THE GUARANTORS PARTY
HERETO,
13
7
/ 8 %
Senior Secured Notes due 2014
Dated as of March 18,
2009
U.S. BANK NATIONAL
ASSOCIATION
as Trustee
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Trust Indenture
Act Section
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Indenture
Section
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(a)(1)
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7.10
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(a)(2)
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7.10
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(a)(3)
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N.A.
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(a)(4)
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N.A.
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(a)(5)
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7.10
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(b)
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7.3, 7.8,
7.10
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(c)
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N.A.
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(a)
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7.11
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(b)
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7.11
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(c)
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N.A.
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(a)
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2.5
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(b)
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14.3
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(c)
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14.3
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(a)
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7.6
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(b)(1)
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7.6
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(b)(2)
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7.6
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(c)
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7.6,
14.2
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(d)
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7.6
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(a)
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4.3, 4.4, 14.5,
14.2
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(b)
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13.2
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(c)(1)
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14.4
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(c)(2)
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14.4
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(c)(3)
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14.4
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(d)
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N.A.
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(e)
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14.5
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(f)
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N.A.
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(a)
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7.1;
7.2
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(b)
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7.5,
14.2
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(c)
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7.1
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(d)
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7.1
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(e)
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6.12
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(a)(last
sentence)
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2.9
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(a)(1)(A)
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6.5
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(a)(1)(B)
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6.4
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(a)(2)
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N.A.
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(b)
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6.7
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(c)
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N.A.
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(a)(1)
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6.8
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(a)(2)
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6.10
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(b)
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2.4
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(a)
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14.1
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(b)
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N.A.
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(c)
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14.1
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*
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This
Cross-Reference Table shall not, for any purpose, be deemed a part
of the Indenture.
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N.A. means
not applicable.
-2-
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Page
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DEFINITIONS AND INCORPORATION BY
REFERENCE
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Section 1.1.
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1
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Section 1.2.
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34
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Section 1.3.
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Incorporation
by Reference of Trust Indenture Act
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34
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Section 1.4.
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35
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Section 1.5.
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35
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Section 2.1.
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36
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Section 2.2.
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Execution and
Authentication
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37
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Section 2.3.
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Registrar and
Paying Agent
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38
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Section 2.4.
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Paying Agents
To Hold Money in Trust
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38
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Section 2.5.
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39
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Section 2.6.
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39
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Section 2.7.
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54
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Section 2.8.
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55
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Section 2.9.
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55
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Section 2.10.
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56
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Section 2.11.
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56
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Section 2.12.
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56
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Section 2.13.
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56
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Section 2.14.
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57
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REDEMPTION AND REPURCHASE
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Section 3.1.
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57
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Section 3.2.
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58
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Section 3.3.
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Notice of
Optional or Special Redemption
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58
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Section 3.4.
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Effect of
Notice of Redemption
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59
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Section 3.5.
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Deposit of
Redemption Price or Purchase Price
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60
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Section 3.6.
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Notes Redeemed
or Repurchased in Part
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60
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Section 3.7.
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60
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Section 3.8.
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Optional
Redemption upon Equity Offerings
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60
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Section 3.9.
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Repurchase upon
Change of Control Offer
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61
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Section 3.10.
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Repurchase upon
Application of Excess Proceeds
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63
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-i-
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Page
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Section 3.11.
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Repurchase upon
Event of Loss Offer
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65
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Section 4.1.
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Payment of
Principal and Interest
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67
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Section 4.2.
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Maintenance of
Office or Agency
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67
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Section 4.3.
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68
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Section 4.4.
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68
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Section 4.5.
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69
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Section 4.6.
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Stay, Extension
and Usury Laws
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69
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Section 4.7.
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Limitation on
Restricted Payments
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70
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Section 4.8.
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Limitation on
Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries
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74
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Section 4.9.
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Limitation on
Incurrence of Additional Indebtedness
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75
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Section 4.10.
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Limitation on
Asset Sales
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76
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Section 4.11.
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Limitations on
Transactions with Affiliates
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79
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Section 4.12.
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81
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Section 4.13.
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81
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Section 4.14.
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81
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Section 4.15.
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Offer to
Repurchase upon Change of Control
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82
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Section 4.16.
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Additional
Subsidiary Guarantees
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82
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Section 4.17.
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83
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Section 4.18.
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83
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Section 4.19.
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Limitation on
Issuance of Preferred Stock of Restricted Subsidiaries
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83
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Section 4.20.
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Prohibition on
Incurrence of Senior Subordinated Guarantees
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83
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Section 4.21.
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Limitation of
Guarantees by Restricted Subsidiaries
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84
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Section 4.22.
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84
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Section 4.23.
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84
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Section 4.24.
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84
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Section 4.25.
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86
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Section 5.1.
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Merger,
Consolidation and Sale of Assets
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86
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Section 5.2.
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Successor
Corporation Substituted
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89
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Section 6.1.
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89
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Section 6.2.
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91
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-ii-
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Page
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Section 6.3.
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92
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Section 6.4.
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93
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Section 6.5.
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93
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Section 6.6.
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93
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Section 6.7.
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Rights of
Holders of Notes To Receive Payment
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94
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Section 6.8.
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Collection Suit
by Trustee
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94
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Section 6.9.
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94
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Section 6.10.
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Trustee May
File Proofs of Claim
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94
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Section 6.11.
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95
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Section 6.12.
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95
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Section 6.13.
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Appointment and
Authorization of U.S. Bank National Association as Collateral
Agent
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96
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Section 7.1.
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96
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Section 7.2.
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97
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Section 7.3.
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Individual
Rights of Trustee
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99
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Section 7.4.
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99
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Section 7.5.
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100
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Section 7.6.
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Reports by
Trustee to Holder of the Notes
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100
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Section 7.7.
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Compensation,
Reimbursement and Indemnity
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100
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Section 7.8.
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101
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Section 7.9.
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Successor
Trustee by Merger, Etc.
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102
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Section 7.10.
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Eligibility;
Disqualification
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102
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Section 7.11.
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Preferential
Collection of Claims Against Company
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103
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Section 7.12.
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103
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LEGAL DEFEASANCE AND COVENANT
DEFEASANCE
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Section 8.1.
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Option To
Effect Legal Defeasance or Covenant Defeasance
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103
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Section 8.2.
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Legal
Defeasance and Discharge
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103
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Section 8.3.
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104
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Section 8.4.
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Conditions to
Legal or Covenant Defeasance
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104
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Section 8.5.
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Deposited Money
and U.S. Government Obligations To Be Held in Trust; Other
Miscellaneous Provisions
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106
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Section 8.6.
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107
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Section 8.7.
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107
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-iii-
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Page
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AMENDMENT, SUPPLEMENT AND
WAIVER
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Section 9.1.
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Without Consent
of Holders of Notes
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107
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Section 9.2.
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With Consent of
Holders of Notes
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108
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Section 9.3.
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Compliance with
Trust Indenture Act
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110
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Section 9.4.
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Revocation and
Effect of Consents
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111
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Section 9.5.
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Notation on or
Exchange of Notes
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111
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Section 9.6.
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Trustee To Sign
Amendment, Etc.
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111
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SUBORDINATION OF THE
GUARANTEES
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Section 10.1.
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Guarantees
Subordinated to Guarantor Senior Debt
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111
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Section 10.2.
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Suspension of
Payment When Guarantor Senior Debt Is in Default
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112
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Section 10.3.
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Guarantees Subordinated to Prior Payment of All
Guarantor Senior Debt on Dissolution, Liquidation or Reorganization
of the Guarantors
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114
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Section 10.4.
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Payments May Be
Paid Prior to Dissolution
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115
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Section 10.5.
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Holders To Be
Subrogated to Rights of Holders of Guarantor Senior Debt
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116
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Section 10.6.
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Obligations of
Guarantors Unconditional
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116
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Section 10.7.
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116
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Section 10.8.
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Reliance on
Judicial Order or Certificate of Liquidating Agent
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117
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Section 10.9.
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Trustee’s
Relation to Guarantor Senior Debt
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117
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Section 10.10.
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Subordination Rights Not Impaired by Acts or
Omissions of the Guarantors or Holders of Guarantor Senior
Debt
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118
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Section 10.11.
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Securityholders
Authorize Trustee To Effectuate Subordination of
Guarantees
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118
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Section 10.12.
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This
Article X Not To Prevent Events of Default
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119
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Section 10.13.
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Trustee’s
Compensation Not Prejudiced
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119
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Section 11.1.
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119
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Section 11.2.
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120
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Section 11.3.
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Limitation of
Guarantor’s Liability
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120
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Section 11.4.
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120
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Section 11.5.
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121
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Section 11.6.
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121
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Section 11.7.
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122
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Section 11.8.
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Waiver of Stay,
Extension or Usury Laws
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122
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-iv-
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Page
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SATISFACTION AND
DISCHARGE
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Section 12.1.
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Satisfaction
and Discharge
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122
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Section 12.2.
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123
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Section 13.1.
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Security
Documents; Additional Collateral
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124
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Section 13.2.
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Recording,
Registration and Opinions
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124
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Section 13.3.
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Releases of
Liens on Collateral
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125
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Section 13.4.
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Form and
Sufficiency of Release
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125
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Section 13.5.
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Possession and
Use of Collateral
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126
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Section 13.6.
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126
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Section 13.7.
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Authorization
of Actions To Be Taken by the Collateral Agent Under the Security
Documents
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126
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Section 13.8.
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Authorization
of Receipt of Funds by the Trustee Under the Security
Agreement
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126
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Section 13.9.
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Powers
Exercisable by Receiver or Collateral Agent
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127
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Section 14.1.
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Trust Indenture
Act Controls
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127
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Section 14.2.
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127
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Section 14.3.
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Communication
by Holders of Notes with Other Holders of Notes
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128
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Section 14.4.
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Certificate and
Opinion as to Conditions Precedent
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128
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Section 14.5.
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Statements
Required in Certificate or Opinion
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129
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Section 14.6.
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Rules by
Trustee and Agents
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129
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Section 14.7.
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No Personal
Liability of Directors, Officers, Employees and
Stockholders
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129
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Section 14.8.
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Governing Law;
Submission to Jurisdiction; Waiver of Jury Trial
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130
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Section 14.9.
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No Adverse
Interpretation of Other Agreements
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130
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Section 14.10.
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131
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Section 14.11.
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131
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Section 14.12.
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131
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Section 14.13.
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Table of
Contents, Headings, Etc.
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131
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Section 14.14.
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131
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Exhibit A
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-v-
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Exhibit B
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FORM OF
CERTIFICATE OF TRANSFER
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Exhibit C
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FORM OF
CERTIFICATE OF EXCHANGE
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Exhibit D
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-vi-
INDENTURE
dated as of March 18, 2009 among Dole Food Company, Inc., a
Delaware corporation, the Guarantors (as defined herein) listed on
Schedule A hereto and U.S. Bank National Association, as
trustee (the “ Trustee ”).
Each
party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the Holders (as defined below)
of the Company’s 13 7 / 8
% Senior Secured Notes due 2014
(the “ Notes ”):
DEFINITIONS AND INCORPORATION BY
REFERENCE
Section 1.1. Definitions
.
“
ABL Collateral Agent ” has the meaning set forth in
the Intercreditor Agreement.
“
ABL Credit Agreement ” means the Credit Agreement,
dated as of April 12, 2006, among Holdings, Dole Holding
Company, LLC, the Company, Deutsche Bank Trust Company Americas, as
Administrative Agent, Banc of America Securities LLC, as
syndication agent, The Bank of Nova Scotia, as documentation agent,
Deutsche Bank Securities Inc. and Banc of America Securities LLC,
as joint book runners, and Deutsche Bank Securities Inc., as sole
lead arranger, together with the related documents thereto
(including, without limitation, any guarantee agreements and
security documents), in each case as such agreements may be amended
(including any amendment and restatement thereof), supplemented or
otherwise modified from time to time, including any agreement
extending the maturity of, refinancing, replacing or otherwise
restructuring (including, without limitation, increasing the amount
of available borrowings thereunder or adding Restricted
Subsidiaries of the Company as additional borrowers or guarantors
thereunder) all or any portion of the Indebtedness under such
agreement or any successor or replacement agreement or agreements
and whether by the same or any other agent, lender or group of
lenders.
“
ABL Priority Collateral ” has the meaning set forth in
the Intercreditor Agreement.
“
ABL Security Documents ” has the meaning set forth in
the Intercreditor Agreement.
“
Acquired Indebtedness ” means Indebtedness of a Person
or any of its Subsidiaries existing at the time such Person becomes
a Restricted Subsidiary of the Company or at the time it merges or
consolidates with or into the Company or any of its Restricted
Subsidiaries or assumed in connection with the acquisition of
assets from such Person and in each case not incurred by such
Person in connection with, or in anticipation or contemplation of,
such Person becoming a Restricted Subsidiary of the Company or such
acquisition, merger or consolidation.
-2-
“
Additional Interest ” has the meaning set forth in the
in the Registration Rights Agreement.
“
Additional Notes ” means Notes (other than the Initial
Notes and any Exchange Notes issued in exchange therefor) issued
under this Indenture in accordance with Sections 2.2, 4.9 and
4.12 hereof, as part of the same series as the Initial
Notes.
“
Affiliate ” means, with respect to any specified
Person, any other Person who directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under
common control with, such specified Person. The term
“control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting
securities, by contract or otherwise; and the terms
“controlling” and “controlled” have
meanings correlative of the foregoing.
“
Agent ” means any Registrar, Paying Agent or
co-registrar.
“
Applicable Procedures ” means, with respect to any
transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary that apply to such
transfer or exchange.
