NEBRASKA BOOK COMPANY,
INC.,
THE SUBSIDIARY GUARANTORS PARTIES
HERETO,
as Trustee and Collateral
Agent
10.0% Senior Secured Notes due
2011
Dated as of October 2,
2009
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TIA
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Indenture
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Section
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Section
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310
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(a)(1)
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7.10
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(a)(2)
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7.10
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(a)(3)
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N.A.
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(a)(4)
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N.A.
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(a)(5)
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7.10
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(b)
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7.8; 7.10
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(c)
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N.A.
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311
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(a)
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7.11
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(b)
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7.11
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(c)
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N.A.
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312
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(a)
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2.5
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(b)
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13.3
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(c)
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13.3
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313
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(a)
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7.6
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(b)(1)
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7.6
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(b)(2)
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7.6
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(c)
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7.6
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(d)
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7.6
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314
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(a)
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3.2; 3.17; 13.2
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(b)
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N.A.
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(c)(1)
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13.4
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(c)(2)
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13.4
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(c)(3)
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N.A.
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(d)
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N.A.
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(e)
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13.5
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315
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(a)
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7.1
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(b)
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7.5; 13.2
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(c)
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7.1
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(d)
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7.1
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(e)
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6.11
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316
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(a)(last sentence)
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13.6
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(a)(1)(a)
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6.5
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(a)(1)(b)
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6.4
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(a)(2)
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N.A.
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(b)
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6.7
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(c)
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9.4
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317
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(a)(1)
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6.8
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(a)(2)
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6.9
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(b)
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2.4
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318
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(a)
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13.1
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N.A. means Not
Applicable.
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Note:
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This
Cross-Reference Table shall not, for any purpose, be deemed to be
part of the Indenture.
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Page
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ARTICLE I
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Definitions and Incorporation by
Reference
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Definitions
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1
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Other
Definitions
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29
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Incorporation
by Reference of Trust Indenture Act
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30
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Rules of
Construction
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31
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ARTICLE II
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The Securities
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Form, Dating
and Terms
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32
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Execution and
Authentication
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39
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Registrar and
Paying Agent
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40
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Paying Agent To
Hold Money in Trust
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41
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Securityholder
Lists
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41
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Transfer and
Exchange
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41
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Form of
Certificate to be Delivered in Connection with Transfers to
Institutional Accredited Investors
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44
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Form of
Certificate to be Delivered in Connection with Transfers Pursuant
to Regulation S
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46
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Mutilated,
Destroyed, Lost or Stolen Securities
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47
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Outstanding
Securities
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48
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Temporary
Securities
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48
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Cancellation
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49
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Payment of
Interest; Defaulted Interest
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49
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Computation of
Interest
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50
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CUSIP
Numbers
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50
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Issuance of
Additional Securities
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50
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ARTICLE III
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Covenants
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Payment of
Securities
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51
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SEC Reports and
Available Information
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51
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Limitation on
Indebtedness
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52
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[Reserved]
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55
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Limitation on
Restricted Payments
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55
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Limitation on
Restrictions on Distributions from Restricted
Subsidiaries
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59
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Page
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Limitation on
Sales of Assets and Subsidiary Stock
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60
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Limitation on
Affiliate Transactions
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63
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Change of
Control
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64
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Limitation on
Sale of Capital Stock of Restricted Subsidiaries
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65
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Limitation on
Liens
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66
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Future
Subsidiary Guarantors
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66
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Limitation on
Lines of Business
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67
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Maintenance of
Office or Agency
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67
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Corporate
Existence
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67
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[Reserved]
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68
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Compliance
Certificate
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68
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Further
Instruments and Acts
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68
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Payments for
Consent
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68
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Statement by
Officers as to Default
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68
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ARTICLE IV
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Successor Company
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Merger and
Consolidation
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68
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ARTICLE V
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Redemption of Securities
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Optional
Redemption
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71
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Applicability
of Article
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71
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Election to
Redeem; Notice to Trustee
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71
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Selection by
Trustee of Securities to Be Redeemed
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71
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Notice of
Redemption
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71
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Deposit of
Redemption Price
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72
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Securities
Payable on Redemption Date
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73
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Securities
Redeemed in Part
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73
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ARTICLE VI
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Defaults and Remedies
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Events of
Default
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73
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Acceleration
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76
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Other
Remedies
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77
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Waiver of Past
Defaults
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77
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Control by
Majority
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77
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Limitation on
Suits
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78
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Rights of
Holders to Receive Payment
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78
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ii
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Page
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Collection Suit
by Trustee
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78
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Trustee May
File Proofs of Claim
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78
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Priorities
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79
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Undertaking for
Costs
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79
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ARTICLE VII
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Trustee
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Duties of
Trustee
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80
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Rights of
Trustee
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81
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Individual
Rights of Trustee
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83
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Trustee’s
Disclaimer
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83
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Notice of
Defaults
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83
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Reports by
Trustee to Holders
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83
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Compensation
and Indemnity
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84
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Replacement of
Trustee
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85
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Successor
Trustee by Merger
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86
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Eligibility;
Disqualification
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86
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Preferential
Collection of Claims Against Company
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86
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Limitation on
Duty of Trustee and Collateral Agent in Respect of Collateral;
Indemnification
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86
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ARTICLE VIII
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Discharge of Indenture;
Defeasance
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Discharge of
Liability on Securities; Defeasance
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87
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Conditions to
Defeasance
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88
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Application of
Trust Money
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90
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Repayment to
Company
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90
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Indemnity for
U.S. Government Obligations
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90
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Reinstatement
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90
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ARTICLE IX
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Amendments
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Without Consent
of Holders
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90
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With Consent of
Holders
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93
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Compliance with
Trust Indenture Act
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94
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Revocation and
Effect of Consents and Waivers
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94
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Notation on or
Exchange of Securities
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95
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Trustee To Sign
Amendments
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95
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iii
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Page
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ARTICLE X
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Collateral and Security
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The
Collateral
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95
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Further
Assurances
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96
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Impairment of
Security Interest
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97
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After-Acquired
Property
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97
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Real Estate
Mortgages and Filings
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98
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Leasehold
Interests
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99
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Release of
Liens on the Collateral
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99
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Authorization
of Actions to be Taken by the Trustee or the Collateral Agent Under
the Collateral Documents
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100
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Collateral
Accounts
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102
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ARTICLE XI
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Subsidiary
Guarantee
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103
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Limitation on
Liability; Termination, Release and Discharge
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106
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Right of
Contribution
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107
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No
Subrogation
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108
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ARTICLE XII
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ARTICLE XIII
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Miscellaneous
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Trust Indenture
Act Controls
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108
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Notices
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108
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Communication
by Holders with other Holders
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109
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Certificate and
Opinion as to Conditions Precedent
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109
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Statements
Required in Certificate or Opinion
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110
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When Securities
Disregarded
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110
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Rules by
Trustee, Paying Agent and Registrar
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110
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[Legal
Holidays
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110
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GOVERNING
LAW
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110
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No Recourse
Against Others
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111
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Successors
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111
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Multiple
Originals
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111
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Variable
Provisions
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111
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Qualification
of Indenture
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111
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Table of
Contents; Headings
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111
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Intercreditor
Agreement Control
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111
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iv
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Page
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Direction by
Holders to Enter into Collateral Documents and Intercreditor
Agreement
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112
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Force
Majeure
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112
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Premises
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A-1
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Form of the
Initial Security
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B-1
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Form of the
Exchange Security
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C-1
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Form of
Indenture Supplement to Add Subsidiary Guarantors
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D-1
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Form of
Intercreditor Agreement
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E-1
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v
INDENTURE
dated as of October 2, 2009, among NEBRASKA BOOK COMPANY,
INC., a Kansas corporation (the “ Company ”),
THE SUBSIDIARY GUARANTORS (as defined herein) and WILMINGTON TRUST
FSB, a federal savings bank (in such capacity, the “
Trustee ”) and as collateral agent (in such capacity,
the “ Collateral Agent ”).
Each
party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the Holders of (i) the
Company’s 10.0% Senior Secured Notes due 2011 issued on the
date hereof (the “ Initial Securities ”),
(ii) if and when issued an unlimited principal amount of
additional 10.0% Senior Secured Notes due 2011 that may be offered
from time to time subsequent to the Issue Date (the “
Additional Securities ”), (iii) in exchange for
Initial Securities or any Additional Securities as provided in the
Registration Rights Agreement or a similar agreement relating to
Initial Securities or Additional Securities, the Company’s
10.0% Senior Secured Notes due 2011 (the “ Exchange
Securities ” and, together with the Initial Securities
and any Additional Securities, the “ Securities
”).
Definitions and Incorporation by
Reference
SECTION
1.1. Definitions .
“Acquired
Indebtedness” means Indebtedness (i) of a Person or any
of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary or (ii) assumed in connection with the
acquisition of assets from or merger with such Person, in each case
whether or not Incurred by such Person in connection with, or in
anticipation or contemplation of, such Person becoming a Restricted
Subsidiary or such merger or acquisition, and Indebtedness secured
by a Lien encumbering any asset acquired by such Person. Acquired
Indebtedness shall be deemed to have been Incurred, with respect to
clause (i) of the preceding sentence, on the date such Person
becomes a Restricted Subsidiary and, with respect to clause
(ii) of the preceding sentence, on the date of consummation of
such merger or acquisition of assets.
“Additional
Assets” means:
(1) any
property or assets (other than Indebtedness and Capital Stock) to
be used by the Company or a Restricted Subsidiary in a Related
Business;
(2) the
Capital Stock of a Person that becomes a Restricted Subsidiary as a
result of the acquisition of such Capital Stock by the Company or a
Restricted Subsidiary; or
(3) Capital
Stock constituting a minority interest in any Person that at such
time is a Restricted Subsidiary;
provided, however, that, in the case of clauses (2) and
(3), such Restricted Subsidiary is primarily engaged in a Related
Business.
2
“Additional
Securities” has the meaning ascribed to it in the second
introductory paragraph of this Indenture.
“Administrative
Agent” means the administrative agent under the Credit
Agreement.
“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 the
purposes of this definition, “control” when used with
respect to any Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and
the terms “controlling” and “controlled”
have meanings correlative to the foregoing; provided that
beneficial ownership of 10% or more of the Voting Stock of a Person
shall be deemed to be control.
“Applicable
Premium” means, with respect to a Security on any date of
redemption, the greater of:
(1) 1.0%
of the principal amount of such Security; and
(2) the
excess, if any, of (a) the present value as of such date of
redemption of (i) the redemption price of such Security on
December 1, 2011, plus (ii) all required interest
payments due on such Security through December 1, 2011
(excluding accrued but unpaid interest on the date of redemption),
computed using a discount rate equal to the Treasury Rate as of
such date of redemption plus 50 basis points, over (b) the
then-outstanding principal amount of such Security, in each case as
calculated by the Company or on behalf of the Company by such
Person as the Company shall designate; provided that such
calculation shall not be a duty or obligation of the
Trustee.
“Asset
Disposition” means any direct or indirect sale, lease (other
than an operating lease entered into in the ordinary course of
business), transfer, issuance or other disposition, or a series of
related sales, leases, transfers, issuances or dispositions that
are part of a common plan, of shares of Capital Stock of a
Subsidiary (other than directors’ qualifying shares),
property or other assets (each referred to for the purposes of this
definition as a “disposition”) by the Company or any of
its Restricted Subsidiaries, including any disposition by means of
a merger, consolidation or similar transaction.
Notwithstanding
the preceding, the following items shall not be deemed to be Asset
Dispositions:
(1) a
disposition by a Restricted Subsidiary to the Company or by the
Company or a Restricted Subsidiary to a Restricted Subsidiary;
provided that in the case of a sale by a Restricted
Subsidiary to another Restricted Subsidiary, the Company directly
or indirectly owns an equal or greater percentage of the Common
Stock of the transferee than of the transferor; provided ,
further , that in the case of a transfer of Collateral, the
transferee shall cause such amendments, supplements or other
instruments to be executed, filed and recorded in such
3
jurisdictions
as may be required by applicable law to preserve and protect the
Lien on the Collateral pledged by or transferred to the transferee,
together with such financing statements or comparable documents as
may be required to perfect any security interests in such
Collateral which may be perfected by the filing of a financing
statement or a similar document under the Uniform Commercial Code
or other similar statute or regulation of the relevant states or
jurisdictions;
(2) the
sale of Cash Equivalents in the ordinary course of
business;
(3) a
disposition of inventory in the ordinary course of
business;
(4) a
disposition of obsolete or worn out equipment or equipment that is
no longer useful in the conduct of the business of the Company and
its Restricted Subsidiaries and that is disposed of in each case in
the ordinary course of business;
(5) transactions
permitted under Section 4.1 of this
Indenture;
(6) an
issuance of Capital Stock by a Restricted Subsidiary to the Company
or to a Wholly-Owned Subsidiary;
(7) for
purposes of Section 3.7 of this Indenture only, the
making of a Permitted Investment or a disposition subject to
Section 3.5 of this Indenture;
(8) dispositions
in connection with Permitted Liens;
(9) dispositions
of receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in
bankruptcy or similar proceedings and exclusive of factoring or
similar arrangements;
(10) the
licensing or sublicensing of intellectual property or other general
intangibles and licenses, leases or subleases of other property, in
each case in the ordinary course of business; and
(11) disposition
of assets acquired in foreclosures.
