Document:

Exhibit 10.5

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $1,100,000.00	September 6, 2019

 

TKK Symphony Acquisition
Corporation, a Cayman Islands exempted company (“Maker”), promises to pay to the order of TKK Symphony Sponsor
1, a Cayman Islands exempted company, or its registered assigns or successors in interest or order (“Payee”),
the principal sum of up to One Million One Hundred Thousand Dollars ($1,100,000.00) in lawful money of the United States of America,
on the terms and conditions described below. 

 

All payments on this
Note (unless the full principal is converted pursuant to Section 15 below) shall be made by check or wire transfer of immediately
available funds to such account as Payee may from time to time designate by written notice in accordance with the provisions of
this Note.

 

	 	1.	Repayment. The principal balance of this Note shall be payable on the earliest to occur of (i) the date on which Maker consummates its initial business combination and (ii) the date that the winding up of Maker is effective (such date, the “Maturity Date”). The principal balance may be prepaid at any time, at the election of Maker.

 

	 	2.	Interest. This Note shall be non-interest bearing.

 

	 	3.	Drawdown Requests. Payee, in its sole and absolute discretion, may fund up to One Million One Hundred Thousand Dollars ($1,100,000.00) for costs reasonably related to Maker’s consummation of an initial business combination. The principal of this Note may be drawn down from time to time until the date on which Maker consummates its initial business combination, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must be in multiples of not less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee, in its sole discretion, shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note shall not exceed Two Hundred Fifty Thousand Dollars ($250,000.00). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. Except as set forth herein, no fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

	 	4.	Application of Payments. All payments received by Payee pursuant to this Note shall be applied first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, and then to the reduction of the unpaid principal balance of this Note.

 

		5.	Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required
Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity
Date.

  

(b) Voluntary Bankruptcy, Etc.
The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other
similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing.

 

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(c) Involuntary Bankruptcy, Etc.
The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or
liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.

 

	 	6.	Remedies.

 

(a) Upon the occurrence of an
Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately
and payable, whereupon the unpaid principal amount of this Note and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence of an
Event of Default specified in Sections 5(b) and 5(c) hereof, the unpaid principal balance of this Note and all other amounts payable
hereunder, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

	 	7.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real or personal property that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

	 	8.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

	 	9.	Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

	 	10.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

  

	 	11.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

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	 	12.	Trust Waiver.  Notwithstanding anything herein to the contrary, Payee hereby waives any claim in or to any distribution of or from the trust account (the “Trust Account”) established in connection with Maker’s initial public offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any claim against the Trust Account for any reason whatsoever; provided, however, that upon the consummation of the initial business combination, Maker shall repay the principal balance of this Note out of the proceeds released to Maker from the Trust Account.

 

	 	13.	Amendment; Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.

 

	 	14.	Assignment.  No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void; provided, however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms of this Note.

 

	 	15.	Conversion.

 

(a) Notwithstanding anything
contained in this Note to the contrary, at Payee’s option, at any time prior to payment in full of the principal balance
of this Note, Payee may elect to convert up to One Million Dollars ($1,000,000) of the unpaid principal balance of this Note into
that number of warrants, each warrant exercisable for one half of one ordinary share of the Maker upon the consummation of an initial
business combination (the “Conversion Warrants”), equal to: (x) the portion of the principal amount
of this Note being converted pursuant to this Section 15, divided by (y) $0.50, rounded up to the nearest whole number of warrants.
The Conversion Warrants shall be identical to the warrants issued by the Maker to the Payee in a private placement upon consummation
of the IPO. The Conversion Warrants and their underlying securities, and any other equity security of Maker issued or issuable
with respect to the foregoing by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization,
amalgamation, consolidation or reorganization, shall be entitled to the registration rights set forth in Section 16 hereof.

 

(b) Upon any conversion of the
principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become
fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which
Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly deliver a new duly executed Note
to Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for all or any
portion of the surrendered Note, Maker shall, at the direction of Payee, deliver to Payee (or its members or their respective affiliates)
(Payee or such other persons, the “Holders”) the Conversion Warrants, which shall bear such legends as are required,
in the opinion of counsel to Maker or by any other agreement between Maker and Payee and applicable state and federal securities
laws.

 

(c) The Holders shall pay any
and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon conversion
of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting from
any transfer requested by the Holders in connection with any such conversion.

 

(d) The Conversion Warrants shall
not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions of law.

 

	 	16.	Registration Rights.

 

(a) Reference is made to that
certain Registration Rights Agreement between Maker and the parties thereto, dated as of August 15, 2018 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 16 shall have the same meanings ascribed to them in the
Registration Rights Agreement.

 

(b) The Holders shall be entitled
to one Demand Registration, which shall be subject to the same provisions as set forth in Section 2.1 of the Registration Rights
Agreement.

 

(c) The Holders shall also be
entitled to include the Conversion Warrants and their underlying securities in Piggy-back Registrations, which shall be subject
to the same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that
an underwriter advises Maker that the Maximum Number of Shares has been exceeded with respect to a Piggy-back Registration, the
Holders shall not have any priority for inclusion in such Piggy-back Registration.

 

(d) Except as set forth above,
the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration Rights
Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	TKK SYMPHONY ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Sing Wang
	 	 	Name: Sing Wang
	 	 	Title:  Chairman and Chief Executive Officer

 

 

4exhibit41and42musal2019i

                                                       Exhibit 4.1 and 4.2                                                                          MURPHY OIL USA, INC.              AND EACH OF THE GUARANTORS PARTY HERETO                          4.750% Senior Notes Due 2029                                                                         INDENTURE                          Dated as of September 13, 2019                                                                      UMB BANK, N.A.                      as Trustee, Registrar and Paying Agent              [[DMS:5220981v13:09/13/2019--09:02 AM]]  

 

                                  CROSS-REFERENCE TABLE       TIA                                                                   Indenture   Section                                                                 Section  310(a)(1)         .......................................................................................  7.10      (a)(2)        .......................................................................................  7.10      (a)(3)        .......................................................................................  N.A.      (a)(4)        .......................................................................................  N.A.      (a)(5)        .......................................................................................  7.10      (b)           .......................................................................................  7.08; 7.10      (c)           .......................................................................................  N.A.  311(a)            .......................................................................................  7.11      (b)           .......................................................................................  7.11      (c)           .......................................................................................  N.A.  312(a)            .......................................................................................  2.05      (b)           .......................................................................................  11.03      (c)           .......................................................................................  11.03  313(a)            .......................................................................................  7.06      (b)(1)        .......................................................................................  7.06      (b)(2)        .......................................................................................  7.06        (c)         .......................................................................................  11.02      (d)           .......................................................................................  7.06  314(a)            .......................................................................................  4.02; 4.12      (b)           .......................................................................................  N.A.      (c)(1)        .......................................................................................  11.04      (c)(2)        .......................................................................................  11.04      (c)(3)        .......................................................................................  N.A.      (d)           .......................................................................................  N.A.      (e)           .......................................................................................  11.05      (f)           .......................................................................................  N.A.  315(a)            .......................................................................................  7.01      (b)           .......................................................................................  7.05      (c)           .......................................................................................  7.01      (d)           .......................................................................................  7.01      (e)           .......................................................................................  6.11  316(a) (last      .......................................................................................  11.06  sentence)      (a)(1)(A)     .......................................................................................  6.05      (a)(1)(B)     .......................................................................................  6.04      (a)(2)        .......................................................................................  N.A.      (b)           .......................................................................................  6.07        (c)         .......................................................................................  9.04  317(a)(1)         .......................................................................................  6.08      (a)(2)        .......................................................................................  6.09      (b)           .......................................................................................  2.04  318(a)            .......................................................................................  11.01      (b)           .......................................................................................  N.A.      (c)           .......................................................................................  11.01                                                                                                             N.A. means Not Applicable.                   Note:            This Cross-Reference Table shall not, for any purpose, be deemed to be                                     part of  this Indenture.        [[DMS:5220981v13:09/13/2019--09:02 AM]]  

 

                                                                       i                            TABLE OF CONTENTS                                                                       Page                                   Article 1                                                          Definitions and Incorporation by Reference   SECTION 1.01.     Definitions........................................................................................1  SECTION 1.02.     Other Definitions ...........................................................................35  SECTION 1.03.     Incorporation by Reference of Trust Indenture Act .......................35  SECTION 1.04.     Rules of Construction ....................................................................36                                   Article 2                                                                      The Securities   SECTION 2.01.     Form and Dating ............................................................................37  SECTION 2.02.     Execution and Authentication ........................................................37  SECTION 2.03.     Registrar and Paying Agent ...........................................................38  SECTION 2.04.     Paying Agent To Hold Money in Trust .........................................38  SECTION 2.05.     Securityholder Lists .......................................................................38  SECTION 2.06.     Transfer and Exchange ..................................................................38  SECTION 2.07.     Replacement Securities ..................................................................39  SECTION 2.08.     Outstanding Securities ...................................................................39  SECTION 2.09.     Temporary Securities .....................................................................39  SECTION 2.10.     Cancellation ...................................................................................39  SECTION 2.11.     Defaulted Interest ...........................................................................40  SECTION 2.12.     CUSIP Numbers, ISINs, etc...........................................................40  SECTION 2.13.     Issuance of Additional Securities...................................................40                                   Article 3                                                                       Redemption   SECTION 3.01.     Notices to Trustee ..........................................................................41  SECTION 3.02.     Selection of Securities to Be Redeemed ........................................41  SECTION 3.03.     Notice of Redemption ....................................................................41  SECTION 3.04.     Effect of Notice of Redemption .....................................................43  SECTION 3.05.     Deposit of Redemption Price .........................................................43  SECTION 3.06.     Securities Redeemed in Part ..........................................................43                                   Article 4                                                                       Covenants   SECTION 4.01.     Payment of Securities ....................................................................43  SECTION 4.02.     SEC Reports ...................................................................................43     [[DMS:5220981v13:09/13/2019--09:02 AM]]  

 

                                                                       ii    SECTION 4.03.     Limitation on Indebtedness ............................................................44   SECTION 4.04.     Limitation on Restricted Payments ................................................49  SECTION 4.05.     Limitation on Restrictions on Distributions from Restricted                    Subsidiaries ....................................................................................53  SECTION 4.06.     Limitation on Sales of Assets and Subsidiary Stock .....................55  SECTION 4.07.     Limitation on Affiliate Transactions ..............................................59   SECTION 4.08.     Change of Control ..........................................................................60   SECTION 4.09.     Limitation on Liens ........................................................................62   SECTION 4.10.     Future Subsidiary Guarantors ........................................................63   SECTION 4.11.     Suspension of Covenants ...............................................................63   SECTION 4.12.     Compliance Certificate ..................................................................64                                    Article 5                                                                     Successor Company    SECTION 5.01.     When Company May Merge or Transfer Assets ...........................64                                    Article 6                                                                    Defaults and Remedies    SECTION 6.01.     Events of Default ...........................................................................67   SECTION 6.02.     Acceleration ...................................................................................70   SECTION 6.03.     Other Remedies ..............................................................................70   SECTION 6.04.     Waiver of Past Defaults .................................................................71   SECTION 6.05.     Control by Majority .......................................................................71   SECTION 6.06.     Limitation on Suits .........................................................................71   SECTION 6.07.     Rights of Holders to Receive Payment ..........................................72   SECTION 6.08.     Collection Suit by Trustee .............................................................72   SECTION 6.09.     Trustee May File Proofs of Claim .................................................72   SECTION 6.10.     Priorities .........................................................................................72   SECTION 6.11.     Undertaking for Costs ....................................................................73   SECTION 6.12.     Waiver of Stay or Extension Laws ................................................73                                    Article 7                                                                           Trustee    SECTION 7.01.     Duties of Trustee ............................................................................73   SECTION 7.02.     Rights of Trustee ............................................................................74   SECTION 7.03.     Individual Rights of Trustee ..........................................................75   SECTION 7.04.     Trustee’s Disclaimer ......................................................................75   SECTION 7.05.     Notice of Defaults ..........................................................................76   SECTION 7.06.     Reports by Trustee to Holders .......................................................76   SECTION 7.07.     Compensation and Indemnity ........................................................76   SECTION 7.08.     Replacement of Trustee .................................................................77  

 

                                                                       iii    SECTION 7.09.     Successor Trustee by Merger .........................................................78   SECTION 7.10.     Eligibility; Disqualification ...........................................................78   SECTION 7.11.     Preferential Collection of Claims Against Company .....................78                                    Article 8                                                               Discharge of Indenture; Defeasance    SECTION 8.01.     Discharge of Liability on Securities; Defeasance ..........................78   SECTION 8.02.     Conditions to Defeasance ..............................................................79   SECTION 8.03.     Application of Trust Money ...........................................................80   SECTION 8.04.     Repayment to Company .................................................................81   SECTION 8.05.     Indemnity for Government Obligations .........................................81   SECTION 8.06.     Reinstatement .................................................................................81                                    Article 9                                                                        Amendments    SECTION 9.01.     Without Consent of Holders ..........................................................81   SECTION 9.02.     With Consent of Holders ...............................................................82   SECTION 9.03.     Compliance with Trust Indenture Act ............................................83   SECTION 9.04.     Revocation and Effect of Consents and Waivers ...........................83   SECTION 9.05.     Notation on or Exchange of Securities ..........................................84   SECTION 9.06.     Trustee To Sign Amendments .......................................................84   SECTION 9.07.     Payment for Consent ......................................................................84                                   Article 10                                                                         Guarantees    SECTION 10.01.    Guarantees......................................................................................84   SECTION 10.02.    Limitation on Liability ...................................................................86  SECTION 10.03.    Successors and Assigns..................................................................86  SECTION 10.04.    No Waiver ......................................................................................87  SECTION 10.05.    Modification ...................................................................................87  SECTION 10.06.    Release of Subsidiary Guarantor ...................................................87  SECTION 10.07.    Contribution ...................................................................................87                                   Article 11                                                                       Miscellaneous   SECTION 11.01.    Trust Indenture Act Controls .........................................................88  SECTION 11.02.    Notices ...........................................................................................88  SECTION 11.03.    Communication by Holders with Other Holders ...........................89  SECTION 11.04.    Certificate and Opinion as to Conditions Precedent ......................89  SECTION 11.05.    Statements Required in Certificate or Opinion ..............................89  

 

                                                                       iv    SECTION 11.06.    When Securities Disregarded .........................................................90   SECTION 11.07.    Rules by Trustee, Paying Agent and Registrar ..............................90   SECTION 11.08.    Legal Holidays ...............................................................................90   SECTION 11.09.    Governing Law ..............................................................................90   SECTION 11.10.    No Recourse Against Others ..........................................................90   SECTION 11.11.    Successors ......................................................................................90   SECTION 11.12.    Multiple Originals ..........................................................................90  SECTION 11.13.    Table of Contents; Headings ..........................................................91   SECTION 11.14.    Waiver of Jury Trial .......................................................................91   SECTION 11.15.    Force Majeure ................................................................................91   SECTION 11.16.    U.S.A. Patriot Act ..........................................................................91          Appendix A –   Provisions Relating to the Securities    Exhibit A –    Form of Initial Security  

 

                 INDENTURE dated as of September 13, 2019, among MURPHY OIL   USA, INC., a Delaware corporation (the “Company”), MURPHY USA INC., a Delaware   corporation (“Holdings”), each SUBSIDIARY GUARANTOR from time to time a party   hereto and UMB BANK, N.A., a national banking association, as trustee (the “Trustee”).                Each party agrees as follows for the benefit of the other parties and for the   equal and ratable benefit of the Holders of the Initial Securities and the Additional   Securities (collectively, the “Securities”):                                       Article 1                                                            Definitions and Incorporation by Reference                SECTION 1.01.     Definitions.                “2027 Notes” means the Company’s $300,000,000 aggregate principal   amount of 5.625% Senior Notes due 2027 issued on April 25, 2017.                 “Additional Assets” means:                (1)   any property, plant or equipment used in a Related Business;                (2)   the Capital Stock of a Person that becomes a Restricted Subsidiary                     as a result of the acquisition of such Capital Stock by Holdings, the                     Company or another Restricted Subsidiary; or                (3)   Capital Stock constituting a minority interest in any Person that at                     such time is a Restricted Subsidiary;    provided, however, that any such Restricted Subsidiary described in clause (2) or (3)   above is primarily engaged in a Related Business.                 “Additional Securities” means Securities issued under this Indenture after   the Issue Date and in compliance with Section 2.13 and 4.03, it being understood that any   Securities issued in exchange for or replacement of any Initial Security issued on the   Issue Date shall not be an Additional Security.                “Adjusted Treasury Rate” means, with respect to any redemption date,   (i) the yield, under the heading which represents the average for the immediately   preceding week, appearing in the most recently published statistical release designated   “H.15(519)” or any successor publication which is published weekly by the Board of  Governors of the Federal Reserve System and which establishes yields on actively traded  United States Treasury securities adjusted to constant maturity under the caption   “Treasury Constant Maturities”, for the maturity corresponding to the Comparable   Treasury Issue (if no maturity is within three (3) months before or after September 15,   2024, yields for the two published maturities most closely corresponding to the       [[DMS:5220981v13:09/13/2019--09:02 AM]]  

 

                                                                        2    Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be   interpolated or extrapolated from such yields on a straight line basis, rounding to the   nearest month) or (ii) if such release (or any successor release) is not published during the   week preceding the calculation date or does not contain such yields, the rate per year   equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue   (expressed as a percentage of its principal amount) equal to the Comparable Treasury   Price for such redemption date, in each case calculated on the third Business Day   immediately preceding the redemption date, plus 0.50%.                 “Affiliate” of any specified Person means any other Person, directly or   indirectly, controlling or controlled by or under direct or indirect common control with   such specified Person.  For the purposes of this definition, “control” when used with  respect to any Person means the power to direct the management and policies of such  Person, directly or indirectly, whether through the ownership of voting securities, by  contract or otherwise; and the terms “controlling” and “controlled” have meanings  correlative to the foregoing.  For purposes of Section 4.04, 4.06 and 4.07 only, “Affiliate”  shall also mean any beneficial owner of Capital Stock representing 10% or more of the  total voting power of the Voting Stock (on a fully diluted basis) of Holdings or of rights  or warrants to purchase such Capital Stock (whether or not currently exercisable) and any  Person who would be an Affiliate of any such beneficial owner pursuant to the first  sentence hereof.                “Applicable Premium” means with respect to a Security at any redemption   date the excess of (if any) (A) the present value at such redemption date of (1) the   redemption price of such Security on September 15, 2024 (such redemption price being   described in the second paragraph of Section 5 of the Securities, exclusive of any accrued   interest) plus (2) all required remaining scheduled interest payments due on such Security   through September 15, 2024 (but excluding accrued and unpaid interest to the redemption   date), computed using a discount rate equal to the Adjusted Treasury Rate, over (B) the   principal amount of such Security on such redemption date.                “Asset Disposition” means any sale, lease, transfer or other disposition (or   series of related sales, leases, transfers or dispositions) by Holdings, the Company or any   Restricted Subsidiary, including any disposition by means of a merger, consolidation or   similar transaction (each referred to for the purposes of this definition as a “disposition”),   of:                (1)   any shares of Capital Stock of the Company or a Restricted         Subsidiary (other than directors’ qualifying shares or shares required by        applicable law to be held by a Person other than Holdings, the Company or a        Restricted Subsidiary);               (2)   all or substantially all the assets of any division or line of business        of Holdings, the Company or any Restricted Subsidiary; or  

 

                                                                        3                (3)   any other assets of Holdings, the Company or any Restricted         Subsidiary outside of the ordinary course of business of Holdings, the Company         or such Restricted Subsidiary    other than, in the case of clauses (1), (2) and (3) above, (A) a disposition by (x) a   Restricted Subsidiary or the Company to Holdings, (y) a Restricted Subsidiary or   Holdings to the Company or (z) a Restricted Subsidiary, the Company or Holdings to a   Restricted Subsidiary, (B) for purposes of Section 4.06 only, (i) a disposition that  constitutes a Restricted Payment (or would constitute a Restricted Payment but for the  exclusions from the definition thereof) and that is not prohibited by Section 4.04 and (ii)  a disposition of all or substantially all the assets of Holdings in accordance with  Section 5.01, (C) a disposition of assets with a Fair Market Value of less than  $10,000,000; provided, however, that for purposes of this clause (C), Fair Market Value   may be determined by any Officer authorized by Holdings to do so, (D) a disposition of   cash or Temporary Cash Investments, (E) the granting, creation or perfection of a Lien   not prohibited by Section 4.09 (but not the sale or other disposition of the property   subject to such Lien), (F) the disposition of products, services, inventory, equipment, real   property and accounts receivable or other assets in the ordinary course of business,   including in connection with the compromise, settlement or collection thereof, (G) sales   in the ordinary course of business of immaterial assets, (H) the disposition of damaged,   obsolete, worn out, uneconomical or surplus property, equipment or assets, (I) licenses   and sublicenses by Holdings, the Company or any Restricted Subsidiary of software or   intellectual property in the ordinary course of business, (J) any surrender or waiver of   contract rights or the settlement, release, recovery one or surrender of contract, tort or   other claims of any kind, (K) transfers of property subject to casualty or condemnation   proceedings, (L) the voluntary termination of Hedging Obligations, (M) the trade or   exchange by Holdings, the Company or any Restricted Subsidiary of any asset for any   other asset or assets; provided that the Fair Market Value of the asset or assets received   by Holdings, the Company or such Restricted Subsidiary in such trade or exchange   (including any cash or Temporary Cash Investments) is reasonably equivalent to the Fair   Market Value of the asset or assets disposed of by Holdings, the Company or such   Restricted Subsidiary pursuant to such trade or exchange; provided further, that if any   cash or Temporary Cash Investments are used in such trade or exchange to achieve an   exchange of equivalent value, that the amount of such cash and/or Temporary Cash   Investments shall be deemed proceeds of an “Asset Disposition”, (N) any disposition in   connection with a Sale/Leaseback Transaction permitted under Section 4.03 and 4.09 or   (O) any disposition of the Ethanol Assets or any disposition of shares of Capital Stock of   the Ethanol Subsidiary; provided that the Ethanol Subsidiary owns no assets other than   the Ethanol Assets.                “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as   at the time of determination, the present value (discounted at a rate implicit in such   transaction, compounded annually) of the total obligations of the lessee for rental   payments (other than amounts required to be paid on account of property taxes,   maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other   items that do not constitute payments for property rights) during the remaining term of   the lease included in such Sale/Leaseback Transaction (including any period for which  

 

                                                                       4   such lease has been extended); provided, however, that if such Sale/Leaseback  Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented  thereby will be determined in accordance with the definition of “Capital Lease  Obligation”.               “Average Life” means, as of the date of determination, with respect to any  Indebtedness, the quotient obtained by dividing (1) the sum of the products of the  numbers of years from the date of determination to the dates of each successive  scheduled principal payment of or redemption or similar payment with respect to such  Indebtedness multiplied by the amount of such payment by (2) the sum of all such  payments.               “Board of Directors” means the board of directors of Holdings or any  committee thereof duly authorized to act on behalf of such board.               “Business Day” means each day which is not a Legal Holiday.               “Capital Lease Obligation” means an obligation that is required to be  classified and accounted for as a capital lease for financial reporting purposes in  accordance with GAAP, and the amount of Indebtedness represented by such obligation  shall be the capitalized amount of such obligation determined in accordance with GAAP;  and the Stated Maturity thereof shall be the date of the last payment of rent or any other  amount due under such lease prior to the first date upon which such lease may be  terminated by the lessee without payment of a penalty.  For purposes of Section 4.09, a  Capital Lease Obligation shall be deemed to be secured by a Lien on the property being  leased.               “Capital Stock” of any Person means any and all shares, interests  (including partnership interests), rights to purchase, warrants, options, participations or  other equivalents of or interests in (however designated) equity of such Person, including  any Preferred Stock, but excluding any debt securities convertible into such equity.               “Change of Control” means the occurrence of any of the following events:               (1)   any “person” (as such term is used in Sections 13(d)(3) of the        Exchange Act) is or 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 total voting power of the Voting Stock of Holdings; provided that the        consummation of any such transaction resulting in such person owning more than        50% of the total voting power of the Voting Stock of Holdings shall not be        considered a Change of Control if (a) Holdings becomes a direct or indirect       wholly-owned subsidiary of a holding company and (b) immediately following        such transaction, (x) the direct or indirect holders of the Voting Stock of the        holding company are substantially the same as the holders of Holdings’ Voting       Stock immediately prior to such transaction or (y) no person is the beneficial       owner, directly or indirectly, of more than 50% of the Voting Stock of such       holding company;  

 

                                                                       5               (2)   the adoption by the Board of Directors of a plan relating to the        liquidation or dissolution of Holdings;               (3)   the merger or consolidation of Holdings with or into another        Person or the merger of another Person with or into Holdings, or the sale of all or        substantially all the assets of Holdings (determined on a consolidated basis) to        another Person other than a transaction following which (A) in the case of a        merger or consolidation transaction, holders of securities that represented 100%       of the Voting Stock of Holdings immediately prior to such transaction (or other       securities into which such securities are converted as part of such merger or       consolidation transaction) own directly or indirectly at least a majority of the       voting power of the Voting Stock of the surviving Person or any direct or indirect       parent company of the surviving Person in such merger or consolidation       transaction immediately after such transaction and (B) in the case of the sale of all        or substantially all the assets of Holdings, each transferee becomes an obligor or a        Guarantor in respect of the Securities; or               (4)   the Company ceases to be a Subsidiary of Holdings.               “Code” means the Internal Revenue Code of 1986, as amended.               “Company” means the party named as such in this Indenture until a  successor replaces it and, thereafter, means the successor and, for purposes of any  provision contained herein and required by the TIA, each other obligor on the indenture  securities.               “Comparable Treasury Issue” means the United States Treasury security  selected by the Quotation Agent as having a maturity comparable to the remaining term  of the Securities from the redemption date to September 15, 2024, that would be utilized,  at the time of selection and in accordance with customary financial practice, in pricing  new issues of corporate debt securities of a maturity most nearly equal to September 15,  2024.               “Comparable Treasury Price” means, with respect to any redemption date,  if clause (ii) of the Adjusted Treasury Rate is applicable, the average of three, or such  lesser number as is obtained by the Trustee, Reference Treasury Dealer Quotations for  such redemption date.               “Consolidated Coverage Ratio” as of any date of determination means the  ratio of               (1)   the aggregate amount of EBITDA for the period of the most recent        four (4) full consecutive fiscal quarters for which internal consolidated financial        statements of Holdings are available to                (2)   Consolidated Interest Expense for such four (4) fiscal quarters;   provided, however, that:  

 

                                                                  6          (A)   if Holdings, the Company or any Restricted Subsidiary has   Incurred any Indebtedness since the beginning of such period that remains   outstanding or if the transaction giving rise to the need to calculate the   Consolidated Coverage Ratio is an Incurrence of Indebtedness, or both, EBITDA   and Consolidated Interest Expense for such period shall be calculated after giving   effect on a pro forma basis to such Indebtedness as if such Indebtedness had been   Incurred on the first day of such period;          (B)   if Holdings, the Company or any Restricted Subsidiary has repaid,   repurchased, defeased or otherwise discharged any Indebtedness since the   beginning of such period or if any Indebtedness is to be repaid, repurchased,   defeased or otherwise discharged (in each case other than Indebtedness Incurred   under any revolving credit facility unless such Indebtedness has been permanently   repaid and has not been replaced) on the date of the transaction giving rise to the   need to calculate the Consolidated Coverage Ratio, EBITDA and Consolidated   Interest Expense for such period shall be calculated on a pro forma basis as if   such discharge had occurred on the first day of such period;          (C)   if since the beginning of such period Holdings, the Company or   any Restricted Subsidiary shall have made any Asset Disposition, EBITDA for   such period shall be reduced by an amount equal to EBITDA (if positive) directly   attributable to the assets which are the subject of such Asset Disposition for such   period, or increased by an amount equal to EBITDA (if negative), directly   attributable thereto for such period and Consolidated Interest Expense for such   period shall be reduced by an amount equal to the Consolidated Interest Expense   directly attributable to any Indebtedness of Holdings, the Company or any   Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with   respect to Holdings, the Company and the continuing Restricted Subsidiaries in   connection with such Asset Disposition for such period (or, if the Capital Stock of   any Restricted Subsidiary is sold, the Consolidated Interest Expense for such   period directly attributable to the Indebtedness of such Restricted Subsidiary to   the extent Holdings, the Company and the continuing Restricted Subsidiaries are  no longer liable for such Indebtedness after such sale);          (D)   if since the beginning of such period Holdings, the Company or   any Restricted Subsidiary (by merger or otherwise) shall have made an   Investment in the Company or any Restricted Subsidiary (or any Person which   becomes a Restricted Subsidiary) or an acquisition of assets, including any   acquisition of assets occurring in connection with a transaction requiring a   calculation to be made hereunder, which constitutes all or substantially all of an   operating unit of a business, EBITDA and Consolidated Interest Expense for such   period shall be calculated after giving pro forma effect thereto (including the   Incurrence of any Indebtedness) as if such Investment or acquisition had occurred   on the first day of such period; and  

 

                                                                        7                (E)   if since the beginning of such period any Person (that subsequently         became a Restricted Subsidiary or was merged with or into Holdings, the         Company or any Restricted Subsidiary since the beginning of such period) shall         have made any Asset Disposition, any Investment or acquisition of assets that         would have required an adjustment pursuant to clause (C) or (D) above if made by         Holdings, the Company or a Restricted Subsidiary during such period, EBITDA         and Consolidated Interest Expense for such period shall be calculated after giving         pro forma effect thereto as if such Asset Disposition, Investment or acquisition         had occurred on the first day of such period.    For purposes of this definition, (i) whenever pro forma effect is to be given to an   acquisition of assets, the amount of income or earnings relating thereto and the amount of   Consolidated Interest Expense associated with any Indebtedness Incurred in connection   therewith, the pro forma calculations shall be determined in good faith by a responsible   financial or accounting Officer of Holdings and (ii) whenever pro forma effect is to be   given to a transaction, the pro forma calculations may include cost savings and all other   operating expense reductions resulting from such transaction that have been realized or   are, in the good faith judgment of a responsible financial or accounting Officer of   Holdings, expected to be realized within twelve (12) months of such transaction.  If any   Indebtedness bears a floating rate of interest and is being given pro forma effect, the   interest on such Indebtedness shall be calculated as if the rate in effect on the date of   determination had been the applicable rate for the entire period (taking into account any   Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement   has a remaining term in excess of twelve (12) months).  If any Indebtedness is incurred  under a revolving credit facility and is being given pro forma effect, the interest on such   Indebtedness shall be calculated based on the average daily balance of such Indebtedness   for the four (4) fiscal quarters subject to the pro forma calculation.                “Consolidated Current Liabilities” of such Person as of the date of   determination means the aggregate amount of liabilities of such Person and its   consolidated Restricted Subsidiaries which may properly be classified as current   liabilities under GAAP (including taxes accrued as estimated), on a consolidated basis,   after eliminating:                (1)   all intercompany items between any of such Person and any         Restricted Subsidiary of such Person; and                 (2)   all current maturities of long-term Indebtedness, all as determined        in accordance with GAAP consistently applied.                “Consolidated Interest Expense” means, for any period, the total interest   expense of Holdings, the Company and the consolidated Restricted Subsidiaries (other   than non-cash interest expense attributable to convertible indebtedness under Accounting   Practices Bulletin 14-1 or any successor provision), plus, to the extent not included in   such total interest expense, and to the extent incurred by Holdings, the Company or the   Restricted Subsidiaries, without duplication,  

 

                                                                       8               (1)   interest expense attributable to Capital Lease Obligations, the        interest portion of rent expense associated with Attributable Debt in respect of the        relevant lease giving rise thereto, determined as if such lease were a capitalized        lease in accordance with GAAP, and the interest component of any deferred        payment obligations;               (2)   amortization of debt discount (including the amortization of        original issue discount resulting from the issuance of Indebtedness at less than        par) and debt issuance cost; provided, however, that any amortization of bond        premium shall be credited to reduce Consolidated Interest Expense unless,        pursuant to GAAP, such amortization of bond premium has otherwise reduced        Consolidated Interest Expense;               (3)   capitalized interest;               (4)   non-cash interest expense; provided, however, that any non-cash        interest expense or income attributable to the movement in the mark-to-market        valuation of Hedging Obligations or other derivative instruments pursuant to        GAAP shall be excluded from the calculation of Consolidated Interest Expense;               (5)   commissions, discounts and other fees and charges owed with        respect to letters of credit and bankers’ acceptance financing;               (6)   net payments pursuant to Hedging Obligations;               (7)   all dividends accrued in respect of all Disqualified Stock of        Holdings and all Preferred Stock of the Company or any Restricted Subsidiary, in        each case, held by Persons other than Holdings, the Company or a Restricted        Subsidiary (other than such dividends payable solely in Capital Stock (other than        Disqualified Stock) of Holdings);              (8)   interest accruing on any Indebtedness of any other Person to the       extent such Indebtedness is Guaranteed by (or secured by a Lien on the assets of)        Holdings, the Company or any Restricted Subsidiary; and               (9)   the cash contributions to any employee stock ownership plan or        similar trust to the extent such contributions are used by such plan or trust to pay        interest or fees to any Person (other than Holdings, the Company or a Restricted        Subsidiary) in connection with Indebtedness Incurred by such plan or trust.                “Consolidated Leverage Ratio” as of any date of determination means the  ratio of (1) the aggregate amount of Indebtedness of Holdings, the Company and the  Restricted Subsidiaries as of such date of determination to (2) EBITDA for the most  recent four (4) full consecutive fiscal quarters for which internal consolidated financial  statements of Holdings are available, in each case with such pro forma adjustments to  Indebtedness and EBITDA as are consistent with the pro forma adjustment provisions set  forth in the definition of Consolidated Coverage Ratio.  

