Trust Indenture Act Section | Indenture Section | |
310 (a)(1) | 7.10 | |
(a)(2) | 7.10 | |
(a)(3) | N.A. | |
(a)(4) | N.A. | |
(a)(5) | 7.10 | |
(b) | 7.10 | |
(c) | N.A. | |
311 (a) | 7.11 | |
(b) | 7.11 | |
(c) | N.A. | |
312 (a) | 2.05 | |
(b) | 13.03 | |
(c) | 13.03 | |
313 (a) | 7.06 | |
(b)(1) | 7.06; 10.04 | |
(b)(2) | 7.06; 7.07 | |
(c) | 7.06; 13.02 | |
(d) | 7.06 | |
314 (a) | 4.03; 13.02; 13.05 | |
(b) | 10.02 | |
(c)(1) | 13.04 | |
(c)(2) | 13.04 | |
(c)(3) | N.A. | |
(d) | 10.03; 10.04; 10.05 | |
(e) | 13.05 | |
(f) | N.A. | |
315 (a) | 7.01 | |
(b) | 7.05; 13.02 | |
(c) | 7.01 | |
(d)(1) | 7.01 | |
(d)(2) | 7.01 | |
(d)(3) | N.A. | |
(e) | 6.14 | |
316 (a)(last sentence) | 2.09 | |
(a)(1)(A) | 6.05 | |
(a)(1)(B) | 6.04 | |
(a)(2) | N.A. | |
(b) | 6.07 | |
(c) | 2.12; 9.04 | |
317 (a)(1) | 6.08 | |
(a)(2) | 6.12 | |
(b) | 2.04 | |
318 (a) | 13.01 | |
(b) | N.A. | |
(c) | 13.01 |
* | This Cross-Reference Table is not part of this Indenture. |
Page | ||||
ARTICLE 1 | ||||
DEFINITIONS AND INCORPORATION BY REFERENCE | ||||
Section 1.01 Definitions | 1 | |||
Section 1.02 Other Definitions | 30 | |||
Section 1.03 Incorporation by Reference of Trust Indenture Act | 31 | |||
Section 1.04 Rules of Construction | 31 | |||
Section 1.05 Acts of Holders | 32 | |||
Section 1.06 Timing of Payment | 33 | |||
ARTICLE 2 | ||||
THE NOTES | ||||
Section 2.01 Form and Dating; Terms | 33 | |||
Section 2.02 Execution and Authentication | 34 | |||
Section 2.03 Registrar and Paying Agent | 35 | |||
Section 2.04 Paying Agent to Hold Money in Trust | 35 | |||
Section 2.05 Holder Lists | 35 | |||
Section 2.06 Transfer and Exchange | 35 | |||
Section 2.07 Replacement Notes | 46 | |||
Section 2.08 Outstanding Notes | 46 | |||
Section 2.09 Treasury Notes | 46 | |||
Section 2.10 Temporary Notes | 46 | |||
Section 2.11 Cancellation | 47 | |||
Section 2.12 Defaulted Interest | 47 | |||
Section 2.13 CUSIP/ISIN Numbers | 47 | |||
ARTICLE 3 | ||||
REDEMPTION | ||||
Section 3.01 Notices to Trustee | 47 | |||
Section 3.02 Selection of Notes to be Redeemed or Purchased | 48 | |||
Section 3.03 Notice of Redemption | 48 | |||
Section 3.04 Effect of Notice of Redemption | 49 | |||
Section 3.05 Deposit of Redemption or Purchase Price | 49 | |||
Section 3.06 Notes Redeemed or Purchased in Part | 49 | |||
Section 3.07 Optional Redemption | 49 | |||
Section 3.08 Mandatory Redemption | 50 | |||
Section 3.09 Offers to Repurchase by Application of Excess Proceeds or Excess Loss Proceeds | 50 | |||
ARTICLE 4 | ||||
COVENANTS | ||||
Section 4.01 Payment of Notes | 52 | |||
Section 4.02 Maintenance of Office or Agency | 52 | |||
Section 4.03 Reports and Other Information | 53 | |||
Section 4.04 Compliance Certificate | 54 |
-i-
Page | ||||
Section 4.05 Taxes | 54 | |||
Section 4.06 Stay, Extension and Usury Laws | 54 | |||