“Attributable
Indebtedness” in respect of a Sale/Leaseback Transaction
means, as at the time of determination, the present value of the
total obligations of the lessee for rental payments during the
remaining term of the lease included in such Sale/Leaseback
Transaction (including any period for which such lease has been
extended). Such present value shall be calculated using a discount
rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP.
“Average
Life” means, as of the date of determination, with respect to
any Indebtedness or Preferred Stock, the quotient obtained by
dividing (1) the sum of the products of the numbers of years
from the date of determination to the dates of each successive
scheduled principal payment of such Indebtedness or redemption or
similar payment with respect to such Preferred Stock multiplied by
the amount of such payment by (2) the sum of all such
payments.
4
“Board
of Directors” means, as to any Person, the board of directors
of such Person or any duly authorized committee thereof, or, in the
case of a limited liability company, the board of managers or other
similar body.
“Business
Day” means each day that is not a Saturday, Sunday or other
day on which banking institutions in New York, New York are
authorized or required by law to close.
“Capital
Stock” of any Person means any and all shares, interests,
rights to purchase, warrants, options, participation or other
equivalents of or interests in (however designated) equity of such
Person, including any Preferred Stock, but excluding any debt
securities convertible into such equity.
“Capitalized
Lease Obligations” means an obligation that is required to be
classified and accounted for as a capitalized lease for financial
reporting purposes in accordance with GAAP, and the amount of
Indebtedness represented by such obligation will be the capitalized
amount of such obligation at the time any determination thereof is
to be made as determined in accordance with GAAP, and the Stated
Maturity thereof will be the date of the last payment of rent or
any other amount due under such lease prior to the first date such
lease may be terminated without penalty.
“Cash
Equivalents” means:
(1) securities
issued or directly and fully guaranteed or insured by the United
States Government or any agency or instrumentality of the United
States ( provided that the full faith and credit of the
United States is pledged in support thereof), having maturities of
not more than one year from the date of acquisition;
(2) marketable
general obligations issued by any state of the United States of
America or any political subdivision of any such state or any
public instrumentality thereof maturing within one year from the
date of acquisition of the United States ( provided that the
full faith and credit of the United States is pledged in support
thereof) and, at the time of acquisition, having a credit rating of
“A” or better from either Standard & Poor’s
Ratings Group, Inc. or Moody’s Investors Service,
Inc.;
(3) certificates
of deposit, time deposits, eurodollar time deposits, overnight bank
deposits or bankers’ acceptances having maturities of not
more than one year from the date of acquisition thereof issued by
any commercial bank the long-term debt of which is rated at the
time of acquisition thereof at least “A” or the
equivalent thereof by Standard & Poor’s Ratings Group,
Inc., or “A” or the equivalent thereof by Moody’s
Investors Service, Inc., and having combined capital and surplus in
excess of $500.0 million;
(4) repurchase
obligations with a term of not more than seven days for underlying
securities of the types described in clauses (1), (2) and
(3) entered into with any bank meeting the qualifications
specified in clause (3) above;
5
(5) commercial
paper rated at the time of acquisition thereof at least
“A-2” or the equivalent thereof by Standard &
Poor’s Ratings Group, Inc. or “P-2” or the
equivalent thereof by Moody’s Investors Service, Inc., or
carrying an equivalent rating by a nationally recognized rating
agency, if both of the two named rating agencies cease publishing
ratings of investments, and in any case maturing within one year
after the date of acquisition thereof; and
(6) interests
in any investment company or money market fund which invests 95% or
more of its assets in instruments of the type specified in clauses
(1) through (5) above.
“Change
of Control” means:
(1) any
“person” or “group” of related persons (as
such terms are used in Sections 13(d) and 14(d) of the Exchange
Act), other than one or more Permitted Holders, is or becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act, except that such person or group shall be deemed
to have “beneficial ownership” of all shares that any
such person or group has the right to acquire, whether such right
is exercisable immediately or only after the passage of time),
directly or indirectly, of more than 35% of the total voting power
of the Voting Stock of the Company or Holdings (or its successor by
merger, consolidation or purchase of all or substantially all of
its assets) (for the purposes of this clause, such person or group
shall be deemed to beneficially own any Voting Stock of the Company
or Holdings held by a parent entity, if such person or group
“beneficially owns” (as defined above), directly or
indirectly, more than 35% of the voting power of the Voting Stock
of such parent entity); and (B) the Permitted Holders
“beneficially own” (as defined in Rules 13d-3 and
13d-5 of the Exchange Act), directly or indirectly, in the
aggregate a lesser percentage of the total voting power of the
Voting Stock of the Company or Holdings, as the case may be, (or
its successor by merger, consolidation or purchase of all or
substantially all of its assets) than such other person or group
and do not have the right or ability by voting power, contract or
otherwise to elect or designate for election a majority of the
board of directors of the Company or such successor (for the
purposes of this clause, such other person or group shall be deemed
to beneficially own any Voting Stock of a specified entity held by
a parent entity, if such other person or group “beneficially
owns” directly or indirectly, more than 35% of the voting
power of the Voting Stock of such parent entity and the Permitted
Holders “beneficially own” directly or indirectly, in
the aggregate a lesser percentage of the voting power of the Voting
Stock of such parent entity and do not have the right or ability by
voting power, contract or otherwise to elect or designate for
election a majority of the board of directors of such parent
entity); or
(2) the
first day on which a majority of the members of the Board of
Directors of the Company or Holdings are not Continuing Directors;
or
(3) 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 assets of the
Company and its Restricted Subsidiaries taken as a whole to any
“person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) other than a Permitted Holder;
or
6
(4) the
adoption by the stockholders of the Company of a plan or proposal
for the liquidation or dissolution of the Company.
“Code”
means the Internal Revenue Code of 1986, as amended.
“Collateral”
means all property and assets of the Company and the Subsidiary
Guarantors, whether now owned or hereafter acquired, in which Liens
are, from time to time, purported to be granted to secure the
Securities and the Subsidiary Guarantees pursuant to the Collateral
Documents.
“Collateral
Accounts” means any segregated account under the sole control
of the Collateral Agent that is free from all other Liens, and
includes all cash and Cash Equivalents received by the Trustee or
the Collateral Agent from Asset Dispositions of Collateral,
Recovery Events, foreclosures on or sales of Collateral or any
other awards or proceeds pursuant to the Collateral Documents,
including earnings, revenues, rents, issues, profits and income
from the Collateral received pursuant to the Collateral Documents,
and interest earned thereon.
“Collateral
Agent” means Wilmington Trust FSB, acting in its capacity as
collateral agent hereunder and under the Collateral Documents, or
as successor thereto.
“Collateral
Documents” means the mortgages, deeds of trust, deeds to
secure debt, security agreements, pledge agreements, agency
agreements and other instruments and documents executed and
delivered pursuant to this Indenture or any of the foregoing
(including the Pledge and Security Agreement dated as of
October 2, 2009 by and among the Company and the Subsidiary
Guarantors in favor of the Trustee, as Collateral Agent), as the
same may be amended, supplemented or otherwise modified from time
to time and pursuant to which Collateral is pledged, assigned or
granted to or on behalf of the Collateral Agent for the ratable
benefit of the holders and the Trustee or notice of such pledge,
assignment or grant is given.
“Common
Stock” means with respect to any Person, any and all shares,
interests or other participations in, and other equivalents
(however designated and whether voting or nonvoting) of such
Person’s common stock whether or not outstanding on the Issue
Date, and includes, without limitation, all series and classes of
such common stock.
“Company”
means Nebraska Book Company, Inc. or a successor.
“Consolidated
Coverage Ratio” means as of any date of determination, with
respect to any Person, the ratio of (x) the aggregate amount
of Consolidated EBITDA of such Person for the period of the most
recent four consecutive fiscal quarters ending prior to the date of
such determination for which financial statements are in existence
to (y) Consolidated Interest Expense for such four fiscal
quarters, provided , however , that:
(1) if
the Company or any Restricted Subsidiary:
7
(a) has
Incurred any Indebtedness since the beginning of such period that
remains outstanding on such date of determination or if the
transaction giving rise to the need to calculate the Consolidated
Coverage Ratio is an Incurrence of Indebtedness, Consolidated
EBITDA and Consolidated Interest Expense for such period will be
calculated after giving effect on a pro forma basis to such
Indebtedness as if such Indebtedness had been Incurred on the first
day of such period (except that in making such computation, the
amount of Indebtedness under any revolving credit facility
outstanding on the date of such calculation will be deemed to be
(i) the average daily balance of such Indebtedness during such
four fiscal quarters or such shorter period for which such facility
was outstanding or (ii) if such facility was created after the
end of such four fiscal quarters, the average daily balance of such
Indebtedness during the period from the date of creation of such
facility to the date of such calculation) and the discharge of any
other Indebtedness repaid, repurchased, defeased or otherwise
discharged with the proceeds of such new Indebtedness as if such
discharge had occurred on the first day of such period;
or
(b) has
repaid, repurchased, defeased or otherwise discharged any
Indebtedness since the beginning of the period that is no longer
outstanding on such date of determination or if the transaction
giving rise to the need to calculate the Consolidated Coverage
Ratio involves a discharge of Indebtedness (in each case other than
Indebtedness Incurred under any revolving credit facility unless
such Indebtedness has been permanently repaid and the related
commitment terminated), Consolidated EBITDA and Consolidated
Interest Expense for such period will be calculated after giving
effect on a pro forma basis to such discharge of such Indebtedness,
including with the proceeds of such new Indebtedness, as if such
discharge had occurred on the first day of such period;
(2) if
since the beginning of such period the Company or any Restricted
Subsidiary will have made any Asset Disposition or disposed of any
company, division, operating unit, segment, business, group of
related assets or line of business or if the transaction giving
rise to the need to calculate the Consolidated Coverage Ratio is
such an Asset Disposition or disposition:
(a) the
Consolidated EBITDA for such period will be reduced by an amount
equal to the Consolidated EBITDA (if positive) directly
attributable to the assets that are the subject of such Asset
Disposition or disposition for such period or increased by an
amount equal to the Consolidated EBITDA (if negative) directly
attributable thereto for such period; and
(b) Consolidated
Interest Expense for such period will be reduced by an amount equal
to the Consolidated Interest Expense directly attributable to any
Indebtedness of the Company or any Restricted Subsidiary repaid,
repurchased, defeased or otherwise discharged with respect to the
Company and its continuing Restricted Subsidiaries in connection
with such Asset Disposition or disposition for such period (or, if
the Capital Stock of any Restricted Subsidiary is sold, the
Consolidated Interest Expense for such period directly
8
attributable to
the Indebtedness of such Restricted Subsidiary to the extent the
Company and its continuing Restricted Subsidiaries are no longer
liable for such Indebtedness after such sale);
(3) if
since the beginning of such period the Company or any Restricted
Subsidiary (by merger or otherwise) will have made an Investment in
any Restricted Subsidiary (or any Person that becomes a Restricted
Subsidiary or is merged with or into the Company) or an acquisition
of assets, including any acquisition of assets occurring in
connection with a transaction causing a calculation to be made
hereunder, which constitutes all or substantially all of a company,
division, operating unit, segment, business or line of business,
Consolidated EBITDA and Consolidated Interest Expense for such
period will be calculated after giving pro forma effect thereto
(including the Incurrence of any Indebtedness) as if such
Investment or acquisition occurred on the first day of such period;
and
(4) if
since the beginning of such period any Person (that subsequently
became a Restricted Subsidiary or was merged with or into the
Company or any Restricted Subsidiary since the beginning of such
period) will have Incurred any Indebtedness or discharged any
Indebtedness, made any Asset Disposition or any Investment or
acquisition of assets that would have required an adjustment
pursuant to clause (2) or (3) above if made by the
Company or a Restricted Subsidiary during such period, Consolidated
EBITDA and Consolidated Interest Expense for such period will be
calculated after giving pro forma effect thereto as if such
transaction occurred on the first day of such period.
