Document:

mPhase Technologies, Inc. - Exhibit 10.29 - Prepared By TNT Filings Inc.

 

EXHIBIT 10.29

 

4TH AMENDMENT 

TO SOFTWARE LICENSE 

AGREEMENT BETWEEN 

ESPIAL GROUP, INC. AND 

mPHASE TECHNOLOGIES, INC.

[This agreement has been omitted and the
company has requested the omitted sections be treated as "confidential
information" pursuant to Rule 24b-2 of the Securities and Exchange Act of 1934,
as amended and has been filed with the Securities Exchange Commission
separately.]exv4w1

 

Exhibit (4.1)

QUÉBEC

[      ] NOTES SERIES [      ]

DUE [      ]

 

FISCAL AGENCY AGREEMENT

 

 

 

FISCAL AGENCY AGREEMENT

THIS AGREEMENT, dated as of [      ],

	 	 	 
	BETWEEN:

	 	QUÉBEC, as issuer
	 
	 	 
	 

	 	(the “Issuer”),
	 
	 	 
	AND:

	 	[      ], as fiscal agent, registrar, principal paying agent and transfer agent
	 
	 	 
	 

	 	(in such capacity, the “Registrar”),

      WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated [      ], between the
Issuer and [      ], as Representative of the several Underwriters named therein, which incorporates
by reference all of the provisions of the Underwriting Agreement, dated [      ], the Issuer has
agreed to create, issue and sell [      ] aggregate principal amount of [      ] Notes Series [      ]
due [      ] (herein collectively called the “Notes” or, individually, a “Note”);

     WHEREAS the sale of the Notes pursuant to the Terms Agreement has taken place as described in
a Prospectus Supplement, dated [      ], which contains a description of the Notes and the clearing
and settlement procedures related thereto;

     WHEREAS the Notes are issuable in the form of one or more fully registered global certificates
(the “Global Notes”) registered in the name of Cede & Co., as nominee of The Depository Trust
Company, New York (“DTC”), and held by [      ], as custodian for DTC (the “Custodian”), with
beneficial interests in the Notes represented, with limited exceptions, through book-entry accounts
of financial institutions acting on behalf of beneficial owners thereof as direct and indirect
participants in DTC;

     WHEREAS beneficial owners of Notes are not, except in limited circumstances described in
Section 5, entitled to receive Notes represented by physical certificates or to have Notes
registered in their names; and

     WHEREAS all Notes are recorded in a register held by the Registrar (the “Register”), and are
registered in the name of Cede & Co., for the benefit of holders of Notes through the Euroclear
System (“Euroclear”), Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) and DTC
(together, the “Clearing Systems”);

     NOW THEREFORE it is hereby agreed as follows:

 

 

	1.	 	Definitions

     Terms and expressions defined in the terms and conditions of the Notes attached as Schedule B
shall have the same meaning when used in this Agreement unless otherwise defined herein or unless
the context otherwise requires. “Noteholders” or “holders of Notes” or “holders” or “registered
holders” refers to persons entered in the Register as registered holders of Notes.

	2.	 	Appointment

     The Issuer hereby appoints [      ] as its registrar, fiscal agent, transfer agent and
principal paying agent in respect of the Notes upon and subject to the terms and conditions herein
and therein contained and [      ] hereby accepts such appointments.

	3.	 	Issue of the Notes

     (1) The Notes shall be issued in the form of one or more fully registered Global Notes
registered in the name of Cede & Co., as nominee of DTC, and shall be executed by the Issuer. The
Global Notes will be substantially in the form attached as Schedule A, with such changes as may be
agreed between the Issuer and the Registrar. The aggregate principal amount of Notes to be issued
and outstanding at any time in the form of the Global Notes or physical certificates (the
“Certificated Notes”) issued in accordance with Section 5 shall not exceed [      ] except to the
extent that Notes are further issued in accordance with Section 19. Forthwith after such execution,
the Global Notes shall be delivered to the Registrar and shall be authenticated by the Registrar
(or by such other person as the Registrar may appoint for such purpose with the consent of the
Issuer), and delivered to or to the order of the Issuer pursuant to a written direction of the
Issuer.

     (2) Beneficial owners of Notes will not, except in the limited circumstances described in
Section 5, be entitled to receive Notes represented by Certificated Notes or to have Notes
registered in their names and will not be considered holders thereof under this Agreement. The
Certificated Notes, if any, will be substantially in the form attached as Schedule A with the
appropriate changes thereto, consistent with the provisions of this Agreement, as may be agreed
between the Issuer and the Registrar.

     (3) The Global Notes shall be issued and delivered only to or to the order of DTC or its
successor appointed by the Issuer in accordance with Section 5(2). The Global Notes shall be in the
principal amount from time to time endorsed thereon. The Registrar shall cause DTC to establish on
its book-entry Clearing System an account in the name of the Registrar, as registrar and transfer
agent for the Notes (the “Registrar Segregated Account”), for the purpose of facilitating the
initial distribution of Notes in accordance with procedures previously agreed to by the Issuer, the
Registrar and DTC. The Registrar Segregated Account is maintained exclusively for book-keeping
purposes and for purposes of facilitating timely transfers of Notes, and the Registrar shall not be
deemed the owner or holder of the Notes recorded therein for any purpose under this Agreement or
under the terms of the Notes. The Issuer acknowledges and agrees that the Registrar

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Segregated Account will be subject to the agreements, rules and procedures from time to time
governing DTC participant accounts (collectively, the “DTC Agreements”).