Section 4.07 Limitation on Restricted Payments | 54 | |||
Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries | 60 | |||
Section 4.09 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock | 62 | |||
Section 4.10 Asset Sales | 67 | |||
Section 4.11 Transactions with Affiliates | 70 | |||
Section 4.12 Liens | 71 | |||
Section 4.13 Corporate Existence | 72 | |||
Section 4.14 Offer to Repurchase Upon Change of Control | 72 | |||
Section 4.15 Events of Loss | 74 | |||
Section 4.16 Future Guarantees | 75 | |||
Section 4.17 Impairment of Security Interests | 75 | |||
Section 4.18 After-Acquired Property | 76 | |||
Section 4.19 Further Assurances | 76 | |||
Section 4.20 Suspension of Certain Covenants | 76 | |||
ARTICLE 5 | ||||
SUCCESSORS | ||||
Section 5.01 Merger, Consolidation or Sale of All or Substantially All Assets | 77 | |||
Section 5.02 Successor Person Substituted | 79 | |||
ARTICLE 6 | ||||
DEFAULTS AND REMEDIES | ||||
Section 6.01 Events of Default | 80 | |||
Section 6.02 Acceleration | 81 | |||
Section 6.03 Other Remedies | 82 | |||
Section 6.04 Waiver of Past Defaults | 82 | |||
Section 6.05 Control by Majority | 82 | |||
Section 6.06 Limitation on Suits | 83 | |||
Section 6.07 Rights of Holders to Receive Payment | 83 | |||
Section 6.08 Collection Suit by Trustee | 83 | |||
Section 6.09 Restoration of Rights and Remedies | 83 | |||
Section 6.10 Rights and Remedies Cumulative | 83 | |||
Section 6.11 Delay or Omission Not Waiver | 83 | |||
Section 6.12 Trustee May File Proofs of Claim | 84 | |||
Section 6.13 Priorities | 84 | |||
Section 6.14 Undertaking for Costs | 84 | |||
ARTICLE 7 | ||||
TRUSTEE | ||||
Section 7.01 Duties of Trustee | 84 | |||
Section 7.02 Rights of Trustee | 85 | |||
Section 7.03 Individual Rights of Trustee | 87 | |||
Section 7.04 Trustee’s Disclaimer | 87 | |||
Section 7.05 Notice of Defaults | 87 | |||
Section 7.06 Reports by Trustee to Holders | 87 | |||
Section 7.07 Compensation and Indemnity | 88 |
-ii-
Page | ||||
Section 7.08 Replacement of Trustee | 88 | |||
Section 7.09 Successor Trustee by Merger, etc | 89 | |||
Section 7.10 Eligibility; Disqualification | 89 | |||
Section 7.11 Preferential Collection of Claims Against Company | 89 | |||
Section 7.12 Intercreditor Agreement, Collateral Agency Agreement, Security Agreement and Other Collateral Documents | 89 | |||
ARTICLE 8 | ||||
LEGAL DEFEASANCE AND COVENANT DEFEASANCE | ||||
Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance | 90 | |||
Section 8.02 Legal Defeasance and Discharge | 90 | |||
Section 8.03 Covenant Defeasance | 90 | |||
Section 8.04 Conditions to Legal or Covenant Defeasance | 91 | |||
Section 8.05 Deposited Money and Government Securities to be Held in Trust; other Miscellaneous Provisions | 92 | |||