For purposes of
this definition, whenever pro forma effect is to be given to any
calculation under this definition, the pro forma calculations will
be determined in good faith by a responsible financial or
accounting officer of the Company (including pro forma expense and
cost reductions calculated on a basis consistent with
Regulation S-X under the Securities Act). If any Indebtedness
bears a floating rate of interest and is being given pro forma
effect, the interest expense on such Indebtedness will be
calculated as if the rate in effect on the date of determination
had been the applicable rate for the entire period (taking into
account any Interest Rate Agreement applicable to such Indebtedness
if such Interest Rate Agreement has a remaining term in excess of
12 months). If any Indebtedness that is being given pro forma
effect bears an interest rate at the option of the Company, the
interest rate shall be calculated by applying such optional rate
chosen by the Company.
“Consolidated
EBITDA” for any period means, without duplication, the
Consolidated Net Income for such period, plus the following to the
extent deducted in calculating such Consolidated Net
Income:
(1) Consolidated
Interest Expense;
(2) Consolidated
Income Taxes;
9
(3) consolidated
depreciation expense;
(4) consolidated
amortization expense or impairment charges recorded in connection
with the application of Financial Accounting Standard No. 142,
“Goodwill and Other Intangibles;” and
(5) other
non-cash charges reducing Consolidated Net Income (excluding any
such non-cash charge to the extent it represents an accrual of or
reserve for cash charges in any future period or amortization of a
prepaid cash expense that was paid in a prior period not included
in the calculation).
Notwithstanding
the preceding sentence, clauses (2) through (5) relating
to amounts of a Restricted Subsidiary of a Person will be added to
Consolidated Net Income to compute Consolidated EBITDA of such
Person only to the extent (and in the same proportion) that the net
income (loss) of such Restricted Subsidiary was included in
calculating the Consolidated Net Income of such Person and, to the
extent the amounts set forth in clauses (2) through
(5) are in excess of those necessary to offset a net loss of
such Restricted Subsidiary or if such Restricted Subsidiary has net
income for such period included in Consolidated Net Income, only if
a corresponding amount would be permitted at the date of
determination to be dividended to the Company by such Restricted
Subsidiary without prior approval (that has not been obtained),
pursuant to the terms of its charter and all agreements,
instruments, judgments, decrees, orders, statutes, rules and
governmental regulations applicable to that Restricted Subsidiary
or its stockholders.
“Consolidated
Income Taxes” means, with respect to any Person for any
period, taxes imposed upon such Person or other payments required
to be made by such Person by any governmental authority which taxes
or other payments are calculated by reference to the income or
profits of such Person or such Person and its Restricted
Subsidiaries (to the extent such income or profits were included in
computing Consolidated Net Income for such period), regardless of
whether such taxes or payments are required to be remitted to any
governmental authority.
“Consolidated
Interest Expense” means, for any period, the total interest
expense of the Company and its consolidated Restricted
Subsidiaries, whether paid or accrued, plus, to the extent not
included in such interest expense:
(1) interest
expense attributable to Capitalized Lease Obligations and the
interest portion of rent expense associated with Attributable
Indebtedness in respect of the relevant lease giving rise thereto,
determined as if such lease were a capitalized lease in accordance
with GAAP and the interest component of any deferred payment
obligations;
(2) amortization
of debt discount and debt issuance cost (other than such discounts
and costs incurred in connection with the Refinancing) (
provided that any amortization of bond premium will be
credited to reduce Consolidated Interest Expense unless, pursuant
to GAAP, such amortization of bond premium has otherwise reduced
Consolidated Interest Expense);
10
(3) non-cash
interest expense;
(4) commissions,
discounts and other fees and charges owed with respect to letters
of credit and bankers’ acceptance financing;
(5) interest
actually paid by the Company or any such Restricted Subsidiary
under any Guarantee of Indebtedness or other obligation of any
other Person;
(6) costs
associated with Hedging Obligations (including amortization of
fees) provided, however , that if Hedging Obligations result
in net benefits rather than costs, such benefits shall be credited
to reduce Consolidated Interest Expense unless, pursuant to GAAP,
such net benefits are otherwise reflected in Consolidated Net
Income;
(7) the
consolidated interest expense of such Person and its Restricted
Subsidiaries that was capitalized during such period;
(8) the
product of (a) all dividends paid or payable, in cash, Cash
Equivalents or Indebtedness or accrued during such period on any
series of Disqualified Stock of such Person or on Preferred Stock
of its Restricted Subsidiaries payable to a party other than the
Company or a Wholly-Owned Subsidiary, times (b) a fraction,
the numerator of which is one and the denominator of which is one
minus the then current combined federal, state, provincial and
local statutory tax rate of such Person, expressed as a decimal, in
each case, on a consolidated basis and in accordance with GAAP;
and
(9) the
cash contributions to any employee stock ownership plan or similar
trust to the extent such contributions are used by such plan or
trust to pay interest or fees to any Person (other than the
Company) in connection with Indebtedness Incurred by such plan or
trust.
For
the purpose of calculating the Consolidated Coverage Ratio in
connection with the Incurrence of any Indebtedness described in the
final paragraph of the definition of “Indebtedness,”
the calculation of Consolidated Interest Expense shall include all
interest expense (including any amounts described in clauses
(1) through (9) above) relating to any Indebtedness of
the Company or any Restricted Subsidiary described in the final
paragraph of the definition of
“Indebtedness.”
For
purposes of the foregoing, total interest expense will be
determined (i) after giving effect to any net payments made or
received by the Company and its Subsidiaries with respect to
Interest Rate Agreements and (ii) exclusive of amounts
classified as other comprehensive income in the balance sheet of
the Company. Notwithstanding anything to the contrary contained
herein, commissions, discounts, yield and other fees and charges
Incurred in connection with any transaction pursuant to which the
Company or its Restricted Subsidiaries may sell, convey or
otherwise transfer or grant a security interest in any accounts
receivable or related assets shall be included in Consolidated
Interest Expense.
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“Consolidated
Net Income” means, for any period, the net income
(loss) of the Company and its consolidated Restricted
Subsidiaries determined in accordance with GAAP; provided,
however , that there will not be included in such Consolidated
Net Income:
(1) any
net income (loss) of any Person if such Person is not a
Restricted Subsidiary, except that:
(a) subject
to the limitations contained in clauses (3), (4) and
(5) below, the Company’s equity in the net income of any
such Person for such period will be included in such Consolidated
Net Income up to the aggregate amount of cash actually distributed
by such Person during such period to the Company or a Restricted
Subsidiary as a dividend or other distribution (subject, in the
case of a dividend or other distribution to a Restricted
Subsidiary, to the limitations contained in clause (2) below);
and
(b) the
Company’s equity in a net loss of any such Person (other than
an Unrestricted Subsidiary) for such period will be included in
determining such Consolidated Net Income to the extent such loss
has been funded with cash from the Company or a Restricted
Subsidiary;
(2) any
net income (but not loss) of any Restricted Subsidiary if such
Subsidiary is subject to restrictions, directly or indirectly, on
the payment of dividends or the making of distributions by such
Restricted Subsidiary, directly or indirectly, to the Company,
except that:
(a) subject
to the limitations contained in clauses (3), (4) and
(5) below, the Company’s equity in the net income of any
such Restricted Subsidiary for such period will be included in such
Consolidated Net Income up to the aggregate amount of cash that
could have been distributed by such Restricted Subsidiary during
such period to the Company or another Restricted Subsidiary as a
dividend (subject, in the case of a dividend to another Restricted
Subsidiary, to the limitation contained in this clause);
and
(b) the
Company’s equity in a net loss of any such Restricted
Subsidiary for such period will be included in determining such
Consolidated Net Income;
(3) any
gain (loss) realized upon the sale or other disposition of any
property, plant or equipment of the Company or its consolidated
Restricted Subsidiaries (including pursuant to any Sale/Leaseback
Transaction) which is not sold or otherwise disposed of in the
ordinary course of business and any gain (loss) realized upon
the sale or other disposition of any Capital Stock of any
Person;
12
(4) any
extraordinary gain or loss; and
(5) the
cumulative effect of a change in accounting principles.
“Continuing
Directors” means, as of any date of determination, any member
of the Board of Directors of the Company or Holdings, as the case
may be, who: (1) was a member of such Board of Directors on
the day immediately following the Issue Date; or (2) was
nominated for election or elected to such Board of Directors with
the approval of a majority of the Continuing Directors who were
members of such the relevant Board at the time of such nomination
or election.
“Credit
Agreement” means one or more debt facilities (including,
without limitation, the Amended and Restated Credit Agreement,
dated as of October 2, 2009, among the Company, Holdings, New
Holdings and the several banks and other financial institutions or
entities from time to time parties thereto) or commercial paper
facilities to which the Company is a party with banks or other
institutional lenders 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 letters of
credit or issuances of debt securities evidenced by notes,
debentures, bonds or similar instruments, in each case, as amended,
restated, supplemented, modified, renewed, refunded, replaced or
refinanced (including by means of sales of debt securities to
institutional investors) in whole or in part from time to time (and
whether or not with the original trustee, administrative agent,
holders and lenders or another trustee, administrative agent or
agents or other holders or lenders and whether provided under this
Indenture, Credit Agreement or any other original credit agreement
or other agreement or indenture).
“Credit
Agreement Obligations” means Indebtedness outstanding under
the Credit Agreement that is secured by a Permitted Lien described
under clause (1) of the definition thereof, and all other
Obligations of the Company or any Subsidiary Guarantor under the
Credit Agreement or any related agreement, including hedging
obligations and cash management obligations with lenders and their
affiliates.
“Default”
means any event that is, or after notice or passage of time or both
would be, an Event of Default.
“Defaulted
Interest” shall have the meaning set forth in
Section 2.13 .
“Depositary”
means The Depository Trust Company, its nominees and their
respective successors and assigns, or such other depository
institution hereinafter appointed by the Company.
“Disqualified
Stock” means, with respect to any Person, any Capital Stock
of such Person 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:
13
(1) matures
or is mandatorily redeemable pursuant to a sinking fund obligation
or otherwise;
(2) is
convertible into or exchangeable for Indebtedness or Disqualified
Stock (excluding Capital Stock which is convertible or exchangeable
solely at the option of the Company or a Restricted Subsidiary);
or
(3) is
redeemable at the option of the holder of the Capital Stock in
whole or in part,
in each case on
or prior to the date that is 91 days after the earlier of the
date (a) of the Stated Maturity of the Securities or
(b) on which there are no Securities outstanding,
provided that only the portion of Capital Stock which so
matures or is mandatorily redeemable, is so convertible or
exchangeable or is so redeemable at the option of the holder
thereof prior to such date will be deemed to be Disqualified Stock;
provided, further that any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof
have the right to require the Company to repurchase such Capital
Stock upon the occurrence of a change of control or asset sale
(each defined in a substantially identical manner to the
corresponding definitions in this Indenture) shall not constitute
Disqualified Stock if the terms of such Capital Stock (and all such
securities into which it is convertible or for which it is ratable
or exchangeable) provide that the Company may not repurchase or
redeem any such Capital Stock (and all such securities into which
it is convertible or for which it is ratable or exchangeable)
pursuant to such provision prior to compliance by the Company with
the provisions of Section 3.9 and
Section 3.7 of this Indenture and such repurchase or
redemption complies with Section 3.5 of this
Indenture.
“8
5/8% Notes” means the senior subordinated notes of the
Company due 2012.
“Equity
Offering” means an offering or issuance for cash by either of
the Company or Holdings or New Holdings of its respective common
stock, Preferred Stock (other than any Disqualified Stock) or
options, warrants or rights with respect to its common stock or
Preferred Stock (other than any Disqualified Stock).
“Exchange
Act” means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated
thereunder.
“Exchange
Securities” has the meaning ascribed to it in the second
introductory paragraph of this Indenture.
“Foreign
Subsidiary” means any Restricted Subsidiary that is not
organized under the laws of the United States of America or any
state thereof or the District of Columbia and any Subsidiary of
such Restricted Subsidiary.
