COMPAGNIE GÉNÉRALE
DE GÉOPHYSIQUE–VERITAS
9 1 / 2 %
Senior Notes due 2016
THE BANK OF NEW YORK MELLON TRUST
COMPANY,
NATIONAL ASSOCIATION
|
|
|
|
|
|
|
Trust Indenture
|
|
|
|
|
Act Section
|
|
Indenture Section
|
|
|
|
|
|
7.10
|
|
|
|
|
|
7.10
|
|
|
|
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
|
|
7.10
|
|
|
|
|
|
7.10
|
|
|
|
|
|
N/A
|
|
|
|
|
|
7.11
|
|
|
|
|
|
7.11
|
|
|
|
|
|
N/A
|
|
|
|
|
|
2.05
|
|
|
|
|
|
11.03
|
|
|
|
|
|
11.03
|
|
|
|
|
|
7.06
|
|
|
|
|
|
7.06
|
|
|
|
|
|
7.06, 7.07
|
|
|
|
|
|
7.06, 11.02
|
|
|
|
|
|
7.06
|
|
|
|
|
|
4.03, 4.04, 11.02
|
|
|
|
|
|
N/A
|
|
|
|
|
|
11.04
|
|
|
|
|
|
11.04
|
|
|
|
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
|
|
11.05
|
|
|
|
|
|
N/A
|
|
|
|
|
|
7.01
|
|
|
|
|
|
7.05, 11.02
|
|
|
|
|
|
7.01
|
|
|
|
|
|
7.01
|
|
|
|
|
|
6.11
|
|
|
|
|
|
2.09
|
|
|
|
|
|
6.05
|
|
|
|
|
|
6.04
|
|
|
|
|
|
N/A
|
|
|
|
|
|
6.07
|
|
|
|
|
|
2.12
|
|
|
|
|
|
6.08
|
|
|
|
|
|
6.09
|
|
|
|
|
|
2.04
|
|
|
|
|
|
11.01
|
|
|
|
|
|
N/A
|
|
|
|
|
|
11.01
|
|
|
|
|
|
N/A
|
|
means not
applicable.
|
|
|
|
|
|
*
|
|
This
Cross-Reference Table is not part of the Indenture.
|
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
ARTICLE 1 DEFINITIONS AND INCORPORATION BY
REFERENCE
|
|
|
1
|
|
|
|
|
|
|
|
SECTION 1.01. Definitions
|
|
|
1
|
|
SECTION 1.02. Other Definitions
|
|
|
21
|
|
SECTION 1.03. Incorporation by Reference of Trust
Indenture Act
|
|
|
22
|
|
SECTION 1.04. Rules of Construction
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
23
|
|
|
|
|
|
|
|
SECTION 2.01. Form and Dating
|
|
|
23
|
|
SECTION 2.02. Execution and
Authentication
|
|
|
25
|
|
SECTION 2.03. Registrar and Paying
Agent
|
|
|
26
|
|
SECTION 2.04. Paying Agent to Hold Money in
Trust
|
|
|
26
|
|
SECTION 2.05. Holder Lists
|
|
|
27
|
|
SECTION 2.06. Transfer and Exchange
|
|
|
27
|
|
SECTION 2.07. Replacement Notes
|
|
|
34
|
|
SECTION 2.08. Outstanding Notes
|
|
|
35
|
|
SECTION 2.09. Treasury Notes
|
|
|
35
|
|
SECTION 2.10. Temporary Notes
|
|
|
35
|
|
SECTION 2.11. Cancellation
|
|
|
36
|
|
SECTION 2.12. Defaulted Interest
|
|
|
36
|
|
|
|
|
|
|
|
ARTICLE 3 REDEMPTION AND REPURCHASE
|
|
|
36
|
|
|
|
|
|
|
|
SECTION 3.01. Notices to Trustee
|
|
|
36
|
|
SECTION 3.02. Selection of Notes to Be
Redeemed
|
|
|
37
|
|
SECTION 3.03. Notice of Redemption
|
|
|
37
|
|
SECTION 3.04. Effect of Notice of
Redemption
|
|
|
38
|
|
SECTION 3.05. Deposit of Redemption
Price
|
|
|
38
|
|
SECTION 3.06. Notes Redeemed in Part
|
|
|
39
|
|
SECTION 3.07. Optional Redemption
|
|
|
39
|
|
SECTION 3.08. Mandatory Redemption
|
|
|
40
|
|
SECTION 3.09. Offer to Purchase by Application of
Excess Proceeds
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
|
|
|
|
|
|
SECTION 4.01. Payment of Notes
|
|
|
42
|
|
SECTION 4.02. Maintenance of Office or
Agency
|
|
|
43
|
|
|
|
|
|
43
|
|
SECTION 4.04. Compliance Certificate
|
|
|
44
|
|
|
|
|
|
45
|
|
i
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
SECTION 4.06. Stay, Extension and Usury
Laws
|
|
|
45
|
|
SECTION 4.07. Restricted Payments
|
|
|
45
|
|
SECTION 4.08. Dividend and Other Payment Restrictions
Affecting Subsidiaries
|
|
|
49
|
|
SECTION 4.09. Incurrence of Indebtedness and Issuance
of Disqualified Stock
|
|
|
50
|
|
SECTION 4.10. Asset Sales
|
|
|
52
|
|
SECTION 4.11. Transactions with
Affiliates
|
|
|
54
|
|
|
|
|
|
55
|
|
SECTION 4.13. Guarantees of Company Indebtedness by
Restricted Subsidiaries
|
|
|
55
|
|
SECTION 4.14. Corporate Existence
|
|
|
55
|
|
SECTION 4.15. Offer to Purchase Upon Change of
Control
|
|
|
55
|
|
SECTION 4.16. Issuances and Sales of Capital Stock of
Restricted Subsidiaries
|
|
|
57
|
|
SECTION 4.17. Sale-and-leaseback
Transactions
|
|
|
57
|
|
SECTION 4.18. No Inducements
|
|
|
58
|
|
SECTION 4.19. Additional Amounts
|
|
|
58
|
|
SECTION 4.20. Enforceability of Judgments;
Indemnification for Foreign Currency Judgments
|
|
|
60
|
|
SECTION 4.21. Conduct of Business
|
|
|
61
|
|
SECTION 4.22. Anti Layering
|
|
|
61
|
|
SECTION 4.23. Effectiveness of Covenants and Events of
Default
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
62
|
|
|
|
|
|
|
|
SECTION 5.01. Successor Corporation
Substituted
|
|
|
62
|
|
|
|
|
|
|
|
ARTICLE 6 DEFAULTS AND REMEDIES
|
|
|
62
|
|
|
|
|
|
|
|
SECTION 6.01. Events of Default
|
|
|
62
|
|
SECTION 6.02. Acceleration
|
|
|
65
|
|
SECTION 6.03. Other Remedies
|
|
|
65
|
|
SECTION 6.04. Waiver of Past Defaults
|
|
|
65
|
|
SECTION 6.05. Control by Majority
|
|
|
66
|
|
SECTION 6.06. Limitation on Suits
|
|
|
66
|
|
SECTION 6.07. Rights of Holders of Notes to Receive
Payment
|
|
|
66
|
|
SECTION 6.08. Collection Suit by
Trustee
|
|
|
66
|
|
SECTION 6.09. Trustee May File Proofs of
Claim
|
|
|
67
|
|
|
|
|
|
67
|
|
SECTION 6.11. Undertaking for Costs
|
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
68
|
|
|
|
|
|
|
|
SECTION 7.01. Duties of Trustee
|
|
|
68
|
|
ii
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
SECTION 7.02. Rights of Trustee
|
|
|
69
|
|
SECTION 7.03. Individual Rights of
Trustee
|
|
|
70
|
|
SECTION 7.04. Trustee’s
Disclaimer
|
|
|
70
|
|
SECTION 7.05. Notice of Defaults
|
|
|
71
|
|
SECTION 7.06. Reports by Trustee to Holders of the
Notes
|
|
|
71
|
|
SECTION 7.07. Compensation and
Indemnity
|
|
|
71
|
|
SECTION 7.08. Replacement of Trustee
|
|
|
72
|
|
SECTION 7.09. Successor Trustee by Merger,
etc
|
|
|
73
|
|
SECTION 7.10. Eligibility;
Disqualification
|
|
|
73
|
|
SECTION 7.11. Preferential Collection of Claims Against
Company
|
|
|
74
|
|
|
|
|
|
|
|
ARTICLE 8 LEGAL DEFEASANCE AND COVENANT
DEFEASANCE; SATISFACTION AND DISCHARGE
|
|
|
74
|
|
|
|
|
|
|
|
SECTION 8.01. Option to Effect Legal Defeasance or
Covenant Defeasance
|
|
|
74
|
|
SECTION 8.02. Legal Defeasance and
Discharge
|
|
|
74
|
|
SECTION 8.03. Covenant Defeasance
|
|
|
75
|
|
SECTION 8.04. Conditions to Legal or Covenant
Defeasance
|
|
|
75
|
|
SECTION 8.05. Satisfaction and
Discharge
|
|
|
76
|
|
SECTION 8.06. Deposited Money and U.S. Government
Securities to be Held in Trust; Other Miscellaneous
Provisions
|
|
|
78
|
|
SECTION 8.07. Repayment to Company
|
|
|
78
|
|
SECTION 8.08. Reinstatement
|
|
|
79
|
|
|
|
|
|
|
|
ARTICLE 9 AMENDMENT, SUPPLEMENT AND
WAIVER
|
|
|
79
|
|
|
|
|
|
|
|
SECTION 9.01. Without Consent of Holders of
Notes
|
|
|
79
|
|
SECTION 9.02. With Consent of Holders of
Notes
|
|
|
80
|
|
SECTION 9.03. Compliance with Trust Indenture
Act
|
|
|
81
|
|
SECTION 9.04. Revocation and Effect of
Consents
|
|
|
82
|
|
SECTION 9.05. Notation on or Exchange of
Notes
|
|
|
82
|
|
SECTION 9.06. Trustee to Sign Amendments,
etc
|
|
|
82
|
|
|
|
|
|
|
|
ARTICLE 10 GUARANTEES OF NOTES
|
|
|
82
|
|
|
|
|
|
|
|
SECTION 10.01. Subsidiary Guarantees
|
|
|
82
|
|
SECTION 10.02. Execution and Delivery of Subsidiary
Guarantee
|
|
|
83
|
|
SECTION 10.03. Guarantors May Consolidate, etc., on
Certain Terms
|
|
|
84
|
|
SECTION 10.04. Releases of Guarantees
|
|
|
85
|
|
SECTION 10.05. Releases Following Sale of
Assets
|
|
|
85
|
|
SECTION 10.06. Releases Following Designation as an
Unrestricted Subsidiary, etc
|
|
|
86
|
|
SECTION 10.07. Limitation on Guarantor
Liability
|
|
|
86
|
|
SECTION 10.08. “Trustee” to Include Paying
Agent
|
|
|
86
|
|
iii
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
87
|
|
|
|
|
|
|
|
SECTION 11.01. Trust Indenture Act
Controls
|
|
|
87
|
|
|
|
|
|
87
|
|
SECTION 11.03. Communication by Holders of Notes with
Other Holders of Notes
|
|
|
88
|
|
SECTION 11.04. Certificate and Opinion as to Conditions
Precedent
|
|
|
89
|
|
SECTION 11.05. Statements Required in Certificate or
Opinion
|
|
|
89
|
|
SECTION 11.06. Rules by Trustee and
Agents
|
|
|
89
|
|
SECTION 11.07. No Personal Liability of Directors,
Officers, Employees and Shareholders
|
|
|
89
|
|
SECTION 11.08. Governing Law
|
|
|
90
|
|
SECTION 11.09. No Adverse Interpretation of Other
Agreements
|
|
|
90
|
|
SECTION 11.10. Successors
|
|
|
90
|
|
SECTION 11.11. Severability
|
|
|
90
|
|
SECTION 11.12. Counterpart Originals
|
|
|
90
|
|
SECTION 11.13. Table of Contents, Headings,
etc
|
|
|
90
|
|
SECTION 11.14. Consent to Jurisdiction; Submission to
Process
|
|
|
90
|
|
iv
|
|
|
|
|
|
|
|
|
Form of
Note
|
|
A-1
|
|
|
|
|
|
|
|
|
|
Form of
Certificate for Transfer of Beneficial Interest from Rule 144A
Global Note or IAI Global Note to Regulation S Global
Note
|
|
B-1-1
|
|
|
|
|
|
|
|
|
|
Form of
Certificate for Transfer of Beneficial Interest from
Regulation S Global Note to Rule 144A Global Note or IAI
Global Note
|
|
B-2-1
|
|
|
|
|
|
|
|
|
|
Form of
Certificate for Exchange or Registration of Transfer of Definitive
Notes
|
|
B-3-1
|
|
|
|
|
|
|
|
|
|
Form of
Certificate to be Delivered by Institutional Accredited
Investors
|
|
C
|
|
|
|
|
|
|
|
|
|
Form of
Notation of Subsidiary Guarantee
|
|
D
|
|
|
|
|
|
|
|
|
|
Form of
Supplemental Indenture
|
|
E
|
v
This Indenture,
dated as of June 9, 2009 is among Compagnie
Générale de Géophysique–Veritas, a
société anonyme incorporated in France and
registered at the Paris Commercial Registry under Number 969 202
241 (the “ Company ”), any Guarantors (as
hereinafter defined) party hereto and The Bank of New York Mellon
Trust Company, National Association, as trustee (the “
Trustee ”).
The Company, the
Guarantors and the Trustee agree as follows for the benefit of each
other and for the equal and ratable benefit of the Holders of
(a) the 9 1 / 2
% Senior Notes due 2016 (the “
Original Notes ”), (b) the 9
1 / 2
% Exchange Senior Notes due 2016
(the “ Exchange Notes ” and, together with the
Original Notes, the “ Notes ”), without
preference of one series of Notes over the other.
DEFINITIONS AND INCORPORATION
BY REFERENCE
SECTION
1.01. Definitions.
“
Acquired Indebtedness ” means with respect to a
specified Person (a) Indebtedness of any other Person existing
at the time such other Person is merged with or into or becomes a
Subsidiary of such specified Person or (b) Indebtedness
relating to properties or assets acquired by such specified Person.