“
Asset Acquisition ” means (1) an Investment by
the Company or any Restricted Subsidiary of the Company in any
other Person pursuant to which such Person shall become a
Restricted Subsidiary of the Company or any Restricted Subsidiary
of the Company, or shall be merged with or into the Company or any
Restricted Subsidiary of the Company, or (2) the acquisition
by the Company or any Restricted Subsidiary of the Company of the
assets of any Person (other than a Restricted Subsidiary of the
Company) which constitutes all or substantially all of the assets
of such Person or comprises any division or line of business of
such Person or any other properties or assets of such Person other
than in the ordinary course of business.
“
Asset Sale ” means any direct or indirect sale,
issuance, conveyance, transfer, lease (other than operating leases
entered into in the ordinary course of business), assignment or
other transfer for value by the Company or any of its Restricted
Subsidiaries (including any Sale and Leaseback Transaction) to any
Person other than the Company, a Guarantor or a Wholly Owned
Restricted Subsidiary of the Company of: (1) any Capital Stock
of any Restricted Subsidiary of the Company; or (2) any other
property or assets of the Company or any Restricted Subsidiary of
the Company other than in the ordinary course of business;
provided , however , that none of the following shall
be considered an Asset Sale: (a) a transaction or series of
related transactions for which the Company or its Restricted
Subsidiaries receive aggregate consideration of less than
$15.0 million; (b) the sale, lease, conveyance,
disposition or other transfer of all or substantially all of the
assets of the Company as permitted under Article V;
(c) the grant of Liens not prohibited by this Indenture;
(d) any Restricted Payment permitted by Section 4.7 or
that constitutes a Permitted Investment; (e) the sale or
discount, in each case without recourse, of accounts receivable
arising in the ordinary course of business, but only in connection
with the
-3-
compromise or
collection thereof; and (f) disposals or replacements of
obsolete, worn out, uneconomical or surplus property or
equipment.
“
Asset Swap ” means the execution of a definitive
agreement, subject only to customary closing conditions that the
Company in good faith believes will be satisfied, for a
substantially concurrent purchase and sale, or exchange, of assets
(of a kind used or usable by the Company and its Restricted
Subsidiaries in their business as it exists on the date thereof, or
in businesses that are the same as such business of the Company and
its Restricted Subsidiaries on the date thereof or similar or
reasonably related thereto) between the Company or any of its
Restricted Subsidiaries and another Person or group of affiliated
Persons; provided , however , that any amendment to
or waiver of any closing condition that individually or in the
aggregate is material to the Asset Swap shall be deemed to be a new
Asset Swap.
“
Bankruptcy Law ” means Title 11, U.S. Code or any
similar Federal or state law for the relief of debtors.
“
Board of Directors ” means, as to any Person, the
board of directors (or similar governing body) of such Person or
any duly authorized committee thereof.
“
Board Resolution ” means, with respect to any Person,
a copy of a resolution certified by the Secretary or an Assistant
Secretary of such Person to have been duly adopted by the Board of
Directors of such Person and to be in full force and effect on the
date of such certification, and delivered to the
Trustee.
“
Broker-Dealer ” means, any broker or dealer registered
under the Exchange Act.
“
Business Day ” means any day other than a Saturday, a
Sunday or a day on which banking institutions in the City of New
York or at a place of payment are authorized by law, regulation or
executive order to remain closed. If a payment date is not a
Business Day at a place of payment, payment may be made at that
place on the next succeeding day that is a Business Day, and no
interest shall accrue for the intervening period.
(1) with respect
to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether
or not voting) of corporate stock, including each class of Common
Stock and Preferred Stock of such Person, and all options, warrants
or other rights to purchase or acquire any of the foregoing;
and
(2) with respect
to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person, and all
options, warrants or other rights to purchase or acquire any of the
foregoing.
-4-
“
Capitalized Lease Obligation ” means, as to any
Person, the obligations of such Person under a lease that are
required to be classified and accounted for as capital lease
obligations under GAAP and, for purposes of this definition, the
amount of such obligations at any date shall be the capitalized
amount of such obligations at such date, determined in accordance
with GAAP.
“
Cash Equivalents ” means:
(1) U.S. dollars,
pounds sterling, Euros or, in the case of any Foreign Restricted
Subsidiary, such local currencies held by it from time to time in
the ordinary course of business;
(2) securities
issued by, or unconditionally guaranteed by, the United States
Government, the governments of the United Kingdom, Canada, Japan,
Sweden, Switzerland or the member states of the European Union or
issued by any agency thereof and backed by the full faith and
credit of the United States, the United Kingdom, Canada, Japan,
Sweden, Switzerland or the member states of the European Union, in
each case maturing within one year from the date of acquisition
thereof;
(3) securities
issued by any state of the United States of America or any
political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of
acquisition thereof and, at the time of acquisition, having one of
the two highest ratings obtainable from either Standard &
Poor’s Ratings Group (“ S&P ”) or
Moody’s Investors Service, Inc. (“ Moody’s
”);
(4) commercial
paper maturing no more than one year from the date of creation
thereof and, at the time of acquisition, having a rating of at
least A-1 from S&P or at least P-1 from
Moody’s;
(5) certificates
of deposit or bankers’ acceptances maturing within one year
from the date of acquisition thereof issued by any bank organized
under the laws of the United States of America or any state thereof
or the District of Columbia or any U.S. branch of a foreign bank
having at the date of acquisition thereof combined capital and
surplus of not less than $250.0 million or by a commercial
bank organized under the laws of a country recognized by the United
States which has a combined capital and surplus of not less than
$250.0 million (or the foreign currency equivalent thereof);
or money market funds sponsored by a registered broker dealer or
mutual fund distributor;
(6) eurodollar
time deposits;
(7) repurchase
obligations with a term of not more than seven days for underlying
securities of the types described in clauses (1) or
(2) above entered into with any bank meeting the
qualifications specified in clause (5) above; and
-5-
(8) investments in
money market funds which invest substantially all their assets in
securities of the types described in clauses (1) through
(7) above;
provided that for purposes of the subordination
provisions, the term “Cash Equivalents” shall not
include obligations of the type referred to in clause
(7).
“
Change of Control ” means the occurrence of one or
more of the following events:
(1) any sale,
lease, exchange or other transfer (in one transaction or a series
of related transactions) of all or substantially all of the assets
of the Company or Holdings to any Person or group of related
Persons for purposes of Section 13(d) of the Exchange Act (a
“ Group ”), together with any Affiliates thereof
(whether or not otherwise in compliance with the provisions of this
Indenture), other than to the Permitted Holders;
(2) the approval
by the holders of Capital Stock of the Company or Holdings, as the
case may be, of any plan or proposal for the liquidation or
dissolution of the Company or Holdings, as the case may be (whether
or not otherwise in compliance with the provisions of this
Indenture);
(3) any Person or
Group (other than the Permitted Holders and any entity formed by
the Permitted Holders for the purpose of owning Capital Stock of
the Company) shall become the owner, directly or indirectly,
beneficially or of record, of shares representing more than 50% of
the aggregate ordinary voting power represented by the issued and
outstanding Capital Stock of the Company or Holdings; or
(4) the
replacement of a majority of the Board of Directors of the Company
or Holdings over a two-year period from the directors who
constituted the Board of Directors of the Company or Holdings, as
the case may be, at the beginning of such period, and such
replacement shall not have been approved by a vote of either the
holders of a majority of the shares of Common Stock of Holdings (so
long as the Permitted Holders hold a majority of the Common Stock
of Holdings) or at least a majority of the Board of Directors of
the Company or Holdings, as the case may be, then still in office
who either were members of such Board of Directors at the beginning
of such period or whose election as a member of such Board of
Directors was previously so approved.
“Collateral ” means, collectively,
“Collateral” (as defined in the Security Agreement),
any “Mortgaged Property” (as defined in the Security
Agreement), any “Collateral” (as defined in the Pledge
Agreement) and all other property subject or purported to be
subject from time to time to a Lien in favor of the Collateral
Agent for its benefit and for the benefit of the Trustee and the
Holders of the Notes and the holders of any Pari Passu Junior Lien
Obligations, in all or any portion of the property as collateral
for the Obligations and Pari Passu Junior Lien
Obligations.
-6-
“
Collateral Agent ” means the Trustee, in its capacity
as Collateral Agent under the Security Documents together with its
successors in such capacity.
“
Commission ” means the Securities and Exchange
Commission.
“
Commodities Agreements ” means commodity agreements,
hedging agreements and other similar agreements or arrangements
designed to protect the Company or any Restricted Subsidiary of the
Company against price fluctuations of commodities (e.g., fuel) used
in their respective businesses.
“
Common Stock ” of any Person means any and all shares,
interests or other participations in, and other equivalents
(however designated and whether voting or non-voting) of, such
Person’s common stock, whether outstanding on the Issue Date
or issued after the Issue Date, and includes, without limitation,
all series and classes of such common stock.
“
Company ” means Dole Food Company, Inc., a Delaware
corporation, until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and
thereafter means such successor Person.
“
Consolidated EBITDA ” means, with respect to any
Person, for any period, the sum (without duplication)
of:
(1) Consolidated
Net Income; and
(2) to the extent
Consolidated Net Income has been reduced thereby:
(a) all income
taxes of such Person and its Restricted Subsidiaries paid or
accrued in accordance with GAAP for such period;
(b) Consolidated
Interest Expense;
(c) Consolidated
Non-cash Charges less any non-cash items increasing Consolidated
Net Income for such period,
all as
determined on a consolidated basis for such Person and its
Restricted Subsidiaries in accordance with GAAP; and
(d) gain or loss
on early retirement of long term Indebtedness or early termination
of Interest Swap Obligations, Currency Agreements, Commodities
Agreements or other derivatives permitted by this
Indenture.
“
Consolidated Fixed Charge Coverage Ratio ” means, with
respect to any Person, the ratio of Consolidated EBITDA of such
Person during the four full fiscal quarters (the “ Four
Quarter Period ”) ending prior to the date of the
transaction giving rise to the need to calculate the Consolidated
Fixed Charge Coverage Ratio for which financial statements are
available (the
-7-
“
Transaction Date ”) to Consolidated Fixed Charges of
such Person for the Four Quarter Period. In addition to and without
limitation of the foregoing, for purposes of this definition,
“Consolidated EBITDA” and “Consolidated Fixed
Charges” shall be calculated after giving effect on a pro
forma basis for the period of such calculation to:
(1) the incurrence
or repayment of any Indebtedness of such Person or any of its
Restricted Subsidiaries (and the application of the proceeds
thereof) giving rise to the need to make such calculation and any
incurrence or repayment of other Indebtedness (and the application
of the proceeds thereof), other than the incurrence or repayment of
Indebtedness in the ordinary course of business for working capital
purposes pursuant to working capital facilities, occurring during
the Four Quarter Period or at any time subsequent to the last day
of the Four Quarter Period and on or prior to the Transaction Date,
as if such incurrence or repayment, as the case may be (and the
application of the proceeds thereof), occurred on the first day of
the Four Quarter Period; and
(2) any Asset
Sales or other disposition or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need
to make such calculation as a result of such Person or one of its
Restricted Subsidiaries (including any Person who becomes a
Restricted Subsidiary as a result of the Asset Acquisition)
incurring, assuming or otherwise being liable for Acquired
Indebtedness and also including any Consolidated EBITDA
attributable to the assets which are the subject of the Asset
Acquisition or Asset Sale or other disposition during the Four
Quarter Period) occurring during the Four Quarter Period or at any
time subsequent to the last day of the Four Quarter Period and on
or prior to the Transaction Date, as if such Asset Sale or other
disposition or Asset Acquisition (including the incurrence,
assumption or liability for any such Acquired Indebtedness)
occurred on the first day of the Four Quarter Period.
For
purposes of this definition, whenever pro forma effect is to
be given to an Asset Acquisition and the amount of income or
earnings relating thereto, the pro forma calculations shall
be determined in good faith by a responsible financial or
accounting Officer of the Company and shall comply with the
requirements of Rule 11-02 of Regulation S-X promulgated
by the Commission, except that such pro forma calculations
may include operating expense reductions for such period resulting
from the acquisition which is being given pro forma effect
that have been realized or for which the steps necessary for
realization have been taken or are reasonably expected to be taken
within six months following any such Asset Acquisition, including,
but not limited to, the execution or termination of any contracts,
the termination of any personnel or the closing (or approval by the
Board of Directors of the Company of any closing) of any facility,
as applicable, provided that, in either case, such
adjustments are set forth in an Officers’ Certificate signed
by the Company’s chief financial officer and another Officer
which states (i) the amount of such adjustment or adjustments,
(ii) that such adjustment or adjustments are based on the
reasonable good faith beliefs of the Officers executing such
Officers’ Certificate at the time of such execution and
(iii) that any related incurrence of Indebtedness is permitted
pursuant to this Indenture.
-8-
If
such Person or any of its Restricted Subsidiaries directly or
indirectly guarantees Indebtedness of a third Person, the preceding
sentence shall give effect to the incurrence of such guaranteed
Indebtedness as if such Person or any Restricted Subsidiary of such
Person had directly incurred or otherwise assumed such guaranteed
Indebtedness.
Furthermore,
in calculating “Consolidated Fixed Charges” for
purposes of determining the denominator (but not the numerator) of
this “Consolidated Fixed Charge Coverage
Ratio”:
(1) interest on
outstanding Indebtedness determined on a fluctuating basis as of
the Transaction Date and which will continue to be so determined
thereafter shall be deemed to have accrued at a fixed rate per
annum equal to the rate of interest on such Indebtedness in effect
on the Transaction Date; and
(2)
notwithstanding clause (1) above, interest on Indebtedness
determined on a fluctuating basis, to the extent such interest is
covered by agreements relating to Interest Swap Obligations, shall
be deemed to accrue at the rate per annum resulting after giving
effect to the operation of such agreements.
“
Consolidated Fixed Charges ” means, with respect to
any Person for any period, the sum, without duplication,
of:
(1) Consolidated
Interest Expense (excluding the amortization or write-off of
deferred financing costs); plus
(2) the product of
(x) the amount of all dividend payments on any series of
Preferred Stock of such Person and, to the extent permitted under
this Indenture, its Restricted Subsidiaries (other than dividends
paid in Qualified Capital Stock) paid, accrued or scheduled to be
paid or accrued during such period times (y) a fraction, the
numerator of which is one and the denominator of which is one minus
the then current effective consolidated federal, state and local
income tax rate of such Person, expressed as a decimal.