 

                                                                       9               “Consolidated Net Income” means, for any period, the net income of  Holdings and its consolidated Subsidiaries; provided, however, that there shall not be  included in such Consolidated Net Income:               (1)   any net income of any Person (other than Holdings) if such Person        is not the Company or a Restricted Subsidiary, except that                      (A)   subject to the exclusion contained in clause (4) below,              Holdings’ equity in the net income of any such Person for such period              shall be included in such Consolidated Net Income up to the aggregate              amount of cash actually paid by such Person during such period to              Holdings, the Company or a Restricted Subsidiary as a dividend or other              distribution (subject, in the case of a dividend or other distribution paid to              a Restricted Subsidiary, to the limitations contained in clause (3) below);              and                     (B)   Holdings’ or the Company’s equity in a net loss of any             such Person for such period shall be included in determining such             Consolidated Net Income up to the aggregate amount of cash actually             funded by Holdings or the Company, as the case may be, during such             period to such Person;              (2)   any net income (or loss) of any Person acquired by Holdings or a       Subsidiary of Holdings in a pooling of interests transaction (or any transaction       accounted for in a manner similar to a pooling of interests) for any period prior to       the date of such acquisition, to the extent such net income is not paid in cash as a       dividend or other distribution to Holdings, the Company or a Restricted       Subsidiary (subject, in the case of a dividend or other distribution paid to a       Restricted Subsidiary, to the limitations in clause (3) below);              (3)   any net income of any Restricted Subsidiary if such Restricted       Subsidiary is subject to restrictions, directly or indirectly, on the payment of       dividends or the making of distributions by such Restricted Subsidiary, directly or       indirectly, to Holdings or the Company, except that                    (A)   subject to the exclusion contained in clause (4) below,             Holdings’ equity in the net income of any such Restricted Subsidiary for             such period shall be included in such Consolidated Net Income up to the             aggregate amount of cash actually paid by such Restricted Subsidiary             during such period to Holdings, the Company or another Restricted             Subsidiary as a dividend or other distribution (subject, in the case of a             dividend or other distribution paid to another Restricted Subsidiary, to the             limitation contained in this clause); and                    (B)   Holdings’ equity in a net loss of any such Restricted             Subsidiary for such period shall be included in determining such             Consolidated Net Income;  

 

                                                                       10                (4)   any gain (or loss) realized upon the sale or other disposition of any         assets of Holdings, its consolidated Subsidiaries or any other Person (including         pursuant to any sale-and-leaseback arrangement) which are not sold or otherwise        disposed of in the ordinary course of business and any gain (or loss) realized upon        the sale or other disposition of any Capital Stock of any Person;                (5)   extraordinary gains or losses;                (6)   income and losses attributable to discontinued operations;                 (7)   any non-cash compensation expense realized for grants of         performance shares, stock options or other rights to officers, directors and         employees of Holdings, the Company or any Restricted Subsidiary shall be         excluded; provided that such shares, options or other rights can be redeemed at         the option of the holder only for Qualified Capital Stock of Holdings, the         Company or any Restricted Subsidiary;                 (8)   the cumulative effect of a change in accounting principles;                 (9)   any net after-tax gain (or loss) attributable to the early retirement        or conversion of Indebtedness;                (10)  unrealized gains and losses with respect to Hedging Obligations,        including without limitation, those resulting from the application of FASB ASC        Topic 815; and                (11)  non-cash interest expenses attributable to the equity component of        convertible debt, including under FASB ASC Topic 470,   in each case, for such period.  Notwithstanding the foregoing, for the purposes of Section  4.04 only, there shall be excluded from Consolidated Net Income any repurchases,  repayments or redemptions of Investments, proceeds realized on the sale of Investments  or return of capital to Holdings, the Company or a Restricted Subsidiary to the extent  such repurchases, repayments, redemptions, proceeds or returns increase the amount of  Restricted Payments permitted under such Section pursuant to Section 4.04(a)(3)(D) or   (E).                 “Consolidated Net Tangible Assets” of a Person as of any date of   determination, means the total amount of assets (less accumulated depreciation and   amortization, allowances for doubtful receivables, other applicable reserves and other   properly deductible items) which would appear on a consolidated balance sheet of such   Person and its consolidated Restricted Subsidiaries, determined on a consolidated basis in   accordance with GAAP, and after giving effect to purchase accounting and after   deducting therefrom Consolidated Current Liabilities and, to the extent otherwise   included, the amounts of unamortized debt discount and expenses and other unamortized   deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights,   licenses, organization or developmental expenses and other intangible items.   

 

                                                                       11                “Consolidated Secured Indebtedness” means, as of any date of   determination, an amount equal to the Consolidated Total Indebtedness as of such date   that is then secured by Liens on property or assets of Holdings, the Company or any   Restricted Subsidiary plus, the aggregate additional Indebtedness that Holdings, the   Company or any Restricted Subsidiary may Incur as of such date pursuant to Section   4.03(b)(1) for which a financial institution has committed, or is otherwise obligated, to   provide.                 “Consolidated Secured Leverage Ratio” means, as of any date of   determination, the ratio of (a) Consolidated Secured Indebtedness to (b) the aggregate   amount of EBITDA for the most recently ended four full consecutive fiscal quarters for   which internal consolidated financial statements of Holdings are available, in each case   with such pro forma adjustments to Consolidated Secured Indebtedness and EBITDA as   are consistent with the pro forma adjustment provisions set forth in the definition of   Consolidated Coverage Ratio; provided, however, that for purposes of the calculation of   the Consolidated Secured Leverage Ratio, in connection with the Incurrence of any Lien   pursuant to clause (26) of the definition of “Permitted Liens”, Holdings, the Company or   the Restricted Subsidiaries may elect, pursuant to an Officer’s Certificate delivered to the  Trustee, to treat all or any portion of the commitment under any Indebtedness which is to  be secured by such Lien as being Incurred at such time and any subsequent Incurrence of  Indebtedness under such commitment shall not be deemed, for purposes of this  calculation, to be an Incurrence at such subsequent time.                 “Consolidated Total Indebtedness” means, as of any date of determination,   an amount equal to the aggregate amount of all outstanding Indebtedness of Holdings, the   Company and the Restricted Subsidiaries on a consolidated basis.                 “Credit Facilities” means one or more debt facilities (including the Senior   Credit Agreement), commercial paper facilities, securities purchase agreement, indenture   or similar agreement, in each case, with banks or other institutional lenders or investors   providing for revolving loans, term loans, receivables financing (including through the   sale of receivables to lenders or to special purpose entities formed to borrow from lenders   against such receivables), letters of credit or the issuance of securities, including any   related notes, guarantees, collateral documents, instruments and agreement executed in   connection therewith, and, in each case, as amended, restated, replaced (whether upon or   after termination or otherwise), refinanced, supplemented, modified or otherwise changed   (in whole or in part, and without limitation as to amount, terms, conditions, covenants   and other provisions) from time to time.                “Currency Agreement” means any foreign exchange contract, currency   swap agreement or other similar agreement with respect to currency values.                “Default” means any event which is, or after notice or passage of time or   both would be, an Event of Default.                “Derivative Instrument” with respect to a Person, means any contract,   instrument or other right to receive payment or delivery of cash or other assets to which  

 

                                                                       12    such Person or any Affiliate of such Person that is acting in concert with such Person in   connection with such Person’s investment in the Securities (other than a Screened   Affiliate) is a party (whether or not requiring further performance by such Person), the   value or cash flows of which (or any material portion thereof) are materially affected by   the value or performance of the Securities or the creditworthiness of the Company or any   one or more of the Guarantors (the “Performance References”).                “Designated Non-cash Consideration” means the Fair Market Value of   non-cash consideration received by Holdings, the Company or one of the Restricted   Subsidiaries in connection with an Asset Disposition that is so designated as Designated   Non-cash Consideration pursuant to an Officer’s Certificate setting forth the basis of such  valuation, less the amount of Temporary Cash Investments received in connection with a  subsequent sale of such Designated Non-cash Consideration.                 “Disqualified Stock” means, with respect to any Person, any Capital   Stock which by its terms (or by the terms of any security into which it is convertible or   for which it is exchangeable at the option of the holder thereof) or upon the happening of   any event:                (1)   matures or is mandatorily redeemable (other than redeemable only         for Capital Stock of such Person which is not itself Disqualified Stock) pursuant        to a sinking fund obligation or otherwise;               (2)   is convertible or exchangeable at the option of the holder thereof        for Indebtedness or Disqualified Stock; or               (3)   is mandatorily redeemable or must be purchased upon the        occurrence of certain events or otherwise, in whole or in part,    in each case on or prior to the first anniversary after the Stated Maturity of the Securities;   provided, however, that any Capital Stock that would not constitute Disqualified Stock   but for provisions thereof giving holders thereof the right to require such Person to   purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change   of control” occurring prior to the first anniversary after the Stated Maturity of the   Securities shall not constitute Disqualified Stock if: (A) the “asset sale” or “change of   control” provisions applicable to such Capital Stock are not more favorable to the holders   of such Capital Stock than the terms applicable to the Securities under Sections 4.06 and   4.08 of this Indenture and (B) any such requirement only becomes operative after   compliance with such terms applicable to the Securities, including the purchase of any   Securities tendered pursuant thereto.                “DTC” means The Depository Trust Company.                “EBITDA” for any period means the sum of Consolidated Net Income,   plus the following to the extent deducted in calculating such Consolidated Net Income:                (1)   all provisions for taxes based on the income or profits of Holdings,         the Company and the consolidated Restricted Subsidiaries; plus  

 

                                                                      13               (2)   Consolidated Interest Expense; plus               (3)   depreciation and amortization expense of Holdings, the Company        and the consolidated Restricted Subsidiaries (including amortization of        intangibles but excluding amortization expense attributable to a prepaid item that        was paid in cash in a prior period); plus               (4)   any losses attributable to early extinguishment of Indebtedness or        under any Hedging Obligation, and any unrealized losses attributable to the        application of “mark to market” accounting in respect of Hedging Obligations;       plus                (5)   an amount equal to any extraordinary loss plus any net loss        realized by Holdings, the Company and the consolidated Restricted Subsidiaries        in connection with (A) an Asset Disposition or (B) any disposition of the Ethanol        Assets or any disposition of the shares of Capital Stock of the Ethanol Subsidiary;        plus                (6)   all impairments and other non-cash charges or expenses of        Holdings, the Company and the consolidated Restricted Subsidiaries (excluding        any such impairment and other non-cash charges and expenses to the extent        representing an accrual of or reserve for cash expenditures in any future period);        less                (7)   all non-cash items of income of Holdings, the Company and the        consolidated Restricted Subsidiaries (other than accruals of revenue by Holdings,        the Company and the consolidated Restricted Subsidiaries in the ordinary course        of business); less                (8)   any gains attributable to early extinguishment of Indebtedness or        under any Hedging Obligation, and any unrealized gains attributable to the        application of “mark to market” accounting in respect of Hedging Obligations;       less                (9)   an amount equal to any extraordinary gain plus any net gain        realized by Holdings, the Company and the consolidated Restricted Subsidiaries        in connection with (A) an Asset Disposition or (B) any disposition of the Ethanol        Assets or any disposition of the shares of Capital Stock of the Ethanol Subsidiary,   in each case for such period.  Notwithstanding the foregoing, the provision for taxes  based on the income or profits of, and the depreciation and amortization and non-cash  charges of, a Restricted Subsidiary shall be added to Consolidated Net Income to  compute EBITDA only to the extent (and in the same proportion, including by reason of  minority interests) that the net income or loss of such Restricted Subsidiary was included  in calculating Consolidated Net Income and only if a corresponding amount would be  permitted at the date of determination to be dividended or otherwise contributed or  distributed to Holdings by such Restricted Subsidiary without prior approval (that has not  been obtained), pursuant to the terms of its charter and all agreements, instruments,  

 

                                                                      14   judgments, decrees, orders, statutes, rules and governmental regulations applicable to  such Restricted Subsidiary or its stockholders.                “Ethanol Assets” means any and all real and personal, tangible and  intangible assets and properties, including cash, securities, accounts and contract rights  primarily related to the operations of the Ethanol Subsidiary.               “Ethanol Subsidiary” means Hankinson Holding, LLC.               “Exchange Act” means the U.S. Securities Exchange Act of 1934, as  amended.                “Fair Market Value” means, with respect to any asset or property, the  price which could be negotiated in an arm’s-length, free market transaction, for cash,  between a willing seller and a willing and able buyer, neither of whom is under undue  pressure or compulsion to complete the transaction.  Fair Market Value shall be  determined in good faith by the Board of Directors, whose determination shall be  conclusive and evidenced by a resolution of such Board of Directors; provided, however,  that for purposes of Section 4.04(a)(3)(B), if the Fair Market Value of the property or  assets in question is so determined to be in excess of $50,000,000, such determination  must be confirmed by an Independent Qualified Party.               “Fitch” means Fitch Ratings Inc. and any successor to its rating agency  business.               “Foreign Subsidiary” means any Restricted Subsidiary of Holdings that is  not organized under the laws of the United States of America or any State thereof or the  District of Columbia.                “GAAP” means generally accepted accounting principles in the United  States of America as in effect as of the Measurement Date, including those set forth in:               (1)   the opinions and pronouncements of the Accounting Principles        Board of the American Institute of Certified Public Accountants;               (2)   statements and pronouncements of the Financial Accounting        Standards Board;               (3)   such other statements by such other entity as approved by a        significant segment of the accounting profession; and               (4)   the rules and regulations of the SEC governing the inclusion of        financial statements (including pro forma financial statements) in periodic reports        required to be filed pursuant to Section 13 of the Exchange Act, including        opinions and pronouncements in staff accounting bulletins and similar written        statements from the accounting staff of the SEC,   

 

                                                                      15   except with respect to any reports or financial information required to be delivered  pursuant to the covenant set forth under Section 4.02, which shall be prepared in  accordance with GAAP as in effect on the date thereof.                 “Guarantee” means any obligation, contingent or otherwise, of any Person  directly or indirectly guaranteeing any Indebtedness of any Person and any obligation,  direct or indirect, contingent or otherwise, of such Person               (1)   to purchase or pay (or advance or supply funds for the purchase or        payment of) such Indebtedness of such Person (whether arising by virtue of        partnership arrangements, or by agreements to keep-well, to purchase assets,        goods, securities or services, to take-or-pay or to maintain financial statement       conditions or otherwise); or              (2)   entered into for the purpose of assuring in any other manner the       obligee of such Indebtedness of the payment thereof or to protect such obligee       against loss in respect thereof (in whole or in part);   provided, however, that the term “Guarantee” shall not include endorsements for  collection or deposit in the ordinary course of business.  The term “Guarantee” used as a  verb has a corresponding meaning.                 “Guarantor” means Holdings and any Subsidiary Guarantor.                “Hedging Obligations” of any Person means the obligations of such  Person pursuant to any Interest Rate Agreement, Currency Agreement or similar  agreements or arrangements relating to commodity prices.               “Holder” or “Securityholder” means the Person in whose name a Security  is registered on the Registrar’s books.                 “Incur” means issue, assume, Guarantee, incur or otherwise become liable  for; provided, however, that any Indebtedness of a Person existing at the time such  Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or  otherwise) shall be deemed to be Incurred by such Person at the time it becomes a  Restricted Subsidiary.  The term “Incurrence” when used as a noun shall have a  correlative meaning.  Solely for purposes of determining compliance with Section 4.03:               (1)   amortization of debt discount or the accretion of principal with        respect to a non-interest bearing or other discount security;               (2)   the payment of regularly scheduled interest in the form of        additional Indebtedness of the same instrument or the payment of regularly        scheduled dividends on Capital Stock in the form of additional Capital Stock of        the same class and with the same terms;   

 

                                                                      16               (3)   the obligation to pay a premium in respect of Indebtedness arising        in connection with the issuance of a notice of redemption or the making of a        mandatory offer to purchase such Indebtedness;                (4)   changes in the principal amount of any Indebtedness that is        denominated in a currency other than U.S. dollars solely as a result of fluctuations        in exchange rates or currency values; and                (5)   the reclassification of any outstanding Capital Stock as        Indebtedness due to a change in accounting principles so long as such Capital        Stock was issued prior to, and not in contemplation of, such accounting change   shall not be deemed to be the Incurrence of Indebtedness.               “Indebtedness” means, with respect to any Person on any date of  determination (without duplication):               (1)   the principal in respect of (A) indebtedness of such Person for       money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or       other similar instruments for the payment of which such Person is responsible or       liable, including, in each case, any premium on such indebtedness to the extent       such premium has become due and payable;              (2)   all Capital Lease Obligations of such Person and all Attributable       Debt in respect of Sale/Leaseback Transactions entered into by such Person;              (3)   all obligations of such Person issued or assumed as the deferred       purchase price of property and all conditional sale obligations of such Person, in       either case due more than six months after such property is acquired or such sale       is completed, and all obligations of such Person under any title retention       agreement relating to property acquired by such Person (but excluding       (A) accounts payable or other liabilities to trade creditors arising in the ordinary       course of business, (B) deferred compensation payable to directors, officers or       employees of Holdings, the Company or any other Restricted Subsidiary and       (C) any purchase price adjustment or earnout incurred in connection with an       acquisition, except to the extent that the amount payable pursuant to such       purchase price adjustment or earnout is, or becomes, reasonably determinable);              (4)   all obligations of such Person for the reimbursement of any obligor       on any letter of credit, bankers’ acceptance or similar credit transaction (other       than obligations with respect to letters of credit securing obligations (other than       obligations described in clauses (1) through (3) above) entered into in the ordinary       course of business of such Person to the extent such letters of credit are not drawn       upon or, if and to the extent drawn upon, such drawing is reimbursed no later than       the tenth Business Day following payment on the letter of credit);              (5)   the amount of all obligations of such Person with respect to the       redemption, repayment or other repurchase of any Disqualified Stock of such  

 

                                                                      17         Person or, with respect to any Preferred Stock of any Subsidiary of such Person        (but excluding, in each case, any accrued dividends);               (6)   all Guarantees by such Person of (A) obligations of the type        referred to in clauses (1) through (5) or (B) dividends of other Persons;               (7)   all obligations of the type referred to in clauses (1) through (6) of        other Persons secured by any Lien on any property or asset of such Person        (whether or not such obligation is assumed by such Person), the amount of such        obligation being deemed to be the lesser of the Fair Market Value of such        property or assets and the amount of the obligation so secured; and               (8)   to the extent not otherwise included in this definition, Hedging        Obligations of such Person.   Notwithstanding the foregoing, in connection with the purchase by Holdings, the  Company or any Restricted Subsidiary of any business, the term “Indebtedness” shall  exclude post-closing payment adjustments to which the seller may become entitled to the  extent such payment is determined by a final closing balance sheet or such payment  depends on the performance of such business after the closing; provided, however, that,  at the time of closing, the amount of any such payment is not determinable and, to the  extent such payment thereafter becomes fixed and determined, the amount is paid within  thirty (30) days thereafter.               The amount of Indebtedness of any Person at any date shall be the  outstanding balance at such date of all obligations as described above; provided,  however, that in the case of Indebtedness sold at a discount, the amount of such  Indebtedness at any time shall be the accreted value thereof at such time.               The amount of any Preferred Stock that has a fixed redemption, repayment  or repurchase price shall be calculated in accordance with the terms of such Preferred  Stock as if such Preferred Stock were redeemed, repaid or repurchased on any date on  which the amount of such Preferred Stock is to be determined pursuant to this Indenture;  provided, however, that if such Preferred Stock could not be required to be redeemed,  repaid or repurchased at the time of such determination, the redemption, repayment or  repurchase price shall be calculated as of the first date thereafter on which such Preferred  Stock could be required to be so redeemed, repaid or repurchased.  If any Preferred Stock  does not have a fixed redemption, repayment or repurchase price, the amount of such  Preferred Stock shall be its maximum liquidation value.               “Indenture” means this Indenture as amended or supplemented from time  to time.               “Independent Qualified Party” means an investment banking firm,  accounting firm or appraisal firm of national standing selected by the Company;  provided, however, that such firm is not an Affiliate of Holdings.  

 

                                                                       18                “Initial Securities” means $500,000,000 aggregate principal amount of   4.750% Senior Notes Due 2029 issued on the Issue Date.                “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” in any Person means any direct or indirect advance, loan   (other than advances to customers in the ordinary course of business that are recorded as   accounts receivable on the balance sheet of the lender) or other extensions of credit   (including by way of Guarantee or similar arrangement) or capital contribution to (by  means of any transfer of cash or other property to others or any payment for property or  services for the account or use of others), or any purchase or acquisition of Capital Stock,  Indebtedness or other similar instruments issued by such Person.  If Holdings, the  Company or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital  Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto,  such Person is no longer a Restricted Subsidiary, any Investment by Holdings, the  Company or any Restricted Subsidiary in such Person remaining after giving effect  thereto shall be deemed to be a new Investment at such time.  The acquisition by  Holdings, the Company or any Restricted Subsidiary of a Person that holds an Investment  in a third Person shall be deemed to be an Investment by Holdings, the Company or such  Restricted Subsidiary in such third Person at such time.  Except as otherwise provided for  herein, the amount of an Investment shall be its Fair Market Value at the time the  Investment is made and without giving effect to subsequent changes in value.                  For purposes of the definition of “Unrestricted Subsidiary”, the definition   of “Restricted Payment” and Section 4.04, “Investment” shall include:                (1)   the portion (proportionate to Holdings’ equity interest in such         Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of         Holdings at the time that such Subsidiary is designated an Unrestricted         Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a         Restricted Subsidiary Holdings shall be deemed to continue to have a permanent         “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to         (A) Holdings’ “Investment” in such Subsidiary at the time of such redesignation        less (B) the portion (proportionate to Holdings’ equity interest in such Subsidiary)        of the Fair Market Value of the net assets of such Subsidiary at the time of such        redesignation; and                (2)   any property transferred to or from an Unrestricted Subsidiary         shall be valued at its Fair Market Value at the time of such transfer, in each case         as determined in good faith by the Board of Directors.                 “Investment Grade Rating” means a rating equal to or higher than (1)   Baa3 (or the equivalent) by Moody’s, (2) BBB- (or the equivalent) by Standard and  Poor’s or (3) BBB- (or the equivalent) by Fitch, or an equivalent rating by any other  Rating Agency.  

 

                                                                       19                “Issue Date” means September 13, 2019.                “Legal Holiday” means a Saturday, a Sunday or a day on which banking   institutions are not required to be open in the State of New York.                 “Lien” means any mortgage or deed of trust, charge, pledge, lien, security   interest, hypothecation, or other encumbrance upon or with respect to any property of any   kind (including any conditional sale, capital lease, other title retention agreement or any   leases in the nature thereof) real or personal, moveable or immovable, now owned or   hereafter acquired; provided, however, that in no event shall an operating lease be   deemed to constitute a Lien.  A Person shall be deemed to own subject to a Lien any   property which it has acquired or holds subject to the interest of a vendor or lessor under   any conditional sale agreement, Capital Lease Obligation or other title retention   agreement.                “Long Derivative Instrument” means a Derivative Instrument (i) the value   of which generally increases, or the payment or delivery obligations under which   generally decrease, with positive changes to the Performance References or (ii) the value   of which generally decreases, or the payment or delivery obligations under which   generally increase, with negative changes to the Performance References.                “Measurement Date” means April 25, 2017, the issue date of the 2027   Notes.                “Moody’s” means Moody’s Investors Service, Inc. and any successor to   its rating agency business.                “Net Available Cash” from an Asset Disposition means cash payments   and the Fair Market Value of any Temporary Cash Investments received therefrom   (including any cash payments received by way of deferred payment of principal pursuant   to a note or installment receivable or otherwise and proceeds from the sale or other   disposition of any securities (other than Temporary Cash Investments) received as   consideration, but only as and when received, but excluding any other consideration  received in the form of assumption by the acquiring Person of Indebtedness or other  obligations relating to such properties or assets or received in any other non-cash form),  in each case net of:                (1)   all legal, accounting and investment banking fees, title and         recording tax expenses, commissions and other fees and expenses incurred         (including any relocation expenses incurred as a result thereof and any related         severance and associated costs), and all Federal, state, provincial, foreign and         local taxes required to be accrued as a liability under GAAP, as a consequence of         such Asset Disposition;               (2)   all payments made on any Indebtedness which is secured by any        assets subject to such Asset Disposition, in accordance with the terms of any Lien         upon or other security agreement of any kind with respect to such assets, or which         must by its terms, or in order to obtain a necessary consent to such Asset  

 

                                                                       20          Disposition, or by applicable law, be repaid out of the proceeds from such Asset         Disposition;                (3)   all distributions and other payments required to be made to         minority interest holders in Restricted Subsidiaries as a result of such Asset         Disposition;                 (4)   the deduction of appropriate amounts provided by the seller as a         reserve, in accordance with GAAP, against any liabilities associated with the         property or other assets disposed in such Asset Disposition and retained by         Holdings, the Company or any Restricted Subsidiary after such Asset Disposition;         and                 (5)   any portion of the purchase price from an Asset Disposition placed        in escrow, whether as a reserve for adjustment of the purchase price, for        satisfaction of indemnities in respect of such Asset Disposition or otherwise in        connection with that Asset Disposition; provided, however, that upon the         termination of that escrow, Net Available Cash shall be increased by any portion         of funds in the escrow that are released to Holdings, the Company or any         Restricted Subsidiary.                “Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock   or Indebtedness, means the cash proceeds of such issuance or sale net of attorneys’ fees,   accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and   brokerage, consultant and other fees actually incurred in connection with such issuance or   sale and net of taxes paid or payable as a result thereof.                “Net Short” means, with respect to a Holder or beneficial owner, as of a   date of determination, either (i) the value of its Short Derivative Instruments exceeds the   sum of the (x) the value of its Securities plus (y) the value of its Long Derivative   Instruments as of such date of determination or (ii) it is reasonably expected that such   would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as   defined in the 2014 International Swaps and Derivatives Association, Inc. Credit   Derivatives Definitions, as supplemented by the 2019 Narrowly Tailored Credit Event   Supplement) to have occurred with respect to the Company or any Guarantor   immediately prior to such date of determination.                 “Obligations” means, with respect to any Indebtedness, all obligations for   principal, premium, interest, penalties, fees, indemnifications, reimbursements and other   amounts payable pursuant to the documentation governing such Indebtedness.                “Officer” means the Chairman of the Board of Directors, the President,   any Vice President, the Treasurer or any Assistant Treasurer, the Secretary or any   Assistant Secretary of Holdings.  “Officer” of the Company or any other Guarantor has a  correlative meaning.                “Officer’s Certificate” means a certificate signed by one Officer.  