Acquired Indebtedness shall be deemed to be incurred on the date
the acquired Person becomes a Restricted Subsidiary or the date of
the related acquisition of properties or assets from such
Person.
“
Affiliate ” of any specified Person means any other
Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For
purposes of this Indenture, “ control ”, as used
with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the
ownership of Voting Stock, by agreement or otherwise;
provided , however , that beneficial ownership of 10%
or more of the Voting Stock of a Person shall be deemed to be
control. For purposes of this Indenture, the terms “
controlling ”, “ controlled by ”
and “ under common control with ” have
correlative meanings.
“
Agent ” means any Registrar or Paying
Agent.
“
Applicable Premium ” means, with respect to any Note
on any redemption date, the greater of:
(a) 1.0% of
the principal amount of the Note; and
(b) the
excess of (1) the present value at such redemption date of
(A) the redemption price of the Note at May 15, 2013
(such redemption price being set forth in the table appearing in
Section 3.07(b) of this Indenture) plus (B) all required
interest payments due on the Note during the period from such
redemption date through May 15, 2013 (excluding accrued but
unpaid interest), computed using a discount rate equal to the
Treasury Rate as of such redemption date plus 50 basis points over
(2) the principal amount of the Note, if greater.
“
Applicable Procedures ” means, with respect to any
transfer or exchange of beneficial interests in the Global Note,
the rules and procedures of the Depository, Euroclear or
Clearstream that apply to such transfer or exchange.
(a) the sale,
lease, conveyance or other disposition (a
“disposition”) of any properties or assets (including,
without limitation, by way of a sale-and-leaseback), excluding
dispositions in the ordinary course of business (provided that the
disposition of all or substantially all of the properties or assets
of the Company and its Subsidiaries taken as a whole will be
subject to Sections 4.15 and 6.01(f) of this Indenture and not
to provisions of Section 4.10 hereof),
(b) the issue
or sale by the Company or any of its Restricted Subsidiaries of
Equity Interests of any of the Company’s Subsidiaries,
and
whether, in the
case of clause (a), (b) or (c), in a single transaction or a
series of related transactions, provided that such
transaction or series of related transactions (i) involves
properties or assets having a fair market value in excess of
€
2,500,000, or (ii) results in
the payment of net proceeds (including insurance proceeds from an
Event of Loss) in excess of €
2,500,000.
Notwithstanding
the preceding provisions of this definition, the following
transactions will be deemed not to be Asset Sales:
(A) a
disposition of obsolete or excess equipment or other properties or
assets;
(B) a
disposition of properties or assets (including Equity Interests) by
the Company to a Wholly Owned Restricted Subsidiary or by a
Restricted Subsidiary to the Company or to a Wholly Owned
Restricted Subsidiary;
(C) a
disposition of cash or Cash Equivalents;
(D) a
disposition of properties or assets (including Equity Interests)
that constitutes a Restricted Payment that is permitted by
Section 4.07 of this Indenture;
(E) any trade
or exchange by the Company or any Restricted Subsidiary of
equipment or other properties or assets for equipment or other
properties or assets owned or held by another
2
Person,
provided that the fair market value of the properties or
assets traded or exchanged by the Company or such Restricted
Subsidiary (together with any cash or Cash Equivalents) is
reasonably equivalent to the fair market value of the properties or
assets (together with any cash or Cash Equivalents) to be received
by the Company or such Restricted Subsidiary;
(F) the
creation or perfection of a Lien on any properties or assets (or
any income or profits therefrom) of the Company or any of its
Restricted Subsidiaries that is not prohibited by Section 4.12
hereof;
(G) a
sale-and-leaseback of the Company’s office facilities in
Massy, France replacing the sale-and-leaseback transaction relating
to such facilities that is outstanding on the Issue
Date;
(H) the
surrender or waiver of contract rights or the settlement, release
or surrender of contractual, non-contractual or other claims of any
kind;
(I) the sale
or discount, in each case without recourse, of accounts receivable
arising in the ordinary course of business, but only in connection
with the compromise of collection thereof;
(J) the
factoring of accounts receivable arising in the ordinary course of
business pursuant to arrangements customary in the region;
and
(K) the grant
in the ordinary course of business of any non-exclusive license of
patents, trademarks, registrations therefor and other similar
intellectual property.
The fair market
value of any non-cash proceeds of a disposition of properties or
assets and of any properties or assets referred to in the foregoing
clause (E) of this definition shall be determined in the
manner contemplated in the definition of the term “fair
market value”, the results of which determination shall be
set forth in an Officers Certificate delivered to the
Trustee.
“
Attributable Indebtedness ” in respect of a
sale-and-leaseback transaction means, at the time of determination,
the present value (discounted at the rate of interest implicit in
such transaction, determined in accordance with GAAP) of the
obligation of the lessee for net rental payments during the
remaining term of the lease included in such sale-and-leaseback
transaction (including any period for which such lease has been
extended or may, at the option of the lessor, be extended). As used
in the preceding sentence, the “net rental payments”
under any lease for any such period shall mean the sum of rental
and other payments required to be paid with respect to such period
by the lessee thereunder, excluding any amounts required to be paid
by such lessee on account of maintenance and repairs, insurance,
taxes, assessments, water rates or similar charges. In the case of
any lease that is terminable by the lessee upon payment of penalty,
such net rental payment shall also include the amount of such
penalty, but no rent shall be considered as required to be paid
under such lease subsequent to the first date upon which it may be
so terminated.
“ Board
of Directors ” means the Board of Directors ( Conseil
d’Administration ) of the Company, or any authorized
committee of the Board of Directors.
3
“ Board
Resolution ” means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors of the Company and to be in
full force and effect on the date of such certification.
“
Business Day ” means any day other than a Legal
Holiday.
“ Capital
Lease Obligation ” means, at the time any determination
thereof is to be made, the amount of the liability in respect of a
capital lease that would at such time be required to be capitalized
on a balance sheet in accordance with GAAP.
“ Capital
Stock ” means (a) in the case of a corporation,
corporate stock, (b) in the case of an association or business
entity, any and all shares, interests, participations, rights or
other equivalents (however designated) of corporate stock,
including preferred stock, (c) in the case of a partnership or
limited liability company, partnership or membership interests
(whether general or limited) and (d) any other interest or
participation that confers on a Person the right to receive a share
of the profits and losses of, or distributions of assets of, the
issuing Person.
“ Cash
Equivalents ” means:
(a) securities
issued or directly and fully guaranteed or insured by the
government of the United States of America, the Republic of France
or any other country whose sovereign debt has a rating of at least
A3 from Moody’s and at least A- from S&P or any agency or
instrumentality of any such government ( provided that the
full faith and credit of such government is pledged in support
thereof), in each case having maturities of not more than
12 months from the date of acquisition,
(b) certificates
of deposit, Eurodollar time deposits and French negotiable debt
instruments ( titres de créances négociables )
with maturities of 12 months or less from the date of
acquisition, bankers’ acceptances with maturities not
exceeding six months and overnight bank deposits, in each case with
or issued by any commercial bank organized under the laws of any
country that is a member of the Organization for Economic
Co-operation and Development having capital and surplus in excess
of €
500,000,000 and whose long-term debt
securities are rated at least A3 by Moody’s and at least A-
by S&P,
(c) repurchase
obligations with a term of not more than seven days for underlying
securities of the types described in clauses (a) and
(b) above entered into with any financial institution meeting
the qualifications specified in clause (b) above,
(d) commercial
paper and French negotiable debt instruments ( titres de
créances négociables ) having a rating of at
least P-1 from Moody’s or at least A-1 from S&P and in
each case maturing within 12 months after the date of
acquisition,
(e) deposits
available for withdrawal on demand with any commercial bank not
meeting the qualifications specified in clause (b) above,
provided that all such deposits are made in the ordinary
course of business, do not remain on deposit for more than 30
consecutive days and do not
4
exceed
€
25,000,000 in the aggregate at any
one time, with no more than €
5,000,000 being deposited in
commercial banks within a single country, and
(f) money
market mutual funds substantially all of the assets of which are of
the type described in any of the foregoing clauses (a) through
(d), including, without limitation, any mutual fund for which the
Trustee or an Affiliate of the Trustee serves as investment
manager, administrator, shareholder servicing agent, and/or
custodian or subcustodian, notwithstanding that the Trustee or an
Affiliate of the Trustee receives fees from such funds for services
it or its Affiliate renders to such fund in respect of such
investment.
“ Change
of Control ” means the occurrence of any of the
following: (a) the sale, lease, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of
the properties or assets of the Company and its Subsidiaries, taken
as a whole, (b) the adoption, by holders of Capital Stock of
the Company, of a voluntary plan relating to the liquidation or
dissolution of the Company, (c) the consummation of any
transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person”
(as such term is used in Section 13(d) (3) of the Exchange
Act) becomes the “beneficial owner” (as such term is
defined in Rule 13d-3 and Rule 13d-5 under the Exchange
Act), directly or indirectly through one or more intermediaries, of
more than 50% of the voting power of the outstanding Voting Stock
of the Company or (d) the first day on which more than a
majority of the members of the Board of Directors are not
Continuing Directors; provided, however, that a transaction
in which the Company becomes a Subsidiary of another Person (other
than a Person that is an individual) shall not constitute a Change
of Control if (i) the shareholders of the Company immediately
prior to such transaction “beneficially own” (as such
term is defined in Rule 13d-3 and Rule 13d-5 under the
Exchange Act), directly or indirectly through one or more
intermediaries, at least a majority of the voting power of the
outstanding Voting Stock of such other Person immediately following
the consummation of such transaction and (ii) immediately
following the consummation of such transaction, no
“person” (as such term is defined above), other than
such other Person (but including the holders of the Equity
Interests of such other Person), “beneficially owns”
(as such term is defined above), directly or indirectly through one
or more intermediaries, more than 50% of the voting power of the
outstanding Voting Stock of the Company.
“
Clearstream ” means Clearstream Banking,
société anonyme .
“
Company ” means the party named as such in the first
paragraph of this Indenture until a successor replaces it in
accordance with the applicable provisions of this Indenture and
thereafter means such successor.
“
Consolidated Cash Flow ” means, with respect to any
Person for any period, the Consolidated Net Income of such Person
for such period plus, to the extent deducted or excluded in
calculating Consolidated Net Income for such period,
(a) provision
for taxes based on income or profits of such Person and its
Restricted Subsidiaries,
5
(b) Consolidated
Interest Expense of such Person and its Restricted
Subsidiaries,
(c) depreciation
and amortization (including amortization or impairment, if any, of
goodwill and other intangibles, but excluding amortization of
prepaid cash expenses that were paid in a prior period) of such
Person and its Restricted Subsidiaries,
(d) other
non-cash expenses (excluding any such non-cash expense to the
extent that it represents an accrual of or reserve for cash
expenses in any future period or amortization of a prepaid cash
expense that was paid in a prior period) of such Person and its
Restricted Subsidiaries less any non-cash items increasing
Consolidated Net Income of such Person and its Restricted
Subsidiaries (other than items that will result in cash
receipt),
(e) any
expenses, fees, charges or other costs related to any equity
offering (other than an offering of Disqualified Stock) permitted
by this Indenture (whether or not successful), and
(f) without
duplication, an amount equal to any extraordinary loss plus any net
loss realized by such Person or any of its Restricted Subsidiaries
in connection with an Asset Sale,
in each case, on a
consolidated basis and determined in accordance with
GAAP.
“
Consolidated Interest Coverage Ratio ” means with
respect to any Person for any period, the ratio of the Consolidated
Cash Flow of such Person for such period to the Consolidated
Interest Expense of such Person for such period; provided,
however, that the Consolidated Interest Coverage Ratio shall be
calculated giving pro forma effect to each of the following
transactions as if each such transaction had occurred at the
beginning of the applicable four-quarter reference
period:
(a) any
incurrence, assumption, guarantee, repayment, purchase or
redemption by such Person or any of its Restricted Subsidiaries of
any Indebtedness (other than revolving credit borrowings)
subsequent to the commencement of the period for which the
Consolidated Interest Coverage Ratio is being calculated but prior
to the date on which the event for which the calculation of the
Consolidated Interest Coverage Ratio is made (the “
Calculation Date ”);
(b) any
acquisition that has been made by such Person or any of its
Restricted Subsidiaries, or approved and expected to be consummated
within 30 days of the Calculation Date, including, in each
case, through a merger or consolidation, and including any related
financing transactions, during the reference period or subsequent
to such reference period and on or prior to the Calculation Date;
and
(c) any other
transaction that may be given pro forma effect in accordance
with Article 11 of Regulation S-X under the Securities
Act as in effect from time to time;
provided
further, however, that
(i) the Consolidated Cash Flow attributable to discontinued
operations, as determined in accordance with GAAP, and operations
or businesses disposed of prior to the Calculation Date, shall be
excluded and (ii) the Consolidated Interest Expense
attributable to discontinued operations, as determined in
accordance with GAAP, and operations or businesses
6
disposed of
prior to the Calculation Date, shall be excluded, but only to the
extent that the obligations giving rise to such Consolidated
Interest Expense will not be obligations of the referent Person or
any of its Restricted Subsidiaries following the Calculation
Date.
“
Consolidated Interest Expense ” means, with respect to
any Person for any period, the sum, without duplication,
of
(a) the
consolidated interest expense of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued (including,
without limitation, amortization of original issue discount,
non-cash interest payments, the interest component of any deferred
payment obligations, the interest component of all payments
associated with Capital Lease Obligations, commissions, discounts
and other fees and charges incurred in respect of letter of credit
or bankers’ acceptance financings, and net of all payments
made or received (if any) pursuant to Hedging Obligations in
respect of interest rates but excluding amortization of debt
issuance costs and non-cash charges other than non-cash interest
expenses related to convertible bonds), and
(b) the
consolidated interest expense of such Person and its Restricted
Subsidiaries that was capitalized during such period.
