THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., TRUSTEE
DATED AS OF SEPTEMBER 8,
2009
PROVIDING FOR THE
ISSUANCE
RECONCILIATION AND TIE WITH THE
TRUST INDENTURE ACT OF 1939
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TRUST INDENTURE
ACT SECTION
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INDENTURE
SECTION
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6.09
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6.09
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6.08,
6.10
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6.13
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7.01
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7.02
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7.02
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7.03(a)
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7.03(a)
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7.03(a)
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7.03(b)
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7.04
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7.05
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1.03
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1.03
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1.03
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6.01
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6.02
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6.01(a)
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6.01,
603
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5.14
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Section 316(a) (last sentence)
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1.01
(“Outstanding”)
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5.02,
5.12
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5.13
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5.08
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1.05
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5.03
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5.04
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10.03
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1.08
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Note:
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This reconciliation and tie shall
not, for any purpose, be deemed to be a part of the
Indenture.
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Page
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DEFINITIONS AND
OTHER PROVISIONS OF GENERAL APPLICATION
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1
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DEFINITIONS
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1
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Act
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2
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Additional
Interest Notice
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2
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Affiliate
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2
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Applicable
Procedures
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2
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Attributable
Debt
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2
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Bankruptcy
Law
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2
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Board of
Directors
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2
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Board
Resolution
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2
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Book-Entry
Security
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3
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Business
Day
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3
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Capital
Stock
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3
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Commission
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3
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Company
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3
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Company Request
or Company Order
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3
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Comparable
Treasury Issue
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3
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Comparable
Treasury Price
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3
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Consolidated
Net Tangible Assets
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3
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Consolidation
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4
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Corporate Trust
Office
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4
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Default
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4
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Depositary
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4
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Event of
Default
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4
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Exchange
Act
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4
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Exempted
Debt
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4
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Fair Market
Value
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4
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Funded
Debt
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5
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Generally
Accepted Accounting Principles or GAAP
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5
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-i-
TABLE OF CONTENTS
(continued)
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Page
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Global
Securities
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5
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Holder
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5
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Incur
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5
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Indebtedness
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5
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Indenture
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5
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Independent
Investment Banker
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5
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Initial
Republic Credit Facility
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5
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Interest
Payment Date
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5
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Lien
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6
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Maturity
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6
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Moody's
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6
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Officers'
Certificate
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6
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Opinion of
Counsel
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6
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Opinion of
Independent Counsel
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6
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Outstanding
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6
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Paying
Agent
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7
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Person
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7
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Predecessor
Security
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7
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Preferred
Stock
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7
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Principal
Property
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8
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Redemption
Date
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8
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Redemption
Price
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8
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Reference
Treasury Dealer
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8
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Reference
Treasury Dealer Quotations
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8
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Regular Record
Date
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8
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Republic Credit
Facility
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8
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Republic Credit
Facility Guarantee
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8
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Responsible
Officer
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9
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Restricted
Subsidiary
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9
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Security or
Securities
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9
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-ii-
TABLE OF CONTENTS
(continued)
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Page
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S&P
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9
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Securities
Act
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9
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Special Record
Date
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9
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Stated
Maturity
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9
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Subsidiary
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9
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Supplemental
Republic Credit Facility
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9
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Temporary Cash
Investments
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10
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Treasury
Rate
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10
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Trustee
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10
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Trust Indenture
Act
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10
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OTHER
DEFINITIONS
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11
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COMPLIANCE
CERTIFICATES AND OPINIONS
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11
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FORM OF
DOCUMENTS DELIVERED TO TRUSTEE
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12
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ACTS OF
HOLDERS
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12
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NOTICES, ETC.,
TO THE TRUSTEE, THE COMPANY
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14
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NOTICE TO
HOLDERS; WAIVER
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15
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CONFLICT WITH
TRUST INDENTURE ACT
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15
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EFFECT OF
HEADINGS AND TABLE OF CONTENTS
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15
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SUCCESSORS AND
ASSIGNS
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15
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SEPARABILITY
CLAUSE
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16
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BENEFITS OF
INDENTURE
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16
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GOVERNING
LAW
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16
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LEGAL
HOLIDAYS
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16
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INDEPENDENCE OF
COVENANTS
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16
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SCHEDULES AND
EXHIBITS
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16
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COUNTERPARTS
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17
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WAIVER OF JURY
TRIAL
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17
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FORCE
MAJEURE
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17
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SECURITY
FORMS
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17
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FORMS OF
SECURITIES
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17
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-iii-
TABLE OF CONTENTS
(continued)
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Page
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FORM OF
TRUSTEE’S CERTIFICATE OF AUTHENTICATION
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18
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THE
SECURITIES
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18
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AMOUNT
UNLIMITED; ISSUABLE IN SERIES
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18
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DENOMINATIONS
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21
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EXECUTION,
AUTHENTICATION, DELIVERY AND DATING
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21
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TEMPORARY
SECURITIES
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23
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REGISTRATION,
REGISTRATION OF TRANSFER AND EXCHANGE
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24
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BOOK ENTRY
PROVISIONS FOR GLOBAL SECURITIES
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25
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MUTILATED,
DESTROYED, LOST AND STOLEN SECURITIES
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27
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PAYMENT OF
INTEREST; INTEREST RIGHTS PRESERVED
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27
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CUSIP
NUMBERS
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29
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PERSONS DEEMED
OWNERS
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29
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CANCELLATION
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29
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COMPUTATION OF
INTEREST
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30
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DEFEASANCE AND
COVENANT DEFEASANCE
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30
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APPLICABILITY
OF ARTICLE; COMPANY’S OPTION TO EFFECT DEFEASANCE OR COVENANT
DEFEASANCE
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30
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DEFEASANCE AND
DISCHARGE
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30
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COVENANT
DEFEASANCE
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31
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CONDITIONS TO
DEFEASANCE OR COVENANT DEFEASANCE
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31
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DEPOSITED MONEY
AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER
MISCELLANEOUS PROVISIONS
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33
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REINSTATEMENT
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34
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REMEDIES