“
Consolidated Indebtedness ” means, on any date, the
principal amount of Indebtedness of the Company and its Restricted
Subsidiaries on such date that would be required to be reflected as
liabilities of the Company on a consolidated balance sheet
(excluding the notes thereto) of the Company prepared on such date
in accordance with GAAP.
“
Consolidated Interest Expense ” means, with respect to
any Person for any period, the sum of, without
duplication:
(1) the aggregate
of the interest expense of such Person and its Restricted
Subsidiaries for such period determined on a consolidated basis in
accordance with GAAP, including without limitation: (a) any
amortization of debt discount and amortiza-
-9-
tion or
write-off of deferred financing costs; (b) the net costs
and/or benefits under Interest Swap Obligations; (c) all
capitalized interest; and (d) the interest portion of any
deferred payment obligation; and
(2) the interest
component of Capitalized Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its Restricted
Subsidiaries during such period as determined on a consolidated
basis in accordance with GAAP.
“
Consolidated Leverage Ratio ” means, on any date, the
ratio of (x) Consolidated Indebtedness on such date to
(y) Consolidated EBITDA of the Company during the four full
fiscal quarters (the “Four Quarter Period”) ending
prior to the date of the transaction giving rise to the need to
calculate the Consolidated Leverage Ratio for which financial
statements are available (the “Transaction Date”). For
purposes of this definition, “Consolidated EBITDA” and
“Consolidated Indebtedness” shall be calculated after
giving effect on a pro forma basis for the period of such
calculation to:
(1) the incurrence
or repayment of any Indebtedness of such Person or any of its
Restricted Subsidiaries (and the application of the proceeds
thereof) giving rise to the need to make such calculation and any
incurrence or repayment of other Indebtedness (and the application
of the proceeds thereof); and
(2) any Asset
Sales or other disposition or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need
to make such calculation as a result of such Person or one of its
Restricted Subsidiaries (including any Person who becomes a
Restricted Subsidiary as a result of the Asset Acquisition)
incurring, assuming or otherwise being liable for Acquired
Indebtedness and also including any Consolidated EBITDA
attributable to the assets which are the subject of the Asset
Acquisition or Asset Sale or other disposition during the Four
Quarter Period) occurring during the Four Quarter Period or at any
time subsequent to the last day of the Four Quarter Period and on
or prior to the Transaction Date, as if such Asset Sale or other
disposition or Asset Acquisition (including the incurrence,
assumption or liability for any such Acquired Indebtedness)
occurred on the first day of the Four Quarter Period.
For
purposes of this definition, whenever pro forma effect is to be
given to an Asset Acquisition and the amount of income or earnings
relating thereto, the pro forma calculations shall be determined in
good faith by a responsible financial or accounting Officer of the
Company and shall comply with the requirements of Rule 11-02
of Regulation S-X promulgated by the Commission, except that
such pro forma calculations may include operating expense
reductions for such period resulting from the acquisition which is
being given pro forma effect that have been realized or for which
the steps necessary for realization have been taken or are
reasonably expected to be taken within six months following any
such Asset Acquisition, including, but not limited to, the
execution or termination of any contracts, the termination of any
personnel or the closing (or approval by the Board of Directors of
the Company of any closing) of any facility, as applicable,
provided that, in either case, such adjustments are set
forth in an Officers’ Certificate
-10-
signed by the
Company’s chief financial officer and another Officer which
states (i) the amount of such adjustment or adjustments,
(ii) that such adjustment or adjustments are based on the
reasonable good faith beliefs of the Officers executing such
Officers’ Certificate at the time of such execution and
(iii) that any related incurrence of Indebtedness is permitted
pursuant to this Indenture.
“
Consolidated Net Income ” means, with respect to any
Person, for any period, the aggregate net income (or loss) of such
Person and its Restricted Subsidiaries for such period on a
consolidated basis, determined in accordance with GAAP;
provided that there shall be excluded therefrom (without
duplication):
(1) after-tax
gains and losses from Asset Sales (without regard to the dollar
threshold set forth in the definition thereof) or abandonments or
reserves relating thereto;
(2) after-tax
items classified as extraordinary or nonrecurring gains and
losses;
(3) the net income
(but not loss) of any Restricted Subsidiary of the referent Person
to the extent that the declaration of dividends or similar
distributions by that Restricted Subsidiary of that income is
restricted by a contract, operation of law or otherwise, unless
received;
(4) the net income
of any Person, other than a Restricted Subsidiary of the referent
Person, except to the extent of cash dividends or distributions
paid to the referent Person or to a Restricted Subsidiary of the
referent Person by such Person;
(5) any
restoration to income of any contingency reserve, except to the
extent that provision for such reserve was made out of Consolidated
Net Income accrued at any time following the Issue Date;
(6) income or loss
attributable to discontinued operations; and
(7) in the case of
a successor to the referent Person by consolidation or merger or as
a transferee of the referent Person’s assets, any earnings of
the successor corporation prior to such consolidation, merger or
transfer of assets.
Notwithstanding
the foregoing, “Consolidated Net Income” shall be
calculated without giving effect to:
(i) any premiums,
fees or expenses incurred in connection with the offering of the
Notes or the amendments to the ABL Credit Agreement and Term Credit
Agreement contemplated by the Offering Memorandum;
-11-
(ii) the
amortization, depreciation or non-cash charge of any amounts
required or permitted by Statement of Financial Accounting
Standards No. 141, “ Business Combinations
,” and No. 142, “ Goodwill and Other Intangible
Assets ,” or any successor pronouncements of the
Financial Accounting Standards Board or with respect to the
impairment of the value of any long-lived assets;
(iii) the
cumulative effect of changes in accounting principles or
retrospective application of changes in accounting
principles;
(iv) the after-tax
effect of unrealized gains and losses on Currency Agreements,
Interest Swap Obligations and Commodities Agreements otherwise
permitted by this Indenture;
(v) the impact of
non-cash credit adjustments resulting from the application of SFAS
157; and
(vi) the impact of
adjustments resulting from the application of SFAS 144 and SFAS
146.
“
Consolidated Net Worth ” of any Person means the
consolidated stockholders’ equity of such Person, determined
on a consolidated basis in accordance with GAAP, less (without
duplication) amounts attributable to Disqualified Capital Stock of
such Person.
“
Consolidated Non-cash Charges ” means, with respect to
any Person, for any period, the aggregate depreciation,
amortization and other non-cash expenses of such Person and its
Restricted Subsidiaries reducing Consolidated Net Income of such
Person and its Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with GAAP (excluding any such
charges constituting an extraordinary item or loss or any such
charge which requires an accrual of or a reserve for cash charges
for any future period).
“
Corporate Trust Office of the Trustee ” means the
principal office of the Trustee at which at any time its corporate
trust business shall be administered, which office at the date
hereto is located at 60 Livingston Avenue, St. Paul, MN, Attention:
Corporate Trust Department, or such other address as the Trustee
may designate from time to time by notice to the Holders and the
Company, or the principal corporate trust office of any successor
Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the
Company).
“
Credit Agreements ” means the ABL Credit Agreement and
the Term Credit Agreement.
“
Currency Agreement ” means any foreign exchange
contract, currency swap agreement or other similar agreement or
arrangement designed to protect the Company or any Restricted
Subsidiary of the Company against fluctuations in currency
values.
-12-
“
Custodian ” means the Trustee, as custodian with
respect to the Notes in global form, or any successor entity
thereto.
“DBNY”
shall mean Deutsche Bank AG New York Branch.
“DBSI”
shall mean Deutsche Bank Securities Inc.
“
Default ” means an event or condition the occurrence
of which is, or with the lapse of time or the giving of notice or
both would be, an Event of Default.
“
Definitive Note ” means a certificated Note registered
in the name of the Holder thereof and issued in accordance with
Section 2.6 hereof, substantially in the form of
Exhibit A hereto except that such Note shall not bear the
Global Note Legend and shall not have the “Schedule of
Exchanges of Interests in the Global Note” attached
thereto.
“
Depositary ” means, with respect to the Notes issuable
in whole or in part in global form, the Person specified in
Section 2.6 hereof as the Depositary with respect to the
Notes, until a successor shall have been appointed and become such
pursuant to the applicable provisions or this Indenture, and,
thereafter, “Depositary” shall mean or include such
successor.
“
Disqualified Capital Stock ” means that portion of any
Capital Stock which, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable at the
option of the holder thereof), or upon the happening of any event
(other than an event which would constitute a Change of Control or
an Asset Sale and other than an event of default as a result of the
bankruptcy, insolvency or similar event of the issuer thereof
contained in a security into which such Capital Stock is
convertible or for which it is exchangeable), matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the holder
thereof (except, in each case, upon the occurrence of a Change of
Control or an Asset Sale and other than an event of default as a
result of the bankruptcy, insolvency or similar event of the issuer
thereof contained in a security into which such Capital Stock is
convertible or for which it is exchangeable) on or prior to the
final maturity date of the Notes.
“
Domestic Restricted Subsidiary ” means a Restricted
Subsidiary incorporated or otherwise organized or existing under
the laws of the United States, any state thereof or any territory
or possession of the United States.
“
Equity Offering ” means any public or private sale or
issuance of Qualified Capital Stock of Holdings or the Company;
provided that, in the event of an Equity Offering by
Holdings, Holdings contributes to the capital of the Company the
portion of the net cash proceeds of such Equity Offering necessary
to pay the aggregate redemption price (plus accrued interest to the
redemption date) of the Notes to be redeemed pursuant to
Section 3.8.
-13-
“
Event of Loss ” means, with respect to any property or
asset (tangible or intangible, real or personal) constituting
Collateral with a fair market value in excess of
$15.0 million, any of the following:
(i) any loss,
destruction or damage of such property or asset;
(ii) any
institution of any proceeding for the condemnation or seizure of
such property or asset or for the exercise of any right of eminent
domain;
(iii) any actual
condemnation, seizure or taking by exercise of the power of eminent
domain or otherwise of such property or asset, or confiscation of
such property or asset or the requisition of the use of such
property or asset; or
(iv) any
settlement in lieu of the matters described in clauses (ii) or
(iii) above.
“
Exchange Act ” means the Securities Exchange Act of
1934, as amended, or any successor statute or statutes
thereto.
“
Exchange Offer ” has the meaning set forth in the
Registration Rights Agreement.
“
Exchange Offer Registration Statement ” has the
meaning set forth in the Registration Rights Agreement.
“
Exchange Notes ” has the meaning set forth in the
Registration Rights Agreement.
“
Existing Note Guarantees ” means the joint and several
guarantees of the Company’s obligations under the Existing
Notes Indenture and the Existing Notes on a senior subordinated
basis.
“
Existing Notes ” means any outstanding aggregate
principal amount of the Company’s 8.75% debentures due
2013.
“
Existing Notes Indenture ” means that certain
Indenture, dated as of July 15, 1993, between the Company and
Chemical Trust Company of California, as trustee, as the same may
be amended, supplemented or modified from time to time in
accordance with the terms thereof.
“
fair market value ” means, with respect to any asset
or property, the price which could be negotiated in an
arm’s-length, free market transaction, for cash, between a
willing seller and a willing and able buyer, neither of whom is
under undue pressure or compulsion to complete the transaction.
Fair market value shall be determined by the Board of Directors of
the Company acting reasonably and in good faith and shall be
evidenced by a Board Resolution of the Board of Directors of the
Company delivered to the Trustee.
-14-
“
First Lien Obligations ” means all obligations of the
Company and the Guarantors secured by a Lien on any Collateral that
is permitted by clause (2) of the definition of
“Permitted Liens.”
“
Foreign Restricted Subsidiary ” means any Restricted
Subsidiary other than a Domestic Restricted Subsidiary.
“
GAAP ” means generally accepted accounting principles
set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the
accounting profession of the United States, which are in effect
from time to time.
“
Global Note Legend ” means the legend set forth in
Section 2.6(g)(2) hereof, which is required to be placed on
all Global Notes issued under this Indenture.
“
Global Notes ” means, individually and collectively,
each of the Restricted Global Notes and the Unrestricted Global
Notes registered in the name of the Depositary or its nominee,
deposited with the Trustee, as custodian for the Depositary,
substantially in the form of Exhibit A hereto and that bears
the Global Note Legend and that has the “Schedule of
Exchanges of Interests in the Global Note” attached thereto,
issued in accordance with Section 2.1, 2.6(b)(3), 2.6(b)(4),
2.6(d)(2) or 2.6(f) hereof.
“
Guarantee ” has the meaning set forth in
Section 11.1.
“
Guarantor ” means: (1) certain of the
Company’s Domestic Restricted Subsidiaries as of the Issue
Date; and (2) each of the Company’s Restricted
Subsidiaries that in the future executes a supplemental indenture
in which such Restricted Subsidiary agrees to be bound by the terms
of this Indenture as a Guarantor; provided that any Person
constituting a Guarantor as described above shall cease to
constitute a Guarantor when its respective Guarantee is released in
accordance with the terms of this Indenture.
“
Guarantor Senior Debt ” means, with respect to any
Guarantor: the principal of, premium, if any, interest (including
any interest accruing subsequent to the filing of a petition of
bankruptcy at the rate provided for in the documentation with
respect thereto, whether or not such interest is an allowed claim
under applicable law) on, and all other amounts owing in respect of
First Lien Obligations by such Guarantor (including guarantees of
the foregoing obligations).
“
Holder ” means a Person in whose name a Note is
registered.
“
Holdings ” means DHM Holding Company, Inc., a Delaware
corporation and the parent of the Company.