     (4) So long as Cede & Co., as nominee of DTC, is the registered owner of the Global Notes and
subject to applicable law, DTC or its nominee, as the case may be, will be considered the sole
owner or holder of the Notes represented by the Global Notes for all purposes under this Fiscal
Agency Agreement and the Notes. Except as set forth below, owners of beneficial interests in the
Global Notes will not be entitled to have the Notes represented by the Global Notes registered in
their names, will not receive or be entitled to receive Certificated Notes and will not be
considered owners or holders thereof under this Fiscal Agency Agreement or the Notes. Neither the
Issuer nor the Registrar will have any responsibility or liability for any aspect of the records of
the Clearing Systems relating to or payments made by the Clearing Systems on account of beneficial
ownership interests in the Global Notes or for maintaining, supervising or reviewing any records of
the Clearing Systems relating to such beneficial ownership interests.

     (5) All Notes shall be signed (either manually or by facsimile signature) by the Minister of
Finance or the Deputy Minister of Finance or any other authorized representative of the Issuer, and
shall be authenticated by the Registrar (or by such other person as the Registrar may appoint for
such purpose with the consent of the Issuer).

	4.	 	The Register and Transfers

     (1) The Registrar, as registrar and transfer agent of the Issuer, shall maintain at its
principal office in New York, a Register for (i) registering and maintaining a record of the
holdings of Notes, (ii) ensuring that payments of principal and interest in respect of the Notes
received by the Registrar from the Issuer are duly credited to Cede & Co., (iii) registering
transfers between holders of Notes, (iv) registering and maintaining a record of holders of
Certificated Notes in the event any are issued in the limited circumstances described in Section 5,
(v) registering transfers of Certificated Notes in the event any are issued in the limited
circumstances described in Section 5 and (vi) registering and maintaining a record of any further
issues of Notes pursuant to Section 19 and any subsequent transfers thereof.

     In the event Certificated Notes are issued in exchange for the Global Notes under the limited
circumstances described in Section 5, the Registrar shall (i) register and maintain a record of
holders of Certificated Notes and (ii) register transfers of Notes among holders of Certificated
Notes and between holders of Certificated Notes and participants in [      ], in accordance with
such procedures as the Registrar shall deem reasonable upon consultation with the Issuer.

     (2) The Registrar shall not be required to inquire into, or take any action in respect of,
transfers of Notes (i) within Euroclear or Clearstream, Luxembourg or between Euroclear and
Clearstream, Luxembourg participants, or (ii) between DTC participants.

     (3) No service charge shall be payable by the presenter for any registration, registration of
transfer or exchange of the Notes provided that the Registrar may require payment by the transferee
of a sum sufficient to cover any stamp or other tax or
governmental charge in connection therewith.

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     (4) The Register shall at all reasonable times be open for inspection by the Issuer and any
agent of the Issuer. In the event of any discrepancy between the principal amount of the Global
Notes and the aggregate holdings of Notes by Cede & Co. as shown on the Register, the holdings of
Notes as shown on the Register shall prevail.

     (5) Neither the Issuer nor the Registrar shall be required (i) to register the transfer or
exchange of any Notes on any interest payment date or during a period commencing at the close of
business of the New York office of the Registrar on the 14th calendar day immediately preceding any
such date and ending on such date; (ii) to register the transfer or exchange of any Notes during
the period commencing at the close of business of the New York office of the Registrar on the
record date of any notice by the Issuer of any Notes to be redeemed or purchased through the date
the notice of redemption or purchase is given; or (iii) to register the transfer or exchange of any
Notes called for redemption unless upon due presentation thereof such Notes called for redemption
shall not be redeemed.

     (6) Subject to applicable law, the Issuer, the Registrar or any other agents of the Issuer or
the Registrar shall not be charged with notice of or be bound to see to the execution of any trust,
whether express, implied or constructive, in respect of any Notes and may register the transfer of
any Notes on the direction of the holder thereof, whether named as trustee or otherwise, as though
that person were the beneficial owner thereof.

	5.	 	Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes

     (1) The Registrar, or an agent duly authorized by the Registrar, is hereby authorized from
time to time in accordance with the provisions of the Notes and of this section to authenticate and
deliver:

	 	(a)	 	the Global Notes or the Certificated Notes, as the case may
be, in exchange for or in lieu of the Global Notes or the Certificated Notes,
as the case may be, outstanding on the Register with the same maturity and of
like form which have become mutilated, defaced, destroyed, stolen or lost,
provided that the applicant therefor shall have (i) paid such costs as may
have been incurred in connection therewith; (ii) surrendered to the Registrar
any mutilated or defaced Global Notes or Certificated Notes, as the case may
be, to be replaced; and (iii) in the case of lost, stolen or destroyed Global
Notes or Certificated Notes, as the case may be, furnished the Registrar with
such evidence (including evidence as to the serial number of the Global Notes
or the Certificated Notes in question) and indemnity in respect thereof as the
Issuer and the Registrar may require; and
	 
	 	(b)	 	Certificated Notes in an authorized form and denomination in
exchange for a like aggregate principal amount of Certificated
Notes.

