Exhibit 4.2
SONIC AUTOMOTIVE, INC.
AND
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
FIRST SUPPLEMENTAL INDENTURE
Dated as of September 23, 2009
TO THE INDENTURE
Dated as of September 23, 2009
5.0% Convertible Senior Notes due 2029
FIRST SUPPLEMENTAL INDENTURE dated
as of September 23, 2009 between Sonic Automotive, Inc., a
Delaware corporation, as issuer (hereinafter sometimes called the
“ Company ”) and U.S. Bank National Association,
a national banking association organized and existing under the
laws of the United States, as trustee (hereinafter sometimes called
the “ Trustee ”).
W I T N E S S E T H:
WHEREAS, the Company, the guarantors
named therein and the Trustee executed and delivered an indenture,
dated as of September 23, 2009 (the “ Base
Indenture ,” and as supplemented by this First
Supplemental Indenture, the “ Indenture ”), to
provide for the issuance by the Company from time to time of
Securities (as defined in the Base Indenture) to be issued in one
or more series as provided in the Indenture; and
WHEREAS, the Company has duly
authorized the issue of its 5.0% Convertible Senior Notes due 2029
(hereinafter sometimes called the “ Notes ”),
initially in an aggregate principal amount not to exceed
$172,500,000, and in order to provide the terms and conditions upon
which the Notes are to be authenticated, issued and delivered, the
Company has duly authorized the execution and delivery of this
First Supplemental Indenture; and
WHEREAS, Section 901 of the
Base Indenture provides that without the consent of any Holders,
the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, may enter into one or
more indentures supplemental to the Base Indenture to, among other
things, to (a) add to the covenants of the Company for the
benefit of the Holders of all or any series of Securities,
(b) to add additional Events of Default for the benefit of the
Holders of all or any series of Securities, (c) to establish
the form or terms of any series of Securities, and (d) to cure
any ambiguity, to correct or supplement any provision in the Base
Indenture which may be inconsistent with any other provision in the
Base Indenture, or to make any other provisions with respect to
matters or questions arising under the Base Indenture;
and
WHEREAS, the Company desires to
(a) establish the form and terms of the Notes, (b) add
covenants, Events of Default and other provisions for the benefit
of the Holders of the Notes and (c) provide whether certain
Articles of the Indenture will apply to the Notes; and
WHEREAS, the Form of Note, the
Certificate of Authentication to be borne by each Note, the form of
Notice of Conversion, the Form of Fundamental Change Repurchase
Notice and the Form of Assignment and Transfer to be borne by the
Notes are to be substantially in the forms hereinafter provided
for; and
WHEREAS, all acts and things
necessary to make this First Supplemental Indenture a valid
supplement to the Base Indenture according to its terms and the
terms of the Base Indenture have been done; and
WHEREAS, all acts and things
necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee or a duly authorized
authenticating agent, as in the Indenture provided, the valid,
binding and legal obligations of the Company, and to constitute
these presents a valid agreement according to its terms, have been
done and performed, and the execution of this First Supplemental
Indenture and the issue hereunder of the Notes have in all respects
been duly authorized.
NOW, THEREFORE, THIS INDENTURE
WITNESSETH:
That in order to declare the terms
and conditions upon which the Notes are, and are to be,
authenticated, issued and delivered, and in consideration of the
premises and of the purchase and acceptance of the Notes by the
Holders thereof, the Company covenants and agrees with the Trustee
for the equal and proportionate benefit of the respective Holders
from time to time of the Notes as follows:
ARTICLE I
DEFINITIONS
Section 1.01
Certain Terms Defined in the Base
Indenture. Except as may be provided in a supplemental
Indenture entered into subsequent to the date hereof (a “
Future Supplemental Indenture ”), or as herein
otherwise expressly provided or unless the context otherwise
requires, all capitalized terms used but not defined in this First
Supplemental Indenture shall have the meanings ascribed to such
terms in the Base Indenture, as amended hereby; provided, however,
that any term defined in the Base Indenture that is also defined in
this First Supplemental Indenture shall for all purposes of this
First Supplemental Indenture, and all matters relating to the
Notes, have the meaning set forth in this First Supplemental
Indenture.
Section 1.02
Definitions. Except as may be
provided in a Future Supplemental Indenture, or as herein otherwise
expressly provided or unless the context otherwise requires, with
respect to the Notes and no other class of Securities issued
pursuant to the Indenture, Section 101 of the Indenture shall
be amended (i) if such definitions are not contained in the
Base Indenture, by adding the following new definitions and
(ii) if the terms set forth below are contained in the Base
Indenture, by replacing the terms and their meanings set forth in
the Base Indenture with those set forth below:
“ Additional Interest
” shall have the meaning specified in
Section 502.
“ Applicable Conversion
Price ” means the Conversion Price in effect at any given
time.
“ Applicable Conversion
Rate ” means the Conversion Rate in effect at any given
time.
“ Bid Solicitation
Agent ” shall have the meaning specified in
Section 1701(b)(i).
“ Business Day ”
means, with respect to any Note, any day other than a Saturday, a
Sunday or a day on which the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or be
closed.
“ Cash Settlement
” shall have the meaning specified in
Section 1702(b).
A “ Change of Control
” means the occurrence after the original issuance of the
Notes of any of the following:
(a) a “person” or
“group” within the meaning of Section 13(d)(3) of
the Exchange Act, other than the Company, its Subsidiaries, a Smith
Holder(s) or an employee benefit plan of the Company, a Smith
Holder or a Subsidiary of the Company, files a Schedule TO or any
schedule, form or report under the Exchange Act disclosing that
such person or group has become the direct or indirect
“beneficial owner,” as defined in Rule 13d-3 under the
Exchange Act, of shares of Class A Common Stock representing
more than 50% of the voting power of the Common Equity of the
Company;
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(b) the first day on which a majority of the
members of the Company’s Board of Directors does not consist
of Continuing Directors;
(c) the shareholders of the Company
approve any plan or proposal for liquidation or dissolution of the
Company;
(d) consummation of (A) any
recapitalization, reclassification or change of the Company’s
common stock (other than changes resulting from a subdivision or
combination) as a result of which common stock would be converted
into, or exchanged for, stock, other securities, other property or
assets or (B) any consolidation, merger or binding share
exchange, or any conveyance, transfer, sale, lease or other
disposition of all or substantially all of the Company’s
properties and assets to another Person, other than:
(i) any transaction:
(A) that does not result in any
reclassification, conversion, exchange or cancellation of
outstanding shares of the Company’s Capital Stock;
and
(B) pursuant to which holders of the
Capital Stock immediately prior to the transaction have the
entitlement to exercise, directly or indirectly, 50% or more of the
total voting power of all shares of Capital Stock entitled to vote
generally in elections of directors of the continuing or surviving
or successor Person immediately after giving effect to such
issuance; or
(ii) any merger, share exchange,
transfer of assets or similar transaction solely for the purpose of
changing the jurisdiction of incorporation of the Company and
resulting in a reclassification, conversion or exchange of
outstanding shares of common stock, if at all, solely into shares
of common stock, ordinary shares or American Depositary Shares of
the surviving entity or a direct or indirect parent of the
surviving corporation; or
(iii) any consolidation or merger
with or into any of the Subsidiaries of the Company, so long as
such merger or consolidation is not part of a plan or a series of
transactions designed to or having the effect of merging or
consolidating with any other Person;
(e) the occurrence of any
“going private transaction” with respect to the
Class A Common Stock under Rule 13e-3 of the Securities Act;
or
(f) any Smith Holder(s),
individually or in the aggregate, directly or beneficially own(s)
greater than 50% of the outstanding Common Equity of the Company,
without regard to voting power.
For the purposes of this definition,
the term “Person” shall include any syndicate or group
that would be deemed to be a “person” under
Section 13(d)(3) of the Exchange Act.
“ Class A Common Stock
” means, subject to Section 1706, shares of Class A
common stock of the Company, par value $0.01 per share, at the date
of this Indenture or shares of any class or classes resulting from
any reclassification or reclassifications thereof and that have no
preference in respect of dividends or of amounts payable in the
event of any voluntary or involuntary liquidation, dissolution or
winding up of the Company and that are not subject to redemption by
the Company; provided that if at any time there shall be
more than one such resulting class, the shares of each such class
then so issuable shall be substantially in the proportion that the
total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such
classes resulting from all such reclassifications.
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“ close of business
” means 5:00 p.m. (New York City time).
“ Common Equity ”
of any Person means Capital Stock of such Person that is generally
entitled (a) to vote in the election of directors of such
Person or (b) if such Person is not a corporation, to vote or
otherwise participate in the selection of the governing body,
partners, managers or others that will control the management or
policies of such Person.