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34
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EVENTS OF
DEFAULT
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34
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ACCELERATION OF
MATURITY; RESCISSION AND ANNULMENT
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36
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-iv-
TABLE OF CONTENTS
(continued)
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Page
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COLLECTION OF
INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE
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37
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TRUSTEE MAY
FILE PROOFS OF CLAIM
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38
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TRUSTEE MAY
ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES
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39
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APPLICATION OF
MONEY COLLECTED
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39
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LIMITATION ON
SUITS
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40
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UNCONDITIONAL
RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND
INTEREST
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40
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RESTORATION OF
RIGHTS AND REMEDIES
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40
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RIGHTS AND
REMEDIES CUMULATIVE
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41
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DELAY OR
OMISSION NOT WAIVER
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41
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CONTROL BY
HOLDERS
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41
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WAIVER OF PAST
DEFAULTS
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41
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UNDERTAKING FOR
COSTS
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42
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WAIVER OF STAY,
EXTENSION OR USURY LAWS
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42
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REMEDIES
SUBJECT TO APPLICABLE LAW
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42
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THE
TRUSTEE
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43
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DUTIES OF
TRUSTEE
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43
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NOTICE OF
DEFAULTS
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44
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CERTAIN RIGHTS
OF TRUSTEE
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44
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TRUSTEE NOT
RESPONSIBLE FOR RECITALS, DISPOSITIONS OF SECURITIES OR APPLICATION
OF PROCEEDS THEREOF
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46
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TRUSTEE AND
AGENTS MAY HOLD SECURITIES; COLLECTIONS; ETC
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46
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MONEY HELD IN
TRUST
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47
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COMPENSATION
AND INDEMNIFICATION OF TRUSTEE AND ITS PRIOR CLAIM
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47
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CONFLICTING
INTERESTS
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48
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TRUSTEE
ELIGIBILITY
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48
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RESIGNATION AND
REMOVAL; APPOINTMENT OF SUCCESSOR TRUSTEE
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48
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-v-
TABLE OF CONTENTS
(continued)
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Page
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ACCEPTANCE OF
APPOINTMENT BY SUCCESSOR
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50
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MERGER,
CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS
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51
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PREFERENTIAL
COLLECTION OF CLAIMS AGAINST COMPANY
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51
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APPOINTMENT OF
AUTHENTICATING AGENT
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52
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CONFLICTING
INTERESTS
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53
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APPOINTMENT OF
CO-TRUSTEE
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53
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HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY
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55
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COMPANY TO
FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS
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55
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DISCLOSURE OF
NAMES AND ADDRESSES OF HOLDERS
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55
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REPORTS BY
TRUSTEE
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55
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REPORTS BY
COMPANY
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56
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STATEMENT AS TO
COMPLIANCE
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56
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STATEMENT BY
OFFICERS AS TO DEFAULT
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56
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CALCULATION OF
ORIGINAL ISSUE DISCOUNT
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57
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ADDITIONAL
INTEREST NOTICE
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57
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CONSOLIDATION,
MERGER, SALE OF ASSETS
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57
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COMPANY MAY
CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS
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57
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SUCCESSOR
SUBSTITUTED
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58
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SUPPLEMENTAL
INDENTURES
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59
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SUPPLEMENTAL
INDENTURES AND AGREEMENTS WITHOUT CONSENT OF HOLDERS
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59
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SUPPLEMENTAL
INDENTURES AND AGREEMENTS WITH CONSENT OF HOLDERS
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60
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EXECUTION OF
SUPPLEMENTAL INDENTURES AND AGREEMENTS
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62
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EFFECT OF
SUPPLEMENTAL INDENTURES
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62
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CONFORMITY WITH
TRUST INDENTURE ACT
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62
|
|
-vi-
TABLE OF CONTENTS
(continued)
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Page
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REFERENCE IN
SECURITIES TO SUPPLEMENTAL INDENTURES
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63
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NOTICE OF
SUPPLEMENTAL INDENTURES
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63
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COVENANTS
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63
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PAYMENT OF
PRINCIPAL, PREMIUM AND INTEREST
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63
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MAINTENANCE OF
OFFICE OR AGENCY
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63
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MONEY FOR
SECURITY PAYMENTS TO BE HELD IN TRUST
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64
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CORPORATE
EXISTENCE
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65
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RESTRICTIONS ON
LIENS
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65
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LIMITATION ON
SALE AND LEASEBACK TRANSACTIONS
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67
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PROVISIONS OF
FINANCIAL STATEMENTS
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68
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WAIVER OF
CERTAIN COVENANTS
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68
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REDEMPTION OF
SECURITIES
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69
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RIGHTS OF
REDEMPTION
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69
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|
|
|
|
APPLICABILITY
OF ARTICLE
|
|
|
69
|
|
|
|
|
ELECTION TO
REDEEM; NOTICE TO TRUSTEE
|
|
|
69
|
|
|
|
|
SELECTION BY
TRUSTEE OF SECURITIES TO BE REDEEMED
|
|
|
69
|
|
|
|
|
NOTICE OF
REDEMPTION
|
|
|
70
|
|
|
|
|
DEPOSIT OF
REDEMPTION PRICE
|
|
|
71
|
|
|
|
|
SECURITIES
PAYABLE ON REDEMPTION DATE
|
|
|
71
|
|
|
|
|
SECURITIES
REDEEMED OR PURCHASED IN PART
|
|
|
72
|
|
|
|
|
|
|
|
SATISFACTION
AND DISCHARGE
|
|
|
72
|
|
|
|
|
SATISFACTION
AND DISCHARGE OF INDENTURE
|
|
|
72
|
|
|
|
|
APPLICATION OF
TRUST MONEY
|
|
|
73
|
|
|
|
|
|
|
|
GUARANTEES
|
|
|
73
|
|
|
|
|
GUARANTEE
|
|
|
73
|
|
|
|
|
RELEASE OF
GUARANTORS
|
|
|
74
|
|
-vii-
INDENTURE,
dated as of September 8, 2009 between Republic Services, Inc.
and The Bank of New York Mellon Trust Company, N.A., as trustee
(the “ Trustee ”).
WHEREAS,
the Company deems it necessary to issue from time to time for its
lawful purposes senior debt securities (the “
Securities ” ) evidencing its unsecured and
unsubordinated indebtedness, and has duly authorized the execution
and delivery of this Indenture to provide for the issuance from
time to time of the Securities, unlimited as to principal amount,
to bear such rates of interest, to mature at such times and to have
such other provisions as shall be fixed as hereinafter
provided;
WHEREAS,
this Indenture is subject to, and shall be governed by, the
provisions of the Trust Indenture Act that are required to be part
of and to govern indentures qualified under the Trust Indenture
Act;
All
acts and things necessary have been done to make (i) the
Securities, when duly issued and executed by the Company and
authenticated and delivered hereunder, the valid obligations of the
Company and (ii) this Indenture a valid agreement of the
Company;
NOW, THEREFORE, THIS INDENTURE
WITNESSETH:
For
and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of
the Securities, as follows:
DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION
Section 1.01 DEFINITIONS
.
For
all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires or unless such
definition is changed or amended in a supplement or amendment to
this Indenture:
(a) the
terms defined in this Article have the meanings assigned to them in
this Article, and include the plural as well as the
singular;
(b) all
other terms used herein which are defined in the Trust Indenture
Act, either directly or by reference therein, have the meanings
assigned to them therein;
(c) all
accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP;
(d) the
words “herein,” “hereof” and
“hereunder” and other words of similar import refer to
this Indenture as a whole and not to any particular Article,
Section or other subdivision;
(e) all
references to $, US$, dollars or United States dollars shall refer
to the lawful currency of the United States of America;
and
(f) all
references herein to particular Sections or Articles refer to this
Indenture unless otherwise so indicated.
Certain
terms used principally in various articles herein are defined in
those articles.
“
Act ”, when used with respect to any Holder, has the
meaning specified in Section 1.05 .
“
Additional Interest Notice ” has the meaning specified
in Section 7.08 .
“
Affiliate ” means, with respect to any specified
Person, any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition,
“control” when used with respect to any specified
Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through ownership of
voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have
meanings correlative to the foregoing.
“
Applicable Procedures ” means, with respect to any
transfer or transaction involving a Global Security or beneficial
interest therein, the rules and procedures of the Depositary for
such Security to the extent applicable to such transaction and as
in effect at the time of such transfer or transaction.
“
Attributable Debt ” means, when used in connection
with a sale and leaseback transaction, at any date of
determination, the product of (1) the net proceeds from such
sale and leaseback transaction multiplied by (2) a fraction,
the numerator of which is the number of full years of the term of
the lease relating to the property involved in such sale and
leaseback transaction (without regard to any options to renew or
extend such term) remaining at the date of the making of such
computation and the denominator of which is the number of full
years of the term of such lease measured from the first day of such
term.
“
Bankruptcy Law ” means Title 11, United States
Bankruptcy Code of 1978, as amended, or any similar United States
federal or state law or foreign law relating to bankruptcy,
insolvency, receivership, winding up, liquidation, reorganization
or relief of debtors or any amendment to, succession to or change
in any such law.
“
Board of Directors ” means either the Board of
Directors of the Company or any duly authorized committee or
subcommittee of such Board, except as the context may otherwise
require.
“
Board Resolution ” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the
Company, as the case may be, to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee.
2
“
Book-Entry Security ” means any Global Securities in
the form in Exhibit A evidencing all or part of a series of
Securities, authenticated and delivered to the Depositary for such
series or its nominee, and registered in the name of such
Depositary or nominee.
“
Business Day ” means any day that is not a Saturday, a
Sunday or a day on which banking institutions or trust companies in
New York City and Phoenix, Arizona are authorized or obligated by
law to close.
“
Capital Stock ” means, with respect to any Person, any
and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests (including
partnership interests) in (however designated) the equity of such
Person, including any Preferred Stock, but excluding any debt
securities convertible into such equity.
“
Commission ” means the Securities and Exchange
Commission, as from time to time constituted, created under the
Exchange Act, or if at any time after the execution of this
Indenture such Commission is not existing and performing the duties
now assigned to it under the Securities Act, Exchange Act and Trust
Indenture Act, then the body performing such duties at such
time.
“
Company ” means Republic Services, Inc., until a
successor Person shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company”
shall mean such successor Person.
“
Company Request ” or “ Company Order
” means a written request or order signed in the name of the
Company by any one of its Chairman of the Board, its President, its
Chief Executive Officer, its Chief Financial Officer or a Vice
President (regardless of Vice Presidential designation), and by any
one of its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary and delivered to the Trustee.
“
Comparable Treasury Issue ” means the United States
Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term (the “
Remaining Life ”) of the Securities to be redeemed
that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of
corporate debt securities of a comparable maturity to the remaining
term of such Securities.
“
Comparable Treasury Price ” means, with respect to any
Redemption Date, (A) the average of five Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the
highest and lowest Reference Treasury Dealer Quotations, or
(B) if the Independent Investment Banker obtains fewer than
five such Reference Treasury Dealer Quotations, the average of all
such quotations.
