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Exhibit 10.3
$425,000,000
UNITED RENTALS,
INC.
14% Senior Notes due
2014
REGISTRATION RIGHTS
AGREEMENT
June 10, 2008
Apollo Investment Fund IV, L.P.
Apollo Overseas Partners IV, L.P.
c/o Apollo Management IV, L.P.
49 West 57 th Street
New York, NY 10019
J.P. Morgan Partners (BHCA)
c/o CCMP Capital Advisers, LLC
245 Park Avenue, 16 th Floor
New York, NY 10167
Dear Sirs:
United
Rentals, Inc., a Delaware corporation (the “ Company
”), proposes to issue and sell to Apollo Investment Fund IV,
L.P., Apollo Overseas Partners IV, L.P. and J.P. Morgan Partners
(BHCA) (collectively, the “ Purchasers ”) upon
the terms set forth in a purchase agreement of even date herewith
(the “ Purchase Agreement ”), $425,000,000
aggregate principal amount of its 14% Senior Notes due 2014 (the
“ Notes ”). The Notes and any guarantees of such
Notes by the Company’s subsidiaries (any such subsidiary
providing such a guarantee, a “ Guarantor ”), if
any, are together referred to as the “ Initial
Securities ”. The Initial Securities will be issued
pursuant to an Indenture, dated as of June 10, 2008 (the “
Indenture ”), among the Company and The Bank of New
York, as trustee (the “ Trustee ”). As an
inducement to the Purchasers to enter into the Purchase Agreement,
the Company agrees with the Purchasers, for the benefit of the
Purchasers and any other holders of the Securities (as defined
below) (collectively the “ Holders ”), as
follows:
1.
Registered Exchange Offer. Unless not permitted by
applicable law, the Company shall use its reasonable best efforts
to prepare and, not later than 366 days (the final day of such 366
day period being a “ Filing Deadline ”) after
the date on which the Purchasers purchase the Initial Securities
pursuant to the Purchase Agreement (the “ Closing Date
”), file with the Securities and Exchange Commission (the
“ Commission ”) a registration statement (the
“ Exchange Offer Registration Statement ”) on an
appropriate form under the Securities Act of 1933, as amended (the
“ Securities Act ”), with respect to a proposed
offer (the “ Registered Exchange Offer ”) to the
Holders of Transfer Restricted Securities (as defined in Section 6
hereof), if any, who are not prohibited by any law or policy of the
Commission from participating in the Registered Exchange Offer, to
issue and deliver to such Holders, in exchange for the Initial
Securities, a like aggregate principal amount of debt securities of
the Company issued under the Indenture, identical in all material
respects to the Initial Securities and registered under the
Securities Act (the “ Exchange Securities ”).
The Company shall use its reasonable best efforts to (i) cause such
Exchange Offer Registration Statement to become effective under the
Securities Act within 426 days after the Closing Date (the final
day of such 426 day period being an “ Effectiveness
Deadline ”) and (ii) keep the Exchange Offer Registration
Statement effective for not less than 20 business days (or longer,
if required by applicable law) after the date the notice of the
Registered Exchange Offer is mailed to the Holders (such period
being called the “ Exchange Offer Registration Period
”).
Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 2
If
the Company commences the Registered Exchange Offer, the Company
will be required to consummate the Registered Exchange Offer no
later than 456 days after the Closing Date (the final day of such
456 day period being the “ Consummation Deadline
”).
Following
the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Company shall, as soon as practicable,
commence the Registered Exchange Offer, it being the objective of
such Registered Exchange Offer to enable each Holder of Transfer
Restricted Securities electing to exchange the Initial Securities
for Exchange Securities (assuming that such Holder is not an
affiliate of the Company within the meaning of the Securities Act,
acquires the Exchange Securities in the ordinary course of such
Holder’s business and has no arrangements with any person to
participate in the distribution of the Exchange Securities and is
not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such
Exchange Securities from and after their receipt without any
limitations or restrictions under the Securities Act and without
material restrictions under the securities laws of the several
states of the United States.