“
Consolidated Net Income ” means, with respect to any
Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a
consolidated basis, determined in accordance with GAAP,
provided that (a) the Net Income (but not loss) of any
Person that is not a Restricted Subsidiary or that is accounted for
by the equity method of accounting shall be included only to the
extent of the amount of dividends or distributions paid in cash to
the referent Person or a Wholly Owned Restricted Subsidiary
thereof, (b) the Net Income of any Restricted Subsidiary shall
be excluded to the extent that the declaration or payment of
dividends or similar distributions by that Restricted Subsidiary of
that Net Income is not at the date of determination permitted
without any prior governmental approval (that has not been
obtained) or, directly or indirectly, by operation of the terms of
its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that
Restricted Subsidiary or its stockholders and (c) the
cumulative effect of a change in accounting principles shall be
excluded.
“
Consolidated Net Worth ” means, with respect to any
Person as of any date, the consolidated stockholders’ equity
of such Person and its Restricted Subsidiaries as of such date less
the amount of consolidated stockholders’ equity attributable
to Disqualified Stock or treasury stock of such Person and its
Restricted Subsidiaries as of such date, in each case determined in
accordance with GAAP.
“
Consolidated Tangible Net Worth ” means, at any date,
the Consolidated Net Worth of the Company and its Restricted
Subsidiaries as shown on their most recent consolidated balance
sheet less, without duplication, all goodwill, trade names,
trademarks, patents, unamortized debt discount and expense and
other like intangibles, as determined in accordance with
GAAP.
7
“
Consolidated Total Assets ” means, with respect to any
Person as of any date, the consolidated total assets of such Person
and its Restricted Subsidiaries as of such date, as determined in
accordance with GAAP.
“
Continuing Directors ” means, as of any date of
determination, any member of the Board of Directors who
(a) was a member of the Board of Directors on the Issue Date
or (b) was nominated for election to the Board of Directors
with the approval of, or whose election to the Board of Directors
was ratified by, at least a majority of the members of the Board of
Directors who were members of the Board of Directors on the Issue
Date or who were so elected to the Board of Directors
thereafter.
“
Corporate Trust Office of the Trustee ” shall be at
the address of the Trustee specified in Section 11.02 hereof
or such other address as to which the Trustee may give notice to
the Company.
“ Credit
Facilities ” means, with respect to any Person, one or
more debt facilities or commercial paper facilities with banks or
other institutional lenders (including with special purpose
vehicles established by such banks or lenders to provide such
facilities) providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to
such lenders or to special purpose entities formed to borrow from
such lenders against such receivables) or trade letters of credit,
in each case, as amended, restated, modified, renewed, refunded,
replaced or refinanced in whole or in part from time to
time.
“
Default ” means any event that is, or with the passage
of time or the giving of notice or both, would be, an Event of
Default.
“
Definitive Notes ” means Notes that are in registered
certificated form.
“
Depository ” means, with respect to the Notes issuable
or issued in whole or in part in global form, the Person specified
in Section 2.03 hereof as the Depository with respect to the
Notes, until a successor shall have been appointed and becomes such
pursuant to the applicable provision of this Indenture, and,
thereafter, “Depository” shall mean or include such
successor.
“
Disqualified Stock ” means any Capital Stock that, by
its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable), or upon the happening
of any event, matures (excluding any maturity as a result of an
optional redemption by the issuer thereof) or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder thereof, in whole or in
part, on or prior to the date that is 91 days after the date
on which the Notes mature or are redeemed or retired in full;
provided, however, that any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof
(or of any security into which it is convertible or for which it is
exchangeable) have the right to require the issuer to repurchase
such Capital Stock (or such security into which it is convertible
or for which it is exchangeable) upon the occurrence of any of the
events constituting an Asset Sale or a Change of Control shall not
constitute Disqualified Stock if such Capital Stock (and all such
securities into which it is convertible or for which it is
exchangeable) provides that the issuer thereof may not repurchase
or redeem any such Capital Stock (or any such security into which
it is convertible or for
8
which it is
exchangeable) pursuant to such provisions prior to compliance by
the Company with Section 4.10 or 4.15 of this Indenture, as
the case may be.
“ $
”, “ dollars ” and “ U.S.
dollars ” denote the lawful currency of the United States
of America.
“ Equity
Interests ” means Capital Stock and all warrants, options
or other rights to acquire Capital Stock (but excluding any debt
security that is convertible into, or exchangeable for, Capital
Stock).
“
euro ” and “ €
” denote the lawful single
currency of participating member states of the European Economic
and Monetary Union as contemplated by the Treaty Establishing the
European Union.
“ Euro
Equivalent ” means, with respect to any monetary amount
in a currency other than euros, at or as of any time for the
determination thereof, the amount of euros obtained by converting
such foreign currency involved in such computation into euros at
the spot rate for the purchase of euros with the applicable foreign
currency as quoted by Reuters (or, if Reuters ceases to provide
such spot quotations, by any other reputable service as is
providing such spot quotations, as selected by the Company) at
approximately 11:00 a.m. (New York City time) on the date not
more than two Business Days prior to such determination.
“
Euroclear ” means Morgan Guaranty Trust Company of New
York, Brussels office, as operator of the Euroclear
system.
“ Event
of Loss ” means, with respect to any property or asset of
the Company or any Restricted Subsidiary, (a) any damage to
such property or asset that results in an insurance settlement with
respect thereto on the basis of a total loss or a constructive or
compromised total loss or (b) the confiscation, condemnation
or requisition of title to such property or asset by any government
or instrumentality or agency thereof.
“
Exchange Act ” means the U.S. Securities Exchange Act
of 1934, as amended.
“
Exchange Notes ” has the meaning set forth in the
Recital of this Indenture.
“
Existing Indebtedness ” means Indebtedness of the
Company and its Restricted Subsidiaries (other than Indebtedness
under the Credit Facilities) in existence on the date of this
Indenture, until such amounts are repaid, but shall not include any
Indebtedness that is repaid with the proceeds of the Original
Notes.
The term “
fair market value ” means, with respect to any asset
or Investment, the fair market value of such asset or Investment at
the time of the event requiring such determination, as determined
in good faith by the Company, or, with respect to any asset or
Investment in excess of €
15,000,000 (other than cash or Cash
Equivalents), as determined by a reputable investment banking,
accounting or appraisal firm that is, in the judgment of the Board
of Directors, qualified to
9
perform the
task for which such firm has been engaged and independent with
respect to the Company.
“ Foreign
Restricted Subsidiary ” means each of CGG Asia Pacific
and CGG Pan India Ltd.
“
GAAP ” means International Financial Reporting
Standards, accounting principles adopted by the International
Accounting Standards Board and its predecessor, as in effect from
time to time.
“
guarantee ” means a guarantee other than by
endorsement of negotiable instruments for collection in the
ordinary course of business, direct or indirect, in any manner
including, without limitation, by way of pledge of assets or
through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness.
“
Guarantor ” means each of:
(a) the
Initial Guarantors; and
(b) any other
Subsidiary of the Company (including any Restricted Subsidiary that
becomes a Guarantor at its option) that executes a supplemental
indenture providing for a Subsidiary Guarantee in accordance with
the provisions of this Indenture,
and their
respective successors and assigns, in each case, until the
Subsidiary Guarantee of such Person has been released in accordance
with Sections 10.04, 10.05 or 10.06 hereof.
“ Hedging
Obligations ” means, with respect to any Person, the
obligations of such Person under (a) interest rate swap
agreements, interest rate cap agreements and interest rate collar
agreements, (b) other agreements or arrangements designed to
protect such Person against fluctuations in interest rates and
(c) any foreign currency futures contract, option or similar
agreement or arrangement designed to protect such Person against
fluctuations in currency exchange rates or commodity prices, in
each case to the extent such obligations are incurred in the
ordinary course of business of such Person and not for speculative
purposes.
“
Holder ” means a Person in whose name a Note is
registered.
“
Indebtedness ” means, with respect to any Person, any
indebtedness of such Person, without duplication, whether or not
contingent, in respect of borrowed money including, without
limitation, any guarantee thereof, or evidenced by bonds,
debentures, notes or similar instruments or letters of credit (or
reimbursement agreements in respect thereof) or bankers’
acceptances or representing Capital Lease Obligations or the
balance deferred and unpaid of the purchase price of any property,
except any such balance that constitutes an accrued expense or
trade account payable, or representing any Hedging Obligations, if
and to the extent any of the foregoing indebtedness (other than
letters of credit, guarantees and Hedging Obligations) would appear
as a liability upon a balance sheet of such Person prepared in
accordance with GAAP. The amount of any Indebtedness outstanding as
of any date shall be (a) the accreted value thereof, in the
case of any Indebtedness that does not require current payments of
interest, and (b) the principal amount thereof, in the case of
any
10
other
Indebtedness (with letters of credit being deemed to have a
principal amount equal to the maximum potential liability of the
Company and its Restricted Subsidiaries thereunder).
“
Indenture ” means this Indenture, as amended or
supplemented from time to time.
“
Indirect Participant ” means a Person who holds an
interest through a Participant.
“ Initial
Guarantors ” means the CGGVeritas Services Holding B.V.,
CGGVeritas Services Holding (U.S.) Inc., CGGVeritas Land (U.S.)
Inc., CGGVeritas Services (U.S.) Inc., Veritas Investments Inc.,
Viking Maritime Inc., Veritas Geophysical (Mexico) LLC, Veritas DGC
Asia Pacific Ltd., Alitheia Resources Inc., CGG Americas, Inc., CGG
Canada Services Ltd., CGG Marine Resources Norge A/ S, Sercel Inc.,
Sercel Canada Ltd. and Sercel Australia Pty Ltd., each a Restricted
Subsidiary of the Company and a Guarantor as of the Issue
Date.
“
Institutional Accredited Investor ” means an
“accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities
Act.
“
Investment Grade Status ” shall occur when the Notes
receive a rating of “BBB-” or higher from S&P (or
its equivalent under any successor rating categories of S&P)
and a rating of “Baa3” or higher from Moody’s (or
its equivalent under any successor rating categories of
Moody’s) or, if either such entity ceases to rate the Notes
for reasons outside the normal control of the Company, the
equivalent investment grade credit rating from any other
“nationally recognized statistical rating
organization”, as that term is used in Rule 15c3-1 under
the Exchange Act, selected by the Company as a replacement
agency.
“
Investments ” means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates)
in the forms of direct or indirect loans (including guarantees by
the referent Person of, and Liens on any assets of the referent
Person securing, Indebtedness or other obligations of other
Persons), advances or capital contributions (excluding commission,
travel and similar advances to directors, officers and employees
made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or
other securities, together with all items that are or would be
classified as investments on a balance sheet prepared in accordance
with GAAP; provided , however , that the following
shall not constitute Investments: (i) extensions of trade
credit or other advances to customers on commercially reasonable
terms in accordance with normal trade practices or otherwise in the
ordinary course of business, (ii) Hedging Obligations and
(iii) endorsements of negotiable instruments and documents in
the ordinary course of business. If the Company or any Restricted
Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary of the
Company such that, after giving effect to any such sale or
disposition, such Person is no longer a Restricted Subsidiary of
the Company, the Company shall be deemed to have made an Investment
on the date of any such sale or disposition equal to the fair
market value of the Equity Interests of such Restricted Subsidiary
not sold or disposed of in an amount determined as provided in
Section 4.07 of this Indenture.
“ Issue
Date ” means June 9, 2009.
11
“ Legal
Holiday ” means a Saturday, a Sunday or a day on which
banking institutions in Paris, France, or at a place of payment
with respect to the Notes are authorized by law, regulation or
executive order to remain closed. If a payment date is a Legal
Holiday at a place of payment, payment may be made at that place on
the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period.
“
Lien ” means, with respect to any asset, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind
in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law (including any conditional
sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing
statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction other than a precautionary financing
statement respecting a lease not intended as a security agreement)
or any assignment of (or agreement to assign) any right to income
or profits from any assets by way of security.
“
Moody’s ” means Moody’s Investors Service,
Inc. or any successor to the rating agency business
thereof.
“ Net
Income ” means, with respect to any Person, the net
income (or loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of preferred stock dividends,
excluding, however, (a) any gain (but not loss), together with
any related provision for taxes on such gain (but not loss),
realized in connection with (i) any Asset Sale (including,
without limitation, dispositions pursuant to sale-and-leaseback
transactions) or (ii) the disposition of any securities by
such Person or any of its Restricted Subsidiaries or the
extinguishment of any Indebtedness of such Person or any of its
Restricted Subsidiaries and (b) any extraordinary or
nonrecurring gain (but not loss), together with any related
provision for taxes on such extraordinary or nonrecurring gain (but
not loss).
“ Net
Proceeds ” means the aggregate cash proceeds received by
the Company or any of its Restricted Subsidiaries in respect of any
Asset Sale (including, without limitation, any cash received upon
the sale or other disposition of any non-cash consideration
received in any Asset Sale), net of (without duplication) the
following: (a) the direct costs relating to such Asset Sale
(including, without limitation, legal, accounting and investment
banking fees, sales commissions, recording fees, title transfer
fees, title insurance premiums, appraiser fees, other out-of-pocket
expenses and costs incurred in connection with preparing such asset
for sale) and any relocation expenses incurred as a result thereof,
(b) taxes paid or estimated to be payable as a result thereof
(after taking into account any available tax credits or deductions
and any tax sharing arrangements that will result in a reduction in
consolidated tax liability), (c) amounts required to be
applied to the repayment of Indebtedness (other than under a
revolving credit facility) secured by a Lien on the asset or assets
that were the subject of such Asset Sale and (d) any reserve
(including any reserve against any liabilities associated with such
Asset Sale and retained by the Company or the relevant Restricted
Subsidiary) established in accordance with GAAP or any amount
placed in escrow, in either case for adjustment in respect of the
sale price of such asset or assets, until such time as such reserve
is reversed or such escrow arrangement is terminated, in which case
Net Proceeds shall include only
12
the amount of
the reserve so reversed or the amount returned to the Company or
its Restricted Subsidiaries from such escrow arrangement, as the
case may be.