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	 	(c)	 	upon any registration of a transfer, a new Global Note or, as
the case may be, a new Certificated Note shall be issued to the new holder in
replacement of the existing Global Note or Certificated Note thus transferred.
Such new Global Note or, as the case may be, new Certificated Note, shall be
duly authenticated by the Registrar.

     Each new Global Note or Certificated Note authenticated and delivered upon any
registration of transfer or exchange for or in lieu of the whole or any part of any
Global Note or Certificated Note shall carry all the rights to interest, if any,
accrued and unpaid and to accrue which were carried by the whole or such part of
such latter Global Note or Certificated Note, and notwithstanding anything to the
contrary herein contained, such new Global Note or Certificated Note shall be dated
the date of the authentication of such Global Note or Certificated Note.

     (2) The Issuer will issue or cause to be issued Certificated Notes upon registration of
transfer of, or in exchange for, Notes represented by the Global Notes (i) if DTC notifies the
Issuer that it is unwilling or unable to continue as depository in connection with the Global Notes
or ceases to be a clearing agency registered under the United States Securities Exchange Act of
1934, as amended, at a time when it is required to be and a successor depository is not appointed
by the Issuer within 90 days after receiving such notice or becoming aware that DTC is no longer so
registered; (ii) if the Issuer, in its sole discretion at any time, determines not to have any of
the Notes represented by the Global Notes; or (iii) upon request by DTC to the Registrar, acting on
direct or indirect instructions of a holder or any beneficial owner of an interest in a Global
Note, after an event of default entitling the holder to accelerate the stated maturity of the
Global Note has occurred and is continuing, or, if DTC does not promptly make that request, then
any beneficial owner of an interest in such Global Note shall be entitled to make such request with
respect to such interest. The Issuer shall bear the costs and expenses of printing or preparing
any Certificated Notes.

     (3) Upon any such issuance pursuant to Section 5(2) of the Certificated Notes in exchange for
all the Notes represented by the Global Notes, (i) the Issuer shall promptly make available to the
Registrar a reasonable supply of Certificated Notes, (ii) DTC shall cause the Global Notes to be
delivered to the Registrar and provide the Registrar with the necessary registration information
for such Certificated Notes, (iii) the Registrar shall authenticate and deliver such Certificated
Notes in an aggregate principal amount equal to the principal amount of the Global Notes to be
exchanged for such Certificated Notes, (iv) the Registrar shall cancel the Global Notes and, in the
case of a partial exchange, issue and deliver to or to the order of DTC new Global Notes equal to
the unexchanged portion of any such Global Notes partially exchanged for Certificated Notes and (v)
the Registrar shall reduce accordingly the holdings of Cede & Co. on the Register. The Registrar
shall have at least 30 days from the date of its receipt of Certificated Notes and registration
information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be
registered in such names and in such denominations as DTC,

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pursuant to instructions from direct or indirect participants, shall direct and shall be
delivered as directed by the persons in whose names such Certificated Notes are to be registered.
All Notes represented by Certificated Notes issued upon any such issuance in exchange for the Notes
represented by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the
same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to
DTC or the transferee.

     (4) The Issuer expressly acknowledges that if Certificated Notes are not promptly issued to
the owners of beneficial interests in a Global Note in accordance with this Section 5, then an
owner of a beneficial interest will be entitled to pursue any remedy under this Agreement, the
Global Note or applicable law with respect to the portion of the Global Note representing that
owner’s interest in the Global Note as if Certificated Notes had been issued.

     (5) Unless the Global Notes are presented by an authorized representative of DTC to the
Issuer, the Registrar or their respective agents for registration of transfer, exchange or payment,
and any replacement Global Notes are registered in the name of a nominee of DTC and any payment is
made to such nominee, any transfer, pledge or other use of the Global Notes for value or otherwise
shall be wrongful since the registered holders of the Global Notes have an interest in the Notes
evidenced by the Global Notes.

	6.	 	Paying Agents

     The Registrar shall act as the principal paying agent for the Issuer in connection with the
Notes. The Issuer hereby appoints [      ], as the [      ] paying agent and may appoint any
additional paying agents or terminate the appointment of any paying agents except that if and for
so long as the Notes are admitted to [      ] and the rules of the [      ] so require, the Issuer
will maintain a paying agent in [      ].

	7.	 	Payments by the Issuer to the Registrar

     (1) The Issuer agrees to provide to the Registrar by 10:00 a.m., New York time, on each date
on which a payment of principal or interest (and any Additional Amounts) in respect of the Notes is
due (each a “Payment Date”) pursuant to the terms and conditions of the Notes such amount as is
required to be paid on such date in immediately available funds in U.S. dollars to an account in
New York designated by the Registrar.