Section 8.06 Repayment to Company | 92 | |||
Section 8.07 Reinstatement | 92 | |||
ARTICLE 9 | ||||
AMENDMENT, SUPPLEMENT AND WAIVER | ||||
Section 9.01 Without Consent of Holders | 93 | |||
Section 9.02 With Consent of Holders | 94 | |||
Section 9.03 Compliance with Trust Indenture Act | 96 | |||
Section 9.04 Revocation and Effect of Consents | 96 | |||
Section 9.05 Notation on or Exchange of Notes | 96 | |||
Section 9.06 Trustee to Sign Amendments, etc | 96 | |||
Section 9.07 Payment for Consent | 96 | |||
ARTICLE 10 | ||||
COLLATERAL DOCUMENTS | ||||
Section 10.01 Collateral and Collateral Documents | 97 | |||
Section 10.02 Recordings and Opinions | 98 | |||
Section 10.03 Release of Collateral | 98 | |||
Section 10.04 Permitted Releases Not To Impair Lien; Trust Indenture Act Requirements | 99 | |||
Section 10.05 Certificates of the Trustee | 99 | |||
Section 10.06 Suits To Protect the Collateral | 99 | |||
Section 10.07 Authorization of Receipt of Funds by the Trustee Under the Collateral Documents | 99 | |||
Section 10.08 Purchaser Protected | 100 | |||
Section 10.09 Powers Exercisable by Receiver or Trustee | 100 | |||
Section 10.10 Release Upon Termination of the Company’s Obligations | 100 | |||
Section 10.11 Notes Collateral Agent | 100 | |||
Section 10.12 Designations | 102 | |||
ARTICLE 11 | ||||
GUARANTEES | ||||
Section 11.01 Guarantee | 102 | |||
Section 11.02 Limitation on Guarantor Liability | 104 |
-iii-
Page | ||||
Section 11.03 Execution and Delivery | 104 | |||
Section 11.04 Subrogation | 104 | |||
Section 11.05 Benefits Acknowledged | 104 | |||
Section 11.06 Release of Guarantees by Subsidiary Guarantors | 104 | |||
ARTICLE 12 | ||||
SATISFACTION AND DISCHARGE | ||||
Section 12.01 Satisfaction and Discharge | 105 | |||
Section 12.02 Application of Trust Money | 106 | |||
ARTICLE 13 | ||||
MISCELLANEOUS | ||||
Section 13.01 Trust Indenture Act Controls | 106 | |||
Section 13.02 Notices | 106 | |||
Section 13.03 Communication by Holders with Other Holders | 107 | |||
Section 13.04 Certificate and Opinion as to Conditions Precedent | 107 | |||
Section 13.05 Statements Required in Certificate or Opinion | 107 | |||
Section 13.06 Rules by Trustee and Agents | 108 | |||
Section 13.07 No Personal Liability of Directors, Officers, Employees and Stockholders | 108 | |||
Section 13.08 Governing Law | 108 | |||
Section 13.09 Waiver of Jury Trial | 108 | |||
Section 13.10 Force Majeure | 108 | |||
Section 13.11 No Adverse Interpretation of Other Agreements | 108 | |||
Section 13.12 Successors | 108 | |||
Section 13.13 Severability | 108 | |||
Section 13.14 Counterpart Originals | 108 | |||
Section 13.15 Table of Contents, Headings, etc | 109 | |||
Section 13.16 Qualification of Indenture | 109 | |||
Section 13.17 Intercreditor Agreement and Collateral Agency Agreement Govern | 109 | |||
