall not be obligated to close under this Agreement unless each of the following conditions shall be satisfied, or waived by Sellers, on or prior to the Closing Date:

 

(i)    Intentionally omitted.

 

(ii)    No Prohibition. No governmental authority shall have enacted, issued, promulgated, enforced or entered any governmental order against Buyer which is in effect as of the Closing Date and has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

(iii)    Deposit. Buyer shall have delivered to Escrow Holder, in accordance with Section 2(a) of this Agreement, the Deposit.

 

(iv)    Loan Assumptions. All of the Loan Assumption Conditions for which Buyer is responsible shall have been duly satisfied by Buyer concurrently with the Closing.

 

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(v)    Prager Property Management. The consummation of the Prager PM Acquisition contemporaneously with the Closing in accordance with the terms of the Prager PM PSA.

 

(vi)    No Default. Buyer shall have performed in all material respects all of its obligations under this Agreement and shall not be in default hereunder.

 

(vii)    Accuracy of Representations. The representations and warranties made by Buyer in this Agreement shall be true and correct in all material respects as of the Closing Date.

 

(viii)   Companion Contract. The “Closing” (as defined in the Companion Contract) of the transactions set forth in the Companion Contract shall occur in accordance with the terms of the Companion Contract contemporaneously with the Closing.

 

(c)    Right to Terminate Due to Failure of Condition.

 

(i)    In the event that a failure of a condition set forth in Section 12(a) (other than the Occupancy Condition) results in a material adverse effect on the Property, the Acquired Companies, the Fee Owners and the Companion Contract Property, as a whole, then, subject to Sections 5(b), 10(c) and 12(d), Buyer shall have the right, as its sole remedy, to either (A) proceed to Closing hereunder without any reduction in Purchase Price notwithstanding the non-satisfaction of such condition, in which event Buyer shall be deemed to have waived any such condition, or (B) terminate this Agreement and receive back the Deposit (excluding the Non-Refundable Deposit, except in the event (x) any condition set forth in Section 12(a) fails to be satisfied due to a Seller Default which has not been timely cured pursuant to and in accordance with Section 14(b) or (y) the Loan Assumption Conditions fail to be satisfied as a result of any reason other than a Buyer’s default under this Agreement which has not been timely cured in accordance with Section 14(a)); provided, however, that if the applicable failure of a condition was solely the result of a breach by any Seller of its covenants hereunder and/or a breach by Companion Contract Seller under the Companion Contract, and same has not been cured by such Seller in accordance with Section 14(b) (or by Companion Contract Seller under the Companion Contract) on or before the Closing Date, and Buyer elects to terminate this Agreement pursuant to subsection (B) above, in addition to the receipt of the Deposit (including the Non-Refundable Deposit), Buyer shall also be entitled to the reimbursement of the Pursuit Costs (without any duplication of amounts reimbursable to Buyer pursuant to Section 14(b)); provided that this sentence shall not apply to a termination by Buyer as a result of the failure of the Occupancy Condition. With respect to a failure of the Occupancy Condition, Buyer’s only remedies shall be as set forth in Section 5(e). For the avoidance of doubt, if the Companion Contract Buyer is entitled to the reimbursement of Pursuit Costs or return of the Deposit (including Non-Refundable Deposit) under the terms of the Companion Contract, then Buyer shall also be entitled to the reimbursement of Pursuit Costs (without duplication) and return of the Deposit (including Non-Refundable Deposit) hereunder following the termination of this Agreement by Buyer.

 

(ii)    In the event of a failure of a condition set forth in Section 12(b), such failure shall be deemed to be a default by Buyer hereunder, and Sellers shall have the remedies pursuant to Section 14(a), provided that Sellers shall have the right to elect to close, notwithstanding the non-satisfaction of such condition, in which event Sellers shall be deemed to have waived any such condition.

 

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(iii)    The foregoing provisions, however, are not intended to limit the rights and obligations of the parties with respect to a default under Section 14 of this Agreement. Each party shall act in good faith and shall not voluntarily cause any of the conditions precedent hereunder to fail to be satisfied, or voluntarily cause any of its respective representations or warranties to fail to be true, as of the date scheduled for Closing.

 

(iv)    Except for the conditions set out in Section 12(a)(vi) and Section 12(b)(v) (requiring the closing of the Prager PM Acquisition) and Section 12(a)(xi) and Section 12(b)(viii) (requiring the closing under the Companion Contract), neither Buyer nor Sellers may rely on the failure of any condition set forth in Section 12(a) or Section 12(b), respectively, to be satisfied if such failure was caused by such party’s breach of their respective obligations to consummate the transactions contemplated by this Agreement as required by the provisions of this Agreement. The above notwithstanding, the failure of the condition set out in (x) Section 12(a)(vi) and Section 12(b)(v) requiring the Prager PM Acquisition to close or (y) Section 12(a)(xi) and Section 12(b)(viii) requiring the closing under the Companion Contract may be relied upon by Sellers or Buyer regardless of the fault of either party.

 

(v)    For the purpose of clarity, a failure of (A)(I) Buyer to close under the Companion Contract in accordance with its obligations under the terms of the Companion Contract or (II) Buyer to cause the Prager PM PSA Buyer to close under the Prager PM PSA in accordance with its obligations under the terms of the Prager PM PSA, in each case, shall be deemed a default by Buyer under the terms of this Agreement, and (B)(I) P FIN I, LLC (the “Companion Contract Seller”) to close under the Companion Contract in accordance with its obligations under the terms of the Companion Contract or (II) Sellers to cause the Prager Property Management LLC to close under the Prager PM PSA in accordance with its obligations under the terms of the Prager PM PSA, in each case, shall be deemed a default by the Sellers under the terms of this Agreement.

 

(d)    Right to Cure Failure of Condition. In the event of a failure of a condition to Closing set forth in this Section 12 (including a breach of representation or warranty but other than (i) the Occupancy Condition, (ii) the condition set forth in Section 12(b)(iii) or (iii) the condition set forth in Section 12(b)(vi) with respect to Buyer’s obligations set forth in Section 13(b)(v)) that is susceptible of cure and reasonably likely to be cured or satisfied by using commercially reasonable efforts (without being required to incur any material expense not otherwise required to be incurred hereunder or issue notices of default or commence legal proceedings), the party whose obligation to close is conditioned on such item shall give notice of such failure to the other party (the “Failed Condition Party”) on or before the then-scheduled Closing Date, and the Failed Condition Party shall use commercially reasonable efforts to satisfy or cure such condition and the Closing Date automatically shall be extended to up to sixty (60) days after such notice to permit such cure by the Failed Condition Party (provided, if Buyer is the Failed Condition Party, then the Closing Date shall be extended to the earlier of (i) such sixty (60) days’ period and (ii) the Outside Closing Date). In the event such condition(s) is/are not satisfied or cured within such sixty (60) days period (or the earlier Outside Closing Date, in the case Buyer is the Failed Condition Party), then the provisions of Section 12(c) shall apply. The foregoing provisions, however, are not intended to limit the rights and obligations of the parties with respect to a default under Section 14 of this Agreement.

 

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13.    Deliveries at Closing; Mechanics of Closing.

 

(a)    Seller’s Deliveries. On the Closing Date, Sellers shall deliver to the Escrow Holder, the following:

 

(i)    Assignment of Membership Interests. An Assignment of Membership Interests in the form attached hereto as Exhibit T (the “Assignment and Assumption of Membership Interests”).

 

(ii)    Holdback Escrow. A Holdback Escrow Agreement in the form attached hereto as Exhibit U (the “Holdback Escrow Agreement”).

 

(iii)    Owner’s Affidavits. If required by the Title Company in order to deliver title insurance required pursuant to Section 12(a)(iv), owner’s affidavits from each of the Fee Owners in the forms as is reasonably required by the Title Company and reasonably acceptable to Sellers, for each jurisdiction in which the respective Parcels are located. In no event shall any individual be required to execute an owner’s affidavit in his/her individual capacity or have personal liability under any owner’s affidavits.

 

(iv)    Authority Documents. If required by the Title Company, an authorizing resolution and an incumbency certificate, and such other documents as may be reasonably necessary to evidence the authority and capacity of Sellers and the authority of the signatory(ies) for Sellers.

 

(v)    FIRPTA Certification. An affidavit in the form attached hereto as Exhibit V with respect to compliance with the Foreign Investment in Real Property Tax Act (Code Section 1445 and the Treasury Regulations thereunder).

 

(vi)    Transfer Tax Returns. Such Transfer Tax Returns and other documents as are required in each jurisdiction where each Parcel is located in order to transfer the Membership Interests, together with the applicable Transfer Tax to be paid in connection therewith to the extent payable by Sellers under this Agreement.

 

(vii)    Security Deposits. Security Deposits pursuant to Section 7(b).

 

(viii)   Notices. Written notice from the applicable Seller (or the Fee Owners or the respective management agents, as applicable) to each Tenant of the Real Property under the Leases in a form mutually agreed upon by the parties.

 

(ix)    Original Documents. The originals (to the extent in Sellers’ possession or control) or, if unavailable, electronic copies (which may be delivered by posting to the Diligence Room), of all Leases (and Included Contracts).

 

(x)    Closing Statement. A Closing Statement, mutually acceptable to Buyer and Sellers, duly executed by Sellers.

 

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(xi)    Other Documents. Any other documents which Sellers are obligated to deliver to Buyer pursuant to this Agreement, including, without limitation, any and all Transfer Tax affidavits, recordation Tax affidavits, Tax allocation affidavits, and similar forms or instruments as may be reasonably required in order for the Escrow Holder to close the transactions contemplated by this Agreement and as may be reasonably acceptable to Sellers.

 

(xii)    Possession. Possession of the Property shall be delivered to Buyer as of the Closing subject to the Existing Leases, Approved Leases and the Permitted Encumbrances. The parties shall cooperate to cause the existing management companies to effectuate a smooth transition of the Property ownership.

 

(xiii)    Books and Records. Physical or electronic copies of all Books and Records of the Acquired Companies and Fee Owners to the extent in the possession or control of Sellers or their Affiliates, or obtainable by them with reasonable efforts.

 

(xiv)    Resignations of Directors and Officers. Written resignations, dated as of the Closing Date, of the directors and officers of each of the Acquired Companies and Fee Owners appointed by Sellers.