     (2) All monies paid to the Registrar pursuant to and for the payment of the amounts referred
to in this Section 7 shall be received and held by the Registrar as agent for the Issuer and shall
be applied to the payment of the appropriate U.S. dollar amounts at the time and in the manner
provided in this Agreement and the Notes.

     (3) The Issuer hereby authorizes the Registrar from funds so provided to it to make or cause
to be made payment of the principal or interest (and any Additional Amounts) on the Notes. The
Registrar shall, to the extent permitted by law, return to the Issuer any funds transferred to it
for payments with respect to the Notes that are not so paid by the Registrar at the expiration of
three years after the due date for payment

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thereof; thereafter, the holders of Notes shall look only to the Issuer for any payment of
such funds.

	8.	 	Payment of Notes

     (1) The Issuer shall have the right to require a holder of a Note, as a condition of payment
of the principal of, or interest (and any Additional Amounts) on a Note, to deliver to the
Registrar a certificate in such form as the Issuer may from time to time prescribe in order to
enable the Issuer to determine its duties and liabilities with respect to (i) any taxes,
assessments or governmental charges which the Issuer, the Registrar or the paying agent may be
required to deduct or withhold from payments in respect of such Note under any present or future
law of Canada or Québec or any regulation thereunder and (ii) any reporting or other requirements
under such law or regulation. The Issuer shall be entitled to determine its duties and liabilities
with respect to such deduction, withholding, reporting or other requirements on the basis of
information contained in such certificate or, if no certificate shall be presented, on the basis of
any presumption created by any such law or regulation and shall be entitled to act in accordance
with such determination.

     (2) Subject to applicable law and the terms hereof, the Issuer, the Registrar and any other
agent of the Issuer or the Registrar shall deem and treat the person whose name appears in the
Register as the registered holder of a Note as the absolute owner thereof for all purposes
whatsoever notwithstanding any notice to the contrary, and any payment in U.S. dollars of or on
account of the principal of, and interest, and any Additional Amounts on such Note shall be made
only to or to the order in writing of such holder, and such payment shall be valid and shall
discharge the liability of the Issuer or the Registrar and any other agent of the Issuer or the
Registrar on such Note to the extent of the sum or sums so paid.

     (3) The registered holder of any Note shall be entitled to the payments of principal of, and
interest, and any Additional Amounts on such Note, free from all rights of set-off or counterclaim
between the Issuer and the original or any intermediate holder thereof and all persons may act
accordingly and a transferee of a Note shall, after the appropriate form of transfer is lodged with
the Registrar or other agent of the Issuer or the Registrar for the purpose and upon compliance
with all other conditions relating thereto required by this Agreement or by any conditions
contained in such Note or by law, be entitled to be entered on the Register as the owner of such
Note free from all rights of set-off or counterclaim between the Issuer and his transferor or any
previous holder thereof, save in respect to rights of which the Issuer is required to take notice
by statute or by order of a court of competent jurisdiction. Delivery to the Issuer by a Noteholder
of a Note or the receipt by such holder of the principal, interest and any Additional Amounts in
respect of such Note shall be a valid discharge to the Issuer, which shall not be bound to inquire
into the title of such holder, save as ordered by a court of competent jurisdiction or as required
by statute.

     (4) Where a Note is registered in more than one name, the principal and interest and any
Additional Amounts from time to time payable in respect thereof shall be paid to or to the order of
all the joint holders thereof, failing written instructions to the contrary from all such joint
holders, and such payment shall be a valid discharge to the

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Issuer, the Registrar and any other agent of the Issuer or the Registrar.

     (5) In the case of the death of one or more joint holders, the principal of, and interest, and
any Additional Amounts on any Notes registered in their names may, notwithstanding subsection (2)
of this Section 8, be paid to the survivor or survivors of such holders whose receipt therefor
shall constitute a valid discharge to the Issuer, the Registrar and any other agent of the Issuer
or the Registrar.

	9.	 	Cancellation of Notes

     All Certificated Notes that are presented for transfer pursuant to Section 4(1), all Notes
that are presented for replacement, exchange or registration of transfer pursuant to Section 5 or
repaid on maturity or redeemed or purchased shall upon such registration of transfer, replacement
or exchange or upon payment being made, be cancelled by the Registrar. The Registrar shall, as soon
as reasonably possible after the date of any such registration of transfer, replacement, exchange,
redemption, purchase or payment, furnish the Issuer with a certificate or certificates stating: (i)
the serial numbers and total number of Notes so transferred, replaced, exchanged, redeemed,
purchased or repaid; and (ii) the amount, if any, paid in respect of such Notes. Unless otherwise
instructed by the Issuer, the Registrar shall destroy the cancelled Notes in its possession in
accordance with its customary procedure and provide the Issuer with a destruction certificate duly
signed by a representative of the Registrar.

	10.	 	Maturity, Redemption and Purchase

     Unless previously redeemed for tax reasons as provided in the terms and conditions of the
Notes, or purchased, the principal amount of the Notes shall be due and payable on [      ].