EXHIBITS: | ||||
Exhibit A Form of Senior Secured Note | ||||
Exhibit B Form of Certificate of Transfer | ||||
Exhibit C Form of Certificate of Exchange | ||||
Exhibit D Form of Supplemental Indenture to be Delivered by Subsequent Guarantors |
-2-
-3-
-4-
-5-
-6-
-7-
-8-
-9-
-10-
-11-
-12-
-13-
-14-
-15-
-16-
(2) | debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Company and its Subsidiaries; | |
(3) | investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment or distribution; and | |
(4) | corresponding instruments in countries other than the United States customarily utilized for high quality investments. |
-17-
-18-
-19-
-20-
-21-
-22-
-23-
-24-
-25-
-26-
-27-
-28-
-29-
Term | Defined in Section | |||
“Acceptable Commitment” | 4.10 | |||
“Affiliate Transaction” | 4.11 | |||
“Asset Sale Offer” | 4.10 | |||
“Authentication Order” | 2.02 | |||
“Change of Control Offer” | 4.14 | |||
“Change of Control Payment” | 4.14 | |||
“Change of Control Payment Date” | 4.14 | |||
“Covenant Defeasance” | 8.03 | |||
“DTC” | 2.03 | |||
“Event of Default” | 6.01 | |||
“Excess Loss Proceeds” | 4.15 | |||
“Excess Proceeds” | 4.10 | |||
“Immaterial Domestic Subsidiary” | 4.16 | |||
“incur” | 4.09 | |||
“incurrence” | 4.09 | |||
“Indemnified Party” | 7.07 | |||
“Initial Lien” | 4.12 | |||
“Initial Notes” | Preamble | |||
“Legal Defeasance” | 8.02 | |||
“Loss Proceeds Offer” | 4.15 | |||
“Note Register” | 2.03 | |||
“Offer Amount” | 3.09 | |||
“Offer Period” | 3.09 | |||
“Pari Passu Indebtedness” | 4.10 |
-30-
Term | Defined in Section | |||
“Paying Agent” | 2.03 | |||
“Purchase Date” | 3.09 | |||
“Redemption Date” | 3.01 | |||
“Refinancing Indebtedness” | 4.09 | |||
“Refunding Capital Stock” | 4.07 | |||
“Registrar” | 2.03 | |||
“Restricted Payments” | 4.07 | |||
“Reversion Date” | 4.20 | |||
“Rule 3-16” | 10.01 | |||
“Second Commitment” | 4.10 | |||
“Successor Company” | 5.01 | |||
“Successor Person” | 5.01 | |||
“Suspended Covenants” | 4.20 | |||
“Suspension Period” | 4.20 | |||
“Treasury Capital Stock” | 4.07 |
-31-
-32-
-33-
-34-
-35-
-36-
-37-
-38-
-39-
-40-
-41-
-42-
-43-
-44-
-45-
-46-
-47-
-48-
-49-
Year | Percentage | |||
2015 | 103.875 | % | ||
2016 | 101.938 | % | ||
2017 and thereafter | 100.000 | % |
-50-
-51-
-52-
-53-
-54-
-55-
-56-
-57-
-58-
-59-
-60-
-61-
-62-
-63-
-64-
-65-
-66-
-67-
-68-
-69-
-70-
-71-
-72-
-73-
-74-
-75-
-76-
-77-
-78-
-79-
-80-
-81-
-82-
-83-
-84-
-85-
-86-
-87-
-88-
-89-
-90-
-91-
-92-
-93-
-94-
-95-
-96-
-97-
-98-
-99-
-100-
-101-
-102-
-103-
-104-
-105-
9335 Harris Corners Parkway, Suite 300
Charlotte, North Carolina 28269
Attention: General Counsel
Facsimile No.: (704) 697-5122
Rodney Square North
-106-
Wilmington, DE 19890
Fax No: 302-636-4145
Attention: Corporate Client Series — Polymer Group, Inc.