-15-
“
Indebtedness ” means with respect to any Person,
without duplication:
(1) all
Obligations of such Person for borrowed money;
(2) all
Obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments;
(3) all
Capitalized Lease Obligations of such Person;
(4) all
Obligations of such Person issued or assumed as the deferred
purchase price of property, all conditional sale obligations and
all Obligations under any title retention agreement (but excluding
trade accounts payable and other accrued liabilities arising in the
ordinary course of business that are not overdue by 120 days
or more or are being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted and
payables under the Company’s grower loans program in the
ordinary course of business and consistent with past
practices);
(5) all
Obligations for the reimbursement of any obligor on any letter of
credit, banker’s acceptance or similar credit
transaction;
(6) guarantees and
other contingent obligations in respect of Indebtedness referred to
in clauses (1) through (5) above and clause
(8) below;
(7) all
Obligations of any other Person of the type referred to in clauses
(1) through (6) which are secured by any Lien on any
property or asset of such Person, the amount of such Obligation
being deemed to be the lesser of the fair market value of such
property or asset or the amount of the Obligation so
secured;
(8) all
Obligations under Currency Agreements and Interest Swap Obligations
of such Person; and
(9) all
Disqualified Capital Stock issued by such Person with the amount of
Indebtedness represented by such Disqualified Capital Stock being
equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, but excluding
accrued dividends, if any.
For
purposes hereof, the “maximum fixed repurchase price”
of any Disqualified Capital Stock which does not have a fixed
repurchase price shall be calculated in accordance with the terms
of such Disqualified Capital Stock as if such Disqualified Capital
Stock were purchased on any date on which Indebtedness shall be
required to be determined pursuant to this Indenture, and if such
price is based upon, or measured by, the fair market value of such
Disqualified Capital Stock, such fair market value shall be
determined reasonably and in good faith by the Board of Directors
of the issuer of such Disqualified Capital Stock.
-16-
“
Indenture ” means this Indenture, as amended or
supplemented from time to time.
“
Independent Financial Advisor ” means a firm:
(1) which does not, and whose directors, officers and
employees or Affiliates do not, have a direct or indirect financial
interest in the Company; and (2) which, in the judgment of the
Board of Directors of the Company, is otherwise independent and
qualified to perform the task for which it is to be
engaged.
“
Indirect Participant ” means a Person who holds a
beneficial interest in a Global Note through a
Participant.
“
Initial Notes ” means the $349,903,000 aggregate
principal amount of Notes issued under this Indenture on the Issue
Date.
“
Initial Purchasers ” means Deutsche Bank Securities
Inc., Banc of America Securities LLC, Scotia Capital
(USA) Inc., Rabo Securities USA, Inc. and Goldman, Sachs &
Co.
“
Intercreditor Agreement ” means the amended and
restated intercreditor agreement dated as of the Issue Date by and
among Holdings, Dole Holding Company, LLC, the Company, the other
Grantors (as defined therein), the ABL Collateral Agent, the Term
Collateral Agent and the Collateral Agent.
“
Interest Swap Obligations ” means the obligations of
any Person pursuant to any arrangement with any other Person,
whereby, directly or indirectly, such Person is entitled to receive
from time to time periodic payments calculated by applying either a
floating or a fixed rate of interest on a stated notional amount in
exchange for periodic payments made by such other Person calculated
by applying a fixed or a floating rate of interest on the same
notional amount and shall also include, without limitation,
interest rate swaps, caps, floors, collars and similar
agreements.
“
Investment ” means, with respect to any Person, any
direct or indirect loan or other extension of credit (including,
without limitation, a guarantee) or capital contribution to (by
means of any transfer of cash or other property to others or any
payment for property or services for the account or use of others),
or any purchase or acquisition by such Person of any Capital Stock,
bonds, notes, debentures or other securities or evidences of
Indebtedness issued by, any other Person. “Investment”
shall exclude extensions of trade credit by the Company and its
Restricted Subsidiaries on commercially reasonable terms in
accordance with normal trade practices of the Company or such
Restricted Subsidiary, as the case may be. If the Company or any
Restricted Subsidiary of the Company sells or otherwise disposes of
any Common Stock of any direct or indirect Restricted Subsidiary of
the Company such that, after giving effect to any such sale or
disposition, the Company no longer owns, directly or indirectly,
50% of the outstanding Common Stock of such Restricted Subsidiary,
the Company shall be deemed to have made an Investment on the date
of any such sale or disposition equal to the fair market value of
the Common Stock of such Restricted Subsidiary not sold or disposed
of.
-17-
“
Issue Date ” means March 18, 2009, the date of
original issuance of the Notes.
“
Letter of Transmittal ” means the letter of
transmittal to be prepared by the Company and sent to all Holders
of the Notes for use by such Holders in connection with the
Exchange Offer.
“
Lien ” means any lien, mortgage, deed of trust,
pledge, security interest, charge or encumbrance of any kind
(including any conditional sale or other title retention agreement,
any lease in the nature thereof and any agreement to give any
security interest).
“
Mortgage ” has the meaning set forth in the Security
Agreement.
“
Mortgaged Property ” has the meaning set forth in the
Security Agreement.
“
Net Cash Proceeds ” means, with respect to any Asset
Sale or Event of Loss, the proceeds in the form of cash or Cash
Equivalents including payments in respect of deferred payment
obligations when received in the form of cash or Cash Equivalents
(other than the portion of any such deferred payment constituting
interest) and insurance proceeds and condemnation awards received
by the Company or any of its Restricted Subsidiaries from such
Asset Sale or Event of Loss net of:
(1) reasonable
out-of-pocket expenses and fees relating to such Asset Sale or
Event of Loss (including, without limitation, legal, accounting and
investment banking fees and sales commissions);
(2) taxes paid or
payable after taking into account any reduction in consolidated tax
liability due to available tax credits or deductions and any tax
sharing arrangements;
(3) repayment of
Indebtedness (other than Indebtedness under the Credit Agreements
and the Notes) that is secured by the property or assets that are
the subject of such Asset Sale; and
(4) appropriate
amounts to be provided by the Company or any Restricted Subsidiary,
as the case may be, as a reserve, in accordance with GAAP, against
any liabilities associated with such Asset Sale and retained by the
Company or any Restricted Subsidiary, as the case may be, after
such Asset Sale, including, without limitation, pension and other
post-employment benefit liabilities, liabilities related to
environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale.
“
Non-U.S. Person ” means a Person who is not a U.S.
Person.
-18-
“
Notes ” has the meaning set forth in the preamble to
this Indenture. The Initial Notes and the Additional Notes shall be
treated as a single class for all purposes under this Indenture,
and unless the context otherwise requires, all references to the
Notes shall include the Initial Notes and any Additional
Notes.
“
Obligations ” means all obligations for principal,
premium, interest (including any interest accruing subsequent to
the filing of a petition of bankruptcy at the rate provided for in
the documentation with respect thereto, whether or not such
interest is an allowed claim under applicable law), penalties,
fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any
Indebtedness.
“
Offering Memorandum ” means the Company’s
offering memorandum dated March 13, 2009, whereby the Company
offered $349,903,000 aggregate principal amount of its
Notes.
“
Officer ” means the Chairman of the Board, the Chief
Executive Officer, the Chief Financial Officer, the President, any
Vice President, the Treasurer or Secretary of the
Company.
“
Officers’ Certificate ” means a certificate
signed by two Officers of the Company, at least one of whom shall
be the principal executive Officer or principal financial Officer
of the Company, and delivered to the Trustee.
“
Opinion of Counsel ” means an opinion from legal
counsel who is reasonably acceptable to the Trustee that meets the
requirements of Sections 14.4 and 14.5 hereof. The counsel may
be an employee of or counsel to the Company, any Subsidiary of the
Company or the Trustee.
“
Pari Passu Debt ” means any Indebtedness of the
Company or any Guarantor that ranks pari passu in right of
payment with the Notes or such Guarantee, as applicable, including
the Existing Notes and the Existing Note Guarantees,
respectively.
“
Pari Passu Junior Lien Obligations ” means any
Indebtedness of the Company or any Guarantor (including Additional
Notes) that is secured by a Lien on the Collateral ranking pari
passu with the Liens securing the Initial Notes and the related
Guarantees.
“
Participant ” means, with respect to the Depositary, a
Person who has an account with the Depositary.
“
Permitted Holders ” means (i) David H. Murdock,
his estate, spouse, heirs, ancestors, lineal descendants, legatees,
legal representatives (in their capacities as such) or the trustee
(in its capacity as such) of a bona fide trust of which one or more
of the foregoing are the principal beneficiaries or grantors
thereof and (ii) any entity controlled, directly or
indirectly, by any
-19-
Persons
referred to in the preceding clause (i), whether through the
ownership of voting securities, by contract or
otherwise.
“
Permitted Indebtedness ” means, without duplication,
each of the following:
(1) Indebtedness
under the Initial Notes or any Exchange Notes (as defined in the
Registration Rights Agreement) issued in exchange therefor and the
Guarantees;
(2) Indebtedness
incurred pursuant to the Credit Agreements in an aggregate
principal amount at any time outstanding not to exceed
$1,340.0 million less the amount of all repayments of terms
loans and permanent commitment reductions in the revolving credit
portion of the ABL Credit Agreement actually made with Net Cash
Proceeds of Asset Sales applied thereto as required by
Section 4.10;
(3) other
Indebtedness of the Company and its Restricted Subsidiaries
outstanding on the Issue Date (including the Existing Notes and the
Existing Note Guarantees and any “put” or similar
rights of minority holders of Restricted Subsidiaries in existence
as of the Issue Date) reduced by the amount of any scheduled
amortization payments or mandatory prepayments when actually paid
or permanent reductions thereon;
(4) Interest Swap
Obligations of the Company or any Restricted Subsidiary of the
Company covering Indebtedness of the Company or any of its
Restricted Subsidiaries; provided , however , that
such Interest Swap Obligations are entered into to protect the
Company and its Restricted Subsidiaries from fluctuations in
interest rates on their outstanding Indebtedness to the extent the
notional principal amount of such Interest Swap Obligation does
not, at the time of the initial incurrence thereof, exceed the
principal amount of the Indebtedness to which such Interest Swap
Obligation relates;
(5)
(A) Indebtedness under Currency Agreements; provided
that in the case of Currency Agreements which relate to
Indebtedness, such Currency Agreements do not increase the
Indebtedness of the Company and its Restricted Subsidiaries
outstanding other than as a result of fluctuations in foreign
currency exchange rates or by reason of fees, indemnities and
compensation payable thereunder and (B) Indebtedness under
Commodities Agreements;
(6) Indebtedness
of a Restricted Subsidiary of the Company to the Company or to a
Wholly Owned Restricted Subsidiary of the Company for so long as
such Indebtedness is held by the Company or a Wholly Owned
Restricted Subsidiary of the Company or the holder of a Lien
permitted under this Indenture, in each case subject to no Lien
held by a Person other than the Company or a Wholly Owned
Restricted Subsidiary of the Company or the holder of a Lien
permitted under this Indenture; provided that if as of any
date any Person other than the Company or a Wholly Owned Restricted
Subsidiary of the Company or the holder of a Lien permitted under
this Indenture owns or holds any such Indebtedness or holds a Lien
in respect of such Indebtedness, such date shall be
-20-
deemed the
incurrence of Indebtedness not constituting Permitted Indebtedness
under this clause (6) by the issuer of such
Indebtedness;
(7)
(A) Indebtedness of the Company to a Wholly Owned Restricted
Subsidiary of the Company for so long as such Indebtedness is held
by a Wholly Owned Restricted Subsidiary of the Company or the
holder of a Lien permitted under this Indenture, in each case
subject to no Lien other than a Lien permitted under this
Indenture; provided that (a) any Indebtedness of the
Company to any Wholly Owned Restricted Subsidiary of the Company
that is not a Guarantor is unsecured and subordinated, pursuant to
a written agreement, to the Company’s obligations under this
Indenture and the Notes and (b) if as of any date any Person
other than a Wholly Owned Restricted Subsidiary of the Company or
the holder of a Lien permitted under this Indenture owns or holds
any such Indebtedness or holds a Lien in respect of such
Indebtedness, such date shall be deemed the incurrence of
Indebtedness not constituting Permitted Indebtedness under this
clause (7) by the Company and (B) Indebtedness of the Company
or any of its Restricted Subsidiaries to any Restricted Subsidiary
of the Company that is not a Wholly Owned Restricted Subsidiary of
the Company in the ordinary course of business consistent with past
practice;
(8) Indebtedness
arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument inadvertently (except in
the case of daylight overdrafts) drawn against insufficient funds
in the ordinary course of business; provided ,
however , that such Indebtedness is extinguished within five
business days of incurrence;
(9) Indebtedness
of the Company or any of its Restricted Subsidiaries in respect of
performance bonds, bankers’ acceptances, workers’
compensation claims, surety or appeal bonds, payment obligations in
connection with self-insurance or similar obligations, completion
or performance guarantees or standby letters of credit issued for
the purpose of supporting such obligations and bank overdrafts (and
letters of credit in respect thereof) in the ordinary course of
business;
(10) Indebtedness
represented by Capitalized Lease Obligations, mortgage financings
and Purchase Money Indebtedness of the Company and its Restricted
Subsidiaries incurred in the ordinary course of business not to
exceed $50.0 million at any one time outstanding;
(11) Refinancing
Indebtedness;
(12) Indebtedness
represented by guarantees by the Company or its Restricted
Subsidiaries of Indebtedness otherwise permitted to be incurred
under this Indenture;
(13) Indebtedness
of the Company or any Restricted Subsidiary consisting of
guarantees, indemnities or obligations in respect of purchase price
adjustments in connection with the acquisition or disposition of
assets or the Capital Stock of Subsidiaries;
-21-
(14) guarantees
furnished by the Company or its Restricted Subsidiaries in the
ordinary course of business of Indebtedness of another Person in an
aggregate amount not to exceed $25.0 million at any one time
outstanding;
(15) Indebtedness
incurred under commercial letters of credit issued for the account
of the Company or any of its Restricted Subsidiaries in the
ordinary course of business (and not for the purpose of, directly
or indirectly, incurring Indebtedness or providing credit support
or a similar arrangement in respect of Indebtedness),
provided that any drawing under any such letter of credit is
reimbursed in full within seven days;
(16) Indebtedness
of the Company or any of its Restricted Subsidiaries relating to
any “earn-out” obligations payable in connection with
any acquisition made by the Company or any Restricted Subsidiary
not prohibited by this Indenture;
(17) Indebtedness
of Foreign Restricted Subsidiaries in an aggregate principal amount
not to exceed $75.0 million at any one time
outstanding;
(18) Indebtedness
of Foreign Restricted Subsidiaries (and any guarantee thereof by
the Company) incurred in connection with grower loan programs in an
aggregate principal amount not to exceed $75.0 million at any
one time outstanding;
(19) without
duplication, Indebtedness of the Company or any of its Restricted
Subsidiaries under letters of credit and bank guarantees required
by governmental laws, orders and regulations which letters of
credit will be backstopped by letters of credit under the Term
Credit Agreement;
(21) Indebtedness
of the Company and its Restricted Subsidiaries representing
Obligations in existence on the Issue Date that become Indebtedness
after the Issue Date as a result of the implementation of FASB
Interpretation No. 46, “ Consolidation of Variable
Interest Entities ”; and
(22) additional
Indebtedness of the Company and its Restricted Subsidiaries in an
aggregate principal amount not to exceed $50.0 million at any
one time outstanding (which amount may, but need not, be incurred
in whole or in part under the Credit Agreements).
