Document:

exv10w7

 Exhibit 10.7

PROMISSORY NOTE

			
	 	 	 
	 
	 	March 16, 2011
	 	 	 
	$150,000
	 	Hopkinton, Massachusetts

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc.. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $100,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

 

 

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral, and to the addition or release of any other party
or person primarily or secondarily liable.

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

	 	 	 	 	 
	 	Alseres Pharmaceuticals, Inc.

 	 
	 	By:  	/s/ Kenneth L. Rice Jr
 	 
	 	 	Title: EVP & CFOexv4w1

Exhibit 4.1

LINN ENERGY, LLC

AND

LINN ENERGY FINANCE CORP.

AND

THE GUARANTORS NAMED HEREIN

AND

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

SECOND SUPPLEMENTAL INDENTURE

Dated as of March 16, 2011

to

Indenture

Dated as of May 18, 2009

11.75% Senior Notes due 2017

 

 

     THIS SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 16,
2011, is by and among Linn Energy, LLC, a Delaware limited liability company (the “Company”), Linn
Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Company, the
“Issuers”), the Guarantors (as defined in the Indenture referred to herein), and U.S. Bank National
Association, as trustee (the “Trustee”).

     WHEREAS, the Issuers, the Guarantors and the Trustee are parties to that certain Indenture
dated as of May 18, 2009 (the “Original Indenture”), relating to the Company’s 11.75% Senior Notes
due 2017 (the “Notes”), and the Original Indenture has been amended and supplemented by the First
Supplemental Indenture thereto (the Original Indenture, as so amended and supplemented, being
referred to herein as the “Indenture”);

     WHEREAS, $162,500,000 aggregate principal amount of Notes are currently outstanding;

     WHEREAS, Section 9.02 of the Indenture provides that, with the consent of the Holders of a
majority in principal amount of the Notes then outstanding (including, without limitation, consents
obtained in connection with a tender offer for Notes), the Issuers, the Guarantors and the Trustee
may enter into an indenture supplemental to the Indenture for the purpose of amending or
supplementing the Indenture or the Notes (subject to certain exceptions);

     WHEREAS, the Issuers desire and have requested the Trustee to join with them and the
Guarantors in entering into this Supplemental Indenture for the purpose of amending the Indenture
and the Notes in certain respects as permitted by Section 9.02 of the Indenture;

     WHEREAS, the Company has been soliciting consents to this Supplemental Indenture upon the
terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation
Statement dated February 28, 2011 and the related Consent and Letter of Transmittal (which
together, including any amendments, modifications or supplements thereto, constitute the “Tender
Offer”);

     WHEREAS, (1) the Company has received the consent of the Holders of a majority in principal
amount of the outstanding Notes, all as certified by an Officers’ Certificate delivered to the
Trustee simultaneously with the execution and delivery of this Supplemental Indenture, (2) the
Company has delivered to the Trustee simultaneously with the execution and delivery of this
Supplemental Indenture an Officer’s Certificate and Opinion of Counsel relating to this
Supplemental Indenture as contemplated by Section 9.06 of the Indenture and (3) the Issuers and the
Guarantors have satisfied all other conditions required under Article 9 of the Indenture to enable
the Issuers, the Guarantors and the Trustee to enter into this Supplemental Indenture.

     NOW, THEREFORE, in consideration of the above premises, each party hereby agrees, for the
benefit of the others and for the equal and ratable benefit of the Holders of the Notes, as
follows:

ARTICLE I

AMENDMENTS TO INDENTURE AND NOTES

     Section 1.1 Amendments to Articles 3, 4, 5 and 6. The Indenture is hereby amended by
deleting the following provisions of the Indenture and all references and definitions related
thereto in their entirety:

     Section 3.09 (Offer to Purchase by Application of Excess Proceeds);

     Section 4.03 (Reports), except as required by Section 314(a) of the TIA;

     Section 4.04(b) (Compliance Certificate);

     Section 4.05 (Taxes);

     Section 4.06 (Stay, Extension and Usury Laws);

     Section 4.07 (Limitation on Restricted Payments);

     Section 4.08 (Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries);

     Section 4.09 (Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock);

     Section 4.10 (Limitation on Asset Sales);

     Section 4.11 (Limitation on Transactions with Affiliates);

     Section 4.12 (Limitation on Liens);

     Section 4.13 (Additional Subsidiary Guarantees);

2

 

     Section 4.15 (Offer to Repurchase Upon Change of Control);

     Section 4.16 (No Partial Inducements);

     Section 4.17 (Limitation on Finance Corp. Activities);

     Section 4.18 (Designation of Restricted and Unrestricted Subsidiaries);

	 	 	Section 5.01(c) and (d) (Merger, Consolidation, or Sale of Assets); and

     Section 6.01(f) and (g) (Events of Default).