 

                                                                      21               “Opinion of Counsel” means a written opinion from legal counsel who is  reasonably acceptable to the Trustee.  The counsel may be an employee of or counsel to  Holdings or the Company (or if such opinion of counsel is in relation to a transaction of  any other Guarantor or the Company, counsel to such other Guarantor or the Company).               “Performance References” has the meaning set forth for such term in the  definition of Derivative Instrument.                “Permitted Investment” means an Investment by Holdings, the Company  or any Restricted Subsidiary in:               (1)   Holdings, the Company, a Restricted Subsidiary or a Person that        shall, upon the making of such Investment, become a Restricted Subsidiary;               (2)   another Person if, as a result of such Investment, such other Person        is merged or consolidated with or into, or transfers or conveys all or substantially        all its assets to, Holdings, the Company or a Restricted Subsidiary;               (3)   cash and Temporary Cash Investments;               (4)   receivables owing to Holdings, the Company or any Restricted        Subsidiary if created or acquired in the ordinary course of business and payable or        dischargeable in accordance with customary trade terms; provided, however, that        such trade terms may include such concessionary trade terms as Holdings, the        Company or any such Restricted Subsidiary deems reasonable under the        circumstances;               (5)   payroll, commission, travel, relocation and similar advances to        cover matters that are expected at the time of such advances ultimately to be        treated as expenses for accounting purposes and that are made in the ordinary        course of business;               (6)   loans or advances to directors and employees made in the ordinary        course of business consistent with past practices of Holdings, the Company or        such Restricted Subsidiary (including, without limitation, loans and advances the        net proceeds of which are used solely to purchase Capital Stock of Holdings in        connection with restricted stock or employee stock purchase plans, or to exercise        stock received pursuant thereto on other incentive plans in a principal amount not        to exceed the aggregate exercise or purchase price), or loans to refinance principal        and accrued interest on any such loans;               (7)   Investments received (a) in settlement of debts created in the        ordinary course of business and owing to Holdings, the Company or any        Restricted Subsidiary, (b) in satisfaction of judgments or (c) in compromise or        resolution of litigation, arbitration or other disputes;               (8)   any Person to the extent such Investment represents the non-cash        portion of the consideration received for (a) an Asset Disposition as permitted  

 

                                                                 22    pursuant Section 4.06 or (b) a disposition of assets not constituting an Asset  Disposition (including, for the avoidance of doubt, any disposition of the Ethanol  Assets or any disposition of shares of Capital Stock of the Ethanol Subsidiary);           (9)   any Person where such Investment was acquired by Holdings, the   Company or any Restricted Subsidiary (a) in connection with an acquisition,   merger, amalgamation or consolidation with or into Holdings, the Company or a   Restricted Subsidiary in a transaction that is not prohibited by this Indenture to   the extent that such Investment was not made in contemplation of such   acquisition, merger, amalgamation or consolidation, (b) in exchange for any other   Investment or accounts receivable held by Holdings, the Company or any such   Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,   reorganization or recapitalization of the Company of such other Investment or   accounts receivable or (c) as a result of a foreclosure by Holdings, the Company   or any Restricted Subsidiary with respect to any secured Investment or other   transfer of title with respect to any secured Investment in default;          (10)  any Person to the extent such Investments consist of advances,  deposits and prepayment for purchases of any assets, prepaid expenses, negotiable  instruments held for collection and lease, utility and workers’ compensation,  performance and other similar deposits made in the ordinary course of business by  Holdings, the Company or any Restricted Subsidiary;         (11)  any Person in exchange for Qualified Capital Stock of Holdings;         (12)  any Person to the extent such Investments consist of Hedging  Obligations;          (13)  Guarantees of Indebtedness otherwise permitted under Section  4.03 or Guarantees by Holdings, the Company or any Restricted Subsidiary of  operating leases (other than Capital Lease Obligations) or of other obligations that  do not constitute Indebtedness, in each case entered into by Holdings, the  Company or a Restricted Subsidiary in the ordinary course of business;          (14)  any Person to the extent such Investment exists on, or any  Investment pursuant to a binding agreement that exists on, the Issue Date, and any  extension, modification or renewal of any such Investments, but only to the extent  not involving additional advances, contributions or other Investments of cash or  other assets or other increases thereof (other than as a result of the accrual or  accretion of interest or original issue discount or the issuance of pay-in-kind  securities, in each case, pursuant to the terms of such Investment as in effect on  the Issue Date or as otherwise contemplated pursuant to a binding agreement that  exists on the Issue Date);          (15)  any Person to the extent such Investments result solely from the  receipt by Holdings, the Company or a Restricted Subsidiary from any of its  Subsidiaries of a dividend or other Restricted Payment in the form of Capital  

 

                                                                      23         Stock, evidences of Indebtedness or other securities (but not any additions thereto        made after the date of receipt thereof); and               (16)  any Persons to the extent such Investments, when taken together       with all other Investments made pursuant to this clause (16) and outstanding on        the date such Investment is made, do not exceed the greater of (A) $125,000,000        and (B) 6.5% of Consolidated Net Tangible Assets of Holdings, the Company and        the Restricted Subsidiaries determined as of the date of such Investment.               For purposes of this definition, in the event that a proposed Investment (or  portion thereof) meets the criteria of more than one of the categories of Permitted  Investments described in clauses (1) through (16) above, Holdings shall be entitled to  classify (but not reclassify) such Investment (or portion thereof) in one or more of such  categories set forth above).               “Permitted Liens” means, with respect to any Person:               (1)   pledges or deposits by such Person under worker’s compensation       laws, unemployment insurance laws or similar legislation, or good faith deposits       in connection with bids, tenders, contracts (other than for the payment of       Indebtedness) or leases to which such Person is a party, or deposits to secure       public or statutory obligations of such Person or deposits of cash or United States       government bonds to secure surety or appeal bonds to which such Person is a       party, or deposits as security for contested taxes or import duties or for the       payment of rent, in each case Incurred in the ordinary course of business;               (2)   Liens imposed by law, such as carriers’, warehousemen’s,       mechanics’, materialmens’, repairmens’ and other like Liens, in each case for       sums not yet due or being contested in good faith by appropriate proceedings or       other Liens arising out of judgments or awards against such Person with respect to       which such Person shall then be proceeding with an appeal or other proceedings       for review and Liens arising solely by virtue of any statutory or common law       provision relating to banker’s Liens, rights of set-off or similar rights and       remedies as to deposit accounts or other funds maintained with a creditor       depository institution; provided, however, that (A) such deposit account is not a        dedicated cash collateral account and is not subject to restrictions against access        by Holdings in excess of those set forth by regulations promulgated by the        Federal Reserve Board and (B) such deposit account is not intended by Holdings,       the Company or any Restricted Subsidiary to provide collateral to the depository       institution;               (3)   Liens for taxes, assessments or governmental charges not yet        subject to penalties for non-payment or which are being contested in good faith by        appropriate proceedings;               (4)   Liens in favor of issuers of surety bonds or letters of credit issued        pursuant to the request of and for the account of such Person in the ordinary  

 

                                                                 24    course of its business; provided, however, that such letters of credit do not   constitute Indebtedness;          (5)   Liens on specific items of inventory or other goods (and the   proceeds thereof) of any Person securing such Person’s obligations in respect of   bankers’ acceptances issued or created in the ordinary course of business for the   account of such Person to facilitate the purchase, shipment or storage of such   inventory or other goods;          (6)   leases or licenses with respect to the assets or properties of   Holdings, the Company or any Restricted Subsidiary, so long as such leases or   licenses do not, individually or in the aggregate, interfere in any material respect   with the ordinary course of the business of Holdings, the Company or any   Restricted Subsidiary;           (7)   filing of Uniform Commercial Code financing statements (or   similar filings under applicable law) regarding operating leases;           (8)   survey exceptions, minor encumbrances, easements or reservations   of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph  and telephone lines and other similar purposes, or zoning or other restrictions as  to the use of real property or Liens incidental to the conduct of the business of  such Person or to the ownership of its properties which were not Incurred in  connection with Indebtedness and which do not in the aggregate materially  adversely affect the value of said properties or materially impair their use in the  operation of the business of such Person;          (9)   judgment Liens in respect of judgments that do not constitute an  Event of Default;            (10)  Liens securing Indebtedness Incurred to finance the construction,   purchase or lease of, or repairs, improvements or additions to, property, plant or   equipment of such Person, including Permitted Indebtedness Incurred under   Section 4.03(b)(11), provided, however, that the Lien may not extend to any other   property owned by such Person or any of its Restricted Subsidiaries at the time   the Lien is Incurred (other than assets and property affixed or appurtenant thereto,   improvements thereon, accessions thereto, proceeds or replacements in respect   thereof);           (11)  Liens to secure Permitted Indebtedness Incurred under   Section 4.03(b)(1);           (12)  Liens on assets of any Foreign Subsidiary to secure Indebtedness   permitted by Section 4.03(b)(13);          (13)  Liens existing on the Issue Date;   

 

                                                                25         (14)  Liens in favor of customs and revenue authorities arising as a  matter of law to secure payment of customs duties in connection with the  importation of goods;         (15)  Liens on property or shares of Capital Stock of another Person at  the time such other Person becomes a Subsidiary of such Person (other than a  Lien Incurred in connection with, or to provide all or any portion of the funds or  credit support utilized to consummate, the transaction or series of transactions  pursuant to which such Person becomes such a Subsidiary); provided, however,  that the Liens may not extend to any other property owned by such Person or any  of its Restricted Subsidiaries (other than assets and property affixed or  appurtenant thereto, improvements thereon, accessions thereto, proceeds thereof  or replacements in respect thereof);         (16)  Liens on property at the time such Person or any of its Subsidiaries  acquires the property, including any acquisition by means of a merger or  consolidation with or into such Person or a Subsidiary of such Person (other than  a Lien Incurred in connection with, or to provide all or any portion of the funds or  credit support utilized to consummate, the transaction or series of transactions  pursuant to which such Person or any of its Subsidiaries acquired such property);  provided, however, that the Liens may not extend to any other property owned by  such Person or any of its Restricted Subsidiaries (other than assets and property  affixed or appurtenant thereto, improvements thereon, accessions thereto,  proceeds thereof or replacements in respect thereof);         (17)  Liens securing Indebtedness or other obligations of a Subsidiary of  such Person owing to such Person or a Wholly Owned Subsidiary of such Person;          (18)  Liens securing Hedging Obligations so long as such Hedging  Obligations are permitted to be Incurred under this Indenture;         (19)  Liens in favor of Holdings, the Company or any Subsidiary  Guarantor;          (20)  Liens created for the benefit of (or to secure) the Securities (or the  Guarantees of the Securities) or payment obligations to the Trustee in respect  thereof;          (21)  Liens to secure any Refinancing (or successive Refinancings) as a  whole, or in part, of any Indebtedness secured by any Lien referred to in the  foregoing clause (10), (13), (15) or (16); provided, however, that (A) such new  Lien shall be limited to all or part of the same property and assets that secured or,  under the written agreements pursuant to which the original Lien arose, could  secure the original Lien (plus improvements and accessions to, such property or  proceeds or distributions thereof) and (B) the Indebtedness secured by such Lien  at such time is not increased to any amount greater than the sum of (i) the  outstanding principal amount or, if greater, committed amount of the Indebtedness  

 

                                                                       26          described under clause (10), (13), (15) or (16) at the time the original Lien         became a Permitted Lien and (ii) an amount necessary to pay any fees and         expenses, including premiums, related to such Refinancing;                 (22)  Liens Incurred to secure cash management services in the ordinary         course of business;                 (23)  Liens on assets pursuant to merger agreements, stock or asset         purchase agreements and similar agreements limiting the disposition of such         assets pending the closing of the transactions contemplated thereby;                 (24)  Liens on insurance policies and the proceeds thereof securing the         financing of the premiums with respect thereto;                 (25)  Liens on any cash earnest money deposits, escrow arrangements or         similar arrangements made by Holdings, the Company or any Restricted         Subsidiary in connection with any letter of intent or purchase agreement;                 (26)  other Liens securing Indebtedness; provided, however, that at the         time of incurrence after giving pro forma effect thereto, the Consolidated Secured         Leverage Ratio would be no greater than 1.5 to 1.0;                  (27)  Liens with respect to obligations that are at any one time         outstanding not to exceed the greater of (i) $75,000,000 and (ii) 4% of         Consolidated Net Tangible Assets of Holdings, the Company and the Restricted         Subsidiaries determined as of the date of such Incurrence; and                (28)  Liens incurred in connection with a Sale/Leaseback Transaction         Incurred pursuant to Section 4.03(b)(14) of this Indenture.    Notwithstanding the foregoing, “Permitted Liens” shall not include any Lien described in   clause (10), (15) or (16) above to the extent such Lien applies to any Additional Assets   acquired directly or indirectly from Net Available Cash pursuant to Section 4.06.  For   purposes of this definition, the term “Indebtedness” shall be deemed to include interest on  such Indebtedness.                “Person” means any individual, corporation, partnership, limited liability   company, joint venture, association, joint-stock company, trust, unincorporated   organization, government or any agency or political subdivision thereof or any other   entity.                “Preferred Stock”, as applied to the Capital Stock of any Person, means   Capital Stock of any class or classes (however designated) which is preferred as to the   payment of dividends or distributions, or as to the distribution of assets upon any   voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital   Stock of any other class of such Person.  

 

                                                                       27                “principal” of a Security means the principal of the Security plus the   premium, if any, payable on the Security which is due or overdue or is to become due at   the relevant time.                “Prospectus” means the prospectus dated August 30, 2019, as   supplemented by the prospectus supplement dated September 4, 2019, related to the   offering of the Initial Securities.                 “Purchase Money Indebtedness” means Indebtedness (including Capital   Lease Obligations) (1) consisting of the deferred purchase price of property, conditional   sale obligations, obligations under any title retention agreement, other purchase money   obligations and obligations in respect of industrial revenue bonds or similar Indebtedness,   in each case where the maturity of such Indebtedness does not exceed the anticipated   useful life of the asset being financed, and (2) (i) Incurred to finance the acquisition by   Holdings, the Company or a Restricted Subsidiary of such asset, including additions and   improvements or (ii) assumed in connection with the acquisition of any fixed or capital   assets; provided, however, that any Lien arising in connection with any such   Indebtedness shall be limited to the specific asset being financed or, in the case of real   property or fixtures, including additions and improvements, the real property on which   such asset is attached; provided further, however, that such Indebtedness is Incurred no   later than 180 days after such acquisition of such assets.                “Qualified Capital Stock” of a Person means Capital Stock of such Person   other than Disqualified Stock; provided, however, that such Capital Stock shall not be   deemed Qualified Capital Stock to the extent sold to a Subsidiary of such Person or   financed, directly or indirectly, using funds (1) borrowed from such Person or any  Subsidiary of such Person or (2) contributed, extended, guaranteed or advanced by such  Person or any Subsidiary of such Person (including, in respect of any employee stock  ownership or benefit plan).  Unless otherwise specified, Qualified Capital Stock refers to  Qualified Capital Stock of Holdings.                “Qualified Equity Offering” means any public or private issuance and sale   of Holdings’ common stock by Holdings; provided, however, that the cash proceeds   therefrom equal to not less than 100% of the aggregate principal amount of any Securities   to be redeemed are received by the Company as a contribution to its common equity  capital.  Notwithstanding the foregoing, the term “Qualified Equity Offering” shall not  include:                (1)   any issuance and sale with respect to common stock registered on                     Form S-4 or Form S-8; or               (2)   any issuance and sale to any Subsidiary of Holdings.                “Quotation Agent” means the Reference Treasury Dealer selected by the   Company after consultation with Holdings.                “Rating Agencies” means Standard & Poor’s, Moody’s and Fitch or if any   of Standard & Poor’s, Moody’s or Fitch shall not make a rating on the Securities publicly  

 

                                                                       28    available, a nationally recognized statistical rating agency or agencies, as the case may  be, selected by Holdings which shall be substituted for Standard & Poor’s, Moody’s or   Fitch, as the case may be.                 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and its   successors and assigns and two other nationally recognized investment banking firms   selected by Holdings that are primary U.S. Government securities dealers.                 “Reference Treasury Dealer Quotations” means with respect to each   Reference Treasury Dealer and any redemption date, the average, as determined by the  Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in  each case as a percentage of its principal amount, quoted in writing to the Trustee by such  Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day  immediately preceding such redemption date.                “Refinance” means, in respect of any Indebtedness, to refinance, extend,   renew, refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness in   exchange or replacement for, such Indebtedness.  “Refinanced” and “Refinancing” shall  have correlative meanings.                “Refinancing Indebtedness” means Indebtedness that Refinances any   Indebtedness of Holdings, the Company or any Restricted Subsidiary existing on the   Issue Date or Incurred in compliance with this Indenture, including Indebtedness that   Refinances Refinancing Indebtedness; provided, however, that:                (1)   such Refinancing Indebtedness has a Stated Maturity no earlier         than the Stated Maturity of the Indebtedness being Refinanced;                (2)   such Refinancing Indebtedness has an Average Life at the time         such Refinancing Indebtedness is Incurred that is equal to or greater than the         Average Life of the Indebtedness being Refinanced;                (3)   such Refinancing Indebtedness has an aggregate principal amount         (or if Incurred with original issue discount, an aggregate issue price) that is equal         to or less than the aggregate principal amount (or if Incurred with original issue         discount, the aggregate accreted value) then outstanding (plus accrued and unpaid         interest and any related fees and expenses in connection with such Refinancing,         including any premium and defeasance costs) under the Indebtedness being         Refinanced; and                (4)   if the Indebtedness being Refinanced is subordinated in right of         payment to the Securities, such Refinancing Indebtedness is subordinated in right         of payment to the Securities at least to the same extent as the Indebtedness being        Refinanced;    provided further, however, that Refinancing Indebtedness shall not include   (A) Indebtedness of a Subsidiary that Refinances Indebtedness of the Company or  

 

                                                                      29   Holdings or (B) Indebtedness of Holdings, the Company or a Restricted Subsidiary that  Refinances Indebtedness of an Unrestricted Subsidiary.                “Related Business” means any business in which Holdings, the Company  or any of the Restricted Subsidiaries was engaged on the Issue Date and any business  related ancillary or complementary to such business.               “Restricted Payment” with respect to any Person means:               (1)   the declaration or payment of any dividends or any other        distributions of any sort in respect of its Capital Stock (including any payment in        connection with any merger or consolidation involving such Person) or similar        payment to the direct or indirect holders of its Capital Stock (other than        (A) dividends or distributions payable solely in its Capital Stock (other than        Disqualified Stock), (B) dividends or distributions payable solely to Holdings, the        Company or a Restricted Subsidiary and (C) pro rata dividends or other        distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to        minority stockholders (or owners of an equivalent interest in the case of a        Subsidiary that is an entity other than a corporation));               (2)   the purchase, repurchase, redemption, defeasance or other        acquisition or retirement for value of any Capital Stock of Holdings held by any        Person (other than by the Company or a Restricted Subsidiary) or of any Capital        Stock of the Company or a Restricted Subsidiary held by any Affiliate of        Holdings (other than by the Company or a Restricted Subsidiary), including in        connection with any merger or consolidation and including the exercise of any        option to exchange any Capital Stock (other than into Capital Stock of Holdings        that is not Disqualified Stock);               (3)   the purchase, repurchase, redemption, defeasance or other        acquisition or retirement for value, prior to scheduled maturity, scheduled        repayment or scheduled sinking fund payment of any Subordinated Obligations of        Holdings, the Company or any Subsidiary Guarantor (other than (A) from        Holdings, the Company or any Restricted Subsidiary or (B) the purchase,        repurchase, redemption, defeasance or other acquisition or retirement of        Subordinated Obligations purchased in anticipation of satisfying a sinking fund        obligation, principal installment or final maturity, in each case due within one        (1) year of the date of such purchase, repurchase, redemption, defeasance or other        acquisition or retirement); or               (4)   the making of any Investment (other than a Permitted Investment)        in any Person.               The amount of any Restricted Payment if made otherwise than in cash  shall be Fair Market Value of the assets subject thereto.  

 

                                                                       30                “Restricted Subsidiary” means any Subsidiary of Holdings that is not an   Unrestricted Subsidiary, provided that the Company shall not be considered a Restricted   Subsidiary or an Unrestricted Subsidiary.                 “Sale/Leaseback Transaction” means an arrangement relating to property   owned by Holdings, the Company or a Restricted Subsidiary on the Issue Date or   thereafter acquired by Holdings, the Company or a Restricted Subsidiary whereby   Holdings, the Company or a Restricted Subsidiary transfers such property to a Person and   Holdings, the Company or a Restricted Subsidiary leases it from such Person.                “Screened Affiliate” means any Affiliate of a Holder (i) that makes   investment decisions independently from such Holder and any other Affiliate of such   Holder that is not a Screened Affiliate, (ii) that has in place customary information   screens between it and such Holder and any other Affiliate of such Holder that is not a   Screened Affiliate and such screens prohibit the sharing of information with respect to   the Company or its Subsidiaries, (iii) whose investment policies are not directed by such   Holder or any other Affiliate of such Holder that is acting in concert with such Holder in   connection with its investment in the Securities, and (iv) whose investment decisions are   not influenced by the investment decisions of such Holder or any other Affiliate of such   Holder that is acting in concert with such Holders in connection with its investment in the  Securities.                “SEC” means the Securities and Exchange Commission.                 “Securities Act” means the U.S. Securities Act of 1933, as amended.                “Senior Credit Agreement” means the amended and restated credit   agreement entered into on August 30, 2013, among the Company, as borrower, Holdings,   as guarantor, the borrowing subsidiaries party thereto and JPMorgan Chase Bank, N.A.,   as administrative agent and collateral agent, providing for a senior secured asset-based  loan credit facility and term facility, as amended and restated on August 27, 2019, and as  further amended, restated, replaced (whether before, upon or after termination or  otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in  part, and without limitation as to amount, terms, conditions, covenants and other  provisions) from time to time.                 “Senior Indebtedness” means with respect to any Person:                (1)   Indebtedness of such Person, whether outstanding on the Issue         Date or thereafter Incurred; and               (2)   all other Obligations of such Person (including interest accruing on        or after the filing of any petition in bankruptcy or for reorganization relating to        such Person whether or not post-filing interest is allowed in such proceeding) in        respect of Indebtedness described in clause (1) above,   unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the  same or pursuant to which the same is outstanding, it is provided that such Indebtedness  

 

                                                                      31   or other Obligations are subordinate in right of payment to the Securities or the Guarantee  of such Person, as the case may be; provided, however, that Senior Indebtedness shall not  include:                     (A)   any obligation of such Person to Holdings, the Company or              any Subsidiary of Holdings;                     (B)   any liability for Federal, state, local or other taxes owed or             owing by such Person;                    (C)   any accounts payable or other liability to trade creditors             arising in the ordinary course of business;                    (D)   any Capital Stock;                    (E)   any Indebtedness or other Obligation of such Person which             is subordinate or junior in any respect to any other Indebtedness or other             Obligation of such Person;                     (F)   that portion of any Indebtedness which at the time of             Incurrence is Incurred in violation of this Indenture;                    (G)    any Indebtedness, which, when Incurred and without             respect to any election under Section 111(b) of Title 11, United States              Code, is without recourse to such Person;                      (H)   any Indebtedness of or amounts owed by such Person for              compensation to employees or for services rendered to another Person;              and                      (I)   Indebtedness of such Person to a Subsidiary or any other             Affiliate or any such Affiliate’s Subsidiaries.               “Short Derivative Instrument” means a Derivative Instrument (i) the value  of which generally decreases, or the payment or delivery obligations under which  generally increase, with positive changes to the Performance References or (ii) the value  of which generally increases, or the payment or delivery obligations under which  generally decrease, with negative changes to the Performance References.                “Significant Subsidiary” means any Restricted Subsidiary that would be a  significant subsidiary of Holdings within the meaning of Rule 1-02 of Regulation S-X  promulgated by the SEC.               “Spin-Off Documents” means the Separation and Distribution Agreement,  the Transition Services Agreement, the Tax Matters Agreement, the Employee Matters  Agreement, the Trademark License Agreement, the Lease Agreement for 200 Peach  Street, El Dorado, Arkansas, the Hangar Rental Agreement, the Aircraft Maintenance  Labor Pooling Agreement and the Airplane Interchange Agreement, each between  

 

                                                                      32   Murphy Oil Corporation and Holdings dated August 30, 2013 and each as filed as an  exhibit to Holdings’ Current Report on Form 8-K filed on September 5, 2013, together  with any other agreements, instruments or other documents entered into in connection  with any of the foregoing.                “Standard & Poor’s” means Standard & Poor’s Ratings Services, a  division of The McGraw-Hill Companies, Inc., and any successor to its rating agency  business.               “Stated Maturity” means, with respect to any security, the date specified in  such security as the fixed date on which the final payment of principal of such security is  due and payable, including pursuant to any mandatory redemption provision (but  excluding any provision providing for the repurchase of such security at the option of the  holder thereof upon the happening of any contingency unless such contingency has  occurred).               “Subordinated Obligation” means, with respect to a Person, any  Indebtedness of such Person (whether outstanding on the Issue Date or thereafter  Incurred) which is subordinate or junior in right of payment to the Securities or a  Guarantee of the Securities of such Person, as the case may be, pursuant to a written  agreement to that effect.               “Subsidiary” means, with respect to any Person, any corporation,  association, partnership or other business entity of which more than 50% of the total  voting power of shares of Voting Stock is at the time owned or controlled, directly or  indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such  Person or (3) one or more Subsidiaries of such Person.               “Subsidiary Guarantee” means a Guarantee by a Subsidiary Guarantor of  the Company’s obligations with respect to the Securities.               “Subsidiary Guarantor” means each Subsidiary of Holdings that executes  this Indenture as a guarantor and each other Subsidiary of Holdings that thereafter  guarantees the Securities pursuant to the terms of this Indenture.                “Temporary Cash Investments” means any of the following:               (1)   any investment in direct obligations of the United States of        America or any agency thereof or obligations guaranteed by the United States of        America or any agency thereof;               (2)   investments in demand and time deposit accounts, certificates of        deposit and money market deposits maturing within one year of the date of        acquisition thereof issued by a bank or trust company which is organized under        the laws of the United States of America, any State thereof or any foreign country        recognized by the United States of America, and which bank or trust company has        capital, surplus and undivided profits aggregating in excess of $50,000,000 (or the        foreign currency equivalent thereof) and has outstanding debt which is rated “A”  

 

                                                                      33         (or such similar equivalent rating) or higher by at least one nationally recognized        statistical rating organization (as defined in Section 3(a)(62) of the Exchange Act)        or any money-market fund sponsored by a registered broker dealer or mutual fund        distributor;               (3)   repurchase obligations with a term of not more than thirty        (30) days for underlying securities of the types described in clause (1) above        entered into with a bank meeting the qualifications described in clause (2) above;               (4)   investments in commercial paper, maturing not more than 364 days        after the date of acquisition, issued by a corporation (other than an Affiliate of        Holdings) organized and in existence under the laws of the United States of        America or any foreign country recognized by the United States of America with        a rating at the time as of which any investment therein is made of “P-1” (or       higher) according to Moody’s or “A-1” (or higher) according to Standard &       Poor’s;              (5)   investments in securities with maturities of 24 months or less from       the date of acquisition issued or fully guaranteed by any state, commonwealth or       territory of the United States of America, or by any political subdivision or taxing       authority thereof, and rated at least “A” by Standard & Poor’s or “A” by       Moody’s;               (6)   investments in money market funds that invest substantially all       their assets in securities of the types described in clauses (1) through (5) above;       and               (7)   to the extent held by a Foreign Subsidiary, other short-term       Investment utilized by such Foreign Subsidiary in accordance with normal       investment practices for cash management in Investments of a type analogous to       those described in clauses (1) through (6) of this definition.                 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C.  §§ 77aaa-77bbbb) as in effect on the date of this Indenture.                “Trustee” means the party named as such in this Indenture until a  successor replaces it and, thereafter, means the successor.               “Trust Officer” shall mean, when used with respect to the Trustee, any  officer within the corporate trust department of the Trustee, including any vice president,  assistant vice president, assistant secretary, assistant treasurer, trust officer or any other  officer of the Trustee who customarily performs functions similar to those performed by  the persons who at the time shall be such officers, respectively, or to whom any corporate  trust matter is referred because of such person's knowledge of, and familiarity with, the  particular subject and who shall have direct responsibility for the administration of this  Indenture.  

 

                                                                      34               “Uniform Commercial Code” means the New York Uniform Commercial  Code as in effect from time to time.               “Unrestricted Subsidiary” means:               (1)   the Ethanol Subsidiary;               (2)   any Subsidiary of Holdings (other than the Company) that at the        time of determination shall be designated an Unrestricted Subsidiary by the Board        of Directors in the manner provided below; and               (3)   any Subsidiary of an Unrestricted Subsidiary.               The Board of Directors may designate any Subsidiary of Holdings other  than the Company (including any newly acquired or newly formed Subsidiary (or any  Person becoming a Subsidiary through merger or consolidation or Investment therein)) to  be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any  Capital Stock or Indebtedness of, or holds any Lien on any property of, Holdings or any  other Subsidiary of Holdings that is not a Subsidiary of the Subsidiary to be so  designated; provided, however, that either (A) the Subsidiary to be so designated has total  assets of $1,000 or less or (B) if such Subsidiary has assets greater than $1,000, such  designation would be permitted under Section 4.04.               If at any time Holdings or the Company delivers a written notice to the  Trustee designating any Unrestricted Subsidiaries to be a Restricted Subsidiary, any such  Subsidiary shall cease to be an Unrestricted Subsidiary immediately upon the Trustee’s  receipt of such notice.               “U.S. Dollar Equivalent” means with respect to any monetary amount in a  currency other than U.S. dollars, at any time for determination thereof, the amount of  U.S. dollars obtained by converting such foreign currency involved in such computation  into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable  foreign currency as published in The Wall Street Journal in the “Exchange Rates” column  under the heading “Currency Trading” (or comparable source, if The Wall Street Journal  ceases to publish these rates) on the date two (2) Business Days prior to such  determination.               Except as described under 4.03, whenever it is necessary to determine  whether the Company or any of the Guarantors has complied with any covenant in this  Indenture or a Default has occurred and an amount is expressed in a currency other than  U.S. dollars, such amount shall be treated as the U.S. Dollar Equivalent determined as of  the date such amount is initially determined in such currency.               “U.S. Government Obligations” means direct obligations (or certificates  representing an ownership interest in such obligations) of the United States of America  (including any agency or instrumentality thereof) for the payment of which the full faith  and credit of the United States of America is pledged and which are not callable at the  Company’s option.  

 

                                                                      35               “Voting Stock” of a Person means all classes of Capital Stock of such  Person then outstanding and normally entitled (without regard to the occurrence of any  contingency) to vote in the election of directors, managers or trustees thereof.               “Wholly Owned Subsidiary” means a Restricted Subsidiary all the Capital  Stock of which (other than directors’ qualifying shares) is owned directly or indirectly by  Holdings or one or more other Wholly Owned Subsidiaries.               SECTION 1.02.     Other Definitions.                                                                   Defined in                             Term                                Section        “Affiliate Transaction”...........................................................  4.07(a)        “Appendix”  ...........................................................................  2.01        “Asset Sale Offer” .................................................................  4.06(b)        “Asset Sale Offer Amount”  ..................................................  4.06(c)(2)        “Asset Sale Offer Period”  .....................................................  4.06(c)(2)        “Bankruptcy Law” .................................................................  6.01        “Change of Control Offer”.....................................................  4.08(b)        “covenant defeasance option” ................................................  8.01(b)        “Coverage Indebtedness” .......................................................  4.03(a)        “Custodian” ............................................................................  6.01        “Event of Default” .................................................................  6.01        “Guaranteed Obligations”  .....................................................  10.01        “Initial Lien” ..........................................................................  4.09        “legal defeasance option” ......................................................  8.01(b)        “Notice of Default”  ...............................................................  6.01        “Paying Agent” ......................................................................  2.03        “Permitted Indebtedness” .......................................................  4.03(b)        “Purchase Date” .....................................................................  4.06(c)(1)        “Registrar” .............................................................................  2.03        “Reversion Date”  ..................................................................  4.11(b)        “Successor Holdings”  ...........................................................  5.01(a)(1)        “Successor Company” ...........................................................  5.01(b)(1)        “Suspended Covenants”  ........................................................  4.11(a)        “Suspension Date”  ................................................................  4.11(a)        “Suspension Period”  .............................................................  4.11(b)    Additional defined terms are as defined in the Appendix.                SECTION 1.03.     Incorporation by Reference of Trust Indenture Act.   This Indenture is subject to the mandatory provisions of the TIA which are incorporated  by reference in and made a part of this Indenture.  The following TIA terms have the  following meanings:               “Commission” means the SEC;  

 

                                                                       36                “indenture securities” means the Securities and the Guarantees;               “indenture security holder” means a Securityholder;               “indenture to be qualified” means this Indenture;               “indenture trustee” or “institutional trustee” means the Trustee; and               “obligor” on the indenture securities means the Company each Guarantor  and any other obligor on the indenture securities.               All other TIA terms used in this Indenture that are defined by the TIA,  defined by TIA reference to another statute or defined by SEC rule have the meanings  assigned to them by such definitions.                SECTION 1.04.     Rules of Construction.  Unless the context   otherwise requires:                (1)   a term has the meaning assigned to it;                (2)   an accounting term not otherwise defined has the meaning         assigned to it in accordance with GAAP;               (3)   “or” is not exclusive;               (4)   “including” means including without limitation;                (5)   words in the singular include the plural and words in the plural         include the singular;                (6)   unsecured Indebtedness shall not be deemed to be subordinate or         junior to secured Indebtedness merely by virtue of its nature as unsecured         Indebtedness;                (7)   secured Indebtedness shall not be deemed to be subordinate or         junior to any other secured Indebtedness merely because it has a junior priority         with respect to the same collateral;                (8)   the principal amount of any noninterest bearing or other discount         security at any date shall be the principal amount thereof that would be shown on         a balance sheet of the Company dated such date prepared in accordance with         GAAP;                 (9)   the principal amount of any Preferred Stock shall be (A) the         maximum liquidation value of such Preferred Stock or (B) the maximum         mandatory redemption or mandatory repurchase price with respect to such         Preferred Stock, whichever is greater; and   

 

                                                                       37                (10)  all references to the date the Securities were originally issued shall         refer to the date the Issue Date.                                    Article 2                                                                        The Securities                SECTION 2.01.     Form and Dating.  Provisions relating to the   Securities are set forth in the Appendix attached hereto as Appendix A (the “Appendix”)   which is hereby incorporated in, and expressly made part of, this Indenture.  The Initial   Securities and the Trustee’s certificate of authentication shall be substantially in the form  of Exhibit A hereto, which is hereby incorporated in, and expressly made a part of, this   Indenture.  The Securities may have notations, legends or endorsements required by law,   stock exchange rule, agreements to which the Company is subject, if any, or usage   (provided that any such notation, legend or endorsement is in a form acceptable to the   Company).  Each Security shall be dated the date of its authentication.  The terms of the   Securities set forth in the Appendix and Exhibit A are part of the terms of this Indenture.    However, to the extent any provision of any Security conflicts with the express   provisions of this Indenture, the provisions of this Indenture shall govern and be   controlling.                SECTION 2.02.     Execution and Authentication.  One Officer shall   sign the Securities for the Company by manual or facsimile signature.                  If an Officer whose signature is on a Security no longer holds that office at   the time the Trustee authenticates the Security, the Security shall be valid nevertheless.                A Security shall not be valid until an authorized signatory of the Trustee   manually signs the certificate of authentication on the Security.  The signature shall be   conclusive evidence that the Security has been authenticated under this Indenture.                On the Issue Date, the Trustee shall authenticate and deliver $500,000,000   of 4.750% Senior Notes Due 2029 and, at any time and from time to time thereafter, the   Trustee shall authenticate and deliver Securities for original issue in an aggregate   principal amount specified in such order, in each case upon a written order of the   Company signed by an Officer of the Company.  Such order shall specify the amount of   the Securities to be authenticated and the date on which the original issue of Securities is   to be authenticated and, in the case of an issuance of Additional Securities pursuant to   Section 2.13 after the Issue Date, shall certify that such issuance is in compliance with   Section 4.03.                 The Trustee may appoint an authenticating agent reasonably acceptable to   the Company to authenticate the Securities.  Unless limited by the terms of such   appointment, an authenticating agent may authenticate Securities whenever the Trustee   may do so.  Each reference in this Indenture to authentication by the Trustee includes   authentication by such agent.  An authenticating agent has the same rights as any   Registrar, Paying Agent or agent for service of notices and demands.  