 

(xv)    Loan Assumptions. Subject to Section 1(f) hereof, such documents as are reasonably required to be executed and delivered to the lenders by Sellers to effectuate the Loan Assumptions.

 

(xvi)    Indebtedness Repayment. Subject to Section 1.1(e) hereof, evidence reasonably acceptable to Buyer of the repayment in full of the Existing Loans (save and except the Assumed Loans) in accordance with payoff letters, and an undertaking by such lenders to release all liens on the Membership Interests under the Existing Loans.

 

(b)    Buyer’s Deliveries. On the Closing Date, Buyer will deliver to Escrow Holder, each of the following:

 

(i)    Assignment and Assumption of Membership Interests. The Assignment and Assumption of Membership Interests duly executed by Buyer.

 

(ii)    Holdback Escrow Agreement. The Holdback Escrow Agreement, duly executed by Buyer.

 

(iii)    Transfer Tax Returns. Such Transfer Tax returns and other documents as are required in each jurisdiction where each Parcel is located in order to transfer the Membership Interests (if any), together with the applicable Transfer Tax to be paid in connection therewith to the extent payable by Buyer under this Agreement.

 

(iv)    Authority Documents. An authorizing resolution and an incumbency certificate, and such other documents as may be reasonably necessary to evidence the authority and capacity of Buyer and the authority of the signatory for Buyer.

 

(v)    Cash. Such amounts in Cash as required pursuant to Section 2 hereof and pursuant to any other provision of this Agreement.

 

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(vi)    Closing Statement. A Closing Statement, mutually acceptable to Buyer and Sellers, duly executed by Buyer.

 

(vii)    Other Documents. Any other documents which Buyer is obligated to deliver to Sellers pursuant to this Agreement or that may be requested by the Escrow Holder in order for the Escrow Holder to close the transactions contemplated by this Agreement.

 

(c)    Closing Mechanics. When and only when (i) each of the conditions precedent set forth in Section 12(a) have been satisfied or waived by Buyer and (ii) each of the conditions precedent set forth in Section 12(b) have been satisfied or waived by Sellers, Escrow Holder shall effect the Closing contemplated hereunder by (A) releasing from escrow the closing documents, (B) transferring to Sellers an amount of funds equal to the Purchase Price, less the Holdback Escrow Amount, plus any other reimbursements or payments to be made to Sellers at Closing and any other adjustments in accordance with the terms of this Agreement, and (C) delivering one (1) set of each of the documents set forth in this Section 13 herein to each of the parties. The Closing shall be accomplished through an escrow closing with the Escrow Holder, such that Sellers’ proceeds shall be received by Sellers on the Closing Date.

 

14.    Default.

 

(a)    Buyer Default. IF BUYER DEFAULTS IN (i) ITS OBLIGATIONS TO DELIVER THE BALANCE OF THE PURCHASE PRICE AND OTHER AMOUNTS DUE FROM BUYER AND ACQUIRE THE MEMBERSHIP INTERESTS AT CLOSING OR (ii) THE PERFORMANCE OF ANY OF ITS OTHER MATERIAL OBLIGATIONS UNDER THIS AGREEMENT (IT BEING UNDERSTOOD THAT BUYER’S OBLIGATIONS SET FORTH IN SECTION 1(f) ARE DEEMED MATERIAL) AND SUCH DEFAULT SET FORTH IN THIS SUBCLAUSE (ii) REMAINS UNCURED FOR A PERIOD OF FIFTEEN (15) DAYS FOLLOWING WRITTEN NOTICE THEREOF FROM SELLERS TO BUYER, THEN (I) SELLERS SHALL HAVE THE RIGHT TO TERMINATE THIS AGREEMENT, (II) SUBJECT TO THE TERMS, CONDITIONS AND PROCEDURES OF THE ESCROW AGREEMENT, SELLERS SHALL HAVE THE RIGHT TO IMMEDIATELY RECEIVE THE DEPOSIT (INCLUDING THE NON-REFUNDABLE DEPOSIT), AND THE DEPOSIT SHALL BE DEEMED LIQUIDATED DAMAGES, AND NOT A PENALTY, AS SELLERS’ SOLE AND EXCLUSIVE REMEDY AGAINST BUYER (INCLUDING, WITHOUT LIMITATION, SELLERS’ RIGHTS TO SEEK SPECIFIC PERFORMANCE OF THIS AGREEMENT AND TO RECEIVE DAMAGES) FOR BUYER’S DEFAULT, WHICH SUMS SHALL BE PRESUMED TO BE A REASONABLE ESTIMATE OF THE AMOUNT OF ACTUAL DAMAGES SUSTAINED BY SELLERS BECAUSE OF BUYER’S BREACH OF ITS OBLIGATIONS HEREUNDER, (III) BUYER SHALL BE RESPONSIBLE FOR ALL CANCELLATION CHARGES REQUIRED TO BE PAID TO ESCROW HOLDER AND ESCROW CHARGES. FROM THE NATURE OF THIS TRANSACTION, IT IS IMPRACTICABLE AND EXTREMELY DIFFICULT TO FIX THE ACTUAL DAMAGES THAT SELLERS WOULD SUSTAIN IF BUYER DEFAULTS HEREUNDER. THE IMPRACTICABILITY AND DIFFICULTY OF FIXING ACTUAL DAMAGES IS CAUSED BY, WITHOUT LIMITATION, THE FACT THAT THE MEMBERSHIP INTERESTS AND THE REAL PROPERTY ARE UNIQUE. GIVEN THE FOREGOING FACTS, AMONG OTHERS, BUYER AND SELLERS AGREE THAT LIQUIDATED DAMAGES ARE PARTICULARLY APPROPRIATE FOR THIS TRANSACTION AND AGREE THAT SAID LIQUIDATED DAMAGES SHALL BE PAID IN THE EVENT OF BUYER’S BREACH OF ITS OBLIGATIONS HEREUNDER, DESPITE ANY WORDS OR CHARACTERIZATIONS PREVIOUSLY USED OR CONTAINED IN THIS AGREEMENT IMPLYING ANY CONTRARY INTENT. NOTHING IN THIS AGREEMENT SHALL, HOWEVER, BE DEEMED TO LIMIT BUYER’S LIABILITY TO SELLERS FOR (AND SUCH LIQUIDATED DAMAGES SHALL NOT APPLY TO) DAMAGES OR INJUNCTIVE RELIEF FOR BREACH OF BUYER’S INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT, FOR ATTORNEY FEES AND COSTS PROVIDED IN SECTION 28(a) HEREOF, AND FOR THE ESCROW CHARGES AND LENDER COSTS AS PROVIDED IN THIS SECTION 14(a), SUCH OBLIGATIONS TO SURVIVE THE TERMINATION OF THIS AGREEMENT.

 

WE ACKNOWLEDGE THIS LIQUIDATED DAMAGES PROVISION:

 

	/s/ DB	 	 	 
	/s/ DB	 	 	 
	/s/ DB	 	 	 
	/s/ MS	 	/s/ DS	 
	Seller’s Initials	 	Buyer’s Initials	 

 

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(b)    Sellers’ Default. In the event of a material default by Sellers of their material obligations under this Agreement that results in a material adverse effect to the Property, the Acquired Companies, the Fee Owners and the Companion Contract Property, as a whole, which default is not cured by Sellers within fifteen (15) days following written notice thereof from Buyer to Sellers, then Buyer may, as its sole and exclusive remedy, either (i) terminate this Agreement by delivery of a written notice of termination to Sellers, whereupon subject to Sellers’ rights pursuant to Section 5(b) and the terms, conditions and procedures of the Escrow Agreement, the Deposit (including the Non-Refundable Deposit) shall be promptly returned to Buyer and, if such material default is due to the willful default (such as the conveyance of the Membership Interests or the Property by any Seller to a third party other than Buyer where the remedy of specific performance is unavailable), but in no event due to failure of any condition to Closing not caused by a default by any Seller, then Sellers shall also reimburse Buyer for the documented, reasonable, unaffiliated third party, out of pocket costs and expenses (but expressly excluding any consequential, special, incidental or punitive damages) actually incurred by Buyer in the negotiation of this Agreement, conducting its diligence activities and otherwise in preparation for the Closing up to the amount of ONE MILLION TWO HUNDRED FIFTY THOUSAND AND NO/DOLLARS ($1,250,000.00) in the aggregate for all such costs and expenses under this Agreement and the Companion Contract, without duplication (“Pursuit Costs”), or (ii) continue this Agreement and bring an action for specific performance hereunder, provided appropriate legal proceedings are promptly commenced by Buyer after the occurrence of Sellers’ default and prosecuted in good faith with diligence and continuity. Notwithstanding anything herein to the contrary, in no event shall Buyer have the right to (and Buyer hereby waives any right to) file or assert any lis pendens against any Parcel of the Real Property. In the event of any termination of this entire Agreement by Buyer pursuant to this Section 14(a), then, upon the return of the Deposit (including the Non-Refundable Deposit) to Buyer and, if applicable, reimbursement to Buyer of its Pursuit Costs, this Agreement shall be and become null and void, neither party shall have any further rights or obligations hereunder (except for the obligations of Buyer and Sellers that expressly survive termination as set forth in this Agreement, which shall survive the cancellation of this Agreement). If the applicable material default pertains to a matter or condition that relates solely to one or more particular Parcels, then Buyer shall have the right, as its sole and exclusive remedy, to either (i) proceed to Closing with respect to the affected Parcel(s) without any reduction in Purchase Price, or (ii) designate the affected Parcel or Parcels as Excluded Parcels (and such Parcels shall not be subject to the Excluded Parcel Cap), and in such event, Section 5(c) shall apply. Nothing set forth in this Section 14(b) shall be deemed to limit Sellers’ liability for Sellers’ indemnification obligations hereunder, any attorney’s fees payable by Sellers in accordance with Section 28(a), or in connection with fraud claims, such obligations to survive the termination of this Agreement.

 

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15.    Notices; Computation of Periods.

 

(a)    Notices. All notices given by either party to the other shall be in writing and shall be sent either: (i) by prepaid nationally recognized overnight courier service for next Business Day delivery, addressed to the other party at the following addresses listed below or (ii) via e-mail to the e-mail address listed below; provided, however, that if such communication is given via e-mail, a counterpart of such communication shall concurrently be sent in the manner specified in Subsection (i) above. Addresses and e-mail addresses of the parties are set forth below.