The
Company acknowledges that, pursuant to current interpretations by
the Commission’s staff of Section 5 of the Securities Act, in
the absence of an applicable exemption therefrom, each Holder which
is a broker-dealer electing to exchange Initial Securities,
acquired for its own account as a result of market making
activities or other trading activities, for Exchange Securities (an
“ Exchanging Dealer ”), is required to deliver a
prospectus containing the information set forth in (a) Annex A
hereto on the cover, (b) Annex B hereto in the “Exchange
Offer Procedures” section and the “Purpose of the
Exchange Offer” section, and (c) Annex C hereto in the
“Plan of Distribution” section of such prospectus in
connection with a sale of any such Exchange Securities received by
such Exchanging Dealer pursuant to the Registered Exchange
Offer.
The
Company shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement
the prospectus contained therein, in order to permit such
prospectus to be lawfully delivered by all persons subject to the
prospectus delivery requirements of the Securities Act for a period
of time commencing on the day the Registered Exchange Offer is
consummated and continuing for 90 days (or such shorter period
during which Exchanging Dealers and other persons, if any, are
required by law to deliver such prospectus); provided, however,
that such period may be extended pursuant to Section 3(j)
below.
The
Initial Securities and the Exchange Securities are herein
collectively called the “ Securities
”.
In
connection with the Registered Exchange Offer, the Company
shall:
(a)
mail to each Holder a copy of the prospectus forming part of the
Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents;
Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 3
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(b)
keep the Registered Exchange Offer open for not less than 20
business days (or longer, if required by applicable law) after the
date notice thereof is mailed to the Holders;
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(c)
utilize the services of a depositary for the Registered Exchange
Offer with an address in the Borough of Manhattan, The City of New
York, which may be the Trustee or an affiliate of the
Trustee;
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(d)
permit Holders to withdraw tendered Securities at any time prior to
the close of business, New York time, on the last business day on
which the Registered Exchange Offer shall remain open;
and
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(e)
otherwise comply with all applicable laws.
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As soon as practicable after the close of the
Registered Exchange Offer, the Company shall:
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(x)
accept for exchange all the Securities validly tendered and not
withdrawn pursuant to the Registered Exchange Offer;
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(y)
deliver, or cause to be delivered, to the Trustee for cancellation
all the Initial Securities so accepted for exchange; and
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(z)
cause the Trustee to authenticate and deliver promptly to each
Holder of the Initial Securities, Exchange Securities equal in
principal amount to the Initial Securities of such Holder so
accepted for exchange.
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The
Indenture provides that the Exchange Securities will not be subject
to the transfer restrictions set forth in the Indenture and that
all the Securities will vote and consent together on all matters as
one class and that none of the Securities will have the right to
vote or consent as a class separate from one another on any
matter.
Interest
on each Exchange Security issued pursuant to the Registered
Exchange Offer will accrue from the last interest payment date on
which interest was paid on the Initial Securities surrendered in
exchange therefor or, if no interest has been paid on the Initial
Securities, from the date of original issue of the Initial
Securities (the “ Original Issue Date
”).
Each
Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the
consummation of the Registered Exchange Offer (i) any Exchange
Securities received by such Holder will be acquired in the ordinary
course of business, (ii) such Holder will have no arrangements or
understanding with any person to participate in the distribution of
the Securities or the Exchange Securities within the meaning of the
Securities Act, (iii) such Holder is not an
“affiliate,” as defined in Rule 405 of the Securities
Act, of the Company or if it is an affiliate, such Holder will
comply with the registration and prospectus delivery requirements
of the Securities Act to the extent applicable, (iv) if such Holder
is not a broker-dealer, that it is not engaged in, and does not
intend to engage in, the distribution of the Exchange Securities
and (v) if such Holder is a broker-dealer, that it will receive
Exchange Securities for its own account in exchange for Initial
Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required
to acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Securities.
Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 4
Notwithstanding
any other provisions hereof, the Company will ensure that (i) any
Exchange Offer Registration Statement and any amendment thereto and
any prospectus forming part thereof and any supplement thereto
complies in all material respects with the Securities Act and the
rules and regulations thereunder, (ii) any Exchange Offer
Registration Statement and any amendment thereto does not, when it
becomes effective, contain an untrue statement of a material fact
or omit to state a material fact necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any
Exchange Offer Registration Statement, and any supplement to such
prospectus, does not include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which
they were made, not misleading.
2.
Shelf Registration . If, (i) because of any change in law or
in applicable interpretations thereof by the staff of the
Commission, the Company is not permitted to effect a Registered
Exchange Offer, as contemplated by Section 1 hereof, (ii) the
Registered Exchange Offer is not consummated by the Consummation
Deadline, (iii) any Purchaser so requests with respect to the
Initial Securities not eligible to be exchanged for Exchange
Securities in the Registered Exchange Offer and held by it
following consummation of the Registered Exchange Offer or (iv) any
Holder (other than an Exchanging Dealer) is not eligible to
participate in the Registered Exchange Offer or, in the case of any
Holder (other than an Exchanging Dealer) that participates in the
Registered Exchange Offer, such Holder does not receive freely
tradeable Exchange Securities on the date of the exchange and any
such Holder so requests, the Company shall take the following
actions (the date on which any of the conditions described in the
foregoing clauses (i) through (iv) occur, including in the case of
clauses (iii) or (iv) the receipt of the required notice, being a
“Trigger Date ”):
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(a)
The Company shall, on or prior to 90 days after the Trigger Date
(such 90th day being a “ Filing Deadline ”), use
its reasonable best efforts to file with the Commission and
thereafter use its reasonable best efforts to cause to be declared
effective no later than 150 days after the Trigger Date (such 150th
day being an “ Effectiveness Deadline ”) a
registration statement (the “ Shelf Registration
Statement ” and, together with the Exchange Offer
Registration Statement, a “ Registration Statement
”) on an appropriate form under the Securities Act relating
to the offer and sale of the Transfer Restricted Securities by the
Holders thereof from time to time in accordance with the methods of
distribution set forth in the Shelf Registration Statement and Rule
415 under the Securities Act (hereinafter, the “ Shelf
Registration ”); provided that if the obligation to file
the Shelf Registration Statement arises because the Exchange Offer
has not been consummated by the Consummation Deadline, then the
Company will use its reasonable best efforts to file the Shelf
Registration Statement on or prior to the 30th day after such
filing obligation arises; provided , however , that
no Holder (other than a Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement
unless such Holder agrees in writing to be bound by all the
provisions of this Agreement applicable to such Holder.
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(b)
The Company shall use its reasonable best efforts to keep the Shelf
Registration Statement continuously effective in order to permit
the prospectus included therein to be lawfully delivered by the
Holders of the relevant Securities for a period of two years (or
for such longer period if extended pursuant to Section 3(j) below)
from the date of its effectiveness or such shorter period that will
terminate when all the Securities covered by the Shelf Registration
Statement (i) have been sold pursuant thereto or (ii) are no longer
restricted securities (as defined in Rule 144 under the Securities
Act, or any successor rule thereof) (such period being the “
Shelf Registration Period ”). The Company shall be
deemed not to have used its reasonable best efforts to keep the
Shelf Registration Statement effective during the requisite period
if it voluntarily takes any action that would result in Holders of
Securities covered thereby not being able to offer and sell such
Securities during that period, unless such action is required by
applicable law.