-107-
-108-
-109-
POLYMER GROUP, INC. | ||||
By: | /s/ Daniel L. Rikard | |||
Name: | Daniel L. Rikard | |||
Title: | Senior Vice President, General Counsel and Secretary | |||
PGI POLYMER, INC. | ||||
By: | /s/ Daniel L. Rikard | |||
Name: | Daniel L. Rikard | |||
Title: | Secretary | |||
CHICOPEE, INC. | ||||
By: | /s/ Daniel L. Rikard | |||
Name: | Daniel L. Rikard | |||
Title: | Secretary | |||
FABRENE, L.L.C. | ||||
By: | /s/ Daniel L. Rikard | |||
Name: | Daniel L. Rikard | |||
Title: | Secretary | |||
DOMINION TEXTILE (USA), L.L.C. | ||||
By: | /s/ Daniel L. Rikard | |||
Name: | Daniel L. Rikard | |||
Title: | Secretary | |||
PGI EUROPE, INC. | ||||
By: | /s/ Daniel L. Rikard | |||
Name: | Daniel L. Rikard | |||
Title: | Secretary | |||
WILMINGTON TRUST COMPANY, as Trustee and Collateral Agent | ||||
By: | /s/ Joshua C. Jones | |||
Name: | Joshua C. Jones | |||
Title: | Financial Services Officer | |||
A-1
ISIN:
representing
7.75% Senior Secured Note due 2019
A-2
POLYMER GROUP, INC. | ||||
By: | ||||
Name: | ||||
Title: |
A-3
WILMINGTON TRUST COMPANY, as Trustee | ||||
By: | ||||
Name: | ||||
Title: | ||||
A-4
7.75% Senior Secured Note due 2019
1 | In the case of Notes issued on the Issue Date. |
A-5
Year | Percentage | |||
2015 | 103.875 | % | ||
2016 | 101.938 | % | ||
2017 and thereafter | 100.000 | % |
A-6
A-7
A-8
A-9
9335 Harris Corners Parkway, Suite 300
Charlotte, North Carolina 28269
Attention: General Counsel
Facsimile No.: (704) 697-5122
A-10
to:
(Insert assignee’s legal name) |
Your Signature: | ||||
appears on the face of this Note) |
* | Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). |
A-11
Your Signature: | ||||
appears on the face of this | ||||
Note) |
* | Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). |
A-12
Principal Amount of this | ||||||||
Amount of Increase in | Global Note following | Signature of Authorized | ||||||
Amount of Decrease in | Principal Amount of | such Decrease or In- | Officer of Trustee or | |||||
Date of Exchange | Principal Amount | this Global Note | crease | Custodian | ||||
` |
* | This schedule should be included only if the Note is issued in global form. |
A-13
9335 Harris Corners Parkway, Suite 300
Charlotte, North Carolina 28269
Attention: General Counsel
Facsimile No.: (704) 697-5122
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Fax No: 302-636-4145
Attention: Corporate Client Series — Polymer Group, Inc.
B-1
B-2
By: | ||||
Name: | ||||
Title: | ||||
Dated: ________________ |
B-3
1. | The Transferor owns and proposes to transfer the following: |
(a) | [ ] a beneficial interest in the: |
(i) | [ ] 144A Global Note (CUSIP 731745 AK1), or |
(ii) | [ ] Regulation S Global Note (CUSIP: U73139 AC8), or |
(b) | [ ] a Restricted Definitive Note. |
2. | After the Transfer the Transferee shall hold: |
(a) | [ ] a beneficial interest in the: |
(i) | [ ] 144A Global Note (CUSIP 731745 AK1), or |
(ii) | [ ] Regulation S Global Note (CUSIP: U73139 AC8), or |
(iii) | [ ] Unrestricted Global Note (CUSIP 731745 AL9); or |
(b) | [ ] a Restricted Definitive Note; or |
(c) | [ ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture. |
B-4
9335 Harris Corners Parkway, Suite 300
Charlotte, North Carolina 28269
Attention: General Counsel
Facsimile No.: (704) 697-5122
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Fax No: 302-636-4145
Attention: Corporate Client Series — Polymer Group, Inc.
C-1
C-2
[Insert Name of Transferor] | ||||
By: | ||||
Name: | ||||
Title: | ||||
Dated: _______________ |
C-3
1. | The Owner owns and proposes to exchange the following: |
(a) | o a Restricted Global Note, or | ||
(b) | o a Restricted Definitive Note |
2. | After the Exchange the Owner will hold: |
(a) | o an Unrestricted Global Note, or | ||
(b) | o an Unrestricted Definitive Note, or | ||
(c) | o a Restricted Definitive Note, or | ||
(d) | o 144A Global Note (CUSIP 731745 AK1), or | ||
(e) | o Regulation S Global Note (CUSIP U73139 AC8). |
C-4
TO BE DELIVERED BY SUBSEQUENT GUARANTORS]
F-1
F-2
F-3
F-4
F-5
[SUBSIDIARY GUARANTOR] | ||||
By: | ||||
Name: | ||||
Title: | ||||
WILMINGTON TRUST COMPANY, as Trustee | ||||
By: | ||||
Name: | ||||
Title: | ||||
F-6