 

As to Sellers:

 

The Prager Group, LLC

3525 Piedmont Rd NE BLDG 5 STE 410

Atlanta, GA 30305

Attn: Merek Shoob

Email: mshoob@pragergroup.com

 

with a copy to:

 

c/o The Ardent Companies, LLC

3565 Piedmont Road NE

One Piedmont Center, Suite 200

Atlanta, GA 30305

Email: dbezalel@theardentcompanies.com

 

and a copy to:

Greenberg Traurig, LLP

77 West Wacker Drive, Suite 3100

Chicago, IL 60601

Attn: Michael J. Baum, Esq.

Email: baumm@gtlaw.com

As to Buyer:

c/o Nexpoint Real Estate Advisors

2515 McKinney Ave, Suite 1100

Dallas, Texas 75201

Attn: Brian Mitts

Email: bmitts@nexpointadvisors.com

 

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c/o Vinebrook Homes Trust, Inc.

3500 Park Center Drive, Suite 100

Dayton, Ohio, 45414

Attn: Dana Sprong

Email: dana.sprong@vinebrookhomes.com

 

with a copy to:

 

Wick Phillips Gould & Martin LLP

3131 McKinney Ave, Suite 500

Dallas, Texas 75204

Attn: Chris Fuller and Ryan Goins

Email: chris.fuller@wickphillips.com and ryan.goins@wickphillips.com

 

Any notice may be given on behalf of any party by its counsel. Notices given in the manner aforesaid shall be deemed sufficiently served or given for all purposes under this Agreement upon the earliest of actual receipt or refusal of delivery (or, in the case of email delivery, at the date and time of such email delivery with no bounceback notice having been received), provided that any notice delivered on a day that is not a Business Day or after 5:00 p.m. on any day (in the time zone of the intended recipient), shall be deemed given on the next Business Day.

 

The parties acknowledge and agree that for purposes of this Agreement and notices sent by e-mail shall not be considered as having been effectively given, except to the extent also separately given through another means of notice contemplated hereby within one (1) Business Day of such email delivery.

 

A party may change its respective notice address by giving notice in writing in the manner specified above.

 

Attorneys for either party may give or receive notices as provided herein for the party such attorney represents.

 

(b)    Computation of Periods. The term “Business Day” shall mean a date that is not a Saturday, Sunday or a holiday observed by federally insured banks in the State of South Carolina and/or the State of New York or by the United States Postal Service. If the final day of any period of time in any provision of this Agreement falls upon a day that is not a Business Day, then, the time of such period shall be extended to the next Business Day. Unless otherwise specified, in computing any period of time described in this Agreement, the day of the act or event after which the designated period of time begins to run is not to be included and the last day of the period is so computed is to be included, unless such last day is not a Business Day, in which event the period shall run until the end of the next Business Day.

 

16.    Fire or Other Casualty.

 

(a)    Casualty Insurance. Sellers agree to maintain in effect until the Closing Date the fire and extended coverage insurance policies now in effect on the Real Property (or substitute policies in equal or greater amounts).

 

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(b)    Casualty Damage. If any portion of any of the Parcels constituting part of the Real Property shall be damaged or destroyed by fire or other casualty between the Effective Date and the Closing Date, to the extent any Seller has actual knowledge of such event, such Seller shall give written notice thereof to Buyer. The proceeds of all fire and extended coverage insurance policies attributable to the damaged Parcel received by any Seller prior to the Closing Date and not used by such Seller for the protection or emergency repairs to the damaged Parcel (and Buyer hereby authorizes such Seller to use the proceeds for such purposes shall be disbursed by such Seller to Buyer at Closing, net of reasonable costs and expenses (including attorneys’ fees and expenses) actually incurred by such Seller in collection of such proceeds; and all unpaid claims under such insurance policies attributable to the damaged Parcel (net of reasonable costs and expenses actually incurred by such Seller in collection of such proceeds) shall be assigned by such Seller to Buyer on the Closing Date and Sellers shall give a credit to Buyer at Closing for any unpaid deductibles thereunder. The obligation of Buyer to complete Closing under this Agreement shall in no way be voided or impaired, and Buyer shall not be excused from performing its obligations up to and at Closing without abatement of the Purchase Price. In addition, for clarity, the occurrence of a casualty with respect to any Parcel shall not give the Buyer the right to exclude such Parcel from the Property for purposes of Section 4(e) or Section 5.

 

(c)    Claims Handling and Escrows. In the event that the Closing occurs following a fire or other casualty, Sellers agree to take such steps as Buyer reasonably may request in order to assure that any insurance proceeds available under Sellers’ insurance policies are collected and made available to Buyer as contemplated hereby. Sellers and Buyer both agree to cooperate in order to facilitate the administration of claims under Sellers’ insurance policies, it being agreed, however, that after the Closing Buyer shall have the right to manage the claims handling process.

 

(d)    Storm Damaged Parcels. Buyer and Sellers agree that, subject to any requirements of the Assumed Loan Documents applicable to the Storm Damaged Parcels, any insurance proceeds received by Sellers, Fee Owners, and/or Acquired Companies with respect to the Storm Damaged Parcels that are not used to repair or restore such Parcels prior to Closing shall either remain in the applicable Fee Owner or Acquired Company and be available to Buyer following Closing in order for Buyer to make any necessary repairs, or be credited to Buyer at Closing.

 

(e)    Survival. Sellers’ obligations under this Section 16 shall survive the Closing.

 

17.    Condemnation. If a Seller (or any Acquired Company or Fee Owner) receives any notice regarding any pending condemnation proceedings or deeds in lieu of condemnation or other similar proceedings affecting any of the Parcels, or if any part of any Parcel comprising part of the Real Property shall be taken after the Effective Date by exercise of the power of eminent domain, or deed in lieu of eminent domain (a “Taking”), then in any such case, Sellers shall notify Buyer of same within five (5) days of receipt of written notice thereof and then Buyer shall have the right to designate the applicable Parcel as an Excluded Parcel (any such Parcel(s) shall not be subject to the Excluded Parcel Cap), by written notice to Sellers within ten (10) days of Sellers’ notice to Buyer of such Taking, and in such event, Section 5(c) shall apply. If Buyer does not timely give notice of termination, then Buyer’s obligations under this Agreement with respect to such Parcel shall remain in effect notwithstanding such condemnation, this Agreement shall continue in full force and effect and there shall be no abatement of the Purchase Price. Sellers shall be relieved, however, of their duty to provide title to the portion of the Parcel so taken, but Sellers shall, on the Closing Date, assign to Buyer all rights and claims to any awards arising therefrom as well as any money theretofore received by Sellers on account thereof, net of any reasonable expenses actually incurred by Sellers, including attorney’s fees, in collecting the same.

 

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18.    Assignability.

 

(a)    Assignments Prohibited. Buyer may not assign or suffer an assignment of this Agreement and/or its rights under this Agreement, without the prior written consent of Sellers, which consent Sellers may deny in its sole and absolute discretion. Notwithstanding the foregoing, Sellers’ consent shall not be required in respect to an assignment by Buyer of its interests herein to one or more Affiliates of Buyer, provided that (i) any such assignment shall not relieve the party originally designated as Buyer of its obligations hereunder, and (ii) on the date of such assignment, the assignee shall make the representations and warranties set forth in Sections 11 and 20 to Sellers. This Agreement will be binding upon and inure to the benefit of Sellers and Buyer and their respective successors and permitted assigns. Whenever a reference is made in this Agreement to Sellers or Buyer, such reference will include the successors and permitted assigns of such party under this Agreement.

 

(b)    Prohibited Assignments. Notwithstanding the foregoing provisions of Section 18(a), Buyer shall have no right, under any circumstances, to assign this Agreement to any person that is unable to make Buyer representations set forth in Section 11(e), Section 11(f) and Section 11(g).

 

(c)    Successors and Assigns. Subject to the foregoing limitations, this Agreement shall extend to, and shall bind, the respective heirs, executors, personal representatives, successors and assigns of Sellers and Buyer.

 

19.    Inspections.

 

(a)    Right to Inspect. Buyer, and Buyer’s agents and representatives, shall have the right, from time to time, prior to the Closing Date or earlier termination of this Agreement, during normal business hours, to enter upon up to fifteen percent (15%) of the sum of (I) all of the Parcels and (II) all of the “Parcels” (as defined in the Companion Contract) under the Companion Contract, for the purpose of conducting interior physical inspections of the Property, non-invasive review of the environmental status (such as Phase I environmental inspection) and structural aspects of the Real Property, making of non-invasive surveys and generally for the reasonable ascertainment of matters relating to the Property; provided, however, that Buyer shall: (i) give Sellers reasonable prior written notice (which notice shall be delivered by email to Sellers at the following email addresses: Rachel Callaghan rcallaghan@pragergroup.com and Tyler Ellis tellis@pragergroup.com) of the Parcels Buyer elects to visit and shall include the proposed time and place of such entry, and none of Buyer nor its representatives or agents shall visit the Parcels without a Seller’s representative present, unless waived by Sellers, provided that Sellers shall cause a representative of Sellers to accompany Buyer if so elected by Buyer, and in all cases, such visits and inspections shall be subject to the rights of the tenants in possession; (ii) use commercially reasonable efforts not to interfere with the operations of the Parcels or any Tenant thereof; (iii) restore any damage to the Property or any adjacent property caused by such actions; (iv) release, indemnify, defend and hold Sellers and Seller Parties (herein, collectively, the “Indemnified Parties”) harmless of and from any and all liabilities, losses, claims, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses of any of the Indemnified Parties) which any of the Indemnified Parties suffers relating to such entry and such activities, including, without limitation, any claims by Tenants and/or invitees of the applicable Parcels; (v) not communicate with any Tenant, unless accompanied by Sellers in each instance; (vi) not conduct any environmental investigations or testing other than a standard “Phase I” investigation; (vii) prior to any access to any of the Parcels, deliver to Sellers evidence of compliance with Section 19(f); and (viii) carry out, and cause all Buyer Parties to carry out, Buyer’s inspections in compliance with this Agreement and in compliance with all applicable federal, state and local laws, rules, regulations and ordinances relating to the Property. All inspection rights under this Section 19(a) shall be subject to the rights of Tenants under the Leases. Sellers agree to provide Buyer with a personal escort in connection with the interior inspection of any Parcels pursuant to this Section 19(a). All access to any Parcel will also be on such terms and conditions as the Sellers may reasonably prescribe, from time to time, including but not limited to rules and regulations for social distancing or other procedures adopted by the Sellers for contractors entering a Tenant’s unit.