“
Consolidated Net Tangible Assets ” means, as of any
date, the total amount of assets of the Company and its
Subsidiaries on a Consolidated basis (less applicable reserves and
other properly deductible items) after deducting therefrom
(1) all current liabilities (excluding any current liabilities
which are by their terms extendible or renewable at the option of
the obligor thereon to a time more than 12 months after the
time as of which
3
the amount
thereof is being computed or which are supported by other
borrowings with a maturity of more than 12 months from the
date of calculation,) (2) all goodwill, trade names,
trademarks, patents, unamortized debt discount and expense and
other like intangibles and (3) appropriate adjustments on account
of minority interests of other Persons holding stock of the
Company’s Subsidiaries, all as set forth on the most recent
balance sheet of the Company and its Consolidated Subsidiaries
(but, in any event, as of a date within 120 days of the date
of determination) in each case excluding intercompany items and
computed in accordance with GAAP.
“
Consolidation ” means, with respect to any Person, the
consolidation of the accounts of such Person and each of its
subsidiaries if and to the extent the accounts of such Person and
each of its subsidiaries would normally be consolidated with those
of such Person, all in accordance with GAAP. The term
“Consolidated” shall have a similar meaning.
“
Corporate Trust Office ” means the designated office
of the Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of
execution of this Indenture is located at 10161 Centurion Parkway,
Jacksonville, Florida 32256, Attention: Corporate Trust
Administration, 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).
“
Default ” means any event which is, or after notice or
passage of time or both would be, an Event of Default.
“
Depositary ” means, with respect to the Securities
issued in the form of one or more Book-Entry Securities, The
Depository Trust Company (“ DTC ”), its nominees
and successors, or another Person designated as Depositary by the
Company, which must be a clearing agency registered under the
Exchange Act.
“
Event of Default ” has the meaning specified in
Section 5.01 .
“
Exchange Act ” means the Securities Exchange Act of
1934, as amended.
“
Exempted Debt ” means the sum, without duplication, of
the following items outstanding as of the date Exempted Debt is
being determined with respect to any series of Securities:
(1) Indebtedness of the Company and the Restricted
Subsidiaries Incurred after the date of the supplemental indenture
which sets forth the relevant series of Securities and secured by
Liens created, assumed or otherwise Incurred or permitted to exist
pursuant to Section 10.05 hereof and
(2) Attributable Debt of the Company and the Restricted
Subsidiaries in respect of all sale and leaseback transactions with
regard to any Principal Property entered into pursuant to
Section 10.06 hereof.
“
Fair Market Value ” means, with respect to any asset
or property, the sale value that would be obtained in an
arm’s-length free market transaction between an informed and
willing seller under no compulsion to sell and an informed and
willing buyer
4
under no
compulsion to buy. Fair Market Value shall be determined by the
Board of Directors of the Company acting in good faith and shall be
evidenced by a resolution of the Board of Directors.
“ Funded Debt ” means all Indebtedness for
borrowed money, including purchase money indebtedness, having a
maturity of more than one year from the date of its creation or
having a maturity of less than one year but by its terms being
renewable or extendible, at the option of the obligor in respect
thereof, beyond one year from its creation.
“ Generally Accepted Accounting Principles ” or
“ GAAP ” means generally accepted accounting
principles in the United States as in effect from time to
time.
“ Global Securities ” means Global Securities to
be issued as Book-Entry Securities issued to the Depositary in
accordance with Section 3.06 .
“
Holder ” means the registered holder of any
Security.
“ Incur ” means to issue, assume, guarantee,
incur or otherwise become liable for. The terms
“Incurred,” “Incurrence” and
“Incurring” shall each have a correlative
meaning.
“ Indebtedness ” means with respect to any
Person at any date of determination (without duplication),
indebtedness for borrowed money or indebtedness evidenced by bonds,
notes, debentures or other similar instruments given to finance the
acquisition of any businesses, properties or assets of any kind
(including, without limitation, capital stock or other equity
interests in any Person).
“ Indenture ” means this instrument as
originally executed (including all exhibits and schedules thereto)
and as it may from time to time be supplemented or amended by one
or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof.
“ Independent Investment Banker ” means either
one or more independent investment banking institutions of national
standing chosen by the Company for a particular series of
Securities or, if such firms are unwilling or unable to select the
Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the
Company.
“ Initial Republic Credit Facility ” means that
certain Credit Agreement, dated as of April 26, 2007, among
the Company, Bank of America, N. A., as administrative agent, swing
line lender and L/C issuer, Citibank, N. A., as syndication agent,
JPMorgan Chase Bank, N.A., Barclays Bank PLC, and SunTrust Bank, as
co-documentation agents, and certain other lenders thereto, as
amended by Amendment No. 1 to Credit Agreement, dated as of
September 18, 2008 (as the same may be amended, modified,
waived, restated, supplemented, amended and restated, refinanced or
replaced from time to time).
“ Interest Payment Date ” means, with respect to
any Security, the Stated Maturity of an installment of interest on
the Securities.
5
“
Lien ” with respect to any property or assets, means
any mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement, security interest, lien, charge, easement
(other than any easement not materially impairing usefulness or
marketability), encumbrance, preference, priority or other security
agreement or preferential arrangement of any kind or nature
whatsoever on or with respect to such property or assets
(including, without limitation, any conditional sale or other title
retention agreement having substantially the same economic effect
as any of the foregoing), but not including the interest of a
lessor under a lease that is an operating lease under
GAAP.
“ Maturity ” means, when used with respect to
any Security, the date on which the principal of such Security
becomes due and payable as therein provided or as provided in this
Indenture or any supplement or amendment thereto, whether at Stated
Maturity or the Redemption Date and whether by declaration of
acceleration, call for redemption or otherwise.
“ Moody’s ” means Moody’s Investors
Service, Inc. or any successor rating agency.
“ Officers’ Certificate ” means a
certificate signed by the Chairman of the Board, the President, the
Chief Executive Officer, the Chief Financial Officer or a Vice
President (regardless of Vice Presidential designation), and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company and in form and substance reasonably
satisfactory to, and delivered to, the Trustee.
“ Opinion of Counsel ” means a written opinion
of counsel, who may be counsel for the Company, unless an Opinion
of Independent Counsel is required pursuant to the terms of this
Indenture, and who shall be reasonably acceptable to the Trustee,
and which opinion shall be in form and substance reasonably
satisfactory to the Trustee.
“ Opinion of Independent Counsel ” means a
written opinion of counsel which is issued by a Person who is not
an employee, director or consultant (other than non-employee legal
counsel) of the Company and who shall be reasonably acceptable to
the Trustee, and which opinion shall be in form and substance
reasonably satisfactory to the Trustee.
“ Outstanding ” when used with respect to any
series of Securities means, as of the date of determination, all
such Securities theretofore authenticated and delivered under this
Indenture, except:
(a) Securities theretofore canceled by the Trustee or delivered to
the Trustee for cancellation;
(b) Securities,
or portions thereof, for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or
any Paying Agent (other than the Company or any Affiliate thereof)
in trust or set aside and segregated in trust by the Company or any
Affiliate thereof (if the Company or any Affiliate thereof shall
act as its own Paying Agent) for the Holders of such Securities;
provided that if
6
such Securities
are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor reasonably
satisfactory to the Trustee has been made;
(c) Securities,
to the extent provided in Sections 4.02 and 4.03
, with respect to which the Company has effected defeasance or
covenant defeasance as provided in Article IV ;
and
(d) Securities
in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than
any such Securities in respect of which there shall have been
presented to the Trustee and the Company proof reasonably
satisfactory to each of them that such Securities are held by a
bona fide purchaser in whose hands the Securities are valid
obligations of the Company;
provided,
however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver
hereunder, Securities owned by the Company or any other obligor
upon the Securities or any Affiliate of the Company or such other
obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to
the reasonable satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the
pledgee is not the Company or any other obligor upon the Securities
or any Affiliate of the Company or such other obligor.
“
Paying Agent ” means any Person (including the
Company) authorized by the Company to pay the principal of,
premium, if any, or interest on, any Securities on behalf of the
Company.
“
Person ” means any individual, corporation,
partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision
thereof.
“
Predecessor Security ” of any particular Security
means every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for
the purposes of this definition, any Security authenticated and
delivered under Section 3.07 in exchange for a
mutilated Security or in lieu of a lost, destroyed or stolen
Security shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Security.
“
Preferred Stock ” means, with respect to any Person,
any and all shares, interests, participations or other equivalents
(however designated, whether voting or nonvoting) of such
Person’s preferred or preference stock, whether now
outstanding or issued after the date of the Indenture, including,
without limitation, all series and classes of such preferred or
preference stock.