“
Non-Recourse Debt ” means Indebtedness (a) as to
which neither the Company nor any of its Restricted Subsidiaries
(i) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute
Indebtedness) or is otherwise directly or indirectly liable (as a
guarantor or otherwise) or (ii) constitutes the lender,
(b) no default with respect to which (including any rights the
holders thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice, lapse of time
or both) the holders of Indebtedness of the Company or any of its
Restricted Subsidiaries (other than the Notes) to declare a default
on such Indebtedness or cause the payment thereof to be accelerated
or payable prior to its stated maturity and (c) as to which
the lenders have been notified in writing that they will not have
any recourse to the stock or assets of the Company or any of its
Restricted Subsidiaries.
“
Notes ” has the meaning set forth in the Recital of
this Indenture.
“ Note
Custodian ” means the Trustee, as custodian with respect
to the Notes in global form, or any successor entity
thereto.
“
Obligations ” means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any
Indebtedness.
“
Officer ” means, with respect to any Person, the
Chairman of the Board, the Chief Executive Officer, the President,
the Chief Operating Officer, the Chief Financial Officer, the Chief
Administrative Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary or any Vice-President of such
Person.
“
Officers’ Certificate ” means a certificate
signed on behalf of the Company by two Officers of the Company, one
of whom must be the principal executive officer, the principal
financial officer, the treasurer or the principal accounting
officer of the Company, that meets the requirements of
Section 11.05 hereof.
“ Opinion
of Counsel ” means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements
of Section 11.05 hereof. Unless otherwise provided in this
Indenture, the counsel may be an employee of or counsel to the
Company, any Subsidiary of the Company or the Trustee.
“ Pari
Passu Indebtedness ” means, with respect to any Net
Proceeds from Asset Sales, Indebtedness of the Company and its
Restricted Subsidiaries the terms of which require the Company or
such Restricted Subsidiary to apply such Net Proceeds to offer to
purchase such Indebtedness.
13
“
Participant ” means with respect to DTC, Euroclear or
Clearstream, a Person who has an account with DTC, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include
Euroclear and Clearstream).
“
Permitted Guarantees ” means any guarantee:
(a) guaranteeing
or securing the Notes or the guarantee of any Guarantor,
(b) in favor
of the Company or a Guarantor,
(c) guaranteeing
Indebtedness incurred pursuant to clause (a) of the second
paragraph of Section 4.09 of this Indenture, or
(d) in
existence on the date of this Indenture to the extent guaranteeing
Existing Indebtedness and Permitted Refinancing Indebtedness in
respect thereof incurred in compliance with clause (j) of the
second paragraph of Section 4.09 of this Indenture.
“
Permitted Investments ” means:
(a) any
Investment in the Company (including, without limitation, any
acquisition of the Notes) or in a Wholly Owned Restricted
Subsidiary of the Company, other than any Investment described in
clause (a) of the definition of “Restricted
Payments”,
(b) any
Investment in cash or Cash Equivalents,
(c) any
Investment by the Company or any Restricted Subsidiary of the
Company in a Person if as a result of such Investment (i) such
Person becomes a Restricted Subsidiary of the Company or
(ii) such Person is merged or consolidated with or into, or
transfers or conveys all or substantially all of its properties or
assets to, or is liquidated into, the Company or a Restricted
Subsidiary of the Company,
(d) any
Investment made as a result of the receipt of non-cash
consideration from (i) an Asset Sale that was made pursuant to
and in compliance with Section 4.10 hereof or (ii) a
disposition of assets that does not constitute an Asset
Sale,
(e) Investments
in stock, obligations or securities received in settlement of any
claim or debts owing to the Company or any Restricted Subsidiary as
a result of bankruptcy or insolvency proceedings or received in
satisfaction of any judgment or in settlement of any claim in
circumstances where the Company does not expect it would receive
cash payment in a timely manner, or upon the foreclosure,
perfection or enforcement of any Lien in favor of the Company or
any Restricted Subsidiary, in each case as to any claim or debts
owing to the Company or any Restricted Subsidiary that arose in the
ordinary course of business of the Company or any such Restricted
Subsidiary, provided that any stocks, obligations or
securities received in settlement of any claim or debts that arose
in the ordinary course of business (and received other than as a
result of bankruptcy or insolvency proceedings or received in
satisfaction of any judgment or in settlement
14
of any claim in
circumstances where the Company does not expect it would receive
cash payment in a timely manner, or upon foreclosure, perfection or
enforcement of any Lien) that are, within 180 days of receipt,
converted into cash or Cash Equivalents shall be treated as having
been cash or Cash Equivalents at the time received,
(f) Investments
in Argas Ltd. consisting of guarantees of its obligations incurred
in the ordinary course of its business, provided that such
Investments, when taken together with all other Investments made
pursuant to this clause (f) that are at the time outstanding,
do not exceed €
50,000,000,
(g) Investments
in Argas Ltd. (other than those described in clause (f) above)
and any other Affiliate organized in a foreign jurisdiction that is
required by the applicable laws and regulations of such foreign
jurisdiction or its governmental agencies, authorities or
state-owned businesses to be majority owned by the government of
such foreign jurisdiction or individual or corporate citizens of
such foreign jurisdiction or another foreign jurisdiction in order
for such Affiliate to transact business in such foreign
jurisdiction, provided that such Investments, when taken
together with all other Investments made pursuant to this clause
(g) that are at the time outstanding, do not exceed 20% of
Consolidated Tangible Net Worth,
(h) Investments
in any Person in exchange for, or out of the net cash proceeds of,
an issue or sale by the Company of Equity Interests (other than
Disqualified Stock), and
(i) other
Investments in any Person having an aggregate fair market value
(measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together
with all other Investments made pursuant to this clause
(i) that are at the time outstanding, do not exceed
€
25,000,000.
“
Permitted Liens ” means:
(a) Liens
securing Indebtedness incurred pursuant to clause (a) of the
second paragraph of Section 4.09 hereof, and Liens securing
any other Indebtedness under Credit Facilities incurred pursuant to
the first paragraph of such Section 4.09,
(b) Liens in
favor of the Company and its Restricted Subsidiaries,
(c) Liens on
any property or asset of a Person existing at the time such Person
is merged into or consolidated with the Company or any Restricted
Subsidiary of the Company, provided that such Liens were in
existence prior to such merger or consolidation, were not created
in contemplation of it and do not extend to any property or asset
of the Company or any of its Restricted Subsidiaries other than
those of the Person merged into or consolidated with the Company or
any of its Restricted Subsidiaries,
(d) Liens on
any property or asset existing at the time of acquisition thereof
by the Company or any Restricted Subsidiary of the Company,
provided that such Liens were in existence
15
prior to such
acquisition, were not created in contemplation of it and do not
extend to any other property or asset of the Company or any of its
Restricted Subsidiaries,
(e) Liens
securing the performance of statutory obligations, surety or appeal
bonds, bid or performance bonds, insurance obligations or other
obligations of a like nature incurred in the ordinary course of
business,
(f) Liens
securing Hedging Obligations,
(g) Liens
existing on the date hereof,
(h) Liens
securing Indebtedness (including Capital Lease Obligations)
permitted by clause (g) of the second paragraph of
Section 4.09 hereof, provided that such Liens extend only to
the property, plant or equipment financed by such
Indebtedness,
(i) any
interest or title of a lessor under an operating lease,
(j) Liens
arising by reason of deposits necessary to obtain standby letters
of credit in the ordinary course of business,
(k) Liens on
real or personal property or assets of the Company or a Restricted
Subsidiary thereof to secure Indebtedness incurred for the purpose
of (i) financing all or any part of the purchase price of such
property or assets incurred prior to, at the time of, or within
90 days after, the acquisition of such property or assets or
(ii) financing all or any part of the cost of construction or
improvement of any such property or assets, provided that
the amount of any such financing shall not exceed the amount
expended in the acquisition of, or the construction of, such
property or assets and such Liens shall not extend to any other
property or assets of the Company or a Restricted Subsidiary (other
than any associated accounts, contracts and insurance
proceeds),
(l) judgment
Liens not giving rise to an Event of Default so long as any
appropriate legal proceeding which may have been duly initiated for
the review of such judgment shall not have been finally terminated
or the period within which such proceeding may be initiated shall
not have expired,
(m) Liens
securing Indebtedness of the Company or any Restricted Subsidiary
of the Company that does not exceed €
10,000,000 at any one time
outstanding,
(n) Liens
securing Acquired Indebtedness incurred pursuant to the first
paragraph of Section 4.09 hereof, provided that such Liens
(1) secured such Acquired Indebtedness at the time of and
prior to the incurrence of such Acquired Indebtedness by the
Company or a Restricted Subsidiary of the Company and were not
granted in connection with, or in anticipation of, such incurrence,
and (2) do not extend to any property or asset of the Company
or any of its Restricted Subsidiaries other than the property or
asset that secured the Acquired Indebtedness prior to the time that
it became Acquired Indebtedness of the Company or a Restricted
Subsidiary of the Company, and
16
(o) Liens
securing Permitted Refinancing Indebtedness with respect to any
Indebtedness secured by Liens referred to in clauses (c), (d), (g),
(h), (k) and (n) above and in this clause (o).
“
Permitted Refinancing Indebtedness ” means any
Indebtedness of the Company or any of its Restricted Subsidiaries
issued in exchange for, or the net proceeds of which are used to
extend, refinance, renew, replace, defease or refund other
Indebtedness of the Company or any of its Restricted Subsidiaries;
provided, however , that
(a) the
principal amount (or accreted value, if applicable) of such
Permitted Refinancing Indebtedness does not exceed the principal
amount of (or accreted value, if applicable), plus premium, if any,
and accrued interest on, the Indebtedness so extended, refinanced,
renewed, replaced, defeased or refunded (plus the amount of
expenses incurred in connection therewith),
(b) such
Permitted Refinancing Indebtedness has a final maturity date no
earlier than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life
to Maturity of, the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded,
(c) if the
Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded is subordinated in right of payment to the
Notes, such Permitted Refinancing Indebtedness is subordinated in
right of payment to the Notes on terms at least as favorable, taken
as a whole, to the Holders of Notes as those contained in the
documentation governing the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded, and
(d) if the
Company is the obligor on the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded, then such
Permitted Refinancing Indebtedness is solely Indebtedness of the
Company;
provided,
however, that a
Restricted Subsidiary that is also a Guarantor may guarantee
Permitted Refinancing Indebtedness incurred by the Company, whether
or not such Restricted Subsidiary was an obligor or guarantor of
the Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded; provided further, however, that if
such Permitted Refinancing Indebtedness is subordinated to the
Notes, such guarantee shall be subordinated to such Restricted
Subsidiary’s Subsidiary Guarantee to at least the same
extent.
“
Person ” means any individual, corporation,
partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or
government or other entity.
“
Qualified Equity Offering ” means (a) any
issuance and sale of Equity Interests (other than Disqualified
Stock) of the Company pursuant to an underwritten offering
registered under the Securities Act or (b) any other issuance
and sale of Equity Interests (other than Disqualified Stock) of the
Company so long as, at the time of consummation of such sale, the
Company has a class of common equity securities (including American
depository shares) registered pursuant to Section 12(b) or Section
12(g) under the Exchange Act.
17
“
Reference Date ” means April 28, 2005.
“
Registered Exchange Offer ” means the offer that may
be made by the Company pursuant to a Registration Rights Agreement
to issue Exchange Notes in exchange for Original Notes.
“
Registration Rights Agreement ” means the Registration
Rights Agreement, dated as of June 9, 2009, by and among the
Company, the Initial Guarantors and the initial purchasers party
thereto relating to the Original Notes.
“
Regulation S ” means Regulation S under the
Securities Act.
“
Regulation S Global Note ” means a permanent
global note that contains the applicable restricted legends
referred to in the form of the Note attached hereto as
Exhibit A, and that is deposited with the Note Custodian and
registered in the name of the Depository, representing Notes
originally issued or transferred in reliance on
Regulation S.
“
Responsible Officer ”, when used with respect to the
Trustee, means any officer within the Corporate Trust Office of the
Trustee (or any successor corporate trust office of the Trustee) or
any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because
of his knowledge of and familiarity with the particular subject and
his having direct responsibility for the administration of this
Indenture.
“
Restricted Global Notes ” means the IAI Global Note,
the Rule 144A Global Note and the Regulation S Global
Note, and each of which is required to bear the legend set forth in
Section 2.06(f) hereof.
“
Restricted Investment ” means an Investment other than
a Permitted Investment.
“
Restricted Subsidiary ” of a Person means any
Subsidiary of such Person that is not an Unrestricted
Subsidiary.
“
Rule 144A ” means Rule 144A promulgated
under the Securities Act.
“
S&P ” means Standard & Poor’s Ratings
Services, a division of The McGraw Hill Companies, Inc., or any
successor to the rating agency business thereof.
“ SEC
” means the Securities and Exchange Commission.
“
Securities Act ” means the Securities Act of 1933, as
amended.
“ Sercel
Australia ” means Sercel Australia Pty Ltd, an Australian
company with its head office in Rydalmere, New South Wales,
Australia, and a Restricted Subsidiary of the Company and a
Guarantor as of the Issue Date.
18
“ Sercel
Canada ” means Sercel Canada Ltd, a Canadian company with
its head office in Calgary, Alberta, Canada, and a Restricted
Subsidiary of the Company and a Guarantor as of the Issue
Date.
“ Sercel
Guarantors ” means Sercel, Inc., Sercel Canada and Sercel
Australia.
“ Sercel,
Inc. ” means Sercel Inc., an Oklahoma corporation with
its head office in Houston, Texas, and a Restricted Subsidiary of
the Company and a Guarantor as of the Issue Date.
(a) Sercel
S.A., a French limited liability corporation with its head office
in Carquefou, France, and a Restricted Subsidiary of the Company as
of the Issue Date, and/or
(b) any
holding company (including Sercel Holding S.A.) that holds all of
the outstanding Capital Stock of either or both of Sercel SA and
Sercel Inc. (other than directors’ qualifying shares and
Capital Stock held by other statutorily required minority
shareholders) and that does not hold any Capital Stock in any other
Subsidiary of the Company.