 

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(b)    Release and Indemnity With Respect to Buyer’s Inspection.

 

(i)    Buyer agrees to release, indemnify and hold harmless Sellers, their Affiliates, and their respective direct and indirect trustees, partners, stockholders, members, officers, directors, managers, employees, advisors, agents, independent contractors, lenders, investors, clients, attorneys and representatives (collectively, the “Seller Parties”), from and against any and all liability, losses, claims, costs and expenses (including, without limitation, attorneys’ fees and expenses of any of the Indemnified Parties) arising from any injury or loss sustained by any of Buyer or any Buyer Party (defined below), while at any Parcel or otherwise in connection with performing Buyer’s inspection of the Parcels pursuant to this Section 19, except to the extent caused by, and then to the extent of, Seller’s negligence (other than, and to the extent of, Buyer’s or any Buyer Party’s negligence) or willful misconduct. Sellers make no representations or warranties regarding conditions at the Parcel relating to health or safety in connection with performance of Buyer’s inspection of the Parcels.

 

(ii)    Buyer agrees to indemnify and hold harmless the Indemnified Parties from and against all damage to the Parcels or otherwise sustained by any person or entity caused by Buyer’s inspection of the Parcels (including without limitation damages caused by Buyer’s employees, agents, advisors, partners, independent contractors, lenders, investors, clients and representatives and their respective Affiliates (collectively, the “Buyer Parties”)), and shall restore each Parcel to its prior condition immediately upon notice from Sellers, except to the extent caused by Seller’s negligence (other than, and to the extent of, Buyer’s or any Buyer Party’s negligence) or willful misconduct.

 

(iii)    Notwithstanding any provision to the contrary in this Section 19, Buyer shall have no obligation to indemnify any Seller Parties from any damages, claims, expenses, liabilities or costs arising from (i) the negligent acts (other than, and to the extent of, Buyer’s or Buyer Party’s negligent acts) or willful misconduct of any Seller Parties or (ii) Buyer’s or any Buyer Party’s discovery of existing conditions of the Parcels (except to the extent such conditions are physically exacerbated by Buyer or any Buyer Party).

 

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(iv)    The releases and indemnities provided in this Section 19 shall survive the termination of this Agreement and the Closing indefinitely.

 

(c)    Reports on Buyer’s Inspection of the Parcels. Should Sellers provide Buyer with any information or reports with respect to the Parcels (herein, the “Reports”), Buyer acknowledges that (i) neither Sellers nor any of Seller Parties has made or makes any representations or warranties to Buyer concerning the accuracy or completeness of the Reports, the scope of work on which the Reports are based, or the reasonableness or validity of any conclusions or recommendations set forth therein or whether or not Sellers or any of the Seller Parties has undertaken or performed any action based upon any of the Reports, (ii) Sellers shall have no obligation to share any internal analysis or assessment of the Reports or any conclusions that Sellers may have drawn from its internal review of the Reports, and (iii) Sellers shall be under no obligation or responsibility, express or implied, to update or supplement any Reports. Further, Buyer understands such Reports would have been prepared solely for the benefit of the addressee or preparer of such Reports and Buyer is not entitled to rely on the Reports or the information they contain or distribute or disseminate the Reports or the information they contain to third parties. Buyer hereby agrees to waive and release Sellers from any and all claims relating to Buyer’s review or other use of the Reports. Any Reports delivered or made available to Buyer shall be deemed Diligence Materials.

 

(d)    No Liens Permitted. Nothing contained in this Agreement shall be deemed or construed in any way as constituting the consent or request of Sellers, express or implied by inference or otherwise, to any party for the performance of any labor or the furnishing of any materials to the Property or any part thereof, nor as giving Buyer any right, power or authority to contract for or permit the rendering of any services or the furnishing of any materials that would give rise to the filing of any liens against the Property or any part thereof. Buyer agrees to promptly cause the removal of, and indemnify, defend and hold Sellers harmless with respect to, any mechanic’s or similar lien filed against the Real Property or any part thereof by any party performing any labor or services at the Property or supplying any materials to the Property at Buyer’s or Buyer Parties’ request.

 

(e)    Buyer’s Right to Continue Prior to the End of the Inspection Period. Buyer shall have the right, in Buyer’s sole discretion, to review and approve the Property and all matters related thereto. If Buyer determines, in its sole discretion, that it wishes to move forward with the transactions contemplated by this Agreement, Buyer shall provide to Sellers and Escrow Holder a notice (a “Continuation Notice”) on or before the expiration of the Inspection Period. If Buyer determines, for any reason or no reason whatsoever, that it is not satisfied with the Property and all matters relating thereto as a result of Buyer’s inspection of the Property and review of the Diligence Materials, or as a result of any other analysis, Buyer shall have the right to not provide a Continuation Notice to Sellers and Escrow Holder prior to the expiration of the Inspection Period.

 

(i)    If Buyer provides a Continuation Notice to Sellers and Escrow Holder prior to the expiration of the Inspection Period, the Inspection Period shall terminate and Buyer shall be deemed to have waived any right to terminate this Agreement pursuant to Section 2(e) and this Section 19(e).

 

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(ii)    If Buyer does not provide a Continuation Notice to Sellers and Escrow Holder prior to the expiration of the Inspection Period, then this Agreement shall immediately terminate and neither party shall have any rights and obligations hereunder (except for (A) the obligations of Buyer and Sellers that expressly survive termination as set forth in this Agreement, and (B) the obligations of the parties under Section 14 of this Agreement, if any), and the Deposit shall be returned to Buyer (excluding the Non-Refundable Deposit, which shall be remitted to Sellers) pursuant to the Escrow Agreement, as Buyer’s sole and exclusive remedy.

 

(f)    Insurance. During the term of this Agreement, Buyer will carry and maintain in place and cause each agent who accesses any Property to carry and maintain in place (i) workers’ compensation insurance in accordance with standard custom and practice within the respective industry but in no case less than the minimum requirements established by applicable laws for compliance with any state statue for such coverage, and (ii) commercial general liability insurance coverage for bodily injury and property damage, with a combined single limit of not less than One Million Dollars ($1,000,000.00) per occurrence with a Two Million Dollar ($2,000,000.00) per location or per project aggregate limit, commercial automobile insurance coverage for owned, non-owned and hired vehicles with a combined single limit of not less than One Million Dollars ($1,000,000.00), and excess umbrella liability insurance in the amount of Five Million Dollars ($5,000,000.00) (collectively, the “Required Insurance”). The above notwithstanding, Required Insurance will not be required to be separately carried by agents of Buyer which are Affiliates of Buyer to the extent covered under Buyer’s insurance policies. Buyer shall deliver to Sellers a certificate evidencing the Required Insurance before conducting any physical inspection of any Parcel. Each such insurance policy shall be written by a reputable insurance company having a rating of at least "A-VIII" by Best’s Rating Guide (or a comparable rating by a successor rating service) and that is qualified to do business in the state in which such Parcel is located. Such insurance policies shall list Sellers as additional insureds on a primary and non-contributory basis.

 

(g)    Survival. The provisions of this Section 19 shall survive termination of this Agreement and/or the Closing.

 

20.    Brokers. Each of Sellers and Buyer represents and warrants to the other that it has dealt with no broker or other intermediary in connection with this transaction other than Raymond James (the “Disclosed Broker”). If any broker or other intermediary other than the Disclosed Broker claims to be entitled to a fee or commission by reason of having dealt with Sellers or Buyer in connection with this transaction, or having introduced the Property (or any portion thereof) to Buyer for sale, or having been the inducing cause to the sale, the party with whom such broker claims to have dealt shall indemnify, defend and save harmless the other party of and from any claim for commission or compensation by such broker or other intermediary. Sellers agree to pay, pursuant to a separate agreement between Sellers and the Disclosed Broker (the “Raymond James Agreement”), any commission payable to the Disclosed Broker in connection herewith if, as and when the Closing occurs, and shall indemnify, defend and hold Buyer harmless with respect thereto. This Section 20 shall survive the termination of this Agreement and the Closing.

 

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21.    Condition of Property.

 