7
“
Principal Property ” means any land, land improvements
or building, together with the land upon which it is erected and
fixtures comprising a part thereof, in each case, owned or leased
by the Company or any Restricted Subsidiary and located in the
United States, the gross book value (without deduction of any
reserve for depreciation) of which on the date as of which the
determination is being made is an amount which exceeds 2% of
Consolidated Net Tangible Assets but not including such land, land
improvements, buildings or portions thereof which is financed
through the issuance of tax exempt governmental obligations, or any
such property that has been determined by Board Resolution not to
be of material importance to the respective businesses conducted by
the Company or such Restricted Subsidiary effective as of the date
such resolution is adopted.“ Redemption Date ”
when used with respect to any Security to be redeemed pursuant to
any provision in this Indenture or any supplement or amendment
thereto means the date fixed for such redemption by or pursuant to
this Indenture or any supplement or amendment thereto.
“
Redemption Price ” when used with respect to any
Security to be redeemed pursuant to any provision in this Indenture
or any supplement or amendment thereto means the price at which it
is to be redeemed pursuant to this Indenture or any supplement or
amendment thereto.
“
Reference Treasury Dealer ” means (i) one or more
Independent Investment Bankers chosen by the Company for any
particular series of Securities, provided, however, that if any
Reference Treasury Dealer shall cease to be a primary U.S.
Government securities dealer in New York City (a “ Primary
Treasury Dealer ”), the Company will substitute for such
Reference Treasury Dealer another Primary Treasury Dealer and
(ii) any other Primary Treasury Dealer selected by the
Independent Investment Banker after consultation with the
Company.
“
Reference Treasury Dealer Quotations ” mean, with
respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of
the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount)
quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such
Redemption Date.
“
Regular Record Date ” for the interest payable on any
Interest Payment Date on any Securities means the date specified
for that purpose as contemplated by Section 3.01
(whether or not a Business Day) next preceding such Interest
Payment Date.
“
Republic Credit Facility ” means the Initial Republic
Credit Facility and the Supplemental Republic Credit
Facility.
“
Republic Credit Facility Guarantee ” means, as to any
Guarantor, such Guarantor’s guarantee of the Republic Credit
Facility (as the same may be amended, modified, waived, restated,
supplemented, amended and restated, refinanced or replaced from
time to time).
8
“
Responsible Officer ” when used with respect to the
Trustee means any officer assigned to the Corporate Trust Office or
any agent of the Trustee appointed hereunder, including any vice
president, assistant vice president, assistant secretary or any
other officer or assistant officer of the Trustee or any agent of
the Trustee appointed hereunder to whom any corporate trust matter
is referred because of his or her knowledge of and familiarity with
the particular subject and who shall have direct responsibility for
the administration of this Indenture.
“ Restricted Subsidiary ” means any Subsidiary
which, at the time of determination, owns or is a lessee pursuant
to a capital lease of any Principal Property.
“ Security ” or “ Securities
” has the meaning stated in the first recital of this
Indenture and, more particularly, means any Security or Securities
authenticated and delivered under this Indenture; provided,
however, that, if at any time there is more than one Person acting
as Trustee under this Indenture, “Securities” with
respect to the Indenture as to which such Person is Trustee shall
have the meaning stated in the first recital of this Indenture and
shall more particularly mean Securities authenticated and delivered
under this Indenture, exclusive, however, of Securities of any
series as to which such Person is not Trustee.
“ S&P ” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc. or
any successor rating agency.
“ Securities Act ” means the Securities Act of
1933, as amended.
“ Special Record Date ” for the payment of any
Defaulted Interest means a date fixed by the Trustee pursuant to
Section 3.08 .
“ Stated Maturity ” means, when used with
respect to any Security, the date specified in such Security as the
fixed date on which the payment of principal or interest of such
Security is due and payable.
“ Subsidiary ” of a Person means, with respect
to any Person, any corporation, association, partnership or other
business entity of which at least a majority of the total voting
power of the Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by (1) such Person,
(2) such Person and one or more Subsidiaries of such Person or
(3) one or more Subsidiaries of such Person.
“ Supplemental Republic Credit Facility ” means
that certain Credit Agreement, dated as of September 18, 2008,
among the Company, Bank of America, N. A., as administrative agent,
swing line lender and L/C issuer, JPMorgan Chase Bank, N. A., as
syndication agent, Barclays Bank PLC, BNP Paribas, and The Royal
Bank of Scotland, as co-documentation agents, and certain other
lenders thereto (as the same may be amended, modified, waived,
restated, supplemented, amended and restated, refinanced or
replaced from time to time).
9
“ Temporary Cash Investments ” means
(1) any evidence of Indebtedness, maturing not more than one
year after the date of acquisition, issued by the United States of
America, or an instrumentality or agency thereof, and guaranteed
fully as to principal, premium, if any, and interest by the United
States of America, (2) any certificate of deposit, maturing
not more than one year after the date of acquisition, issued by, or
time deposit of, a commercial banking institution that is a member
of the Federal Reserve System and that has combined capital and
surplus and undivided profits of not less than $500,000,000, whose
debt has a rating, at the time as of which any investment therein
is made, of “P-1” (or higher) according to
Moody’s or any successor rating agency or “A-1”
(or higher) according to S&P or any successor rating agency,
including the Trustee or any of its Affiliates, (3) commercial
paper, maturing not more than one year after the date of
acquisition, issued by a corporation (other than an Affiliate or
Subsidiary of the Company) organized and existing under the laws of
the United States of America with a rating, at the time as of which
any investment therein is made, of “P-1” (or higher)
according to Moody’s or “A-1” (or higher)
according to S&P, including the Trustee or any of its
Affiliates, and (4) any money market deposit accounts issued
or offered by a domestic commercial bank having capital and surplus
in excess of $500,000,000, provided, that the short term debt of
such commercial bank has a rating, at the time of investment, of
“P-1” (or higher) according to Moody’s or
“A-1” (or higher) according to S&P.
“
Treasury Rate ” means, with respect to any Redemption
Date, (1) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15
(519)” or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded U.S. Treasury securities
adjusted to constant maturity under the caption “Treasury
Constant Maturities,” for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months
before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated
or extrapolated from such yields on a straight line basis, rounding
to the nearest month) or (2) if such release (or any successor
release) is not published during the week preceding the calculation
date or does not contain such yields, the rate per annum equal to
the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date.
The Treasury Rate will be calculated on the third Business Day
preceding the Redemption Date.
“ Trustee ” means the Person named as the
“Trustee” in the first paragraph of this Indenture,
until a successor trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter
“Trustee” shall mean such successor trustee.
“ Trust Indenture Act ” means the Trust
Indenture Act of 1939, as amended, or any successor
statute.
10
Section 1.02
OTHER DEFINITIONS .
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TERM
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DEFINED IN SECTION
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1.05
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3.06
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3.09
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3.08
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4.01
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13.01
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13.01
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3.05
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3.05
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3.08
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8.01
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“U.S. Government
Obligations”
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4.04
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Section 1.03 COMPLIANCE CERTIFICATES AND
OPINIONS .
Upon
any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers’ Certificate in a form and
substance reasonably acceptable to the Trustee stating that all
conditions precedent, if any, provided for in this Indenture
(including any covenant compliance with which constitutes a
condition precedent) relating to the proposed action have been
complied with, and an Opinion of Counsel in a form and substance
reasonably acceptable to the Trustee stating that in the opinion of
such counsel all such conditions precedent, if any, have been
complied with, except that, in the case of any such application or
request as to which the furnishing of such certificates or opinions
is specifically required by any provision of this Indenture
relating to such particular application or request, no additional
certificate or opinion need be furnished.
Every
certificate or Opinion of Counsel with respect to compliance with a
condition or covenant provided for in this Indenture shall
include:
(a) a
statement that each individual signing such certificate or
individual or firm signing such opinion has read such covenant or
condition and the definitions herein relating thereto;
(b) a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in
such certificate or opinion are based;
(c) a
statement that, in the opinion of each such individual or such
firm, he or it has made such examination or investigation as is
necessary to enable him or it to express an informed opinion as to
whether or not such covenant or condition has been complied with;
and
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(d) a
statement as to whether, in the opinion of each such individual or
such firm, such condition or covenant has been complied
with.
Section 1.04 FORM OF DOCUMENTS DELIVERED
TO TRUSTEE .
In
any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several
documents.