“GAAP”
means generally accepted accounting principles in the United States
of America as in effect as of the date of this Indenture, including
those set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by
such other
14
entity as
approved by a significant segment of the accounting profession. All
ratios and computations based on GAAP contained in this Indenture
will be computed in conformity with GAAP.
“Guarantee”
means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other
Person and any obligation, direct or indirect, contingent or
otherwise, of such Person:
(1) to
purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreement to
keep-well, to purchase assets, goods, securities or services, to
take or pay, or to maintain financial statement conditions or
otherwise); or
(2) entered
into for purposes of assuring in any other manner the obligee of
such Indebtedness of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part); provided,
however, that the term “Guarantee” will not include
endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a
corresponding meaning.
“Guarantor
Obligations” has the meaning ascribed to it in
Section 11.1 .
“Guarantor
Subordinated Obligation” means, with respect to a Subsidiary
Guarantor, any Indebtedness of such Subsidiary Guarantor (whether
outstanding on the Issue Date or thereafter Incurred) that is
expressly subordinate in right of payment to the obligations of
such Subsidiary Guarantor under its Subsidiary Guarantee pursuant
to a written agreement.
“Hedging
Obligations” of any Person means the obligations of such
Person pursuant to any Interest Rate Agreement.
“Holder”,
“holder” or “Securityholder” means the
Person in whose name a Security is registered in the Note
Register.
“Holdings”
means NBC Acquisition Corp., a Delaware corporation.
“Holdings
Senior Discount Notes” means the 11% senior discount notes
due 2013 issued by Holdings on March 4, 2004.
“Incur”
means issue, create, assume, Guarantee, incur or otherwise become
liable for; provided, however, that any Indebtedness or
Capital Stock of a Person existing at the time such person becomes
a Restricted Subsidiary (whether by merger, consolidation,
acquisition or otherwise) will be deemed to be Incurred by such
Restricted Subsidiary at the time it becomes a Restricted
Subsidiary; and the terms “Incurred” and
“Incurrence” have meanings correlative to the
foregoing. Any Indebtedness issued at a discount (including
Indebtedness on which interest is payable through the issuance of
additional Indebtedness) shall be deemed incurred at the time of
original issuance of the Indebtedness at the initial accreted
amount thereof.
15
“Indebtedness”
means, with respect to any Person on any date of determination
(without duplication):
(1) the
principal of and premium (if any) in respect of indebtedness of
such Person for borrowed money;
(2) the
principal of and premium (if any) in respect of obligations of such
Person evidenced by bonds, debentures, notes or other similar
instruments;
(3) the
principal component of all obligations of such Person in respect of
letters of credit, bankers’ acceptances or other similar
instruments (including reimbursement obligations with respect
thereto except to the extent such reimbursement obligation relates
to a trade payable and such obligation is satisfied within
30 days of Incurrence);
(4) the
principal component of all obligations of such Person to pay the
deferred and unpaid purchase price of property (except trade
payables), which purchase price is due more than six months after
the date of placing such property in service or taking delivery and
title thereto;
(5) Capitalized
Lease Obligations and all Attributable Indebtedness of such
Person;
(6) the
principal component or liquidation preference of all obligations of
such Person with respect to the redemption, repayment or other
repurchase of any Disqualified Stock or, with respect to any
Subsidiary that is not a Subsidiary Guarantor, any Preferred Stock
(but excluding, in each case, any accrued dividends);
(7) the
principal component of all Indebtedness of other Persons secured by
a Lien on any asset of such Person, whether or not such
Indebtedness is assumed by such Person; provided, however,
that the amount of such Indebtedness will be the lesser of
(a) the fair market value of such asset at such date of
determination and (b) the amount of such Indebtedness of such
other Persons;
(8) the
principal component of Indebtedness of other Persons to the extent
Guaranteed by such Person; and
(9) to
the extent not otherwise included in this definition, net
obligations of such Person under Interest Rate Agreements (the
amount of any such obligations to be equal at any time to the
termination value of such agreement or arrangement giving rise to
such obligation that would be payable by such Person at such
time).
The amount of
Indebtedness of any Person at any date will be the outstanding
balance at such date of all unconditional obligations as described
above and the maximum liability, upon the occurrence of the
contingency giving rise to the obligation, of any contingent
obligations at such date.
16
In
addition, “Indebtedness” of any Person shall include
Indebtedness described in the preceding paragraph that would not
appear as a liability on the balance sheet of such Person
if:
(1) such
Indebtedness is the obligation of a partnership or joint venture
that is not a Restricted Subsidiary (a “Joint
Venture”);
(2) such
Person or a Restricted Subsidiary of such Person is a general
partner of the Joint Venture (a “General Partner”);
and
(3) there
is recourse, by contract or operation of law, with respect to the
payment of such Indebtedness to property or assets of such Person
or a Restricted Subsidiary of such Person; and then such
Indebtedness shall be included in an amount not to
exceed:
(a) the
lesser of (i) the net assets of the General Partner and
(ii) the amount of such obligations to the extent that there
is recourse, by contract or operation of law, to the property or
assets of such Person or a Restricted Subsidiary of such Person;
or
(b) if
less than the amount determined pursuant to clause
(a) immediately above, the actual amount of such Indebtedness
that is recourse to such Person or a Restricted Subsidiary of such
Person, if the Indebtedness is evidenced by a writing and is for a
determinable amount and the related interest expense shall be
included in Consolidated Interest Expense to the extent actually
paid by the Company or its Restricted Subsidiaries.
“Indenture”
means this Indenture as amended or supplemented from time to
time.
“Initial
Securities” has the meaning ascribed to it in the second
introductory paragraph of this Indenture.
“Intercreditor
Agreement” means the Intercreditor Agreement to be entered
into among the Company, the Subsidiary Guarantors, the Trustee, the
Collateral Agent, on behalf of itself and the holders and the
Administrative Agent, on behalf of itself and the lenders and
certain other parties under the Credit Agreement, as the same may
be amended, supplemented or otherwise modified from time to
time.
“Interest
Rate Agreement” means with respect to any Person any interest
rate protection agreement, interest rate future agreement, interest
rate option agreement, interest rate swap agreement, interest rate
cap agreement, interest rate collar agreement, interest rate hedge
agreement or other similar agreement or arrangement as to which
such Person is party or a beneficiary.
“Investment”
means, with respect to any Person, all investments by such Person
in other Persons (including Affiliates) in the form of any direct
or indirect advance, loan (other than advances or extensions of
credit to customers in the ordinary course of business) or
other
17
extensions of
credit (including by way of Guarantee or similar arrangement, but
excluding any debt or extension of credit represented by a bank
deposit other than a time deposit) or capital contribution to (by
means of any transfer of cash or other property to others or any
payment for property or services for the account or use of others),
or any purchase or acquisition of Capital Stock, Indebtedness or
other similar instruments issued by, such Person and all other
items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP; provided that none
of the following will be deemed to be an Investment:
(1) Hedging
Obligations entered into in the ordinary course of business and in
compliance with this Indenture;
(2) endorsements
of negotiable instruments and documents in the ordinary course of
business; and
(3) an
acquisition of assets, Capital Stock or other securities by the
Company or a Subsidiary for consideration to the extent such
consideration consists of Common Stock or Preferred Stock (other
than Disqualified Stock) of the Company.
For
purposes of Section 3.5 of this Indenture,
(1) “Investment”
will include the portion (proportionate to the Company’s
equity interest in a Restricted Subsidiary to be designated as an
Unrestricted Subsidiary) of the fair market value of the net assets
of such Restricted Subsidiary at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a
Restricted Subsidiary, the Company will be deemed to continue to
have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to (a) the
Company’s “Investment” in such Subsidiary at the
time of such redesignation less (b) the portion (proportionate
to the Company’s equity interest in such Subsidiary) of the
fair market value of the net assets (as conclusively determined by
the Board of Directors of the Company in good faith) of such
Subsidiary at the time that such Subsidiary is so re-designated a
Restricted Subsidiary; and
(2) any
property transferred to or from an Unrestricted Subsidiary will be
valued at its fair market value at the time of such transfer, in
each case as determined in good faith by the Board of Directors of
the Company.
“Issue
Date” means the date on which the Initial Securities are
originally issued.
“Junior
Lien Collateral Indebtedness” means any Indebtedness of the
Company or any Subsidiary Guarantor which (x) is or will be
secured by a Lien on the Collateral on a basis that is junior to
the Securities and the Subsidiary Guarantees and (y) has a
Stated Maturity date after the Stated Maturity of the
Securities.
“Legal
Holiday” has the meaning ascribed to it in
Section 13.8 of this Indenture.
18
“Lien”
means any mortgage, pledge, security interest, encumbrance, lien or
charge of any kind (including any conditional sale or other title
retention agreement or lease in the nature thereof).
“Mortgages”
means the mortgages, deeds of trust, deeds to secure Indebtedness
or other similar documents securing Liens on the Premises, as well
as the other Collateral secured by and described in the mortgages,
deeds of trust, deeds to secure Indebtedness or other similar
documents.
“Net
Available Cash” from an Asset Disposition means cash payments
received (including any cash payments received by way of deferred
payment of principal pursuant to a note or installment receivable
or otherwise and net proceeds from the sale or other disposition of
any securities or other assets received as consideration, but only
as and when received, but excluding any other consideration
received in the form of assumption by the acquiring Person of
Indebtedness or other obligations relating to the properties or
assets that are the subject of such Asset Disposition or received
in any other non-cash form) therefrom, in each case net
of:
(1) all
brokerage, legal, accounting, investment banking, title and
recording tax expenses, commissions and other fees and expenses
Incurred, and all Federal, state, provincial, foreign and local
taxes required to be paid or accrued as a liability under GAAP
(after taking into account any tax credits or deductions and any
tax sharing agreements available as a direct result of such Asset
Disposition), as a consequence of such Asset
Disposition;
(2) all
payments made on any Indebtedness that is secured by any assets
subject to such Asset Disposition, in accordance with the terms of
any Lien upon such assets, or that must by its terms, or in order
to obtain a necessary consent to such Asset Disposition, or by
applicable law be repaid out of the proceeds from such Asset
Disposition;
(3) all
distributions and other payments required to be made to minority
interest holders in Subsidiaries or joint ventures as a result of
such Asset Disposition; and
(4) the
deduction of appropriate amounts to be provided by the seller as a
reserve, in accordance with GAAP, against any liabilities
associated with the assets disposed of in such Asset Disposition
and retained by the Company or any Restricted Subsidiary after such
Asset Disposition (including, but not limited to, those in respect
of indemnification obligations).
provided,
however, that any amounts
deposited into escrow or otherwise held back shall not be deemed to
be Net Available Cash unless and until such amounts are released to
the Company or a Restricted Subsidiary without
restriction.
“Net
Cash Proceeds,” with respect to any issuance or sale of
Capital Stock, means the cash proceeds of such issuance or sale net
of attorneys’ fees, accountants’ fees,
underwriters’ or placement agents’ fees, listing fees,
discounts or commissions and brokerage, consultant and other fees
and charges actually Incurred in connection with such issuance or
sale and net of taxes paid or payable as a result of such issuance
or sale (after taking into account any available tax credit or
deductions and any tax sharing arrangements).
19
“New
Holdings” means NBC Holdings Corp., a Delaware
corporation.
“Non-Guarantor
Subsidiary” means any Restricted Subsidiary that is not a
Subsidiary Guarantor.
“Non
U.S. Person” means a person who is not a U.S. person, as
described in Regulation S.
“Note
Register” means the register of Securities, maintained by the
Trustee, pursuant to Section 2.3 .
“Obligations”
any principal, interest (including any interest accruing subsequent
to the filing of a petition in bankruptcy, reorganization or
similar proceeding at the rate provided for in the documentation
with respect thereto, whether or not such interest is an allowed
claim under applicable state, federal or foregoing law), penalties,
fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of
credit and bankers’ acceptances), damages and other
liabilities, and guarantees of payment of such principal, interest,
penalties, feels, indemnifications, reimbursements, damages and
other liabilities, payable under the documentation governing any
Indebtedness; provided that Obligations with respect to the
Securities shall not include fees or indemnifications in favor of
the Trustee and other third parties other than the
Securityholders.
“Officer”
means the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Financial Officer, any Vice President, the
Treasurer or the Secretary of the Company. Officer of any
Subsidiary Guarantor has a correlative meaning.
“Officers’
Certificate” means a certificate signed by two Officers or by
an Officer and either an Assistant Treasurer or an Assistant
Secretary of the Company.