(a)    NO WARRANTIES. THE ENTIRE AGREEMENT BETWEEN SELLERS AND BUYER WITH RESPECT TO THE MEMBERSHIP INTERESTS AND THE PROPERTY IS EXPRESSLY SET FORTH IN THIS AGREEMENT AND IN THE DOCUMENTS EXECUTED AND DELIVERED BY THE PARTIES AT CLOSING AS DESCRIBED IN SECTION 13, AND THE PARTIES ARE NOT BOUND BY ANY OTHER AGREEMENTS, UNDERSTANDINGS, PROVISIONS, CONDITIONS, REPRESENTATIONS OR WARRANTIES (WHETHER WRITTEN OR ORAL AND WHETHER MADE BY A PARTY HERETO, OR ANY AGENT, EMPLOYEE OR PRINCIPAL OF SUCH PARTY, OR ANY OTHER PARTY). WITHOUT IN ANY MANNER LIMITING THE GENERALITY OF THE FOREGOING, BUYER ACKNOWLEDGES THAT, EXCEPT FOR THE “SELLER’S REPRESENTATIONS” (AS DEFINED IN THIS AGREEMENT), AND ANY EXPRESS REPRESENTATIONS OF SELLERS SET FORTH IN THE DOCUMENTS EXECUTED AND DELIVERED BY SELLERS AT CLOSING AS DESCRIBED IN SECTION 13(a) (COLLECTIVELY, THE “EXPRESS REPRESENTATIONS”), BUYER AND BUYER’S REPRESENTATIVES WILL BE AFFORDED AN ADEQUATE OPPORTUNITY TO INSPECT, SUBJECT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT, THE BOOKS AND RECORDS OF THE ACQUIRED COMPANIES, THE PROPERTY, THE LEASES AND THE CONTRACTS, WILL BE PROVIDED, SUBJECT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT, WITH AN ADEQUATE OPPORTUNITY TO BECOME FULLY FAMILIAR WITH THE FINANCIAL AND PHYSICAL (INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL) CONDITION OF THE PROPERTY AND THE CONDITION OF THE ACQUIRED COMPANIES AND FEE OWNERS, AND THAT, AS A RESULT OF SUCH INSPECTIONS AND INVESTIGATIONS, THE MEMBERSHIP INTERESTS, THE ACQUIRED COMPANIES, THE FEE OWNERS, THE PROPERTY, THE LEASES, THE CONTRACTS, AND PERSONAL PROPERTY, IF ANY, WILL BE PURCHASED BY BUYER IN AN “AS IS” AND “WHERE IS” CONDITION (SUBJECT TO FURTHER WORK OR MODIFICATIONS PERMITTED TO BE PERFORMED PRIOR TO CLOSING PER THE TERMS OF THIS AGREEMENT) AND, SUBJECT TO THE EXPRESS REPRESENTATIONS, WITH ALL EXISTING DEFECTS (PATENT AND LATENT) AND NOT IN RELIANCE ON ANY AGREEMENT, UNDERSTANDING, CONDITION, WARRANTY (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE) OR REPRESENTATION MADE BY SELLERS, ANY SELLER PARTY OR ANY OTHER PARTY (EXCEPT FOR THE EXPRESS REPRESENTATIONS) AS TO THE FINANCIAL OR PHYSICAL (INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL) CONDITION OF THE FOREGOING, OR AS TO ANY OTHER MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, AS TO ANY PERMITTED USE THEREOF, THE ZONING CLASSIFICATION THEREOF OR COMPLIANCE THEREOF WITH FEDERAL, STATE OR LOCAL LAWS, THE ACTUAL OR PROJECTED INCOME OR EXPENSE ARISING FROM OWNING OR OPERATING THE PROPERTY, OR AS TO ANY OTHER MATTER IN CONNECTION THEREWITH. BUYER ACKNOWLEDGES THAT, EXCEPT FOR THE EXPRESS REPRESENTATIONS, NEITHER SELLERS NOR ANY AGENT, EMPLOYEE OR PRINCIPAL OF SELLER, NOR ANY OTHER PARTY ACTING ON BEHALF OF SELLERS HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY SUCH AGREEMENT, CONDITION, REPRESENTATION OR WARRANTY EITHER EXPRESSED OR IMPLIED. THIS SECTION SHALL SURVIVE CLOSING INDEFINITELY AND SHALL BE DEEMED INCORPORATED BY REFERENCE AND MADE A PART OF ALL DOCUMENTS DELIVERED BY SELLERS TO BUYER IN CONNECTION WITH THE CLOSING.

 

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(b)    CHANGE OF CONDITIONS. IN THE EVENT CLOSING OCCURS HEREUNDER, BUYER SHALL ACCEPT THE MEMBERSHIP INTERESTS, ACQUIRED COMPANIES, AND PROPERTY AT THE TIME OF CLOSING IN THE SAME CONDITION AS THE SAME ARE AS OF THE EFFECTIVE DATE, AS SUCH CONDITION SHALL HAVE CHANGED BY REASON OF (i) CHANGES OR MODIFICATIONS PERMITTED OR APPROVED BY THE TERMS OF THIS AGREEMENT, (ii) REASONABLE WEAR AND TEAR AND (iii) SUBJECT TO SECTION 16 HEREOF, DAMAGE BY FIRE OR OTHER CASUALTY. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, BUYER SPECIFICALLY ACKNOWLEDGES THAT, EXCEPT AS PROVIDED IN SECTION 16, THE FACT THAT ANY PORTION OF THE PROPERTY OR ANY EQUIPMENT OR MACHINERY THEREIN OR ANY PART THEREOF MAY NOT BE IN WORKING ORDER OR CONDITION AT THE CLOSING DATE BY REASON OF WEAR AND TEAR OR DAMAGE BY FIRE OR OTHER CASUALTY, OR BY REASON OF ITS PRESENT CONDITION, SHALL NOT RELIEVE BUYER OF ITS OBLIGATION TO COMPLETE CLOSING UNDER THIS AGREEMENT AND PAY THE FULL PURCHASE PRICE. EXCEPT AS PROVIDED IN SECTION 16 OR SUBSECTIONS (c) AND (e) BELOW OR AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, SELLERS HAVE NO OBLIGATION TO MAKE ANY REPAIRS OR REPLACEMENTS REQUIRED BY REASON OF WEAR AND TEAR OR FIRE OR OTHER CASUALTY, BUT MAY, AT THEIR OPTION AND THEIR COST, MAKE ANY SUCH REPAIRS AND REPLACEMENTS PRIOR TO THE CLOSING DATE.

 

(c)    Condition of Delivery/Repairs. To the extent that the Tenants have the obligation to maintain, repair and/or restore their respective leased premises under their Leases, Buyer agrees to look solely to the Tenants to perform such maintenance and repairs and restoration, Sellers shall not be obligated to perform any such maintenance, repairs or restoration to the Real Property between the Effective Date and the Closing and Buyer shall accept the Real Property in its “as-is” condition as of the Closing. To the extent of Sellers’ maintenance and repair obligations under the Leases, between the Effective Date and the Closing Date, Sellers shall perform all customary ordinary repairs to the Property as Sellers have customarily previously performed in the ordinary course of business of Sellers to maintain the Property in substantially the same condition as they are as of the Effective Date, as said condition shall be changed by (i) changes or modifications permitted or allowed by the terms of the Leases, (ii) changes or modifications permitted or approved by the terms of this Agreement, (iii) reasonable wear and tear, or (iv) damage by fire or other casualty, subject however to the provisions of Section 16 hereof. Without limiting the generality of the foregoing, Sellers shall have no obligation to make any structural or extraordinary repairs or capital improvements between the Effective Date and the Closing Date.

 

(d)    Pre-Closing Notice Covenants. Provided this Agreement has not been terminated, if after the Effective Date but prior to the Closing Date, Sellers shall (i) receive written notice of any Litigation instituted against any Seller, Acquired Company, or Fee Owner and affecting the Property or any particular Parcel, or (ii) receive written notice from any governmental authority or third party of any violations of any Environmental Requirements affecting the Property or any particular Parcel, then Sellers shall deliver to Buyer a copy of any notice issued or received by Sellers within five (5) Business Days of delivery or receipt by Sellers of any such notice. Provided this Agreement has not been terminated, if after the Effective Date but prior to the Closing Date, Sellers shall receive formal written notices from a governmental authorities or agencies of any violation of laws which would be Seller’s obligation to cure under the applicable Lease with respect to any Parcel, then Sellers shall use commercially reasonable efforts to deliver to Buyer a copy of any such notices within five (5) Business Days of receipt of same by Sellers.

 

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(e)    RELEASE.

 

(i)    WITHOUT LIMITING THE PROVISIONS OF SUBSECTION (a) ABOVE AND NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OTHER THAN THE EXPRESS REPRESENTATIONS, BUYER HEREBY RELEASES SELLERS, AND SELLER’S PARENTS, AFFILIATES AND SUBSIDIARY ENTITIES AND ALL OF THEIR RESPECTIVE MEMBERS, OFFICERS, DIRECTORS, SHAREHOLDERS, TRUSTEES, PARTNERS, EMPLOYEES, MANAGERS, ATTORNEYS, REPRESENTATIVES AND AGENTS FROM ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTIONS, LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEY’S FEES WHETHER THE SUIT IS INSTITUTED OR NOT) WHETHER KNOWN OR UNKNOWN, LIQUIDATED OR CONTINGENT (HEREINAFTER COLLECTIVELY CALLED THE “CLAIMS”) ARISING FROM OR RELATING TO (i) ANY DEFECTS (PATENT OR LATENT), ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION OF THE REAL PROPERTY, WHETHER THE SAME ARE THE RESULT OF NEGLIGENCE OR OTHERWISE, (ii) ANY PROVISIONS OF THE LEASES, (iii) ANY OTHER CONDITIONS, INCLUDING ENVIRONMENTAL AND OTHER PHYSICAL CONDITIONS, AFFECTING THE PROPERTY WHETHER THE SAME ARE A RESULT OF NEGLIGENCE OR OTHERWISE, AND (iv) SOLELY TO THE EXTENT ARISING FROM AND AFTER THE CLOSING DATE, ANY LIABILITIES, CLAIMS OR CONDITIONS OCCURRING WITH RESPECT TO THE ACQUIRED COMPANIES. THE RELEASE SET FORTH IN THIS SUBSECTION SPECIFICALLY INCLUDES, WITHOUT LIMITATION, ANY CLAIMS UNDER ANY ENVIRONMENTAL REQUIREMENTS OF THE UNITED STATES, THE STATE IN WHICH THE REAL PROPERTY IS LOCATED OR ANY POLITICAL SUBDIVISION THEREOF OR UNDER THE AMERICANS WITH DISABILITIES ACT OF 1990, AS ANY OF THOSE LAWS MAY BE AMENDED FROM TIME TO TIME AND ANY REGULATIONS, ORDERS, RULES OF PROCEDURES OR GUIDELINES PROMULGATED IN CONNECTION WITH SUCH LAWS, REGARDLESS OF WHETHER THEY ARE IN EXISTENCE ON THE EFFECTIVE DATE, AND ANY LOSSES, LIABILITIES OR CLAIMS OF ANY TYPE ARISING FROM AND AFTER THE CLOSING DATE. BUYER ACKNOWLEDGES THAT BUYER HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF BUYER’S SELECTION AND BUYER IS GRANTING THIS RELEASE OF ITS OWN VOLITION AND AFTER CONSULTATION WITH BUYER’S COUNSEL. BUYER EXPRESSLY WAIVES ITS RIGHTS GRANTED UNDER ANY PROVISION OF LAW THAT PROVIDES THAT A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT BUYER DOES NOT KNOW OR SUSPECT TO EXIST IN ITS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY IT MUST HAVE MATERIALLY AFFECTED ITS AGREEMENT TO RELEASE SELLERS. IN ORDER TO CONFIRM SUCH WAIVER, BUYER HAS INITIALED THIS SUBSECTION IN THE SPACE PROVIDED BELOW.