Any
certificate of an officer of the Company or other obligor on the
Securities may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion
is based are erroneous. Any such certificate or opinion may be
based, insofar as it relates to factual matters, upon a certificate
or opinion of, or representations by, an officer or officers of the
Company or other obligor on the Securities stating that the
information with respect to such factual matters is in the
possession of the Company or other obligor on the Securities,
unless such officer or counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.
Opinions of Counsel required to be delivered to the Trustee may
have qualifications customary for opinions of the type required and
counsel delivering such Opinions of Counsel may rely on
certificates of the Company or government or other officials
customary for opinions of the type required, including certificates
certifying as to matters of fact, including that various financial
covenants have been complied with.
Any
certificate or opinion of an officer of the Company or other
obligor on the Securities may be based, insofar as it relates to
accounting matters, upon a certificate or opinion of, or
representations by, an accountant or firm of accountants in the
employ of the Company, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the accounting matters
upon which his certificate or opinion may be based are erroneous.
Any certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that
such firm is independent with respect to the Company.
Where
any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but
need not, be consolidated and form one instrument.
Section 1.05 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 of the Outstanding Securities of all series or one or more
series, as the case may be, may be
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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 instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes
referred to as the “ Act ” of the 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 conclusive in
favor of the Trustee and the Company, if made in the manner
provided in this Section 1.05 .
(b) The
ownership of Securities shall be proved by the Security
Register.
(c) Any
request, demand, authorization, direction, notice, consent, waiver
or other Act by the Holder of any Security shall bind every future
Holder of the same Security or the Holder of every Security issued
upon the transfer thereof or in exchange therefor or in lieu
thereof, in respect of anything done, suffered or omitted to be
done by the Trustee, any Paying Agent or the Company or any other
obligor of the Securities in reliance thereon, whether or not
notation of such action is made upon such Security.
(d) 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 a certificate of a 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 the execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of
his authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee
deems sufficient.
(e) If
the Company shall solicit from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the
Company may, at its option, by or pursuant to a Board Resolution,
fix in advance a record date for the determination of such Holders
entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other Act, but the Company shall have no
obligation to do so. Notwithstanding Trust Indenture Act
Section 316(c), any such record date shall be the record date
specified in or pursuant to such Board Resolution, which shall be a
date not more than 30 days prior to the first solicitation of
Holders generally in connection therewith and no later than the
date such first solicitation is completed.
If
such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of record at the
close of business on such record date shall be deemed to be Holders
for purposes of determining whether Holders of the requisite
proportion of Securities then Outstanding have authorized or agreed
or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for this purpose the
Securities then Outstanding shall be computed as of such record
date; provided that no
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such request,
demand, authorization, direction, notice, consent, waiver or other
Act by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this
Indenture not later than six months after such record
date.
(f) For
purposes of this Indenture, any action by the Holders which may be
taken in writing may be taken by electronic means or as otherwise
reasonably acceptable to the Trustee.
Section 1.06 NOTICES, ETC., TO THE
TRUSTEE, THE COMPANY .
Any
request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed
with:
(a) the
Trustee by any Holder or by the Company or any other obligor on the
Securities shall be sufficient for every purpose (except as
provided in Section 5.01(e) , in which case, the notice
shall be delivered by certified mail) hereunder if in writing and
mailed, first-class postage prepaid, or delivered by recognized
overnight courier, to or with the Trustee at its Corporate Trust
Office, Attention: Corporate Trust Administration, or at any other
address previously furnished in writing to the Holders or the
Company, or any other obligor on the Securities by the Trustee and
shall be deemed given upon actual receipt by the Trustee;
or
(b) the
Company by the Trustee or any Holder shall be sufficient for every
purpose (except as provided in Section 5.01(e) , in
which case, the notice shall be delivered by certified mail)
hereunder if in writing and mailed, first-class postage prepaid, or
delivered by recognized overnight courier, to the Company addressed
to Republic Services, Inc., 18500 N. Allied Way, Phoenix, Arizona
85054, Attention: Chief Financial Officer, or at any other address
previously furnished in writing to the Trustee by the
Company.
The
Trustee agrees to accept and act upon instructions or directions
pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods;
provided, however, that (a) the party providing such written
instructions, subsequent to such transmission of written
instructions, shall provide the originally executed instructions or
directions to the Trustee in a timely manner, and (b) such
originally executed instructions or directions shall be signed by
an authorized representative of the party providing such
instructions or directions. If the party elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar
electronic method) and the Trustee in its discretion elects to act
upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be
liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict
or are inconsistent with a subsequent written instruction. The
party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third
parties.
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Notwithstanding
anything to the contrary contained herein, as long as the
Securities are in the form of a Global Security, notice to the
Holders may be made electronically in accordance with procedures of
the Depositary.
Section 1.07 NOTICE TO HOLDERS;
WAIVER .
Where
this Indenture provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage
prepaid, or delivered by recognized overnight courier, to each
Holder affected by such event, at its address as it appears in the
Security Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice.
In any case where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder shall affect the sufficiency of
such notice with respect to other Holders. Any notice when mailed
to a Holder in the aforesaid manner shall be conclusively deemed to
have been received by such Holder whether or not actually received
by such Holder. Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by
Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in
reliance upon such waiver.
In
case by reason of the suspension of regular mail service or by
reason of any other cause, it shall be impracticable to mail notice
of any event as required by any provision of this Indenture, then
any method of giving such notice as shall be reasonably
satisfactory to the Trustee and reasonably calculated to reach its
destination shall be deemed to be a sufficient giving of such
notice.
Section 1.08 CONFLICT WITH TRUST
INDENTURE ACT .
If
any provision hereof limits, qualifies or conflicts with any
provision of the Trust Indenture Act or another provision which is
required or deemed to be included in this Indenture by any of the
provisions of the Trust Indenture Act, the provision or requirement
of the Trust Indenture Act shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture
Act that may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be.
Section 1.09 EFFECT OF HEADINGS AND
TABLE OF CONTENTS .
The
Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction
hereof.
Section 1.10 SUCCESSORS AND ASSIGNS
.
All
covenants and agreements in this Indenture by the Company and the
Trustee shall bind their respective successors and assigns, whether
so expressed or not.
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Section 1.11 SEPARABILITY CLAUSE
.
In
case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.
Section 1.12 BENEFITS OF INDENTURE
.
Nothing
in this Indenture or in the Securities, express or implied, shall
give to any Person (other than the parties hereto and their
successors hereunder, any Paying Agent and the Holders) any benefit
or any legal or equitable right, remedy or claim under this
Indenture.
Section 1.13 GOVERNING LAW
.
THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.
Section 1.14 LEGAL HOLIDAYS
.
In
any case where any Interest Payment Date, Redemption Date, Maturity
or Stated Maturity of any Security shall not be a Business Day,
then (notwithstanding any other provision of this Indenture or of
any Security) payment of interest or principal or premium, if any,
need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made
on such Interest Payment Date or Redemption Date, or at the
Maturity or Stated Maturity and no interest shall accrue with
respect to such payment for the period from and after such Interest
Payment Date, Redemption Date, Maturity or Stated Maturity, as the
case may be, to the next succeeding Business Day.
Section 1.15 INDEPENDENCE OF
COVENANTS .
All
covenants and agreements in this Indenture shall be given
independent effect so that if a particular action or condition is
not permitted by any such covenants, the fact that it would be
permitted by an exception to, or be otherwise within the
limitations of, another covenant shall not avoid the occurrence of
a Default or an Event of Default if such action is taken or
condition exists.
Section 1.16 SCHEDULES AND EXHIBITS
.
All
schedules and exhibits attached hereto are by this reference made a
part hereof with the same effect as if herein set forth in
full.
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Section 1.17 COUNTERPARTS
.
This
Indenture may be executed in any number of counterparts, each of
which shall be deemed an original; but all such counterparts shall
together constitute but one and the same instrument.
Section 1.18 WAIVER OF JURY TRIAL
.
EACH
OF THE COMPANY, ANY GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY.
Section 1.19 FORCE MAJEURE
.
In
no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its
control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances.
Section 2.01 FORMS OF SECURITIES
.
The
Securities, if any, of each series shall be in substantially the
form of Exhibit A hereto or as shall otherwise be
established in one or more indentures supplemental hereto or
approved from time to time by or pursuant to a Board Resolution in
accordance with Section 3.01 , shall have such appropriate
insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture or any indenture
supplemental hereto, and may have such letters, numbers or other
marks of identification or designation and such legends or
endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or
as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of
any stock exchange on which the Securities may be listed, or to
conform to usage.