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Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 5
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(c)
Notwithstanding any other provisions of this Agreement to the
contrary, the Company must use its reasonable best efforts to
ensure that the Shelf Registration Statement and the related
prospectus and any amendment or supplement thereto, as of the
effective date of the Shelf Registration Statement, amendment or
supplement, (i) comply in all material respects with the applicable
requirements of the Securities Act and the rules and regulations
thereunder; (ii) the Shelf Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact
necessary to make the statements therein not misleading; and (iii)
any prospectus forming part of any Shelf Registration Statement
does not contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made,
not misleading.
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3.
Registration Procedures . In connection with any Shelf
Registration contemplated by Section 2 hereof and, to the extent
applicable, any Registered Exchange Offer contemplated by Section 1
hereof, the following provisions shall apply:
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(a)
The Company shall (i) furnish to each Purchaser, prior to the
filing thereof with the Commission, a copy of the Registration
Statement and each amendment thereof and each supplement, if any,
to the prospectus included therein; (ii) include the information
set forth in Annex A hereto on the cover, in Annex B hereto in the
“Exchange Offer Procedures” section and the
“Purpose of the Exchange Offer” section and in Annex C
hereto in the “Plan of Distribution” section of the
prospectus forming a part of the Exchange Offer Registration
Statement and include the information set forth in Annex D hereto
in the Letter of Transmittal delivered pursuant to the Registered
Exchange Offer; (iii) if requested by a Purchaser, include the
information required by Items 507 or 508 of Regulation S-K under
the Securities Act, as applicable, in the prospectus forming a part
of the Exchange Offer Registration Statement; (iv) include within
the prospectus contained in the Exchange Offer Registration
Statement a section entitled “Plan of Distribution,”
reasonably acceptable to the Purchasers, which shall contain a
summary statement of the positions taken or policies made by the
staff of the Commission with respect to the potential
“underwriter” status of any broker-dealer that is the
beneficial owner (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the “ Exchange Act
”)) of Exchange Securities received by such broker-dealer in
the Registered Exchange Offer (a “ Participating
Broker-Dealer ”), whether such positions or policies have
been publicly disseminated by the staff of the Commission or such
positions or policies, in the reasonable judgment of the Purchasers
based upon advice of counsel (which may be in-house counsel),
represent the prevailing views of the staff of the Commission; and
(v) in the case of a Shelf Registration Statement, include the
names of the Holders who propose to sell Securities pursuant to the
Shelf Registration Statement as selling securityholders.
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Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 6
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(b)
After the Registration Statement has been declared effective, the
Company shall give written notice to the Purchasers, the Holders of
the Securities and any Participating Broker-Dealer from whom the
Company has received prior written notice that it will be a
Participating Broker-Dealer in the Registered Exchange Offer of the
occurrence of any of the following that occurs after the
Registration Statement has been declared effective (which notice
pursuant to clauses (ii)-(v) hereof shall be accompanied by an
instruction to suspend the use of the prospectus until the
requisite changes have been made):
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(i)
when the Registration Statement or any amendment thereto has been
filed with the Commission and when the Registration Statement or
any post-effective amendment thereto has become effective, provided
that this clause (i) shall not apply with respect to regular
filings of any document or report under the Exchange Act, at any
time following the effectiveness of the applicable Registration
Statement hereunder, where such filing is made as part of the
Company’s periodic disclosure obligations under Sections 13
and 15 of the Exchange Act;
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(ii)
of any request by the Commission or any state securities authority
for amendments or supplements to the Registration Statement or the
prospectus included therein or for additional
information;
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(iii)
of the issuance by the Commission or any state securities authority
of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that
purpose;
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(iv)
of the receipt by the Company or its legal counsel of any
notification with respect to the suspension of the qualification of
the Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose;
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(v)
of the happening of any event that requires the Company to make
changes in the Registration Statement or the prospectus in order
that the Registration Statement or the prospectus do not contain an
untrue statement of a material fact nor omit to state a material
fact necessary to make the statements therein (in the case of the
prospectus, in light of the circumstances under which they were
made) not misleading; and
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(vi)
of any determination by the Company that a post-effective amendment
to a Registration Statement would be appropriate.