 

	Buyer’s Initials:	/s/ DS	 

 

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(ii)    SELLERS AGREE THAT THEY DO NOT HAVE AND WILL NOT HAVE ANY CLAIMS AGAINST ANY BUYER PARTIES (OTHER THAN BUYER) ARISING OUT OF OR IN CONNECTION SUBJECT TO THE TERMS OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. SUBJECT TO THE TERMS OF THIS AGREEMENT, SELLERS AGREE TO LOOK SOLELY TO BUYER AND ITS ASSETS FOR THE SATISFACTION OF ANY LIABILITY OR OBLIGATION ARISING UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR FOR THE PERFORMANCE OF ANY OF THE COVENANTS, WARRANTIES OR OTHER AGREEMENTS CONTAINED HEREIN, AND FURTHER AGREE NOT TO SUE OR OTHERWISE SEEK TO ENFORCE ANY PERSONAL OBLIGATION AGAINST ANY OF BUYER PARTIES (OTHER THAN BUYER AS PROVIDED HEREIN) WITH RESPECT TO ANY MATTERS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. WITHOUT LIMITING THE GENERALITY OF THE PROVISIONS OF THIS SECTION 21(e)(ii), SELLERS HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY AND ALL CLAIMS AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER THEY MAY NOW OR HEREAFTER HAVE AGAINST THE BUYER PARTIES (OTHER THAN BUYER AS PROVIDED HEREIN), AND HEREBY UNCONDITIONALLY AND IRREVOCABLY RELEASE AND DISCHARGE THE BUYER PARTIES (OTHER THAN BUYER AS PROVIDED HEREIN) FROM ANY AND ALL LIABILITY WHATSOEVER WHICH MAY NOW OR HEREAFTER ACCRUE IN FAVOR SELLERS AGAINST THE BUYER PARTIES (OTHER THAN BUYER AS PROVIDED HEREIN), IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. IN ORDER TO CONFIRM SUCH WAIVER, SELLERS HAVE INITIALED THIS SUBSECTION IN THE SPACE PROVIDED BELOW.

 

	Seller’s Initials:	/s/ DB	 
	 	/s/ DB	 
	 	/s/ DB	 
	 	/s/ MS	 

 

(iii)    BUYER AGREES THAT IT DOES NOT HAVE AND WILL NOT HAVE ANY CLAIMS AGAINST ANY SELLER PARTIES (OTHER THAN SELLER) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. SUBJECT TO THE TERMS OF THIS AGREEMENT, BUYER AGREES TO LOOK SOLELY TO SELLERS AND THEIR ASSETS FOR THE SATISFACTION OF ANY LIABILITY OR OBLIGATION ARISING UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR FOR THE PERFORMANCE OF ANY OF THE COVENANTS, WARRANTIES OR OTHER AGREEMENTS CONTAINED HEREIN, AND FURTHER AGREE NOT TO SUE OR OTHERWISE SEEK TO ENFORCE ANY PERSONAL OBLIGATION AGAINST ANY OF SELLER PARTIES (OTHER THAN SELLERS AS PROVIDED HEREIN) WITH RESPECT TO ANY MATTERS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. WITHOUT LIMITING THE GENERALITY OF THE PROVISIONS OF THIS SECTION 21(e)(iii), BUYER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY AND ALL CLAIMS AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER IT MAY NOW OR HEREAFTER HAVE AGAINST SELLER PARTIES (OTHER THAN SELLERS AS PROVIDED HEREIN), AND HEREBY UNCONDITIONALLY AND IRREVOCABLY RELEASES AND DISCHARGES SELLER PARTIES (OTHER THAN SELLERS AS PROVIDED HEREIN) FROM ANY AND ALL LIABILITY WHATSOEVER WHICH MAY NOW OR HEREAFTER ACCRUE IN FAVOR BUYER AGAINST SELLER PARTIES (OTHER THAN SELLERS AS PROVIDED HEREIN), IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. IN ORDER TO CONFIRM SUCH WAIVER, BUYER HAS INITIALED THIS SUBSECTION IN THE SPACE PROVIDED BELOW.

 

	Buyer’s Initials:	/s/ DS	 

 

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22.    Survival of Provisions; Indemnification.

 

(a)    Acceptance by Buyer at Closing of the Assignment and Assumption of Membership Interests shall constitute an acknowledgment by Buyer of full performance by Sellers of all of Sellers’ obligations under this Agreement, except for the Express Representations and the obligations of Sellers that are expressly stated herein to survive Closing.

 

(b)    Notwithstanding any provision to the contrary set forth in this Agreement (except as provided in this Section 22(b)), Sellers’ Express Representations shall survive Closing under this Agreement for a period of six (6) months following the Closing (the “Survival Period”); provided that the representations and warranties set forth in Sections 10(a)(i), 10(a)(ii), 10(a)(iii), 10(a)(iv) and 10(a)(v)(a) (collectively, the “Fundamental Representations”) shall survive indefinitely.

 

(c)    Following the Closing, subject to the other provisions of this Section 22, Sellers shall indemnify and hold Buyer and Buyer Parties harmless from and against any and all actual out of pocket costs, losses, liabilities, fees, expenses, damages, deficiencies, interest and penalties (including, without limitation, reasonable attorneys’ fees and disbursements, but excluding any consequential (including lost profits), punitive, special or speculative damages (collectively, “Losses”), actually incurred by Buyer and any such Buyer Party to the extent resulting from (i) any breach of any of Seller’s Express Representations, (ii) any breach of any covenant of Sellers contained in this Agreement or in any document executed and delivered by Sellers at the Closing, in each case solely to the extent such covenant is expressly provided herein to survive the Closing, (iii) any Unresolved Litigation, and (iv) any Excluded Parcel, and the liabilities related to any Excluded Parcel.

 

(d)    Following the Closing, Buyer shall indemnify and hold Sellers and Seller Parties harmless from and against any and all actual Losses actually incurred by Sellers and any such Seller Party to the extent resulting from (i) any breach of any representations or warranties by Buyer hereunder or in any of the documents executed and delivered by Buyer at Closing and (ii) any breach of any covenant of Buyer contained in this Agreement or in any document delivered by Buyer at Closing solely to the extent such covenant is expressly provided herein to survive the Closing.

 

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(e)    Sellers’ liability under this Agreement or any of the documents executed and delivered by Sellers at the Closing pursuant hereto shall be subject to the following limitations:

 

(i)    If Buyer has actual knowledge that any of the Express Representations are breached prior to the Closing Date and proceeds to close hereunder, Buyer shall be deemed to have waived such breach of Express Representation and any right or remedy by reason of such breach to the extent Buyer had actual knowledge of such breach prior to Closing. In addition, if Buyer issues a Continuation Notice during the Inspection Period pursuant to Section 19(e), Buyer shall be deemed to have waived any right or remedy (including, without limitation, any right under this Agreement to terminate this Agreement) by reason of any breach of the Express Representations to the extent Buyer had knowledge of such breach prior to the expiration of the Inspection Period. If Buyer shall notify Sellers of any breach of any representation prior to the Closing (other than a breach of representation or warranty deemed waived by Buyer during the Inspection Period pursuant to the immediately preceding sentence) and, subject to the terms and conditions set forth in this Agreement, exercises its right to terminate this Agreement by virtue thereof, Sellers shall have the right to extend the Closing to attempt to cure such breach as provided in (and subject to the limitations set forth in) Section 12(d) hereof. In the event of any termination by Buyer pursuant to this Section, then upon the return of the Deposit (including the Non-Refundable Deposit to the extent refundable hereunder) as provided for in this Agreement, this Agreement shall be and become null and void, neither party shall have any further rights or obligations hereunder (except for the obligations of Buyer and Sellers that expressly survive termination as set forth in this Agreement, which shall survive the cancellation of this Agreement) and all executed counterparts of this Agreement shall be returned to Sellers. “Buyer has actual knowledge” (or words of similar import), as used in this Agreement, shall mean that, as of Closing, Buyer is deemed to know all items and matters disclosed, on or before a date which is at least seven (7) days prior to the Closing Date or a later date to the extent set forth in or attached to a Representation Notice, in (a) the rent rolls and delinquency reports provided or made available to Buyer, (b) the surveys, the Existing Title Policies, the Title Commitments and exhibits thereto (or any subsequent update of such items received by Buyer prior to Closing), (c) the Reports and any third party reports procured by or at the direction of Buyer (including any Phase I environmental report and any property condition report), (d) this Agreement and all schedules and exhibits attached to this Agreement and any updates thereto delivered to Buyer, and (e) all Diligence Materials and any and all other agreements, documents, instruments, analyses, correspondence, reports, and exhibits and schedules thereto delivered or provided to Buyer or any Buyer Parties by Sellers, any Seller Parties or Sellers’ counsel by email or posted to the Diligence Room, in each case, at least seven (7) days prior to the Closing Date or a later date to the extent set forth in or attached to a Representation Notice.

 

(ii)    Sellers shall have no liability on account of any such breach or default unless Buyer shall have given to Sellers written notice (“Warranty Notice”) describing such breach or default with reasonable specificity within the Survival Period, and shall have given to Sellers an opportunity to cure any such breach or default within thirty (30) days after Buyer’s Warranty Notice.