For
purposes of determining compliance with Section 4.9, in the
event that an item of Indebtedness meets the criteria of more than
one of the categories of Permitted Indebtedness described in
clauses (1) through (22) above or is entitled to be
incurred pursuant to the Consolidated Fixed Charge Coverage Ratio
provisions of Section 4.9 hereof, the Company shall, in its
sole discretion, classify (or from time to time may reclassify)
such item of Indebtedness in any manner that complies with this
definition and such item of Indebtedness will be treated
as
-22-
having been
incurred pursuant to only one of such categories. Accrual of
interest, accretion or amortization of original issue discount, a
change in the amount of Indebtedness due solely to fluctuations in
the exchange rates of currencies, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same
terms, and the payment of dividends on Disqualified Capital Stock
in the form of additional shares of the same class of Disqualified
Capital Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Capital Stock for
purposes of Section 4.9 hereof.
“
Permitted Investments ” means:
(1) Investments by
the Company or any Restricted Subsidiary of the Company in any
Person that is or will become immediately after such Investment a
Restricted Subsidiary of the Company or that will merge or
consolidate into the Company or a Restricted Subsidiary of the
Company;
(2) Investments in
the Company by any Restricted Subsidiary of the Company;
provided that any Indebtedness (other than Indebtedness to
any Restricted Subsidiary of the Company that is not a Wholly Owned
Restricted Subsidiary of the Company in the ordinary course of
business consistent with past practice) evidencing such Investment
and held by a Restricted Subsidiary that is not a Guarantor is
unsecured and subordinated, pursuant to a written agreement, to the
Company’s obligations under the Notes and this
Indenture;
(3) Investments in
cash and Cash Equivalents;
(4) loans to
employees, directors and officers of the Company and its Restricted
Subsidiaries in the ordinary course of business for bona fide
business purposes not in excess of $5.0 million at any one
time outstanding;
(5) Obligations
under Currency Agreements, Interest Swap Obligations and
Commodities Agreements entered into in the ordinary course of the
Company’s or its Restricted Subsidiaries’ businesses
and not for speculative purposes and otherwise in compliance with
this Indenture;
(6) additional
Investments not to exceed $20.0 million at any one time
outstanding which are made in the ordinary course in furtherance of
the business of the Company and its Restricted
Subsidiaries;
(7) Investments in
securities of trade creditors, licensors, licensees or customers
received pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of such trade
creditors or customers or in good faith settlement of delinquent
obligations of such trade creditors or customers;
-23-
(8) Investments
made by the Company or its Restricted Subsidiaries as a result of
consideration received in connection with an Asset Sale made in
compliance with Section 4.10, whether or not such consideration is
equal to or greater than $15.0 million;
(9) Investments
represented by guarantees that are otherwise permitted under this
Indenture;
(10) Investments
the payment for which is Qualified Capital Stock of the
Company;
(11) Investments
resulting from the creation of Liens on the assets of the Company
or any of its Restricted Subsidiaries in compliance with
Section 4.12;
(12) Investments
by the Company or any Restricted Subsidiary in connection with
grower loan programs in an amount not to exceed $75.0 million
at any one time outstanding;
(13) Investments
arising as a result of the exercise of any “put” or
similar rights of minority holders of Restricted Subsidiaries or
“call” or similar rights of the Company in existence as
of the Issue Date; and
(14) advances to
employees, directors and officers of the Company and its Restricted
Subsidiaries in the ordinary course of business for bona fide
business purposes.
“
Permitted Liens ” means the following types of
Liens:
(1) Liens existing
as of the Issue Date to the extent and in the manner such Liens are
in effect on the Issue Date;
(2) Liens securing
Indebtedness and any other Obligations under (x) the Credit
Agreements to the extent such Indebtedness is permitted by clause
(2) or clause (22) of the definition of “Permitted
Indebtedness,” (y) Interest Swap Obligations, Currency
Agreements and cash management obligations which are, pursuant to
the terms of the Credit Agreements, permitted to be secured on a
pari passu basis with the Liens securing Indebtedness under either
Credit Agreement and (z) letters of credit permitted under
clause (9) or (15) of the definition of “Permitted
Indebtedness”;
(3) Liens securing
Pari Passu Junior Lien Obligations in an aggregate principal amount
not to exceed the greater of (x) the excess of (A)
$500,000,000 over (B) the principal amount of then outstanding
Initial Notes and (y) the amount that would not cause the
Secured Leverage Ratio as of the date of the incurrence and
immediately after giving effect to the incurrence thereof to exceed
3.75 to 1.0;
(4) Liens securing
the Initial Notes and the related Guarantees;
-24-
(5) Liens of the
Company or a Restricted Subsidiary of the Company on assets of any
Restricted Subsidiary of the Company;
(6) Liens securing
Refinancing Indebtedness which is incurred to Refinance any
Indebtedness which has been secured by a Lien permitted under this
Indenture and which has been incurred in accordance with the
provisions of this Indenture; provided , however ,
that such Liens: (i) are no less favorable to the Holders in
any material respect and are not more favorable to the lienholders
in any material respect with respect to such Liens than the Liens
in respect of the Indebtedness being Refinanced; and (ii) do
not extend to or cover any property or assets of the Company or any
of its Restricted Subsidiaries not securing the Indebtedness so
Refinanced;
(7) Liens for
taxes, assessments or governmental charges or claims either
(a) not delinquent or (b) contested in good faith by
appropriate proceedings and as to which the Company or its
Restricted Subsidiaries shall have set aside on their books such
reserves as may be required pursuant to GAAP;
(8) statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics,
suppliers, materialmen, repairmen, maritime and other Liens imposed
by law incurred in the ordinary course of business for sums not yet
delinquent or being contested in good faith, if such reserve or
other appropriate provision, if any, as shall be required by GAAP
shall have been made in respect thereof;
(9) Liens incurred
or deposits made in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other
types of social security, including any Lien securing letters of
credit issued in the ordinary course of business consistent with
past practice in connection therewith, or to secure the performance
of tenders, statutory obligations, surety and appeal bonds, bids,
leases, government contracts, performance and return-of-money bonds
and other similar obligations or to secure or which results from
required payments or deposits in connection with litigation (in
each case, exclusive of obligations for the payment of borrowed
money);
(10) judgment
Liens (other than with respect to judgments that cause an Event of
Default under this Indenture) so long as such Lien is adequately
bonded and any appropriate legal proceedings which may have been
duly initiated for the review of such judgment shall not have been
finally terminated or the period within which such proceedings may
be initiated shall not have expired;
(11) easements,
rights-of-way, zoning restrictions and other similar charges or
encumbrances in respect of real property not interfering in any
material respect with the ordinary conduct of the business of the
Company or any of its Restricted Subsidiaries;
(12) any interest
or title of a lessor under any Capitalized Lease Obligation
permitted to be incurred under this Indenture; provided that
such Liens do not extend to
-25-
any property or
assets which is not leased property subject to such Capitalized
Lease Obligation;
(13) Liens
securing Purchase Money Indebtedness incurred in the ordinary
course of business; provided , however , that
(a) such Purchase Money Indebtedness shall not exceed the
purchase price or other cost of such property or equipment plus the
amount of reasonable fees and expenses incurred in connection with
such financing and shall not be secured by any property or
equipment of the Company or any Restricted Subsidiary of the
Company other than the property and equipment so acquired and
(b) the Lien securing such Purchase Money Indebtedness shall
be created within 120 days of such acquisition;
(14) Liens upon
specific items of inventory or other goods and proceeds of any
Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such
inventory or other goods;
(15) Liens
securing reimbursement obligations with respect to commercial
letters of credit which encumber documents and other property
relating to such letters of credit and products and proceeds
thereof;
(16) Liens
encumbering deposits made to secure obligations arising from
statutory, regulatory, contractual, or warranty requirements of the
Company or any of its Restricted Subsidiaries, including rights of
offset and set-off;
(17) Liens
securing Interest Swap Obligations which Interest Swap Obligations
relate to Indebtedness that is otherwise permitted pursuant to
clause (4) of the definition of “Permitted
Indebtedness”;
(18) Liens
securing Indebtedness under Currency Agreements and Commodities
Agreements permitted to be incurred pursuant to clause (5) of
the definition of “Permitted Indebtedness”;
(19) Liens
securing Acquired Indebtedness incurred in accordance with
Section 4.9; provided that:
(a) such Liens
secured such Acquired Indebtedness at the time of and prior to the
incurrence of such Acquired Indebtedness by the Company or a
Restricted Subsidiary of the Company and were not granted in
connection with, or in anticipation of, the incurrence of such
Acquired Indebtedness by the Company or a Restricted Subsidiary of
the Company; and
(b) such Liens do
not extend to or cover any property or assets of the Company or of
any of its Restricted Subsidiaries other than the property or
assets
-26-
that secured
the Acquired Indebtedness prior to the time such Indebtedness
became Acquired Indebtedness of the Company or a Restricted
Subsidiary of the Company and are no more favorable to the
lienholders than those securing the Acquired Indebtedness prior to
the incurrence of such Acquired Indebtedness by the Company or a
Restricted Subsidiary of the Company;
(20) Liens on
assets of a Restricted Subsidiary of the Company that is not a
Guarantor to secure Indebtedness of such Restricted Subsidiary that
is otherwise permitted under this Indenture;
(21) leases,
subleases, licenses and sublicenses granted to others that do not
materially interfere with the ordinary course of business of the
Company and its Restricted Subsidiaries;
(22)
banker’s Liens, rights of setoff and similar Liens with
respect to cash and Cash Equivalents on deposit in one or more bank
accounts in the ordinary course of business;
(23) Liens arising
from filing Uniform Commercial Code financing statements regarding
leases; and
(24) Liens in
favor of customs and revenue authorities arising as a matter of law
to secure payments of custom duties in connection with the
importation of goods.
“
Person ” means an individual, partnership,
corporation, limited liability company, unincorporated
organization, trust or joint venture, or any entity similar to any
of the foregoing organized under the laws of other countries, or a
governmental agency or political subdivision thereof.
“Pledge Agreement” means the pledge agreement to
be dated as of the Issue Date between the Collateral Agent, the
Company and each Pledgor (as defined therein), as amended,
modified, restated, supplemented or replaced from time to
time.
“
Preferred Stock ” of any Person means any Capital
Stock of such Person that has preferential rights to any other
Capital Stock of such Person with respect to dividends or
redemptions or upon liquidation.
“
Private Placement Legend ” means the legend set forth
in Section 2.6(g)(1) hereof to be placed on all Notes issued
under this Indenture except where otherwise permitted by the
provisions of this Indenture.
“
Purchase Date ” means, with respect to any Note to be
repurchased, the date fixed for such repurchase by or pursuant to
this Indenture.
“
Purchase Money Indebtedness ” means Indebtedness of
the Company and its Restricted Subsidiaries incurred in the normal
course of business for the purpose of financing all or any part of
the purchase price, or the cost of installation, construction or
improvement, of property or equipment.
“
Purchase Price ” means the amount payable for the
repurchase of any Note on a Purchase Date, exclusive of accrued and
unpaid interest and Additional Interest (if any) thereon to the
Purchase Date, unless otherwise specifically provided.
“
QIB ” means a qualified institutional buyer as defined
in Rule 144A under the Securities Act.
“
Qualified Capital Stock ” means any Capital Stock that
is not Disqualified Capital Stock.
“
Redemption Date ” means, with respect to any Note to
be redeemed, the date fixed for such redemption by or pursuant to
this Indenture.
“
Redemption Price ” means the amount payable for the
redemption of any Note on a Redemption Date, exclusive of’
accrued and unpaid interest and Additional Interest (if any)
thereon to the Redemption Date, unless otherwise specifically
provided.
“
Refinance ” means, in respect of any security or
Indebtedness, to refinance, extend, renew, refund, repay, prepay,
redeem, defease or retire, or to issue a security or Indebtedness
in exchange or replacement for, such security or Indebtedness in
whole or in part. “ Refinanced ” and “
Refinancing ” shall have correlative
meanings.