“Opinion
of Counsel” means a written opinion from legal counsel who is
acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company or the Trustee.
“Pari
Passu Indebtedness” means Indebtedness that ranks equally in
right of payment to the Securities (without giving effect to
collateral arrangements).
“Pari
Passu Lien Indebtedness” means Indebtedness that ranks
equally in right of payment to the Securities after giving effect
to collateral arrangements.
“Permitted
Holders” means each of (i) Weston Presidio Capital III,
L.P., Weston Presidio Capital IV, L.P., WPC Entrepreneur Fund II,
L.P. and WPC Entrepreneur Fund II, L.P. (collectively, the
“WP Funds”) and any of their respective Affiliates or
limited partners, to the extent such limited partners received
Capital Stock of Holdings or New Holdings in a general distribution
by a WP Fund of such Capital Stock to its
20
limited
partners; (ii) any officer or other member of management or
employee employed by Holdings or any Subsidiary as of the date of
this Indenture; (iii) family members or relatives of the
persons described in clause (ii); and (iv) in the event of the
incompetence or death of any of the persons described in clauses
(ii), such person’s estate, executor, administrator,
committee or other personal representatives or
beneficiaries.
“Permitted
Investment” means an Investment by the Company or any
Restricted Subsidiary in:
(1) a
Restricted Subsidiary or a Person which will, upon the making of
such Investment, become a Restricted Subsidiary; provided,
however , that the primary business of such Restricted
Subsidiary is a Related Business;
(2) another
Person if as a result of such Investment such other Person is
merged or consolidated with or into, or transfers or conveys all or
substantially all its assets to, the Company or a Restricted
Subsidiary; provided, however , that such Person’s
primary business is a Related Business;
(3) cash
and Cash Equivalents;
(4) receivables
owing to the Company or any Restricted Subsidiary created or
acquired in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms;
provided, however , that such trade terms may include such
concessionary trade terms as the Company or any such Restricted
Subsidiary deems reasonable under the circumstances;
(5) payroll,
travel and similar advances to cover matters that are expected at
the time of such advances ultimately to be treated as expenses for
accounting purposes and that are made in the ordinary course of
business;
(6) loans
or advances to employees (other than executive officers) made in
the ordinary course of business consistent with past practices of
the Company or such Restricted Subsidiary;
(7) Capital
Stock, obligations or securities received in settlement of debts
created in the ordinary course of business and owing to the Company
or any Restricted Subsidiary or in satisfaction of judgments or
pursuant to any plan of reorganization or similar arrangement upon
the bankruptcy or insolvency of a debtor;
(8) Investments
made as a result of the receipt of non-cash consideration from an
Asset Disposition that was made pursuant to and in compliance with
Section 3.7 of this Indenture;
(9) Investments
in existence on the Issue Date;
21
(10) Interest
Rate Agreements and related Hedging Obligations, which transactions
or obligations are Incurred in compliance with
Section 3.3 of this Indenture;
(11) Investments
by the Company or any of its Restricted Subsidiaries, together with
all other Investments pursuant to this clause (11), in an aggregate
amount at the time of such Investment not to exceed
$5.0 million outstanding at any one time (with the fair market
value of such Investment being measured at the time made and
without giving effect to subsequent changes in value);
and
(12) Guarantees
issued in accordance with Section 3.3 of this
Indenture.
“Permitted
Liens” means, with respect to any Person:
(1) Liens
securing Indebtedness and related Obligations Incurred pursuant to
Section 3.3(b)(1); provided that any such Liens of the
Company or any Restricted Subsidiary secure the Securities and the
Subsidiary Guarantees on at least a second-priority basis (other
than Excluded Collateral);
(2) pledges
or deposits by such Person under workmen’s compensation laws,
unemployment insurance laws or similar legislation, or good faith
deposits in connection with bids, tenders, contracts (other than
for the payment of Indebtedness) or leases to which such Person is
a party, or deposits to secure public or statutory obligations of
such Person or deposits of cash or United States government bonds
to secure surety or appeal bonds to which such Person is a party,
or deposits as security for contested taxes or import or customs
duties or for the payment of rent, in each case Incurred in the
ordinary course of business;
(3) Liens
imposed by law, including carriers’, warehousemen’s and
mechanics’ Liens, in each case for sums not yet due or being
contested in good faith by appropriate proceedings if a reserve or
other appropriate provisions, if any, as shall be required by GAAP
shall have been made in respect thereof;
(4) Liens
for taxes, assessments or other governmental charges not yet
subject to penalties for non-payment or that are being contested in
good faith by appropriate proceedings provided appropriate reserves
required pursuant to GAAP have been made in respect
thereof;
(5) Liens
in favor of issuers of surety or performance bonds or letters of
credit or bankers’ acceptances issued pursuant to the request
of and for the account of such Person in the ordinary course of its
business; provided , however , that such letters of
credit do not constitute Indebtedness;
(6) encumbrances,
ground leases, easements or reservations of, or rights of others
for, licenses, rights of way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning, building
codes or other restrictions (including, without limitation, minor
defects or irregularities in title and similar encumbrances) as to
the use of real properties or liens incidental to the conduct of
the business
22
of such Person
or to the ownership of its properties that do not in the aggregate
materially adversely affect the value of said properties or
materially impair their use in the operation of the business of
such Person;
(7) Liens
securing Hedging Obligations so long as the related Indebtedness
is, and is permitted to be under this Indenture, secured by a Lien
on the same property securing such Hedging Obligation;
(8) leases,
licenses, subleases and sublicenses of assets (including, without
limitation, real property and intellectual property rights) which
do not materially interfere with the ordinary conduct of the
business of the Company or any of its Restricted
Subsidiaries;
(9) judgment
Liens not giving rise to an Event of Default so long as such Lien
is adequately bonded and any appropriate legal proceedings that may
have been duly initiated for the review of such judgment have not
been finally terminated or the period within which such proceedings
may be initiated has not expired;
(10) Liens
for the purpose of securing the payment of all or a part of the
purchase price of, or Capitalized Lease Obligations, purchase money
obligations or other payments Incurred to finance the acquisition,
improvement or construction of, assets or property acquired or
constructed in the ordinary course of business; provided
that:
(a) the
aggregate principal amount of Indebtedness secured by such Liens is
otherwise permitted to be Incurred under this Indenture and does
not exceed the cost of the assets or property so acquired or
constructed; and
(b) such
Liens are created within 180 days of construction or
acquisition of such assets or property and do not encumber any
other assets or property of the Company or any Restricted
Subsidiary other than such assets or property and assets affixed or
appurtenant thereto;
(11) Liens
arising solely by virtue of any statutory or common law provisions
relating to banker’s Liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds
maintained with a depositary institution; provided
that:
(a) such
deposit account is not a dedicated cash collateral account and is
not subject to restrictions against access by the Company in excess
of those set forth by regulations promulgated by the Federal
Reserve Board; and
(b) such
deposit account is not intended by the Company or any Restricted
Subsidiary to provide collateral to the depository
institution;
(12) Liens
arising from Uniform Commercial Code financing statement filings
regarding operating leases entered into by the Company and its
Restricted Subsidiaries in the ordinary course of
business;
23
(13)
Liens existing on the Issue Date;
(14)
Liens on property or shares of stock of a Person at the
time such Person becomes a Restricted Subsidiary; provided,
however , that such Liens are not created, Incurred or assumed
in connection with, or in contemplation of, such other Person
becoming a Restricted Subsidiary; provided further, however,
that any such Lien may not extend to any other property owned by
the Company or any Restricted Subsidiary;
(15)
Liens on property at the time the Company or a
Restricted Subsidiary acquired the property, including any
acquisition by means of a merger or consolidation with or into the
Company or any Restricted Subsidiary; provided, however ,
that such Liens are not created, Incurred or assumed in connection
with, or in contemplation of, such acquisition; provided
further, however , that such Liens may not extend to any other
property owned by the Company or any Restricted
Subsidiary;
(16)
Liens securing Indebtedness or other obligations of a
Restricted Subsidiary owing to the Company or a Restricted
Subsidiary;
(17)
Liens securing the Securities and Subsidiary Guarantees
and any obligations owing to the Trustee or the Collateral Agent
under this Indenture, the Collateral Documents or the Intercreditor
Agreement;
(18)
Liens securing Refinancing Indebtedness Incurred to
refinance Indebtedness that was previously so secured,
provided that any such Lien is limited to all or part of the
same property or assets (plus improvements, accessions, proceeds or
dividends or distributions in respect thereof) that secured (or,
under the written arrangements under which the original Lien arose,
could secure) the Indebtedness being refinanced or is in respect of
property that is the security for a Permitted Lien hereunder;
and
(19)
Liens securing Indebtedness incurred after the Issue
Date and any Refinancing Indebtedness relating thereto (excluding
any Liens securing any other Indebtedness Incurred after the Issue
Date permitted under other clauses hereof) in an aggregate
principal amount at any one time outstanding not to exceed
$10.0 million; provided that (1) any such Liens shall
rank equal to or junior in priority to the Liens on the Collateral
securing the Securities and (2) the holder of such Lien either
(x) is subject to an intercreditor agreement consistent with
the Intercreditor Agreement or (y) is or agrees to become
bound by the terms of the Intercreditor Agreement on the same basis
as the holders of the Securities; provided, further that any such
Liens may rank equal to the Liens on the Collateral securing the
Securities only so long as Liens securing Indebtedness outstanding
under Section 3.3(b)(1) do not exceed $75.0 million in
the aggregate.
“Person”
means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated
organization, limited liability company, government or any agency
or political subdivision hereof or any other entity.
24
“Preferred
Stock,” as applied to the Capital Stock of any corporation,
means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends, or as to the
distribution of assets upon any voluntary or involuntary
liquidation or dissolution of such corporation, over shares of
Capital Stock of any other class of such corporation.
“Premises”
means the real property interests owned by the Company or a
Subsidiary Guarantor on the Issue Date, as listed on
Schedule I attached hereto, or any fee interest in any real
property acquired by the Company or a Subsidiary Guarantor after
the Issue Date that forms part of the Collateral.
“QIB”
means any “qualified institutional buyer” (as defined
in Rule 144A under the Securities Act).
“Refinancing”
shall have the meaning set forth in the Offering Memorandum, dated
September 23, 2009, relating to the Securities.
“Refinancing
Indebtedness” means Indebtedness that is Incurred to refund,
refinance, replace, exchange, renew, repay or extend (including
pursuant to any defeasance or discharge mechanism) (collectively,
“refinance,” “refinances,” and
“refinanced” shall have a correlative meaning) any
Indebtedness existing on the date of this Indenture or Incurred in
compliance with this Indenture (including Indebtedness of the
Company that refinances Indebtedness of any Restricted Subsidiary
and Indebtedness of any Restricted Subsidiary that refinances
Indebtedness of another Restricted Subsidiary) including
Indebtedness that refinances Refinancing Indebtedness, provided,
however, that:
(1) (a)
if the Stated Maturity of the Indebtedness being refinanced is
earlier than the Stated Maturity of the Securities, the Refinancing
Indebtedness has a Stated Maturity no earlier than the Stated
Maturity of the Indebtedness being refinanced or (b) if the
Stated Maturity of the Indebtedness being refinanced is later than
the Stated Maturity of the Securities, the Refinancing Indebtedness
has a Stated Maturity later than the Stated Maturity of the
Securities;
(2)
the Refinancing Indebtedness has an Average Life at the
time such Refinancing Indebtedness is Incurred that is equal to or
greater than the Average Life of the Indebtedness being
refinanced;
(3)
such Refinancing Indebtedness is Incurred in an
aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than
the sum of the aggregate principal amount (or if issued with
original issue discount, the aggregate accreted value) then
outstanding of the Indebtedness being refinanced (plus, without
duplication, any additional Indebtedness Incurred to pay interest
or premiums required by the instruments governing such existing
Indebtedness and fees Incurred in connection therewith);
and
25
(4) if
the Indebtedness being refinanced is subordinated in right of
payment to the Securities or the Subsidiary Guarantee, such
Refinancing Indebtedness is subordinated in right of payment to the
Securities or the Subsidiary Guarantee on terms at least as
favorable to the Holders as those contained in the documentation
governing the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded.
“Registered
Exchange Offer” shall have the meaning set forth in the
Registration Rights Agreement.