 

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(iii)    No claim shall be actionable or payable unless the valid claims for all such breaches under this Agreement and the Companion Contract, collectively, aggregate more than ONE HUNDRED SEVENTY-FIVE THOUSAND AND NO/DOLLARS ($175,000.00) (the “Deductible”) in which event the amount of such claims in excess of the Deductible shall be actionable. In no event shall the aggregate liability of Sellers and the Companion Contract Seller to Buyer under this Agreement, the Companion Contract Buyer under the Companion Contract and under all documents executed and delivered by Sellers at the Closing pursuant hereto and by Companion Contract Seller pursuant to the Companion Contract exceed, in the aggregate, ONE AND SEVENTY-FIVE HUNDREDTHS OF ONE PERCENT (1.75%) of the sum of the Purchase Price, plus the “Purchase Price” under the Companion Contract (the “Liability Cap”); provided, however, that (A) the Deductible and Liability Cap shall not apply to (x) any claims in connection with a breach of any Fundamental Representation, (y) Seller’s indemnification obligations pursuant to Section 20 hereof, or (z) subject to Section 27(a), reasonable, out-of-pocket, third party costs and expenses (including reasonable attorneys’ fees) actually incurred by Buyer in the enforcement of Buyer’s rights set forth in Section 22(c), and (B) in no event shall the aggregate liability of Sellers (and the Companion Contract Seller) to Buyer under this Agreement, the Companion Contract Buyer under the Companion Contract and all documents executed and delivered by Sellers at the Closing pursuant hereto and by Companion Contract Seller pursuant to the Companion Contract in connection with a breach of any Fundamental Representation hereunder or of any “Fundamental Representation” under the Companion Contract exceed, in the aggregate, the sum of the Purchase Price hereunder plus the “Purchase Price” under the Companion Contract (the “FR Liability Cap”). Sellers’ liability shall be limited to actual damages to the extent actually caused by Sellers’ breach, and in no event shall any Seller or any Seller Party be liable for any consequential (including lost profits), punitive, special or speculative damages under this Agreement. Any amounts paid by Companion Contract Seller toward the “Deductible”, the “Liability Cap” and/or the “FR Liability Cap” under the Companion Contract shall be deemed to reduce, on a dollar for dollar basis, the Deductible, the Liability Cap and the FR Liability Cap hereunder.

 

(iv)    Following delivery of a Warranty Notice, the parties shall proceed for a period of thirty (30) days after Sellers’ receipt of the Warranty Notice to attempt to resolve and settle Buyer’s claim pursuant to such Warranty Notice, and if the parties are unable to resolve and settle such claim within such thirty (30) day period, then any litigation with respect to any Sellers’ Express Representations must be commenced within thirty (30) days after the date of the Warranty Notice (herein the “Warranty Claim Period”), and if not commenced within the Warranty Claim Period, then Buyer shall be deemed to have waived its claims for such breach or default. Any proceeding or litigation based upon a claim of fraud or similar theory shall be subject to Buyer similarly giving Sellers a Warranty Notice as provided above and an action commenced by Buyer within the Warranty Claim Period and, if appropriate proceedings are not commenced within such time period, Buyer shall be deemed to have waived any such claim.

 

(f)    All indemnification payments shall be treated as adjustments to the Purchase Price for U.S. federal, state and local income Tax purposes.

 

(g)    For the avoidance of doubt, any references to “fraud claims” in this Agreement does not include, and no claim may be made by any person in relation to this Agreement or the transactions contemplated hereby for constructive fraud or other claims based on constructive knowledge, negligence, or similar theories.

 

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(h)    Holdback Escrow Account. For the purpose of securing Sellers’ obligations pursuant to this Agreement and Companion Contract Sellers pursuant to the Companion Contract, including with respect to Sellers’ Representations and Companion Contract Sellers’ Representations thereunder, and without limiting Sellers’ obligations hereunder or Companion Contract Sellers’ obligations under the Companion Contract, at the Closing, Buyer shall deliver to the Escrow Holder by wire transfer of immediately available funds to a non-interest-bearing account administered by the Escrow Holder the amount of ONE AND SEVENTY-FIVE HUNDREDTHS OF ONE PERCENT (1.75%) of the sun of the Purchase Price and the “Purchase Price” under the Companion Contract (the “Holdback Escrow Amount”), such Holdback Escrow Amount to be held in escrow until the expiration of the Survival Period and disbursed in accordance with the Holdback Escrow Agreement.

 

(i)    Survival. The provisions of this Section 22 shall survive Closing.

 

23.    Miscellaneous.

 

(a)    Captions or Headings; Interpretation. The captions or headings of the Sections and Subsections of this Agreement are for convenience only, and shall not control or affect the meaning or construction of any of the terms or provisions of this Agreement. Wherever in this Agreement the singular number is used, the same shall include the plural and vice versa and the masculine gender shall include the feminine gender and vice versa as the context shall require.

 

(b)    Entire Agreement; Binding Effect. This Agreement constitutes the entire agreement between the parties with respect to the sale of the Property, supersedes all other writings and communications between the parties and there are no other representations, warranties or agreements, written or oral, between Sellers and Buyer relating to the transactions contemplated herein. The parties acknowledge and affirm that they did not rely on any statement, oral or written, not contained in this Agreement in making their respective decisions to enter into this Agreement. Subject to the provisions of Section 18, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, representatives, successors and permitted assigns.

 

(c)    Amendments and Waivers. No change, alteration, amendment, modification or waiver of any of the terms or provisions of this Agreement shall be valid, unless the same shall be in writing and signed by Buyer and Sellers.

 

(d)    Counterparts; Electronic Signatures. This Agreement may be executed in multiple counterparts each of which shall be deemed an original but together shall constitute one agreement. This Agreement may be executed electronically, including by DocuSign or other electronic means, and may be transmitted by electronic mail or facsimile transmission. Signatures made electronically and/or transmitted by electronic mail or facsimile transmission shall be binding as though they were originals.

 

(f)    Applicable Law. This Agreement shall be governed and construed according to the laws of the State of Delaware.

 

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(g)    Right to Waive Conditions. Either party may waive any of the terms and conditions of this Agreement made for its benefit provided such waiver is in writing and signed by the party waiving such term or condition.

 

(h)    Partial Invalidity. If any term, covenant, condition or provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable, in whole or in part, at any time or to any extent, the remainder of this Agreement, or the applicable enforceable portion of such term or provision, shall not be affected thereby, unless such invalidity or unenforceability materially frustrates the intent of the parties as set forth herein. Each term, covenant, condition and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

 

(i)    Confidentiality. Sellers and Buyer agree to treat all information received with respect to the Property or the other party, whether such information is obtained from Sellers or from Buyer’s own due diligence investigations, in a confidential manner, except to the extent such information is in the public domain or readily available to the public. Sellers and Buyer shall not disclose any such information to any third parties, other than such disclosure to such party’s counsel, consultants, accountants, lenders, investors, separate accounts and funds and advisers, in each case, as may be required in connection with the transactions contemplated hereby (such disclosure to be made expressly subject to this confidentiality requirement) and any such disclosure that is required by law but only to the extent so required by law. The foregoing shall not apply to Buyer following Closing in respect of information with respect to the Property. Sellers and Buyer agree to keep this Agreement confidential and not make any public announcements, press releases or disclosures with respect to the subject matter of this Agreement prior to Closing without the written consent of the other party; provided, however, that Buyer or any of its Affiliates may make disclosures of this Agreement and information regarding the same to the extent required by applicable law, including Securities and Exchange Commission rules and regulations, without any consent from Sellers. Notwithstanding anything to the contrary set forth herein, Buyer may only make disclosures with respect to the subject matter of this Agreement, the information regarding the same or any confidential information to the extent required by law after Buyer provides Sellers with prompt written notice of such request(s) and at least four (4) days written notice prior to such disclosure so that Sellers may seek an appropriate protective order and/or waive compliance by such person or entity with the provisions of this Agreement; provided, however, Buyer will not be required to withhold such disclosure for such four (4) day period to the extent such disclosure is required prior thereto by law.

 

(j)    Agreement Not To Be Recorded. This Agreement shall not be filed of record by or on behalf of Buyer in any office or place of public record. If Buyer fails to comply with the terms hereof by recording or attempting to record this Agreement or a notice thereof, such act shall not operate to bind or cloud the title to the Property. Sellers shall, nevertheless, have the right forthwith to institute appropriate legal proceedings to have the same removed from record. If Buyer shall cause or permit this Agreement or a copy thereof to be filed in an office or place of public record, Seller, at its option, and in addition to Seller’s other rights and remedies, may treat such act as a material default of this Agreement on the part of Buyer entitling Sellers to retain the Deposit. However, the filing of this Agreement in any lawsuit or other proceedings between the parties in which such document is relevant or material shall not be deemed to be a violation of this Section. Notwithstanding anything else in this Agreement, Buyer or its Affiliates may file this Agreement in any office or place of public record to the extent required by law, including Securities and Exchange Commission rules and regulations, and the Sellers shall not have the right to institute proceedings to remove the same from record and such filing will not be treated as a default, material or otherwise, under this Agreement.

 

65

 

 

(k)    Further Assurances. Sellers and Buyer each agree to take such further steps, and deliver such further documents, as are reasonably necessary in order to implement the transactions contemplated hereby, including the execution and delivery of supplemental escrow instructions to the extent reasonably requested by the Escrow Holder. Notwithstanding the foregoing, neither party shall have any obligation to take and such steps or execute or deliver any such further documents if the same would be inconsistent in any material respect with the rights and obligations of the parties contemplated by this Agreement.

 

24.    Sophistication of the Parties. Each party hereto hereby acknowledges and agrees that it is experienced in the consummation of transactions of the type governed by this Agreement, that it has consulted legal counsel in connection with the negotiation of this Agreement and that it has bargaining power equal to that of the other parties hereto in connection with the negotiation and execution of this Agreement. Accordingly, the parties hereto agree the rule of contract construction to the effect that an agreement shall be construed against the draftsman shall have no application in the construction or interpretation of this Agreement.

 

25.    Limited Liability. The obligations of Sellers under this Agreement or directly or indirectly arising out of this Agreement shall be limited solely to Sellers’ collective interest in the Membership Interests and the Property, and neither Buyer nor anyone else claiming by or through Buyer shall have any claim against any other asset of Seller, any of Seller Parties or any other person. The provisions of this Section 25 are in addition to, and not in substitution of, any other limitations on the liability of Sellers set forth in this Agreement.

 

26.    Joint and Several Obligations. If Buyer consists of more than one person or entity, each such person and entity shall have joint and several liability for the obligations of Buyer hereunder.

 

27.    Enforcement.

 

(a)    If either party hereto fails to perform any of its obligations under this Agreement or if a dispute arises between the parties hereto concerning the meaning or interpretation of any provision of this Agreement, then the defaulting party or the party not prevailing in such dispute shall pay any and all costs and expenses incurred by the other party on account of such default and/or in enforcing or establishing its rights hereunder, including, without limitation, court costs and reasonable attorneys’ fees and disbursements. Any such attorneys’ fees and other expenses incurred by either party in enforcing a judgment in its favor under this Agreement shall be recoverable separately from and in addition to any other amount included in such judgment, and such attorneys’ fees obligation is intended to be severable form the other provisions of this Agreement and to survive and not be merged into any such judgment.