“ Continuing Director
” means any member of the Company’s Board of Directors
who (i) was a member of the Company’s Board of Directors
on September 23, 2009 or (ii) was nominated for election
to the Company’s Board of Directors with the approval of, or
whose election to the Company’s Board of Directors was
ratified by, at least a majority of the Continuing Directors who
were members of the Company’s Board of Directors at the time
of such nomination or election.
“ Conversion ”
means a conversion of Notes pursuant to Article
Seventeen.
“ Conversion Agent
” shall have the meaning specified in
Section 1105(d).
“ Conversion Date
” shall have the meaning specified in
Section 1702(e).
“ Conversion Obligation
” shall have the meaning specified in
Section 1701(a).
“ Conversion Price
” means as of any date, $1,000, divided by the Conversion
Rate as of such date.
“ Conversion Rate
” shall have the meaning specified in
Section 1701(a).
“ Custodian ”
means U.S. Bank National Association, as custodian for The
Depositary Trust Company, with respect to the Global Notes, or any
successor entity thereto.
“ Daily Cash Amount
” is equal to 3 1 / 3
% of the cash amount specified by
the Company in the notice regarding the chosen Settlement
Method.
“ Daily Conversion
Value ” means, for each of the thirty consecutive Trading
Days during the Observation Period, 3 1 / 3
% of the product of (a) the
Applicable Conversion Rate and (b) the Daily VWAP of the
Class A Common Stock on such day.
“ Daily Settlement
Amount ,” for each of the thirty Trading Days during the
Observation Period, shall consist of (a) cash in an amount
equal to the lesser of the Daily Cash Amount and the Daily
Conversion Value for such Trading Day and (b) if the Daily
Conversion Value on such day exceeds the Daily Cash Amount, a
number of shares of Class A Common Stock (together with cash
in lieu of any fractional shares) equal to (i) the difference
between such Daily Conversion Value and the Daily Cash Amount,
divided by (ii) the Daily WVAP on such Trading Day.
“ Daily VWAP ”
means, for each of the thirty consecutive Trading Days during the
Observation Period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on
Bloomberg page “SAH.N <equity> AQR” (or its
equivalent successor if such page is not available) in respect of
the period from the scheduled open of trading until the scheduled
close of trading of the primary trading session on such Trading Day
(or if such volume-weighted average price is unavailable, the
market value of one share of Class A Common Stock on such
Trading Day determined, using a volume-weighted average method, by
a nationally recognized independent investment banking
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firm retained for this purpose by the Company);
it being understood that Daily VWAP will be determined without
regard to after hours trading or any other trading outside of the
regular trading session trading hours.
“ Descendants ”
means the lineal descendants of Mr. O. Bruton
Smith.
“ Designated
Institution ” shall have the meaning specified in
Section 1711(a).
“ Effective Date
,” in reference to a Make-Whole Fundamental Change, shall
have the meaning specified in Section 1703(a).
“ Ex-Dividend Date
” means, with respect to any issuance, dividend or
distribution in which the holders of the Class A Common Stock
have the right to receive any cash, securities or other property,
the first date on which the shares of the Class A Common Stock
trade on the applicable exchange or in the applicable market,
regular way, without the right to receive the issuance, dividend or
distribution in question.
“ Family Controlled
Entity ” means (a) any not-for-profit corporation if
at least 80% of its Board of Directors is composed of Smith Holders
and/or Descendants, (b) any other corporation if at least 80%
of the value of its outstanding equity is owned directly or
indirectly by one or more Smith Holders, (c) any partnership
if at least 80% of the value of the partnership interests are owned
directly or indirectly by one or more Smith Holders, (d) any
limited liability or similar company if at least 80% of the value
of the company is owned directly or indirectly by one or more Smith
Holders and (e) any trusts created for the benefit of any of
the Persons listed in clauses (a) to (d) of this
definition.
“ Fiscal Quarter
” means a fiscal quarter of any Fiscal Year.
“ Fiscal Year ”
means a fiscal year of the Company ending on December 31 of
each calendar year.
“ Fundamental Change
” means either a Change of Control or a Termination of
Trading.
A Fundamental Change as a result of
clauses (a) or (d) in the definition of “Change of
Control” will not be deemed to have occurred, however, if
100% of the consideration received or to be received by the
Company’s common stockholders, excluding cash payments for
fractional shares, in connection with the transaction or
transactions constituting the Fundamental Change consists of shares
of common stock, depositary receipts or other certificates
representing Publicly Traded Securities and as a result of this
transaction or transactions the Notes become convertible into
Publicly Traded Securities, excluding cash payments for fractional
shares (subject to the provisions set forth in
Section 1702).
“ Fundamental Change
Repurchase Date ” shall have the meaning specified in
Section 1010(a).
“ Fundamental Change
Repurchase Notice ” shall have the meaning specified in
Section 1010(a)(i).
“ Fundamental Change
Repurchase Price ” shall have the meaning specified in
Section 1010(a).
“ Global Note ”
shall have the meaning specified in Section 305(b).
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“ Holder ” as
applied to any Note, or other similar terms (but excluding the term
“beneficial holder”), shall mean any Person in whose
name at the time a particular Note is registered on the Note
Register.
“ Interest Payment Date
” means each April 1 and October 1 of each year,
beginning on April 1, 2010; provided , however ,
that if any Interest Payment Date falls on a date that is not a
Business Day, such payment of interest (or principal in the case of
the Maturity Date), including any Additional Interest, will be
postponed until the next succeeding Business Day, and no interest
or other amount will be paid as a result of such
postponement.
“ Interest Record Date
,” with respect to any Interest Payment Date, shall mean the
March 15 or September 15 (whether or not such day is a
Business Day) immediately preceding the applicable April 1 or
October 1 Interest Payment Date, respectively.
“ Last Reported Sale
Price ” of the Class A Common Stock on any date
means (a) if the Class A Common Stock is listed for
trading on a U.S. national or regional securities exchange on the
relevant date, the closing sale price per share (or if no closing
sale price is reported, the average of the bid and ask prices or,
if more than one in either case, the average of the average bid and
the average asked prices) on that date as reported in composite
transactions for the principal U.S. securities exchange on which
the Class A Common Stock is traded, or (b) if the
Class A Common Stock is not listed for trading on a U.S.
national or regional securities exchange on the relevant date,
(i) if the Class A Common Stock is quoted in the
over-the-counter market, the last quoted bid price for the
Class A Common Stock in the over-the-counter market on the
relevant date as reported by Pink Sheets LLC or a similar
organization, or (ii) if the Class A Common Stock is not
quoted in the over-the-counter market, the average of the mid-point
of the last bid and ask prices for the Class A Common Stock on
the relevant date from each of at least three nationally recognized
independent investment banking firms selected by the Company for
this purpose.
“ Make-Whole Conversion
Rate Adjustment ” shall have the meaning specified in
Section 1703(a).
“ Make-Whole Fundamental
Change ” means any transaction or event that constitutes
a Fundamental Change, giving effect to the exceptions and
exclusions in the definition of “Change of Control,”
but without regard to the exclusions in clause (d) of the
definition thereof.
“ Market Disruption
Event ” means (a) a failure by the primary United
States national or regional securities exchange or market on which
the Class A Common Stock is listed or admitted to trading to
open for trading during its regular trading session or
(ii) the occurrence or existence prior to 1:00 p.m., New York
City time, on any Scheduled Trading Day for the Class A Common
Stock for more than one half-hour period in the aggregate during
regular trading hours of any suspension or limitation imposed on
trading (by reason of movements in price exceeding limits permitted
by the relevant stock exchange or otherwise) in the Class A
Common Stock or in any options, contracts or future contracts
relating to the Class A Common Stock.
“ Maturity Date ”
means October 1, 2029.
“ Measurement Period
” shall have the meaning specified in
Section 1701(b)(i).
“ Merger Event ”
shall have the meaning specified in Section 1706.
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“ Net Share Settlement
” shall have the meaning specified in
Section 1702(b).
“ Note Register ”
shall have the meaning specified in Section 305(a).
“ Note Registrar
” shall have the meaning specified in
Section 305(a).
“ Notice of Conversion
” shall have the meaning specified in
Section 1702(d).
“ Observation Period
” means, with respect to any Note, (a) if the relevant
Conversion Date occurs prior to July 1, 2029, the thirty
consecutive Trading Day period beginning on and including the third
Trading Day after the related Conversion Date, and (b) if the
relevant Conversion Date occurs on or after July 1, 2029, the
thirty consecutive Trading Days beginning on and including the
thirty-second Scheduled Trading Day immediately preceding the
Maturity Date.
“ Officer ”
means, with respect to the Company, the Chairman, the President,
the Chief Executive Officer, the Chief Financial Officer, the
Treasurer, the Secretary, any Executive or Senior Vice President,
or any Vice President (whether or not designated by a number or
numbers or word added before or after the title “Vice
President”).
“ opening of business
” means 9:00 a.m. (New York City time).
“ Physical Settlement
” shall have the meaning specified in
Section 1702(b).