“
Significant Subsidiary ” means any Restricted
Subsidiary of the Company that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of
Regulation S-X, promulgated pursuant to the Securities Act, as
such Regulation is in effect on the date of this
Indenture.
“ Stated
Maturity ” means, with respect to any mandatory sinking
fund or other installment of interest or principal on any series of
Indebtedness, the date on which such payment of interest or
principal was scheduled to be paid in the original documentation
governing such Indebtedness, and shall not include any contingent
obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment
thereof.
“
Strategic Assets ” means assets or rights (other than
assets that would be classified as current assets in accordance
with GAAP) of the kind used or usable by the Company or its
Restricted Subsidiaries in the business of providing services or
software products to the oil and gas industry or manufacturing
equipment for use by the oil and gas industry (or any business that
is reasonably complementary or related thereto as determined in
good faith by the Board of Directors).
“
Subsidiary ” means, with respect to any Person,
(a) any corporation, association or other business entity of
which more than 50% of the total voting power of shares of 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 such Person or one or more of the other Subsidiaries
of that Person (or a combination thereof), (b) any partnership
(i) the sole general partner or the managing general partner
of which is such Person or a Subsidiary of such Person or
(ii) the only general partners of which are such Person or of
one or more Subsidiaries of such Person (or any combination
thereof) and (c) any other Person whose results for financial
reporting purposes are consolidated with those of such Person in
accordance with GAAP.
19
“
Subsidiary Guarantee ” means the guarantee by each
Guarantor of the Company’s obligations under this Indenture
and the Notes, executed pursuant to Article 10
hereof.
“ TIA
” means the Trust Indenture Act of 1939 (15 U.S.C.
Sections 77aaa-77bbbb) as in effect on the date on which this
Indenture is qualified under the TIA.
“
Transfer Restricted Securities ” means securities that
bear or are required to bear the legend set forth in
Section 2.06(f) hereof.
“
Treasury Rate ” means, as of any redemption date in
respect of the Notes, the yield to maturity as of such redemption
date of United States Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve
Statistical Release H.15(519) that has become publicly available at
least two Business Days prior to the redemption date (or, if such
Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period
from the redemption date to May 15, 2013; provided,
however , that if the period from the redemption date to
May 15, 2013 is less than one year, the weekly average yield
on actually traded United States Treasury securities adjusted to a
constant maturity of one year shall be used.
“
Trustee ” means the party named as such in the first
paragraph of this Indenture until a successor replaces it in
accordance with the applicable provisions of this Indenture and
thereafter means the successor serving hereunder.
“
Unrestricted Subsidiary ” means any Subsidiary of the
Company that is designated by the Board of Directors as an
Unrestricted Subsidiary pursuant to a Board Resolution and any
Subsidiary of an Unrestricted Subsidiary. The Board of Directors
may designate a Subsidiary as an Unrestricted Subsidiary only to
the extent that such Subsidiary at the time of such designation
(a) has no Indebtedness other than Non-Recourse Debt,
(b) is not party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary of the
Company unless such agreement, contract, arrangement or
understanding does not violate Section 4.11 hereof, and
(c) is a Person with respect to which neither the Company nor
any of its Restricted Subsidiaries has any direct or indirect
obligation (i) to subscribe for additional Equity Interests or
(ii) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels
of operating results. Any such designation by the Board of
Directors shall be evidenced to the Trustee by filing with the
Trustee the Board Resolution giving effect to such designation and
an Officers’ Certificate certifying that such designation
complied with the foregoing conditions and was permitted by
Section 4.07 hereof. If, at any time, any Unrestricted
Subsidiary would fail to meet the foregoing requirements as an
Unrestricted Subsidiary, it shall thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any
Indebtedness of such Subsidiary shall be deemed to be incurred by a
Restricted Subsidiary of the Company as of such date (and, if such
Indebtedness is not permitted to be incurred as of such date
pursuant to Section 4.09 hereof, the Company shall be in
default of such covenant). The Board of Directors may at any time
designate any Unrestricted Subsidiary to be a Restricted
Subsidiary, provided that such designation shall be deemed to be an
incurrence of Indebtedness by a Restricted Subsidiary of the
Company of any outstanding
20
Indebtedness of
such Unrestricted Subsidiary and such designation shall only be
permitted if: (1) such Indebtedness is permitted under
Section 4.09 hereof, calculated on a pro forma basis as
if such designation had occurred at the beginning of the
four-quarter reference period, and (2) no Default or Event of
Default would be in existence following such
designation.
“ U.S.
Dollar Equivalent ” means, with respect to any monetary
amount in a currency other than U.S. dollars, at or as of any time
for the determination thereof, the amount of U.S. dollars obtained
by converting such foreign currency involved in such computation
into U.S. dollars at the spot rate for the purchase of U.S. dollars
with the applicable foreign currency as quoted by Reuters (or, if
Reuters ceases to provide such spot quotations, by any other
reputable service as is providing such spot quotations, as selected
by the Company) at approximately 11:00 a.m. (New York City
time) on the date not more than two Business Days prior to such
determination.
“ U.S.
Government Securities ” means direct obligations of, or
obligations guaranteed by, the United States of America for the
payment of which guarantee or obligations the full faith and credit
of the United States is pledged.
“ Voting
Stock ” of any Person as of any date means the Capital
Stock of such Person that is at the time entitled to vote in the
election of the board of directors, managers or trustees of such
Person.
“
Weighted Average Life to Maturity ” means, when
applied to any Indebtedness at any date, the number of years
obtained by dividing (a) the sum of the products obtained by
multiplying (i) the amount of each then remaining installment,
sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect thereof,
by (ii) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of
such payment, by (b) the then outstanding principal amount of
such Indebtedness.
“ Wholly
Owned Restricted Subsidiary ” of any Person means a
Restricted Subsidiary of such Person to the extent that
(a) all of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares
and Capital Stock held by other statutorily required minority
shareholders) shall at the time be owned directly or indirectly by
such Person or (b) such Restricted Subsidiary is organized in
a foreign jurisdiction and is required by the applicable laws and
regulations of such foreign jurisdiction or its governmental
agencies, authorities or state-owned businesses to be partially
owned by the government of such foreign jurisdiction or individual
or corporate citizens of such foreign jurisdiction or another
foreign jurisdiction in order for such Restricted Subsidiary to
transact business in such foreign jurisdiction, provided that such
Person, by contract or otherwise, controls the business and
management of such Restricted Subsidiary. Further, in relation to
the Company, the term “Wholly Owned Restricted
Subsidiary” includes any Foreign Restricted Subsidiary so
long as the direct or indirect ownership interest of the Company in
its Capital Stock is no less than at the Issue Date.
SECTION
1.02. Other
Definitions.
21
|
|
|
|
|
|
|
|
|
Defined
in
|
|
Term
|
|
Section
|
|
|
|
|
4.19
|
|
“ Affiliate Transaction
”
|
|
|
4.11
|
|
|
|
|
|
4.20
|
|
|
|
|
|
3.09
|
|
“ Change of Control Offer
”
|
|
|
4.15
|
|
“ Change of Control Payment
”
|
|
|
4.15
|
|
“ Change of Control Payment Date
”.
|
|
|
4.15
|
|
|
|
|
|
8.03
|
|
“ Distribution Compliance
Period”.
|
|
|
2.01
|
|
|
|
|
|
2.03
|
|
|
|
|
|
6.01
|
|
|
|
|
|
4.10
|
|
|
|
|
|
2.01
|
|
“ incur ” or “
incurrence ”
|
|
|
4.09
|
|
|
|
|
|
2.01
|
|
|
|
|
|
4.20
|
|
|
|
|
|
8.02
|
|
|
|
|
|
1.04
|
|
|
|
|
|
3.09
|
|
|
|
|
|
3.09
|
|
“ Other Company Indebtedness
”
|
|
|
4.13
|
|
|
|
|
|
2.03
|
|
|
|
|
|
6.01
|
|
|
|
|
|
3.09
|
|
|
|
|
|
2.06
|
|
|
|
|
|
2.03
|
|
“ Regulation S Global
Notes”
|
|
|
2.01
|
|
|
|
|
|
4.07
|
|
|
|
|
|
2.01
|
|
|
|
|
|
4.19
|
|
“ Relevant Taxing Jurisdiction
”
|
|
|
4.19
|
|
|
|
|
|
4.23
|
|
SECTION
1.03. Incorporation by
Reference of Trust Indenture Act.
Whenever this
Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. Any
terms incorporated in this Indenture that are defined by the TIA,
defined in the TIA by reference to another statute or defined by
SEC rule under the TIA have the meanings so assigned to
them.
SECTION
1.04. Rules of
Construction.
Unless the context
otherwise requires:
22
(1) a term has the
meaning assigned to it;
(2) an accounting
term not otherwise defined has the meaning assigned to it in
accordance with GAAP;
(3)
“or” is not exclusive;
(4) words in the
singular include the plural, and in the plural include the
singular;
(5) provisions
apply to successive events and transactions;
(6) the term
“ merger ” includes a fusion , an
amalgamation, a compulsory share exchange, a conversion of a
corporation into another business entity and any other transaction
having effects substantially similar to a merger under the General
Corporation Law of the State of Delaware;
(7) references to
“France” are to the French Republic; and
(8) references to
sections of or rules under the Securities Act or the Exchange Act
shall be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time.
Whenever the
covenants or default provisions or definitions in this Indenture
refer to an amount in U.S. dollars or euros, that amount will be
deemed to refer to the U.S. Dollar Equivalent or Euro Equivalent,
as applicable, of the amount of any obligation denominated in any
other currency or currencies, including composite
currencies.
The U.S. Dollar
Equivalent or the Euro Equivalent for any purpose under this
Indenture will be determined as of a date of determination as
described in the definition of “U.S. Dollar Equivalent”
or “Euro Equivalent”, as applicable, in
Section 1.01 and, in any case, no subsequent change in the
U.S. Dollar Equivalent or the Euro Equivalent after the applicable
date of determination will cause such determination to be
modified.
SECTION
2.01. Form and
Dating.
The Notes shall be
issued only in registered form. The Notes and the Trustee’s
certificate of authentication shall be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. Each
Note shall be dated the date of its authentication. Notes shall be
issued in registered, global form in minimum denominations of
$100,000 and integral multiples of $1,000 in excess
thereof.
23
Any Original Notes
that remain outstanding after the completion of the Registered
Exchange Offer, together with the Exchange Notes issued in
connection with the Registered Exchange Offer, shall be treated as
a single class of securities under the Indenture, including,
without limitation, waivers, amendments, redemptions and offers to
purchase.
The terms and
provisions contained in the Notes shall constitute, and are hereby
expressly made, a part of this Indenture and the Company, the
Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be
bound thereby. Notwithstanding the foregoing, to the extent any
provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be
controlling.
(a)
Global Notes. The Original Notes will be offered and sold by
the Company pursuant to a purchase agreement. The Original Notes
will be resold initially only to (i) QIBs in reliance on
Rule 144A and (ii) Persons other than U.S. Persons (as
defined in Regulation S) in reliance on Regulation S. The
Original Notes may thereafter be transferred to, among others,
QIBs, Institutional Accredited Investors and purchasers in reliance
on Regulation S, subject to the restrictions on transfer set
forth herein. Original Notes initially resold pursuant to
Rule 144A shall be issued initially in the form of one or more
permanent global notes in definitive, fully registered form
(collectively, the “ Rule 144A Global Note
”); Original Notes resold to Institutional Accredited
Investors shall be issued initially in the form of one or more
permanent global notes in definitive, fully registered form
(collectively, the “ IAI Global Note ”); and
Original Notes initially resold pursuant to Regulation S shall
be issued initially in the form of or more permanent global notes
in definitive, fully registered form (collectively, the “
Regulation S Global Note ”), in each case without
interest coupons and with the global securities legend and the
applicable restricted securities legend set forth in Exhibit A
hereto. The Rule 144A Global Notes, the IAI Global Notes and
the Regulation S Global Notes are collectively referred to
herein as the “ Global Notes ”.
The Global Notes
shall be deposited upon issuance with the Trustee as custodian for
the Depository and registered in the name of Depository or its
nominee, in each case for credit to an account of a direct or
indirect participant in the Depository (including Euroclear or
Clearstream).
Beneficial
interests in the Rule 144A Global Notes may not be exchanged
for beneficial interests in the Regulation S Global Notes or
the IAI Global Notes at any time except in the limited
circumstances as provided in Section 2.06. Beneficial
interests in a Regulation S Global Note will be exchangeable
for beneficial interests in a Rule 144A Global Note, an IAI
Global Note or a definitive note in registered certificated form (a
“ Definitive Note ”) only after the expiration
of the period through and including the 40th day after the later of
the commencement and the closing of this offering (the “
Distribution Compliance Period ”) and then only in
compliance with the requirements provided for in Section 2.06.
Beneficial interests in the Global Notes may not be exchanged for
Definitive Notes except in the limited circumstances provided in
Section 2.06.
Each Global Note
shall represent such of the outstanding Notes as shall be specified
therein and each shall provide that it shall represent the
aggregate amount of outstanding Notes from time to time endorsed
thereon and that the aggregate amount of outstanding Notes
represented thereby may
24
from time to
time be reduced or increased, as appropriate, to reflect exchanges,
redemptions, repurchases and transfers of interests. Any
endorsement of a Global Note to reflect the amount of any increase
or decrease in the amount of outstanding Notes represented thereby
shall be made by the Trustee or the Note Custodian, at the
direction of the Trustee, in accordance with instructions given by
the Holder thereof as required by Section 2.06
hereof.
(b)
Book-Entry Provisions. Participants shall have no rights
either under this Indenture with respect to any Global Note held on
their behalf by the Depository or by the Note Custodian as
custodian for the Depository or under such Global Note, and the
Depository (or its nominee, if the Depository is not the Holder)
may be treated by the Company, the Trustee and any Agent of the
Company or the Trustee as the absolute owner of such Global Note
for all purposes whatsoever (except for the determination of
Additional Amounts payable pursuant to Section 4.19 hereof).
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 Depository or impair, as between the
Depository and its Participants, the operation of customary
practices of such Depository governing the exercise of the rights
of an owner of a beneficial interest in any Global Note.