     In accordance with the terms and conditions of the Notes, upon receipt of a notice of
intention to redeem and the certificate contemplated in the provisions under “Maturity, Redemption
and Purchases” in the terms and conditions of the Notes, not less than 30 days nor more than 45
days prior to the date fixed for redemption, the Registrar shall cause to be given on behalf of the
Issuer, in accordance with the provisions under “Notices” in the terms and conditions of the Notes,
a notice of redemption stating: (i) the date fixed for redemption; (ii) the redemption price and
(iii) if applicable, the place or places of surrender of the Notes to be redeemed.

     The Issuer may, if not in default under the Notes, at any time purchase Notes in the open
market, or by tender or by private contract at any price.

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	11.	 	Financial Documents

     For so long as any of the Notes are outstanding, the Issuer agrees to supply the Registrar
with copies of all documents required to be available by any stock exchange on which the Notes are
for the time being listed, with copies of the latest statements of consolidated revenues and
expenditures, annual reports and quarterly presentations of financial transactions of the Issuer as
soon as practicable after publication thereof for inspection by Noteholders at the principal office
of the Registrar in New York. Notwithstanding anything herein contained, the obligations of the
Issuer under this Section 11 will terminate on such date as all amounts required to be paid to the
Registrar by the Issuer under this Agreement and all amounts required to be paid to the Noteholders
by the Issuer under the Notes have been paid in full. The Registrar, subject to its being provided
with copies of the documents and reports referred to above, undertakes to make them available to
holders of Notes at its principal office in New York during the term of the Notes.

	12.	 	Fees

     The Issuer shall pay to the Registrar such fees for its services hereunder as are agreed
separately by the Issuer and the Registrar.

	13.	 	Further Reports

     The Registrar shall provide the Issuer upon written request such information regarding the
financial servicing of the Notes expressed in such form as the Issuer may reasonably require. The
Registrar shall transmit to the Issuer promptly any notices or other communications addressed to
the Issuer in connection with the Notes, including any notice of any legal action or proceeding
which may be brought against the Issuer and of which the Registrar has knowledge.

	14.	 	Meetings of Holders of Notes

     (1) The Registrar shall, on receipt of a written request of the Issuer or a written request
signed in one or more counterparts by the holders of not less than 10% of the principal amount of
the Notes then outstanding and upon being indemnified to its reasonable satisfaction by the Issuer
or the holders of Notes signing such request against the costs which may be incurred in connection
with the calling and holding of such meeting, convene a meeting of the holders of Notes for any
lawful purpose affecting their interests. If the Registrar fails to give notice convening such
meeting within 30 days after receipt of such request and indemnity, the Issuer or such holders of
Notes, as the case may be, may convene such meeting. Every such meeting shall be held in New York
or such other place as may be approved or determined by the Registrar.

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     (2) At least 21 days’ notice of any meeting shall be given to the holders of the Global Notes
or Certificated Notes, as the case may be, in the manner provided pursuant to the provisions under
“Notices” in the terms and conditions of the Notes, and a copy thereof shall be sent by post to the
Registrar unless the meeting has been called by it, and to the Issuer, unless the meeting has been
called by the Issuer. Such notice shall state the day, time, place and purpose of the meeting and
the general nature of the business to be transacted thereat, and shall include a statement to the
effect that, prior to 48 hours prior to the time fixed for the meeting, (i) in the limited
circumstances in which Certificated Notes have been issued, those holders of Certificated Notes who
deposit such Notes with the Registrar, or any other person authorized for such purpose by the
Registrar or the Issuer or (ii) in the case of Notes being represented by the Global Notes, those
persons recorded in the Register shall be entitled to obtain voting certificates for appointing
proxies, but it shall not be necessary for any such notice to set out the terms of any resolution
to be proposed at such meeting or any other provisions.

     (3) A holder of Notes may appoint any person by instrument in writing as the holder’s proxy in
respect of a meeting of the holders of Notes or any adjournment of such meeting, and such proxy
shall have all rights of the holder of Notes in respect of such meeting. All notices of meetings to
the holder of a Global Note shall contain a requirement that the Clearing Systems must notify
Clearing Systems participants and, if known, beneficial owners of Notes of the meeting in
accordance with procedures established from time to time by the Clearing Systems. The registered
holders of Notes shall seek voting instructions on the matters to be raised at such meeting from
the Clearing Systems participants or, if known, from the beneficial owners of Notes in accordance
with the applicable procedure of the Clearing Systems. For greater certainty, it is acknowledged
that none of the Issuer, the Registrar, any clearing agency or any intermediary or participant
shall be required to comply with the time limits set out in the applicable procedure of the
Clearing Systems but shall use all reasonable efforts to otherwise comply with such procedure and
attempt to provide non-registered holders of the Notes with meeting materials and voting rights as
if such non-registered holders of Notes were registered holders thereof.

     (4) Some person, who need not be a holder of Notes, nominated in writing by the Registrar
shall be chairman of the meeting and if no person is so nominated or if the person so nominated is
not present within 15 minutes from the time fixed for the holding of the meeting, the holders of
the Notes present in person or by proxy shall choose some person present to be chairman, and,
failing such choice, the Issuer may appoint a chairman.