“
Refinancing Indebtedness ” means any Refinancing by
the Company or any Restricted Subsidiary of the Company of
Indebtedness incurred in accordance with Section 4.9 (other
than pursuant to clauses (2), (4), (5), (6), (7), (8), (9), (10),
(12), (13) through (20) and (22) of the definition
of “Permitted Indebtedness”), in each case that does
not:
(1) result in an
increase in the aggregate principal amount of Indebtedness of such
Person as of the date of such proposed Refinancing above the sum of
(i) the aggregate principal amount of such Indebtedness, plus
(ii) the accrued interest on and the amount of any premium
required to be paid under the terms of the instrument governing
such Indebtedness, plus (iii) the amount of reasonable
expenses incurred by the Company in connection with such
Refinancing; or
(2) create
Indebtedness with: (a) a Weighted Average Life to Maturity
that is less than the Weighted Average Life to Maturity of the
Indebtedness being Refinanced; or (b) a final maturity earlier
than the final maturity of the Indebtedness being
Refinanced;
-28-
provided that (x) if such Indebtedness being
Refinanced is Indebtedness solely of the Company (and is not
otherwise guaranteed by a Restricted Subsidiary of the Company),
then such Refinancing Indebtedness shall be Indebtedness solely of
the Company and (y) if such Indebtedness being Refinanced is
subordinate or junior to the Notes or the Guarantees, then such
Refinancing Indebtedness shall be subordinate to the Notes or the
Guarantees, as the case may be, at least to the same extent and in
the same manner as the Indebtedness being Refinanced.
“
Registration Rights Agreement ” means the registration
rights agreement dated as of the Issue Date among the Company, the
Guarantors and the Initial Purchasers.
“
Regulation S ” means Regulation S as
promulgated under the Securities Act.
“
Regulation S Global Note ” means a Global Note
substantially in the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited
with or on behalf of and registered in the name of the Depositary
or its nominee.
“
Representative ” means the indenture trustee or other
trustee, agent or representative in respect of any Guarantor Senior
Debt; provided that if, and for so long as, any Guarantor
Senior Debt lacks such a representative, then the Representative
for such Guarantor Senior Debt shall at all times constitute the
holders of a majority in outstanding principal amount of such
Guarantor Senior Debt.
“
Responsible Officer ” shall mean, when used with
respect to the Trustee, any officer within the corporate trust
department of the Trustee, including any vice president, assistant
vice president, assistant secretary, assistant treasurer, trust
officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at
the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this
Indenture.
“
Restricted Definitive Note ” means a Definitive Note
that is a Restricted Note.
“
Restricted Global Note ” means a Global Note that is a
Restricted Note.
“
Restricted Note ” has the meaning set forth in
Rule 144(a)(3) under the Securities Act for the term
“restricted securities”; provided ,
however , that the Trustee shall be entitled to request and
conclusively rely upon an Opinion of Counsel with respect to
whether any Note is a Restricted Note. Restricted Notes are
required to bear the Private Placement Legend.
“
Restricted Period ” means the 40-day distribution
compliance period as defined in Regulation S.
“
Restricted Subsidiary ” of any Person means any
Subsidiary of such Person which at the time of determination is not
an Unrestricted Subsidiary.
-29-
“
Rule 144 ” means Rule 144 promulgated under
the Securities Act.
“
Rule 144A ” means Rule 144A promulgated
under the Securities Act.
“
Rule 405 ” means Rule 405 promulgated under
the Securities Act.
“
Rule 903 ” means Rule 903 promulgated under
the Securities Act.
“
Rule 904 ” means Rule 904 promulgated under
the Securities Act.
“
Sale and Leaseback Transaction ” means any direct or
indirect arrangement with any Person or to which any such Person is
a party, providing for the leasing to the Company or a Restricted
Subsidiary of any property, whether owned by the Company or any
Restricted Subsidiary at the Issue Date or later acquired, which
has been or is to be sold or transferred by the Company or such
Restricted Subsidiary to such Person or to any other Person from
whom funds have been or are to be advanced by such Person on the
security of such property.
“
Secured Indebtedness ” means, on any date, the
principal amount of Indebtedness of the Company and its Restricted
Subsidiaries secured by a Lien on any assets of the Company or any
Restricted Subsidiary on such date that would be required to be
reflected as liabilities of the Company on a consolidated balance
sheet (excluding the notes thereto) of the Company prepared on such
date in accordance with GAAP.
“
Secured Leverage Ratio ” means, on any date, the ratio
of (x) Secured Indebtedness on such date to
(y) Consolidated EBITDA of the Company during the four full
fiscal quarters (the “ Four Quarter Period ”)
ending prior to the date of the transaction giving rise to the need
to calculate the Secured Leverage Ratio for which financial
statements are available (the “ Transaction Date
”). For purposes of this definition, “Consolidated
EBITDA” and “Secured Indebtedness” shall be
calculated after giving effect on a pro forma basis for the
period of such calculation to:
(1) the incurrence
or repayment of any Indebtedness of such Person or any of its
Restricted Subsidiaries (and the application of the proceeds
thereof) giving rise to the need to make such calculation and any
incurrence or repayment of other Indebtedness (and the application
of the proceeds thereof); and
(2) any Asset
Sales or other disposition or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need
to make such calculation as a result of such Person or one of its
Restricted Subsidiaries (including any Person who becomes a
Restricted Subsidiary as a result of the Asset Acquisition)
incurring, assuming or otherwise being liable for Acquired
Indebtedness and also including any Consolidated EBITDA
attributable to the assets which are the subject of the Asset
Acquisition or Asset Sale or other disposition during the Four
Quarter Period) occurring during the Four Quarter Period or at any
time subsequent to the last day of the Four Quarter Period and on
or
-30-
prior to the
Transaction Date, as if such Asset Sale or other disposition or
Asset Acquisition (including the incurrence, assumption or
liability for any such Acquired Indebtedness) occurred on the first
day of the Four Quarter Period.
For
purposes of this definition, whenever pro forma effect is to be
given to an Asset Acquisition and the amount of income or earnings
relating thereto, the pro forma calculations shall be determined in
good faith by a responsible financial or accounting Officer of the
Company and shall comply with the requirements of Rule 11-02
of Regulation S-X promulgated by the Commission, except that
such pro forma calculations may include operating expense
reductions for such period resulting from the acquisition which is
being given pro forma effect that have been realized or for which
the steps necessary for realization have been taken or are
reasonably expected to be taken within six months following any
such Asset Acquisition, including, but not limited to, the
execution or termination of any contracts, the termination of any
personnel or the closing (or approval by the Board of Directors of
the Company of any closing) of any facility, as applicable,
provided that, in either case, such adjustments are set
forth in an Officers’ Certificate signed by the
Company’s chief financial officer and another Officer which
states (i) the amount of such adjustment or adjustments,
(ii) that such adjustment or adjustments are based on the
reasonable good faith beliefs of the Officers executing such
Officers’ Certificate at the time of such execution and
(iii) that any related incurrence of Indebtedness is permitted
pursuant to this Indenture.
“
Securities Act ” means the Securities Act of 1933, as
amended, or any successor statute or statutes thereto.
“
Security Agreement ” means the security agreement
dated as of the Issue Date among the Collateral Agent, the Company
and the Grantors (as defined therein).
“
Security Documents ” means the Security Agreement, the
Pledge Agreement, the Intercreditor Agreement and each other
document entered into to grant a security interest in the
Collateral to the Collateral Agent for the benefit of the Holders
of Notes.
“
Shelf Registration Statement ” has the meaning set
forth in the Registration Rights Agreement.
“
Significant Subsidiary ,” with respect to any Person,
means any Restricted Subsidiary of such Person that satisfies the
criteria for a “significant subsidiary” set forth in
Rule 1.02(w) of Regulation S-X under the Exchange
Act.
“
Subordinated Indebtedness ” means Indebtedness of the
Company or any Guarantor that is subordinate or junior in right of
payment to the Notes or the Guarantee of such Guarantor, as the
case may be.
-31-
“
Subsidiary ,” with respect to any Person,
means:
(1) any
corporation, association or other business entity of which the
outstanding Capital Stock having at least a majority of the votes
entitled to be cast in the election of directors, managers or
trustees of such corporation, association or other business entity
under ordinary circumstances shall at the time be owned, directly
or indirectly, by such Person and its Subsidiaries; or
(2) any
partnership (a) the sole general partner or the managing
partner of which is such Person or a Subsidiary of such Person or
(b) the only general partners of which are such Person and its
Subsidiaries.
“
Term Collateral Agent ” has the meaning set forth in
the Intercreditor Agreement.
“
Term Credit Agreement ” means the Credit Agreement,
dated as of April 12, 2006, by and among Holdings, Dole
Holding Company, LLC, the Company, Solvest, Ltd., the financial
institutions party thereto in their capacities as lenders
thereunder, DBNY, as Administrative Agent and as Deposit Bank, Banc
of America Securities LLC, as Syndication Agent, the Bank of Nova
Scotia, as Documentation Agent, and DBSI, as lead arranger and sole
book running manager, together with the related documents thereto
(including, without limitation, any guarantee agreements and
security documents), in each case as such agreements may be amended
(including any amendment and restatement thereof), supplemented or
otherwise modified from time to time, including any agreement
extending the maturity of, refinancing, replacing or otherwise
restructuring (including, without limitation, increasing the amount
of available borrowings thereunder or adding Restricted
Subsidiaries of the Company as additional borrowers or guarantors
thereunder) all or any portion of the Indebtedness under such
agreement or any successor or replacement agreement or agreements
and whether by the same or any other agent, lender or group of
lenders.
“
TIA ” means the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date on which this
Indenture is qualified under the TIA; provided that in the
event the Trust Indenture Act of 1939 is amended after such date,
“TIA” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so
amended.
“
Term Security Documents ” has the meaning set forth in
the Intercreditor Agreement.
“
TL Priority Collateral ” has the meaning set forth in
the Intercreditor Agreement.
“
Third Priority ” has the meaning set forth in the
Intercreditor Agreement.
“
Trustee ” means the party named as such above until a
successor replaces it in accordance with the applicable provisions
of this Indenture, and thereafter means the successor serving
hereunder.
-32-
“
Unrestricted Definitive Note ” means a Definitive Note
that is an Unrestricted Note.
“
Unrestricted Global Note ” means a Global Note that is
an Unrestricted Note.
“
Unrestricted Notes ” means one or more Notes that do
not and are not required to bear the Private Placement Legend
including, without limitation, the Exchange Notes, any Notes sold
in connection with an effective Shelf Registration Statement
pursuant to the Registration Rights Agreement, any Notes from which
the Private Placement Legend has been removed in accordance with
Section 2.7(g) and, with respect to Unrestricted Global Notes,
Notes in which a Holder acquires an interest pursuant to
Section 2.7(j).
“
Unrestricted Subsidiary ” of any Person
means:
(1) any Subsidiary
of such Person that at the time of determination shall be or
continue to be designated an Unrestricted Subsidiary by the Board
of Directors of such Person in the manner provided below;
and
(2) any Subsidiary
of an Unrestricted Subsidiary.
The
Board of Directors may designate any Subsidiary (including any
newly acquired or newly formed Subsidiary) to be an Unrestricted
Subsidiary unless such Subsidiary owns any Capital Stock of, or
owns or holds any Lien on any property of, the Company or any other
Subsidiary of the Company that is not a Subsidiary of the
Subsidiary to be so designated; provided that:
(1) the Company
certifies to the Trustee that such designation complies with
Section 4.7 hereof; and
(2) each
Subsidiary to be so designated and each of its Subsidiaries has not
at the time of designation, and does not thereafter, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly
liable with respect to any Indebtedness pursuant to which the
lender has recourse to any of the assets of the Company or any of
its Restricted Subsidiaries.
For
purposes of making the determination of whether any such
designation of a Subsidiary as an Unrestricted Subsidiary complies
with Section 4.7, the portion of the fair market value of the
net assets of such Subsidiary of the Company at the time that such
Subsidiary is designated as an Unrestricted Subsidiary that is
represented by the interest of the Company and its Restricted
Subsidiaries in such Subsidiary, in each case as determined in good
faith by the Board of Directors of the Company, shall be deemed to
be an Investment. Such designation will be permitted only if such
Investment would be permitted at such time under Section 4.7
hereof.
-33-
The
Board of Directors may designate any Unrestricted Subsidiary to be
a Restricted Subsidiary only if:
(1) immediately
after giving effect to such designation, the Company is able to
incur at least $1.00 of additional Indebtedness (other than
Permitted Indebtedness) in compliance with Section 4.9(a)
hereof; and
(2) immediately
before and immediately after giving effect to such designation, no
Default or Event of Default shall have occurred and be
continuing.
Any such
designation by the Board of Directors shall be evidenced to the
Trustee by promptly filing with the Trustee a copy of the Board
Resolution giving effect to such designation and an Officers’
Certificate certifying that such designation complied with the
foregoing provisions.
“
U.S. Government Obligations ” shall mean securities
which are (i) direct obligations of the United States of
America for the payment of which its full faith and credit is
pledged or (ii) obligations of a person controlled or
supervised by and acting as an agency or instrumentality of the
United States of America, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank or trust company as
custodian with respect to any such U.S. Government Obligations or a
specific payment of interest on or principal of any such U.S.
Government Obligations held by such custodian for the account of
the holder of a depository receipt; provided that (except as
required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the
U.S. Government Obligations or the specific payment of interest on
or principal of the U.S. Government Obligations evidenced by such
depository receipt.
“
U.S. Person ” means any U.S. person as defined in
Regulation S.
“
Weighted Average Life to Maturity ” means, when
applied to any Indebtedness at any date, the number of years
obtained by dividing (a) the then outstanding aggregate
principal amount of such Indebtedness into (b) the sum of the
total of the products obtained by multiplying (i) the amount
of each then remaining installment, sinking fund, serial maturity
or other required payment of principal, including payment at final
maturity, in respect thereof, by (ii) the number of years
(calculated to the nearest one-twelfth) which will elapse between
such date and the making of such payment.
“
Wholly Owned Restricted Subsidiary ” of any Person
means any Wholly Owned Subsidiary of such Person which at the time
of determination is a Restricted Subsidiary of such
Person.