     Section 1.2 Amendments to Notes. The Notes are hereby amended to delete all
provisions inconsistent with the amendments to the Indenture effected by this Supplemental
Indenture.

ARTICLE II

MISCELLANEOUS PROVISIONS

     Section 2.1 Defined Terms. For all purposes of this Supplemental Indenture, except as
otherwise defined or unless the context otherwise requires, terms used in capitalized form in this
Supplemental Indenture and defined in the Indenture have the meanings specified in the Indenture.

     Section 2.2 Indenture. Except as amended hereby, the Indenture and the Notes are in
all respects ratified and confirmed and all the terms shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby
and all terms and conditions of both shall be read together as though they constitute a single
instrument, except that in the case of conflict the provisions of this Supplemental Indenture shall
control.

     Section 2.3 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Section 2.4 Successors. All agreements of the Issuers and the Guarantors in this
Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the
Trustee in this Supplemental Indenture shall bind its successors.

     Section 2.5 Duplicate Originals. All parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together shall
represent the same agreement. It is the express intent of the parties to be bound by the exchange
of signatures on this Supplemental Indenture via telecopy or other form of electronic transmission.

     Section 2.6 Severability. In case any one or more of the provisions in this
Supplemental Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any
respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions shall not in any way be affected or impaired thereby,
it being intended that all of the provisions hereof shall be enforceable to the full extent
permitted by law.

     Section 2.7 Trustee Disclaimer. The Trustee accepts the amendments of the Indenture
effected by this Supplemental Indenture and agrees to execute the trust created by the Indenture as
hereby amended, but on the terms and conditions set forth in the Indenture, including the terms and
provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms
and provisions shall in like manner define and limit its liabilities and responsibilities in the
performance of the trust created by the Indenture as hereby amended, and without limiting the
generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or
with respect to any of the recitals or statements contained herein, all of which recitals or
statements are made solely by the Issuers and the Guarantors, and the Trustee makes no
representation with respect to any such matters. Additionally, the Trustee makes no
representations as to the validity or sufficiency of this Supplemental Indenture.

     Section 2.8 Effectiveness. The provisions of this Supplemental Indenture shall be
effective only upon execution and delivery of this instrument by the parties hereto.

3

 

     Section 2.9 Endorsement and Change of Form of Notes. Any Notes authenticated and
delivered after the close of business on the date that this Supplemental Indenture becomes
operative in substitution for Notes then outstanding and all Notes presented or delivered to the
Trustee on and after that date for such purpose shall be stamped, imprinted or otherwise legended
by the Company, with a notation as follows:

“Effective as of March 16, 2011, certain restrictive covenants of the Company and certain Events of
Default have been eliminated or limited, as provided in the Second Supplemental Indenture, dated as
of March 16, 2011. Reference is hereby made to such Second Supplemental Indenture, copies of which
are on file with the Trustee, for a description of the amendments made therein.”

     Section 2.10 Effect of Headings. The Section headings herein are for convenience only
and shall not affect the construction thereof.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

4

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year written above.

	 	 	 	 	 
	 	

Issuers:

LINN ENERGY, LLC

 	 
	 	By:  	/s/
KOLJA ROCKOV	 
	 	 	Name:  	Kolja Rockov	 
	 	 	Title:  	Executive Vice President and 

Chief Financial Officer	 
	 
	 	LINN ENERGY FINANCE CORP.

 	 
	 	By:  	/s/
KOLJA ROCKOV	 
	 	 	Name:  	Kolja Rockov	 
	 	 	Title:  	Executive Vice President and 

Chief Financial Officer	 
	 

Signature Page to Second Supplemental Indenture

 

 

	 	 	 	 	 
	 	

Guarantors:

LINN OPERATING, INC.

LINN ENERGY HOLDINGS, LLC

MID-CONTINENT HOLDINGS I, LLC

MID-CONTINENT HOLDINGS II, LLC

MID-CONTINENT I, LLC

LINN GAS MARKETING, LLC

MID-CONTINENT II, LLC

LINN EXPLORATION MID-CONTINENT, LLC

LINN EXPLORATION & PRODUCTION MICHIGAN MIDSTREAM LLC

LINN EXPLORATION & PRODUCTION MICHIGAN LLC

LINN GAS PROCESSING MI LLC

LINN MIDWEST ENERGY LLC

 	 
	 	By:  	/s/
KOLJA ROCKOV	 
	 	 	Name:  	Kolja Rockov	 
	 	 	Title:  	Executive Vice President and 

Chief Financial Officer	 
	 

Signature Page to Second Supplemental Indenture

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/
STEVEN FINKLEA	 
	 	 	Name:  	Steven Finklea	 
	 	 	Title:  	Vice President	 
	 

Signature Page to Second Supplemental Indenture

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]