 

                                                                      38               SECTION 2.03.     Registrar and Paying Agent.  The Company shall  maintain an office or agency where Securities may be presented for registration of  transfer or for exchange (the “Registrar”) and an office or agency where Securities may  be presented for payment (the “Paying Agent”).  The Registrar shall keep a register of the  Securities and of their transfer and exchange.  The Company may have one or more co- registrars and one or more additional paying agents.  The term “Paying Agent” includes  any additional paying agent.               The Company shall enter into an appropriate agency agreement with any  Registrar, Paying Agent or co-registrar not a party to this Indenture, which shall  incorporate the terms of the TIA.  The agreement shall implement the provisions of this  Indenture that relate to such agent.  The Company shall notify the Trustee of the name  and address of any such agent.  If the Company fails to maintain a Registrar or Paying  Agent, the Trustee shall act as such and shall be entitled to appropriate compensation  therefor pursuant to Section 7.07.  The Company or any Wholly Owned Subsidiary  incorporated or organized within The United States of America may act as Paying Agent,  Registrar, co-registrar or transfer agent.               The Company initially appoints the Trustee as Registrar and Paying Agent  in connection with the Securities.               SECTION 2.04.     Paying Agent To Hold Money in Trust.  Prior to  each due date of the principal and interest on any Security, the Company shall deposit  with the Paying Agent a sum sufficient to pay such principal and interest when so  becoming due.  The Company shall require each Paying Agent (other than the Trustee) to  agree in writing that the Paying Agent shall hold in trust for the benefit of  Securityholders or the Trustee all money held by the Paying Agent for the payment of  principal of or interest on the Securities and shall notify the Trustee of any default by the  Company in making any such payment.  If the Company or a Subsidiary acts as Paying  Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate  trust fund.  The Company at any time may require a Paying Agent to pay all money held  by it to the Trustee and to account for any funds disbursed by the Paying Agent.  Upon  complying with this Section, the Paying Agent shall have no further liability for the  money delivered to the Trustee.               SECTION 2.05.     Securityholder Lists.  The Trustee shall preserve in  as current a form as is reasonably practicable the most recent list available to it of the  names and addresses of Securityholders.  If the Trustee is not the Registrar, the Company  shall furnish to the Trustee, in writing at least five 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 Securityholders.               SECTION 2.06.     Transfer and Exchange.  The Securities shall be  issued in registered form and shall be transferable only upon the surrender of a Security  for registration of transfer.  When a Security is presented to the Registrar or a co-registrar  with a request to register a transfer, the Registrar shall register the transfer as requested if  

 

                                                                       39    the requirements of this Indenture are met.  When Securities are presented to the   Registrar or a co-registrar with a request to exchange them for an equal principal amount   of Securities of other denominations, the Registrar shall make the exchange as requested   if the same requirements are met.                  SECTION 2.07.     Replacement Securities.  If a mutilated Security is   surrendered to the Registrar or if the Holder of a Security claims that the Security has   been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall  authenticate a replacement Security if the Company notifies the Trustee in writing the  requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder   satisfies any other reasonable requirements of the Trustee.  If required by the Trustee or   the Company, such Holder shall furnish indemnity sufficient in the judgment of the   Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the   Registrar and any co-registrar from any loss which any of them may suffer if a Security is   replaced.  The Company and the Trustee may charge the Holder for their expenses in   replacing a Security.                Every replacement Security is an additional Obligation of the Company.                SECTION 2.08.     Outstanding Securities.  Securities outstanding at   any time are all Securities authenticated by the Trustee except for those canceled by it,   those delivered to it for cancellation and those described in this Section as not   outstanding.  Subject to Section 11.06, a Security does not cease to be outstanding   because the Company or an Affiliate of the Company holds the Security.                If a Security is replaced pursuant to Section 2.07, it ceases to be   outstanding unless the Trustee and the Company receive proof satisfactory to them that   the replaced Security is held by a protected purchaser (as defined in Section 8-303 of the  Uniform Commercial Code).               If the Paying Agent segregates and holds in trust, in accordance with this  Indenture, on a redemption date or maturity date money sufficient to pay all principal and  interest payable on that date with respect to the Securities (or portions thereof) to be  redeemed or maturing, as the case may be, then on and after that date such Securities (or  portions thereof) cease to be outstanding and interest on them ceases to accrue.                SECTION 2.09.     Temporary Securities.  Until definitive Securities   are ready for delivery, the Company may prepare and the Trustee shall authenticate   temporary Securities.  Temporary Securities shall be substantially in the form of   definitive Securities but may have variations that the Company considers appropriate for   temporary Securities.  Without unreasonable delay, the Company shall prepare and the   Trustee shall authenticate definitive Securities and deliver them in exchange for   temporary Securities.                SECTION 2.10.     Cancellation.  The Company at any time may   deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent   shall forward to the Trustee any Securities surrendered to them for registration of  

 

                                                                      40   transfer, exchange or payment.  The Trustee and no one else shall cancel and dispose of  (subject to the record retention requirements of the Exchange Act) all Securities  surrendered for registration of transfer, exchange, payment or cancellation in accordance  with its customary procedures and deliver a certificate of such disposition to the  Company upon written request unless the Company directs the Trustee to deliver  canceled Securities to the Company.  The Company may not issue new Securities to  replace Securities it has redeemed, paid or delivered to the Trustee for cancellation.               SECTION 2.11.     Defaulted Interest.  If the Company defaults in a  payment of interest on the Securities, the Company shall pay defaulted interest (plus  interest on such defaulted interest to the extent lawful) in any lawful manner.  The  Company may pay the defaulted interest to the persons who are Securityholders on a  subsequent special record date.  The Company shall fix or cause to be fixed any such  special record date and payment date to the reasonable satisfaction of the Trustee and  shall promptly mail to each Securityholder a notice that states the special record date, the  payment date and the amount of defaulted interest to be paid.               SECTION 2.12.     CUSIP Numbers, ISINs, etc.  The Company in  issuing the Securities may use “CUSIP” numbers, ISINs and “Common Code” numbers  (in each case if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers,  ISINs and “Common Code” numbers in notices of redemption as a convenience to  Holders; provided, however, that any such notice may state that no representation is made  as to the correctness of such numbers either as printed on the Securities or as contained in  any notice of a redemption and that reliance may be placed only on the other  identification numbers printed on the Securities, and any such redemption shall not be  affected by any defect in or omission of such numbers.  The Company shall advise the  Trustee in writing of any change in any “CUSIP” numbers, ISINs or “Common Code”  numbers applicable to the Securities.                SECTION 2.13.     Issuance of Additional Securities.  After the Issue  Date, the Company shall be entitled, subject to its compliance with Section 4.03, to issue  Additional Securities under this Indenture, which Securities shall have identical terms as  the Initial Securities issued on the Issue Date, other than with respect to the date of  issuance and issue price.  All the Securities issued under this Indenture shall be treated as  a single class for all purposes of this Indenture including waivers, amendments,  redemptions and offers to purchase, provided, however, that in the event that any  Additional Securities are not fungible with the Securities for Federal income tax  purposes, such nonfungible Additional Securities shall be issued with a separate CUSIP  or ISIN number so that they are distinguishable from the Securities.               With respect to any Additional Securities, the Company shall set forth in a  resolution of the Board of Directors and an Officer’s Certificate, a copy of each which  shall be delivered to the Trustee, the following information:               (1)   the aggregate principal amount of such Additional Securities to be        authenticated and delivered pursuant to this Indenture and the provision of  

 

                                                                       41          Section 4.03 that the Company is relying on to issue such Additional Securities;         and                (2)   the issue price, the issue date and the CUSIP number of such         Additional Securities.                                    Article 3                                                                         Redemption                SECTION 3.01.     Notices to Trustee.  If the Company elects to   redeem Securities pursuant to paragraph 5 of the Securities, it shall notify the Trustee in   writing of the redemption date, the principal amount of Securities to be redeemed and the   paragraph of the Securities or the Section of this Indenture pursuant to which the   redemption shall occur.                SECTION 3.02.     Selection of Securities to Be Redeemed.  If fewer   than all the Securities are to be redeemed, the Trustee shall select the Securities to be   redeemed pro rata to the extent practicable or by lot in accordance with DTC procedures,   to the extent applicable.  The Trustee shall make the selection from outstanding Securities   not previously called for redemption.  At the written request of the Company, the Trustee   may select for redemption portions of the principal of Securities that have denominations   larger than $2,000.  Securities and portions of them the Trustee selects shall be in   principal amounts of $2,000 or any greater integral multiple of $1,000 thereof.    Provisions of this Indenture that apply to Securities called for redemption also apply to   portions of Securities called for redemption.  The Trustee shall notify the Company   promptly of the Securities or portions of Securities to be redeemed.                SECTION 3.03.     Notice of Redemption.  At least 15 days but not   more than 60 days before a date for redemption of Securities, the Company shall deliver   electronically or, at the Company’s option, mail a notice of redemption by first-class mail  to each Holder of Securities to be redeemed at such Holder’s registered address, except  that redemption notices may be mailed more than 60 days prior to the redemption date if  the notice is issued in connection with a defeasance of the Securities or a satisfaction and  discharge of this Indenture.  Any inadvertent defect in the notice of redemption, including  an inadvertent failure to give notice, to any Holder selected for redemption shall not  impair or affect the validity of the redemption of any other Security redeemed in  accordance with provisions of this Indenture.                The Company shall give each notice to the Trustee provided for in this   Section at least 5 Business Days before a notice of redemption is required to be delivered   pursuant to this Section 3.03 unless the Trustee consents to a shorter period. Such notice   shall be accompanied by an Officer’s Certificate and an Opinion of Counsel from the   Company to the effect that such redemption shall comply with the conditions herein.                Notice of any redemption of the Securities in connection with a  transaction (including a Qualified Equity Offering, an Incurrence of Indebtedness, a  

 

                                                                       42    Change of Control or other transaction) may, at the Company’s discretion, be given prior   to the completion thereof and any redemption or notice of redemption may, at the   Company’s discretion, be subject to one or more conditions precedent, including   completion of a related transaction or otherwise. If such redemption or purchase is so   subject to satisfaction of one or more conditions precedent, such notice shall describe   each such condition, and if applicable, shall state that, in the Company’s discretion, the   redemption date may be delayed until such time (including more than sixty (60) days   after the date the notice of redemption was mailed or delivered, including by electronic   transmission) as any or all such conditions shall be satisfied (or waived), or such   redemption or purchase may not occur and such notice may be rescinded in the event that   any or all such conditions shall not have been satisfied (or waived) by the redemption   date, or by the redemption date as so delayed. In addition, the Company may provide in   such notice that payment of the redemption price and performance of the Company’s   obligations with respect to such redemption may be performed by another Person.                Subject to the immediately preceding paragraph, the notice shall identify   the Securities to be redeemed and shall state:               (1)   the redemption date;               (2)   the redemption price;               (3)   the name and address of the Paying Agent;               (4)   that Securities called for redemption must be surrendered to the        Paying Agent to collect the redemption price;               (5)   if fewer than all the outstanding Securities are to be redeemed, the        identification and principal amounts of the particular Securities to be redeemed;               (6)   that, unless the Company defaults in making such redemption        payment, interest on Securities (or portion thereof) called for redemption ceases to        accrue on and after the redemption date;                (7)   the paragraph of the Securities or Section of this Indenture        pursuant to which the Securities called for redemption are being redeemed;               (8)   the “CUSIP” number, ISIN or “Common Code” number, if any,        printed on the Securities being redeemed; and                (9)   that no representation is made as to the correctness or accuracy of        the “CUSIP” number, ISIN, or “Common Code” number, if any, listed in such        notice or printed on the Securities.               At the Company’s request, the Trustee shall give the notice of redemption  in the Company’s name and at the Company’s expense.  In such event, the Company  shall provide the Trustee with the form of notice required to be delivered by this Section.  

 

                                                                       43                SECTION 3.04.     Effect of Notice of Redemption.  Once notice of   redemption is mailed, Securities called for redemption become due and payable on the   redemption date and at the redemption price stated in the notice.  Upon surrender to the   Paying Agent, such Securities shall be paid at the redemption price stated in the notice,   plus accrued interest to the redemption date (subject to the right of Holders of record on   the relevant record date to receive interest due on the related interest payment date), and   such Securities shall be canceled by the Trustee.  Failure to give notice or any defect in   the notice to any Holder shall not affect the validity of the notice to any other Holder.                SECTION 3.05.     Deposit of Redemption Price.  On or prior to the   redemption date, the Company shall deposit with the Paying Agent (or, if the Company   or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to   pay the redemption price of and accrued interest on all Securities to be redeemed on that   date other than Securities or portions of Securities called for redemption which have been   delivered by the Company to the Trustee for cancellation.                SECTION 3.06.     Securities Redeemed in Part.  Upon surrender of a   Security that is redeemed in part, the Company shall execute and the Trustee shall   authenticate for the Holder (at the Company’s expense) a new Security equal in principal  amount to the unredeemed portion of the Security surrendered.                                    Article 4                                                                         Covenants                SECTION 4.01.     Payment of Securities.  The Company shall   promptly pay the principal of and interest on the Securities on the dates and in the manner   provided in the Securities and in this Indenture.  Principal and interest shall be considered   paid on the date due if on such date the Trustee or the Paying Agent holds in accordance   with this Indenture money sufficient to pay all principal and interest then due.                The Company shall pay interest on overdue principal at the rate specified   therefor in the Securities, and it shall pay interest on overdue installments of interest at   the same rate to the extent lawful.                SECTION 4.02.     SEC Reports.  Whether or not Holdings is subject to   the reporting requirements of Section 13 or 15(d) of the Exchange Act, Holdings shall   file with the SEC subject to the immediately succeeding paragraph and provide the   Trustee and Securityholders (or cause the Trustee to provide the Securityholders) with   such annual and other reports as are specified in Sections 13 and 15(d) of the Exchange   Act and applicable to a U.S. corporation subject to such Sections, such reports to be so   filed and provided at the times specified for the filings of such reports under such   Sections (after giving effect to all applicable extensions and cure periods) and prepared in   all material respects in accordance with the rules of regulations applicable to such reports.                  If, at any time, Holdings is not subject to the periodic reporting   requirements of the Exchange Act for any reason, Holdings shall nevertheless continue  

 

                                                                       44    filing the reports specified in the preceding sentence with the SEC within the time periods   specified above unless the SEC shall not accept such a filing.  Holdings shall not take any   action for the purpose of causing the SEC not to accept such filings.  If, notwithstanding   the foregoing, the SEC shall not accept such filings for any reason, Holdings shall post   the reports specified in the preceding sentence on its website within the time periods that   would apply if Holdings were required to file those reports with the SEC.                At any time that any of Holdings’ Subsidiaries are Unrestricted   Subsidiaries, then the quarterly and annual financial information required by the   preceding paragraph shall include a reasonably detailed presentation, either on the face of   the financial statements or in the footnotes thereto, and in “Management’s Discussion and  Analysis of Financial Condition and Results of Operations”, of the financial condition  and results of operations of Holdings, the Company and the Restricted Subsidiaries  separate from the financial condition and results of operations of such Unrestricted  Subsidiaries.                 In addition, at any time when Holdings is not subject to the reporting  requirements of Section 13 or 15(d) of the Exchange Act, Holdings shall furnish to the  Holders of the Securities and to prospective investors, upon the requests of such Holders,  any information required to be delivered pursuant to Rule 144A(d)(4) under the  Securities Act so long as the Securities are not freely transferable under the Securities  Act.  The Company shall also comply with the other provisions of TIA § 314(a) to the  extent applicable.               The Trustee shall have no responsibility to determine whether any filings  pursuant to this Section have occurred.               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 Company's compliance with any of its  covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s  Certificates).                SECTION 4.03.     Limitation on Indebtedness.  (a)  Holdings shall not,   and shall not permit the Company or any Restricted Subsidiary to, Incur, directly or   indirectly, any Indebtedness; provided, however, that Holdings, the Company and the   Restricted Subsidiaries shall be entitled to Incur Indebtedness if, on the date of such   Incurrence and after giving effect thereto on a pro forma basis (including a pro forma   application of the net proceeds therefrom), the Consolidated Coverage Ratio exceeds 2.0   to 1.0 (any such Indebtedness Incurred pursuant to this clause (a) being herein referred to   as “Coverage Indebtedness”); provided further, that the amount of Indebtedness that may   be Incurred pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors   shall not exceed $300,000,000 at any one time outstanding.                 (b)   Notwithstanding the foregoing paragraph (a), Holdings, the   Company and the Restricted Subsidiaries shall be entitled to Incur any or all of the  

 

                                                                      45   following Indebtedness (any such Indebtedness Incurred pursuant to this clause (b) being  herein referred to as “Permitted Indebtedness”):               (1)   Indebtedness Incurred by Holdings, the Company and any        Restricted Subsidiary pursuant to any Credit Facility; provided, however, that,        after giving effect to any such Incurrence, the aggregate principal amount of all        Indebtedness Incurred under this clause (1) and then outstanding does not exceed        the greater of (i) $1,000,000,000 and (ii) the sum of $500,000,000 and 25% of        Consolidated Net Tangible Assets of Holdings, the Company and the Restricted        Subsidiaries determined on the date of such Incurrence; provided further, that the        amount of Indebtedness that may be Incurred pursuant to the foregoing by        Restricted Subsidiaries that are not Guarantors shall not exceed $150,000,000 at        any one time outstanding under this clause (1);               (2)   Indebtedness owed to and held by Holdings, the Company or a        Restricted Subsidiary; provided, however, that (A) any subsequent issuance or        transfer of any Capital Stock which results in any such Restricted Subsidiary        ceasing to be a Restricted Subsidiary or any subsequent transfer of such        Indebtedness (other than to Holdings, the Company or a Restricted Subsidiary)        shall be deemed, in each case, to constitute the Incurrence of such Indebtedness        by the obligor thereon, (B) if the Company is the obligor on such Indebtedness,       such Indebtedness shall be expressly subordinated to the prior payment in full of       all obligations with respect to the Securities and (C) if a Guarantor is the obligor        on such Indebtedness, such Indebtedness shall be expressly subordinated to the        prior payment in full of all obligations of such Guarantor with respect to its        Guarantee;               (3)   the Securities (other than any Additional Securities);               (4)   Indebtedness outstanding on the Issue Date (other than        Indebtedness described in clause (1), (2) or (3) of this Section 4.03(b));               (5)   Indebtedness of a Restricted Subsidiary Incurred and outstanding        on or prior to the date on which such Restricted Subsidiary was acquired by        Holdings (other than Indebtedness Incurred in connection with, or to provide all        or any portion of the funds or credit support utilized to consummate, the        transaction or series of related transactions pursuant to which such Subsidiary        became a Subsidiary or was acquired by Holdings); provided, however, that on        the date of such acquisition and after giving pro forma effect thereto, Holdings        would have been entitled to Incur at least $1.00 of Coverage Indebtedness        pursuant to Section 4.03(a);               (6)   Refinancing Indebtedness in respect of any Coverage Indebtedness        or any Permitted Indebtedness Incurred pursuant to clauses (3), (4) or (5) of this        Section 4.03(b) or this clause (6);   

 

                                                                 46          (7)   Hedging Obligations incurred in the ordinary course of business   and not for the purpose of speculation;          (8)   Obligations in respect of workers’ compensation claims, public   liability insurance, unemployment insurance, property, casualty or liability   insurance, self-insurance obligations, bankers’ acceptances, or customs,  completion, advance payment, performance, bid, performance, appeal and surety  bonds, completion guarantees and other similar obligations provided by Holdings,  the Company or any Restricted Subsidiary in the ordinary course of business,  including guarantees or obligations with respect to letters of credit supporting the  foregoing;          (9)   Indebtedness arising from the honoring by a bank or other financial   institution of a check, draft or similar instrument drawn against insufficient funds   in the ordinary course of business; provided, however, that such Indebtedness is   extinguished within 10 Business Days of its Incurrence;           (10)  the Guarantee by Holdings, the Company or any Subsidiary   Guarantor of Indebtedness of Holdings, the Company or any Subsidiary   Guarantor that was permitted to be Incurred by another provision of this covenant;   provided, however, that if the Indebtedness being guaranteed is subordinated to or   pari passu with the Securities, then the Guarantee thereof Incurred pursuant to this   clause (10) shall be subordinated or pari passu, as applicable, to the same extent   as the Indebtedness being Guaranteed;           (11)  Purchase Money Indebtedness (i) Incurred to finance the   acquisition, construction, development, design, installation or improvement by   Holdings, the Company or a Restricted Subsidiary of assets or (ii) assumed in   connection with the acquisition of any fixed or capital assets, and any Refinancing   Indebtedness Incurred to Refinance such Indebtedness, in an aggregate principal   amount which, when added together with the amount of Indebtedness Incurred   pursuant to this clause (11) and then outstanding, does not exceed the greater of   (A) $125,000,000 and (B) 6.5% of Consolidated Net Tangible Assets of Holdings,   the Company and the Restricted Subsidiaries determined as of the date of such   Incurrence;            (12) Indebtedness Incurred by Holdings, the Company or any Restricted   Subsidiary in an aggregate principal amount which, when taken together with all   other Indebtedness of Holdings, the Company and the Restricted Subsidiaries   outstanding on the date of such Incurrence and incurred pursuant to this   clause (12) does not exceed the greater of (A) $75,000,000 and (B) 4% of the   Consolidated Net Tangible Assets of Holdings, the Company and the Restricted   Subsidiaries determined at the date of such Incurrence;           (13)  Indebtedness Incurred by Foreign Subsidiaries of Holdings in an   aggregate principal amount at any time outstanding pursuant to this clause (13)   not to exceed the greater of (A) $125,000,000 and (B) 6.5% of Consolidated Net  

 

                                                                      47         Tangible Assets of the Foreign Subsidiaries determined as of the date of such        Incurrence;                (14)  Attributable Debt of Holdings, the Company or any Restricted        Subsidiary Incurred in connection with any Sale/Leaseback Transaction which,        when taken together with all other Attributable Debt of Holdings, the Company        and the Restricted Subsidiaries outstanding on the date of such Incurrence and        incurred pursuant to this clause (14), does not exceed the greater of        (A) $30,000,000 and (B) 1.5% of Consolidated Net Tangible Assets of Holdings,        the Company and the Restricted Subsidiaries determined at the date of such        Incurrence;                (15)  any obligation arising from agreements of Holdings, the Company        or any Restricted Subsidiary providing for indemnification, adjustment of        purchase price, earn outs, or similar obligations, in each case, incurred or assumed        in connection with the sale, disposition or acquisition of any business, assets,        Indebtedness or Capital Stock of Holdings, the Company or a Restricted        Subsidiary in a transaction not prohibited by this Indenture;                (16)  Indebtedness of Holdings, the Company or any Restricted        Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-       pay obligations contained in ordinary course supply arrangements;                (17)  Indebtedness of Holdings, the Company or any Restricted        Subsidiary in respect of any agreement or other arrangement governing the        provision of treasury or cash management services, including deposit accounts,        overdraft, credit or debit card, funds transfer, automated clearinghouse, zero        balance accounts, returned check concentration, controlled disbursement,        lockbox, account reconciliation and reporting and trade finance services and other        cash management services;                (18)  Indebtedness due to any landlord in connection with the financing        by such landlord of leasehold improvements; and               (19)  Indebtedness consisting of obligations under deferred        compensation arrangements, non-competition agreements or similar        arrangements.               (c)   Notwithstanding the foregoing, neither Holdings, the Company nor  any Subsidiary Guarantor may Incur any Indebtedness pursuant to Section 4.03(b) if the  proceeds thereof are used, directly or indirectly, to Refinance any Subordinated  Obligations of Holdings, the Company or any Subsidiary Guarantor unless such  Indebtedness shall be subordinated to the Securities or the applicable Guarantee to at  least the same extent as such Subordinated Obligations.               (d)   For purposes of determining compliance with this Section 4.03,  (1) in the event that an item of Indebtedness (or any portion thereof) meets the criteria of  more than one of the types of Indebtedness described above, Holdings, in its sole  

 

                                                                       48    discretion, shall classify such item of Indebtedness (or any portion thereof) at the time of   Incurrence and shall only be required to include the amount and type of such   Indebtedness in one of the clauses of paragraph (b) above, (2) Holdings shall be entitled   to divide and classify an item of Indebtedness in more than one of the types of   Indebtedness described in the clauses of paragraph (b) above and, in that connection,  Holdings shall be entitled to treat a portion of such Indebtedness as Coverage  Indebtedness and the balance of such Indebtedness as an item or items of Permitted  Indebtedness, (3) any Permitted Indebtedness originally classified as Incurred pursuant to  one of the clauses in paragraph (b) above (other than pursuant to clause (1) of paragraph  (b) above) may later be reclassified by Holdings in whole or in part such that it shall be  deemed as having been Incurred as Coverage Indebtedness pursuant to paragraph (a)  above or as Permitted Indebtedness pursuant to another clause in paragraph (b) above, as  applicable, to the extent that such reclassified Indebtedness could be Incurred pursuant  thereto at the time of such reclassification, (4) the accrual of interest or Preferred Stock  dividends, the accretion or amortization of original issue discount, the payment of interest  on any Indebtedness in the form of additional Indebtedness with the same terms, the  reclassification of Preferred Stock as Indebtedness due to a change in accounting  principles, and the payment of dividends on Preferred Stock or Disqualified Stock in the  form of additional shares of the same class of Preferred Stock or Disqualified Stock shall  not be deemed to be an Incurrence of Indebtedness or an issuance of Preferred Stock or  Disqualified Stock and (5) the reclassification of any lease or other liability of Holdings,  the Company or any of the Restricted Subsidiaries as Indebtedness due to a change in  accounting principles after the Issue Date shall not be deemed to be an Incurrence of  Indebtedness.                (e)   For purposes of determining compliance with any U.S. dollar   denominated restriction on the Incurrence of Indebtedness where the Indebtedness   Incurred is denominated in a different currency, the amount of such Indebtedness shall be   the U.S. Dollar Equivalent determined on the date of the Incurrence of such   Indebtedness; provided, however, that if any such Indebtedness denominated in a   different currency is subject to a Currency Agreement with respect to U.S. dollars   covering all principal, premium, if any, and interest payable on such Indebtedness, the   amount of such Indebtedness expressed in U.S. dollars shall be as provided in such   Currency Agreement.  The principal amount of any Refinancing Indebtedness Incurred in   the same currency as the Indebtedness being Refinanced shall be the U.S. Dollar   Equivalent of the Indebtedness Refinanced, except to the extent that (1) such U.S. Dollar  Equivalent was determined based on a Currency Agreement, in which case the  Refinancing Indebtedness shall be determined in accordance with the preceding sentence,  and (2) the principal amount of the Refinancing Indebtedness exceeds the principal  amount of the Indebtedness being Refinanced, in which case the U.S. Dollar Equivalent  of such excess shall be determined on the date such Refinancing Indebtedness is Incurred.   Notwithstanding any other provision of this Section 4.03, the maximum amount of  Indebtedness that Holdings, the Company or any of the Restricted Subsidiaries may incur  pursuant to this Section 4.03 shall not be deemed to be exceeded solely as a result of  fluctuations in exchange rates or currency values.  