The
definitive Securities shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved
border or steel engraved borders, or may be produced in any other
manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such
Securities.
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The
terms and provisions set forth in any Security shall constitute,
and are hereby made a part of this Indenture and, to the extent
applicable, the Company and the Trustee, by their execution and
delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby.
Section 2.02 FORM OF TRUSTEE’S
CERTIFICATE OF AUTHENTICATION .
Subject
to Section 6.12 , the Trustee’s certificate of
authentication shall be in substantially the following
form:
This
is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture (as such Indenture may be
supplemented or amended).
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THE BANK OF NEW
YORK MELLON TRUST
COMPANY, N.A., AS TRUSTEE
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BY
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AUTHORIZED
SIGNATORY
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Section 3.01 AMOUNT UNLIMITED; ISSUABLE
IN SERIES .
The
aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.
The
Securities shall rank equally and pari passu in right of payment
and may be issued in one or more series. There shall be established
in one or more Board Resolutions or pursuant to authority granted
by one or more Board Resolutions and, subject to
Section 3.03 , set forth, or determined in the manner
provided, in an Officers’ Certificate, or established in one
or more indentures supplemental hereto which may amend the terms of
this Indenture unless prohibited by the Trust Indenture Act, prior
to the issuances of Securities of any series, any or all of the
following, as applicable (each of which, if so provided, may be
determined from time to time by the Company with respect to
unissued Securities of the series when issued from time to
time):
(1) the title of
the Securities of the series (which shall distinguish the
Securities of such series from all other series of
Securities);
(2) any limit upon
the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for
Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of
the series pursuant to Section 3.04 , 3.05 ,
3.06 , 3.07 , 9.06 or 11.08 ) and
whether any series may be reopened for additional Securities of
that series; in the event that such series of Securities may be
reopened from time to
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time for
issuances of additional Securities of such series, the terms
thereof shall indicate whether any such additional Securities shall
have the same terms as the prior Securities of such series or
whether the Company may establish additional or different terms
with respect to such additional Securities;
(3) the date or
dates, or the method by which such date or dates will be determined
or extended, on which the principal (and premium, if any) of the
Securities of the series shall be payable;
(4) the rate or
rates at which the Securities of the series shall bear interest, if
any, or the method by which such rate or rates shall be determined,
the date or dates from which such interest shall accrue or the
method by which such date or dates shall be determined, whether
such Securities shall be issued with original issue discount or at
a percentage of their principal amount, the Interest Payment Dates
on which such interest will be payable and the Regular Record Date,
if any, for the interest payable on any Security on any Interest
Payment Date, or the method by which such date shall be determined,
and the basis upon which such interest shall be calculated if other
than that of a 360-day year of twelve 30-day months;
(5) the place or
places, if any, other than or in addition to the Borough of
Manhattan, The City of New York, where the principal of (and
premium, if any) and interest, if any, on Securities of the series
shall be payable, Securities of the series maybe surrendered for
exchange, where Securities of that series that are convertible or
exchangeable may be surrendered for the conversion or exchange, as
applicable, and where notices or demands to or upon the Company in
respect of the Securities of the series and this Indenture may be
served;
(6) the period or
periods within which, or the date or dates on which, the price or
prices at which, and other terms and conditions upon which
Securities of the series may be redeemed, in whole or in part, at
the option of the Company, if the Company is to have the
option;
(7) the
obligation, if any, of the Company to redeem, repay or purchase
Securities or the series pursuant to any sinking fund or analogous
provision or at the option of a Holder thereof, and the period or
periods within which or the date or dates on which, the price or
prices at which, and other terms and condition upon which
Securities of the series shall be redeemed, repaid or purchased, in
whole or in part, pursuant to such obligation;
(8) if other than
the Trustee, the identity of each Security Registrar and/or Paying
Agent;
(9) if other than
the principal amount thereof, the portion of the principal amount
of Securities of the series that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to
Section 5.02 or the method by which such portion shall
be determined;
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(10) whether the
amount of payments of principal of (or premium, if any) or
interest, if any, on the Securities of the series may be determined
with reference to any index, formula or other method, and the
manner in which such amounts shall be determined;
(11) provisions,
if any, granting special rights to the Holders of Securities of the
series upon the occurrence of such events as may be
specified;
(12) any deletions
from, modifications of or additions to the Events of Default or
covenants or other provisions (including any deletions from,
modifications of or additions to any of the provisions of
Section 5.01 ) of the Company with respect to
Securities of the series, whether or not such Events of Default or
covenants or other provisions are consistent with the Events of
Default or covenants or other provisions set forth
herein;
(13) the
applicability, if any, of Sections 4.02 and 4.03
to the Securities of the series (and, in the case of
Section 4.03 , if applicable, any additional covenants
subject to covenant defeasance) and any provisions in modification
of, in addition to or in lieu of any of the provisions of
Article IV ;
(14) if the
Securities of such series are to be issuable in definite form
(whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates
or other documents or satisfaction of other conditions, then the
form and/or terms of such certificates, documents or
conditions;
(15) the terms of
any temporary securities, the provisions for deposit and withdrawal
from a common depository and terms related thereto;
(16) if the
Securities of the series are to be secured or convertible into or
exchangeable for any securities of any Person (including the
Company), the terms and conditions upon which such Securities of
the series will be so secured or convertible or exchangeable
(including, without limitation, the initial conversion price or
rate, the conversion period, the conversion agent, if any,
adjustments of the applicable conversion price or rate and any
requirements with respect to the reservation of shares or
Securities for purposes of conversion);
(17) whether the
Securities shall be bearer securities and, if so, any provisions
related thereto;
(18) whether the
Securities will contain any transfer restrictions, and whether the
Securities are to be issued pursuant to Rule 144A under the
Securities Act, Regulation S under the Securities Act, a
public offering or otherwise; and
(19) any other
terms of the series (which terms shall not be inconsistent with the
requirements of the Trust Indenture Act).
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All
Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise by provided
in or pursuant to such Board Resolution (subject to
Section 3.03 ) and set forth in such Officers’
Certificate or in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time
and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for issuances of additional Securities
of such series or to establish additional terms of such series of
Securities (which additional terms shall only be applicable to
unissued or additional Securities of such series).
If
any of the terms of the Securities of any series are established by
action taken pursuant to one or more Board Resolutions, a copy of
an appropriate record of such action(s) shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to
the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of the Securities of such
series.
Section 3.02 DENOMINATIONS
.
The
Securities shall be issuable only in fully registered form without
coupons and only in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof, unless provided otherwise in
a supplemental indenture with respect to any series of
Securities.
Section 3.03 EXECUTION, AUTHENTICATION,
DELIVERY AND DATING .
The
Securities shall be executed on behalf of the Company by one of its
Chairman of the Board, its President, its Chief Executive Officer,
its Chief Financial Officer or one of its Vice Presidents. The
signatures of any of these officers on the Securities may be manual
or facsimile.
Securities
bearing the manual or facsimile signature of an individual who was
at any time the proper officer of the Company shall bind the
Company, notwithstanding that such individual has ceased to hold
such office prior to the authentication and delivery of such
Securities or did not hold such office at the date of such
Securities.
At
any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities executed by the
Company to the Trustee for authentication, together with a Company
Order for the authentication and delivery of such Securities; and
the Trustee in accordance with such Company Order shall
authenticate and deliver such Securities as provided in this
Indenture and not otherwise. In authenticating such Securities, and
accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall receive, and,
subject to Section 6.01 , shall be fully protected in
relying upon:
(a) A
copy of the resolution or resolutions of the Board of Directors in
or pursuant to which the terms and form of the Securities were
established, certified by the Secretary or an Assistant Secretary
of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect as of the date of such
certificate, and if the
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terms and form
of such Securities are established by an Officers’
Certificate pursuant to general authorization of the Board of
Directors, such Officers’ Certificate;
(b) an
executed supplemental indenture, if any;
(c) an
Officers’ Certificate delivered in accordance with
Section 1.03 ; and
(d) an
Opinion of Counsel which shall state;
(1) that the form
of such Securities has been established by a supplemental indenture
or by or pursuant to a resolution of the Board of Directors in
accordance with Sections 2.01 and 2.02 and in
conformity with the provisions of this Indenture;
(2) that the terms
of such Securities have been established in accordance with
Section 2.01 and in conformity with the other
provisions of this Indenture;
(3) that such
Securities, when authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and
legally binding obligations of the Company, enforceable in
accordance with their terms, subject to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to
or affecting the enforcement of creditors’ rights and to
general equity principles; and
(4) that all laws
and requirements in respect of the execution and delivery by the
Company of such Securities have been complied with.