“
Wholly Owned Subsidiary ” of any Person means any
Subsidiary of such Person of which all the outstanding voting
securities (other than in the case of a foreign Subsidiary,
di-
-34-
rectors’
qualifying shares or an immaterial amount of shares required to be
owned by other Persons pursuant to applicable law) are owned by
such Person or any Wholly Owned Subsidiary of such
Person.
Section 1.2. Other Definitions
.
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Term
|
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Defined in Section
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6.2
|
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1.5
|
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|
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4.11
|
|
|
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2.2
|
“Change of Control Offer”
|
|
4.15
|
“Change of Control Offer
Period”
|
|
3.9
|
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8.3
|
|
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2.3
|
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6.1
|
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|
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4.24
|
“Event of Loss Offer
Amount”
|
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4.24
|
“Event of Loss Offer Payment
Date”
|
|
4.24
|
“Event of Loss Offer Trigger
Date”
|
|
4.24
|
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4.9
|
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8.2
|
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4.10
|
“Net Proceeds Offer
Amount”
|
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4.10
|
“Net Proceeds Offer Payment
Date
|
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4.10
|
“Net Proceeds Offer Trigger
Date”
|
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4.10
|
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10.2
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3.7
|
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2.3
|
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10.2
|
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10.2
|
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10.2
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2.3
|
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4.24
|
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4.7
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3.8
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5.1
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Section 1.3. Incorporation by Reference
of Trust Indenture Act .
Whenever
this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this
Indenture.
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The
following TIA terms used in this Indenture have the following
meanings:
“indenture
securities” means the Notes;
“indenture
security holder” means a Holder;
“indenture
to be qualified” means this Indenture;
“indenture
trustee” or “institutional trustee” means the
Trustee;
“obligor”
on the Notes means the Company and any successor obligor upon the
Notes.
All
other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by
Commission rule under the TIA have the meanings so assigned to
them.
Section 1.4. Rules of Construction
.
Unless
the context otherwise requires:
(a) a
term has the meaning assigned to it;
(b) an
accounting term not otherwise defined has the meaning assigned to
it in accordance with GAAP;
(c)
“or” is not exclusive;
(d) words
in the singular include the plural, and in the plural include the
singular;
(e) provisions
apply to successive events and transactions; and
(f) references
to sections of or rules under the Securities Act, the Exchange Act
and the TIA shall be deemed to include substitute, replacement and
successor sections or rules adopted by the Commission from time to
time.
Section 1.5. Acts of Holders
.
(a) Any
request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company. Such
in-
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strument or
instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “ Act ”
of Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture
and (subject to Section 7.1) conclusive in favor of the
Trustee and the Company, if made in the manner provided in this
Section.
(b) The
fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other
officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing
acknowledged to him or her the execution thereof. Where such
execution is by an officer of a corporation or a member of a
partnership, on behalf of such corporation or partnership, such
certificate or affidavit shall also constitute sufficient proof of
his or her authority.
(c) The
ownership of Notes shall be proved by the register maintained by
the Registrar.
(d) Any
request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon
the registration of transfer thereof or in exchange therefor or in
lieu thereof in respect of anything done or suffered to be done by
the Trustee or the Company in reliance thereon, whether or not
notation of such action is made upon such Note.
Section 2.1. Form and Dating
.
(a)
General . The Notes and the Trustee’s certificate of
authentication relating thereto shall be substantially in the form
of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage in
addition to those set forth in Exhibit A hereto. Each Note
shall be dated the date of its authentication. The Notes shall be
in denominations of $1,000 and integral multiples
thereof.
The
terms and provisions contained in the Notes and Guarantees shall
constitute, and are hereby expressly made, a part of this Indenture
and the Company, the Guarantors and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be
controlling.
(b)
Global Notes . Notes offered and sold in reliance on
Rule 144A shall be issued initially in the form of one or more
permanent Restricted Global Notes. Notes in global
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form will be
substantially in the form of Exhibit A hereto (including the
Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Notes
initially issued to or transferred to affiliates (as defined in
Rule 144) of the Company shall only be issued in definitive
form and shall be substantially in the form of Exhibit A
hereto (but without the Global Note Legend thereon and without the
“Schedule of Exchanges of Interests in the Global Note”
attached thereto). Each Global Note will represent such of the
outstanding Notes as will be specified therein and each shall
provide that it represents the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the
aggregate principal amount of outstanding Notes represented thereby
may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note
to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be
made by the Trustee or the Custodian, at the direction of the
Trustee, in accordance with instructions given by the Holder
thereof as required by Section 2.6 hereof. Unless and until
exchanged for an Exchange Note or sold in connection with an
effective Shelf Registration Statement pursuant to the Registration
Rights Agreement, affiliates of the Company may only hold an
interest in Notes in the form of Definitive Notes and are
prohibited from taking a beneficial interest in one or more Global
Notes.
Section 2.2. Execution and
Authentication .
One
Officer of the Company shall sign the Notes for the Company by
manual or facsimile signature.
If
an Officer whose signature is on a Note was an Officer at the time
of such execution but no longer holds that office or position at
the time a Note is authenticated, the Note shall nevertheless be
valid. Each Guarantor shall execute a Guarantee in the manner set
forth in Section 11.7.
A
Note shall not be valid until authenticated by the manual signature
of the Trustee. The signature shall be conclusive evidence that the
Note has been authenticated under this Indenture.
The
Trustee, upon a written order of the Company signed by two Officers
of the Company (an “ Authentication Order ”),
together with the other documents required by Sections 14.4
and 14.5 hereof, shall authenticate Notes for original issue that
may be validly issued under this Indenture, including any
Additional Notes. The Authentication Order shall set forth the
number of separate Notes certificates, the principal amount of each
of the Notes to be authenticated, the date on which the Notes are
to be authenticated, the registered Holder of each of the Notes and
instructions as to where such Notes shall be delivered. The
aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate principal amount of Notes authorized for
issuance by the Company pursuant to one or more Authentication
Orders, except as provided in Section 2.7 hereof. Any
Additional Notes shall be part of the same issue as the Notes being
issued on the Issue Date and will vote on all matters as one class
with the Notes
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being issued on
the Issue Date, including, without limitation, waivers, amendments,
redemptions, Change of Control Offers, Net Proceeds Offers and
Event of Loss Offers. For the purposes of this Indenture, except
for Section 4.9 hereof, references to the Notes include
Additional Notes, if any.
The
Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Notes. Unless otherwise provided in the
appointment, an authenticating agent may authenticate Notes
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to
deal with the Company or with any Affiliate of the
Company.
Section 2.3. Registrar and Paying
Agent .
The
Company shall maintain an office or agency where Notes may be
presented or surrendered for registration of transfer or for
exchange (“ Registrar ”) and an office or agency
where Notes may be presented for payment (“ Paying
Agent ”). The Registrar shall keep a register of the
Notes and of their transfer and exchange. At the option of the
Company, payment of interest and Additional Interest may be made by
check mailed to the Holders at their addresses set forth in the
register of Holders; provided that payment by wire transfer
of immediately available funds will be required with respect to
principal, Redemption Price and Purchase Price of, and interest and
Additional Interest (if any) on, all Global Notes and all other
Notes the Holders of which shall have provided wire transfer
instructions to the Trustee or the Paying Agent. The Company may
appoint one or more co-registrars and one or more additional paying
agents. The term “Registrar” includes any co-registrar
and the term “Paying Agent” includes any additional
paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company shall notify the Trustee
in writing of the name and address of any Paying Agent not a party
to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act
as such. The Company may act as Paying Agent or Registrar. The
Depositary shall, by acceptance of a Global Note, agree that
transfers of beneficial interests in such Global Note may be
effected only through a book-entry system maintained by the
Depositary (or its agent), and that ownership of a beneficial
interest in the Note shall be required to be reflected in a book
entry.
The
Company initially appoints The Depository Trust Company (“
DTC ”) to act as Depositary with respect to the Global
Notes.
The
Company initially appoints the Trustee to act as the Registrar and
Paying Agent and to act as Custodian with respect to the Global
Notes, until such time as the Trustee has resigned or a successor
has been appointed.
Section 2.4. Paying Agents To Hold Money
in Trust .
The
Company shall require each Paying Agent other than the Trustee to
agree in writing that such Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all
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money held by
the Paying Agent for the payment of principal and of any premium,
if any, interest and Additional Interest, if any, on the Notes, and
shall notify the Trustee in writing of any default by the Company
in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to
the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee and account for any money
disbursed. Upon payment over to the Trustee, the Paying Agent (if
other than the Company) shall have no further liability for the
money. If the Company acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of the Holders all
money held by it as Paying Agent. Upon any bankruptcy or
reorganization proceedings relating to the Company, the Trustee
shall serve as Paying Agent for the Notes.
Section 2.5. Holder Lists
.
The
Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA §
312(a). If the Trustee is not the Registrar, the Company shall
furnish or cause the Registrar to furnish to the Trustee at least
five Business Days before each interest payment date and at such
other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of
the names and addresses of the Holders of Notes and the Company
shall otherwise comply with TIA § 312(a).
Section 2.6. Transfer and Exchange
.
(a)
Transfer and Exchange of Global Notes . A Global Note may
not be transferred except as a whole by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary
or to another nominee of the Depositary, or by the Depositary or
any such nominee to a successor Depositary or a nominee of such
successor Depositary. All Global Notes will be exchanged by the
Company for Definitive Notes if:
(1) the Company
delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is
no longer a clearing agency registered under the Exchange Act and,
in either case, a successor Depositary is not appointed by the
Company within 90 days after the date of such notice from the
Depositary; or
(2) any Holder so
requests.
Upon
the occurrence of either of the preceding events in (1) or
(2) above, Definitive Notes shall be issued in such names as
the Depositary shall instruct the Trustee. Global Notes also may be
exchanged or replaced, in whole or in part, as provided in
Sections 2.7 and 2.10 hereof.
(b)
Transfer and Exchange of Beneficial Interests in the Global
Notes . The transfer and exchange of beneficial interests in
the Global Notes will be effected through the
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Depositary, in
accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes
will be subject to restrictions on transfer comparable to those set
forth herein to the extent required by the Securities Act.
Transfers of beneficial interests in the Global Notes also will
require compliance with either subparagraph (1) or (2) below,
as applicable, as well as one or more of the other following
subparagraphs, as applicable:
(1) Transfer of
Beneficial Interests in the Same Global Note . Beneficial
interests in any Restricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial
interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend;
provided , however , that prior to the expiration of
the Restricted Period, transfers of beneficial interests in the
Regulation S Global Note may not be made to a U.S. Person or
for the account or benefit of a U.S. Person (other than the Initial
Purchasers). Beneficial interests in any Unrestricted Global Note
may be transferred to Persons who take delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note. No written
orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this
Section 2.6(b)(1).
(2) All Other
Transfers and Exchanges of Beneficial Interests in Global Notes
. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.6(b)(1) above, the
transferor of such beneficial interest must deliver to the
Registrar either:
(i) a written
order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing
the Depositary to credit or cause to be credited a beneficial
interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and
(ii) instructions
from the Depositary given in accordance with the Applicable
Procedures containing information regarding the Participant account
to be credited with such increase; or
(i) a written
order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing
the Depositary to cause to be issued a Definitive Note in an amount
equal to the beneficial interest to be transferred or exchanged;
and
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(ii) instructions
given by the Depositary to the Registrar containing information
regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in
(1) above.
Upon consummation
of an Exchange Offer by the Company in accordance with
Section 2.6(f) hereof, the requirements of this
Section 2.6(b)(2) shall be deemed to have been satisfied upon
receipt by the Registrar of the instructions contained in the
Letter of Transmittal delivered by the Holder of such beneficial
interests in the Restricted Global Notes. Upon satisfaction of all
of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the Notes
or otherwise applicable under the Securities Act, the Trustee shall
adjust the principal amount of the relevant Global Note(s) pursuant
to Section 2.6(h) hereof.
(3) Transfer of
Beneficial Interests to Another Restricted Global Note . A
beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a
beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.6(b)(2)
above and the Registrar receives the following:
(A) if the
transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; and
(B) if the
transferee will take delivery in the form of a beneficial interest
in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.
(4) Transfer
and Exchange of Beneficial Interests in a Restricted Global Note
for Beneficial Interests in an Unrestricted Global Note . A
beneficial interest in any Restricted Global Note may be exchanged
by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note
if the exchange or transfer complies with the requirements of
Section 2.6(b)(2) above and:
(A) such exchange
or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of
the beneficial interest to be transferred, in the case of an
exchange, or the transferee, in the case of a transfer, certifies
in the applicable Letter of Transmittal that it is not (i) a
Broker-Dealer, (ii) a Person participating in the distribution
of the Exchange Notes or (iii) a Person who is an affiliate
(as defined in Rule 144) of the Company;
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(B) such transfer
is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;
(C) such transfer
is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights
Agreement; or
(D) the Registrar
receives the following:
(i) if the holder
of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an
Unrestricted Global Note, a certificate from such holder in the
form of Exhibit C hereto, including the certifications in item
(1)(a) thereof; or
(ii) if the holder
of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take
delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note, a certificate from such holder in the
form of Exhibit B hereto, including the certifications in item
(4) thereof;
and, in each
such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of
Counsel in a form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.
If any such
transfer is effected pursuant to subparagraph (B) or
(D) above at a time when an Unrestricted Global Note has not
yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.2 hereof,
the Trustee shall authenticate one or more Unrestricted Global
Notes in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred pursuant to
subparagraph (B) or (D) above.
Beneficial
interests in an Unrestricted Global Note cannot be exchanged for,
or transferred to Persons who take delivery thereof in the form of,
a beneficial interest in a Restricted Global Note.
(c)
Transfer or Exchange of Beneficial Interests for Definitive
Notes .