 

                                                                      49               SECTION 4.04.     Limitation on Restricted Payments.  (a) Holdings  shall not, and shall not permit the Company or any Restricted Subsidiary, directly or  indirectly, to make a Restricted Payment if at the time such Restricted Payment is made:               (1)   a Default shall have occurred and be continuing (or would result        therefrom);               (2)   Holdings is not entitled to Incur an additional $1.00 of Coverage        Indebtedness pursuant to Section 4.03(a); or               (3)   the aggregate amount of such Restricted Payment and all other        Restricted Payments since the Issue Date would exceed the sum of (without        duplication):                     (A)   50% of the Consolidated Net Income accrued during the              period (treated as one accounting period) from the beginning of the fiscal              quarter during which the Issue Date occurred to the end of the most recent             fiscal quarter ending prior to the date of such Restricted Payment for             which consolidated financial statements of Holdings are available (or, in             case such Consolidated Net Income shall be a deficit, minus 100% of such              deficit); plus                     (B)    100% of the aggregate Net Cash Proceeds or Fair Market              Value of any asset (other than cash) received by Holdings either (x) from              the issuance or sale of its Qualified Capital Stock subsequent to the Issue              Date or (y) as a contribution in respect of its Qualified Capital Stock from              its shareholders subsequent to the Issue Date, but excluding in each case              any Net Cash Proceeds that are used to redeem Securities in accordance              with the third paragraph under Section 5 of the Securities; plus                     (C)   the amount by which the principal amount of consolidated             Indebtedness of Holdings (other than Indebtedness owing to a Subsidiary)             is reduced upon the conversion or exchange subsequent to the Issue Date             of any consolidated Indebtedness of Holdings convertible or exchangeable              for Qualified Capital Stock of Holdings (less the amount of any cash, or              the fair value of any other property, distributed by Holdings upon such              conversion or exchange); provided, however, that the foregoing amount              shall not exceed the Net Cash Proceeds received by Holdings, the              Company or any Restricted Subsidiary from the sale of such Indebtedness              (excluding Net Cash Proceeds from sales to a Subsidiary of Holdings or to              an employee stock ownership plan or a trust established by Holdings or              any of its Subsidiaries for the benefit of their employees); plus                     (D)   except as included in clause (E) below, an amount equal to              the sum of (x) the aggregate amount of cash and the Fair Market Value of              any asset other than cash received by Holdings, the Company or any              Restricted Subsidiary subsequent to the Issue Date with respect to  

 

                                                                50         Investments (other than Permitted Investments) made by Holdings, the        Company or any Restricted Subsidiary in any Person (other than Holdings,        the Company or any Restricted Subsidiary) and resulting from        repurchases, repayments or redemptions of such Investments by such        Person, and any proceeds realized on the sale of any such Investment, and        (y) in the event that Holdings redesignates an Unrestricted Subsidiary to        be a Restricted Subsidiary, the portion (proportionate to Holdings’ equity        interest in such Subsidiary) of the Fair Market Value of the net assets of        such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is        designated a Restricted Subsidiary (other than to the extent Holdings’        Investment in such Unrestricted Subsidiary constituted a Permitted        Investment); provided, however, that the foregoing sum shall not exceed,        in the case of any such Person or Unrestricted Subsidiary, the amount of        Investments (excluding Permitted Investments) previously made (and       treated as a Restricted Payment) by Holdings, the Company or any       Restricted Subsidiary in such Person or Unrestricted Subsidiary; plus               (E)   50% of (x) any dividends received in cash by Holdings, the        Company or a Restricted Subsidiary after the Issue Date from an        Unrestricted Subsidiary or (y) the net proceeds from the sale or other        disposition of the Capital Stock of an Unrestricted Subsidiary received in        cash by Holdings, the Company or a Restricted Subsidiary after the Issue        Date, in each case, to the extent that such dividends or proceeds were not        otherwise included in Consolidated Net Income for such period.         (b)   The provisions of Section 4.04(a) shall not prohibit:         (1)   any Restricted Payment made out of the Net Cash Proceeds of the  substantially concurrent sale of, or made by exchange for, Qualified Capital Stock  of Holdings or a substantially concurrent cash capital contribution received by  Holdings from its shareholders with respect to its Qualified Capital Stock, with a  sale, exchange or contribution being deemed substantially concurrent if such  Restricted Payment occurs not more than 120 days after such sale, exchange or  contribution; provided, however, that (A) such Restricted Payment shall be  excluded in the calculation of the amount of Restricted Payments and (B) the Net  Cash Proceeds from such sale or such cash capital contribution (to the extent so  used for such Restricted Payment) shall be excluded from the calculation of  amounts under Section 4.04(a)(3)(B);          (2)   any purchase, repurchase, redemption, defeasance or other  acquisition or retirement for value of Subordinated Obligations of Holdings, the  Company or any Subsidiary Guarantor made by exchange for, or out of the  proceeds of the substantially concurrent Incurrence of, Indebtedness of such  Person which is permitted to be Incurred pursuant to Section 4.03, with an  Incurrence being deemed substantially concurrent if such purchase, repurchase,  redemption, defeasance or other acquisition or retirement for value occurs not  more than 120 days after such Incurrence; provided, however, that such purchase,  

 

                                                                 51    repurchase, redemption, defeasance or other acquisition or retirement for value   shall be excluded in the calculation of the amount of Restricted Payments;          (3)   the payment of any dividend, distribution or redemption of any  Capital Stock or Subordinated Indebtedness within sixty (60) days after the date   of declaration thereof or call for redemption if, at such date of declaration or call   for redemption, such payment or redemption was permitted by the provisions of   Section 4.04(a) (the declaration of such payment shall be deemed a Restricted   Payment under Section 4.04(a) as of the date of declaration and the payment itself   shall be deemed to have been paid on such date of declaration and shall not also   be deemed a Restricted Payment under Section 4.04(a)); provided, however, that   any Restricted Payment made in reliance on this clause (3) shall reduce the   amount available for Restricted Payments pursuant to Section 4.04(a)(3) only   once;          (4)   the purchase, redemption or other acquisition or retirement for   value of shares of Capital Stock of Holdings or any of its Subsidiaries from   officers, former officers, employees, former employees, directors or former   directors of Holdings or any of its Subsidiaries (or permitted transferees of such   officers, former officers, employees, former employees, directors or former   directors), pursuant to the terms of the agreements (including employment   agreements) or plans (or amendments thereto) under which such individuals   purchase or sell or are granted the option to purchase or sell, shares of such   Capital Stock; provided, however, that the aggregate amount of such Restricted   Payments (excluding amounts representing cancelation of Indebtedness) shall not   exceed $15,000,000 in any calendar year, with any portion of such $15,000,000   amount that is unused in any calendar year to be carried forward to the next   successive calendar year and added to such amount for that successive year, plus,   to the extent not previously applied or included, the Net Cash Proceeds received  by Holdings from sales of Qualified Capital Stock of Holdings to employees or  directors of Holdings or any of its Subsidiaries (to the extent such Net Cash  Proceeds have not otherwise been applied to the payment of Restricted Payments  by virtue of Section 4.04(a)(3)); provided further, however, that such Restricted   Payments shall be excluded in the calculation of the amount of Restricted   Payments;          (5)   the declaration and payments of dividends on Disqualified Stock or   any Preferred Stock of any Restricted Subsidiary issued pursuant to Section 4.03;   provided, however, that, at the time of payment of such dividend, no Default shall   have occurred and be continuing (or result therefrom); provided further, however,   that such dividends shall be excluded in the calculation of the amount of   Restricted Payments;          (6)   repurchases, redemptions or other acquisitions or retirement for   value of Capital Stock (a) deemed to occur upon exercise, conversion or exchange   of stock options, warrants or other rights to acquire Capital Stock, if such Capital   Stock represents a portion of the exercise price of such options, warrants or other  

 

                                                                 52    rights or (b) made in lieu of withholding taxes in connection with any such   exercise, conversion or exchange; provided, however, that such Restricted   Payments shall be excluded in the calculation of the amount of Restricted   Payments;           (7)   cash payments in lieu of the issuance of fractional shares in   connection with the exercise, conversion or exchange of warrants, options or   other securities convertible into or exchangeable for Capital Stock of Holdings;   provided, however, that such payments shall be excluded in the calculation of the   amount of Restricted Payments;           (8)   if no Default shall have occurred and be continuing, the payment,   purchase, redemption, defeasance or other acquisition or retirement of   Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor,   in each case, (a) in the event of a Change of Control, at a purchase price not   greater than 101% of the principal amount of such Subordinated Obligations or   (b) in the event of an Asset Sale, at a purchase price not greater than 100% of the   principal amount of such Subordinated Obligations, plus, in either case, any   accrued and unpaid interest thereon; provided, however, that prior to such   payment, purchase, redemption, defeasance or other acquisition or retirement, the   Company (or a third party to the extent permitted by this Indenture) has made a   Change of Control Offer or an Asset Sale Offer, as applicable, with respect to the   Securities as a result of such Change of Control or Asset Sale, and has   repurchased all Securities validly tendered and not withdrawn in connection with   such Change of Control Offer or Asset Sale Offer; provided further, however, that   such payments, purchases, redemptions, defeasances or other acquisitions or   retirements shall be included in the calculation of the amount of Restricted   Payments;          (9)   payments of intercompany subordinated Permitted Indebtedness   the Incurrence of which was permitted under Section 4.03(b)(2); provided,   however, that no Event of Default has occurred and is continuing or would   otherwise result therefrom; provided further, however, that such payments shall   be excluded in the calculation of the amount of Restricted Payments;            (10)  so long as no Default or Event of Default has occurred and is   continuing or shall result therefrom, other Restricted Payments in an aggregate   amount not to exceed the greater of (i) $75,000,000 and (ii) 4% of Consolidated   Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries   determined as of the date of such Restricted Payment, provided, however, that   such payments shall be excluded in the calculation of the amount of Restricted   Payments;           (11)  dividends or distributions in an aggregate amount per annum not to  exceed 6% of the net cash proceeds received by or contributed to the capital of  Holdings in connection with any Qualified Equity Offering following the Issue  

 

                                                                       53          Date, provided, however, that such payments shall be included in the calculation         of the amount of Restricted Payments;                 (12)  so long as no Default or Event of Default has occurred and is         continuing or shall result therefrom, other Restricted Payments if, immediately         after giving effect to such Restricted Payment (including the Incurrence of any         Indebtedness to finance such payment) as if it had occurred at the beginning of the         most recently ended four (4) full consecutive fiscal quarters for which internal         consolidated financial statements of Holdings are available, the Consolidated         Leverage Ratio would not be greater than 3.0 to 1.0, provided, however, that such         payments shall be included in the calculation of the amount of Restricted         Payments; and                 (13)  transactions pursuant to the Spin-Off Documents or any         amendment, modification or supplement thereto or replacement thereof, as long as         the terms of such agreement or arrangement, as so amended, modified,         supplemented or replaced is not materially more disadvantageous to Holdings, the         Company and the Restricted Subsidiaries, taken as a whole, than the terms of such         agreement or arrangement prior to such amendment, modification, supplement or         replacement, provided, however, that such payments shall be excluded in the         calculation of the amount of Restricted Payments.                For purposes of determining compliance with this Section 4.04, if a   Restricted Payment meets the criteria of more than one of the categories of Restricted   Payments described in the clauses (1) through (10) and (13) of Section 4.04(b), the   Company shall be permitted to divide or classify (or later divide, classify or reclassify in   whole or in part in its sole discretion) such Restricted Payment in any manner that   complies with this Section 4.04.                SECTION 4.05.     Limitation on Restrictions on Distributions from   Restricted Subsidiaries.  The Company shall not, and Holdings shall not permit any   Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective   any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to   (a) pay dividends or make any other distributions on its Capital Stock to the Company or  a Restricted Subsidiary or pay any Indebtedness owed to the Company or any Restricted  Subsidiary, (b) make any loans or advances to the Company or any Restricted Subsidiary  or (c) transfer any of its property or assets to the Company or any Restricted Subsidiary,  except:                (1)   with respect to clauses (a), (b) and (c),                      (A)   any encumbrance or restriction pursuant to an agreement in               effect at or entered into on or prior to the Issue Date, including the Senior               Credit Agreement;                      (B)   any encumbrance or restriction with respect to a Restricted               Subsidiary pursuant to an agreement relating to any Indebtedness Incurred  

 

                                                           54    by such Restricted Subsidiary on or prior to the date on which such   Restricted Subsidiary was acquired by Holdings (other than Indebtedness   Incurred as consideration in, or to provide all or any portion of the funds   or credit support utilized to consummate, the transaction or series of   related transactions pursuant to which such Restricted Subsidiary became   a Restricted Subsidiary or was acquired by Holdings) and outstanding on   such date;          (C)   any encumbrance or restriction pursuant to an agreement   effecting a Refinancing of Indebtedness Incurred pursuant to an agreement   referred to in Section 4.05(1)(A) or (B) or this clause (C) or contained in  any amendment to an agreement referred to in Section 4.05(1)(A) or (B)   or this clause (C); provided, however, that the encumbrances and   restrictions with respect to such Restricted Subsidiary contained in any   such refinancing agreement or amendment are not materially less   favorable, taken as a whole, to the Company (as determined by the   Company in its reasonable and good faith judgment) than encumbrances   and restrictions with respect to such Restricted Subsidiary contained in  such predecessor agreements;          (D)   any encumbrance or restriction with respect to a Restricted   Subsidiary imposed pursuant to an agreement entered into for the sale or   disposition of all or substantially all the Capital Stock or assets of such   Restricted Subsidiary pending the closing of such sale or disposition;          (E)   any encumbrance or restriction pursuant to an agreement or   instrument relating to any property or assets acquired after the Issue Date,   so long as such encumbrance or restriction relates only to the property or   assets so acquired and is not created in anticipation of such acquisition;          (F)   any encumbrance or restriction pursuant to applicable law,   rule, regulation or order;          (G)   restrictions on cash, cash equivalents, Temporary Cash   Investments or other deposits or net worth imposed under contracts   entered into the ordinary course of business, including such restrictions   imposed by customers, suppliers, landlords or insurance, surety or bonding   companies;          (H)   any encumbrance or restriction with respect to a Foreign   Subsidiary entered into in the ordinary course of business or pursuant to   the terms of Indebtedness that was Incurred by such Foreign Subsidiary in   compliance with the terms of this Indenture;          (I)   provisions contained in any license, permit or other   accreditation with a regulatory authority entered into the ordinary course   of business;  

 

                                                                      55                     (J)   provisions in agreements or instruments which prohibits the              payment or making of dividends or other distributions other than on a pro              rata basis;                      (K)   customary provisions in organizational documents, joint             venture agreements and other similar agreements (in each case relating             solely to the respective joint venture or similar entity or the equity             interests therein) entered into (i) in the ordinary course of business or             (ii) with the approval of the Board of Directors; and                     (L)   any encumbrance or restrictions existing under or by reason              of any agreements governing other Indebtedness permitted to be incurred              under Section 4.03 and any amendments, restatements, modifications,              renewals, supplements, refundings, replacements or refinancings of those              agreements; provided that the restrictions therein are not materially more              restrictive, taken as a whole, than those permitted in (y) this Indenture, the              Securities and the Guarantees or (z) agreements governing Indebtedness              outstanding on the Issue Date, in each case as determined by the Company              in its reasonable and good faith judgment.               (2)   with respect to clause (c) only,                     (A)   any encumbrance or restriction consisting of customary              nonassignment provisions in leases governing leasehold interests to the              extent such provisions restrict the transfer of the lease or the property              leased thereunder; and                     (B)   any encumbrance or restriction contained in security              agreements or mortgages securing Indebtedness of a Restricted Subsidiary             to the extent such encumbrance or restriction restricts the transfer of the             property subject to such security agreements or mortgages.               SECTION 4.06.     Limitation on Sales of Assets and Subsidiary Stock.   (a)  Holdings shall not, and shall not permit the Company or any Restricted Subsidiary to,  directly or indirectly, consummate any Asset Disposition unless (1) Holdings, the  Company or such Restricted Subsidiary receives consideration at the time of such Asset  Disposition at least equal to the Fair Market Value (including as to the value of all non- cash consideration) of the shares and assets subject to such Asset Disposition; (2) at least  75% of the consideration thereof received by Holdings, the Company or such Restricted  Subsidiary is in the form of cash or Temporary Cash Investments; and (3) an amount  equal to 100% of the Net Available Cash from such Asset Disposition is applied by  Holdings (or the Company or such Restricted Subsidiary, as the case may be) (A) first, to  the extent Holdings elects, within 365 days of the receipt of such Net Available Cash, (i)  to reduce the outstanding principal amount of Permitted Indebtedness Incurred pursuant  to Section 4.03(b)(1); (ii) to reduce the outstanding principal amount of any other Senior  Indebtedness of Holdings, the Company or any Subsidiary Guarantor; provided, however,  that the Company shall equally and ratably reduce the principal amount of Securities  

 

                                                                       56    outstanding, through open-market purchases (to the extent such purchases are at or above   100% of the principal amount thereof) or through redemption, or shall offer (in   accordance with the procedures set forth below in Section 4.06(b)) to all Holders to   purchase their Securities at 100% of the principal amount thereof, plus accrued but   unpaid interest, if any, in an aggregate principal amount which, if the offer were   accepted, would result in such reduction; or (iii) to reduce Indebtedness of a Restricted  Subsidiary that is not a Guarantor; in each case other than Indebtedness owed to Holdings   or an Affiliate of Holdings; (B) second, to the extent of the balance of such Net Available   Cash after application in accordance with clause (A), to the extent Holdings elects, to   acquire Additional Assets or make any other capital expenditures in respect of a Related   Business within 365 days of the receipt of such Net Available Cash; and (C) third, to the   extent of the balance of such Net Available Cash after application in accordance with   clauses (A) and (B), to make an offer to the Holders of the Securities (and to holders of   other Senior Indebtedness of the Company designated by the Company) to purchase   Securities (and such other Senior Indebtedness of the Company) pursuant to and subject   to the conditions contained in this Indenture; provided, however, that in connection with   any prepayment, repayment or purchase of Indebtedness pursuant to clause (A) or (C)   above, Holdings, the Company or such Restricted Subsidiary shall cause the related loan   commitment (if any) to be reduced in an amount equal to the principal amount so prepaid,   repaid or purchased.                  The requirement of Section 4.06(a)(3)(B) shall be deemed to be satisfied if   a bona fide binding contract committing to make the investment, acquisition or   expenditure referred to therein is entered into by Holdings, the Company or any of its   Restricted Subsidiaries within the time period specified in Section 4.06(a)(3)(A) and such  Net Available Cash is subsequently applied in accordance with such contract within  180 days following the date such agreement is entered into.               Notwithstanding the foregoing provisions of this Section 4.06, Holdings,  the Company and the Restricted Subsidiaries shall not be required to apply any Net  Available Cash in accordance with this Section 4.06 except to the extent that the  aggregate Net Available Cash from all Asset Dispositions which is not applied in  accordance with this Section 4.06 exceeds $25,000,000.  Pending application of Net  Available Cash pursuant to this Section 4.06, such Net Available Cash shall be invested  in Temporary Cash Investments or applied to temporarily reduce revolving credit  Indebtedness.               For the purposes of Section 4.06(a)(2), the following are deemed to be  cash or Temporary Cash Investments:  (i) the assumption or discharge of Indebtedness of  Holdings (other than obligations in respect of Disqualified Stock of Holdings), the  Company or any Restricted Subsidiary (other than obligations in respect of Disqualified  Stock or Preferred Stock of the Company or a Restricted Subsidiary that is a Subsidiary  Guarantor) and the release of Holdings, the Company or such Restricted Subsidiary from  all liability on such Indebtedness in connection with such Asset Disposition; (ii) any  securities received by Holdings, the Company or any Restricted Subsidiary from the  transferee that are converted by Holdings, the Company or such Restricted Subsidiary  into cash within ninety (90) days after such Asset Disposition, to the extent of the cash  

 

                                                                       57    received in that conversion; and (iii) any Designated Non-cash Consideration received by   Holdings, the Company or any Restricted Subsidiary in such Asset Disposition having an   aggregate Fair Market Value, taken together with all other Designated Non-cash   Consideration received pursuant to this clause (3) that is at that time outstanding, not to   exceed the greater of (1) $75,000,000 and (2) 4% of Consolidated Net Tangible Assets of   Holdings, the Company and the Restricted Subsidiaries at the time of the receipt of such   Designated Non-cash Consideration (with the Fair Market Value of each item of   Designated Non-cash Consideration being measured at the time received and without   giving effect to subsequent changes in value).                (b)   In the event of an Asset Disposition that requires the purchase of   Securities (and other Senior Indebtedness) pursuant to Section 4.06(a)(3)(C) (or  following which, the Company elects to purchase the Securities pursuant Section  4.06(a)(3)(A)(ii) above), the Company shall purchase Securities tendered pursuant to an  offer (an “Asset Sale Offer”) by the Company for the Securities (and such other Senior   Indebtedness) at a purchase price of 100% of their principal amount without premium,   plus accrued but unpaid interest in accordance with the procedures (including prorating in   the event of oversubscription) set forth in this Indenture.  If the aggregate purchase price   of the securities tendered exceeds the Net Available Cash allotted to their purchase, the   Company shall select the securities to be purchased on a pro rata basis but in round   denominations, which in the case of the Securities shall be minimum denominations of   $2,000 principal amount or any greater integral multiple of $1,000 thereof.  The   Company shall not be required to make such an Asset Sale Offer pursuant to this Section   4.06 if the Net Available Cash available therefor is less than $50,000,000 (which lesser   amount shall be carried forward for purposes of determining whether such an Asset Sale   Offer is required with respect to the Net Available Cash from any subsequent Asset   Disposition).  Upon completion of such an Asset Sale Offer, Net Available Cash shall be   reset at zero.                (c)    (1)  Promptly, and in any event within 10 days after the Company   becomes obligated to make an Asset Sale Offer, the Company shall deliver to the Trustee   and shall deliver electronically or, at the Company’s option, mail by first-class mail to   each Holder, a written notice stating that the Holder may elect to have his Securities   purchased by the Company either in whole or in part (subject to prorating as described in   Section 4.06(b) in the event the Asset Sale Offer is oversubscribed) in denominations of   $2,000 of principal amount or any greater integral multiple of $1,000 thereof, at the   applicable purchase price.  The notice shall specify a purchase date not less than 15 days   nor more than 60 days after the date of such notice (the “Purchase Date”) and shall   contain such information concerning the business of the Company which the Company in   good faith believes shall enable such Holders to make an informed decision.                (2)   Not later than the date upon which written notice of an Asset Sale         Offer is delivered to the Trustee as provided below, the Company shall deliver to         the Trustee an Officer’s Certificate as to (A) the amount of the Asset Sale Offer         (the “Asset Sale Offer Amount”), including information as to any other Senior         Indebtedness included in the Asset Sale Offer, (B) the allocation of the Net        Available Cash from the Asset Dispositions pursuant to which such Asset Sale  

 

                                                                      58         Offer is being made and (C) the compliance of such allocation with the provisions        of Section 4.06(a) and (b).  On such date, the Company shall also irrevocably        deposit with the Trustee or with a Paying Agent (or, if the Company is acting as        its own Paying Agent, segregate and hold in trust) in Temporary Cash        Investments, maturing on the last day prior to the Purchase Date or on the        Purchase Date if funds are immediately available by open of business, an amount        equal to the Asset Sale Offer Amount to be held for payment in accordance with        the provisions of this Section.  If the Asset Sale Offer includes other Senior        Indebtedness, the deposit described in the preceding sentence may be made with        any other paying agent pursuant to arrangements satisfactory to the Trustee.         Upon the expiration of the period for which the Asset Sale Offer remains open        (the “Asset Sale Offer Period”), the Company shall deliver to the Trustee for        cancellation the Securities or portions thereof which have been properly tendered        to and are to be accepted by the Company.  The Trustee shall, on the Purchase        Date, mail or deliver payment (or cause the delivery of payment) to each        tendering Holder in the amount of the purchase price.  In the event that the        aggregate purchase price of the Securities delivered by the Company to the        Trustee is less than the Asset Sale Offer Amount applicable to the Securities, the        Trustee shall deliver the excess to the Company immediately after the expiration        of the Asset Sale Offer Period for application in accordance with this Section        4.06.               (3)   Holders electing to have a Security purchased shall be required to        surrender the Security, with an appropriate form duly completed, to the Company        at the address specified in the notice at least three Business Days prior to the        Purchase Date.  Holders shall be entitled to withdraw their election if the Trustee        or the Company receives not later than one Business Day prior to the Purchase        Date, facsimile transmission or letter setting forth the name of the Holder, the        principal amount of the Security which was delivered for purchase by the Holder        and a statement that such Holder is withdrawing his election to have such Security        purchased.  Holders whose Securities are purchased only in part shall be issued        new Securities equal in principal amount to the unpurchased portion of the        Securities surrendered.               (4)   At the time the Company delivers Securities to the Trustee which        are to be accepted for purchase, the Company shall also deliver an Officer’s        Certificate stating that such Securities are to be accepted by the Company        pursuant to and in accordance with the terms of this Section.  A Security shall be        deemed to have been accepted for purchase at the time the Trustee, directly or        through an agent, mails or delivers payment therefor to the surrendering Holder.               (d)   The Company shall comply, to the extent applicable, with the  requirements of Rule 14e-1 of the Exchange Act and any other securities laws or  regulations in connection with the repurchase of Securities pursuant to this Section 4.06.   To the extent that the provisions of any securities laws or regulations conflict with  provisions of this Section 4.06, the Company shall comply with the applicable securities  

 

                                                                       59    laws and regulations and shall not be deemed to have breached its obligations under this   Section 4.06 by virtue of its compliance with such securities laws or regulations.                SECTION 4.07.     Limitation on Affiliate Transactions.  (a)  Holdings   shall not, and shall not permit the Company or any Restricted Subsidiary to, enter into or   permit to exist any transaction (including the purchase, sale, lease or exchange of any   property, employee compensation arrangements or the rendering of any service) with, or   for the benefit of, any Affiliate of Holdings, the Company or any Restricted Subsidiary   (an “Affiliate Transaction”) involving aggregate payments or consideration in excess of   $10,000,000, unless (1) the terms of the Affiliate Transaction, taken as a whole, are no   less favorable to Holdings, the Company or such Restricted Subsidiary than those that   could reasonably be expected to have been obtained at the time of the Affiliate   Transaction in comparable arm’s-length dealings with a Person who is not an Affiliate of   Holdings, the Company or such Restricted Subsidiary; and (2) Holdings delivers to the   Trustee (A) if such Affiliate Transaction involves an amount in excess of $25,000,000  but not greater than $50,000,000, an Officer’s Certificate certifying that such Affiliate  Transaction or series of Affiliate Transactions complies with this Section 4.07 and (B) if  such Affiliate Transaction involves an amount in excess of $50,000,000, a resolution of  the Board of Directors of Holdings set forth in an Officer’s Certificate certifying that  such Affiliate Transaction or series of related Affiliate Transactions complies with this  Section 4.07 and that such Affiliate Transaction or series of related Affiliate Transactions  has been approved by a majority of the disinterested members of the Board of Directors,  if any.  For purposes of Section 4.07(a)(2)(B), any Affiliate Transaction shall be deemed  to have satisfied the requirements thereof if (x) such Affiliate Transaction is approved by  a majority of the disinterested members of the Board of Directors or (y) in the event there  are no disinterested members, a letter from an accounting, appraisal or investment  banking firm of national standing is provided stating that such transaction is fair to  Holdings, the Company or such Restricted Subsidiary from a financial point of view or  that such Affiliate Transaction meets the requirements of Section 4.07(a)(1).                (b)   The provisions of Section 4.07(a) shall not prohibit (1) (A) any   Permitted Investment or (B) any Investment (other than a Permitted Investment) or other   Restricted Payment, in each case permitted to be made pursuant to Section 4.04; (2) any   employment agreement, employee benefit plan, officer or director indemnification   agreement or any similar arrangement entered into by Holdings, the Company or any   Restricted Subsidiary in the ordinary course of business, and any issuance of securities,   or other payments, awards or grants in cash, securities or otherwise pursuant to, or the   funding of, any such agreement, plan or arrangement; (3) loans or advances to employees   in the ordinary course of business in accordance with the past practices of Holdings, the   Company or any Restricted Subsidiary, but in any event not to exceed $2,500,000 in the   aggregate outstanding at any one time; (4) the payment of reasonable fees, compensation   and payments in respect of indemnities to directors, officers, employees or consultants of   Holdings, the Company and the Restricted Subsidiaries; (5) any transaction with   Holdings, the Company, a Restricted Subsidiary or joint venture or similar entity which   would constitute an Affiliate Transaction solely because Holdings, the Company or a   Restricted Subsidiary owns an equity interest in or otherwise controls the Company, such   Restricted Subsidiary, joint venture or similar entity; (6) the issuance or sale of any  

 

                                                                      60   Capital Stock (other than Disqualified Stock) of Holdings or the issuance or sale of any  Capital Stock of the Company or any Restricted Subsidiary (or any Person that thereby  becomes a Restricted Subsidiary) to Holdings, the Company or any Restricted  Subsidiary; (7) transactions with customers, clients, vendors, suppliers or other  purchasers or sellers of goods or services, in each case in the ordinary course of business  (including pursuant to joint venture agreements); (8) any transaction on arm’s-length  terms with any non-Affiliate of Holdings that becomes an Affiliate of Holdings as a result  of such transactions; (9) any transactions between Holdings, the Company or any  Restricted Subsidiary, on one hand, and any Person, on the other hand, a director of  which is also a director of Holdings, the Company or a Restricted Subsidiary, and such  director is the sole cause for such Person to be deemed an Affiliate of Holdings, the  Company and/or a Restricted Subsidiary; provided that such director abstains from voting  as a director of Holdings, the Company or the Restricted Subsidiary, as applicable, in  connection with the approval of the transaction; and (10) other agreements or  arrangements in effect on the Issue Date or any amendment, modification or supplement  thereto or replacement thereof, as long as such agreement or arrangement, as so amended,  modified, supplemented or replaced is not materially more disadvantageous to Holdings,  the Company and the Restricted Subsidiaries, taken as a whole, than the agreement or  arrangement in existence on the Issue Date.               SECTION 4.08.     Change of Control.  (a)  Upon the occurrence of a  Change of Control, each Holder shall have the right to require that the Company  repurchase such Holder’s Securities at a purchase price in cash equal to 101% of the  principal amount thereof on the date of purchase plus accrued and unpaid interest, if any,  to the date of purchase (subject to the right of Holders of record on the relevant record  date to receive interest due on the relevant interest payment date):               (b)   Within thirty (30) days following any Change of Control, except to  the extent the Company has previously or concurrently exercised its right to redeem the  Securities by delivery of a notice of redemption as described under Section 5 of the  Securities, the Company shall cause a notice to be delivered electronically or, at its  option, mailed by first-class mail to each Holder with a copy to the Trustee (the “Change  of Control Offer”) stating:               (1)   that a Change of Control has occurred and that such Holder has the        right to require the Company to purchase such Holder’s Securities at a purchase        price in cash equal to 101% of the principal thereof on the date of purchase, plus        accrued and unpaid interest, if any, to the date of purchase (subject to the right of        Holders of record on the relevant record date to receive interest on the relevant        interest payment date);               (2)   the circumstances and relevant facts regarding such Change of        Control;  

 

                                                                       61                (3)   the purchase date (which shall be no earlier than thirty (30) days        nor later than sixty (60) days from the date such notice is mailed or delivered);         and                (4)   the instructions, as determined by the Company, consistent with         this Section 4.08, that a Holder must follow in order to have its Securities         purchased.                (c)   The Company shall not be required to make a Change of Control   Offer following a Change of Control if (i) a third party makes the Change of Control  Offer in the manner, at the times and otherwise in compliance with the requirements set  forth in this Indenture applicable to a Change of Control Offer made by the Company and  purchases all Securities validly tendered and not withdrawn under such Change of  Control Offer or (ii) a notice of redemption for all outstanding Securities has been given  previous to, or concurrently with, the Change of Control pursuant to this Indenture as  described under Section 5 of the Securities, unless and until there is a default in payment  of the applicable redemption price.                (d)   Holders electing to have a Security purchased shall be required to  surrender the Security, with an appropriate form duly completed, to the Company at the  address specified in the notice at least three Business Days prior to the purchase date.   Holders shall be entitled to withdraw their election if the Trustee or the Company  receives not later than one Business Day prior to the purchase date, a telegram, telex,  facsimile transmission or letter setting forth the name of the Holder, the principal amount  of the Security which was delivered for purchase by the Holder and a statement that such  Holder is withdrawing his election to have such Security purchased.                (e)   On the purchase date, all Securities purchased by the Company   under this Section shall be delivered by the Company to the Trustee for cancellation, and   the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the   Holders entitled thereto.                (f)   If holders of not less than 90% in aggregate principal amount of   the outstanding Securities validly tender and do not withdraw such Securities in a Change   of Control Offer and the Company, or any third party making a Change of Control Offer   in lieu of the Company as described above, purchases all of the Securities validly   tendered and not withdrawn by such holders, the Company or such third party will have   the right, upon not less than fifteen (15) nor more than sixty (60) days’ prior notice, given   not more than thirty (30) days following such purchase pursuant to the Change of Control   Offer described above, to redeem all Securities that remain outstanding following such   purchase at a purchase price in cash equal to 101% of the principal amount thereof, plus   accrued and unpaid interest, if any, to, but excluding the date of redemption (subject to   the right of holders on the relevant record date to receive interest due on the relevant   interest payment date).                 (g)   If the terms of the Senior Credit Agreement prohibit the Company   from making a Change of Control Offer or from purchasing the Securities pursuant  

 

                                                                       62    thereto, prior to the delivery or mailing of the notice to Securityholders described in the   preceding paragraph, but in any event within thirty (30) days following any Change of  Control, the Company covenants to:                (1) repay in full all Indebtedness outstanding under the Senior Credit              Agreement or offer to repay in full all such Indebtedness and repay the              Indebtedness of each lender who has accepted such offer; or              (2) obtain the requisite consent under the Senior Credit Agreement to              permit the purchase of the Securities as described above.                The Company must first comply with this Section 4.08(g) before it shall   be required to purchase Securities in the event of a Change of Control, provided,   however, that the Company’s failure to comply with this Section 4.08(g) or to make a   Change of Control Offer because of any such failure shall constitute a default described   in Section 6.01(5) (and not under Section 6.01(2)).                (h)   A Change of Control Offer may be made in advance of a Change   of Control, conditional upon such Change of Control, if a definitive agreement is in place   for the Change of Control at the time of making of the Change of Control Offer.                (i)   The Company shall comply, to the extent applicable, with the   requirements of Rule 14e-1 under the Exchange Act and any other securities laws or   regulations in connection with the repurchase of Securities as a result of a Change of   Control.  To the extent that the provisions of any securities laws or regulations conflict   with the provisions of this Section, the Company shall comply with the applicable   securities laws and regulations and shall not be deemed to have breached the Company’s   obligations under this Section by virtue of the Company’s compliance with such  securities laws or regulations.                SECTION 4.09.     Limitation on Liens.  Holdings shall not, and shall   not permit the Company or any Restricted Subsidiary to, directly or indirectly, Incur or   permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any of its   properties (including Capital Stock of the Company or a Restricted Subsidiary), whether   owned at the Issue Date or thereafter acquired, securing any Indebtedness, other than   Permitted Liens, without effectively providing that the Securities and the Guarantees   shall be secured equally and ratably with (or prior to) the obligations so secured for so   long as such obligations are so secured.                Any such Lien thereby created in favor of the Securities or any Guarantee   shall be automatically and unconditionally released and discharged upon (i) the release   and discharge of each Initial Lien to which it relates, (ii) in the case of such Lien in favor   of any Subsidiary Guarantor, upon the termination and discharge of such Subsidiary   Guarantee in accordance with the terms of this Indenture or (iii) any sale, exchange or   transfer to any Person not an Affiliate of Holdings of the property or assets secured by   such Initial Lien.  