“ Publicly Traded
Securities ” means common equity interests traded on a
national securities exchange or which will be so traded or quoted
when issued or exchanged in connection with a Fundamental
Change.
“ Purchase Date ”
shall have the meaning specified in
Section 1011(a).
“ Purchase Notice
” shall have the meaning specified in
Section 1011(a)(i).
“ Purchase Price
” shall have the meaning specified in
Section 1011(a).
“ Redemption ”
means a redemption of Notes pursuant to Article Eleven.
“ Redemption Date
” means the Business Day on which Notes are redeemed by the
Company pursuant to Section 1101.
“ Redemption Price
” shall have the meaning specified in
Section 1101.
“ Reference Property
” shall have the meaning specified in
Section 1706(b).
“ Repurchase ”
means a purchase of Notes upon a Fundamental Change pursuant to
Section 1010 or at the option of a Holder pursuant to
Section 1011.
“ Scheduled Trading Day
” means a day that is scheduled to be a Trading Day on the
primary United States national securities exchange or market on
which the Class A Common Stock is listed or admitted for
trading or, if the Class A Common Stock is not so listed or
admitted for trading, any Business Day.
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“ Settlement Amount
” shall have the meaning specified in
Section 1702(b).
“ Settlement Method
” means each of a Physical Settlement, Cash Settlement or Net
Share Settlement.
“ Settlement Notice
” shall have the meaning specified in
Section 1702(b)(iii).
“ Significant
Subsidiary ” means any “Significant
Subsidiary” of the Company as defined under Article 1, Rule
1-02 of Regulation S-X (17 C.F.R. pt. 210).
“ Smith Holders ”
means (a) Mr. O. Bruton Smith and his guardians,
conservators, committees or attorneys-in-fact, (b) Descendants
and their respective guardians, conservators, committees or
attorneys-in-fact and (c) each Family Controlled
Entity.
“ Special Payment Date
” means the date on which Defaulted Interest is paid pursuant
to Section 307.
“ Specified Dollar
Amount ” means the amount of cash per $1,000 principal
amount of converted Note specified in the Settlement Notice related
to such converted Note.
“ Spin-Off ”
shall have the meaning specified in
Section 1704(c).
“ Stock Price ”
means (a) if the Holders of the Class A Common Stock
receive only cash in a Make-Whole Fundamental Change described in
clause (d) of the definition of “Change of
Control,” the cash amount paid (or deemed paid) per share of
Class A Common Stock or (b) otherwise, the average of the
Last Reported Sale Prices of the Class A Common Stock over the
five Trading Day period ending on, and including, the Trading Day
immediately preceding the Effective Date of the Make-Whole
Fundamental Change.
“ Successor Company
” shall have the meaning specified in
Section 801(a).
“ Termination of
Trading ” means the Class A Common Stock (or other
common stock into which the Notes are then convertible) is neither
listed for trading nor quoted on a U.S. securities
exchange.
“ Trading Day ”
means (a) if the Class A Common Stock (or other security
for which a closing sale price must be determined) is listed or
traded, a day on which (i) (A) if the Class A Common
Stock is listed on the New York Stock Exchange, trading in the
Class A Common Stock generally occurs on The New York Stock
Exchange, (B) if the Class A Common Stock is not then
listed on The New York Stock Exchange, trading in the Class A
Common Stock generally occurs on the principal other United States
national or regional securities exchange on which the Class A
Common Stock is then listed, or (C) if the Class A Common
Stock is not then listed on a United States national or regional
securities exchange, trading in the Class A Common Stock
generally occurs on the principal other market on which the
Class A Common Stock is then traded, and (ii) a Last
Reported Sale Price for the Class A Common Stock is available
on such securities exchange or market, or (b) if the
Class A Common Stock (or other security for which a closing
sale price must be determined) is not so listed or traded, a
Business Day.
For the purposes of determining
payment upon Conversion only, “ Trading Day ”
means a day on which (a) there is no Market Disruption Event
and (b) trading in the Class A Common Stock generally
occurs on The New York Stock Exchange or, if the Class A
Common Stock is not then listed on
8
The New York Stock Exchange, on the principal
other United States national or regional securities exchange on
which the Class A Common Stock is then listed or, if the
Class A Common Stock is not then listed on a United States
national or regional securities exchange, on the principal other
market on which the Class A Common Stock is then traded;
provided, however , that if the Class A Common Stock
(or other security for which a Daily VWAP must be determined) is
not so listed or traded, “ Trading Day ” shall
mean a Business Day.
“ Trading Price ”
means, with respect to the Notes on any date of determination, the
average of the secondary market bid quotations obtained by the Bid
Solicitation Agent for $5.0 million principal amount of the Notes
at approximately 3:30 p.m., New York City time, on such
determination date from three independent nationally recognized
securities dealers selected by the Company; provided that,
if three such bids cannot reasonably be obtained by the Bid
Solicitation Agent but two such bids are obtained, then the average
of the two bids shall be used, if only one such bid can reasonably
be obtained by the Bid Solicitation Agent, then that one bid shall
be used, if the Bid Solicitation Agent cannot reasonably obtain at
least one bid for $5.0 million principal amount of the Notes from a
nationally recognized securities dealer, the Trading Price per
$1,000 principal amount of Notes shall be deemed to be less than
98% of the product of the Last Reported Sale Price of the
Class A Common Stock and the Applicable Conversion Rate or, if
the Company does not so instruct the Bid Solicitation Agent to
obtain bids when required, the Trading Price per $1,000 principal
amount of the Notes shall be deemed to be less than 98% of the
product of the Last Reported Sale Price of the Class A Common
Stock and the Applicable Conversion Rate on each day the Company
fails to do so.
“ Valuation Period
” shall have the meaning specified in
Section 1704(c).
“ Weighted Average
Consideration ” shall have the meaning specified in
Section 1706(c)(iv).
ARTICLE II
FORM AND TERMS OF THE
NOTES
Section 2.01
Designation and Amount . The
Notes shall be designated as the “5.0% Convertible Senior
Notes due 2029.” The aggregate principal amount of Notes that
may be authenticated and delivered under this Indenture is
initially limited to $172,500,000, subject to the next succeeding
paragraph and except for Notes authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of
other Notes pursuant to Section 305(a), Section 306,
Section 906, Section 1010(d)(iii) and
Section 1702(f) hereof.
The Company may, without the consent
of the Holders of Notes, reopen this Indenture and issue additional
notes hereunder with the same terms and with the same CUSIP number
as the Notes initially issued hereunder in an unlimited aggregate
principal amount, which will form the same series with the Notes
initially issued hereunder, provided that no such additional
notes may be issued unless they will be fungible with the original
Notes for U.S. federal income tax and securities law purposes.
Prior to the issuance of any such additional notes, the Company
shall deliver to the Trustee a Company Order, an Officers’
Certificate and an Opinion of Counsel, such Officers’
Certificate and Opinion of Counsel to cover such matters as the
Trustee shall reasonably request. The Company may also from time to
time repurchase the Notes in open market purchases or negotiated
transactions without prior notice to the Holders of
Notes.
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The Notes will bear cash interest at
a rate of 5.0% per year until Maturity. Interest on the Notes
will accrue from September 23, 2009 or from the most recent
date on which interest has been paid or duly provided for. Interest
will be payable semi-annually in arrears on April 1 and
October 1 of each year, beginning April 1, 2010, to the
Person in whose name a Note is registered on March 15 or
September 15, as the case may be, preceding the Interest
Payment Date.
The Notes will mature on
October 1, 2029 unless earlier converted, redeemed or
repurchased.
The Company shall pay principal of
any certificated Notes at the office or agency designated by the
Company for that purpose. The Company hereby designates the Trustee
as the Paying Agent and Note Registrar and its agency in New York,
New York as a place where Notes may be presented for payment or for
registration of transfer. The Company may, however, change the
Paying Agent and Note Registrar without prior notice to the Holders
of the Notes, and the Company may act as Paying Agent and Note
Registrar. Interest (including Additional Interest, if any) on
certificated Notes will be payable (i) to Holders having an
aggregate principal amount of $5.0 million or less, by check mailed
to the Holders of these Notes and (ii) to Holders having an
aggregate principal amount of more than $5.0 million, either by
check mailed to each Holder or, upon application by a Holder to the
Note Registrar not later than the relevant Interest Record Date, by
wire transfer in immediately available funds to that Holder’s
account within the United States, which application shall remain in
effect until the Holder notifies, in writing, the Note Registrar to
the contrary.
A Holder of Notes may transfer or
exchange Notes at the office of the Note Registrar in accordance
with this Indenture. The Note Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements
and transfer documents. No service charge will be imposed by the
Company, the Trustee or the Note Registrar for any registration of
transfer or exchange of Notes, but the Company may require a Holder
to pay a sum sufficient to cover any transfer tax or other similar
governmental charge required by law or permitted by this Indenture.