 

66

 

 

(b)    Each of the Indemnified Parties shall be deemed intended third-party beneficiaries of those provisions of this Agreement and all agreements delivered pursuant to this Agreement which may provide that Buyer shall release and/or indemnify Sellers and/or other Indemnified Parties against any obligation set forth herein. Each of the Indemnified Parties may enforce such provisions directly against Buyer. The provisions of Section 25, Section 24, and Section 26 shall similarly inure to the benefit of each of the Indemnified Parties.

 

28.    Force Majeure. In the event Buyer is subject to any delays in performing its due diligence as a result of any of the following causes: acts of God, accident, riots, war, terrorist act, epidemic, pandemic, quarantine, civil commotion, breakdown of communication facilities, natural catastrophes, governmental acts or omissions, changes in laws, rules, or regulations at the local, state, or federal level limiting or prohibiting travel, national strikes, fire, or explosion, then so long as Buyer, within three (3) days after learning of such delay(s), provides written notice to Sellers detailing the cause of the delay and the amount of days for which Buyer is delayed, then the Inspection Period and Closing Outside Date each shall be extended on a day for basis for each day of the delay.

 

29.    Schedules and Exhibits. This Exhibits identified on the List of Exhibits on the Table of Contents annexed hereto (or otherwise referenced in this Agreement) are a material part of this Agreement and are incorporated in this Agreement by reference.

 

30.    Rule 3.14 Audit. For a period of one hundred twenty (120) days following the Closing Date, Sellers agree to provide to Buyer and Buyer’s accountants existing non-confidential and non-proprietary accounting and financial materials relating to Seller’s operation of the Property reasonably requested by Buyer for the purpose of preparing a property-level Statement of Revenues and Certain Expenses (“Rule 3-14 Financials”) as required by Rule 3-14 of Securities and Exchange Commission Regulation S-X and sufficient to support an audit opinion by an independent accounting firm with respect to the Rule 3-14 Financials. As a material inducement for Sellers to agree to the foregoing provision, the parties acknowledge and agree that: (i) all costs incurred in connection with such audit shall be borne exclusively by Buyer, (ii) such books and records may only be utilized by Buyer for informational purposes and shall not be admissible in any litigation against Sellers nor shall Buyer have any claim against Sellers with respect to any information contained in such books and records, (iii) Sellers shall not be required to make any representations or warranties with respect to the information contained in such books and records, nor shall such information in any way increase the scope of the express representations of Sellers contained in this Agreement nor in any way expand the limitation of liability contained this Agreement, and (iv) Buyer hereby releases Sellers from any claim, cause of action or demand relating to the information contained in such books and records. All such audit activities shall be conducted at Seller's place of business (or such other location reasonably designated by Seller), in a commercially reasonably fashion during normal business hours and upon ten (10) business days prior written notice from Buyer to Sellers. Sellers are only required to produce documents in Sellers' actual possession and Sellers shall not be required to prepare or compile any materials. Buyer agrees to indemnify, defend and hold harmless Seller, Seller’s affiliates, and their respective legal representatives, successors and assigns from any and all losses, damages, expenses, fees (including, without limitation, reasonable attorneys’ fees), court costs, suits, judgments, liability, claims and demands whatsoever in law or in equity, incurred or suffered by Seller, Seller’s affiliates, or their respective legal representatives, successors and assigns or any of them resulting from Buyer’s use of any information that has been furnished by Sellers to Buyer in accordance with this Section 30 in any filing with the Securities and Exchange Commission (including the incorporation by reference of any such filing in any other filing). The provisions of this Section 30 shall survive Closing.

 

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31.    Companion Contract. Concurrently herewith, Buyer or an Affiliate of Buyer (the “Companion Contract Buyer”) is entering into that certain Agreement for Purchase and Sale with the Companion Contract Seller (the “Companion Contract”), pursuant to which the Companion Contract Seller has agreed to sell, transfer and assign to Buyer, and Buyer has agreed to acquire, accept and assume from the Companion Contract Seller, the properties set forth on Exhibit H (the “Companion Contract Properties”). The obligations of Sellers and Buyer to proceed to Closing under this Agreement shall also be subject to the condition that the closings of the purchase and sale of the Companion Contract Properties under the Companion Contract is being consummated simultaneously with the Closing hereunder in accordance with the terms of the Companion Contract as set forth in Section 12(a)(x) and Section 12(b)(viii). The termination of the Companion Contract prior to Closing (including, without limitation, prior to the expiration of the “Inspection Period” (as defined in the Companion Contract) thereunder) shall automatically operate as a termination of this Agreement without any further action of any of the parties hereto, whereupon this Agreement shall be null and void and of no further force and effect (except for those matters which expressly survive such termination). Except as expressly set forth herein with respect to Excluded Properties or in the Companion Contract with respect to “Excluded Properties” (as defined in the Companion Contract), none of Sellers, Companion Contract Seller nor Buyer shall have the right to “cherry pick” or exclude any one or more of the sites comprising the Property or the Companion Contract Properties and/or the membership interests comprising the Membership Interests.

 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto, intending legally to be bound hereby, have executed this Agreement for Purchase and Sale of Membership Interests as of the date first above written.

 

	 	SELLERS:	 
	 	 	 	 
	 	TAC P FIN II JV, LLC, a Delaware limited

			liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Dror Bezalel	 
	 	Name:	Dror Bezalel	 
	 	Title:	Authorized Signatory	 
	 	 	 	 
	 	 	 	 
	 	TAC P FIN VII JV, LLC, a Delaware limited

			liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Dror Bezalel	 
	 	Name:	Dror Bezalel	 
	 	Title:	Authorized Signatory	 
	 	 	 	 
	 	 	 	 
	 	TAC P FIN V JV, LLC, a Delaware limited

			liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Dror Bezalel	 
	 	Name:	Dror Bezalel	 
	 	Title:	Authorized Signatory	 
	 	 	 	 
	 	 	 	 
	 	P FIN VI JV, LLC, a Delaware limited

			liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Merek Shoob   	 
	 	Name:	Merek Shoob	 
	 	Title:	Managing Member	 
	 	 	 	 
	 
	
			[Signatures continued on following page]

			

 

 

Signature Page to MIPA

 

 

 

	 	BUYER:	 
	 	 	 	 
	 	VineBrook Homes Operating Partnership, L.P	 
	 	a Delaware limited partnership	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Dana Sprong	 
	 	 	 	 
	 	Name:	Dana Sprong	 
	 	Title:	Authorized Signatory	 
	 	 	 	 
	 	 	 

 

 

Signature Page to MIPA

 

 

 

AGREEMENT OF ESCROW HOLDER

 

 

The undersigned, WESTCOR LAND TITLE INSURANCE COMPANY, INC., whose address is as set forth in Section 2(a) of the Agreement, hereby agrees to act as the “Escrow Holder” under and in accordance with the terms of the above Agreement.*

 

	 	WESTCOR LAND TITLE INSURANCE

			COMPANY, INC.
	 	 
	 	By:	/s/ Anthony Spangler
	 	 	 
	 	Name:	Anthony Spangler
	 	 	 
	 	Title:	Senior Vice President

 

*Westcor Land Title Insurance Company reserves the right to collaborate with a licensed title agent and/or attorney to assist with its duties hereunder so as to remain compliant with applicable state laws. 

 

Signature Page to

Agreement of Purchase and Sale

of Membership Interests

 

 

 

EXHIBIT A

FEE OWNERS AND PROPERTIES

 

 

 

 

 

 

 

 

EXHIBIT B

LIST OF ASSUMED LOAN DOCUMENTS

 

 

 

 

 

 

 

 

EXHIBIT C

LIST OF EXISTING LEASES

 

 

 

 

 

 

 

 

EXHIBIT D

LIST OF EXISTING LOANS

 

 

 

 

 

 

 

 

EXHIBIT E

LIST OF ASSUMED LOANS

 

 

 

 

 

 

 

 

EXHIBIT F

FORM OF ESCROW AGREEMENT

 

 

 

 

 

 

 

 

EXHIBIT G

ALLOCATION OF PURCHASE PRICE

 

 

 

 

 

 

 

 

EXHIBIT H

COMPANION CONTRACT PROPERTIES

 

 

 

 

 

 

 

 

EXHIBIT I

REQUIRED CONSENTS

 

 

 

 

 

 

 

 

EXHIBIT J

LIST OF PENDING LITIGATION

 

 

 

 

 

 

 

 

EXHIBIT K

LIST OF TENANT CHARGE ARREARAGES

 

 

 

 

 

 

 

 

EXHIBIT L

RENT ROLL

 

 

 

 

 

 

 

 

EXHIBIT M-1

LIST OF EXISTING CONTRACTS

 

 

 

 

 

 

 

 

EXHIBIT M-2

LIST OF MANAGEMENT AGREEMENTS

 

 

 

 

 

 

 

 

EXHIBIT N

EXISTING TITLE POLICY CLAIMS

 

 

 

 

 

 

 

 

EXHIBIT O

CONSTRUCTION PROJECTS

 

 

 

 

 

 

 

 

EXHIBIT P

LIST OF INSURANCE POLICIES

 

 

 

 

 

 

 

 

EXHIBIT Q

LIST OF INDEBTEDNESS

 

 

 

 

 

 

 

EXHIBIT R

LIST OF OUTSTANDING HOA FEES AND HAP PAYMENTS

 

 

 

 

 

 

 

 

EXHIBIT S

LIST OF PARCELS SUBJECT TO AN HOA

 

 

 

 

 

 

 

 

EXHIBIT T

FORM OF ASSIGNMENT OF MEMBERSHIP INTERESTS

 

 

 

 

 

 

 

 

EXHIBIT U

FORM OF ESCROW HOLDBACK AGREEMENT

 

 

 

 

 

 

 

 

EXHIBIT V

FIRPTA CERTIFICATION

 

 

 

 

 

 

 

 

EXHIBIT W

ENVIRONMENTAL MATTERS

 

 

 

 

 

 

 

 

EXHIBIT X

STORM DAMAGED PARCELS

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