 

                                                                       63                With respect to any Lien securing Indebtedness that was permitted to   secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien   shall also be permitted to secure any Increased Amount of such Indebtedness.  The   “Increased Amount” of any Indebtedness shall mean any increase in the amount of such   Indebtedness in connection with any accrual of interest or fees, any accretion of accreted   value, any amortization of original issue discount, any payment of interest in the form of   additional Indebtedness containing the same terms or in the form of Qualified Capital   Stock of Holdings, any payment of dividends on Preferred Stock in the form of additional   shares of Preferred Stock of the same class or any accretion of original issue discount or   liquidation preference and any increase in the amount of Indebtedness outstanding solely   as a result of fluctuations in the exchange rate of currencies or increases in the value of   property securing Indebtedness.                SECTION 4.10.     Future Subsidiary Guarantors.  Holdings shall cause   each domestic Wholly Owned Subsidiary that Guarantees Indebtedness under the Senior   Credit Agreement to execute and deliver to the Trustee a supplemental indenture pursuant   to which such Subsidiary shall Guarantee payment of the Securities on the same terms   and conditions as those set forth in Article 10 of this Indenture and applicable to the other  Subsidiary Guarantors.                SECTION 4.11.     Suspension of Covenants.  (a) Following the first   day (the “Suspension Date”) that: (i) the Securities have an Investment Grade Rating   from any two of the three Rating Agencies and (ii) no Default has occurred and is   continuing under this Indenture, Holdings, the Company and the Restricted Subsidiaries   shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.10, 5.01(a)(3) and   5.01(b)(3) (collectively, the “Suspended Covenants”) and the then-existing Subsidiary   Guarantees will be suspended as of the Suspension Date.                (b)   In the event that Holdings, the Company and the Restricted   Subsidiaries are not subject to the Suspended Covenants for any period of time as a result   of the foregoing, and on any subsequent date (the “Reversion Date”) two of the three   Rating Agencies withdraw their Investment Grade Rating or downgrade the rating   assigned to the Securities below an Investment Grade Rating, then Holdings, the   Company and the Restricted Subsidiaries will thereafter again be subject to the   Suspended Covenants with respect to future events and the Subsidiary Guarantees will be   reinstated.  The period of time between the Suspension Date and the Reversion Date is   referred to in this Indenture as the “Suspension  Period”.  Notwithstanding that the   Suspended Covenants may be reinstated, no Default shall be deemed to have occurred as   a result of a failure to comply with the Suspended Covenants during the Suspension   Period.                (c)   On the Reversion Date, all Indebtedness Incurred during the   Suspension Period shall be classified to have been Incurred pursuant to Sections 4.03(a)   or 4.03(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder   as of the Reversion Date and after giving effect to Indebtedness Incurred prior to the   Suspension Period and outstanding on the Reversion Date).  To the extent such   Indebtedness would not be so permitted to be Incurred pursuant to Sections 4.03(a) or  

 

                                                                      64   4.03(b), such Indebtedness shall be deemed to have been outstanding on the Issue Date,  so that it is classified as permitted under Section 4.03(b)(4).  Calculations made after the  Reversion Date of the amount available to be made as Restricted Payments under Section  4.04 shall be made as though Section 4.04 had been in effect since the Issue Date and  throughout the Suspension Period.  Accordingly, Restricted Payments made during the  Suspension Period will reduce the amount available to be made as Restricted Payments  under Section 4.04(a) and the provisions specified in Sections 4.04(a)(3)(A)-(E) will  increase the amount available to be made under Section 4.04(a). For purposes of  determining compliance with Section 4.06(a), the amount of Net Available Cash from all  Asset Dispositions not applied in accordance with the covenant shall be deemed to be  reset to zero.               SECTION 4.12.     Compliance Certificate.  The Company shall deliver  to the Trustee, within 120 days after the end of each fiscal year of the Company, an  Officer’s Certificate stating that in the course of the performance by such Officer of his  or her duties he or she would normally have knowledge of any Default and whether or  not such Officer knows of any Default that occurred during such period.  If so, the  certificate shall describe the Default, its status and what action the Company is taking or  proposes to take with respect thereto.  The Company shall also comply with TIA §  314(a)(4).                                   Article 5                                                                   Successor Company               SECTION 5.01.     When Company May Merge or Transfer Assets.   (a)  Holdings shall not consolidate with or merge with or into, or convey, transfer or  lease, in one transaction or a series of transactions, directly or indirectly, all or  substantially all its assets to, any Person, unless:               (1)   Holdings shall be the surviving corporation or the resulting,        surviving or transferee Person (“Successor Holdings”) shall be a Person organized        and existing under the laws of the United States of America, any State thereof or        the District of Columbia and Successor Holdings (if not Holdings) shall expressly        assume, by an indenture supplemental thereto, executed and delivered to the        Trustee, in form reasonably satisfactory to the Trustee, all the obligations of        Holdings under its Guarantee of the Securities and this Indenture;               (2)   immediately after giving pro forma effect to such transaction (and        treating any Indebtedness which becomes an obligation of Successor Holdings or        any Subsidiary as a result of such transaction as having been Incurred by        Successor Holdings or such Subsidiary at the time of such transaction), no Default        shall have occurred and be continuing;               (3)   immediately after giving pro forma effect to such transaction,        Successor Holdings would (a) be able to Incur an additional $1.00 of Coverage        Indebtedness pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage  

 

                                                                      65         Ratio greater than the Consolidated Coverage Ratio immediately prior to such        transaction and without giving pro forma effect thereto; and               (4)   Holdings shall have delivered to the Trustee an Officer’s        Certificate and an Opinion of Counsel, each stating that such consolidation,        merger or transfer and such supplemental indenture (if any) comply with this        Indenture.               (b)   The Company shall not consolidate with or merge with or into, or  convey, transfer or lease, in one transaction or a series of related transactions, directly or  indirectly, all or substantially all of its assets in one or a series of related transactions to,  any Person, unless:               (1)   the surviving corporation or the resulting, surviving or transferee        Person (the “Successor Company”) shall be a corporation, limited liability        corporation or limited partnership organized and existing under the laws of the        United States of America, any State thereof or the District of Columbia and the        Successor Company (if not the Company) shall expressly assume, by an indenture        supplemental thereto, executed and delivered to the Trustee, in form reasonably        satisfactory to the Trustee, all the obligations of the Company under the Securities        and this Indenture; and if the Successor Company shall be a limited liability        corporation or limited partnership, a Wholly Owned Subsidiary of the Successor        Company that is a corporation organized and existing under the laws of the        United States of America, any State thereof or the District of Columbia shall        expressly assume, on a joint and several basis with the Successor Company, by an        indenture supplemental thereto, executed and delivered to the Trustee, in form        reasonably satisfactory to the Trustee, all the obligations of the Successor        Company under the Securities and this Indenture;               (2)   immediately after giving pro forma effect to such transaction (and        treating any Indebtedness which becomes an obligation of the Successor        Company or any Subsidiary as a result of such transaction as having been        Incurred by the Successor Company or such Subsidiary at the time of such        transaction) no Default shall have occurred and be continuing;               (3)   immediately after giving pro forma effect to such transaction,        Holdings would (a) be able to Incur an additional $1.00 of Coverage Indebtedness        pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage Ratio greater        than the Consolidated Coverage Ratio immediately prior to such transaction and        without giving pro forma effect thereto; and               (4)   the Company shall have delivered to the Trustee an Officer’s       Certificate and an Opinion of Counsel, each stating that such consolidation,       merger or transfer and such supplemental indenture (if any) comply with this       Indenture.  

 

                                                                       66                For purposes of this Section 5.01, the sale, lease, conveyance, assignment,   transfer or other disposition of all or substantially all of the properties and assets of one or   more Subsidiaries of Holdings or the Company, which properties and assets, if held by   Holdings or the Company instead of such Subsidiaries, would constitute all or   substantially all of the properties and assets of Holdings or the Company on a   consolidated basis, shall be deemed to be the transfer of all or substantially all of the   properties and assets of Holdings or the Company, as applicable.                For the avoidance of doubt, any disposition of the Ethanol Assets or any   disposition of shares of Capital Stock of the Ethanol Subsidiary shall not constitute the   sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all   of the properties and assets of Holdings, the Company or the Restricted Subsidiaries.                Successor Holdings or the Successor Company shall be the successor to   Holdings or the Company, as applicable, and shall succeed to, and be substituted for, and   may exercise every right and power of, Holdings or the Company, as applicable, under   this Indenture and the predecessor Holdings or the Company, as applicable, except in the   case of a lease, shall be released from the obligation to pay the principal of and interest   on the Securities and Guarantees, as applicable.                For all purposes of this Indenture, Subsidiaries of Successor Holdings   shall, upon any transaction subject to this covenant, become Restricted Subsidiaries or   Unrestricted Subsidiaries as provided pursuant to this Indenture.                (c)   Holdings shall not permit any Subsidiary Guarantor to consolidate   with or merge with or into, or convey, transfer or lease, in one transaction or a series of   transactions, directly or indirectly, all or substantially all of its assets to any Person   unless:  (1) except in the case of a Subsidiary Guarantor (x) that has been disposed of in   its entirety to another Person (other than to Holdings or an Affiliate of Holdings),   whether through a merger, consolidation or sale of Capital Stock or assets or (y) that, as a   result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary,   in both cases, if in connection therewith Holdings provides an Officer’s Certificate to the  Trustee to the effect that Holdings shall comply with its obligations under Section 4.06 in  respect of such disposition, the resulting, surviving or transferee Person (if not such  Subsidiary) shall be a Person organized and existing under the laws of the jurisdiction  under which such Subsidiary was organized or under the laws of the United States of   America, any State thereof or the District of Columbia, and such Person shall expressly   assume, by a supplemental indenture, in a form satisfactory to the Trustee, all the   obligations of such Subsidiary, if any, under its Subsidiary Guarantee; (2) immediately   after giving effect to such transaction or transactions on a pro forma basis (and treating   any Indebtedness which becomes an obligation of the resulting, surviving or transferee   Person as a result of such transaction as having been issued by such Person at the time of   such transaction), no Default shall have occurred and be continuing; and (3) Holdings   delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating  that such consolidation, merger or transfer and such supplemental indenture, if any,   complies with this Indenture.  

 

                                                                      67         Notwithstanding this Section 5.01(c), (1) any Restricted Subsidiary may  consolidate with, merge into or transfer all or part of its properties and assets to Holdings,  the Company or any Subsidiary Guarantor and (2) Holdings or the Company may merge  with an Affiliate incorporated solely for the purpose of reincorporating Holdings or the  Company in a jurisdiction within the United States of America, any State thereof or the  District of Columbia.                                   Article 6                                                                  Defaults and Remedies               SECTION 6.01.     Events of Default.  Each of the following is an  “Event of Default”:               (1)   a default in the payment of interest on the Securities when due,        continued for thirty (30) days;               (2)   a default in the payment of principal of any Security when due at        its Stated Maturity, upon optional redemption, upon required purchase, upon        declaration of acceleration or otherwise;               (3)   the failure by Holdings or the Company to comply with its        obligations under Section 5.01;               (4)   the failure by Holdings to comply for one hundred        eighty (180) days after the notice specified below with any of its obligations        under Section 4.02;               (5)   the failure by Holdings, the Company or any Subsidiary Guarantor        to comply for sixty (60) days after the notice specified below with any of its other        agreements contained in the Securities or this Indenture (other than those referred       to in clause (1), (2), (3) or (4) above);               (6)   Indebtedness of Holdings, the Company or any Significant        Subsidiary is (x) not paid within any applicable grace period after final maturity        or (y) is accelerated by the holders thereof prior to its Stated Maturity because of        a default and, in either case (x) or (y), the total amount of such Indebtedness        unpaid or accelerated exceeds $50,000,000; provided that if, prior to any        acceleration of the Securities, (i) any such default is cured or waived, (ii) any such        acceleration is rescinded or (iii) such Indebtedness is repaid, within a period of        thirty (30) days from the earlier of continuation of such default beyond any        applicable grace or cure period or the occurrence of such acceleration, as the case        may be, any such Event of Default under this Indenture (but not any acceleration        of the Securities) shall be automatically rescinded, so long as such rescission does        not conflict with any judgment or decree;               (7)    Holdings, the Company or any Significant Subsidiary pursuant to        or within the meaning of any Bankruptcy Law:  

 

                                                                      68                     (A)   commences a voluntary case;                     (B)   consents to the entry of an order for relief against it in an              involuntary case;                     (C)   consents to the appointment of a Custodian of it or for any              substantial part of its property; or                     (D)   makes a general assignment for the benefit of its creditors;         or takes any comparable action under any foreign laws relating to insolvency;               (8)   a court of competent jurisdiction enters an order or decree under        any Bankruptcy Law that:                     (A)   is for relief against Holdings, the Company or any              Significant Subsidiary in an involuntary case;                     (B)   appoints a Custodian of Holdings, the Company or any              Significant Subsidiary or for any substantial part of its property; or                     (C)   orders the winding up or liquidation of Holdings, the              Company or any Significant Subsidiary;               or any similar relief is granted under any foreign laws and the order or              decree remains unstayed and in effect for 60 days;               (9)   any judgment or decree for the payment of money in excess of        $50,000,000 or its foreign currency equivalent is entered against Holdings, the        Company or any Significant Subsidiary, remains outstanding for a period of sixty        (60) consecutive days following the entry of such judgment or decree and is not        discharged, waived or the execution thereof stayed, and is not adequately covered        by insurance or indemnities which have been cash collateralized;               (10)  any Guarantee ceases to be in full force and effect or any        Guarantor denies or disaffirms its obligations under its Guarantee (in each case        other than as permitted in accordance with the terms of this Indenture); or               (11)  the Company ceases to be a Subsidiary of Holdings.               The foregoing shall constitute Events of Default whatever the reason for  any such Event of Default and whether it is voluntary or involuntary or is effected by  operation of law or pursuant to any judgment, decree or order of any court or any order,  rule or regulation of any administrative or governmental body.               The term “Bankruptcy Law” means Title 11, United States Code, or any  similar Federal or state law for the relief of debtors.  The term “Custodian” means any  

 

                                                                       69    receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy   Law.                A Default under clauses (4), (5) and (9) shall not constitute an Event of   Default until the Trustee or the Holders of at least 25% in principal amount of the   outstanding Securities notify Holdings of the Default and Holdings does not cure such   Default within the time specified, as applicable, after receipt of such notice.  Such notice   must specify the Default, demand that it be remedied and state that such notice is a   “Notice of Default”. A Notice of Default may not be given with respect to any action   taken, and reported publicly or to the Trustee and Holders, more than two years prior to   such Notice of Default. Any Notice of Default, notice of acceleration or instruction to the   Trustee to provide a Notice of Default, notice of acceleration or take any other action (a   “Securityholder Direction”) provided by any one or more Holders (each, a “Directing   Holder”) must be accompanied by a written representation from each such Holder   delivered to the Company and the Trustee that such Holder is not (or, in the case such   Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial  owners that are not) Net Short (a “Position Representation”), which representation, in the  case of a Securityholder Direction relating to delivery of a notice of Default (a “Default  Direction”) shall be deemed a continuing representation until the resulting Event of  Default is cured or otherwise ceases to exist or the Securities are accelerated. In addition,  each Directing Holder must, at the time of providing a Securityholder Direction, covenant  to provide the Company with such other information as the company may reasonably  request from time to time in order to verify the accuracy of such Securityholder’s  Position Representation within five Business Days of request therefor (a “Verification  Covenant”). In any case in which the Holder is DTC or its nominee, any Position  Representation or Verification Covenant required hereunder shall be provided by the  beneficial owner of the Securities in lieu of DTC or its nominee.                If, following the delivery of a Securityholder Direction, but prior to   acceleration of the Securities, the Company determines in good faith that there is a   reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its   Position Representation and provides to the Trustee an Officer’s Certificate stating that   the Company has filed papers with a court of competent jurisdiction seeking a   determination that such Directing Holder was, at such time, in breach of its Position   Representation, and seeking to invalidate any Event of Default that resulted from the   applicable Securityholder Direction, the cure period with respect to such Event of Default   shall be automatically stayed pending a final and non-appealable determination of a court   of competent jurisdiction on such matter. If, following the delivery of a Securityholder   Direction, but prior to acceleration of the Securities, the Company provides to the Trustee   an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification   Covenant, the cure period with respect to any Event of Default that resulted from the   applicable Securityholder Direction shall be automatically stayed pending satisfaction of   such Verification Covenant. Any breach of the Position Representation shall result in   such Holder’s participation in such Securityholder Direction being disregarded; and, if,   without the participation of such Holder, the percentage of Securities held by the   remaining Holders that provided such Securityholder Direction would have been   insufficient to validly provide such Securityholder Direction, such Securityholder  

 

                                                                       70    Direction shall be void ab initio, with the effect that such Event of Default shall be   deemed never to have occurred.                 Any Default for the failure to deliver any report within the time periods   prescribed in Section 4.02 or to deliver any notice or certificate pursuant to any other   provision of this Indenture shall be deemed to be cured upon the subsequent delivery of   any such report, notice or certificate, even though such delivery is not within the   prescribed period specified.                  The Company shall deliver to the Trustee, within 30 days after the   occurrence thereof, written notice in the form of an Officer’s Certificate of any event   which with the giving of notice or the lapse of time would become an Event of Default,   its status and what action the Company is taking or proposes to take with respect thereto.                SECTION 6.02.     Acceleration.  If an Event of Default (other than an   Event of Default specified in Section 6.01(7) or (8)) occurs and is continuing, the Trustee   by notice to the Company or the Holders of at least 25% in principal amount of the   outstanding Securities by notice to the Company and the Trustee may declare the  principal of and accrued but unpaid interest on all the Securities to be due and payable.   Upon such a declaration, such principal and interest shall be due and payable  immediately.  If an Event of Default specified in Section 6.01(7) or (8) occurs and is  continuing, the principal of and interest on all the Securities shall ipso facto become and   be immediately due and payable without any declaration or other act on the part of the   Trustee or any Securityholders.  The Holders of a majority in principal amount of the   outstanding Securities by notice to the Trustee may rescind any such acceleration with  respect to the Securities and its consequences (including any payment Default that  directly resulted from such acceleration) if the rescission would not conflict with any  judgment or decree and if all existing Events of Default have been cured or waived   except nonpayment of principal or interest that has become due solely because of   acceleration.  No such rescission shall affect any subsequent Default or impair any right   consequent thereto.                 Any time period in this Indenture to cure any actual or alleged Default or   Event of Default may be extended or stayed by a court of competent jurisdiction.                SECTION 6.03.     Other Remedies.  If an Event of Default occurs and   is continuing, the Trustee may pursue any available remedy to collect the payment of   principal of or interest on the Securities or to enforce the performance of any provision of   the Securities or this Indenture.         The Trustee may maintain a proceeding even if it does not possess any of the Securities   or does not produce any of them in the proceeding.  A delay or omission by the Trustee   or any Securityholder in exercising any right or remedy accruing upon an Event of   Default shall not impair the right or remedy or constitute a waiver of or acquiescence in   the Event of Default.  No remedy is exclusive of any other remedy.  All available   remedies are cumulative.  

 

                                                                       71                SECTION 6.04.     Waiver of Past Defaults.  The Holders of a majority   in principal amount of the Securities by notice to the Trustee may waive an existing   Default and its consequences except (a) a Default in the payment of the principal of or  interest on a Security (b) a Default arising from the failure to redeem or purchase any  Security when required pursuant to this Indenture or (c) a Default in respect of a  provision that under Section 9.02 cannot be amended without the consent of each  Securityholder affected.  When a Default is waived, it is deemed cured, but no such  waiver shall extend to any subsequent or other Default or impair any consequent right.                SECTION 6.05.     Control by Majority.  The Holders of a majority in   principal amount of the outstanding Securities may direct the time, method and place of   conducting any proceeding for any remedy available to the Trustee or of exercising any   trust or power conferred on the Trustee.  The Trustee, however, may refuse to follow any  direction that conflicts with law or this Indenture or, subject to Section 7.01, that the  Trustee determines is unduly prejudicial to the rights of other Securityholders or would   involve the Trustee in personal liability; provided, however, that the Trustee may take   any other action deemed proper by the Trustee that is not inconsistent with such   direction.  Prior to taking any action hereunder, the Trustee shall be entitled to receive   indemnification satisfactory to it in its sole discretion against all losses and expenses   caused by taking or not taking such action.                  SECTION 6.06.     Limitation on Suits.  Except to enforce the right to   receive payment of principal, premium (if any) or interest when due, no Securityholder   may pursue any remedy with respect to this Indenture or the Securities unless:                (1)   such Holder has previously given to the Trustee written notice        stating that an Event of Default is continuing;               (2)   Holders of at least 25% in principal amount of the outstanding         Securities have made a written request to the Trustee to pursue the remedy;                (3)   such Holder or Holders have offered to the Trustee security or        indemnity satisfactory to it against any loss, liability, claim or expense;                (4)   the Trustee has not complied with such request within sixty        (60) days after the receipt thereof and the offer of security or indemnity; and                (5)   Holders of a majority in principal amount of the outstanding        Securities have not given the Trustee a direction inconsistent with such request        within such 60-day period.               A Securityholder may not use this Indenture to prejudice the rights of  another Securityholder or to obtain a preference or priority over another Securityholder  (it being understood that the Trustee does not have an affirmative duty to ascertain  whether or not any such use by a Securityholder is unduly prejudicial to such other  Securityholders).  In the event that the definitive Securities are not issued to any  beneficial owner promptly after the Registrar has received a request from the Holder of a  Global Security to issue such definitive Securities to such beneficial owner of its  

 

                                                                       72    nominee, the Company expressly agrees and acknowledges, with respect to the right of   any Holder to pursue a remedy pursuant to this Indenture, the right of such beneficial   holder of Securities to pursue such remedy with respect to the portion of the Global   Security that represents such beneficial holder’s Securities as if such definitive Securities  had been issued.                SECTION 6.07.     Rights of Holders to Receive Payment.    Notwithstanding any other provision of this Indenture, the right of any Holder to receive   payment of principal of and interest on the Securities held by such Holder, on or after the   respective due dates expressed in the Securities, or to bring suit for the enforcement of   any such payment on or after such respective dates, shall not be impaired or affected   without the consent of such Holder.                SECTION 6.08.     Collection Suit by Trustee.  If an Event of Default   specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover   judgment in its own name and as trustee of an express trust against the Company for the   whole amount then due and owing (together with interest on any unpaid interest to the   extent lawful) and the amounts provided for in Section 7.07.                SECTION 6.09.     Trustee May File Proofs of Claim.  The Trustee   may 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 and the Securityholders allowed in  any judicial proceedings relative to the Company, its creditors or its property and, unless  prohibited by law or applicable regulations, may vote on behalf of the Holders in any  election of a trustee in bankruptcy or other Person performing similar functions, and any  Custodian in any such judicial proceeding is hereby authorized by each Holder to make  payments to the Trustee and, in the event that the Trustee shall consent to the making of  such payments directly to the Holders, to pay to the Trustee any amount due it for the  reasonable compensation, expenses, disbursements and advances of the Trustee, its  agents and its counsel, and any other amounts due the Trustee under Section 7.07.                SECTION 6.10.     Priorities.  If the Trustee collects any money or   property pursuant to this Article 6, it shall pay out the money or property in the following   order:                FIRST:      to the Trustee for amounts due under Section 7.07 of this         Indenture;                SECOND:     to Securityholders for amounts due and unpaid on the         Securities for principal and interest, ratably, without preference or priority of any         kind, according to the amounts due and payable on the Securities for principal and         interest, respectively; and                THIRD:      to the Company.  

 

                                                                       73                The Trustee may fix a record date and payment date for any payment to   Securityholders pursuant to this Section.                  SECTION 6.11.     Undertaking for Costs.  In any suit for the   enforcement of any right or remedy under this Indenture or in any suit against the Trustee  for any action taken or omitted by it as Trustee, a court in its discretion may require the  filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and  the court in its discretion may assess reasonable costs, including reasonable attorneys’   fees and expenses, against any party litigant in the suit, having due regard to the merits   and good faith of the claims or defenses made by the party litigant.  This Section does not   apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by   Holders of more than 10% in aggregate principal amount of the Securities.                SECTION 6.12.     Waiver of Stay or Extension Laws.  The Company   (to the extent it may lawfully do so) shall not at any time insist upon, or 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, which may affect the covenants  or the performance of this Indenture; and the Company (to the extent that it may lawfully   do so) hereby expressly waives all benefit or advantage of any such law, and shall not   hinder, delay or impede the execution of any power herein granted to the Trustee, but   shall suffer and permit the execution of every such power as though no such law had been   enacted.                                       Article 7                                                                           Trustee                SECTION 7.01.     Duties of Trustee.  (a)  If an Event of Default has   occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by   this Indenture and use the same degree of care and skill in their exercise as a prudent   Person would exercise or use under the circumstances in the conduct of such Person’s   own affairs.                (b)   Except during the continuance of an Event of Default:                (1)   the Trustee undertakes to perform such duties and only such duties         as are specifically set forth in this Indenture and no implied covenants or         obligations shall be read into this Indenture against the Trustee; and                (2)   in the absence of bad faith on its part, the Trustee may         conclusively rely, as to the truth of the statements and the correctness of the         opinions expressed therein, upon certificates or opinions furnished to the Trustee         and conforming to the requirements of this Indenture.  However, the Trustee shall         examine the certificates and opinions to determine whether or not they conform        on their face to the requirements of this Indenture (but need not confirm or  

 

                                                                       74          investigate the accuracy of mathematical calculations or other facts stated         therein).                (c)   The Trustee may not be relieved from liability for its own   negligent action, its own negligent failure to act or its own wilful misconduct, except that:                (1)   this paragraph does not limit the effect of paragraph (b) of this         Section;                (2)   the Trustee shall not be liable for any error of judgment made in         good faith by a Trust Officer unless it is proved in a court of competent         jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and                (3)   the Trustee shall not be liable with respect to any action it takes or         omits to take in good faith in accordance with a direction received by it pursuant         to Section 6.05.                (d)   Every provision of this Indenture that in any way relates to the   Trustee is subject to paragraphs (a), (b) and (c) of this Section.                (e)   The Trustee shall not be liable for interest on any money received   by it except as the Trustee may agree in writing with the Company.                (f)   Money held in trust by the Trustee need not be segregated from   other funds except to the extent required by law.                (g)   No provision of this Indenture shall require the Trustee to expend   or risk its own funds or otherwise incur financial liability in the performance of any of its   duties hereunder or in the exercise of any of its rights or powers, if it shall have   reasonable grounds to believe that repayment of such funds or adequate indemnity   against such risk or liability is not reasonably assured to it.                (h)   Every provision of this Indenture relating to the conduct or   affecting the liability of or affording protection to the Trustee shall be subject to the   provisions of this Section and to the provisions of the TIA.                SECTION 7.02.     Rights of Trustee.  (a)  The Trustee may rely and   shall be protected in acting or refraining from acting upon any document believed by it to   be genuine and to have been signed or presented by the proper person.  The Trustee need   not investigate any fact or matter stated in the document.                (b)   Before the Trustee acts or refrains from acting, it may require an   Officer’s Certificate or an Opinion of Counsel.  The Trustee shall not be liable for any  action it takes or omits to take in good faith in reliance on the Officer’s Certificate or  Opinion of Counsel.               (c)   The Trustee may act through agents and shall not be responsible  for the misconduct or negligence of any agent appointed with due care.  