SECTION
2.02. Execution and
Authentication.
One Officer shall
sign the Notes for the Company by manual or facsimile signature. If
the Company has a corporate seal, it may be reproduced on the Notes
and, if so, it may be in facsimile form.
If an Officer
whose signature is on a Note no longer holds that office at the
time a Note is authenticated, the Note shall nevertheless be
valid.
A Note shall not
be valid until authenticated by the manual signature of an
authorized signatory of the Trustee. Such signature shall be
conclusive evidence that the Note has been authenticated under this
Indenture. The form of Trustee’s certificate of
authentication to be borne by the Notes shall be substantially as
set forth in Exhibit A hereto.
Each Note shall be
dated the date of its authentication.
The Trustee shall
authenticate (i) the Original Notes for original issue on the
Issue Date in the aggregate principal amount of $350,000,000 and
(ii) additional Notes (other than Exchange Notes) for original
issue from time to time after the Issue Date subject to compliance
with the terms of this Indenture in such principal amounts as may
be set forth in a written order of the Company described in this
sentence and (iii) the Exchange Notes for original issue from
time to time for issue only in exchange for a like principal amount
of Original Notes, in each case upon a written order of the Company
signed by one Officer, which written order shall specify
(a) the amount of Notes to be authenticated and the date of
original issue thereof and (b) whether the Notes are Original
Notes or Exchange Notes, and (c) the amount of Notes to be
issued in global form or definitive form. The aggregate principal
amount of Notes outstanding at any time may not exceed $350,000,000
plus such
25
additional
principal amounts as may be issued and authenticated pursuant to
clause (ii) of this paragraph, except as provided in
Section 2.07 hereof.
The Trustee may
appoint an authenticating agent acceptable to the Company to
authenticate Notes. An authenticating agent may authenticate Notes
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to
deal with the Company, any Guarantor or an Affiliate of the
Company.
SECTION
2.03. Registrar and Paying
Agent.
The Company shall
maintain an office or agency in the continental United States where
Notes may be presented for registration of transfer or for exchange
(“ Registrar ”) and where Notes may be presented
for payment (“ Paying Agent ”). The Registrar
shall keep a register of the Notes and of their transfer and
exchange. So long as the Notes are listed on the Luxembourg Stock
Exchange and the rules of such stock exchange shall so require, the
Company shall maintain a paying agent and a co-registrar in the
Grand Duchy of Luxembourg. The Company may at any time appoint one
or more co-registrars and one or more additional paying agents. The
term “ Registrar ” includes any co-registrar and
the term “ Paying Agent ” includes any
additional paying agent. The Company may at any time change any
Paying Agent or Registrar without notice to any Holder. The Company
shall notify the Trustee in writing of the name and address of any
Agent not named in this Indenture. If the Company fails to appoint
or maintain another entity as Registrar or Paying Agent, the
Trustee shall act as such. The Company shall enter into an
appropriate agency agreement with any Agent not a party to this
Indenture, and such agreement shall incorporate the TIA’s
provisions of this Indenture that relate to such Agent. The Company
or any of its Subsidiaries may act as Paying Agent or
Registrar.
The Company
initially appoints The Depository Trust Company (“ DTC
”) to act as Depository with respect to the Global
Notes.
The Company
initially appoints the Trustee to act as Registrar and Paying Agent
at its Corporate Trust Office in Houston, Texas and to act as Note
Custodian with respect to the Global Notes, and the Company
initially appoints Dexia Banque Internationale à Luxembourg,
société anonyme to act as Registrar and Paying Agent
in Luxembourg.
SECTION
2.04. Paying Agent to Hold
Money in Trust.
The Company shall
require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the
payment of principal of or premium, if any, or interest on the
Notes, and will notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to
the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Company or a
Subsidiary) shall have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it
26
shall segregate
and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent. Upon the occurrence and
during the continuance of any Event of Default described in clause
(j), (k) or (l) of Section 6.01 hereof, the Trustee
shall serve as Paying Agent for the Notes.
SECTION
2.05. Holder
Lists.
The Trustee shall
preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of all
Holders and shall otherwise comply with Section 312(a) of the TIA.
If the Trustee is not the Registrar, the Company shall furnish to
the Trustee at least seven Business Days before each interest
payment date and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of
Notes and the Company shall otherwise comply with Section 312(a) of
the TIA.
SECTION
2.06. Transfer and
Exchange.
(a)
Transfer and Exchange of Global Notes. The transfer and
exchange of the Global Notes or beneficial interests therein shall
be effected through the Depository, in accordance with this
Indenture and the Applicable Procedures. Beneficial interests in a
Global Note may be transferred to Persons who take delivery thereof
in the form of a beneficial interest in the same Global Note in
accordance with the Applicable Procedures and, in the case of a
Transfer Restricted Security, the transfer restrictions set forth
in the legend in subsection (f) of this Section 2.06.
Transfers of beneficial interests in the Restricted Global Notes to
Persons required to take delivery thereof in the form of an
interest in another Restricted Global Note shall be permitted as
follows:
(i)
Rule 144A Global Note or Regulation S Global Note to
IAI Global Note . If an owner of a beneficial interest in a
Rule 144A Global Note or Regulation S Global Note, as
applicable, wishes to transfer its beneficial interest in such
Rule 144A Global Note or Regulation S Global Note, as
applicable, to a Person who is required or permitted to take
delivery thereof in the form of an interest in a separate IAI
Global Note, such owner shall, subject to the Applicable Procedures
and in the case of a Regulation S Global Note, only after the
expiration of the Distribution Compliance Period, exchange or cause
the exchange of such interest for an equivalent beneficial interest
in such separate IAI Global Note as provided for in this
Section 2.06(a)(i). Upon receipt by the Trustee of
(A) instructions given in accordance with the Applicable
Procedures directing the Trustee, as Registrar and Note Custodian,
to credit a beneficial interest in the separate IAI Global Note
equal to the beneficial interest in the Rule 144A Global Note
or Regulation S Global Note, as applicable, to be transferred,
and (B) in the case of Global Notes that are Transfer
Restricted Securities, a certificate substantially in the form of
Exhibit B-2 hereto from the transferor and a certificate
substantially in the form of Exhibit C hereto from the
transferee and, if such transfer is in respect of an aggregate
principal amount of Notes of less than $250,000, an Opinion of
Counsel reasonably acceptable to the Company and the Registrar that
such transfer is in compliance with the Securities Act and any
applicable blue sky laws of any state of the United States, then
the Trustee, as Registrar and Note Custodian, shall reduce
the
27
aggregate
principal amount of the appropriate Rule 144A Global Note or
Regulations S Global Note, as applicable, and increase the
aggregate principal amount of the other IAI Global Note by the
principal amount of the beneficial interest in the Rule 144A
Global Note or Regulation S Global Note to be
transferred.
(ii)
Rule 144A Global Note or IAI Global Note to
Regulation S Global Note . If an owner of a beneficial
interest in a Rule 144A Global Note or IAI Global Note, as
applicable, wishes to transfer its beneficial interest in such
Rule 144A Global Note or IAI Global Note, as applicable, to a
Person who is required or permitted to take delivery thereof in the
form of an interest in a Regulation S Global Note, whether or
not before or after the Distribution Compliance Period, such owner
shall, subject to the Applicable Procedures, exchange or cause the
exchange of such interest for an equivalent beneficial interest in
a Regulation S Global Note as provided in this
Section 2.06(a)(ii). Upon receipt by the Trustee of
(A) instructions given in accordance with the Applicable
Procedures directing the Trustee, as Registrar and Note Custodian,
to credit a beneficial interest in the Regulation S Global
Note in an amount equal to the beneficial interest in the
Rule 144A Global Note or IAI Global Note, as applicable, to be
transferred and (B) in the case of Global Notes that are
Transfer Restricted Securities, a certificate substantially in the
form of Exhibit B-1 hereto given by the owner of such
beneficial interest stating that the transfer of such interest has
been made in compliance with the transfer restrictions applicable
to the Global Notes and pursuant to and in accordance with
Rule 903 or Rule 904 of Regulation S, then the
Trustee, as Registrar and Note Custodian, shall reduce the
aggregate principal amount of the applicable Rule 144A Global
Note or IAI Global Note and increase the aggregate principal amount
of the Regulation S Global Note by the principal amount of the
beneficial interest in the Rule 144A Global Note or IAI Global
Note to be transferred.
(iii)
Regulation S Global Note or IAI Global Note to
Rule 144A Global Note . If an owner of a beneficial
interest in a Regulation S Global Note or IAI Global Note, as
applicable, wishes to transfer its beneficial interest in such
Regulation S Global Note or IAI Global Note, as applicable, to
a Person who is required or permitted to take delivery thereof in
the form of an interest in a separate Rule 144A Global Note,
such owner shall, subject to the Applicable Procedures, exchange or
cause the exchange of such interest for an equivalent beneficial
interest in such separate Regulation S Global Note or IAI
Global Note as provided in this Section 2.06(a)(iii). Upon
receipt by the Trustee of (A) instructions given in accordance
with the Applicable Procedures directing the Trustee, as Registrar
and Note Custodian, to credit a beneficial interest in the separate
Rule 144A Global Note equal to the beneficial interest in the
Regulation S Global Note or IAI Global Note, as applicable, to
be transferred, and (B) in the case of Global Notes that are
Transfer Restricted Securities, a certificate substantially in the
form of Exhibit B-2 attached hereto given by the owner of such
beneficial interest stating that the Person transferring such
interest reasonably believes that the Person acquiring such
interest is a QIB and is obtaining such beneficial interest in a
transaction meeting the requirements of Rule 144A, then the
Trustee, as Registrar and Note Custodian, shall reduce the
aggregate principal amount of the appropriate Regulation S
Global Note or IAI Global Note, as applicable, and increase the
aggregate principal amount
28
of the other
Rule 144A Global Note by the principal amount of the
beneficial interest in the Regulation S Global Note or IAI
Global Note to be transferred.
Any beneficial
interest in one of the Global Notes that is transferred to a Person
who takes delivery in the form of an interest in the other Global
Note will, upon transfer, cease to be an interest in such Global
Note and will become an interest in the other Global Note and,
accordingly, will thereafter be subject to all transfer
restrictions and other procedures applicable to beneficial interest
in such other Global Note for so long as it remains such an
interest.
(b)
Transfer and Exchange of Definitive Notes. If issued,
Definitive Notes may not be exchanged or transferred for beneficial
interests in a Global Note, except upon consummation of a
Registered Exchange Offer as contemplated by
Section 2.06(f)(iv) hereof. When Definitive Notes are
presented by a Holder to the Registrar with a request to register
the transfer of the Definitive Notes or to exchange such Definitive
Notes for an equal principal amount of Definitive Notes of other
authorized denominations, the Registrar shall register the transfer
or make the exchange as requested only if the Definitive Notes are
presented or surrendered for registration of transfer or exchange,
are endorsed or accompanied by a written instrument of transfer in
form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing., and the Registrar
receives the following (all of which may be submitted by
facsimile):
(i) in the case of
Definitive Notes that are Transfer Restricted Securities, such
request shall be accompanied by the following additional
information and documents, as applicable:
(A) if such
Transfer Restricted Security is being delivered to the Registrar by
a Holder for registration in the name of such Holder, without
transfer, or such Transfer Restricted Security is being transferred
(1) to the Company or any of its Subsidiaries or
(2) pursuant to an effective registration statement under the
Securities Act, a certification to that effect from such Holder
(substantially in the form of Exhibit B-3 hereto);
(B) if such
Transfer Restricted Security is being transferred to a Person the
transferor reasonably believes is a QIB in accordance with
Rule 144A under the Securities Act or pursuant to an exemption
from registration in accordance with Rule 144 under the Securities
Act, a certification to that effect from such Holder (in
substantially the form of Exhibit B-3 hereto);
(C) if such
Transfer Restricted Security is being transferred to a Non-U.S.
Person in an offshore transaction in accordance with Rule 903
or 904 under Regulation S of the Securities Act, a
certification to that effect from such Holder (substantially in the
form of Exhibit B-3 hereto but containing the certification
called for by clauses (1) through (4) of Exhibit B-1
hereto); or
(D) if such
Transfer Restricted Security is being transferred to an
Institutional Accredited Investor in reliance on an exemption from
the registration
29
requirements of
the Securities Act other than those listed in subparagraph
(B) or (C) above, a certification to that effect from
such Holder (substantially in the form of Exhibit B-3 hereto),
and a certification substantially in the form of Exhibit C
hereto from the transferee, and, if such transfer is in respect of
an aggregate principal amount of Notes of less than $250,000, an
Opinion of Counsel reasonably acceptable to the Company and the
Registrar that such transfer is in compliance with the Securities
Act and any applicable blue sky laws of any state of the United
States.
(c) [Intentionally
omitted.]
(d)
Restrictions on Transfer and Exchange of Global Notes .
Notwithstanding any other provision of this Indenture, a Global
Note may not be transferred as a whole except by the Depository to
a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a
nominee of such successor Depository.
(e)
Authentication of Definitive Notes in Absence of Depository or
at Company’s Election. If at any time (i) the
Depository for the Notes notifies the Company that the Depository
is unwilling or unable to continue as Depository for the Global
Notes or has ceased to be a clearing agency registered under the
Exchange Act and in either case a successor Depository for the
Global Notes is not appointed by the Company within 90 days
after delivery of such notice, (ii) the Company, at its
option, notifies the Trustee in writing that it elects to cause the
issuance of Definitive Notes or (iii) there has occurred and
is continuing an Event of Default with respect to the Notes and the
Depository so requests, then the Company shall execute, and the
Trustee shall, upon receipt of an authentication order in
accordance with Section 2.02 hereof, authenticate and deliver
Definitive Notes in an aggregate principal amount equal to the
principal amount of the Global Notes in exchange for such Global
Notes. Definitive Notes issued in exchange for beneficial interests
in the Global Notes pursuant to this Section 2.06(e) shall be
registered in such names and in such authorized denominations as
the Depository, pursuant to instructions from its direct or
Indirect Participants or otherwise (in accordance with its
customary procedures), shall instruct the Trustee. The Trustee
shall deliver such Definitive Notes to the Persons in whose names
such Notes are so registered.