The Company is not required to transfer or exchange any Note
selected for Redemption or surrendered for Conversion.
If any Interest Payment Date, the
Maturity Date or any earlier required Fundamental Change Repurchase
Date or a Purchase Date falls on a day that is not a Business Day,
the required payment will be made on the next succeeding Business
Day and no interest on such payment will accrue in respect of the
delay.
Section 2.02
Form of Face of Note . Except
as may be provided in a Future Supplemental Indenture, with respect
to the Notes and no other class or series of Securities pursuant to
the Indenture, Section 202 of the Base Indenture shall be
replaced in its entirety with the following:
Section 202. Form and Face
of Note . The form of the face of any Notes authenticated and
delivered hereunder and of the Trustee’s certificate of
authentication shall be substantially as attached as Exhibit
A.
Section 2.03
Form of Reverse of Note .
Except as may be provided in a Future Supplemental Indenture, the
provisions of Section 203 of the Base Indenture are amended
(with respect to the Notes only) in their entirety and restated as
follows:
Section 203. Form of Reverse
of Note . The form of the reverse of any Notes authenticated
and delivered hereunder shall be substantially as attached as
Exhibit A.
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Section 2.04
Applicability of Provisions
Regarding Form of Subsidiary Guarantee. Except as may be
provided in a Future Supplemental Indenture, with respect to the
Notes and no other class or series of Securities issued pursuant to
the Indenture, Section 204 of the Base Indenture shall not
apply.
Section 2.05
Applicability of Provisions
Regarding Form of Legend for Global Securities. Except as may
be provided in a Future Supplemental Indenture, with respect to the
Notes and no other class or series of Securities issued pursuant to
the Indenture, Section 205 of the Base Indenture shall not
apply.
Section 2.06
Applicability of Provisions
Regarding Form of Trustee’s Certificate of
Authentication. Except as may be provided by a Future
Supplemental Indenture, for the sole benefit of the Holders of the
Notes, Section 206 of the Base Indenture shall not apply to
the Notes.
Section 2.07
Execution, Authentication,
Delivery and Discharge. Except as may be provided in a Future
Supplemental Indenture, with respect to the Notes and no other
class or series of Securities issued pursuant to the Indenture,
Section 303 of the Base Indenture shall be replaced in its
entirety with the following:
Section 303. Execution,
Authentication, Delivery and Dating .
The Notes shall be signed in the
name and on behalf of the Company by the manual or facsimile
signature of its Chief Executive Officer, Chief Financial Officer,
President, Treasurer, Secretary or any of its Executive or Senior
Vice Presidents.
At any time and from time to time
after the execution and delivery of this Indenture, the Company may
deliver Notes executed by the Company to the Trustee for
authentication, together with a Company Order for the
authentication and delivery of such Notes, and the Trustee in
accordance with such Company Order shall authenticate and deliver
such Notes, without any further action by the Company
hereunder.
Only such Notes as shall bear
thereon a certificate of authentication substantially in the form
set forth as Exhibit A hereto, executed manually or by facsimile by
an authorized officer of the Trustee (or an Authenticating Agent
appointed by the Trustee as provided by Section 614), shall be
entitled to the benefits of this Indenture or be valid or
obligatory for any purpose. Such certificate by the Trustee (or
such an Authenticating Agent) upon any Note executed by the Company
shall be conclusive evidence that the Note so authenticated has
been duly authenticated and delivered hereunder and that the Holder
is entitled to the benefits of this Indenture.
In case any Officer of the Company
who shall have signed any of the Notes shall cease to be such
Officer before the Notes so signed shall have been authenticated
and delivered by the Trustee, or disposed of by the Company, such
Notes nevertheless may be authenticated and delivered or disposed
of as though the person who signed such Notes had not ceased to be
such Officer of the Company; and any Note may be signed on behalf
of the Company by such persons as, at the actual date of the
execution of such Note, shall be the proper Officers of the
Company, although at the date of the execution of this Indenture
any such person was not such an Officer.
Section 2.08
Registration, Registration of
Transfer and Exchange. Except as may be provided in a Future
Supplemental Indenture, with respect to the Notes and no other
class or series of Se-
11
curities issued pursuant to the Indenture,
Section 305 of the Base Indenture shall be replaced in its
entirety with the following:
Section 305. Registration,
Registration of Transfer and Exchange.
(a) The Company shall cause to be
kept at the Corporate Trust Office a register (the register
maintained in such office or in any other office or agency of the
Company designated pursuant to Section 1002 being herein
sometimes collectively referred to as the “ Note
Register ”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the
registration of Notes and of transfers of Notes. Such register
shall be in written form or in any form capable of being converted
into written form within a reasonable period of time. The Trustee
is hereby appointed “ Note Registrar ” for the
purpose of registering Notes and transfers of Notes as herein
provided. The Company may appoint one or more co-registrars without
notice. The Trustee is appointed also as Paying Agent, Custodian,
Conversion Agent and Bid Solicitation Agent with respect to the
Notes.
Upon surrender for registration of
transfer of any Note to the Note Registrar or any co-registrar, and
satisfaction of the requirements for such transfer set forth in
this Section 305, the Company shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized
denominations and of a like aggregate principal amount and bearing
such restrictive legends as may be required by this
Indenture.
Notes may be exchanged for other
Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at
any such office or agency maintained by the Company pursuant to
Section 1002. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Notes that the Holder making the
exchange is entitled to receive, bearing registration numbers not
contemporaneously outstanding.
All Notes presented or surrendered
for registration of transfer or for exchange, Repurchase,
Redemption or Conversion shall (if so required by the Company, the
Trustee, the Note Registrar or any co-registrar) be duly endorsed,
or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company and duly executed, by
the Holder thereof or its attorney-in-fact duly authorized in
writing.
No service charge shall be charged
to the Holder for any exchange or registration of transfer of
Notes, but the Company or the Trustee may require payment of a sum
sufficient to cover any tax, assessments or other governmental
charges that may be imposed in connection therewith as a result of
the name of the Holder of the new Notes issued upon such exchange
or registration of transfer of Notes being different from the name
of the Holder of the old Notes presented or surrendered for such
exchange or registration of transfer.
None of the Company, the Trustee,
the Note Registrar or any co-registrar shall be required to
exchange or register a transfer of (i) any Notes surrendered
for Conversion or, if a portion of any Note is surrendered for
Conversion, such portion thereof surrendered for Conversion or
(ii) any Notes, or a portion of any Note, surrendered for
Repurchase (and not withdrawn) or for Redemption.
All Notes issued upon any
registration of transfer or exchange of Notes in accordance with
this Indenture shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under
this Indenture as the Notes surrendered upon such registration of
transfer or exchange.
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(b) So long as the Notes are eligible for
book-entry settlement with the Depositary, unless otherwise
required by law, all Notes shall be represented by one or more
Notes in global form without interest coupons (each, a “
Global Note ”) registered in the name of the
Depositary or the nominee of the Depositary. The transfer and
exchange of beneficial interests in a Global Note that does not
involve the issuance of a definitive Note, shall be effected
through the Depositary (but not the Trustee or the Custodian) in
accordance with this Indenture (including the restrictions on
transfer set forth herein) and the procedures of the Depositary
therefor.
Notwithstanding any other provisions
of this Indenture (other than the provisions set forth in this
Section 305(b)), a Global Note may not be transferred as a
whole or in part except (i) 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 and (ii) for transfers of portions of a
Global Note in certificated form made upon request of a member of,
or a participant in, the Depositary (for itself or on behalf of a
beneficial owner) by written notice given to the Trustee by or on
behalf of the Depositary in accordance with customary procedures of
the Depositary and in compliance with this Section.
(c) The Depositary shall be a
clearing agency registered under the Exchange Act. The Company
initially appoints The Depository Trust Company to act as
Depositary with respect to the Global Note. Initially, the Global
Note shall be issued to the Depositary, registered in the name of
Cede & Co., as the nominee of the Depositary, and
deposited with the Trustee as custodian for Cede &
Co.
So long as the Depositary’s
nominee is the registered owner of the Global Note, that nominee
will be considered the sole owner or Holder of the Notes
represented by such Global Note for all purposes under this
Indenture. Except as provided below, owners of beneficial interests
in a Global Note will not be entitled to have Notes represented by
the Global Note registered in their names, will not receive or be
entitled to receive physical, certificated Notes, and will not be
considered the owners or Holders of the Notes under this Indenture
for any purpose.
If (i) the Depositary notifies
the Company at any time that the Depositary is unwilling or unable
to continue as depositary for the Global Notes and a successor
depositary is not appointed within ninety days, (ii) the
Depositary ceases to be registered as a clearing agency under the
Exchange Act and a successor depositary is not appointed within
ninety days or (iii) an Event of Default in respect of the
Notes has occurred and is continuing, upon the request of the
beneficial owner of the Notes, the Company will execute, and the
Trustee, upon receipt of an Officers’ Certificate and a
Company Order for the authentication and delivery of Notes, will
authenticate and deliver Notes in definitive form to each such
beneficial owner of the related Notes (or a portion thereof) in an
aggregate principal amount equal to the principal amount of such
Global Note, in exchange for such Global Note, and upon delivery of
the Global Note to the Trustee such Global Note shall be
canceled.