 

                                                                       75                (d)   The Trustee shall not be liable for any action it takes or omits to   take in good faith which it believes to be authorized or within its rights or powers;   provided, however, that the Trustee’s conduct does not constitute willful misconduct or   negligence.                (e)   The Trustee may consult with counsel of its selection, and the   advice or opinion of counsel with respect to legal matters relating to this Indenture and   the Securities shall be full and complete authorization and protection from liability in   respect to any action taken, omitted or suffered by it hereunder in good faith and in   accordance with the advice or opinion of such counsel.                (f)   In no event shall the Trustee be responsible or liable for special,   indirect, punitive or consequential loss or damage of any kind whatsoever (including, but   not limited to, loss of profit) irrespective of whether the Trustee has been advised of the   likelihood of such loss or damage and regardless of the form of action.                (g)   The rights, privileges, protections, immunities and benefits given   to the Trustee, including, without limitation, its right to be indemnified, are extended to,   and shall be enforceable by, the Trustee in each of its capacities hereunder, and each   agent, custodian and other Person employed to act hereunder.                (h)   The Trustee shall not be required to give any bond or surety in   respect of the performance of its powers and duties hereunder.               (i)   The Trustee may request that the Company 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.                 (j)   The Trustee shall be under no obligation to exercise any of the  rights or powers vested in it by this Indenture, the Securities or the Subsidiary Guarantees  at the request, order or direction of any of the Holders pursuant to the provisions of this  Indenture, unless such Holders shall have offered to the Trustee security or indemnity  satisfactory to it against the costs, expenses and liabilities which may be incurred therein  or thereby.               (k)   Money held in trust by the Trustee need not be segregated from  other funds except to the extent required by law and will be held un-invested.                SECTION 7.03.     Individual Rights of Trustee.  The Trustee in its   individual or any other capacity may become the owner or pledgee of Securities and may   otherwise deal with the Company or its Affiliates with the same rights it would have if it   were not Trustee.  Any Paying Agent, Registrar, co-registrar or co-paying agent may do  the same with like rights.  However, the Trustee must comply with Sections 7.10 and  7.11.                SECTION 7.04.     Trustee’s Disclaimer.  The Trustee shall not be   responsible for and makes no representation as to the validity or adequacy of this   Indenture or the Securities, it shall not be accountable for the Company’s use of the  

 

                                                                       76    proceeds from the Securities, and it shall not be responsible for any statement of the   Company in this Indenture or in any document issued in connection with the sale of the   Securities or in the Securities other than the Trustee’s certificate of authentication.                SECTION 7.05.     Notice of Defaults.  The Trustee shall not be   deemed to have actual knowledge of any Default or Event of Default unless a Trust   Officer of the Trustee has actual knowledge thereof or unless written notice of a Default   or Event of Default is received by the Trustee at its corporate trust office.   If a Default  occurs, is continuing and is actually known to the Trustee as provided in the immediately  preceding sentence, the Trustee shall mail to each Securityholder notice of the Default  within ninety (90) days after it occurs.  Except in the case of a Default in the payment of  principal of or interest on any Security, the Trustee may withhold the notice if and so  long as the Trustee in good faith determines that withholding the notice is not opposed to  the interests of the Securityholders.                SECTION 7.06.     Reports by Trustee to Holders.  As promptly as   practicable after May 15 in each year, beginning with the first May 15 after the Issue   Date, the Trustee shall mail to each Securityholder a brief report dated as of May 15 that   complies with TIA § 313(a).  The Trustee shall also comply with TIA § 313(b).                A copy of each report at the time of its mailing to Securityholders shall be   filed with the SEC and each stock exchange (if any) on which the Securities are listed.    The Company agrees to notify promptly the Trustee whenever the Securities become   listed on any stock exchange and of any delisting thereof.                SECTION 7.07.     Compensation and Indemnity.  The Company shall   pay to the Trustee from time to time such compensation for its services as mutually  agreed to in writing.  The Trustee’s compensation shall not be limited by any law on  compensation of a trustee of an express trust.  The Company shall reimburse the Trustee  upon request for all reasonable out-of-pocket expenses incurred or made by it, including  costs of collection, in addition to the compensation for its services.  Such expenses shall  include the reasonable compensation and expenses, disbursements and advances of the  Trustee’s agents and counsel.  The Company shall indemnify the Trustee against any and  all loss, liability, claim or expense (including attorneys’ fees and expenses) incurred by it  in connection with the administration of this trust and the performance of its duties or  exercise of its rights hereunder and the enforcement of this Indenture (including this  Section 7.07).  The Trustee shall notify the Company promptly of any claim for which it  may seek indemnity.  Failure by the Trustee to so notify the Company shall not relieve  the Company of its obligations hereunder.  The Company shall defend the claim and the  Trustee may have separate counsel and the Company shall pay the fees and expenses of  such counsel.  The Company need not reimburse any expense or indemnify against any  loss, liability or expense incurred by the Trustee through the Trustee’s own willful  misconduct, negligence or bad faith.                To secure the Company’s payment obligations in this Section, the Trustee   shall have a lien prior to the Securities on all money or property held or collected by the  

 

                                                                       77    Trustee other than money or property held in trust to pay principal of and interest on   particular Securities.                The Company’s payment obligations pursuant to this Section shall survive   the discharge of this Indenture and the resignation or removal of the Trustee.  When the   Trustee incurs expenses after the occurrence of an Event of Default specified in   Section 6.01(7) or (8) with respect to the Company, the expenses are intended to   constitute expenses of administration under the Bankruptcy Law.                SECTION 7.08.     Replacement of Trustee.  The Trustee may resign at   any time by so notifying the Company.  The Holders of a majority in principal amount of   the Securities may remove the Trustee by so notifying the Trustee and may appoint a   successor Trustee.  The Company shall remove the Trustee if:                (1)   the Trustee fails to comply with Section 7.10;                (2)   the Trustee is adjudged bankrupt or insolvent;                (3)   a receiver or other public officer takes charge of the Trustee or its         property; or                (4)   the Trustee otherwise becomes incapable of acting.                If the Trustee resigns, is removed by the Company or by the Holders of a   majority in principal amount of the Securities and such Holders do not reasonably   promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for   any reason (the Trustee in such event being referred to herein as the retiring Trustee), the   Company shall promptly appoint a successor Trustee.               A successor Trustee shall deliver a written acceptance of its appointment  to the retiring Trustee and to the Company.  Thereupon the resignation or removal of the  retiring Trustee shall become effective, and the successor Trustee shall have all the rights,   powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a   notice of its succession to Securityholders.  The retiring Trustee shall promptly transfer   all property held by it as Trustee to the successor Trustee, subject to the lien provided for   in Section 7.07.                If a successor Trustee does not take office within 60 days after the retiring   Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in principal   amount of the Securities may, at the expense of the Company, petition any court of   competent jurisdiction for the appointment of a successor Trustee.               If the Trustee fails to comply with Section 7.10, any Securityholder may  petition any court of competent jurisdiction for the removal of the Trustee and the  appointment of a successor Trustee.  

 

                                                                       78                Notwithstanding the replacement of the Trustee pursuant to this Section,   the Company’s obligations under Section 7.07 shall continue for the benefit of the   retiring Trustee.                SECTION 7.09.     Successor Trustee by Merger.  If the Trustee   consolidates with, merges or converts into, or transfers all or substantially all its   corporate trust business or assets to, another corporation or banking association, the   resulting, surviving or transferee corporation without any further act shall be the   successor Trustee.                In case at the time such successor or successors by merger, conversion or   consolidation to the Trustee shall succeed to the trusts created by this Indenture any of   the Securities shall have been authenticated but not delivered, any such successor to the   Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver   such Securities so authenticated; and in case at that time any of the Securities shall not   have been authenticated, any successor to the Trustee may authenticate such Securities   either in the name of any predecessor hereunder or in the name of the successor to the   Trustee; and in all such cases such certificates shall have the full force which it is   anywhere in the Securities or in this Indenture provided that the certificate of the Trustee   shall have.                SECTION 7.10.     Eligibility; Disqualification.  The Trustee shall at all   times satisfy the requirements of TIA § 310(a).  The Trustee shall have a combined  capital and surplus of at least $50,000,000 as set forth in its most recent published annual  report of condition.  The Trustee shall comply with TIA § 310(b); provided, however,   that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or   indentures under which other securities or certificates of interest or participation in other   securities of the Company are outstanding if the requirements for such exclusion set forth   in TIA § 310(b)(1) are met.                SECTION 7.11.     Preferential Collection of Claims Against Company.    The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in   TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA   § 311(a) to the extent indicated.                                    Article 8                                                               Discharge of Indenture; Defeasance                SECTION 8.01.     Discharge of Liability on Securities; Defeasance.    (a)  When (1) the Company delivers to the Trustee all outstanding Securities (other than   Securities replaced pursuant to Section 2.07) for cancelation or (2) all outstanding   Securities have become due and payable, whether at maturity or on a redemption date as   a result of the mailing of a notice of redemption pursuant to Article 3 hereof and, in the  case of clause (2), the Company irrevocably deposits with the Trustee funds sufficient to  pay at maturity or upon redemption all outstanding Securities, including interest thereon  to maturity or such redemption date (other than Securities replaced pursuant to Section  

 

                                                                       79    2.07), and if in either case the Company pays all other sums payable hereunder by the  Company, then this Indenture shall, subject to Section 8.01(c), cease to be of further  effect.  The Trustee shall acknowledge satisfaction and discharge of this Indenture on  demand of the Company accompanied by an Officer’s Certificate and an Opinion of  Counsel in compliance with Section 8.02 and at the cost and expense of the Company.                  (b)   Subject to Sections 8.01(c) and 8.02, the Company at any time may   terminate (1) all its obligations under the Securities and this Indenture (“legal defeasance   option”) or (2) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09   and 4.10 and the operation of Sections 6.01(6), 6.01(7), 6.01(8) and 6.01(9) (but, in the   case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) and the   limitations contained in Section 5.01(a)(3) and 5.01(b)(3) (“covenant defeasance   option”).  The Company may exercise its legal defeasance option notwithstanding its   prior exercise of its covenant defeasance option.                If the Company exercises its legal defeasance option, payment of the   Securities may not be accelerated because of an Event of Default with respect thereto.  If   the Company exercises its covenant defeasance option, payment of the Securities may not   be accelerated because of an Event of Default specified in Section 6.01(4), 6.01(5),  6.01(6), 6.01(7), 6.01(8) or 6.01(9) (but, in the case of Sections 6.01(7) and (8), with  respect only to Significant Subsidiaries) or because of the failure of the Company to  comply with Section 5.01(a)(3) or 5.01(b)(3).  If the Company exercises its legal   defeasance option or its covenant defeasance option, each Subsidiary Guarantor, if any,   shall be released from all its obligations with respect to its Subsidiary Guarantee.               Upon satisfaction of the conditions set forth herein and upon request of the  Company, the Trustee shall acknowledge in writing the discharge of those obligations  that the Company terminates.               (c)   Notwithstanding clauses (a) and (b) above, the Company’s  obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this  Article 8 shall survive until the Securities have been paid in full.  Thereafter, the  Company’s obligations in Sections 7.07, 8.04 and 8.05 shall survive.                SECTION 8.02.     Conditions to Defeasance.  The Company may   exercise its legal defeasance option or its covenant defeasance option only if:                (1)   the Company irrevocably deposits in trust with the Trustee money         or U.S. Government Obligations (the sufficiency of any such U.S. Government         Obligations shall be certified by an Officer’s Certificate) for the payment of         principal of and interest on the Securities to maturity or redemption, as the case         may be;                (2)   the Company delivers to the Trustee a certificate from a nationally         recognized firm of independent accountants expressing their opinion that the         payments of principal and interest when due and without reinvestment on the         deposited U.S. Government Obligations plus any deposited money without  

 

                                                                       80          investment will provide cash at such times and in such amounts as will be         sufficient to pay principal and interest when due on all the Securities to maturity         or redemption, as the case may be;                (3)   123 days pass after the deposit is made and during the 123-day        period no Default specified in Section 6.01(7) or (8) with respect to Holdings or        the Company occurs which is continuing at the end of the period;               (4)   the deposit does not constitute a default under any other agreement        binding on the Company;               (5)   the Company delivers to the Trustee an Opinion of Counsel to the        effect that the trust resulting from the deposit does not constitute, or is qualified         as, a regulated investment company under the Investment Company Act of 1940;               (6)   in the case of the legal defeasance option, the Company shall have        delivered to the Trustee an Opinion of Counsel stating that (A) the Company has        received from, or there has been published by, the Internal Revenue Service a        ruling, or (B) since the date of this Indenture there has been a change in the        applicable Federal income tax law, in either case to the effect that, and based        thereon such Opinion of Counsel shall confirm that, the beneficial owners of        Securities will not recognize income, gain or loss for Federal income tax purposes        as a result of such defeasance and will be subject to Federal income tax on the        same amounts, in the same manner and at the same times as would have been the        case if such defeasance had not occurred;               (7)   in the case of the covenant defeasance option, the Company shall        have delivered to the Trustee an Opinion of Counsel to the effect that the        beneficial owners of Securities will not recognize income, gain or loss for Federal        income tax purposes as a result of such covenant defeasance and will be subject to        Federal income tax on the same amounts, in the same manner and at the same        times as would have been the case if such covenant defeasance had not occurred;         and                (8)   the Company delivers to the Trustee an Officer’s Certificate and an        Opinion of Counsel, each stating that all conditions precedent to the defeasance        and discharge of the Securities as contemplated by this Article 8 have been        complied with.               Before or after a deposit, the Company may make arrangements  satisfactory to the Trustee for the redemption of Securities at a future date in accordance  with Article 3.                SECTION 8.03.     Application of Trust Money.  The Trustee shall hold   in trust money or U.S. Government Obligations deposited with it pursuant to this  Article 8.  It shall apply the deposited money and the money from U.S. Government  Obligations through the Paying Agent and in accordance with this Indenture to the  payment of principal of and interest on the Securities.   

 

                                                                       81                SECTION 8.04.     Repayment to Company.  The Trustee and the   Paying Agent shall promptly turn over to the Company upon request any excess money   or securities held by them at any time.                Subject to any applicable abandoned property law, the Trustee and the   Paying Agent shall pay to the Company upon request any money held by them for the   payment of principal or interest that remains unclaimed for two years, and, thereafter,   Securityholders entitled to the money must look to the Company for payment as general   creditors.                SECTION 8.05.     Indemnity for Government Obligations.  The   Company shall pay and shall indemnify the Trustee against any tax, fee or other charge   imposed on or assessed against deposited U.S. Government Obligations or the principal   and interest received on such U.S. Government Obligations.                SECTION 8.06.     Reinstatement.  If the Trustee or Paying Agent is   unable to apply any money or U.S. Government Obligations in accordance with this   Article 8 by reason of any legal proceeding or by reason of any order or judgment of any   court or governmental authority enjoining, restraining or otherwise prohibiting such   application, the Company’s and each Guarantor’s obligations under this Indenture, each   Guarantee and the Securities shall be revived and reinstated as though no deposit had   occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is   permitted to apply all such money or U.S. Government Obligations in accordance with  this Article 8; provided, however, that, if the Company has made any payment of interest   on or principal of any Securities because of the reinstatement of its obligations, the   Company shall be subrogated to the rights of the Holders of such Securities to receive   such payment from the money or U.S. Government Obligations held by the Trustee or   Paying Agent.                                    Article 9                                                                        Amendments                SECTION 9.01.     Without Consent of Holders.  The Company, the   Guarantors and the Trustee may amend this Indenture or the Securities without notice to,   or consent of, any Securityholder:                (1)   to cure any ambiguity, omission, defect or inconsistency;                (2)   to provide for the assumption by a successor corporation of the         obligations of Holdings, the Company or any Subsidiary Guarantor under this         Indenture pursuant to Article 5;                (3)   to provide for uncertificated Securities in addition to or in place of         certificated Securities; provided that the uncertificated Securities are issued in         registered form for United States federal income tax purposes;  

 

                                                                       82                (4)   to add Guarantees with respect to the Securities, including any         Subsidiary Guarantee, or to secure the Securities; provided that any amendment or         supplemental indenture evidencing any such additional Subsidiary Guarantee may         be executed by the relevant Subsidiary Guarantor and the Trustee and shall not be         required to be executed by any other Person;                (5)   to add to the covenants of Holdings, the Company or any         Subsidiary Guarantor for the benefit of the Holders or to surrender any right or         power conferred upon Holdings, the Company or any Subsidiary Guarantor;                (6)   to make any change that does not adversely affect the rights of any         Holder of the Securities;                (7)   to comply with any requirement of the SEC in connection with         qualifying, or maintaining the qualification of, this Indenture under the TIA;                (8)   to conform the text of this Indenture, the Securities or any         Guarantee to any provision of the “Description of the notes” in the Prospectus to        the extent that such provision in such “Description of the notes” was intended to        be a verbatim recitation of a provision of this Indenture, the Securities or such        Guarantee; or                (9)   to make any amendment to the provisions of this Indenture relating         to the transfer and legending of Securities; provided, however, that (a) compliance         with this Indenture as so amended would not result in Securities being transferred         in violation of the Securities Act or any other applicable securities law and         (b) such amendment does not materially and adversely affect the rights of Holders         to transfer Securities.                After an amendment under this Section becomes effective, the Company  shall mail to Securityholders a notice briefly describing such amendment.  The failure to  give such notice to all Securityholders, or any defect therein, shall not impair or affect the  validity of an amendment under this Section.                SECTION 9.02.     With Consent of Holders.  The Company, the   Guarantors and the Trustee may amend this Indenture or the Securities (including the   obligations of the Company to make a Change of Control Offer pursuant to Section 4.08   of this Indenture) with the written consent of the Holders of at least a majority in   principal amount of the Securities then outstanding (including consents obtained in   connection with a tender offer or exchange for the Securities) and any past default or   compliance with any provisions may also be waived with the consent of the Holders of at   least a majority in principal amount of the Securities then outstanding.  However, without   the consent of each Securityholder affected thereby, an amendment or waiver may not:                (1)   reduce the principal amount of Securities whose Holders must         consent to an amendment;  

 

                                                                       83                (2)   reduce the rate of or extend the time for payment of interest on any         Security;                (3)   reduce the principal of or change the Stated Maturity of any         Security;                (4)   change the provisions applicable to the redemption of any Security         contained in Article 3 of this Indenture or Section 5 of the Securities (other than         changes in Sections 3.02, 3.03 and 3.06 of this Indenture);                (5)   make any Security payable in money other than that stated in the         Security;                 (6)   impair the right of any Holder of the Securities to receive payment         of principal of and interest on such Holder’s Securities on or after the due dates         therefor or to institute suit for the enforcement of any payment on or with respect         to such Holder’s Securities;                (7)   make any change in Section 6.04 or 6.07 or the second sentence of         this Section 9.02;                 (8)   make any changes in the ranking or priority of any Security that         would adversely affect the Securityholders; or                (9)   make any change in, or release other than in accordance with this         Indenture, any Guarantee that would adversely affect the Securityholders.                It shall not be necessary for the consent of the Holders under this Section   to approve the particular form of any proposed amendment, but it shall be sufficient if   such consent approves the substance of the proposed amendment.                After an amendment under this Section becomes effective, the Company   shall mail to Securityholders a notice briefly describing such amendment.  The failure to   give such notice to all Securityholders, or any defect therein, shall not impair or affect the   validity of an amendment under this Section.                SECTION 9.03.     Compliance with Trust Indenture Act.  Every   amendment to this Indenture or the Securities shall comply with the TIA as then in effect.                SECTION 9.04.     Revocation and Effect of Consents and Waivers.  A   consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and   every subsequent Holder of that Security or portion of the Security that evidences the   same debt as the consenting Holder’s Security, even if notation of the consent or waiver  is not made on the Security.  However, any such Holder or subsequent Holder may  revoke the consent or waiver as to such Holder’s Security or portion of the Security if the  Trustee receives the notice of revocation before the date the amendment or waiver  becomes effective.  After an amendment or waiver becomes effective, it shall bind every  

 

                                                                      84   Securityholder.  An amendment or waiver becomes effective upon the execution of such  amendment or waiver by the Company, any applicable Guarantor and Trustee.               The Company may, but shall not be obligated to, fix a record date for the  purpose of determining the Securityholders entitled to give their consent or take any other  action described above or required or permitted to be taken pursuant to this Indenture.  If  a record date is fixed, then notwithstanding the immediately preceding paragraph, those  Persons who were Securityholders at such record date (or their duly designated proxies),  and only those Persons, shall be entitled to give such consent or to revoke any consent  previously given or to take any such action, whether or not such Persons continue to be  Holders after such record date.                 SECTION 9.05.     Notation on or Exchange of Securities.  If an  amendment changes the terms of a Security, the Trustee may require the Securityholder  to deliver the Security to the Trustee.  The Trustee may place an appropriate notation on  the Security regarding the changed terms and return it to the Holder.  Alternatively, if the  Company or the Trustee so determines, the Company in exchange for the Security shall  issue and the Trustee shall authenticate a new Security that reflects the changed terms.   Failure to make the appropriate notation or to issue a new Security shall not affect the  validity of such amendment.               SECTION 9.06.     Trustee To Sign Amendments.  The Trustee shall  sign any amendment authorized pursuant to this Article 9 if the amendment does not  adversely affect the rights, duties, liabilities or immunities of the Trustee.  If it does, the  Trustee may but need not sign it.  In signing such amendment the Trustee shall be entitled  to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section  7.01) shall be fully protected in conclusively relying upon, an Officer’s Certificate and an  Opinion of Counsel stating that such amendment is authorized or permitted by this  Indenture.  No Opinion of Counsel will be required by the immediately preceding  sentence for the Trustee to execute any amendment or supplement adding a new  Guarantor under this Indenture.               SECTION 9.07.     Payment for Consent.  Neither the Company nor  any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any  consideration, whether by way of interest, fee or otherwise, to any Holder for or as an  inducement to any consent, waiver or amendment of any of the terms or provisions of this  Indenture or the Securities unless such consideration is offered to all Holders and is paid  to all Holders that so consent, waive or agree to amend in the time frame set forth in  solicitation documents relating to such consent, waiver or agreement.                                  Article 10                                                                       Guarantees               SECTION 10.01.    Guarantees.  Each Guarantor hereby  unconditionally and irrevocably guarantees, jointly and severally, on a senior unsecured  basis, to each Holder and to the Trustee and its successors and assigns (a) the full and  

 

                                                                      85   punctual payment of principal of and interest on the Securities when due, whether at  maturity, by acceleration, by redemption or otherwise, and all other monetary obligations  of the Company under this Indenture and the Securities and (b) the full and punctual  performance within applicable grace periods of all other obligations of the Company  under this Indenture and the Securities (all the foregoing being hereinafter collectively  called the “Guaranteed Obligations”).  Each Guarantor further agrees that the Guaranteed  Obligations may be extended or renewed, in whole or in part, without notice or further  assent from such Guarantor and that such Guarantor shall remain bound under this  Article 10 notwithstanding any extension or renewal of any Obligation.               Each Guarantor waives presentation to, demand of, payment from and  protest to the Company of any of the Guaranteed Obligations and also waives notice of  protest for nonpayment.  Each Guarantor waives notice of any default under the  Securities or the Guaranteed Obligations.  The obligations of each Guarantor hereunder  shall not be affected by (1) the failure of any Holder or the Trustee to assert any claim or  demand or to enforce any right or remedy against the Company or any other Person  (including any Guarantor) under this Indenture, the Securities or any other agreement or  otherwise; (2) any extension or renewal of any thereof; (3) any rescission, waiver,  amendment or modification of any of the terms or provisions of this Indenture, the  Securities or any other agreement; (4) the release of any security held by any Holder or  the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder  or the Trustee to exercise any right or remedy against any other guarantor of the  Guaranteed Obligations; or (6) except as set forth in Section 10.06, any change in the  ownership of a Guarantor.               Each Guarantor further agrees that its Guarantee herein constitutes a  guarantee of payment, performance and compliance when due (and not a guarantee of  collection) and waives any right to require that any resort be had by any Holder or the  Trustee to any security held for payment of the Guaranteed Obligations.               Except as expressly set forth in Sections 4.11, 8.01(b), 10.02 and 10.06,  the obligations of each Guarantor hereunder shall not be subject to any reduction,  limitation, impairment or termination for any reason, including any claim of waiver,  release, surrender, alteration or compromise, and shall not be subject to any defense of  setoff, counterclaim, recoupment or termination whatsoever or by reason of the  invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise.   Without limiting the generality of the foregoing, the obligations of each Guarantor herein  shall not be discharged or impaired or otherwise affected by the failure of any Holder or  the Trustee to assert any claim or demand or to enforce any remedy under this Indenture,  the Securities or any other agreement, by any waiver or modification of any thereof, by  any default, failure or delay, willful or otherwise, in the performance of the obligations,  or by any other act or thing or omission or delay to do any other act or thing which may  or might in any manner or to any extent vary the risk of such Guarantor or would  otherwise operate as a discharge of such Guarantor as a matter of law or equity.               Each Guarantor further agrees that its Guarantee herein shall continue to  be effective or be reinstated, as the case may be, if at any time payment, or any part  

 

                                                                       86    thereof, of principal of or interest on any Obligation is rescinded or must otherwise be   restored by any Holder or the Trustee upon the bankruptcy or reorganization of the   Company or otherwise.                In furtherance of the foregoing and not in limitation of any other right   which any Holder or the Trustee has at law or in equity against any Guarantor by virtue   hereof, upon the failure of the Company to pay the principal of or interest on any   Obligation when and as the same shall become due, whether at maturity, by acceleration,   by redemption or otherwise, or to perform or comply with any other Obligation, each   Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee,   forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal   to the sum of (A) the unpaid amount of such Guaranteed Obligations, (B) accrued and   unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by   law) and (C) all other monetary Guaranteed Obligations of the Company to the Holders   and the Trustee.                Each Guarantor agrees that, as between it, on the one hand, and the   Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations   hereby may be accelerated as provided in Article 6 for the purposes of such Guarantor’s   Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing   such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in   the event of any declaration of acceleration of such Guaranteed Obligations as provided   in Article 6, such Guaranteed Obligations (whether or not due and payable) shall   forthwith become due and payable by such Guarantor for the purposes of this Section.                Each Guarantor also agrees to pay any and all reasonable costs and   expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in  enforcing any rights under this Section.                SECTION 10.02.    Limitation on Liability.  Each Guarantor, and by its   acceptance of Securities, each Holder, hereby confirms that it is the intention of all such   parties that the Guarantee of each such Guarantor (a) not constitute a fraudulent transfer  or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance  Act, the Uniform Fraudulent Transfer Act or any similar foreign, Federal or state law to   the extent applicable to any such Guarantee, and (b) not result in a distribution to   shareholders not permitted under the applicable foreign or state law.  Any term or   provision of this Indenture to the contrary notwithstanding, the maximum aggregate   amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not   exceed the maximum amount that can be hereby guaranteed without rendering this   Indenture, as it relates to such Guarantor, voidable under applicable law relating to   fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of   creditors generally.                SECTION 10.03.    Successors and Assigns.  This Article 10 shall be   binding upon each Guarantor and its successors and assigns and shall enure to the benefit   of the successors and assigns of the Trustee and the Holders and, in the event of any   transfer or assignment of rights by any Holder or the Trustee, the rights and privileges  

 

                                                                       87    conferred upon that party in this Indenture and in the Securities shall automatically   extend to and be vested in such transferee or assignee, all subject to the terms and   conditions of this Indenture.                SECTION 10.04.    No Waiver.  Neither a failure nor a delay on the part   of either the Trustee or the Holders in exercising any right, power or privilege under this   Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof   preclude any other or further exercise of any right, power or privilege.  The rights,   remedies and benefits of the affected Guarantors and the Trustee and the Holders herein   expressly specified are cumulative and not exclusive of any other rights, remedies or   benefits which either may have under this Article 10 at law, in equity, by statute or   otherwise.                SECTION 10.05.    Modification.  Subject to Article 9, no modification,   amendment or waiver of any provision of this Article 10, nor the consent to any departure   by any Guarantor therefrom, shall in any event be effective unless the same shall be in   writing and signed by the affected Guarantors and the Trustee, and then such waiver or   consent shall be effective only in the specific instance and for the purpose for which   given.  No notice to or demand on any Guarantor in any case shall entitle such Guarantor   to any other or further notice or demand in the same, similar or other circumstances.                SECTION 10.06.    Release of Subsidiary Guarantor.  A Subsidiary   Guarantor shall be released from its obligations under this Article 10 (other than any   obligation that may have arisen previously under Section 10.07) upon the earliest to occur   of:                (1)   the designation of such Subsidiary Guarantor as an Unrestricted         Subsidiary to the extent permitted by this Indenture,                (2)   at such time as such Subsidiary Guarantor ceases to guarantee any         Indebtedness of the Company under the Senior Credit Agreement, except as a         result of payment under such Guarantee,                 (3)   the sale or other disposition (including by way of consolidation or         merger) of such Subsidiary Guarantor in compliance with all of the terms of this         Indenture, following which such Subsidiary Guarantor is no longer a Subsidiary,                 (4)   defeasance of the Securities pursuant to Article 8, or                (5)   the full satisfaction of the Company’s obligations under this        Indenture.   At the request of the Company, the Trustee shall execute and deliver an appropriate  instrument evidencing such release.                SECTION 10.07.    Contribution.  Each Guarantor that makes a   payment under its Guarantee shall be entitled upon payment in full of all Guaranteed   Obligations under this Indenture to a contribution from each other Guarantor in an  

 

                                                                       88    amount equal to such other Guarantor’s pro rata portion of such payment based on the   respective net assets of all the Guarantors at the time of such payment determined in   accordance with GAAP.                                   Article 11                                                                        Miscellaneous                SECTION 11.01.    Trust Indenture Act Controls.  If any provision of   this Indenture limits, qualifies or conflicts with another provision which is required to be   included in this Indenture by the TIA, the required provision shall control.                SECTION 11.02.    Notices.  Any notice or communication shall be in   writing and delivered in person or mailed by first-class mail addressed as follows:                if to Holdings, the Company or any Subsidiary Guarantor:                Murphy USA Inc.               200 Peach Street                El Dorado, Arkansas 71730               Attention:  General Counsel               Facsimile: 870-881-6893                with a copy to:                 Davis Polk &Wardwell LLP               450 Lexington Avenue               New York, New York 10017               Attention: Yasin Keshvargar               Facsimile: 212-701-5565               if to the Trustee:               Anthony Hawkins              UMB Bank, N.A.                928 Grand Blvd, 12th Floor               Kansas City, MO 64106              816.860.3014 Office              816.860.3029 Facsimile              816.304.1659 Mobile              anthony.hawkins@umb.com                             Holdings, the Company, any Subsidiary Guarantor or the Trustee by  notice to the other may designate additional or different addresses for subsequent notices  or communications.  

 

                                                                       89                Any notice or communication mailed to a Securityholder shall be mailed   to the Securityholder at the Securityholder’s address as it appears on the registration  books of the Registrar and shall be sufficiently given if so mailed within the time  prescribed.               Failure to mail a notice or communication to a Securityholder or any  defect in it shall not affect its sufficiency with respect to other Securityholders.  If a  notice or communication is mailed in the manner provided above, it is duly given,  whether or not the addressee receives it.                SECTION 11.03.    Communication by Holders with Other Holders.    Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders   with respect to their rights under this Indenture or the Securities.  Holdings, the   Company, any Subsidiary Guarantor the Trustee, the Registrar and anyone else shall have   the protection of TIA § 312(c).                SECTION 11.04.    Certificate and Opinion as to Conditions Precedent.    Upon any request or application by the Company to the Trustee to take or refrain from   taking any action under this Indenture, the Company shall furnish to the Trustee:                (1)   an Officer’s Certificate in form and substance reasonably         satisfactory to the Trustee stating that, in the opinion of the signer, all conditions         precedent, if any, provided for in this Indenture relating to the proposed action         have been complied with; and                (2)   an Opinion of Counsel in form and substance reasonably         satisfactory to the Trustee stating that, in the opinion of such counsel, all such         conditions precedent have been complied with.                SECTION 11.05.    Statements Required in Certificate or Opinion.    Each certificate or opinion with respect to compliance with a covenant or condition   provided for in this Indenture shall include:                (1)   a statement that the individual 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 statements or opinions contained in such certificate         or opinion are based;                (3)   a statement that, in the opinion of such individual, 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 individual,         such covenant or condition has been complied with.  

 

                                                                       90                SECTION 11.06.    When Securities Disregarded.  In determining   whether the Holders of the required principal amount of Securities have concurred in any   direction, waiver or consent, Securities owned by the Company or by any Person directly   or indirectly controlling or controlled by or under direct or indirect common control with   the Company shall be disregarded and deemed not to be outstanding, except that, for the   purpose of determining whether the Trustee shall be protected in relying on any such   direction, waiver or consent, only Securities which the Trustee knows are so owned shall   be so disregarded.  Also, subject to the foregoing, only Securities outstanding at the time   shall be considered in any such determination.                SECTION 11.07.    Rules by Trustee, Paying Agent and Registrar.  The   Trustee may make reasonable rules for action by or a meeting of Securityholders.  The   Registrar and the Paying Agent may make reasonable rules for their functions.                SECTION 11.08.    Legal Holidays.  If an interest payment date is a   Legal Holiday, payment shall be made on the next succeeding day that is not a Legal   Holiday with the same force and effect as if made on such date, and the interest which  accrues for the period from such interest payment date to such next day that is not a Legal   Holiday will be payable on the next succeeding interest payment date.  If a regular record   date is a Legal Holiday, the record date shall not be affected.                SECTION 11.09.    Governing Law.  This Indenture and the Securities   shall be governed by, and construed in accordance with, the laws of the State of   New York.                SECTION 11.10.    No Recourse Against Others.  A director, officer,   employee or stockholder, as such, of Holdings, the Company or any Subsidiary   Guarantor shall not have any liability for any obligations of Holdings, the Company or  any Subsidiary Guarantor under the Securities or this Indenture or of such Guarantor  under its Guarantee or this Indenture for any claim based on, in respect of or by reason of  such obligations or their creation.  By accepting a Security, each Securityholder shall  waive and release all such liability.  The waiver and release shall be part of the  consideration for the issue of the Securities.                SECTION 11.11.    Successors.  All agreements of Holdings, the   Company and the Subsidiary Guarantors in this Indenture and the Securities shall bind   their respective successors.  All agreements of the Trustee in this Indenture shall bind its   successors.                SECTION 11.12.    Multiple Originals.  This Indenture may be executed   in two or more counterparts, each of which shall be deemed to be an original and all of   which together shall constitute one and the same agreement.  The exchange of copies of   this Indenture and of signature pages by facsimile or PDF transmission shall constitute   effective execution and delivery of this Indenture as to the parties hereto and may be used   in lieu of the original Indenture and signature pages for all purposes.  