(i) Except as
permitted by the following paragraphs (ii), (iii) and (iv),
each Note certificate evidencing a Global Note or a Definitive Note
(and all Notes issued in exchange therefor or substitution thereof)
offered otherwise than in reliance on Regulation S will, until
the expiration of the applicable holding period with respect to the
notes set forth in Rule 144(k) of the Securities Act, unless
otherwise agreed by the Company and the holder thereof, bear a
legend substantially to the following effect (the “
Restricted Notes Legend ”):
“THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER
30
THE UNITED
STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”),
AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.
THE HOLDER OF
THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS
NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY
(I) TO THE COMPANY, (II) IN THE UNITED STATES TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT TO A PERSON WHO
IS NOT A U.S. PERSON, (IV) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) (V) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR
(VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF
THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE.”
The Notes offered
in reliance on Regulation S will, unless otherwise agreed by
the Company and the holder thereof, bear a legend substantially to
the following effect (the “ Regulation S Legend
”):
“THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “ SECURITIES ACT ”), AND MAY NOT BE
TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ALL APPLICABLE STATE
31
SECURITIES
LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN
REGULATION S UNDER THE SECURITIES ACT.”
Each Definitive
Note shall bear the following additional legend (the “
Definitive Notes Legend ”):
“IN
CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
RESTRICTIONS.”
(ii) Upon any sale
or transfer of a Transfer Restricted Security (including any
Transfer Restricted Security represented by a Global Note) pursuant
to Rule 144 under the Securities Act or pursuant to an
effective registration statement under the Securities
Act:
(A) in the case of
any Transfer Restricted Security that is a Definitive Note, the
Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Security for a Definitive Note that does not bear the
legend set forth in (i) above and rescind any restriction on
the transfer of such Transfer Restricted Security upon
certification from the transferring holder substantially in the
form of Exhibit B-3 hereto and receipt of an Opinion of Counsel
reasonably acceptable to the Registrar that such transfer is in
compliance with the Securities Act; and
(B) in the case of
any Transfer Restricted Security represented by a Global Note, such
Transfer Restricted Security shall not be required to bear the
legend set forth in (i) above, but shall continue to be
subject to the provisions of Section 2.06(a) hereof.
(iii) Upon any
sale or transfer of a Transfer Restricted Security (including any
Transfer Restricted Security represented by a Global Note) in
reliance on any exemption from the registration requirements of the
Securities Act (other than an exemption pursuant to Rule 144
under the Securities Act) in which the Holder or the transferee
provides an Opinion of Counsel to the Company and the Registrar in
form and substance reasonably acceptable to the Company and the
Registrar (which Opinion of Counsel shall also state that the
transfer restrictions contained in the legend are no longer
applicable):
(A) in the case of
any Transfer Restricted Security that is a Definitive Note, the
Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Security for a Definitive Note that does not bear the
legend set forth in (i) above and rescind any restriction on
the transfer of such Transfer Restricted Security; and
32
(B) in the case of
any Transfer Restricted Security represented by a Global Note, such
Transfer Restricted Security shall not be required to bear the
legend set forth in (i) above, but shall continue to be
subject to the provisions of Section 2.06(a) hereof.
(iv)
Notwithstanding the foregoing, upon consummation of a Registered
Exchange Offer, the Company shall issue and, upon receipt of an
authentication order in accordance with Section 2.02 hereof,
the Trustee shall authenticate one or more unrestricted Global
Notes in aggregate principal amount equal to the sum of
(A) the principal amount of the beneficial interests in the
Global Notes accepted for exchange in the Registered Exchange Offer
and (B) the principal amount of any Definitive Notes accepted for
exchange in the Registered Exchange Offer. Concurrently with the
issuance of such unrestricted Global Notes, the Trustee, as
Registrar and Note Custodian, shall reduce accordingly the
aggregate principal amount of each applicable Global Note and
cancel any Definitive Notes accepted for exchange.
(g)
Cancellation or Adjustment of Global Notes. At such time as
all beneficial interests in Global Notes have been exchanged for
Definitive Notes, redeemed, repurchased or cancelled, all Global
Notes shall be returned to or retained and cancelled by the Trustee
in accordance with Section 2.11 hereof. At any time prior to
such cancellation, if any beneficial interest in a Global Note is
exchanged for Definitive Notes or a beneficial interest in another
Global Note, redeemed, repurchased or cancelled, the principal
amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note by
the Trustee, as Registrar and Note Custodian, to reflect such
reduction; and if the beneficial interest is being exchanged or
transferred to a Person who will take delivery thereof in the form
of a beneficial interest in another Global Note, such other Global
Note shall be increased accordingly and an endorsement shall be
made on such Global Note by the Trustee, as Registrar and Note
Custodian, to reflect such increase.
(h)
General Provisions Relating to Transfers and Exchanges
.
(i) To permit
registrations of transfers and exchanges, subject to this
Section 2.06, the Company shall execute and, upon the written
order of the Company signed by an Officer of the Company, the
Trustee shall authenticate Definitive Notes and Global Notes at the
Registrar’s request.
(ii) No service
charge shall be made to a Holder for any registration of transfer
or exchange, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes
or similar governmental charge payable upon exchange or transfer
pursuant to Sections 3.07, 4.10, 4.15 and 9.05 hereof).
(iii)
Notwithstanding any other provision of this Section 2.06,
prior to the expiration of the Distribution Compliance Period,
beneficial interests in Regulation S Global
33
Notes may be
held only through Euroclear or Clearstream (as Indirect
Participants in DTC), unless transferred to a Person that takes
delivery through a Rule 144A Global Note or IAI Global Note in
accordance with Section 2.06(a)(ii) hereof.
(iv) All
Definitive Notes and Global Notes issued upon any registration of
transfer or exchange of Definitive Notes or Global Notes shall be
the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the
Definitive Notes or Global Notes surrendered upon such registration
of transfer or exchange.
(v) The Company
and the Registrar shall not be required:
(A) to issue, to
register the transfer of or to exchange Notes during a period
beginning at the opening of business 15 days before the day of
any selection of Notes for redemption under Section 3.02
hereof and ending at the close of business on the day of
selection;
(B) to register
the transfer of or to exchange any Note so selected for redemption
in whole or in part, except the unredeemed portion of any Note
being redeemed in part; or
(C) to register
the transfer of a Note other than in amounts of $100,000 or
multiple integrals of $1,000 in excess thereof.
(vi) Prior to due
presentment for the registration of a transfer of any Note, the
Trustee, any Agent and the Company may deem and treat the Person in
whose name any Note is registered as the absolute owner of such
Note for the purpose of receiving payment of principal of, premium,
if any, and interest, on such Notes, and neither the Trustee, any
Agent nor the Company shall be affected by notice to the
contrary.
(vii) The Trustee
shall authenticate Definitive Notes and Global Notes in accordance
with the provisions of Section 2.02 hereof.
SECTION
2.07. Replacement
Notes.
If any mutilated
Note is surrendered to the Trustee or the Registrar in Luxembourg,
or the Trustee or the Registrar in Luxembourg receives evidence to
its satisfaction of the destruction, loss or theft of any Note, the
Company shall issue and the Trustee, upon the written order of the
Company signed by one Officer of the Company, shall authenticate a
replacement Note if the Trustee’s requirements are met. If
required by the Trustee or the Registrar in Luxembourg, as
applicable, and the Company, an indemnity bond must be supplied by
the Holder that is sufficient in the judgment of the Trustee or the
Registrar in Luxembourg, as applicable, and the Company to protect
the Company, the Trustee, any Agent and any authenticating agent
from any loss that any of them may suffer if a Note is replaced.
The Company may charge for its expenses in replacing a Note. If,
after the delivery of such replacement Note, a bona fide purchaser
of the original Note in
34
lieu of which
such replacement Note was issued presents for payment or
registration such original Note, the Trustee shall be entitled to
recover such replacement Note from the Person to whom it was
delivered or any Person taking therefrom, except a bona fide
purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by the Company, the Trustee, any Agent and any
authenticating agent in connection therewith.
Subject to the
provisions of the final sentence of the preceding paragraph of this
Section 2.07, every replacement Note is an additional obligation of
the Company and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly
issued hereunder.
SECTION
2.08. Outstanding
Notes.
The Notes
outstanding at any time are all the Notes authenticated by the
Trustee except for those cancelled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note
effected by the Trustee in accordance with the provisions hereof,
and those described in this Section as not outstanding. Except as
set forth in Section 2.09 hereof, a Note does not cease to be
outstanding because the Company, any Subsidiary of the Company or
an Affiliate of the Company or any Subsidiary of the Company holds
the Note.
If a Note is
replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a bona fide purchaser.
If the entire
principal of and premium, if any, and interest on any Note are
considered paid under Section 4.01 hereof, it ceases to be
outstanding and interest on it ceases to accrue as of the date of
such payment.
SECTION
2.09. Treasury
Notes.
In determining
whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the
Company, a Subsidiary of the Company or an Affiliate, shall be
considered as though not outstanding, except that for the purposes
of determining whether the Trustee shall be protected in relying on
any such direction, waiver or consent, only Notes that a Trustee
knows are so owned shall be so disregarded. Notwithstanding the
foregoing, Notes that the Company, a Subsidiary of the Company or
an Affiliate offers to purchase or acquires pursuant to an offer,
exchange offer, tender offer or otherwise shall not be deemed to be
owned by the Company, a Subsidiary of the Company or an Affiliate
until legal title to such Notes passes to the Company, such
Subsidiary or such Affiliate, as the case may be.
SECTION
2.10. Temporary
Notes.
Until definitive
Notes are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary Notes upon a written order of
the Company signed by one Officer of the Company. Temporary Notes
shall be substantially in the form of definitive Notes but may
have
35
variations that
the Company considers appropriate for temporary Notes and as shall
be reasonably acceptable to the Trustee. Without unreasonable
delay, the Company shall prepare and the Trustee shall authenticate
definitive Notes in exchange for temporary Notes. Until such
exchange, Holders of temporary Notes shall be entitled to all of
the benefits of this Indenture.
SECTION
2.11. Cancellation.
The Company at any
time may deliver Notes to the Trustee for cancellation. The
Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or
payment. The Trustee and no one else shall cancel all Notes
surrendered for registration of transfer, exchange, payment,
replacement or cancellation and, at the written request of the
Company, shall destroy cancelled Notes (subject to the record
retention requirement of the Exchange Act). Certification of the
destruction of all cancelled Notes shall be delivered to the
Company upon its written request. The Company may not issue new
Notes to replace Notes that it has paid or that have been delivered
to the Trustee for cancellation, other than as contemplated by the
Registered Exchange Offer.
SECTION
2.12. Defaulted Interest;
Special Interest
(a) If the
Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the
Persons who are Holders on a subsequent special record date,
in each case at the rate provided in the Notes and in
Section 4.01 hereof. The Company shall notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on
each Note and the date of the proposed payment. The Company shall
fix or cause to be fixed each such special record date and payment
date, provided, however, that no such special record date
shall be less than 10 days prior to the related payment date
for such defaulted interest. At least 15 days before the
special record date, the Company (or, upon the written request of
the Company, the Trustee in the name and at the expense of the
Company) shall mail or cause to be mailed to Holders a notice that
states the special record date, the related payment date and the
amount of such interest to be paid.
(b) All
references herein, in any context, to any interest or other amount
payable on or with respect to the Notes shall be deemed to include
any special interest pursuant to the Registration Rights
Agreement.
REDEMPTION AND
REPURCHASE
SECTION
3.01. Notices to
Trustee.
If the Company
elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.07 hereof, it shall furnish to the
Trustee, at least 30 days but not more than 60 days
before a redemption date, an Officers’ Certificate setting
forth (i) the clause of this Indenture pursuant to
36
which the
redemption shall occur, (ii) the redemption date,
(iii) the principal amount of Notes to be redeemed and
(iv) the redemption price.
SECTION
3.02. Selection of Notes to
Be Redeemed.
If less than all
of the Notes are to be redeemed at any time, the Trustee shall
select the Notes to be redeemed among the Holders of the Notes as
follows: (i) if the Notes are listed, in compliance with the
requirements of the principal securities exchange on which the
Notes are listed; or (ii) if the Notes are not so listed, on a
pro rata basis, by lot or in accordance with any other
method the Trustee considers fair and appropriate. In the event of
partial redemption by lot, the particular Notes to be redeemed
shall be selected, unless otherwise provided herein, not less than
30 days nor more than 60 days prior to the redemption
date by the Trustee from the outstanding Notes not previously
called for redemption.
The Trustee shall
promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Note selected for partial
redemption, the principal amount thereof to be redeemed. Notes and
portions of Notes selected shall be in amounts of $100,000 or whole
multiples of $1,000 in excess thereof. Provisions of this Indenture
that apply to Notes called for redemption also apply to portions of
Notes called for redemption.
The provisions of
the two preceding paragraphs of this Section 3.02 shall not
apply with respect to any redemption affecting only a Global Note,
whether a Global Note is to be redeemed in whole or in part. In
case of any such redemption in part, the unredeemed portion of the
principal amount of the Global Note shall be in an authorized
denomination.
SECTION
3.03. Notice of
Redemption.
At least
30 days but not more than 60 days before a redemption
date, the Company shall mail or cause to be mailed, by first class
mail a notice of redemption to each Holder whose Notes are to be
redeemed at its registered address. For so long as the Notes are
listed on the Luxembourg Stock Exchange and for so long as the
rules of such exchange require, notices of redemption shall be
published once by the Trustee, not less than five Business Days
prior to the redemption date, in a newspaper having general
circulation in Luxembourg, which newspaper may be the
Luxemburger Wort , or if such newspaper ceases to be
published or timely publication in it will not be practicable, in
such other newspaper as the Trustee deems necessary to give fair
and reasonable notice to the Holders of the Notes. Notices may also
be published on the internet site of the Luxembourg Stock Exchange
at http://www.bourse.lu.