     (5) At a meeting of holders of Notes, a quorum shall consist of two or more holders of Notes
present in person or by proxy who represent at least a majority in aggregate principal amount of
the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within
one-half hour after the time fixed for holding any meeting, the meeting, if convened by or at the
request of holders of Notes, shall be dissolved, but if otherwise convened the meeting shall stand
adjourned without notice to the same day in the next week (unless such day is not a business day in
the place where the meeting is to take place in which case it shall stand adjourned until the next
such business day following thereafter) at the same time and place unless the chairman shall

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appoint some other place, day or time of which not less than seven days’ notice shall be given
in the manner provided above. At any adjourned meeting called by the Issuer or the Registrar, two
or more holders of Notes present in person or by proxy shall constitute a quorum and may transact
the business for which the meeting was originally convened notwithstanding that they may not
represent at least a majority in aggregate principal amount of the Notes then outstanding.

     (6) The chairman of any meeting at which a quorum of the holders of Notes is present may, with
the consent of the holder(s) of a majority in aggregate principal amount of the Notes represented
thereat, adjourn any such meeting and no notice of such adjournment need be given except such
notice, if any, as the meeting may prescribe.

     (7) Every motion or question submitted to a meeting shall be decided by Extraordinary
Resolution (as hereinafter defined) and in the first place by the votes given on a show of hands.
At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the
chairman that a resolution has been carried or carried unanimously or by a particular majority or
lost or not carried by a particular majority shall be conclusive of the fact. On any question
submitted to a meeting when ordered by the chairman or demanded by a show of hands by one or more
holders of Notes acting in person or by proxy and holding at least 2% in aggregate principal amount
of the Notes then outstanding, a poll shall be taken in such manner as the chairman shall direct.

     (8) In a poll, each holder of Notes present in person or represented by a proxy duly appointed
by an instrument in writing shall be entitled to one vote in respect of each U.S.$1,000 principal
amount of Notes then held by such holder. A proxy need not be a holder of Notes. In the case of
Notes held jointly, any one of the joint holders present in person or by proxy may vote in the
absence of the other or others; but in case more than one of them is present in person or by proxy,
only one of them may vote in respect of each U.S.$1,000 principal amount of Notes of which they are
joint holders.

     (9) The Issuer and the Registrar by their respective officers, directors and representatives,
and the legal advisors of the Issuer and the Registrar may attend any meeting of the holders of
Notes, but shall have no vote as such.

     (10) Subject to Section 16, in addition to all other powers conferred upon them by any other
provision of this Agreement or by law, holders of Notes at a meeting shall have the following
powers, any one or combination of which may be exercised from time to time by Extraordinary
Resolution:

	 	(a)	 	power to confirm any modification or amendment of this
Agreement or the terms and conditions of the Notes proposed by the Issuer;
	 
	 	(b)	 	power to direct or authorize the Registrar to exercise any
power, right, remedy or authority given to it by this Agreement or the Notes
in any manner specified in such Extraordinary Resolution or to refrain from
exercising any such power, right, remedy or authority;
	 
	 	(c)	 	power to waive and direct the Registrar to waive any default
on the part of the Issuer in complying with any provisions of this

-11-

 

	 	 	 	Agreement or the Notes or to waive and direct the Registrar to waive
future compliance with any provision or provisions of this Agreement or
the Notes; and
	 
	 	(d)	 	power to repeal, modify or amend any Extraordinary Resolution
previously passed by the holders of Notes;

provided, however, that no such modification nor amendment to this Agreement or to the terms and
conditions of the Notes or any other action taken may, without the consent of the holder of each
such Note affected thereby: (a) change the stated maturity or interest payment date(s) of any such
Note; (b) reduce the principal amount of or rate of interest on any such Note; (c) change the
currency of payment of any such Note; (d) impair the right to institute suit for the enforcement of
any payment on or with respect to such Note; (e) reduce the percentage of the holders of Notes
necessary to modify or amend this Agreement or the terms and conditions of the Notes or reduce the
percentage of votes required for the taking of action or the quorum required at any meeting of
holders of Notes; or (f) reduce the percentage of outstanding Notes necessary to waive any future
compliance or past default.

     (11) All actions that may be taken and all powers that may be exercised by the holders of
Notes at a meeting held as hereinbefore provided may also be taken and exercised by the holders of
not less than 66 2/3% of the aggregate principal amount of the Notes at the time outstanding by an
instrument in writing signed in one or more counterparts, and the expression “Extraordinary
Resolution” when used in this Agreement shall include an instrument so signed.

     (12) The term “Extraordinary Resolution” means a resolution proposed to be passed at a meeting
of holders of the Notes duly convened for the purpose and held in accordance with the provisions of
this Agreement and passed by the affirmative vote of the holders of not less than 66 2/3% of the
aggregate principal amount of the Notes represented at the meeting in person or by proxy or as an
instrument in writing signed by the holders of not less than 66 2/3% in principal amount of the
outstanding Notes.