“Registration
Rights Agreement” means that certain registration rights
agreement dated as of the date of this Indenture by and among the
Company, the Subsidiary Guarantors and the initial purchasers set
forth therein, and with respect to any Additional Securities, one
or more substantially similar registration rights agreements among
the Company and the other parties thereto, as such agreement(s) may
be amended, from to time.
“Related
Business” means any business which is the same as or related,
ancillary or complementary to any of the businesses of the Company
and its Restricted Subsidiaries on the Issue Date.
“Restricted
Investment” means any Investment other than a Permitted
Investment.
“Restricted
Period” means the 40 consecutive days beginning on and
including the later of (A) the day on which the Initial Securities
are offered to persons other than distributors (as defined in
Regulation S under the Securities Act) and (B) the Issue
Date or the date on which any Additional Securities are originally
issued in the form of Initial Securities as the case may
be.
“Restricted
Securities Legend” means the Private Placement Legend set
forth in clause (A) of Section 2.1(c) or the
Regulation S Legend set forth in clause (B) of Section
2.1(c) , as applicable.
“Restricted
Subsidiary” means any Subsidiary of the Company other than an
Unrestricted Subsidiary.
“Sale/Leaseback
Transaction” means an arrangement relating to property now
owned or hereafter acquired whereby the Company or a Restricted
Subsidiary transfers such property to a Person (other than the
Company or any of its Restricted Subsidiaries) and the Company or a
Restricted Subsidiary leases it from such Person.
“SEC”
means the United States Securities and Exchange
Commission.
“Securities”
means the collective reference to the Initial Securities,
Additional Securities and Exchange Securities.
“Securities
Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the SEC promulgated thereunder.
26
“Securities
Custodian” means the custodian with respect to the Global
Security (as appointed by the Depositary), or any successor Person
thereto and shall initially be the Trustee.
“Senior
Unsecured Pari Passu Indebtedness” means:
(1)
with respect to the Company, any Indebtedness that
ranks pari passu in right of payment to the Securities but is
unsecured with a Stated Maturity date subsequent to the Stated
Maturity of the Securities; and
(2)
with respect to any Subsidiary Guarantor, any
Indebtedness that ranks pari passu in right of payment to such
Subsidiary Guarantor’s Subsidiary Guarantee but is unsecured
with a Stated Maturity date subsequent to the Stated Maturity of
the Securities.
“Significant
Subsidiary” means any Restricted Subsidiary that would be a
“Significant Subsidiary” of the Company within the
meaning of Rule 1-02 under Regulation S-X promulgated by
the SEC.
“Stated
Maturity” means, with respect to any security, the date
specified in such security as the fixed date on which the payment
of principal amount of such security is due and payable, including
pursuant to any mandatory redemption provision, but shall not
include any contingent obligations to repay, redeem or repurchase
any such principal prior to the date originally scheduled for the
payment thereof.
“Subordinated
Obligation” means any Indebtedness of the Company (whether
outstanding on the Issue Date or thereafter Incurred) which is
subordinate or junior in right of payment to the Securities
pursuant to a written agreement.
“Subsidiary”
of any Person means (a) any corporation, association or other
business entity (other than a partnership, joint venture, limited
liability company or similar entity) of which more than 50% of the
total ordinary 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 (or persons
performing similar functions) or (b) any partnership, joint
venture, limited liability company or similar entity of which more
than 50% of the capital accounts, distribution rights, total equity
and voting interests or general or limited partnership interests,
as applicable, is, in the case of clauses (a) and (b), at the
time owned or controlled, directly or indirectly, by (1) such
Person, (2) such Person and one or more Subsidiaries of such
Person or (3) one or more Subsidiaries of such Person. Unless
otherwise specified herein, each reference to a Subsidiary will
refer to a Subsidiary of the Company.
“Subsidiary
Guarantee” means, individually, any Guarantee of payment of
the Securities and Exchange Securities issued in a registered
exchange offer pursuant to the Registration Rights Agreement by a
Subsidiary Guarantor pursuant to the terms of this Indenture and
any supplemental indenture thereto, and, collectively, all such
Guarantees. Each such Subsidiary Guarantee will be in the form
prescribed by this Indenture.
27
“Subsidiary
Guarantor” means each Restricted Subsidiary in existence on
the Issue Date that provides a Subsidiary Guarantee on the Issue
Date (and any other Restricted Subsidiary that provides a
Subsidiary Guarantee in accordance with the Indenture);
provided that upon release or discharge of such Restricted
Subsidiary from its Subsidiary Guarantee in accordance with this
Indenture, such Restricted Subsidiary ceases to be a Subsidiary
Guarantor.
“TIA”
or “Trust Indenture Act” means the Trust Indenture Act
of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as in effect
on the date of this Indenture.
“Treasury
Rate” means the yield to maturity at the time of computation
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 or similar market data)) most nearly
equal to the period from the Redemption Date to December 1,
2011; provided, however, that if the period from the Redemption
Date to December 1, 2011 is not equal to the constant maturity
of a United States Treasury security for which a weekly average
yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury securities
for which such yields are given, except that if the period from the
Redemption Date to December 1, 2011 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 this Indenture until a successor
replaces it and, thereafter, means the successor.
“Trust
Officer” means the Chairman of the Board, the President or
any other officer or assistant officer of the Trustee assigned by
the Trustee to administer its corporate trust matters.
“Uniform
Commercial Code” means the New York Uniform Commercial Code
as in effect from time to time.
“Unrestricted
Subsidiary” means:
(1)
any Subsidiary of the Company that at the time of
determination shall be designated an Unrestricted Subsidiary by the
Board of Directors of the Company in the manner provided below;
and
(2)
any Subsidiary of an Unrestricted
Subsidiary.
The
Board of Directors of the Company may designate any Subsidiary of
the Company (including any newly acquired or newly formed
Subsidiary or a Person becoming a Subsidiary through merger or
consolidation or Investment therein) to be an Unrestricted
Subsidiary only if:
28
(1)
such Subsidiary or any of its Subsidiaries does not own
any Capital Stock or Indebtedness of or have any Investment in, or
own or hold any Lien on any property of, any other Subsidiary of
the Company that is not a Subsidiary of the Subsidiary to be so
designated or otherwise an Unrestricted Subsidiary;
(2)
such designation and the Investment of the Company in
such Subsidiary complies with Section 3.5 of this
Indenture;
(3)
such Subsidiary, either alone or in the aggregate with
all other Unrestricted Subsidiaries, does not operate, directly or
indirectly, all or substantially all of the business of the Company
and its Subsidiaries;
(4)
such Subsidiary is a Person with respect to which
neither the Company nor any of its Restricted Subsidiaries has any
direct or indirect obligation:
(a) to
subscribe for additional Capital Stock of such Person;
or
(b) to
maintain or preserve such Person’s financial condition or to
cause such Person to achieve any specified levels of operating
results; and
(5) on
the date such Subsidiary is designated an Unrestricted Subsidiary,
such Subsidiary is not a party to any agreement, contract,
arrangement or understanding with the Company or any Restricted
Subsidiary with terms substantially less favorable to the Company
than those that might have been obtained from Persons who are not
Affiliates of the Company.
Any
such designation by the Board of Directors of the Company shall be
evidenced to the Trustee by filing with the Trustee a resolution of
the Board of Directors of the Company giving effect to such
designation and an Officers’ Certificate certifying that such
designation complies with the foregoing conditions. 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 as of such date.
The
Board of Directors of the Company may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that
immediately after giving effect to such designation, no Default or
Event of Default shall have occurred and be continuing or would
occur as a consequence thereof and the Company could Incur at least
$1.00 of additional Indebtedness under Section 3.3(a) of
this Indenture on a pro forma basis taking into account such
designation.
“U.S.
Government Obligations” means securities that are
(a) direct obligations of the United States of America for the
timely payment of which its full faith and credit is pledged or (b)
obligations of a Person controlled or supervised by and acting as
an agency or instrumentality of the United States of America the
timely payment of which is unconditionally guaranteed as a full
faith and credit obligation of the United States of America, which,
in either case, are not callable or redeemable at the option of the
issuer thereof, and shall also include a
29
depositary
receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such U.S.
Government Obligations or a specific payment of principal of or
interest on any such U.S. Government Obligations held by such
custodian for the account of the holder of such depositary receipt;
provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligations or the
specific payment of principal of or interest on the U.S. Government
Obligations evidenced by such depositary receipt.
“Voting
Stock” of a corporation means all classes of Capital Stock of
such corporation then outstanding and normally entitled to vote in
the election of directors.
“Wholly-Owned
Subsidiary” means a Restricted Subsidiary, all of the Capital
Stock of which (other than directors’ qualifying shares) is
owned by the Company or another Wholly-Owned Subsidiary.
SECTION
1.2. Other Definitions
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Defined in
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Section
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3.8
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2.1
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(d)
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“Asset Disposition Offer”
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3.7
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(b)
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“Asset Disposition Offer
Amount”
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3.7
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(c)
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“Asset Disposition Offer
Period”
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3.7
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(c)
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“Asset Disposition Purchase
Date”
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3.7
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(c)
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2.2
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6.1
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10.3
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“Change of Control Offer”
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3.9
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“Change of Control
Payment”
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3.9
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“Change of Control Payment
Date”
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3.9
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2.2
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“covenant defeasance
option”
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8.1
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(b)
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“cross acceleration
provision”
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6.1
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6.1
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2.1
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(e)
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6.1
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3.6
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(b)
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10.1
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(a)
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2.1
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2.1
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(a)
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2.1
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(a)
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“Institutional Accredited Investor Global
Note”
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2.1
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“Institutional Accredited Investor
Note”
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2.1
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30
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Defined in
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Term
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Section
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“legal defeasance option”
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8.1
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(b)
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6.1
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3.7
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3.7
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3.7
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3.7
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3.7
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(b)
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10.3
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2.3
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“Payment Blockage Period”
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10.3
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6.1
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“Private Placement
Legend”
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2.1
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(c)
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3.7
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2.3
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2.1
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“Regulation S
Certificate”
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2.1
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“Regulation S Global
Note”
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2.1
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2.1
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2.1
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“Regulation S Permanent Global
Note”
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2.1
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“Regulation S Temporary Global
Note”
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2.1
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2.1
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“Resale Restriction Termination
Date”
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2.6
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3.5
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2.1
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2.1
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2.1
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“Special Interest Payment
Date”
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2.13
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2.13
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4.1
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SECTION
1.3. Incorporation by Reference of Trust
Indenture Act . This Indenture is subject to the mandatory
provisions of the TIA which are incorporated by reference in and
made a part of this Indenture. The following TIA terms have the
following meanings:
“Commission”
means the SEC.
“indenture
securities” means the Securities.
“indenture
security holder” means a Securityholder.
“indenture
to be qualified” means this Indenture.
“indenture
trustee” or “institutional trustee” means the
Trustee.
31
“obligor”
on the indenture securities means the Company and any other obligor
on the indenture securities.
All
other TIA terms used in this Indenture that are defined by the TIA,
defined by the TIA reference to another statute or defined by SEC
rule have the meanings assigned to them by such
definitions.
SECTION
1.4. Rules of Construction . Unless
the context otherwise requires:
(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)
“including” means including without
limitation;
(5)
words in the singular include the plural and words in
the plural include the singular;
(6)
unsecured Indebtedness shall not be deemed to be
subordinate or junior to Secured Indebtedness merely by virtue of
its nature as unsecured Indebtedness;
(7)
the principal amount of any noninterest bearing or
other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer dated
such date prepared in accordance with GAAP;
(8)
the principal amount of any Preferred Stock shall be
(i) the maximum liquidation value of such Preferred Stock or
(ii) the maximum mandatory redemption or mandatory repurchase
price with respect to such Preferred Stock, whichever is
greater;
(9)
all references to (a) Initial Securities shall
refer also to any Additional Securities issued in the form of
Initial Securities and (b) Exchange Securities shall refer
also to any Additional Securities issued in the form of Exchange
Securities, in each case, pursuant to Section 2.16 ;
and
(10)
all references to the date the Securities were
originally issued shall refer to the Issue Date or the date any
Additional Securities were originally issued, as the case may
be.
SECTION
2.1. Form, Dating and Terms .
(a) The Initial Securities are being offered and
sold by the Company pursuant to a Purchase Agreement, dated
September 23, 2009, among the Company, the Subsidiary
Guarantors and J.P. Morgan Securities Inc., as representative of
the several initial purchasers listed in Schedule 1 thereto.
The Initial Securities shall be resold initially only to
(A) qualified institutional buyers (as defined in
Rule 144A under the Securities Act (“
Rule 144A ”)) in reliance on Rule 144A
(“ QIBs ”) and (B) Persons other than U.S.