Definitive Notes issued in exchange
for all or a part of the Global Note pursuant to this
Section 305(c) shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee. Upon execution and authentication, the
Trustee shall deliver such definitive Notes to the Persons in whose
names such definitive Notes are so registered.
At such time as all interests in a
Global Note have been converted, canceled, repurchased or
transferred, such Global Note shall be, upon receipt thereof,
canceled by the Trustee in accordance with standing procedures and
instructions existing between the Depositary and the Custodian. At
any time prior to such
13
cancellation, if any interest in a Global Note
is exchanged for definitive Notes, converted, canceled, repurchased
or transferred to a transferee who receives definitive Notes
therefor or any definitive Note is exchanged or transferred for
part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions
existing between the Depositary and the Custodian, be appropriately
reduced or increased, as the case may be, and an endorsement shall
be made on such Global Note, by the Trustee or the Custodian, at
the direction of the Trustee, to reflect such reduction or
increase.
Payments of principal and interest
(including Additional Interest, if any) with respect to the Notes
represented by a Global Note will be made by the Trustee to the
Depositary’s nominee as the registered Holder of the Global
Note. None of the Company, the Trustee nor any agent of the Company
or the Trustee will have any responsibility or liability for the
payment of amounts to owners of beneficial interests in a Global
Note, for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a Global Note or
maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.
Section 2.09
Satisfaction and Discharge.
Except as may be provided in a Future Supplemental Indenture, with
respect to the Notes and no other class or series of Securities
issued pursuant to the Indenture, Article Four of the Base
Indenture shall be replaced in its entirety with the
following:
ARTICLE FOUR
SATISFACTION AND
DISCHARGE
Section 401. Satisfaction
and Discharge . This Indenture shall upon request of the
Company contained in an Officers’ Certificate cease to be of
further effect, and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when (a) either (i) all
Notes theretofore authenticated and delivered (other than
(x) Notes which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 306 and
(y) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust,
as provided in Section 1003) have been delivered to the Note
Registrar for cancellation; or (ii) the Company has deposited
with the Trustee or delivered to Holders, as applicable, after the
Notes have become due and payable, whether at the Maturity Date,
any Fundamental Change Repurchase Date, Purchase Date or Redemption
Date, upon Conversion or otherwise, cash, shares of Class A
Common Stock (in the case of Conversion) or a combination of cash
and shares of Class A Common Stock (solely to satisfy the
Company’s Conversion Obligation, if applicable), sufficient
to pay all of the Outstanding Notes and all other sums due payable
under this Indenture by the Company; and (b) the Company has
delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with. Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of
the Company to the Trustee under Section 607 shall
survive.
Section 402. Repayment to
the Company .
The Trustee and the Paying Agent
shall return to the Company upon written request any money or
securities held by them for the payment of any amount with respect
to the Notes that remains unclaimed for two years, subject to
applicable unclaimed property law. After return to the Company,
Holders entitled to the money or securities must look to the
Company for payment as general creditors unless an
applicable
14
abandoned property law designates another Person
and the Trustee and the Paying Agent shall have no further
liability to the Holders with respect to such money or securities
for that period commencing after the return thereof.
Section 2.10
Events of Default. Except as
may be provided in a Future Supplemental Indenture, with respect to
the Notes and no other class or series of Securities issued
pursuant to the Indenture, Article Five of the Base Indenture shall
be replaced in its entirety with the following:
ARTICLE FIVE
REMEDIES
Section 501. Events of
Default .
Each of the following is an “
Event of Default ”:
(a) default in any payment of
interest, including any Additional Interest, on any Note when due
and payable and the default continues for a period of thirty
days;
(b) default in the payment of
principal of any Note when due and payable on the Maturity Date,
upon Repurchase or Redemption, upon declaration or
otherwise;
(c) failure by the Company to comply
with its obligation to convert the Notes into cash, shares of
Class A Common Stock or a combination of cash and shares of
Class A Common Stock, as applicable, upon exercise of a
Holder’s Conversion right;
(d) failure by the Company to give a
Fundamental Change Repurchase Notice as described in
Section 1010(a)(i) or the notice required to be given pursuant
to Section 1701(b)(ii) or Section 1701(b)(iii), as
applicable, in each case when due;
(e) failure by the Company to comply
with its obligations under Article Eight;
(f) failure by the Company for sixty
days after written notice from the Trustee or the Holders of at
least 25% in principal amount of the Notes then Outstanding has
been received to comply with any of its other agreements contained
in the Notes or this Indenture;
(g) default by the Company or any
Subsidiary of the Company with respect to any mortgage, agreement
or other instrument under which there may be outstanding, or by
which there may be secured or evidenced, any indebtedness for money
borrowed in excess of $35.0 million in the aggregate of the Company
and/or any Subsidiary, whether such indebtedness now exists or
shall hereafter be created (i) resulting in such indebtedness
becoming or being declared due and payable or
(ii) constituting a failure to pay the principal or interest
of any such debt when due and payable at its stated maturity, upon
required repurchase, upon declaration or otherwise;
(h) the Company or any Subsidiary of
the Company that is a Significant Subsidiary shall commence a
voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to the Company or any
such Subsidiary or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or any such Subsidiary or any
substantial part of its property, or shall consent
15
to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or
other proceeding commenced against it, or shall make a general
assignment for the benefit of creditors, or shall fail generally to
pay its debts as they become due;
(i) an involuntary case or other
proceeding shall be commenced against the Company or any Subsidiary
of the Company that is a Significant Subsidiary seeking
liquidation, reorganization or other relief with respect to the
Company or such Subsidiary or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or such
Subsidiary or any substantial part of its property, and such
involuntary case or other proceeding shall remain undismissed and
unstayed for a period of thirty consecutive days; or
(j) a final judgment for the payment
of $35.0 million or more (excluding any amounts covered by
insurance) rendered against the Company or any Significant
Subsidiary, which judgment is not discharged or stayed within sixty
days after (i) the date on which the right to appeal thereof
has expired if no such appeal has commenced, or (ii) the date
on which all rights to appeal have been extinguished.
Section 502. Acceleration of
Maturity; Rescission and Annulment .
In case one or more Events of
Default shall have occurred and be continuing (whatever the reason
for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), then, and
in each and every such case (other than an Event of Default
specified in Section 501(h) or Section 501(i) with
respect to the Company or a Significant Subsidiary of the Company),
unless the principal of all of the Notes shall have already become
due and payable, either the Trustee or the Holders of at least 25%
in aggregate principal amount of the Notes then Outstanding
determined in accordance with Section 104, by notice in
writing to the Company (and to the Trustee if given by Holders),
may declare 100% of the principal of and accrued and unpaid
interest and accrued and unpaid Additional Interest, if any, on all
the Notes to be due and payable immediately, and upon any such
declaration the same shall become and shall automatically be
immediately due and payable, anything in this Indenture or in the
Notes contained to the contrary notwithstanding. If an Event of
Default specified in Section 501(h) or Section 501(i)
with respect to the Company (or a Significant Subsidiary of the
Company) occurs and is continuing, the principal of all the Notes
and accrued and unpaid interest and accrued and unpaid Additional
Interest, if any, shall be immediately due and payable. This
provision, however, is subject to the conditions that if, at any
time after the principal of the Notes shall have been so declared
due and payable, and before any judgment or decree for the payment
of the monies due shall have been obtained or entered as
hereinafter provided, the Company shall pay or shall deposit with
the Trustee a sum sufficient to pay installments of accrued and
unpaid interest and accrued and unpaid Additional Interest, if any
upon all Notes and the principal of any and all Notes that shall
have become due otherwise than by acceleration (with interest on
overdue installments of accrued and unpaid interest and accrued and
unpaid Additional Interest, if any, (to the extent that payment of
such interest is enforceable under applicable law) and on such
principal at the rate borne by the Notes at such time) and amounts
due to the Trustee pursuant to Section 607, and if
(a) rescission would not conflict with any judgment or decree
of a court of competent jurisdiction and (b) any and all
Events of Defaults under this Indenture, other than the nonpayment
of principal of and accrued and unpaid interest and accrued and
unpaid Additional Interest, if any, on Notes that shall have become
due solely by such acceleration, shall have been cured or waived
pursuant to Section 513, then and in every such case the
Holders of a majority in aggregate principal amount of the Notes
then Outstanding, by written notice to the Company and to the
Trustee, may waive all Defaults or Events of Default with respect
to the Notes (other than a Default or an Event of
Default
16
resulting from a failure to deliver, upon
Conversion, Repurchase or Redemption, cash, shares of Class A
Common Stock or a combination of cash and shares of Class A
Common Stock, as applicable, due upon conversion, repurchase or
redemption) and rescind and annul such declaration and its
consequences (other than a declaration or consequences, as the case
may be, resulting from a failure to deliver, upon Conversion,
Repurchase, Redemption, cash, shares of Class A Common Stock
or a combination of cash and shares of Class A Common Stock,
as applicable, due upon conversion, repurchase or redemption) and
such Default (other than a Default resulting from a failure to
deliver, upon Conversion, Repurchase or Redemption, cash, shares of
Class A Common Stock or a combination of cash and shares of
Class A Common Stock, as applicable, due upon conversion,
repurchase or redemption) shall cease to exist, and any Event of
Default arising therefrom (other than a Default resulting from a
failure to deliver, upon Conversion, Repurchase or Redemption,
cash, shares of Class A Common Stock or a combination of cash
and shares of Class A Common Stock, as applicable, due upon
conversion, repurchase or redemption) shall be deemed to have been
cured for every purpose of this Indenture; but no such waiver or
rescission and annulment shall extend to or shall affect any
subsequent Default or Event of Default, or shall impair any right
consequent thereon.