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(c)
The Company shall make every reasonable effort to obtain the
withdrawal at the earliest possible time, of any order suspending
the effectiveness of the Registration Statement.
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(d)
The Company shall furnish to each Holder of Securities included
within the coverage of the Shelf Registration, without charge, at
least one copy of the Shelf Registration Statement and any
post-effective amendment thereto, including financial statements
and schedules, and, if the Holder so requests in writing, all
exhibits thereto (including those, if any, incorporated by
reference).
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(e)
The Company shall deliver to each Exchanging Dealer and each
Purchaser, and to any other Holder who so requests, without charge,
at least one copy of the Exchange Offer Registration Statement and
any post-effective amendment thereto, including financial
statements and schedules, and, if any Exchanging Dealer, Purchaser
or any such Holder requests, all exhibits thereto (including those
incorporated by reference).
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Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 7
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(f)
The Company shall, during the Shelf Registration Period, deliver to
each Holder of Securities included within the coverage of the Shelf
Registration, without charge, as many copies of the prospectus
(including each preliminary prospectus) included in the Shelf
Registration Statement and any amendment or supplement thereto as
such person may reasonably request. The Company consents, subject
to the provisions of this Agreement, to the use of the prospectus
or any amendment or supplement thereto by each of the selling
Holders of the Securities in connection with the offering and sale
of the Securities covered by the prospectus, or any amendment or
supplement thereto, included in the Shelf Registration
Statement.
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(g)
The Company shall deliver to each Purchaser, any Exchanging Dealer,
any Participating Broker-Dealer and such other persons required to
deliver a prospectus following the Registered Exchange Offer,
without charge, as many copies of the final prospectus included in
the Exchange Offer Registration Statement and any amendment or
supplement thereto as such persons may reasonably request. The
Company consents, subject to the provisions of this Agreement, to
the use of the prospectus or any amendment or supplement thereto by
any Purchaser, if necessary, any Participating Broker-Dealer and
such other persons required to deliver a prospectus following the
Registered Exchange Offer in connection with the offering and sale
of the Exchange Securities covered by the prospectus, or any
amendment or supplement thereto, included in such Exchange Offer
Registration Statement.
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(h)
Prior to any public offering of the Securities pursuant to any
Registration Statement the Company shall use its reasonable best
efforts to register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in
connection with the registration or qualification of the Securities
for offer and sale under the securities or “blue sky”
laws of such states of the United States as any Holder of the
Securities reasonably requests in writing and do any and all other
acts or things necessary or advisable to enable the offer and sale
in such jurisdictions of the Securities covered by such
Registration Statement; provided , however , that the
Company shall not be required to (i) qualify generally to do
business in any jurisdiction where it is not then so qualified or
(ii) take any action which would subject it to general service of
process or to taxation in any jurisdiction where it is not then so
subject.
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(i)
The Company shall cooperate with the Holders of the Securities to
facilitate the timely preparation and delivery of certificates
representing the Securities to be sold pursuant to any Registration
Statement free of any restrictive legends and in such denominations
and registered in such names as the Holders may request a
reasonable period of time prior to sales of the Securities pursuant
to such Registration Statement.
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(j)
Upon the occurrence of any event contemplated by paragraphs (ii)
through (v) of Section 3(b) above during the period for which the
Company is required to maintain an effective Registration
Statement, the Company shall use its reasonable best efforts to
prepare and file a post-effective amendment to the Registration
Statement or a supplement to the related prospectus and any other
required document so that, as thereafter delivered to Holders of
the Securities or purchasers of Securities, the prospectus will not
contain an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading. The
Company hereby agrees to notify the Purchasers, the Holders of the
Securities and any known Participating Broker-Dealer in accordance
with paragraphs (ii) through (v) of Section 3(b) above to suspend
the use of the prospectus until the requisite changes to the
prospectus have been made, then the Purchasers, the Holders of the
Securities and any such Participating Broker-Dealers shall suspend
use of such prospectus, and the period of effectiveness of the
Shelf Registration Statement provided for in Section 2(b) above and
the Exchange Offer Registration Statement provided for in Section 1
above shall each be extended by the number of days from and
including the date of the giving of such notice to and including
the date when the Purchasers, the Holders of the Securities and any
known Participating Broker-Dealer shall have received such amended
or supplemented prospectus pursuant to this Section
3(j).