The notice shall
identify the Notes to be redeemed and shall state:
(b) the redemption
price;
37
(c) if any Note is
being redeemed in part, the portion of the principal amount of such
Note to be redeemed and that, after the redemption date upon
surrender of such Note, a new Note or Notes in a principal amount
equal to the unredeemed portion shall be issued in the name of the
Holder thereof upon surrender and cancellation of the original
Note;
(d) the name and
address of the Paying Agent;
(e) that Notes
called for redemption must be surrendered to the Paying Agent to
collect the redemption price;
(f) that, unless
the Company defaults in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the
redemption date;
(g) the clause of
this Indenture pursuant to which the Notes called for redemption
are being redeemed; and
(h) that no
representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the
Notes.
If any of the
Notes to be redeemed is in the form of a Global Note, then the
Company shall modify such notice to the extent necessary to accord
with the procedures of the Depository applicable to
redemption.
At the
Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense;
provided, however, that the Company shall have delivered to
the Trustee, at least 45 days (unless the Company and the
Trustee agree to a shorter period) prior to the redemption date, an
Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such
notice as provided in the preceding paragraph.
SECTION
3.04. Effect of Notice of
Redemption.
Once notice of
redemption is mailed in accordance with Section 3.03 hereof,
Notes called for redemption become irrevocably due and payable on
the redemption date at the redemption price. A notice of redemption
may not be conditional.
SECTION
3.05. Deposit of Redemption
Price.
No later than
10:00 a.m., New York City time, on the redemption date, the
Company shall deposit with the Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as
provided in Section 2.04 hereof) money sufficient to pay the
redemption price of and accrued interest on all Notes to be
redeemed on that date. The Paying Agent shall promptly return to
the Company any money deposited with the Paying Agent by the
Company in excess of the amounts necessary to pay the redemption
price of and accrued interest on all Notes to be
redeemed.
38
If the Company
complies with the provisions of the preceding paragraph, on and
after the redemption date, interest shall cease to accrue on the
Notes or the portions of Notes called for redemption. If a Note is
redeemed on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest
shall be paid to the Person in whose name such Note was registered
at the close of business on such record date. If any Note called
for redemption shall not be so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the
redemption date until such principal is paid, and to the extent
lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.01
hereof.
SECTION
3.06. Notes Redeemed in
Part.
Upon surrender of
a Note that is redeemed in part, the Company shall issue and the
Trustee shall authenticate for the Holder at the expense of the
Company a new Note equal in principal amount to the unredeemed
portion of the Note surrendered.
SECTION
3.07. Optional
Redemption.
(a) At any
time prior to May 15, 2013, the Company may redeem the Notes
at its option, in whole or in part, at a redemption price equal to
100% of the principal amount thereof plus the Applicable Premium as
of, and accrued and unpaid interest to, the date of
redemption.
(b) At any
time on or after May 15, 2013, the Company shall have the
option to redeem the Notes, in whole or in part, at the redemption
prices (expressed as percentages of principal amount) set forth
below plus accrued and unpaid interest thereon, to the applicable
redemption date, if redeemed during the twelve-month period
beginning on May 15 of the years indicated below:
|
|
|
|
|
|
|
Year
|
|
Percentage
|
|
|
|
|
104.750
|
%
|
|
|
|
|
102.375
|
%
|
|
|
|
|
100.000
|
%
|
(c) Further,
prior to May 15, 2012, the Company may redeem on any one or
more occasions Notes (including Exchange Notes) representing up to
35% of the aggregate principal amount of Notes originally issued
from time to time under this Indenture (including any Notes
originally issued after the Issue Date but excluding for this
purpose any Exchange Notes) at a redemption price of 109.500% of
the principal amount thereof, plus accrued and unpaid interest
thereon to the redemption date, with the net cash proceeds of one
or more Qualified Equity Offerings, provided that (i) Notes
(including Exchange Notes) representing at least 65% of the
aggregate principal amount of Notes originally issued from time to
time under this Indenture (including any Notes originally issued
after the Issue Date but excluding for this purpose any Exchange
Notes) remain outstanding immediately after the occurrence of each
such redemption and
39
(ii) such
redemption shall occur within 90 days of the date of the
closing of each such Qualified Equity Offering.
(d) The
Company may at any time redeem, in whole but not in part, the Notes
at a redemption price of 100% of the principal amount thereof plus
accrued and unpaid interest thereon to the date of redemption if it
or any Guarantor has become or would become obligated to pay any
Additional Amounts in respect of the Notes as a result of (i)(1)
any change in or amendment to the laws or treaties (or regulations
or rulings promulgated thereunder) of a Relevant Taxing
Jurisdiction to tax or (2) any change in or amendment to any
official position regarding the application or interpretation of
such laws, treaties, regulations or rulings, which change or
amendment is announced or is effective on or after the date of this
Indenture and (ii) such obligation cannot be avoided by the
Company or any such Guarantor taking reasonable measures available
to it. Notwithstanding the preceding sentence of this
Section 3.07(d), no notice of redemption of the Notes pursuant
to this Section 3.07(d) may be given earlier than 60 days
prior to the earliest date on which the Company could be obligated
to pay such Additional Amounts if a payment in respect of the Notes
was then due. Prior to giving notice of any such redemption, the
Company shall deliver to the Trustee (y) an Officers’
Certificate stating that the obligation to pay Additional Amounts
cannot be avoided by the Company or any such Guarantor taking
reasonable measures available to it and (z) an Opinion of
Counsel of an independent legal counsel to the Company to the
effect that the circumstances referred to in clause (i) above
exist.
(e) Any
redemption pursuant to this Section 3.07 shall be made
pursuant to the provisions of Section 3.01 through
Section 3.06 hereof.
SECTION
3.08. Mandatory
Redemption.
Except as set
forth under Sections 4.10 and 4.15 hereof, the Company shall
not be required to make mandatory redemption or sinking fund
payments with respect to the Notes.
SECTION
3.09. Offer to Purchase by
Application of Excess Proceeds.
In the event that,
pursuant to Section 4.10 hereof, the Holders shall have the
right to require the Company to purchase Notes pursuant to an offer
(an “ Asset Sale Offer ” ), the Company
shall follow the procedures specified below.
The Asset Sale
Offer shall remain open for a period of 20 Business Days following
its commencement and no longer, except to the extent that a longer
period is required by applicable law (the “ Offer
Period ” ). No later than five Business Days after
the termination of the Offer Period (the “ Purchase
Date ” ), the Company shall purchase the principal
amount of Notes required to be purchased pursuant to
Section 4.10 hereof (the “ Offer Amount ”)
or, if less than the Offer Amount has been tendered, all Notes
validly tendered in response to the Asset Sale Offer. Payment for
any Notes so purchased shall be made in the same manner as
principal payments are made at Stated Maturity. The Company shall
not permit any Restricted Subsidiary to enter into or suffer to
exist any agreement (other than any agreement governing the
Company’s or any of its Restricted Subsidiaries’ Credit
Facilities) that would place any restriction of any kind (other
than pursuant to
40
law or
regulation) on the ability of the Company to make an Asset Sale
Offer. Further, the Company shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with the purchase of Notes
as a result of an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with the
provisions relating to an Asset Sale Offer, the Company shall
comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations described
above by virtue thereof.
If the Purchase
Date is on or after an interest record date and on or before the
related interest payment date, any accrued and unpaid interest
shall be paid to the Person in whose name a Note is registered at
the close of business on such record date, and no additional
interest shall be payable to Holders who tender Notes pursuant to
the Asset Sale Offer.
Upon the
commencement of an Asset Sale Offer, the Company shall send, by
first class mail a notice to each of the Holders, with a copy to
the Trustee. The notice shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant
to the Asset Sale Offer. The Asset Sale Offer shall be made to all
Holders. The notice, which shall govern the terms of the Asset Sale
Offer, shall state:
(a) that the Asset
Sale Offer is being made pursuant to this Section 3.09 and
Section 4.10 hereof and the length of time the Asset Sale Offer
shall remain open;
(b) the Offer
Amount, the purchase price and the Purchase Date;
(c) that any Note
not tendered or accepted for payment shall continue to accrue
interest;
(d) that, unless
the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer shall cease to accrue
interest after the Purchase Date;
(e) that Holders
electing to have a Note purchased pursuant to an Asset Sale Offer
may only elect to have all of such Note purchased and may not elect
to have only a portion of such Note purchased;
(f) that Holders
electing to have a Note purchased pursuant to any Asset Sale Offer
shall be required to surrender the Note, with the form entitled
“ Option of Holder to Elect Purchase ” on the
reverse of the Note completed, to the Company or a Paying Agent at
the address specified in the notice at least three days before the
Purchase Date;
(g) that Holders
shall be entitled to withdraw their election if the Company or the
Paying Agent, as the case may be, receives, no later than the
expiration of the Offer Period, a telegram, facsimile transmission
or letter setting forth the name of the Holder, the principal
amount of the Note the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have such
Note purchased;
41
(h) that, if the
aggregate principal amount of Notes surrendered by Holders exceeds
the Offer Amount, the Trustee shall select the Notes to be
purchased on a pro rata basis (with such adjustments as may
be deemed appropriate by the Trustee so that only Notes in
denominations of $100,000, or integral multiples of $1,000 in
excess thereof, shall be purchased); and
(i) that Holders
whose Notes were purchased only in part shall be issued new Notes
equal in principal amount to the unpurchased portion of the Notes
surrendered (or transferred by book-entry transfer).
If any of the
Notes subject to an Asset Sale Offer is in the form of a Global
Note, then the Company shall modify such notice to the extent
necessary to accord with the procedures of the Depository
applicable to repurchases.
On or before the
Purchase Date, the Company shall, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary, the
Offer Amount of Notes or portions thereof tendered pursuant to the
Asset Sale Offer, or if less than the Offer Amount has been
tendered, all Notes tendered, and shall deliver to the Trustee an
Officers’ Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in accordance with
the terms of this Section 3.09. The Company or the Paying
Agent, as the case may be, shall promptly (but in any case not
later than five days after the Purchase Date) mail or deliver to
each tendering Holder an amount equal to the purchase price of the
Notes tendered by such Holder and accepted by the Company for
purchase, and the Company shall promptly issue a new Note, and the
Trustee shall authenticate and mail or deliver such new Note to
such Holder, in a principal amount equal to any unpurchased portion
of the Note surrendered. Any Note not so accepted shall be promptly
mailed or delivered by the Company to the Holder thereof. The
Company shall publicly announce the results of the Asset Sale Offer
on the Purchase Date.
Other than as
specifically provided in this Section 3.09, any purchase
pursuant to this Section 3.09 shall be made pursuant to the
provisions of Section 3.01 through Section 3.06
hereof.
SECTION
4.01. Payment of
Notes.
The Company shall
pay or cause to be paid the principal of and premium, if any, and
interest on the Notes on the dates and in the manner provided in
the Notes. Principal, premium, if any, and interest shall be
considered paid on the date due if a Paying Agent, if other than
the Company or a Subsidiary thereof, holds as of 10:00 a.m.,
New York City time, on the due date money deposited by the Company
in immediately available funds and designated for and sufficient to
pay all principal, premium, if any, and interest then
due.
42
The Company shall
pay interest (including post-petition interest in any proceeding
under any applicable bankruptcy law) on overdue principal and
premium, if any, at the rate equal to the interest rate on the
Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any applicable
bankruptcy law) on overdue installments of interest (without regard
to any applicable grace period) at the same rate to the extent
lawful.
SECTION
4.02. Maintenance of Office
or Agency.
The Company shall
maintain an office or agency in the continental United States and,
subject to the provisions of Section 2.03 hereof, in the Grand
Duchy of Luxembourg where Notes may be presented or surrendered for
payment, where Notes may be surrendered for registration of
transfer or for exchange and where notices and demands to or upon
the Company in respect of the Notes and this Indenture may be
served. If at any time the Company shall fail to maintain any such
required office or agency in the continental United States or shall
fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee.
The Company may
also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such
designations. Further, if at any time there shall be no such office
or agency in the continental United States where the Notes may be
presented or surrendered for payment, the Company shall forthwith
designate and maintain such an office or agency in the continental
United States, in order that the Notes shall at all times be
payable in the continental United States. The Company shall give
prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other
office or agency.
The Company hereby
designates the Corporate Trust Office of the Trustee as one such
office or agency of the Company in accordance with
Section 2.03.
(a) Whether
or not the Company is required to do so by the rules and
regulations of the SEC, so long as any Notes are outstanding, the
Company will file with the SEC (unless the SEC will not accept such
a filing):
(i) within the
time periods specified in the SEC’s rules and regulations,
all annual financial and other information with respect to the
Company and its Subsidiaries that would be required to be contained
in a filing with the SEC on Form 20-F, including a
“Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and a report thereon by
the Company’s certified independent accountants,
and
(ii) within
60 days after the end of each of the first and third quarters
of each fiscal year (and within 75 days after the end of the
second quarter of each fiscal year), reports on Form 6-K, or any
successor form, attaching (a) unaudited consolidated financial
statements for the Company for the period then ended (and the
comparable period in the
43
prior year), in
each case prepared in accordance with GAAP (as in effect on the
date of such report or financial information) and (b) the
information relating to the Company described in Item 5 of
Form 20-F (i.e., Operating and Financial Review and
Prospects).
Within
15 days of filing, or attempting to file, such information
with the SEC, the Company shall furnish such information to the
Holders of the Notes.
The Company shall
at all times comply with Section 314(a) of the TIA.
(b) For so
long as any Notes remain outstanding and during any period during
which the Company is not subject to Section 13 or 15(d) of the
Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b) under
the Exchange Act, the Company and the Guarantors shall furnish to
the holders of the Notes and prospective purchasers of the Notes,
upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities
Act.
(c) For so
long as the Notes are listed on the Luxembourg Stock Exchange and
the rules of such stock exchange so require, the information
referred to in Section 4.03(a) hereof shall also be made
available, free of charge in Luxembourg through the offices of the
Paying Agent in Luxembourg.
SECTION
4.04. Compliance
Certificate.
(a) The
Company shall deliver to the Trustee, within 90 days after the
end of each fiscal year, an Officers’ Certificat
|