 

                                                                       91                SECTION 11.13.    Table of Contents; Headings.  The table of contents,   cross-reference sheet and headings of the Articles and Sections of this Indenture have  been inserted for convenience of reference only, are not intended to be considered a part  hereof and shall not modify or restrict any of the terms or provisions hereof.                SECTION 11.14.    Waiver of Jury Trial.  EACH OF THE COMPANY,   THE HOLDERS AND THE TRUSTEE 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 OR THE TRANSACTION   CONTEMPLATED HEREBY.                SECTION 11.15.    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, 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; 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 11.16.    U.S.A. Patriot Act.  The parties hereto 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.                     [Remainder of Page Intentionally Left Blank] 

 

               IN WITNESS WHEREOF, the parties have caused this Indenture to be  duly executed as of the date first written above.           MURPHY OIL USA, INC.           By: /s/ Mindy K. West                         Name:   Mindy K. West       Title:   Executive Vice President, Fuels,        Chief Financial Officer and Treasurer             MURPHY USA INC.           By: /s/ Mindy K. West                         Name:   Mindy K. West       Title:   Executive Vice President, Fuels,        Chief Financial Officer and Treasurer             864 HOLDINGS, INC.        864 BEVERAGE, INC.        EL DORADO PROPERTIES LLC        MURPHY OIL TRADING COMPANY        (EASTERN)        SPUR OIL CORPORATION        SUPERIOR CRUDE TRADING       COMPANY           By: /s/ Mindy K. West                           Name:   Mindy K. West        Title:   Executive Vice President, Fuels,        Chief Financial Officer and Treasurer                               [Signature Page of the Indenture]    [[DMS:5220981v13:09/13/2019--09:02 AM]]  

 

                                                                           UMB BANK, N.A., as Trustee, Registrar and  Paying Agent      By: /s/ Anthony P. Hawkins                 Name:   Anthony P. Hawkins    Title:   Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    [Signature Page of the Indenture] 

 

                                                                                                                                       APPENDIX A                  PROVISIONS RELATING TO THE SECURITIES         1.  Definitions         1.1 Definitions         Capitalized terms used in this Appendix and not otherwise defined shall have the  meanings provided in the Indenture.  For the purposes of this Appendix and the Indenture  as a whole, the following terms shall have the meanings indicated below:               “Definitive Security” means a certificated Initial Security that does not  include the Global Securities Legend.               “Depositary” means The Depository Trust Company, its nominees and  their respective successors.               “Global Securities Legend” means the legend set forth under that caption  in Exhibit A to the Indenture.               “Securities Custodian” means the custodian with respect to a Global  Security (as appointed by the Depositary) or any successor person thereto, who shall  initially be the Trustee.               “Underwriters” means (1) with respect to the Initial Securities issued on  the Issue Date, J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Stephens Inc.,  BofA Securities, Inc., Fifth Third Securities, Inc., Regions Securities LLC, Wells Fargo  Securities, LLC, BB&T Capital Markets, a division of BB&T Securities, LLC, PNC  Capital Markets LLC, UMB Financial Services, Inc. and Hancock Whitney Investment  Services, Inc. and (2) with respect to each issuance of Additional Securities, the Persons  purchasing such Additional Securities under the related Underwriting Agreement.               “Underwriting Agreement” means (a)  the Underwriting Agreement dated  September 4, 2019 among Holdings, the Company, the Subsidiary Guarantors and J.P.  Morgan Securities LLC, as representative of the Underwriters listed in Schedule 1  thereto, and (b) any other similar Underwriting Agreement, if any, relating to Additional  Securities.         1.2  Other Definitions         Term:                                             Defined in Section:   “Agent Members” ........................................................................................................ 2.1(c)  “Global Security” ......................................................................................................... 2.1(b)              [[DMS:5220981v13:09/13/2019--09:02 AM]]  

 

                                                                       2          2.  The Securities         2.1  Form and Dating               (a) The Initial Securities issued on the Issue Date will be offered and sold  by the Company pursuant to the Underwriting Agreement.  Additional Securities offered  after the date hereof may be offered and sold by the Company from time to time.               (b)  Global Securities.  The Securities shall be issued initially in the form  of one or more permanent global Securities in definitive, fully registered form  (collectively, the “Global Security”) without interest coupons and bearing the Global  Securities Legend, which shall be deposited on behalf of the Holders of the Securities  represented thereby with the Securities Custodian, and registered in the name of the  Depositary or a nominee of the Depositary, duly executed by the Company and  authenticated by the Trustee as provided in the Indenture.  The aggregate principal  amount of the Global Securities may from time to time be increased or decreased by  adjustments made on the records of the Trustee and the Depositary or its nominee and on  the schedules thereto as hereinafter provided.               (c)  Book-Entry Provisions.  This Section 2.1(c) shall apply only to a  Global Security deposited with or on behalf of the Depositary.               The Company shall execute and the Trustee shall, in accordance with this  Section 2.1(c) and Section 2.2 and pursuant to an order of the Company signed by one  Officer, authenticate and deliver initially one or more Global Securities that (i) shall be  registered in the name of the Depositary for such Global Security or Global Securities or  the nominee of such Depositary and (ii) shall be delivered by the Trustee to such  Depositary or pursuant to such Depositary’s instructions or held by the Trustee as  Securities Custodian.               Members of, or participants in, the Depositary (“Agent Members”) shall  have no rights under the Indenture with respect to any Global Security held on their  behalf by the Depositary or by the Trustee as Securities Custodian or under such Global  Security, and the Depositary may be treated by the Company, the Trustee and any agent  of the Company or the Trustee as the absolute owner of such Global Security for all  purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the  Company, the Trustee or any agent of the Company or the Trustee from giving effect to  any written certification, proxy or other authorization furnished by the Depositary or  impair, as between the Depositary and its Agent Members, the operation of customary  practices of such Depositary governing the exercise of the rights of a holder of a  beneficial interest in any Global Security.               (d)  Definitive Securities.  Except as provided in Section 2.3 or 2.4,  owners of beneficial interests in Global Securities will not be entitled to receive physical  delivery of certificated Securities.         2.2  Authentication.  The Trustee shall authenticate and make available for  delivery upon a written order of the Company signed by one Officer (a) Initial Securities  

 

                                                                        3      for original issue on the Issue Date in an aggregate principal amount of $500,000,000 and  (b) subject to the terms of the Indenture, Additional Securities in an unlimited aggregate  principal amount.  Such order shall specify the amount of the Securities to be  authenticated, the date on which the original issue of Securities is to be authenticated and  whether the Securities are to be Initial Securities or Additional Securities.            2.3  Transfer and Exchange.  (a)  Transfer and Exchange of Definitive Securities.    When Definitive Securities are presented to the Registrar with a request:                (i)  to register the transfer of such Definitive Securities; or                (ii)  to exchange such Definitive Securities for an equal principal amount         of Definitive Securities of other authorized denominations,    the Registrar shall register the transfer or make the exchange as requested if its   reasonable requirements for such transaction are met; provided, however, that the   Definitive Securities surrendered for transfer or exchange shall be duly endorsed or   accompanied by a written instrument of transfer in form reasonably satisfactory to the   Company and the Registrar, duly executed by the Holder thereof or his attorney duly   authorized in writing.                (b)  Restrictions on Transfer of a Definitive Security for a Beneficial   Interest in a Global Security.  A Definitive Security may not be exchanged for a   beneficial interest in a Global Security except upon satisfaction of the requirements set   forth below.  Upon receipt by the Trustee of a Definitive Security, duly endorsed or   accompanied by a written instrument of transfer in form reasonably satisfactory to the   Company and the Registrar, together with written instructions directing the Trustee to   make, or to direct the Securities Custodian to make, an adjustment on its books and   records with respect to such Global Security to reflect an increase in the aggregate   principal amount of the Securities represented by the Global Security, such instructions to   contain information regarding the Depositary account to be credited with such increase,   then the Trustee shall cancel such Definitive Security and cause, or direct the Securities   Custodian to cause, in accordance with the standing instructions and procedures existing   between the Depositary and the Securities Custodian, the aggregate principal amount of   Securities represented by the Global Security to be increased by the aggregate principal   amount of the Definitive Security to be exchanged and shall credit or cause to be credited   to the account of the Person specified in such instructions a beneficial interest in the   Global Security equal to the principal amount of the Definitive Security so canceled.  If   no Global Securities are then outstanding and the Global Security has not been previously   exchanged for certificated securities pursuant to Section 2.4, the Company shall issue and   the Trustee shall authenticate, upon written order of the Company in the form of an   Officer’s Certificate, a new Global Security in the appropriate principal amount.                (c)  Transfer and Exchange of Global Securities.  (i)  The transfer and   exchange of Global Securities or beneficial interests therein shall be effected through the   Depositary, in accordance with the Indenture (including applicable restrictions on transfer   set forth herein, if any) and the procedures of the Depositary therefor.  A transferor of a  

 

                                                                        4      beneficial interest in a Global Security shall deliver a written order given in accordance   with the Depositary’s procedures containing information regarding the participant   account of the Depositary to be credited with a beneficial interest in such Global Security   or another Global Security and such account shall be credited in accordance with such   order with a beneficial interest in the applicable Global Security and the account of the   Person making the transfer shall be debited by an amount equal to the beneficial interest   in the Global Security being transferred.                (ii)  If the proposed transfer is a transfer of a beneficial interest in one         Global Security to a beneficial interest in another Global Security, the Registrar         shall reflect on its books and records the date and an increase in the principal         amount of the Global Security to which such interest is being transferred in an         amount equal to the principal amount of the interest to be so transferred, and the         Registrar shall reflect on its books and records the date and a corresponding         decrease in the principal amount of the Global Security from which such interest         is being transferred.                (iii)  Notwithstanding any other provisions of this Appendix (other than         the provisions set forth in Section 2.4), a Global Security may not be transferred         as a whole except by the Depositary to a nominee of the Depositary or by a         nominee of the Depositary to the Depositary or another nominee of the Depositary         or by the Depositary or any such nominee to a successor Depositary or a nominee         of such successor Depositary.                (d)  Cancellation or Adjustment of Global Security.  At such time as all   beneficial interests in a Global Security have either been exchanged for Definitive   Securities, transferred, redeemed, repurchased or cancelled, such Global Security shall be   returned by the Depositary to the Trustee for cancellation or retained and cancelled by the   Trustee.  At any time prior to such cancellation, if any beneficial interest in a Global   Security is exchanged for Definitive Securities, transferred in exchange for an interest in  another Global Security, redeemed, repurchased or canceled, the principal amount of  Securities represented by such Global Security shall be reduced and an adjustment shall  be made on the books and records of the Trustee (if it is then the Securities Custodian for  such Global Security) with respect to such Global Security, by the Trustee or the  Securities Custodian, to reflect such reduction.                (e)  Obligations with Respect to Transfers and Exchanges of Securities                (i)  To permit registrations of transfers and exchanges, the Company shall         execute and the Trustee shall authenticate, Definitive Securities and Global         Securities at the Registrar’s request.                (ii) No service charge shall be made for any registration of transfer or         exchange, but the Company may require payment of a sum sufficient to cover any         transfer tax, assessments, or similar governmental charge payable in connection         therewith (other than any such transfer taxes, assessments or similar governmental  

 

                                                                       5          charge payable upon exchanges pursuant to Sections 2.07, 3.06, 4.06, 4.08 and        9.05 of the Indenture).               (iii)  Prior to the due presentation for registration of transfer of any        Security, the Company, the Trustee, the Paying Agent or the Registrar may deem        and treat the person in whose name a Security is registered as the absolute owner        of such Security for the purpose of receiving payment of principal of and interest        on such Security and for all other purposes whatsoever, whether or not such        Security is overdue, and none of the Company, the Trustee, the Paying Agent or        the Registrar shall be affected by notice to the contrary.               (iv)  All Securities issued upon any transfer or exchange pursuant to the        terms of the Indenture shall evidence the same debt and shall be entitled to the       same benefits under the Indenture as the Securities surrendered upon such transfer       or exchange.               (f)  No Obligation of the Trustee               (i)  The Trustee shall have no responsibility or obligation to any beneficial        owner of a Global Security, a member of, or a participant in the Depositary or any        other Person with respect to the accuracy of the records of the Depositary or its        nominee or of any participant or member thereof, with respect to any ownership        interest in the Securities or with respect to the delivery to any participant,        member, beneficial owner or other Person (other than the Depositary) of any        notice (including any notice of redemption or repurchase) or the payment of any        amount, under or with respect to such Securities.  All notices and communications        to be given to the Holders and all payments to be made to Holders under the        Securities shall be given or made only to the registered Holders (which shall be        the Depositary or its nominee in the case of a Global Security).  The rights of        beneficial owners in any Global Security shall be exercised only through the        Depositary subject to the applicable rules and procedures of the Depositary.  The        Trustee may rely and shall be fully protected in relying upon information        furnished by the Depositary with respect to its members, participants and any        beneficial owners.               (ii)  The Trustee shall have no obligation or duty to monitor, determine or        inquire as to compliance with any restrictions on transfer imposed under the        Indenture or under applicable law with respect to any transfer of any interest in        any Security (including any transfers between or among Depositary participants,        members or beneficial owners in any Global Security) other than to require        delivery of such certificates, opinions and other documentation or evidence as are        expressly required by, and to do so if and when expressly required by, the terms        of the Indenture, and to examine the same to determine substantial compliance as        to form with the express requirements hereof.         2.4  Definitive Securities. (a)  A Global Security deposited with the Depositary or  with the Trustee as Securities Custodian pursuant to Section 2.1 shall be transferred to the  

 

                                                                        6      beneficial owners thereof in the form of Definitive Securities in an aggregate principal   amount equal to the principal amount of such Global Security, in exchange for such   Global Security, only if such transfer complies with Section 2.3 and (i) the Depositary   notifies the Company that it is unwilling or unable to continue as a Depositary for such   Global Security or if at any time the Depositary ceases to be a “clearing agency”   registered under the Exchange Act, and, in either case, a successor depositary is not   appointed by the Company within 90 days of such notice or after the Company becomes   aware of such event, or (ii) an Event of Default has occurred and is continuing or (iii) the   Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the   issuance of certificated Securities under the Indenture.                (b)  Any Global Security that is transferable to the beneficial owners   thereof pursuant to this Section 2.4 shall be surrendered by the Depositary to the Trustee,   to be so transferred, in whole or from time to time in part, without charge, and the Trustee   shall authenticate and deliver, upon such transfer of each portion of such Global Security,   an equal aggregate principal amount of Definitive Securities of authorized   denominations.  Any portion of a Global Security transferred pursuant to this Section   shall be executed, authenticated and delivered only in denominations of $2,000 or any   greater integral multiple of $1,000 thereof and registered in such names as the Depositary   shall direct.                (c)  Subject to the provisions of Section 2.4(b), the registered Holder of a   Global Security 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 the Indenture or the Securities.               (d)  In the event of the occurrence of any of the events specified in  Section 2.4(a)(i), (ii) or (iii), the Company will promptly make available to the Trustee a  reasonable supply of Definitive Securities in fully registered form without interest  coupons.  

 

                                                              EXHIBIT A                        [FORM OF FACE OF INITIAL SECURITY]                                                                 [Global Securities Legend]               UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK  CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS  AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND  ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR  SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.,  OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN  INTEREST HEREIN.               TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED  TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF  DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND  TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED  TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET  FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.     [[DMS:5220981v13:09/13/2019--09:02 AM]]  

 

                                                                     A-2                                                                                  No.                                                             $ _________                              4.750% Senior Notes Due 2029                                                        CUSIP No. 626738AE8                                                      ISIN No. US626738AE88                Murphy Oil USA, Inc., a Delaware corporation, promises to pay              ,   or registered assigns, the principal sum listed on the Schedule of Increases or Decreases   in Global Security attached hereto on September 15, 2029.                Interest Payment Dates:  March 15 and September 15.                Record Dates:  March 1 and September 1.                Additional provisions of this Security are set forth on the other side of this   Security.    IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.                                               MURPHY OIL USA, INC.                                              By                                                                                                        Name:                                                  Title:    TRUSTEE’S CERTIFICATE OF        AUTHENTICATION   Dated:       UMB BANK, N.A.      as Trustee, acknowledges           that this is one of          the Securities referred          to in the Indenture.            By                                  Authorized Signatory  

 

                                                                     A-3                                                                                           [FORM OF REVERSE SIDE OF INITIAL SECURITY]                           4.750% Senior Notes Due 2029    1.  Interest                (a) Murphy Oil USA, Inc., a Delaware corporation (such corporation, and  its successors and assigns under the Indenture hereinafter referred to, being herein called  the “Company”), promises to pay interest on the principal amount of this Security at the   rate per annum shown above.  The Company shall pay interest semiannually in arrears on  March 15 and September 15 of each year.  Interest on the Securities shall accrue from the  most recent date to which interest has been paid or duly provided for or, if no interest has  been paid or duly provided for, from September 13, 2019 until the principal hereof is due.    Interest shall be computed on the basis of a 360-day year of twelve 30-day months.     2.  Method of Payment                The Company shall pay interest on the Securities (except defaulted   interest) to the Persons who are registered Holders at the close of business on the March 1   or September 1 next preceding the interest payment date even if Securities are canceled   after the record date and on or before the interest payment date.  Holders must surrender   Securities to a Paying Agent to collect principal payments.  The Company shall pay   principal, premium, if any, and interest in money of the United States of America that at   the time of payment is legal tender for payment of public and private debts.  Payments in   respect of the Securities represented by a Global Security (including principal, premium,   if any, and interest) shall be made by wire transfer of immediately available funds to the   accounts specified by The Depository Trust Company or any successor depositary.  The   Company will make all payments in respect of a certificated Security (including   principal, premium, if any, and interest), at the office of the Paying Agent, except that, at   the option of the Company, payment of interest may be made by mailing a check to the   registered address of each Holder thereof; provided, however, that payments on the   Securities may also be made by wire transfer to a U.S. dollar account maintained by the   payee with a bank in the United States 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 30 days immediately preceding the relevant due date for payment   (or such other date as the Trustee may accept).    3.  Paying Agent and Registrar                Initially, UMB Bank, N.A., a national banking association, the initial   Trustee under the Indenture, shall act as Paying Agent and Registrar.  The Company may   appoint and change any Paying Agent or Registrar with written notice.  The Company or   any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying   Agent or Registrar.                  

 

                                                                     A-4                                                                              4.  Indenture                The Company issued the Securities under an Indenture dated as of   September 13, 2019 (the “Indenture”), among the Company, the Guarantors and the   Trustee.  The terms of the Securities include those stated in the Indenture and those made   part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.   §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”).  Terms defined in   the Indenture and not defined herein have the meanings ascribed thereto in the Indenture.    The Securities are subject to all terms and provisions of the Indenture, and Holders (as   defined in the Indenture) are referred to the Indenture and the TIA for a statement of such   terms and provisions.                The Securities are senior unsecured obligations of the Company.  This   Security is one of Initial Securities referred to in the Indenture.  The Securities include   the Initial Securities and any Additional Securities issued pursuant to the Indenture.  The  Initial Securities and any Additional Securities are treated as a single class of securities  under the Indenture.  The Indenture imposes certain limitations on the ability of  Holdings, the Company and the Restricted Subsidiaries to, among other things, make  certain Investments and other Restricted Payments, pay dividends and other distributions,  incur Indebtedness, enter into consensual restrictions upon the payment of certain  dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital  stock of such Restricted Subsidiaries, enter into or permit certain transactions with  Affiliates, create or incur Liens or make asset sales.  The Indenture also imposes  limitations on the ability of the Company and each Guarantor to consolidate or merge  with or into any other Person or convey, transfer or lease all or substantially all its  property.  These limitations are subject to suspension during a Suspension Period.               To guarantee the due and punctual payment of the principal of or interest  on the Securities and all other amounts payable by the Company under the Indenture and  the Securities when and as the same shall be due and payable, whether at maturity, by  acceleration or otherwise, according to the terms of the Securities and the Indenture, the  Guarantors have jointly and severally unconditionally guaranteed the Guaranteed  Obligations on a senior basis pursuant to the terms of the Indenture, subject to the release  provisions in the Indenture in respect of Subsidiary Guarantors, including those  applicable during a Suspension Period.      5.  Optional Redemption                Except as set forth in the following paragraphs of this Section 5, the   Securities shall not be redeemable at the option of the Company prior to September 15,   2024.                  On or after September 15, 2024, all or a portion of the Securities shall be   redeemable at the option of the Company, at the following redemption prices (expressed   as percentages of principal amount), plus accrued and unpaid interest to the redemption   date (subject to the right of Holders of record on the relevant record date to receive  

 

                                                                     A-5                                                                              interest due on the relevant interest payment date), if redeemed during the 12-month   period commencing on September 15 of the years set forth below:                Year                                             Redemption                                                                   Price                2024                                              102.375%               2025                                              101.583%               2026                                              100.792%               2027 and thereafter                               100.000%                                                            In addition, at any time prior to September 15, 2022, the Company may at   its option on one or more occasions redeem Securities (which includes Additional   Securities, if any) in an aggregate principal amount not to exceed 40% of the aggregate   principal amount of the Securities (calculated after giving effect to the issuance of   Additional Securities, if any) originally issued at a redemption price (expressed as a   percentage of principal amount) equal to 104.750%, plus accrued and unpaid interest   thereon to the redemption date (subject to the right of Holders of record on the relevant   record date to receive interest due on the relevant interest payment date), with the Net   Cash Proceeds from one or more Qualified Equity Offerings; provided, however, that (1)   at least 60% of such aggregate principal amount of the Securities (calculated after giving  effect to the issuance of Additional Securities, if any) remains outstanding immediately   after the occurrence of each such redemption (other than Securities held, directly or   indirectly, by the Company or its Affiliates); and (2) each such redemption occurs within   ninety (90) days after the date of the related Qualified Equity Offering.                  Prior to September 15, 2024, the Company may at its option redeem all or   a portion of the Securities at a redemption price equal to 100% of the principal amount of   the Securities, plus the Applicable Premium as of, and accrued and unpaid interest to, the   redemption date (subject to the right of Holders on the relevant record date to receive   interest due on the relevant interest payment date).      6.  Mandatory Redemption or Sinking Fund                The Securities are not subject to any mandatory redemption or sinking   fund.    7.  Notice of Redemption                Notices of redemption shall be provided in accordance with the provisions   of the Indenture.    8.  Repurchase of Securities at the Option of Holders upon Change of Control and Asset   Dispositions                Upon the occurrence of a Change of Control, each Holder of Securities  will have the right, subject to certain conditions specified in the Indenture, to require that  the Company repurchase such Holder’s Securities at a purchase price in cash equal to  

 

                                                                    A-6                                                                            101% of the principal amount thereof on the date of purchase plus accrued and unpaid  interest, if any, to the date of repurchase (subject to the right of Holders of record on the  relevant record date to receive interest due on the relevant interest payment date) as  provided in, and subject to the terms of, the Indenture.               In accordance with Section 4.06 of the Indenture, the Company will be  required to offer to purchase Securities upon the occurrence of certain asset sales or  dispositions.   9.  Denominations; Transfer; Exchange               The Securities are in registered form without coupons in denominations of  $2,000 or any greater integral multiple of $1,000 thereof.  A Holder may transfer or  exchange Securities in accordance with the Indenture.  Upon any transfer or exchange,  the Registrar and the Trustee may require a Holder, among other things, to furnish  appropriate endorsements or transfer documents and to pay any taxes required by law or  permitted by the Indenture.  The Registrar need not register the transfer of or exchange  any Securities selected for redemption (except, in the case of a Security to be redeemed in  part, the portion of the Security not to be redeemed) or to transfer or exchange any  Securities for a period of 15 days prior to a selection of Securities to be redeemed.   10.  Persons Deemed Owners               Except as provided in paragraph 2 hereof, the registered Holder of this  Security may be treated as the owner of it for all purposes.   11.  Unclaimed Money               Subject to any applicable abandoned property law, the Trustee and the  Paying Agent shall pay to the Company upon request any money held by them for the  payment of principal or interest that remains unclaimed for two years, and, thereafter,  Holders entitled to the money must look to the Company for payment as general  creditors.   12.  Discharge and Defeasance               Subject to certain conditions, the Company at any time may terminate  some of or all its obligations under the Securities and the Indenture if the Company  deposits with the Trustee money or U.S. Government Obligations (the sufficiency of any  such U.S. Government Obligations shall be certified by an Officer’s Certificate) for the  payment of principal of, and interest on, the Securities to redemption or maturity, as the  case may be.   13.  Amendment, Waiver               Subject to certain exceptions set forth in the Indenture, (i) the Company,  the Guarantors and the Trustee may amend the Indenture or the Securities with the  written consent of the Holders of at least a majority in aggregate principal amount of the  

 

                                                                     A-7                                                                              Securities then outstanding and (ii) any past default or compliance with any provisions   may be waived with the written consent of the Holders of at least a majority in principal   amount of the Securities then outstanding.  Subject to certain exceptions set forth in the   Indenture, without notice to, or the consent of, any Holder, the Company, the Guarantors  and the Trustee may amend the Indenture or the Securities (i) to cure any ambiguity,   omission, defect or inconsistency; (ii) to provide for the assumption by a successor   corporation of the obligations of Holdings, the Company or any Subsidiary Guarantor   under this Indenture pursuant to Article 5; (iii) to provide for uncertificated Securities in   addition to or in place of certificated Securities; (iv) to add Guarantees with respect to the   Securities or to secure the Securities; (v) to add to the covenants or to surrender any right   or power conferred upon Holdings, the Company or any Subsidiary Guarantor; (vi) to   make any change that does not adversely affect the rights of any Holder; (vii) to comply   with any requirement of the SEC in connection with qualifying, or maintaining the   qualification of, the Indenture under the TIA; (viii) to conform the text of the Indenture,   the Securities or any Guarantee to any provision of the “Description of the notes” in the   Prospectus to the extent that such provision in such “Description of the notes” was   intended to be a verbatim recitation of a provision of the Indenture, the Securities or such   Guarantee; or (ix) to make any amendment to the provisions of the Indenture relating to   the transfer and legending of Securities.    14.  Defaults and Remedies                If an Event of Default occurs (other than an Event of Default relating to   certain events of bankruptcy, insolvency or reorganization) and is continuing, the Trustee   by notice to the Company or the Holders of at least 25% in principal amount of the   outstanding Securities by notice to the Company and the Trustee may declare the   principal of and accrued but unpaid interest on all the Securities to be due and payable.  If   an Event of Default relating to certain events of bankruptcy, insolvency or reorganization   occurs and is continuing, the principal of and interest on all the Securities shall ipso facto   become and be immediately due and payable without any declaration or other act on the   part of the Trustee or any Holders.  Under certain circumstances, the Holders of a   majority in principal amount of the outstanding Securities by notice to the Trustee may   rescind any such acceleration with respect to the Securities and its consequences   (including any payment Default that directly resulted from such acceleration). No such   rescission will affect any subsequent Default or impair any right consequent thereto.                Any time period in the Indenture to cure any actual or alleged Default or   Event of Default may be extended or stayed by a court of competent jurisdiction.                If an Event of Default occurs and is continuing, the Trustee shall be under   no obligation to exercise any of the rights or powers under the Indenture at the request or   direction of any of the Holders unless such Holders have offered to the Trustee   reasonable indemnity or security against any loss, liability, claim or expense and certain   other conditions are complied with.  Except to enforce the right to receive payment of   principal, premium (if any) or interest when due, no Holder may pursue any remedy with   respect to the Indenture or the Securities unless (i) such Holder has previously given to   the Trustee written notice stating that an Event of Default is continuing, (ii) Holders of at  

 

                                                                    A-8                                                                            least 25% in principal amount of the outstanding Securities have made a written request  to the Trustee to pursue the remedy, (iii) such Holder or Holders have offered to the  Trustee security or indemnity satisfactory to it against any loss, liability, claim or  expense, (iv) the Trustee has not complied with such request within sixty (60) days after  the receipt thereof and the offer of security or indemnity and (v) Holders of a majority in  principal amount of the outstanding Securities have not given the Trustee a direction  inconsistent with such request within such 60-day period.  Subject to certain restrictions,  the Holders of a majority in principal amount of the outstanding Securities are given the  right to direct the time, method and place of conducting any proceeding for any remedy  available to the Trustee or of exercising any trust or power conferred on the Trustee.  The  Trustee, however, may refuse to follow any direction that conflicts with law or the  Indenture or that the Trustee determines is unduly prejudicial to the rights of any other  Holder or that would involve the Trustee in personal liability.  Prior to taking any action  under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its  sole discretion against all losses and expenses caused by taking or not taking such action.   15.  Trustee Dealings with the Company               Subject to certain limitations imposed by the TIA, the Trustee under the  Indenture in its individual or any other capacity may become the owner or pledgee of  Securities and may otherwise deal with and collect obligations owed to it by the  Company or its Affiliates and may otherwise deal with the Company or its Affiliates with  the same rights it would have if it were not Trustee.   16.  No Recourse Against Others               A director, officer, employee or stockholder, as such, of Holdings, the  Company or any Subsidiary Guarantor shall not have any liability for any obligations of  Holdings, the Company or any Subsidiary Guarantor under the Securities or the Indenture  or for any claim based on, in respect of or by reason of such obligations or their creation.   By accepting a Security, each Holder waives and releases all such liability.  The waiver  and release are part of the consideration for the issue of the Securities.   17.  Authentication               This Security shall not be valid until an authorized signatory of the Trustee  (or an authenticating agent) manually signs the certificate of authentication on the other  side of this Security.   18.  Abbreviations               Customary abbreviations may be used in the name of a Holder or an  assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the  entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in  common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).   19.  Governing Law  

 

                                                                    A-9                                                                                        THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED  IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.   20.  CUSIP and ISIN Numbers               The Company has caused CUSIP and ISIN numbers to be printed on the  Securities and has directed the Trustee to use CUSIP and ISIN numbers in notices of  redemption as a convenience to Holders.  No representation is made as to the accuracy of  such numbers either as printed on the Securities or as contained in any notice of  redemption and reliance may be placed only on the other identification numbers placed  thereon.               The Company will furnish to any Holder of Securities upon written  request and without charge to the Holder a copy of the Indenture which has in it the  text of this Security.  

 

                                                                    A-10                                                                                                        ASSIGNMENT FORM    To assign this Security, fill in the form below:    I or we assign and transfer this Security to       ________________________________________________________________________          (Print or type assignee’s name, address and zip code)             ________________________________________________________________________          (Insert assignee’s soc. sec. or tax I.D. No.)    and irrevocably appoint _____________ agent to transfer this Security on the books of   the Company.  The agent may substitute another to act for him.   ________________________________________________________________________   Date: ____________________ Your Signature: _________________________________   ________________________________________________________________________  Sign exactly as your name appears on the other side of this Security.  Signature must be  guaranteed by a participant in a recognized signature guaranty medallion program or  other signature guarantor acceptable to the Trustee.  

 

                                                                                                                                                 A-11                                                                                                                                                                                                      [TO BE ATTACHED TO GLOBAL SECURITIES]                       SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY                                     The initial principal amount of this Global Security is $[          ].  The            following increases or decreases in this Global Security have been made:    Date of                        Amount of decrease in          Amount of increase in          Principal amount of this       Signature of authorized  Exchange                       Principal  Amount of this      Principal Amount of this       Global Security following      signatory of Trustee or                                 Global Security                Global Security                such decrease or increase      Securities Custodian                                                                                                                                                                                                                                                              

 

                                                                    A-12                                                                                              OPTION OF HOLDER TO ELECT PURCHASE                If you want to elect to have this Security purchased by the Company   pursuant to Section 4.06 (Asset Disposition) or 4.08 (Change of Control) of the   Indenture, check the box:                      Asset Disposition  Change of Control                 If you want to elect to have only part of this Security purchased by the  Company pursuant to Section 4.06 or 4.08 of the Indenture, state the amount ($2,000 or  any greater integral multiple of $1,000 thereof):   $   Date: _____________________ Your Signature: ______________________________  (Sign exactly as your name appears on the other side of the Security)   Signature Guarantee:____________________________________________________                    Signature must be guaranteed by a participant in a recognized                    signature guaranty medallion program or other signature guarantor                    acceptable to the Trustee

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