Persons (as defined in Regulation S under the Securities Act
(“ Regulation S ”)) in reliance on
Regulation S. Such Initial Securities may thereafter be
transferred to among others, QIBs, purchasers in reliance on
Regulation S and to institutional “accredited
investors”, as defined in Rule 501(a)(1), (2),
(3) and (7) of Regulation D under the Securities Act
who are not QIBs (“IAIs”) in accordance with
Rule 501 of the Securities Act in accordance with the
procedures described herein.
Initial
Securities offered and sold to QIBs in the United States of America
(the “ Rule 144A Note ”) shall be issued on the
Issue Date in the form of a permanent global Security, without
interest coupons, substantially in the form of
Exhibit A , which is hereby incorporated by reference
and made a part of this Indenture, together with appropriate
legends as set forth in Section 2.1(c) (the “
Rule 144A Global Note ”), deposited with the
Trustee, as custodian for the Depositary, duly executed by the
Company and authenticated by the Trustee as hereinafter provided.
The Rule 144A Global Note may be represented by more than one
certificate, if so required by the Depositary’s rules
regarding the maximum principal amount to be represented by a
single certificate. The aggregate principal amount of the
Rule 144A Global Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary or its nominee, as hereinafter
provided.
Initial
Securities offered and sold outside the United States of America
(“ Regulation S Note ”) in reliance on
Regulation S shall be issued on the Issue Date in the form of
a temporary global Security, without interest coupons,
substantially in the form set forth in Exhibits A and B ,
which are hereby incorporated by reference and made a part of this
Indenture, together with appropriate legends as set forth in
Section 2.1(c) (a “ Regulation S
Temporary Global Note ”). Beneficial interests in a
Regulation S Temporary Global Note shall be exchangeable for
beneficial interests in a single permanent global security (the
“ Regulation S Permanent Global Note ”,
together with the Regulation S Temporary Global Note, the
“ Regulation S Global Note ”) on or after
the expiration of the Restricted Period (the “ Release
Date ”) upon the receipt by the Trustee or its agent of a
certificate certifying that the Holder of the beneficial interest
in the Regulation S Temporary Global Note is a non-United
States Person within the meaning of Regulation S (a “
Regulation S Certificate ”), substantially in the
form set forth in Section 2.8 . Upon receipt by the
Trustee or Paying Agent of a Regulation S Certificate,
(i) with respect to the first such Regulation S
Certificate, the Company shall execute and upon receipt of a
Company Order for authentication, the Authenticating Agent (as
defined in Section 2.2 ) shall authenticate and deliver
to the custodian, the applicable Regulation S Permanent Global
Note and (ii) with respect to the first and all subsequent
Regulation S
33
Certificates,
the custodian shall exchange on behalf of the applicable beneficial
owners the portion of the applicable Regulation S Temporary
Global Note covered by such Regulation S Certificates for a
comparable portion of the applicable Regulation S Permanent
Global Note. Upon any exchange of a portion of a Regulation S
Temporary Global Note for a comparable portion of a
Regulation S Permanent Global Note, the custodian shall
endorse on the schedules affixed to each of such Regulation S
Global Note (or on continuations of such schedules affixed to each
of such Regulation S Global Note and made parts thereof)
appropriate notations evidencing the date of transfer and (x) with
respect to the applicable Regulation S Temporary Global Note,
a decrease in the principal amount thereof equal to the amount
covered by the applicable certification and (y) with respect
to the applicable Regulation S Permanent Global Note, an
increase in the principal amount thereof equal to the principal
amount of the decrease in the applicable Regulation S
Temporary Global Note pursuant to clause (x) above. The
Regulation S Global Note shall be deposited with the Trustee,
as custodian for the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The
Regulation S Global Note may be represented by more than one
certificate, if so required by the Depositary’s rules
regarding the maximum principal amount to be represented by a
single certificate. The aggregate principal amount of the
Regulation S Global Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary or its nominee, as hereinafter
provided.
Initial
Securities resold to institutional “accredited
investors” (as defined in Rule 501(a)(1), (2), (3) and
(7) under the Securities Act) in the United States of America
(the “ Institutional Accredited Investor Note ”)
shall be issued in the form of a permanent global Security
substantially in the form set forth in Exhibit A
hereto, which is hereby incorporated by reference and made a part
of this Indenture, together with appropriate legends as set forth
in Section 2.1(c) (the “ Institutional
Accredited Investor Global Note ”) deposited with the
Trustee, as custodian for the Depositary, duly executed by the
Company and authenticated by the Trustee as hereinafter provided.
The Institutional Accredited Investor Global Note may be
represented by more than one certificate, if so required by the
Depositary’s rules regarding the maximum principal amount to
be represented by a single certificate. The aggregate principal
amount of the Institutional Accredited Investor Global Note may
from time to time be increased or decreased by adjustments made on
the records of the Trustee, as custodian for the Depositary or its
nominee, as hereinafter provided.
Exchange
Securities exchanged for interests in the Rule 144A Note, the
Regulation S Note and the Institutional Accredited Investor
Note shall be issued in the form of a permanent global Security
substantially in the form set forth in Exhibit B
hereto, which is hereby incorporated by reference and made a part
of this Indenture, deposited with the Trustee as hereinafter
provided, with the appropriate legend set forth in
Section 2.1(c) hereof (the “ Exchange Global
Note ”). The Exchange Global Note may be represented by
more than one certificate, if so required by the Depositary’s
rules regarding the maximum principal amount to be represented by a
single certificate.
The
Rule 144A Global Note, the Regulation S Global Note, the
Exchange Global Note and the Institutional Accredited Investor
Global Note are sometimes collectively herein referred to as the
“ Global Securities .”
34
The
principal of (and premium, if any) and interest on the Securities
shall be payable at the office or agency of the Company maintained
for such purpose at such office or agency of the Company as may be
maintained for such purpose pursuant to Section 2.3 ;
provided, however, that, at the option of the Company, each
installment of interest may be paid by (i) check mailed to
addresses of the Persons entitled thereto as such addresses shall
appear on the Note Register or (ii) wire transfer to an
account located in the United States maintained by the payee.
Payments in respect to Securities represented by a Global Security
(including principal, premium, if any, and interest) shall be made
by wire transfer of immediately available funds to the accounts
specified by the Depositary.
The
Securities may have notations, legends or endorsements required by
law, stock exchange rule or usage, in addition to those set forth
on Exhibit A and Exhibit B and
Section 2.1(c) . The Company shall approve the forms of
the Securities and any notation, endorsement or legend on them.
Each Security shall be dated the date of its authentication. The
terms of the Securities set forth in Exhibit A and
Exhibit B are part of the terms of this Indenture and,
to the extent applicable, the Company, the Subsidiary Guarantors
and the Trustee, by their execution and delivery of this Indenture,
expressly agree to be bound by such terms.
(b)
Denominations . The Securities shall be
issuable only in fully registered form, without coupons, and only
in denominations of $2,000 and any integral multiple of $1,000 in
excess thereof.
(c)
Restrictive Legends . Unless and until
(i) an Initial Security is sold under an effective
registration statement or (ii) an Initial Security is
exchanged for an Exchange Security in connection with an effective
registration statement, in each case pursuant to the Registration
Rights Agreement or a similar agreement,
(A) such
Rule 144A Global Note and the Institutional Accredited
Investor Global Note shall bear the following legend (the “
Private Placement Legend ”) on the face
thereof:
“THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF
THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY,
PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE
OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY
THEREOF,
35
(B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A
QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED
INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM
PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH
OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE.”;
and
(B) the
Regulation S Global Note shall bear the following legend (the
“ Regulation S Legend ”) on the face
thereof:
“THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF
THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY,
PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE
OF THE ISSUER WAS THE OWNER OF THIS
36
SECURITY (OR
ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER OR
ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A
QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED
INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM
PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH
OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON
NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH REGULATION S UNDER THE SECURITIES ACT.
(C) The
Global Securities, whether or not an Initial Security, shall bear
the following legend on the face thereof:
“UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED
37
REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.
TRANSFERS OF
THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE
WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF.”
(D)
The Regulation S Temporary Global Note shall also
bear the following legend on the face thereof:
THIS GLOBAL
NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”). NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS
PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.
NO BENEFICIAL
OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE
INDENTURE.
(E)
Each Security issued hereunder, whether or not an
Initial Security, shall bear a legend in substantially the
following form:
“THIS
NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT”
(WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED). UPON WRITTEN REQUEST, THE COMPANY WILL PROMPTLY
MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING
INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE NOTE,
(2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND
(3) THE YIELD TO MATURITY OF THE NOTE. HOLDERS SHOULD CONTACT
THE CHIEF FINANCIAL OFFICER AT 4700 SOUTH 19TH STREET, LINCOLN, NE
68501-0529.”
(d)
Book-Entry Provisions .
(i) This Section 2.1(d) shall apply
only to Global Securities deposited with the Trustee, as custodian
for the Depositary.
(ii) Each
Global Security initially shall (x) be registered in the name
of the Depositary for such Global Security or the nominee of such
Depositary, (y) be delivered to the Trustee as custodian for
such Depositary and (z) bear legends as set forth in
Section 2.1(c) .
38
(iii)
Members of, or participants in, the Depositary (“
Agent Members ”) shall have no rights under this
Indenture with respect to any Global Security held on their behalf
by the Depositary or by the Trustee as the custodian of the
Depositary or under such Global Security, and the Depositary may be
treated by the Company, the Trustee and any agent of the Company or
the Trustee as the absolute owner of such Global Security for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee or any agent of the Company
or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depositary or impair,
as between the Depositary and its Agent Members, the operation of
customary practices of the Depositary governing the exercise of the
rights of a Holder of a beneficial interest in any Global
Security.
(iv)
In connection with any transfer of a portion of the
beneficial interest in a Global Security pursuant to
Section 2.1(e) to beneficial owners who are required to
hold Definitive Securities, the Security Trustee shall reflect on
its books and records the date and a decrease in the principal
amount of such Global Security in an amount equal to the principal
amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute, and the Trustee shall
authenticate and deliver, one or more Definitive Securities of like
tenor and amount.
(v)
In connection with the transfer of an entire Global
Security to beneficial owners pursuant to
Section 2.1(e) , such Global Security shall be deemed
to be surrendered to the Trustee for cancellation, and the Company
shall execute, and the Trustee shall authenticate and deliver, to
each beneficial owner identified by the Depositary in exchange for
its beneficial interest in such Global Security, an equal aggregate
principal amount of Definitive Securities of authorized
denominations.
(vi)
The registered Holder of a Global Security may grant
proxies and otherwise authorize any person, including Agent Members
and persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under this Indenture
or the Securities.
(vii)
Any Holder of a Global Security shall, by acceptance of
such Global Security, agree that transfers of beneficial interests
in such Global Security may be effected only through a book-entry
system maintained by (a) the Holder of such Global Security
(or its agent) or (b) any Holder of a beneficial interest in
such Global Security, and that ownership of a beneficial interest
in such Global Security shall be required to be reflected in a book
entry.
(e)
Definitive Securities . Except as provided
below, owners of beneficial interests in Global Securities shall
not be entitled to receive certificated Securities (“
Definitive Securities ”). If required to do so
pursuant to any applicable law or regulation, beneficial owners may
obtain Definitive Securities in exchange for their beneficial
interests in a Global Security upon written request in accordance
with the Depositary’s and the Registrar’s procedures.
In addition, Definitive Securities shall be transferred to all
beneficial owners in exchange for their beneficial interests in a
Global Security if (i) the Depositary notifies the Company
that it is unwilling or unable to continue as depositary for such
Global Security or the Depositary ceases to be a clearing agency
registered under the Exchange Act, at a time when the Depositary is
required to be
39
so registered
in order to act as depositary, and in each case a successor
depositary is not appointed by the Company within 90 days of
such notice or, (ii) the Company executes and delivers to the
Trustee and Registrar an Officers’ Certificate stating that
such Global Security shall be so exchangeable or (iii) an
Event of Default has occurred and is continuing and the Registrar
has received a request from the Depositary.
(f) Any
Definitive Security delivered in exchange for an interest in a
Global Security pursuant to Section 2.1(d)(iv) or (v)
shall, except as otherwise provided by Section 2.6(c) , bear
the applicable legend regarding transfer restrictions applicable to
the Definitive Security set forth in Section 2.1(c)
.