Notwithstanding anything in this
Indenture or in the Notes to the contrary, for the first sixty days
immediately following any violation of any obligations the Company
may be deemed to have pursuant to Section 314(a)(1) of the
Trust Indenture Act, or Section 704, and the continuation
thereof, if the Company notifies all Holders of Notes and the
Trustee and Paying Agent prior to the beginning of such sixty-day
period of its election to pay additional interest on the Notes at a
rate per year equal to 0.50% of the Outstanding principal amount of
the Notes (“ Additional Interest ”), the sole
remedy during the first sixty days immediately following any
violation of any obligations the Company may be deemed to have
pursuant to Section 314(a)(1) of the Trust Indenture Act, or
Section 704 shall be the payment of Additional Interest. In no
event shall Additional Interest accrue at an annualized rate in
excess of 0.50%, regardless of the number of events or
circumstances giving rise to the requirement to pay Additional
Interest. In addition to the accrual of Additional Interest, on and
after the sixty-first day after any violation of any obligations
the Company may be deemed to have pursuant to
Section 314(a)(1) of the Trust Indenture Act or
Section 704 (if the Event of Default has not been cured or
waived prior to such sixty-first day), either the Trustee or the
Holders of not less than 25% in aggregate principal amount of the
Notes then Outstanding may declare the principal amount of the
Notes and any accrued and unpaid interest, including any Additional
Interest, through the date of such declaration, to be immediately
due and payable. Whenever in this Indenture there is mentioned, in
any context, the payment of interest on, or in respect of, any
Note, such mention shall be deemed to include mention of the
payment of Additional Interest provided for in this paragraph to
the extent that, in such context, Additional Interest is, was or
would be payable in respect thereof pursuant to the provisions of
this paragraph, and express mention of the payment of Additional
Interest (if applicable) in any provisions hereof shall not be
construed as excluding Additional Interest in those provisions
hereof where such express mention is not made.
If the Company elects to pay
Additional Interest, such Additional Interest will be payable in
the same manner and on the same dates as the stated interest
payable on the Notes. The provisions herein related to Additional
Interest will not affect the rights of the Holders of Notes in the
event of the occurrence of any other Event of Default. In the event
the Company does not elect to pay Additional Interest following an
Event of Default in accordance with this Section, the Notes will be
subject to acceleration as provided above. In addition, if the
Company fails to timely give the notice required by this Section of
its election to pay Additional Interest, the Notes will be
irrevocably subject to acceleration as provided above.
Additional Interest will be payable
in arrears on each Interest Payment Date following accrual in the
same manner as regular interest on the Notes.
17
In case the Trustee shall have proceeded to
enforce any right under this Indenture and such proceedings shall
have been discontinued or abandoned because of such waiver or
rescission and annulment or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case
the Company, the Holders, and the Trustee shall, subject to any
determination in such proceeding, be restored respectively to their
several positions and rights hereunder, and all rights, remedies
and powers of the Company, the Holders, and the Trustee shall
continue as though no such proceeding had been
instituted.
Section 503. Collection of
Indebtedness and Suits for Enforcement by Trustee .
If an Event of Default described in
Section 501(a) or Section 501(b) shall have occurred, the
Company shall, upon demand of the Trustee, pay to it, for the
benefit of the Holders of the Notes, the whole amount then due and
payable on the Notes for principal and interest and Additional
Interest, if any, with interest on any overdue principal interest
and Additional Interest, if any, at the rate borne by the Notes at
such time, and, in addition thereto, such further amount as shall
be sufficient to cover any amounts due to the Trustee under
Section 607. If the Company shall fail to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute
such proceeding to judgment or final decree and may enforce the
same against the Company or any other obligor upon the Notes and
collect the moneys adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or any other
obligor upon the Notes, wherever situated.
Section 504. Trustee May
File Proofs of Claim.
In the event there shall be pending
proceedings for the bankruptcy or for the reorganization of the
Company or any other obligor on the Notes under title 11 of the
United States Code, or any other applicable law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Company or such other
obligor, the property of the Company or such other obligor, or in
the event of any other judicial proceedings relative to the Company
or such other obligor upon the Notes, or to the creditors or
property of the Company or such other obligor, the Trustee,
irrespective of whether the principal of the Notes shall then be
due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section 504, shall be
entitled and empowered, by intervention in such proceedings or
otherwise, to file and prove a claim or claims for the whole amount
of principal and accrued and unpaid interest and accrued and unpaid
Additional Interest, if any, in respect of the Notes, and, in case
of any judicial proceedings, to file such proofs of claim and other
papers or documents and to take such other actions as it may deem
necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel)
and of the Holders allowed in such judicial proceedings relative to
the Company or any other obligor on the Notes, its or their
creditors, or its or their property, and to collect and receive any
monies or other property payable or deliverable on any such claims,
and to distribute the same after the deduction of any amounts due
the Trustee under Section 607; and any receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, custodian or
similar official is hereby authorized by each of the Holders to
make such payments to the Trustee, as administrative expenses, 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 reasonable compensation, expenses, advances and
disbursements, including agents and counsel fees, and including any
other amounts due to the Trustee under Section 607, incurred
by it up to the date of such distribution. To the extent that such
payment of reasonable compensation, expenses, advances and
disbursements out of the estate in any such proceedings
18
shall be denied for any reason, payment of the
same shall be secured by a lien on, and shall be paid out of, any
and all distributions, dividends, monies, securities and other
property that the Holders of the Notes may be entitled to receive
in such proceedings, whether in liquidation or under any plan of
reorganization or arrangement or otherwise.
Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Holder or the
rights of any Holder thereof, or to authorize the Trustee to vote
in respect of the claim of any Holder in any such
proceeding.
All rights of action and of
asserting claims under this Indenture, or under any of the Notes,
may be enforced by the Trustee without the possession of any of the
Notes, or the production thereof at any trial or other proceeding
relative thereto, and any such suit or proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes.
Section 505. Trustee May
Enforce Claims without Possession of Notes.
In any proceedings brought by the
Trustee (and in any proceedings involving the interpretation of any
provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the
Notes, and it shall not be necessary to make any Holders of the
Notes parties to any such proceedings.
Section 506. Application of
Money Collected.
Any monies collected by the Trustee
pursuant to this Article Five with respect to the Notes shall be
applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such monies, upon presentation of
the several Notes, and stamping thereon the payment, if only
partially paid, and upon surrender thereof, if fully
paid:
FIRST, to the payment of all amounts
due the Trustee under Section 607;
SECOND, in case the principal of the
Outstanding Notes shall not have become due and be unpaid, to the
payment of interest on the Notes, including Additional Interest, if
any, in default in the order of the date due of the installments of
such interest, with interest (to the extent that such interest has
been collected by the Trustee) upon the overdue installments of
interest at the rate borne by the Notes at such time, such payments
to be made ratably to the Persons entitled thereto;
THIRD, in case the principal of the
Outstanding Notes shall have become due, by declaration or
otherwise, and be unpaid to the payment of the whole amount
including the payment of the Fundamental Change Repurchase Price,
the Purchase Price, the Redemption Price and the cash component of
the Conversion Obligation, if any, then owing and unpaid upon the
Notes for principal and interest, including Additional Interest, if
any, with interest on the overdue principal and (to the extent that
such interest has been collected by the Trustee) upon overdue
installments of interest at the rate borne by the Notes at such
time, and in case such monies shall be insufficient to pay in full
the whole amounts so due and unpaid upon the Notes, then to the
payment of such principal and in-
19
terest without preference or
priority of principal over interest, or of interest over principal
or of any installment of interest over any other installment of
interest, or of any Note over any other Note, ratably to the
aggregate of such principal and accrued and unpaid interest;
and
FOURTH, to the payment of the
remainder, if any, to the Company.