     (13) Minutes of all resolutions and proceedings at every meeting of holders of Notes held in
accordance with the provisions of this Agreement shall be made and entered in books to be from time
to time provided for that purpose by the Registrar at the expense of the Issuer and any such
minutes, if signed by the chairman of the meeting at which such resolutions were passed or
proceedings taken, or by the chairman of the next succeeding meeting of the holders of Notes, shall
be prima facie evidence of the matters therein stated and, until the contrary is proved, every such
meeting, in respect of the proceedings of which minutes shall have been made, shall be deemed to
have been duly held and convened, and all resolutions passed and proceedings taken thereat to have
been duly passed and taken.

     (14) Every Extraordinary Resolution passed in accordance with the provisions of this Agreement
at a meeting of holders of Notes shall be binding upon all the holders of Notes, whether present at
or absent from such meeting, and every instrument in writing signed by holders of Notes in
accordance with Section 14(11) shall be binding upon all the holders of Notes (whether or not a
signatory). Subject to the provisions for its indemnity

-12-

 

herein contained, the Registrar shall be bound to give effect accordingly to every such
Extraordinary Resolution.

     (15) The Registrar, or the Issuer with the approval of the Registrar, may from time to time
make and from time to time vary such regulations as it shall from time to time deem fit:

	 	(a)	 	for the deposit of instruments appointing proxies at such
place as the Registrar, the Issuer or the holders of Notes convening a
meeting, as the case may be, may in the notice convening such meeting direct;
	 
	 	(b)	 	for the deposit of instruments appointing proxies at some
approved place or places other than the place at which the meeting is to be
held and enabling particulars of such instruments appointing proxies to be
mailed, cabled or sent by any other means of recorded communication before the
meeting to the Issuer or to the Registrar at the place where the same is to be
held and for the voting of proxies so deposited as though the instruments
themselves were produced at the meeting.

          Any regulation so made shall be binding and effective and votes given in accordance therewith
shall be valid and shall be counted. Save as such regulations may provide, the only persons who
shall be entitled to vote at a meeting of holders of Notes shall be the holders thereof or their
duly appointed proxies.

     (16) The powers and any combination of the powers in this Agreement stated to be exercisable
by the holders of Notes by Extraordinary Resolution may be exercised from time to time and the
exercise of any one or more of such powers or any combination of powers from time to time shall not
be deemed to exhaust the right of the holders of Notes to exercise such power or powers or
combination of powers then or any power or powers or combination of powers thereafter from time to
time.

	15.	 	Indemnities

     (1) The Issuer agrees to indemnify and hold harmless the Registrar against all claims,
actions, demands, damages, costs and losses arising out of or relating to the Registrar’s duties as
fiscal agent, registrar, transfer agent and principal paying agent for the Issuer with respect to
the Notes, except such as may result from the Registrar’s gross negligence, willful misconduct or
bad faith or that of its directors, officers, employees or representatives.

     (2) This Section 15 shall survive the payment in full of all obligations of the Notes, whether
by redemption, repayment or otherwise.

-13-

 

	16.	 	Amendments

     This Agreement and the Notes may be amended by the Issuer and the Registrar without notice to
or the consent of the holders of Notes, for any one or more of the following purposes: (i) curing
any ambiguity; (ii) curing, correcting or supplementing any defective provisions contained herein
or therein; (iii) effecting the issue of further Notes of the Issuer pursuant to Section 19; or
(iv) in any other manner in which the Issuer, on the one hand, and the Registrar, on the other
hand, acting on the advice of independent counsel, may deem necessary or desirable and which will
not be inconsistent with this Agreement or the Notes and which in the reasonable opinion of the
Issuer, on the one hand, and the Registrar, on the other hand, will not adversely affect the
interests of the holders of Notes.

	17.	 	The Registrar

     (1) Subject to Section 7(3), in acting under this Agreement and in connection with the Notes,
the Registrar is acting solely as agent of the Issuer and does not assume any obligation or
relationship of agency or trust with any of the holders of Notes, except that all amounts received
and held by the Registrar for payment in respect of the Notes shall be held in trust for the
holders of the Notes in a separate account or accounts for payment to the holders of Notes.

     (2) The Registrar shall be protected and shall incur no liability for action taken or not
taken, or suffered to be taken or not taken, with respect to all legal matters upon which it has
received advice from counsel in good faith and in accordance with the opinions and advice of such
counsel.

     (3) The Registrar and its officers, directors and employees may become the owners of, or
acquire an interest in, any Notes, with the same rights that it or they would have if the Registrar
were not acting as agent hereunder, and may engage or be interested in any financial or other
transaction with the Issuer, and may act on behalf of, or as a depository, trustee or agent for,
any committee or body of holders of Notes or holders of other obligations of the Issuer as freely
as if the Registrar were not acting as agent hereunder.

     (4) The Registrar may rely and shall be protected in acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, letter, telegram,
telecopier or other paper or document believed by it to be genuine and to have been signed, sent or
presented by or on behalf of the proper party or parties and, in particular, may rely and shall be
protected in acting on the basis of any such notice which is given in accordance with the
provisions hereof.