(1)
Beneficial Interests in Restricted Global Notes to Restricted
Definitive Notes . If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note or to transfer such
beneficial interest to a
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Person who
takes delivery thereof in the form of a Restricted Definitive Note,
then, upon receipt by the Registrar of written instructions from
the Depositary, including registration instructions and the
following documentation:
(A) if the holder
of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note,
a certificate from such holder in the form of Exhibit C
hereto, including the certifications in item (2)(a)
thereof;
(B) if such
beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item
(1) thereof;
(C) if such
beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or
Rule 904, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item
(2) thereof;
(D) if such
beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in
accordance with Rule 144, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in
item (3)(a) thereof;
(E) if such
beneficial interest is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(b)
thereof; or
(F) if such
beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to
the effect set forth in Exhibit B hereto, including the
certifications in item (3)(c) thereof,
the Trustee
shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.6(h)
hereof, and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount.
Any Definitive Note issued in exchange for a beneficial interest in
a Restricted Global Note pursuant to this Section 2.6(c) shall
be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the
Depositary and the Participant or Indirect Participant. The Trustee
shall deliver such Definitive Notes to the Persons in whose names
such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.6(c)(1) shall bear the Private
Placement Legend and shall be subject to all restrictions on
transfer contained therein.
(2)
Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes . A holder of a beneficial interest in a
Restricted Global Note may exchange such benefi-
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cial interest
for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note only if:
(A) such exchange
or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of
such beneficial interest, in the case of an exchange, or the
transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (i) a Broker-Dealer,
(ii) a Person participating in the distribution of the
Exchange Notes or (iii) a Person who is an affiliate (as
defined in Rule 144) of the Company;
(B) such transfer
is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;
(C) such transfer
is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights
Agreement; or
(D) the Registrar
receives the following:
(i) if the holder
of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for an Unrestricted Definitive
Note, a certificate from such holder in the form of Exhibit C
hereto, including the certifications in item (1)(b) thereof;
or
(ii) if the holder
of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Note, a
certificate from such holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;
and, in each
such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of
Counsel in a form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.
(3)
Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes . If any holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such
beneficial interest for a Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the
form of a Definitive Note, then, upon satisfaction of the
conditions set forth in Section 2.6(b)(2) hereof, the Trustee
will cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.6(h)
hereof, and the Company will execute and the Trustee will
authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount.
Any Defini-
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tive Note
issued in exchange for a beneficial interest pursuant to this
Section 2.6(c)(3) will be registered in such name or names and
in such authorized denomination or denominations as the holder of
such beneficial interest requests through instructions to the
Registrar from or through the Depositary and the Participant or
Indirect Participant. The Trustee will deliver such Definitive
Notes to the Persons in whose names such Notes are so registered.
Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.6(c)(3) will not bear the Private
Placement Legend.
(d)
Transfer and Exchange of Definitive Notes for Beneficial
Interests .
(1)
Restricted Definitive Notes to Beneficial Interests in
Restricted Global Notes . If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial
interest in a Restricted Global Note or to transfer such Restricted
Definitive Notes to a Person who takes delivery thereof in the form
of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation:
(A) if the Holder
of such Restricted Definitive Note proposes to exchange such Note
for a beneficial interest in a Restricted Global Note, a
certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (2)(b) thereof;
(B) if such
Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in
item (1) thereof;
(C) if such
Restricted Definitive Note is being transferred to a Non-U.S.
Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item
(2) thereof;
(D) if such
Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item
(3)(a) thereof;
(E) if such
Restricted Definitive Note is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(b)
thereof; or
(F) if such
Restricted Definitive Note is being transferred pursuant to an
effective registration statement under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(c) thereof,
the Trustee
will, upon surrender of the Restricted Definitive Note, cancel the
Restricted Definitive Note, increase or cause to be increased the
aggregate principal amount of, in the case of clause
(A) above, the appropriate Restricted Global Note, in the case
of clause
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(B) above,
the 144A Global Note, and in the case of clause (C) above, the
Regulation S Global Note.
(2)
Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes . A Holder of a Restricted Definitive
Note may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Restricted Definitive
Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note only
if:
(A) such exchange
or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder,
in the case of an exchange, or the transferee, in the case of a
transfer, certifies in the applicable Letter of Transmittal that it
is not (i) a Broker-Dealer, (ii) a Person participating
in the distribution of the Exchange Notes or (iii) a Person
who is an affiliate (as defined in Rule 144) of the
Company;
(B) such transfer
is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;
(C) such transfer
is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights
Agreement; or
(D) the Registrar
receives the following:
(i) if the Holder
of such Definitive Notes proposes to exchange such Notes for a
beneficial interest in the Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit C hereto, including
the certifications in item (1)(c) thereof; or
(ii) if the Holder
of such Definitive Notes proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of a beneficial
interest in the Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;
and, in each
such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of
Counsel in a form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.
Upon
satisfaction of the conditions of any of the subparagraphs in this
Section 2.6(d)(2) and surrender of the Definitive Notes to the
Trustee, the Trustee will cancel the Definitive Notes and increase
or cause to be increased the aggregate principal amount of the
Unrestricted Global Note.
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(3)
Unrestricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes . A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in
an Unrestricted Global Note or transfer such Definitive Notes to a
Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note at any time. Upon receipt
of a request for such an exchange or transfer and surrender of such
Unrestricted Definitive Note, the Trustee will cancel the
applicable Unrestricted Definitive Note and increase or cause to be
increased the aggregate principal amount of one of the Unrestricted
Global Notes.
If
any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (2)(B),
(2)(D) or (3) above at a time when an Unrestricted Global Note
has not yet been issued, the Company will issue and, upon receipt
of an Authentication Order in accordance with Section 2.2
hereof, the Trustee will authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the
principal amount of Definitive Notes so transferred.
(e)
Transfer and Exchange of Definitive Notes for Definitive
Notes . Upon request by a Holder of Definitive Notes and such
Holder’s compliance with the provisions of this Section
2.6(e), the Registrar will register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a
written instruction of transfer in a form satisfactory to the
Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder must
provide any additional certifications, documents and information,
as applicable, required pursuant to the following provisions of
this Section 2.6(e).
(1) Restricted
Definitive Notes to Restricted Definitive Notes . Any
Restricted Definitive Note may be transferred to and registered in
the name of Persons who take delivery thereof in the form of a
Restricted Definitive Note if the Registrar receives the
following:
(A) if the
transfer will be made pursuant to Rule 144A, then the
transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item
(1) thereof;
(B) if the
transfer will be made pursuant to Rule 903 or Rule 904,
then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item
(2) thereof; and
(C) if the
transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if
applicable.
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(2) Restricted
Definitive Notes to Unrestricted Definitive Notes . Any
Restricted Definitive Note may be exchanged by the Holder thereof
for an Unrestricted Definitive Note or transferred to a Person or
Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if:
(A) such
exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder,
in the case of an exchange, or the transferee, in the case of a
transfer, certifies in the applicable Letter of Transmittal that it
is not (i) a Broker-Dealer, (ii) a Person participating
in the distribution of the Exchange Notes or (iii) a Person
who is an affiliate (as defined in Rule 144) of the
Company;
(B) any such
transfer is effected pursuant to the Shelf Registration Statement
in accordance with the Registration Rights Agreement;
(C) any such
transfer is effected by a Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the Registration
Rights Agreement; or
(D) the
Registrar receives the following:
(i) if the Holder
of such Restricted Definitive Notes proposes to exchange such Notes
for an Unrestricted Definitive Note, a certificate from such Holder
in the form of Exhibit C hereto, including the certifications
in item (1)(d) thereof; or
(ii) if the Holder
of such Restricted Definitive Notes proposes to transfer such Notes
to a Person who shall take delivery thereof in the form of an
Unrestricted Definitive Note, a certificate from such Holder in the
form of Exhibit B hereto, including the certifications in item
(4) thereof;
and, in each
such case set forth in this subparagraph (D), if the Registrar so
requests, an Opinion of Counsel in a form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the
Securities Act.
(3)
Unrestricted Definitive Notes to Unrestricted Definitive
Notes . A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note. Upon receipt of a request to register
such a transfer, the Registrar shall register the Unrestricted
Definitive Notes pursuant to the instructions from the Holder
thereof.
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(f)
Exchange Offer . Upon the occurrence of the Exchange Offer
in accordance with the Registration Rights Agreement, the Company
will issue and, upon receipt of an Authentication Order in
accordance with Section 2.2 hereof, the Trustee will
authenticate:
(1) one or more
Unrestricted Global Notes in an aggregate principal amount equal to
the principal amount of the beneficial interests in the Restricted
Global Notes accepted for exchange in the Exchange Offer by Persons
that certify in the applicable Letters of Transmittal that
(A) they are not Broker-Dealers, (B) they are not
participating in a distribution of the Exchange Notes and
(C) they are not affiliates (as defined in Rule 144) of
the Company; and
(2) Unrestricted
Definitive Notes in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes accepted for
exchange in the Exchange Offer by Persons that certify in the
applicable Letters of Transmittal that (A) they are not
Broker-Dealers, (B) they are not participating in a
distribution of the Exchange Notes and (C) they are not
affiliates (as defined in Rule 144) of the Company.
Concurrently
with the issuance of such Notes, the Trustee will cause the
aggregate principal amount of the applicable Restricted Global
Notes to be reduced accordingly, and the Company will execute and
the Trustee will authenticate and deliver to the Persons designated
by the Holders of Definitive Notes so accepted Unrestricted
Definitive Notes not bearing the Private Placement Legend in the
appropriate principal amount.
(g)
Legends . The following legends will appear on the face of
all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions
of this Indenture.
(1)
Private Placement Legend .
(A) Unless and
until (x) a Note is exchanged for an Exchange Note or sold in
connection with an effective Shelf Registration Statement pursuant
to the Registration Rights Agreement, (y) with respect to a
Restricted Global Note, all of the beneficial interests in such
Restricted Global Note have been exchanged for beneficial interests
in the Unrestricted Global Note in accordance with
Section 2.6(j) or the Private Placement Legend has been
removed from such Restricted Global Note in accordance with
Section 2.6(b)(4), 2.6(c)(2), 2.6(d)(2) or 2.6(e)(2), or
(z) the Company determines and there is delivered to the
Trustee an Opinion of Counsel reasonably satisfactory to the
Trustee and a letter of representation of the Company reasonably
satisfactory to the Trustee to the effect that the following legend
and the related restrictions on transfer are not required in order
to maintain compliance with the provisions of the Securities Act,
each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in
substantially the following form:
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“THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) AND,
ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST
HEREIN, THE HOLDER:
(1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A
“QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING
THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S UNDER THE SECURITIES ACT,
(2) AGREES THAT IT
WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT
(A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) TO A
PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE) OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS, AND
(3) AGREES THAT IT
WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST
HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE
(2)(D) OR 2(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND.
IN CONNECTION WITH
ANY TRANSFER OF THIS SECURITY OR ANY INTEREST HEREIN WITHIN THE
TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE
APPRO-
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PRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER
AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE
TERMS “OFFSHORE TRANSACTION,” “UNITED
STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN
TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES
ACT.”
(B)
Notwithstanding the foregoing, any Global Note or Definitive Note
issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2),
(d)(3), (e)(2), (e)(3) or (f) of this Section 2.6 (and
all Notes issued in exchange therefor or substitution thereof) will
not bear the Private Placement Legend.
(2) Global Note
Legend . Each Global Note will bear a legend in substantially
the following form:
“THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON
UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.6 OF
THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE,
(3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND
(4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.
UNLESS AND UNTIL
IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (‘
DTC ’), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN
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THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”
(3) OID
Legend . Each Note issued hereunder that has more than a de
minimis about of original issue discount for U.S. Federal Income
Tax purposes shall bear a legend in substantially the following
form:
“THIS NOTE
IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271
ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE
PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO
MATURITY FOR SUCH NOTES BY SUBMITTING A REQUEST FOR SUCH
INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: DOLE FOOD
COMPANY, INC., ONE DOLE DRIVE, WESTLAKE VILLAGE, CALIFORNIA 91362
ATTENTION: CHIEF FINANCIAL OFFICER”
(h)
Cancellation and/or Adjustment of Global Notes . At such
time as all beneficial interests in a particular Global Note have
been exchanged for Definitive Notes or a particular Global Note has
been redeemed, repurchased or canceled in whole and not in part,
each such Global Note will be returned to or retained and canceled
by the Trustee in accordance with Section 2.11 hereof. At any
time prior to such cancellation, if any beneficial interest in a
Global Note is exchanged for or transferred to a Person who will
take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount
of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note by
the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being
exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global
Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by
the Depositary at the direction of the Trustee to reflect such
increase.
(i)
General Provisions Relating to Transfers and Exchanges
.
(1) To
permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in
accordance with Section 2.2 hereof or at the Registrar’s
request.
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(2) No
service charge shall be made to a Holder of a beneficial interest
in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any
such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections 2.10, 3.6, 3.10,
4.10 and 9.5 hereof).
(3) The
Registrar shall not be required to register the transfer of or
exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in
part.
(4) All
Global Notes and Definitive Notes issued upon any registration of
transfer or exchange of Global Notes or Definitive Notes shall be
the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Global
Notes or Definitive Notes surrendered upon such registration of
transfer or exchange.
(5) Neither
the Registrar nor the Company will be required:
(A) to issue, to
register the transfer of or to exchange Notes during a period
beginning at the opening of business 15 days before the day of
any selection of Notes for redemption under Section 3.2 hereof
and ending at the close of business on the day of
selection;
(B) to register
the transfer of or to exchange any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being
redeemed in part; or
(C) to register
the transfer of or to exchange a Note between a record date and the
next succeeding interest payment date.
(6) Prior
to due presentment for the registration of a transfer of any Note,
the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner
of such Note for the purpose of receiving payment of principal of
and interest on such Notes and for all other purposes, and none of
the Trustee, any Agent or the Company shall be affected by notice
to the contrary.
(7) The
Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.2
hereof.
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