The
Trustee shall have the right to decline to authenticate and deliver
any Securities under this Section if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or
if the Trustee in good faith shall determine that such action would
expose the Trustee to personal liability to existing
Holders.
Each
Security shall be dated the date of its authentication.
No
Security endorsed thereon shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless
there appears on such Security a certificate of authentication
substantially in the form provided for herein duly executed by the
Trustee by manual signature of an authorized signatory, and such
certificate upon any Security shall be conclusive evidence, and the
only evidence, that such Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this
Indenture.
Except
as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 3.01 , in
case the Company, pursuant to Article VIII , shall, in
a single transaction or through a series of related transactions,
be consolidated, amalgamated, combined or merged with or into any
other Person or shall sell, assign, convey, transfer, lease or
otherwise dispose of all or substantially all of its properties and
assets to any Person, and the successor Person resulting from such
consolidation, amalgamation, or combination or surviving such
merger, or into which the Company shall have been merged, or the
successor Person which shall have participated in the
sale,
22
assignment,
conveyance, transfer, lease or other disposition as aforesaid,
shall have executed an indenture supplemental hereto with the
Trustee pursuant to Article VIII , any of the
Securities authenticated or delivered prior to such consolidation,
amalgamation, combination, merger, sale, assignment, conveyance,
transfer, lease or other disposition may, from time to time, at the
request of the successor Person, be exchanged for other Securities
executed in the name of the successor Person with such changes in
phraseology and form as may be appropriate, but otherwise in
substance of like tenor as the Securities surrendered for such
exchange and of like principal amount; and the Trustee, upon
Company Request of the successor Person, shall authenticate and
deliver Securities as specified in such request for the purpose of
such exchange. If Securities shall at any time be authenticated and
delivered in any new name of a successor Person pursuant to this
Section 3.03 in exchange or substitution for or upon
registration of transfer of any Securities, such successor Person,
at the option of the Holders but without expense to them, shall
provide for the exchange of all Securities at the time Outstanding
for Securities authenticated and delivered in such new
name.
The
Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities on behalf of the Trustee. Unless
limited by the terms of such appointment, an authenticating agent
may authenticate Securities whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has
the same rights as any Security Registrar or Paying Agent to deal
with the Company and its Affiliates.
If
an officer whose signature is on a Security no longer holds that
office at the time the Trustee authenticates such Security such
Security shall be valid nevertheless.
Section 3.04 TEMPORARY SECURITIES
.
(a) Pending
the preparation of definitive Securities, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten
or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of
which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers
executing such Securities may determine, as conclusively evidenced
by their execution of such Securities.
(b) If
temporary Securities are issued, the Company will cause definitive
Securities to be prepared without unreasonable delay, except to
comply with applicable law. After the preparation of definitive
Securities, the temporary Securities shall be exchangeable for
definitive Securities upon surrender of the temporary Securities at
the office or agency of the Company designated for such purpose
pursuant to Section 10.02 , without charge to the
Holder. Upon surrender for cancellation of any one or more
temporary Securities, the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of authorized
denominations. Until so exchanged, the temporary Securities shall
in all respects be entitled to the same benefits under this
Indenture as definitive Securities.
23
(c) The
Securities may be issued as temporary global Securities for deposit
with a Common Depository pursuant to terms set forth in a
supplemental indenture.
Section 3.05 REGISTRATION, REGISTRATION
OF TRANSFER AND EXCHANGE .
The
Company shall cause the Trustee to keep, so long as it is the
Security Registrar, at the Corporate Trust Office of the Trustee,
or such other office as the Trustee may designate, a register for
each series of Securities (the register maintained in such office
or in any other office or agency designated pursuant to
Section 10.02 being herein sometimes referred to as the
“ Security Register ”) in which, subject to such
reasonable regulations as the Security Registrar may prescribe, the
Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee shall initially be the “
Security Registrar ” for the purpose of registering
Securities and transfers of Securities as herein provided. The
Company may change the Security Registrar or appoint one or more
co-Security Registrars without prior notice; provided that the
Company shall promptly notify the Trustee if the Company changes
the Security Registrar or appoints a co-Security
Registrar.
Upon
surrender for registration of transfer of any Security at the
office or agency of the Company designated pursuant to
Section 10.02 , the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of
the same series of any authorized denomination or denominations, of
a like aggregate principal amount.
Furthermore,
any Holder of the Global Security shall, by acceptance of such
Global Security, agree that transfers of beneficial interests in
such Global Security may be effected only through a book-entry
system maintained by the Holder of such Global Security (or its
agent), and that ownership of a beneficial interest in a Security
shall be required to be reflected in a book entry.
At
the option of the Holder, Securities may be exchanged for other
Securities of any authorized denomination or denominations, of a
like aggregate principal amount, upon surrender of the Securities
to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, Securities of the same
series which the Holder making the exchange is entitled to
receive.
All
Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company,
evidencing the same Indebtedness, and entitled to the same benefits
under this Indenture, as the Securities surrendered upon such
registration of transfer or exchange.
Every
Security presented or surrendered for registration of transfer, or
for exchange, repurchase or redemption, shall (if so required by
the Company or the Trustee) be duly endorsed, or be accompanied by
a written instrument of transfer in form satisfactory to the
Company and the Security Registrar, duly executed by the Holder
thereof or his attorney duly authorized in writing.
24
No
service charge shall be made to a Holder for any registration of
transfer, exchange or redemption of Securities, other than
exchanges pursuant to Sections 3.05 or 3.07 not
involving any transfer, except for any tax or other governmental
charge that may be imposed in connection therewith.
The
Company shall not be required (a) to issue, register the
transfer of or exchange any Security during a period beginning at
the opening of business 15 days before the mailing of a notice
of redemption of the Securities selected for redemption under
Section 11.04 and ending at the close of business on
the day of such mailing or (b) to register the transfer of or
exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of Securities being redeemed in
part.
Any
Security authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, any Global Security, whether
pursuant to this Section 3.05 , Sections 3.04 ,
3.06 , 3.07 , 9 .06 or 11.08 or
otherwise, shall also be a Global Security and bear the legend
specified in Exhibit A hereto.
Section 3.06 BOOK ENTRY PROVISIONS FOR
GLOBAL SECURITIES .
The
following provisions shall govern Global Securities except as set
forth in an indenture supplemental hereto:
(a) Each
Global Security initially shall (i) be registered in the name
of the Depositary for such Global Security or the nominee of such
Depositary, (ii) be deposited with, or on behalf of, the
Depositary or with the Trustee as custodian for such Depositary and
(iii) bear legends as set forth in Exhibit A
hereto.
Members
of, or participants in, the Depositary (“ Agent
Members ”) shall have no rights under this Indenture with
respect to any Global Security held on their behalf by the
Depositary, or the Trustee as its custodian, or under such Global
Security, and the Depositary may be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the absolute
owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company or the Trustee
from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or shall impair, as
between the Depositary and its Agent Members, the operation of
customary practices governing the exercise of the rights of a
Holder of any Security.
(b) Notwithstanding
any other provision in this Indenture, no Global Security may be
exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be
registered, in the name of any Person other than the Depositary for
such Global Security or a nominee thereof unless (i) such
Depositary (A) has notified the Company that it is unwilling
or unable to continue as Depositary for such Global Security or
(B) has ceased to be a clearing agency registered as such
under the Exchange Act, and in either case the Company fails to
appoint a successor Depositary, (ii) the Company, at its
option, executes and delivers to the Trustee a Company Order
stating that it elects to cause the issuance of the Securities in
certificated form and that all Global
25
Securities
shall be exchanged in whole for Securities that are not Global
Securities (in which case, such exchange shall be effected by the
Trustee) or (iii) there shall have occurred and be continuing an
Event of Default.
(c) If
any Global Security is to be exchanged for other Securities or
canceled in whole, it shall be surrendered by or on behalf of the
Depositary or its nominee to the Trustee, as Security Registrar,
for exchange or cancellation as provided in this
Article III . If any Global Security is to be exchanged
for other Securities or canceled in part, or if another Security is
to be exchanged in whole or in part for a beneficial interest in
any Global Security, then either (i) such Global Security shall be
so surrendered for exchange or cancellation as provided in this
Article III or (ii) the principal amount thereof
shall be reduced or increased by an amount equal to the portion
thereof to be so exchanged or canceled, or equal to the principal
amount of such other Security to be so exchanged for a beneficial
interest therein, as the case may be, by means of an appropriate
adjustment made on the records of the Trustee, as Security
Registrar, whereupon the Trustee, in accordance with the Applicable
Procedures, shall instruct the Depositary or its authorized
representative to make a corresponding adjustment to its records.