	18.	 	Resignation or Replacement of Registrar

     (1) The Issuer agrees that there shall at all times be a registrar, fiscal agent, transfer
agent and principal paying agent hereunder until the earlier of (i) there being no Notes
outstanding, or (ii) the Issuer having established to the satisfaction of the Registrar

-14-

 

that the Issuer may avail itself of defenses under all relevant laws for the prescription of
actions in respect of any outstanding Notes.

     (2) The Registrar may resign at any time by sending at least thirty days’ written notice by
registered mail to the Issuer. Upon receipt of such notice, the Issuer shall appoint another
financial institution or institutions as successor registrar, fiscal agent, transfer agent and
principal paying agent under this Agreement. Subject to the provisions hereof, the Issuer may
terminate the appointment of the Registrar as registrar, fiscal agent, transfer agent and principal
paying agent and appoint another financial institution or institutions as successor registrar,
fiscal agent, transfer agent and principal paying agent under this Agreement provided that it give
the Registrar not less than thirty days’ written notice of termination. Neither the resignation nor
the termination of the appointment of the Registrar as registrar, fiscal agent, transfer agent and
principal paying agent shall take effect until the appointment of the successor registrar, fiscal
agent, transfer agent and principal paying agent becomes effective. On the effective date of the
resignation of the Registrar or of the termination of its appointment as registrar, fiscal agent,
transfer agent and principal paying agent, the Registrar shall deliver to the successor registrar,
fiscal agent, transfer agent and principal paying agent all funds of the Issuer then held by it and
the Issuer shall pay to the Registrar all amounts owed by the Issuer to the Registrar pursuant to
this Agreement up to the said effective date.

     (3) If the Registrar shall be adjudged a bankrupt or insolvent, or shall file a voluntary
petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the
appointment of a receiver or custodian of all or any substantial part of its property, or shall
admit in writing of its inability to pay or meet its debts as they mature, or if a receiver or
custodian of it or of all or any substantial part of its property shall be appointed or if any
public officer shall have taken charge or control of it or of its property or affairs, for the
purposes of rehabilitation, conservation or liquidation, a successor registrar, fiscal agent,
transfer agent and principal paying agent shall be appointed by the Issuer. Upon such an
appointment of a successor registrar, fiscal agent, transfer agent and principal paying agent, the
Registrar shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent
hereunder whether or not notice of such termination shall have been given. If no successor
registrar, fiscal agent, transfer agent and principal paying agent shall have been appointed by the
Issuer, any holder of a Note, on behalf of itself and all other holders of Notes, or the Registrar,
may petition any court of competent jurisdiction for the appointment of a successor registrar,
fiscal agent, transfer agent and principal paying agent.

	19.	 	Further Issues

     The Issuer may from time to time, without the consent of the holders of the Notes, create and
issue further notes ranking equally with the Notes in all respects (or in all respects save for the
first payment of interest thereon) and such further notes shall be consolidated and form a single
series with the Notes. Any further notes forming a single series with the outstanding Notes shall
be issued with the benefit of and subject to an agreement supplemental to this Agreement.

-15-

 

	20.	 	General

     (1) Any notice pursuant to this Agreement shall be deemed to have been duly given upon the
dispatch of such notice by registered mail or telecopier (to be confirmed in writing by registered
mail), addressed to the Issuer or to the Registrar as follows:

	 	 	 	 	 
	Issuer

	 	Address:
	 	Ministère des Finances
	 

	 	 	 	8, rue Cook, Québec, Québec
	 

	 	 	 	Canada G1R 5P4
	 

	 	Attention:
	 	Direction des services post-marchés
	 

	 	Telecopier No:
	 	(418) 528-9704
	 

	 	Telephone No:
	 	(418) 528-1224
	 
	 	 	 	 
	Registrar

	 	Address:	 	 
	 
	 	 	 	 
	 

	 	Attention:	 	 
	 

	 	Telecopier No:	 	 
	 

	 	Telephone No:	 	 

or to any other address or number of which either of the parties shall have notified the other in
writing in accordance with this provision.

     (2) This Agreement shall be governed by and interpreted in accordance with the laws of Québec
and the laws of Canada applicable therein.

     (3) This Agreement shall extend to and enure to the benefit of and be binding upon the Issuer
and the Registrar and their respective successors and assigns.

-16-

 

     (4) This Agreement may be executed in separate counterparts, and each such counterpart, when
so executed and delivered, shall be deemed to be an original. Such counterparts shall together
constitute one and the same agreement.

	 	 	 	 	 	 	 
	 	 	QUÉBEC	 	 
	 
	 	 	 	 	 	 
	 

	 	by:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

	 	 	 	 	 	 	 
	 	 	[ Name of the Fiscal Agent ]	 	 
	 
	 	 	 	 	 	 
	 

	 	by:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

-17-

 

SCHEDULE A

[ insert Form of Global Note ]

 

 

SCHEDULE B

TERMS AND CONDITIONS OF THE NOTES

[ insert terms and conditions of the Notes ]

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