(g) In
connection with the exchange of a portion of a Definitive Security
for a beneficial interest in a Global Security, the Trustee shall
cancel such Definitive Security, and the Company shall execute, and
the Trustee shall authenticate and deliver, to the transferring
Holder a new Definitive Security representing the principal amount
not so transferred.
SECTION
2.2. Execution and Authentication .
One Officer shall sign the Securities for the Company by manual or
facsimile signature. If an Officer whose signature is on a Security
no longer holds that office at the time the Trustee authenticates
the Security, the Security shall be valid nevertheless.
A
Security shall not be valid until an authorized signatory of the
Trustee manually authenticates the Security. The signature of the
Trustee on a Security shall be conclusive evidence that such
Security has been duly and validly authenticated and issued under
this Indenture. A Security shall be dated the date of its
authentication.
At
any time and from time to time after the execution and delivery of
this Indenture, the Trustee shall authenticate and make available
for delivery: (1) Initial Securities for original issue on the
Issue Date in an aggregate principal amount of $200.0 million,
(2) any Additional Securities for original issue from time to
time after the Issue Date in such principal amounts as set forth in
Section 2.16 and (3) Exchange Securities for issue
only in a Registered Exchange Offer pursuant to the Registration
Rights Agreement, and only in exchange for Initial Securities of an
equal principal amount, in each case upon a written order of the
Company signed by two Officers or by an Officer and either an
Assistant Treasurer or an Assistant Secretary of the Company (the
“ Company Order ”). Such Company Order shall
specify the amount of the Securities to be authenticated and the
date on which the original issue of Securities is to be
authenticated and whether the Securities are to be Initial
Securities or Exchange Securities. The aggregate principal amount
of Initial Securities which may be authenticated and delivered
under this Indenture is limited to $200.0 million outstanding.
Additionally, the Company may from time to time, without notice to
or consent of the Holders, issue such additional principal amounts
of Additional Securities as may be issued and authenticated by the
Trustee (upon Company order) pursuant to clause (2) of this
paragraph, and Securities authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of,
other Securities of the same class pursuant to
Section 2.6 , Section 2.9 ,
Section 2.11 , Section 5.8 ,
Section 9.5 and except for transactions similar to the
Registered Exchange Offer. All Securities issued on the Issue Date
shall be identical in all respects other than issue
40
dates, the date
from which interest accrues and any changes relating thereto.
Notwithstanding anything to the contrary contained in this
Indenture, all Securities issued under this Indenture shall vote
and consent together on all matters as one class and no series of
Securities shall have the right to vote or consent as a separate
class on any matter.
The
Trustee may appoint an agent (the “ Authenticating
Agent ”) reasonably acceptable to the Company to
authenticate the Securities. Unless limited by the terms of such
appointment, any such Authenticating Agent may authenticate
Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication
by the Authenticating Agent.
In
case the Company or any Subsidiary Guarantor, pursuant to
Article IV , shall be consolidated or merged with or
into any other Person or shall convey, transfer, lease or otherwise
dispose of its properties and assets substantially as an entirety
to any Person, and the successor Person resulting from such
consolidation, or surviving such merger, or into which the Company
or any Subsidiary Guarantor shall have been merged, or the Person
which shall have received a conveyance, transfer, lease or other
disposition as aforesaid, shall have executed an indenture
supplemental hereto with the Trustee pursuant to
Article IV , any of the Securities authenticated or
delivered prior to such consolidation, merger, conveyance,
transfer, lease or other disposition may, from time to time, at the
request of the successor Person, be exchanged for other Securities
executed in the name of the successor Person with such changes in
phraseology and form as may be appropriate, but otherwise in
substance of like tenor as the Securities surrendered for such
exchange and of like principal amount; and the Trustee, upon
Company Order of the successor Person, shall authenticate and
deliver Securities as specified in such order for the purpose of
such exchange. If Securities shall at any time be authenticated and
delivered in any new name of a successor Person pursuant to this
Section 2.2 in exchange or substitution for or upon
registration of transfer of any Securities, such successor Person,
at the option of the Holders but without expense to them, shall
provide for the exchange of all Securities at the time outstanding
for Securities authenticated and delivered in such new
name.
SECTION
2.3. Registrar and Paying Agent .
The Company shall maintain an office or agency where Securities may
be presented for registration of transfer or for exchange (the
“ Registrar ”) and an office or agency where
Securities may be presented for payment (the “ Paying
Agent ”). The Company shall cause each of the Registrar
and the Paying Agent to maintain an office or agency. The Registrar
shall keep a register of the Securities and of their transfer and
exchange (the “ Note Register ”). The Company
may have one or more co-registrars and one or more additional
paying agents. The term “Paying Agent” includes any
additional paying agent.
The
Company shall enter into an appropriate agency agreement with any
Registrar, Paying Agent or co-registrar not a party to this
Indenture, which shall incorporate the terms of the TIA. The
agreement shall implement the provisions of this Indenture that
relate to such agent. The Company shall notify the Trustee of the
name and address of each such agent. If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such
and shall be entitled to appropriate compensation therefor pursuant
to Section 7.7 . The Company or any of its Restricted
Subsidiaries may act as Paying Agent, Registrar, co-registrar or
transfer agent.
41
The
Company initially appoints the Trustee as Registrar and Paying
Agent for the Securities.
SECTION
2.4. Paying Agent To Hold Money in
Trust . By at least 10:00 a.m (New York City time) on the date
on which any principal of or interest on any Security is due and
payable, the Company shall deposit with the Paying Agent a sum
sufficient to pay such principal or interest when due. The Company
shall require each Paying Agent (other than the Trustee) to agree
in writing that such Paying Agent shall hold in trust for the
benefit of Securityholders or the Trustee all money held by such
Paying Agent for the payment of principal of or interest on the
Securities and shall notify the Trustee of any default by the
Company or any Subsidiary Guarantor in making any such payment,
subject to Articles X and XII . If the Company or a
Subsidiary acts as Paying Agent, it shall segregate the money held
by it as Paying Agent and hold it as a separate trust fund. The
Company at any time may require a Paying Agent (other than the
Trustee) to pay all money held by it to the Trustee and to account
for any funds disbursed by such Paying Agent. Upon complying with
this Section, the Paying Agent (if other than the Company or a
Subsidiary) shall have no further liability for the money delivered
to the Trustee. Upon any bankruptcy, reorganization or similar
proceeding with respect to the Company, the Trustee shall serve as
Paying Agent for the Securities.
SECTION
2.5. Securityholder 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 Securityholders. If the Trustee is not the Registrar,
or to the extent otherwise required under the TIA, the Company
shall furnish to the Trustee, in writing 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 Securityholders.
SECTION
2.6. Transfer and Exchange
.
(a) The
following provisions shall apply with respect to any proposed
transfer of a Rule 144A Note or an Institutional Accredited
Investor Note prior to the date which is one year after the later
of the date of original issue and the last date on which the
Company or any affiliate of the Company was the owner of such
Securities (or any predecessor thereto) (the “ Resale
Restriction Termination Date ”):
(i) a
transfer of a Rule 144A Note or an Institutional Accredited
Investor Note or a beneficial interest therein to a QIB shall be
made upon the representation of the transferee that it is
purchasing the Security for its own account or an account with
respect to which it exercises sole investment discretion and that
it and any such account is a “qualified institutional
buyer” within the meaning of Rule 144A, and is aware
that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A
or has determined not to request such information and that it is
aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration
provided by Rule 144A;
42
(ii) a
transfer of a Rule 144A Note or an Institutional Accredited
Investor Note or a beneficial interest therein to an IAI shall be
made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.7
hereof from the proposed transferee and, if requested by the
Company or the Trustee, the delivery of an opinion of counsel,
certification and/or other information satisfactory to each of
them; and
(iii)
a transfer of a Rule 144A Note or an Institutional
Accredited Investor Note or a beneficial interest therein to a
Non-U.S. Person shall be made upon receipt by the Trustee or its
agent of a certificate substantially in the form set forth in
Section 2.8 hereof from the proposed transferee and, if
requested by the Company or the Trustee, the delivery of an opinion
of counsel, certification and/or other information satisfactory to
each of them.
(b) The
following provisions shall apply with respect to any proposed
transfer of a Regulation S Note prior to the expiration of the
Restricted Period:
(i) a
transfer of a Regulation S Note or a beneficial interest
therein to a QIB shall be made upon the representation of the
transferee that it is purchasing the Security for its own account
or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified
institutional buyer” within the meaning of Rule 144A, and is
aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested
pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying
upon its foregoing representations in order to claim the exemption
from registration provided by Rule 144A;
(ii) a
transfer of a Regulation S Note or a beneficial interest
therein to an IAI shall be made upon receipt by the Trustee or its
agent of a certificate substantially in the form set forth in
Section 2.7 hereof from the proposed transferee and, if
requested by the Company or the Trustee, the delivery of an opinion
of counsel, certification and/or other information satisfactory to
each of them; and
(iii)
a transfer of a Regulation S Note or a beneficial
interest therein to a Non-U.S. Person shall be made upon receipt by
the Trustee or its agent of a certificate substantially in the form
set forth in Section 2.8 hereof from the proposed
transferee and, if requested by the Company or the Trustee, receipt
by the Trustee or its agent of an opinion of counsel, certification
and/or other information satisfactory to each of them.
Prior
to the expiration of the Restricted Period, a registration of
transfer of a Regulation S Note or a beneficial interest
therein shall only be made to a Non-U.S. Person and shall be made
upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.8
hereof from the proposed transferee and, if requested by the
Company, receipt by the Trustee or its agent of an opinion of
counsel, certification and/or other information satisfactory to the
Company.
43
After
the expiration of the Restricted Period, interests in the
Regulation S Note may be transferred in accordance with
applicable law without requiring the certification set forth in
Section 2.8 or any additional certification.
(c)
Restricted Securities Legend . Upon the
transfer, exchange or replacement of Securities not bearing a
Restricted Securities Legend, the Registrar shall deliver
Securities that do not bear a Restricted Securities Legend. Upon
the transfer, exchange or replacement of Securities bearing a
Restricted Securities Legend, the Registrar shall deliver only
Securities that bear a Restricted Securities Legend unless there is
delivered to the Registrar an Opinion of Counsel to the effect that
neither such legend nor the related restrictions on transfer are
required in order to maintain compliance with the provisions of the
Securities Act.
(d) The
Company shall deliver to the Trustee an Officer’s Certificate
setting forth the Resale Restriction Termination Date and the
Restricted Period.
The
Registrar shall retain copies of all letters, notices and other
written communications received pursuant to Section 2.1
or this Section 2.6 . The Company shall have the right
to inspect and make copies of all such letters, notices or other
written communications at any reasonable time upon the giving of
reasonable written notice to the Registrar.
(e)
Obligations with Respect to Transfers and Exchanges
of Securities .
(i) To
permit registrations of transfers and exchanges, the Company shall,
subject to the other terms and conditions of this
Article II , execute and the Trustee shall authenticate
Definitive Securities and Global Securities at the
Registrar’s or co-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, assessments,
or similar governmental charge payable in connection therewith
(other than any such transfer taxes, assessments or similar
governmental charges payable upon exchange or transfer pursuant to
Sections 3.7 , 3.9 or 9.5 ).
(iii)
The Registrar or co-registrar shall not be required to
register the transfer of or exchange of any Security for a period
beginning (1) 15 days before the mailing of a notice of
an offer to repurchase or redeem Securities and ending at the close
of business on the day of such mailing or (2) 15 days
before an interest payment date and ending on such interest payment
date.
(iv)
Prior to the due presentation for registration of
transfer of any Security, the Company, the Trustee, the Paying
Agent, the Registrar or any co-registrar may deem and treat the
person in whose name a Security is registered as the absolute owner
of such Security for the
44
purpose of
receiving payment of principal of and interest on such Security and
for all other purposes whatsoever, whether or not such Security is
overdue, and none of the Company, the Trustee, the Paying Agent,
the Registrar or any co-registrar shall be affected by notice to
the contrary.
(v)
Any Definitive Security delivered in exchange for an
interest in a Global Security pursuant to
Section 2.1(d) shall, except as otherwise provided by
Section 2.6(c) , bear the applicable legend regarding
transfer restrictions applicable to the Definitive Security set
forth in Section 2.1(c) .
(vi)
All Securities issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same
debt and shall be entitled to the same benefits under this
Indenture as the Securities surrendered upon such tr |