Upon any such surrender or adjustment of a Global Security, the
Trustee shall, subject to this Section 3.06(c) and as
otherwise provided in this Article III , authenticate
and deliver any Securities issuable in exchange for such Global
Security (or any portion thereof) to or upon the order of, and
registered in such names as may be directed by, the Depositary or
its authorized representative. Upon the request of the Trustee in
connection with the occurrence of any of the events specified in
the preceding Subsection (b) , the Company shall promptly
make available to the Trustee a reasonable supply of Securities
that are not in the form of Global Securities. The Trustee shall be
entitled to conclusively rely upon any order, direction or request
of the Depositary or its authorized representative which is given
or made pursuant to this Article III if such order,
direction or request is given or made in accordance with the
Applicable Procedures.
(d) Every
Security authenticated and delivered upon registration of transfer
of, or in exchange for or in lieu of, a Global Security or any
portion thereof, whether pursuant to this Article III
or otherwise, shall be authenticated and delivered in the form of,
and shall be, a Global Security, unless such Security is registered
in the name of a Person other than the Depositary for such Global
Security or a nominee thereof.
(e) The
Depositary or its nominee, as registered owner of a Global
Security, shall be the Holder of such Global Security for all
purposes under this Indenture and the Securities, and owners of
beneficial interests in a Global Security shall hold such interests
pursuant to the Applicable Procedures. Accordingly, any such
owner’s beneficial interest in a Global Security will be
shown only on, and the transfer of such interest shall be effected
only through, records maintained by the Depositary or its nominee
or its Agent Members.
The
Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any
transfer of any interest in any Security (including any transfers
between or among Agent Members or beneficial owners of interests in
any Global Security) other than to require delivery of such
certificates and other documentation or evidence as are
expressly
26
required by,
and to do so if and when expressly required by the terms of, this
Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements
hereof.
None
of the Company, the Trustee, any Paying Agent or any Registrar will
have any responsibility or liability for any aspect of Depositary
records relating to, or payments made on account of, beneficial
ownership interests in a Global Security or for maintaining,
supervising or reviewing any Depositary records relating to such
beneficial ownership interests, or for transfers of beneficial
interests in the Securities or any transactions between the
Depositary and beneficial owners.
Section 3.07 MUTILATED, DESTROYED, LOST
AND STOLEN SECURITIES .
If
(a) any mutilated Security is surrendered to the Trustee, or
(b) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Security, and
there is delivered to the Company and the Trustee, such security or
indemnity, in each case, as may be required by them to save each of
them harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon a Company Request the
Trustee shall authenticate and deliver, in exchange for any such
mutilated Security or in lieu of any such destroyed, lost or stolen
Security, a replacement Security of like tenor and principal
amount, bearing a number not contemporaneously
outstanding.
In
case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Company in its
discretion may, instead of issuing a replacement Security, pay or
purchase such Security, as the case may be.
Upon
the issuance of any replacement Securities under this
Section 3.07 , the Company may require the payment of a
sum sufficient to pay all documentary, stamp or similar issue or
transfer taxes or other governmental charges that may be imposed in
relation thereto and any other expenses (including the fees and
expenses of the Trustee, its agents and its counsel) connected
therewith.
Every
replacement Security issued pursuant to this
Section 3.07 in lieu of any destroyed, lost or stolen
Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Securities duly issued
hereunder.
The
provisions of this Section 3.07 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.
Section 3.08 PAYMENT OF INTEREST;
INTEREST RIGHTS PRESERVED .
Except
as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 3.01 ,
interest on any Security which is payable, and is punctually paid
or duly provided for, on the Stated Maturity of such interest shall
be
27
paid to the
Person in whose name the Security (or any Predecessor Securities)
is registered at the close of business on the Regular Record Date
for such interest payment.
Except
as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 3.01 , any
interest on any Security which is payable, but is not punctually
paid or duly provided for, on the Stated Maturity of such interest,
and interest on such defaulted interest at the then applicable
interest rate borne by the Securities, to the extent lawful (such
defaulted interest and interest thereon herein collectively called
“ Defaulted Interest ”), shall forthwith cease
to be payable to the Holder on the Regular Record Date; and such
Defaulted Interest may be paid by the Company, at its election in
each case, as provided in Subsection (a) or (b)
below:
(a) The
Company may elect to make payment of any Defaulted Interest to the
Persons in whose names the Securities (or any relevant Predecessor
Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall
be fixed in the following manner. The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each Security and the date (not less than 30 days
after such notice) of the proposed payment (the “ Special
Payment Date ”), and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such
deposit prior to the Special Payment Date, such money when
deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this Subsection
(a) provided. Thereupon, the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall be not
more than 15 days and not less than 10 days prior to the
date of the Special Payment Date and shall fix the Special Record
Date not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly
notify the Company in writing of such Special Record Date. In the
name and at the expense of the Company, the Trustee shall cause
notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first-class postage
prepaid, to each Holder at its address as it appears in the
Security Register, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date and Special Payment Date
therefor having been so mailed, such Defaulted Interest shall be
paid to the Persons in whose names the Securities are registered on
such Special Record Date and shall no longer be payable pursuant to
the following Subsection (b) .
(b) The
Company may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon
such notice as may be required by this Indenture not inconsistent
with the requirements of such exchange, if, after written notice
given by the Company to the Trustee of the proposed payment
pursuant to this Subsection (b) , such payment shall be
deemed practicable by the Trustee.
(c) Any
series of Securities may provide for changes in interest rates or
changes in spreads and any changes in redemption provisions in
connection therewith or
28
changes in
maturity to the extent set forth in a supplemental Indenture with
respect to such Securities.
Subject
to the foregoing provisions of this Section 3.08 , each
Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security
shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security.
Section 3.09 CUSIP NUMBERS
.
The
Company in issuing the Securities may use “CUSIP”
numbers (if then generally in use), and the Company, or the Trustee
on behalf of the Company, shall use CUSIP numbers in notices of
redemption or exchange as a convenience to Holders; provided,
however, that any such notice shall state that no representation is
made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of redemption or exchange
and that reliance may be placed only on the other identification
numbers printed on the Securities; and provided further, however,
that failure to use CUSIP numbers in any notice of redemption or
exchange shall not affect the validity or sufficiency of such
notice. The Company will promptly notify the Trustee of any change
in the “CUSIP” numbers.
Section 3.10 PERSONS DEEMED OWNERS
.
Prior
to and at the time of due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of
the Company, or the Trustee may treat the Person in whose name any
Security is registered as the owner of such Security for the
purpose of receiving payment of principal of, premium, if any, and
(subject to Section 3.08 ) interest on, such Security
and for all other purposes whatsoever, whether or not such Security
is overdue, and neither the Company, the Trustee nor any agent of
the Company or the Trustee shall be affected by notice to the
contrary.
Section 3.11 CANCELLATION
.
All
Securities surrendered for payment, purchase, redemption,
registration of transfer or exchange shall be delivered to the
Trustee and, if not already canceled, shall be promptly canceled by
it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly
canceled by the Trustee. No Securities shall be authenticated in
lieu of or in exchange for any Securities canceled as provided in
this Section 3.11 , except as expressly permitted by
this Indenture. All canceled Securities held by the Trustee shall,
upon written request of the Company, be disposed in accordance with
the Trustee’s standard procedures, unless by a Company Order
received by the Trustee prior to such disposition, the Company
shall direct that the canceled Securities be returned to it. The
Trustee shall provide the Company a list of all Securities that
have been canceled from time to time as requested by the
Company.
29
Section 3.12 COMPUTATION OF INTEREST
.
Except
as otherwise specified as contemplated by Section 3.01
with respect to Securities of any series, interest on the
Securities of each series shall be computed on the basis of a
360-day year comprised of twelve 30-day months.
DEFEASANCE AND COVENANT
DEFEASANCE
Section 4.01 APPLICABILITY OF ARTICLE;
COMPANY’S OPTION TO EFFECT DEFEASANCE OR COVENANT
DEFEASANCE .
If
pursuant to Section 3.01 provision is made for either
or both of (a) defeasance of the Securities of or within a
series under Section 4.02 or (b) covenant
defeasance of the Securities of or within a series under
Section 4.03 , then the provisions of such Section or
Sections, as the case may be, together with the other provisions of
this Article IV (with such modifications thereto as may
be specified pursuant to Section 3.01 with respect to
any Securities), shall be applicable to such Securities, and
the
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