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Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 8
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(k)
Not later than the effective date of the applicable Registration
Statement, the Company will provide a CUSIP number for the Initial
Securities or the Exchange Securities, as the case may be, and
provide the applicable trustee with printed certificates for the
Initial Securities or the Exchange Securities, as the case may be,
in a form eligible for deposit with The Depository Trust
Company.
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(l)
The Company will use its reasonable best efforts to comply with all
rules and regulations of the Commission to the extent and so long
as they are applicable to the Registered Exchange Offer or the
Shelf Registration and will make generally available to its
security holders (or otherwise provide in accordance with Section
11(a) of the Securities Act) an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act, no later than 45
days after the end of a 12-month period (or 90 days, if such period
is a fiscal year) beginning with the first month of the
Company’s first fiscal quarter commencing after the effective
date of the Registration Statement, which statement shall cover
such 12-month period.
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(m)
The Company shall cause the Indenture to be qualified under the
Trust Indenture Act of 1939, as amended, in a timely manner and
containing such changes, if any, as shall be necessary for such
qualification. In the event that such qualification would require
the appointment of a new trustee under the Indenture, the Company
shall appoint a new trustee thereunder pursuant to the applicable
provisions of the Indenture.
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(n)
The Company may require each Holder of Securities to be sold
pursuant to the Shelf Registration Statement to furnish to the
Company such information regarding the Holder and the distribution
of the Securities as the Company may from time to time reasonably
require for inclusion in the Shelf Registration Statement, and the
Company may exclude from such registration the Securities of any
Holder that unreasonably fails to furnish such information within a
reasonable time after receiving such request.
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(o)
Subject to Section 8(c), the Company shall enter into such
customary agreements (including, if requested, an underwriting
agreement in customary form) and take all such other action, if
any, as the Holders of a majority of the aggregate principal amount
of Securities covered by such Registration Statement (the “
Majority Holders ”) shall reasonably request in order
to facilitate the disposition of the Securities pursuant to any
Shelf Registration.
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(p)
For a reasonable period prior to the filing of a Shelf Registration
Statement and prior to the execution of any underwriting or similar
agreement make available for inspection by counsel selected by the
Majority Holders (“ Holders’ Counsel ”)
and any underwriters participating in an underwritten offering
pursuant to a Shelf Registration Statement and not more than one
accounting firm retained by the Majority Holders or underwriters,
all financial and other records, pertinent corporate documents and
properties of the Company reasonably requested by any such persons,
and cause the respective officers, directors, employees, and any
other agents of the Company to supply all information reasonably
requested by any such persons, in connection with a Registration
Statement; provided that any such records, documents, properties
and such information that is designated in writing by the Company,
in good faith, as confidential at the time of delivery of such
records, documents, properties or information shall be kept
confidential by any such persons and shall be used only in
connection with such Registration Statement, unless disclosure
thereof is made in connection with a court proceeding or required
by law, or such information has become available (not in violation
of this agreement) to the public generally or through a third party
without an accompanying obligation of confidentiality, and the
Company shall be entitled to request that such persons sign a
confidentiality agreement to the foregoing effect.
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Apollo Investment Funds IV, L.P., Apollo Overseas
Partners IV, L.P. and
J.P. Morgan Partners (BHCA).
June 10, 2008
Page 9
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(q)
Subject to Section 8(c), in the case of any Shelf
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