Section 507. Limitation on
Suits.
Subject to Article Six, and any
other section of this Indenture relating to the duties of the
Trustee, if an Event of Default occurs and is continuing, the
Trustee will be under no obligation to exercise any of the rights
or powers under this Indenture at the request or direction of any
of the Holders unless such Holders have offered to the Trustee
indemnity or security reasonably satisfactory to it against any
loss, liability or expense. Except to enforce the right to receive
payment of principal or interest, including any Additional
Interest, when due, or the right to receive payment or delivery of
the consideration due upon consideration, no Holder may pursue any
remedy with respect to this Indenture or the Notes
unless:
(a) such Holder has previously given
the Trustee notice that an Event of Default is
continuing;
(b) Holders of at least 25% in
principal amount of the Outstanding Notes have requested the
Trustee to pursue the remedy;
(c) such Holders have offered the
Trustee security or indemnity reasonably satisfactory to it against
any loss, liability or expense;
(d) the Trustee has not complied
with such request within sixty days after the receipt of the
request and the offer of security or indemnity; and
(e) the Holders of a majority in
principal amount of the Outstanding Notes have not given the
Trustee a direction that, in the opinion of the Trustee, is
inconsistent with such request within such sixty-day
period.
It is understood and intended, and
being expressly covenanted by the taker and Holder of every Note
with every other taker and Holder and the Trustee that no one or
more Holders shall have any right in any manner whatever by virtue
of or by availing of any provision of this Indenture to affect,
disturb or prejudice the rights of any other Holder, or to obtain
or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Indenture, except in the
manner herein provided and for the equal, ratable and common
benefit of all Holders (except as otherwise provided herein). For
the protection and enforcement of this Section 507, each and
every Holder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.
Section 508. Unconditional
Right of Holders to Receive Principal and Interest.
Notwithstanding any other provision
in this Indenture, the Holder of a Note shall have the right based
on the rights stated herein, which is absolute and unconditional,
to receive payment of the principal of and accrued but unpaid
interest, including any accrued but unpaid Additional Interest, on
such Note on the Maturity Date (or, in the case of Repurchase or
Redemption, on the Purchase Date, Repurchase Date, or Redemption
Date, as applicable) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the
consent of such Holder.
20
Section 509. Restoration of Rights and
Remedies .
If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or
to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the
Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies
of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.
Section 510. Rights and
Remedies Cumulative .
Except as provided in the last
paragraph of Section 507, all powers and remedies given by
this Article Five to the Trustee or to the Holders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of
any thereof or of any other powers and remedies available to the
Trustee or the Holders of the Notes, by judicial proceedings or
otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture.
Section 511. Delay or
Omission Not Waiver .
No delay or omission of the Trustee
or of any Holder of any of the Notes to exercise any right or power
accruing upon any Default or Event of Default shall impair any such
right or power, or shall be construed to be a waiver of any such
Default or any acquiescence therein; and, subject to the provisions
of Section 512, every power and remedy given by this Article
Five or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Holders.
Section 512. Control by
Holders .
The Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding
determined in accordance with Section 104 shall have the right
to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or
power conferred on the Trustee with respect to Notes; provided,
however, that (a) such direction shall not be in conflict with
any rule of law or with this Indenture, and (b) the Trustee
may take any other action deemed proper by the Trustee that
conflicts with law or that is not inconsistent with such direction.
The Trustee may refuse to follow any direction that it 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 this Indenture, the Trustee will be entitled to
indemnification satisfactory to it in its sole discretion against
all losses and expenses caused by taking or not taking such
action.
Section 513. Waiver of Past
Defaults .
The Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding
determined in accordance with Section 104 may on behalf of the
Holders of all of the Notes waive any past Default or Event of
Default hereunder and its consequences except (i) a default in
the payment of accrued and unpaid interest or accrued and unpaid
Additional Interest, if any, on, or the principal (including any
Fundamental Change Repurchase Price, Purchase Price or Redemption
Price) of, the Notes when due that has not been cured pursuant to
the provisions of Section 501, (ii) a failure by the
Company to deliver cash, shares of Class A Common Stock or a
combination of cash and shares of Class A Common Stock, as
applicable, upon Conversion or (iii) a default in respect of a
covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of each Holder of an
Outstanding Note af-
21
fected. Upon any such waiver the Company, the
Trustee and the Holders of the Notes shall be restored to their
former positions and rights hereunder; but no such waiver shall
extend to any subsequent or other Default or Event of Default or
impair any right consequent thereon. Whenever any Default or Event
of Default hereunder shall have been waived as permitted by this
Section 513, said Default or Event of Default shall for all
purposes of the Notes and this Indenture be deemed to have been
cured and to be not continuing; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any
right consequent thereon.
Section 514. Undertaking for
Costs .
All parties to this Indenture agree,
and each Holder of any Note by its acceptance thereof shall be
deemed to have agreed, that any court may, in its discretion,
require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such
suit and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party
litigant; provided that the provisions of this
Section 514 (to the extent permitted by law) shall not apply
to any suit instituted by the Trustee, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than
10% in principal amount of the Notes at the time Outstanding
determined in accordance with Section 104, or to any suit
instituted by any Holder for the enforcement of the payment of the
principal of or accrued and unpaid interest or accrued and unpaid
Additional Interest, if any, on any Note (including, but not
limited to, the Fundamental Change Repurchase Price, Purchase Price
or Redemption Price with respect to the Notes being repurchased as
provided in this Indenture) on or after the due date expressed or
provided for in such Note or to any suit for the enforcement of the
right to convert any Note in accordance with the provisions of
Article Seventeen.
Section 515. Waiver of Stay,
Extension or Usury Laws .
The Company covenants (to the extent
that it may lawfully do so) that it shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay, extension or usury law or other law that
would prohibit or forgive the Company from paying all or any
portion of the principal of or interest, including any Additional
Interest, on the Notes as contemplated herein, wherever enacted,
now or at any time hereafter in force, or that may affect the
covenants or the performance of this Indenture; and the Company (to
the extent it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will
not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no
such law had been enacted.
Section 516. Remedies
Subject to Applicable Law .
All rights, remedies and powers
provided by this Article Five may be exercised only to the extent
that the exercise thereof does not violate any applicable provision
of law in the premises, and all the provisions of this Indenture
are intended to be subject to all applicable mandatory provisions
of law which may be controlling in the premises and to be limited
to the extent necessary so that they will not render this Indenture
invalid, unenforceable or not entitled to be recorded, registered
or filed under the provisions of any applicable law.
22
Section 2.11
Notice of Defaults . Except
as may be provided in a Future Supplemental Indenture, with respect
to the Notes and no other class or series of Securities pursuant to
this Indenture, Section 602 of the Base Indenture shall be
replaced in its entirety with the following:
Section 602. Notice of
Defaults .
Within ninety days of the occurrence
of a Default that becomes known to the Trustee, the Trustee shall
transmit by mail to all Holders of Notes and any other Persons
entitled to receive reports pursuant to Section 313(c) of the
Trust Indenture Act, as their names and addresses appear in the
Note Register, notice of such Default hereunder known to the
Trustee, unless such Default shall have been cured or waived;
provided, however , that, except in the case of a Default in
the payment of the principal of or interest on the Notes, or a
Default in the payment or delivery of the consideration due upon
Conversion, Repurchase or Redemption, the Trustee shall be
protected in withholding such notice if and so long as a committee
of trust officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the
Holders.
Section 2.12
Reports by Trustee. Except as
may be provided in a Future Supplemental Indenture, with respect to
the Notes and no other class of Securities pursuant to this
Indenture, Section 703 of the Base Indenture shall be replaced
in its entirety with the following:
Section 703. Reports by
Trustee .
(a) If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall,
within sixty days after each May 15 following the date of this
Indenture, transmit by mail to all Holders a brief report, dated as
of such May 15, that complies with the provisions of
Section 313(a). The Trustee shall also transmit by mail to all
Holders, at the times, in the manner and to the extent provided in
Section 313(c), a brief report in accordance with and with
respect to the matters required by Trust Indenture Act
Section 313(b)(2).
(b) A copy of each such report
shall, at the time of such transmission to Holders, be filed by the
Trustee with any exchange upon which any Notes are listed, with the
Commission and with the Company. The Company will notify the
Trustee when any Notes are listed on any exchange.
Section 2.13
Reports by Company and
Guarantors. Except as may be provided in a Future Supplemental
Indenture, with respect to the Notes and no other class or series
of Securities pursuant to this Indenture, Section 704 of the
Base Indenture shall be replaced in its entirety with the
following:
Section 704. Reports by
Company and Guarantors .
The Company shall:
(a) file with the Trustee, within
fifteen days after giving effect to any grace period provided by
Rule 12b-25 under the Exchange Act after the Company is required to
file the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which the Company may be
required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act; or, if the Company is not
required to file information, documents or reports pursuant to
either of said Sections, then it shall (i) deliver to the
Trustee annual audited financial statements of the Company and its
Subsidiaries, prepared on a consolidated basis in conformity with
generally accepted accounting principles, within one hundred twenty
days after the end of each Fiscal Year, and (ii) file
with
23
the Trustee and, to the extent permitted by law,
the Commission, in accordance with the rules and regulations
prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which
may be required pursuant to Section 13 of the Exchange Act in
respect of a security listed and registered on a national
securities exchange as may be prescribed from time to time in such
rules and regulations; provided, however , that documents
filed by the Company with the Commission via the EDGAR system (or
any successor system) will be deemed filed with the Trustee as of
the time such documents are filed via EDGAR (or any successor
system);
(b) file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed
from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Company
with the conditions and covenants of this Indenture as are required
from time to time by such rules and regulations (including such
information, documents and reports referred to in Trust Indenture
Act Section 314(a)); and
(c) within fifteen days after the
filing thereof with the Trustee, transmit by mail to all Holders in
the manner and to the extent provided in Trust Indenture Act
Section 313(c), such summaries of any information, documents
and reports required to be filed by the Company pursuant to
subsections (a) and (b) of this Section as are required
by rules and regulations prescribed from time to time by the
Commission.
Section 2.14
Consolidation, Merger, Sale or
Conveyance. Except as may be provided in a Future Supplemental
Indenture, with respect to the Notes and no other class or series
of Securities issued pursuant to the Indenture, Article Eight of
the Base Indenture shall be replaced in its entirety with the
following:
ARTICLE EIGHT
CONSOLIDATION, MERGER, SALE OR
CONVEYANCE
Section 801. Company May
Consolidate, etc., Only on Certain Terms .
Subject to the provisions of
Section 802, the Company shall not consolidate with, merge
with or into, or sell, convey, transfer or lease all or
substantially all of its properties and assets to, another Person,
unless:
(a) the resulting, surviving or
transferee Person (the “ Successor Company ”),
if not the Company, shall be a corporation organized and existing
under the laws of the United States of America, any State thereof
or the District of Columbia, and such corporation (if not the
Company) shall expressly assume, by supplemental indenture,
executed and delivered to the Trustee, in form satisfactory to the
Trustee, all the obligations of the Company under the Notes and
this Indenture; and
(b) immediately after giving effect
to such transaction, no Default or Event of Default shall have
occurred and be continuing under this Indenture.
Upon any such consolidation, merger,
sale, conveyance, transfer or lease the Successor Company shall
succeed to, and may exercise every right and power of, the Company
under this Indenture.
For purposes of this
Section 801, the conveyance, transfer or lease of all or
substantially all of the properties and assets of one or more
Subsidiaries of the Company to another Person, which properties and
assets, if held by the Company instead of such Subsidiaries, would
constitute all or substantially all of the
24
properties and assets of the Company on a
consolidated basis, shall be deemed to be the transfer of all or
substantially all of the properties and assets of the Company to
another Person.
Section 802. Successor
Substituted .
In case of any consolidation,
merger, sale, conveyance, transfer or lease and upon the assumption
by the Successor Company, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee,
of the due and punctual payment of the principal of and accrued and
unpaid interest and accrued and unpaid Additional Interest, if any,
on all of the Notes, the due and punctual delivery or payment, as
the case may be, of any consideration due upon Conversion and the
due and punctual performance of all of the covenants and conditions
of this Indenture to be performed by the Company, such Successor
Company shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein as the party of the
first part. Such Successor Company thereupon may cause to be
signed, and may issue either in its own name or in the name of the
Company any or all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered
to the Trustee; and, upon the order of such Successor Company
instead of the Company and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver, or cause to be authenticated and
delivered, any Notes that previously shall have been signed and
delivered by the Officers of the Company to the Trustee for
authentication, and any Notes that such Successor Company
thereafter shall cause to be signed and delivered to the Trustee
for that purpose. All the Notes so issued shall in all respects
have the same legal rank and benefit under this Indenture as the
Notes theretofore or thereafter issued in accordance with the terms
of this Indenture as though all of such Notes had been issued at
the date of the execution hereof. In the event of any such
consolidation, merger, conveyance or transfer (but not in the case
of a lease), the Person named as the “Company” in the
first paragraph of this Indenture or any successor that shall
thereafter have become such in the manner prescribed in this
Article Eight may be dissolved, wound up and liquidated at any time
thereafter and, except in the case of a lease, such Person shall be
released from its liabilities as obligor and maker of the Notes and
from its obligations under this Indenture.
In case of any such consolidation,
merger, conveyance, transfer or lease, such changes in phraseology
and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.
Section 2.15
Supplemental Indentures.
Except as may be provided in a future Supplemental Indenture, with
respect to the Notes and no other class or series of Securities
issued pursuant to the Indenture, Article Nine of the Base
Indenture shall be replaced in its entirety with the
following:
ARTICLE NINE
SUPPLEMENTAL INDENTURES
Section 901. Supplemental
Indentures and Agreements without Consent of Holders
.
The Company, when authorized by the
resolutions of the Board of Directors and the Trustee, at the
Company’s expense, may from time to time and at any time
enter into an indenture or indentures supplemental hereto for one
or more of the following purposes, without the consent of any
Holder:
(a) to cure any ambiguity, omission,
defect or inconsistency in this Indenture that does not adversely
affect Holders of the Notes;
25
(b) to provide for the assumption by a Successor
Company of the obligations of the Company under this Indenture
pursuant to Article Eight;
(c) to add guarantees with respect
to the Notes;
(d) to secure the Notes;
(e) to add to the covenants of the
Company for the benefit of the Holders or surrender any right or
power conferred upon the Company;
(f) to make any change that does not
adversely affect the rights of any Holder;
(g) to comply with any requirements
of the Commission in connection with the qualification of this
Indenture under the Trust Indenture Act; or
(h) to conform the provisions of
this Indenture to the “Description of Notes” contained
in the prospectus supplement used to initially offer the
Notes.
Upon the written request of the
Company, the Trustee is hereby authorized to join with the Company
in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to, but may in
its discretion, enter into any supplemental indenture that affects
the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.
Any supplemental indenture
authorized by the provisions of this Section 901 may be
executed by the Company and the Trustee without the consent of the
Holders of any of the Notes at the time Outstanding,
notwithstanding any of the provisions of
Section 902.
Section 902. Supplemental
Indentures and Agreements with Consent of Holders .
With the consent (evidenced as
provided in Section 104) of the Holders of at least a majority
in aggregate principal amount of the Notes at the time Outstanding
(determined in accordance with Section 104 and including,
without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Notes), the Company,
when authorized by the resolutions of the Board of Directors and
the Trustee, at the Company’s expense, may from time to time
and at any time enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture
or any supplemental indenture or of modifying in any manner the
rights of the Holders of the Notes; provided, however , that
no such supplemental indenture shall:
(a) reduce the amount of Notes whose
Holders must consent to an amendment of this Indenture;
(b) reduce the rate of or extend the
stated time for payment of interest, including any Additional
Interest, on any Note;
(c) reduce the principal of, or
extend the Stated Maturity of, any Note;
(d) make any change that adversely
affects the conversion rights of any Notes;
26
(e) reduce the Redemption Price, Purchase Price
or Fundamental Change Repurchase Price of any Note or amend or
modify in any manner adverse to the Holders of the Notes the
Company’s obligation to make such payments, whether through
an amendment or waiver of provisions in the covenants, definitions
or otherwise;
(f) make any Note payable in money
other than that stated in the Note;
(g) change the ranking of the
Notes;
(h) impair the right of any Holder
to receive payment of principal of and interest, including
Additional Interest, on such Holder’s Notes 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 Note;
or
(i) make any change in this list of
items that requires each Holder’s consent or in the waiver
provisions in Section 501 or Section 513,
in each case without the consent of
each Holder of an Outstanding Note affected.
Upon the written request of the
Company, and upon the filing with the Trustee of evidence of the
consent of Holders as aforesaid and subject to Section 903,
the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such
supplemental indenture.
It shall not be necessary for the
consent of the Holders under this Section 902 to approve the
particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance
thereof.
Section 903. Execution of
Supplemental Indentures and Agreements .
In addition to the documents
required by Section 102, the Trustee shall receive an
Officers’ Certificate and an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant hereto
complies with the requirements of this Article Nine and is
permitted or authorized by this Indenture.
Section 904. Effect on
Supplemental Indentures .
Upon the execution of any
supplemental indenture pursuant to the provisions of this Article
Nine, this Indenture shall be and be deemed to be modified and
amended in accordance therewith and the respective rights,
limitation of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Company and the Holders shall
thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments and all the
terms and conditions of any such supplemental indenture shall be
and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.
Section 905. Conformity
with