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) | 7.03, 7.10 | |
(c) | N.A. | |
311(a) | 7.11 | |
(b) | 7.11 | |
(c) | N.A. | |
312(a) | 2.05 | |
(b) | 12.03 | |
(c) | 12.03 | |
313(a) | 7.06 | |
(b)(1) | N.A. | |
(b)(2) | 7.06; 7.07 | |
(c) | 7.06; 12.02 | |
(d) | 7.06 | |
314(a) | 4.03; 12.05 | |
(b) | N.A. | |
(c)(1) | 12.04 | |
(c)(2) | 12.04 | |
(c)(3) | N.A. | |
(d) | N.A. | |
(e) | 12.04 | |
(f) | N.A. | |
315(a) | 7.01 | |
(b) | 7.05; 12.02 | |
(c) | 7.01 | |
(d) | 7.01 | |
(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) | 12.01 | |
(b) | N.A. | |
(c) | 12.01 |
N.A. means not applicable. | ||
* | This Cross-Reference Table is not part of the Indenture. |
Page | ||||
ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE | 1 | |||
Section 1.01 Definitions | 1 | |||
Section 1.02 Other Definitions | 32 | |||
Section 1.03 Incorporation by Reference of Trust Indenture Act | 33 | |||
Section 1.04 Rules of Construction | 34 | |||
Section 1.05 Acts of Holders | 35 | |||
ARTICLE 2 THE 2017 A NOTES | 36 | |||
Section 2.01 Form and Dating; Terms | 36 | |||
Section 2.02 Execution and Authentication | 38 | |||
Section 2.03 Registrar and Paying Agent | 38 | |||
Section 2.04 Paying Agent To Hold Money in Trust | 39 | |||
Section 2.05 Holder Lists | 39 | |||
Section 2.06 Transfer and Exchange | 39 | |||
Section 2.07 Replacement Notes | 51 | |||
Section 2.08 Outstanding Notes | 51 | |||
Section 2.09 Treasury Notes | 52 | |||
Section 2.10 Temporary Notes | 52 | |||
Section 2.11 Cancellation | 52 | |||
Section 2.12 Defaulted Interest | 53 | |||
Section 2.13 CUSIP Numbers | 53 | |||
ARTICLE 3 REDEMPTION | 53 | |||
Section 3.01 Notices to Trustee | 53 | |||
Section 3.02 Selection of Notes To Be Redeemed or Purchased | 54 | |||
Section 3.03 Notice of Redemption | 54 | |||
Section 3.04 Effect of Notice of Redemption | 55 | |||
Section 3.05 Deposit of Redemption or Purchase Price | 55 | |||
Section 3.06 Notes Redeemed or Purchased in Part | 56 | |||
Section 3.07 Optional Redemption | 56 | |||
Section 3.08 Mandatory Redemption | 57 | |||
Section 3.09 Offers To Repurchase by Application of Excess Proceeds | 58 | |||
ARTICLE 4 COVENANTS | 60 | |||
Section 4.01 Payment of Notes | 60 | |||
Section 4.02 Maintenance of Office or Agency | 61 | |||
Section 4.03 Reports and Other Information | 61 | |||
Section 4.04 Compliance Certificate | 62 | |||
Section 4.05 Taxes | 63 | |||
Section 4.06 Stay, Extension and Usury Laws | 63 |
-i-
Page | ||||
Section 4.07 Limitation on Restricted Payments | 63 | |||
Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries | 64 | |||
Section 4.09 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock | 66 | |||
Section 4.10 Asset Sales | 73 | |||
Section 4.11 Transactions with Affiliates | 73 | |||
Section 4.12 Liens | 76 | |||
Section 4.13 Corporate Existence | 76 | |||
Section 4.14 Offer to Repurchase Upon Change of Control | 76 | |||
Section 4.15 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries | 78 | |||
Section 4.16 Liquidity Amount | 79 | |||
ARTICLE 5 SUCCESSORS | 79 | |||
Section 5.01 Merger, Consolidation or Sale of All or Substantially All Assets | 79 | |||
Section 5.02 Successor Corporation Substituted | 82 | |||
ARTICLE 6 DEFAULTS AND REMEDIES | 82 | |||
Section 6.01 Events of Default | 82 | |||
Section 6.02 Acceleration | 84 | |||
Section 6.03 Other Remedies | 85 | |||
Section 6.04 Waiver of Past Defaults | 85 | |||
Section 6.05 Control by Majority | 85 | |||
Section 6.06 Limitation on Suits | 85 | |||
Section 6.07 Rights of Holders of 2017 A Notes To Receive Payment | 86 | |||
Section 6.08 Collection Suit by Trustee | 86 | |||
Section 6.09 Restoration of Rights and Remedies | 86 | |||
Section 6.10 Rights and Remedies Cumulative | 86 | |||
Section 6.11 Delay or Omission Not Waiver | 86 | |||
Section 6.12 Trustee May File Proofs of Claim | 87 | |||
Section 6.13 Priorities | 87 | |||
Section 6.14 Undertaking for Costs | 88 | |||
ARTICLE 7 TRUSTEE | 88 | |||
Section 7.01 Duties of Trustee | 88 | |||
Section 7.02 Rights of Trustee | 89 | |||
Section 7.03 Individual Rights of Trustee | 90 | |||
Section 7.04 Trustee’s Disclaimer | 90 | |||
Section 7.05 Notice of Defaults | 91 | |||
Section 7.06 Reports by Trustee to Holders of the 2017 A Notes | 91 | |||
Section 7.07 Compensation and Indemnity | 91 | |||
Section 7.08 Replacement of Trustee or Agent | 92 | |||
Section 7.09 Successor Trustee by Merger, etc. | 93 | |||
Section 7.10 Eligibility; Disqualification | 93 | |||
Section 7.11 Preferential Collection of Claims Against Issuer | 93 |
-ii-
Page | ||||
ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE | 93 | |||
Section 8.01 Option To Effect Legal Defeasance or Covenant Defeasance | 93 | |||
Section 8.02 Legal Defeasance and Discharge | 94 | |||
Section 8.03 Covenant Defeasance | 94 | |||
Section 8.04 Conditions to Legal or Covenant Defeasance | 95 | |||
Section 8.05 Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions | 96 | |||
Section 8.06 Repayment to Issuer | 96 | |||
Section 8.07 Reinstatement | 97 | |||
ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER | 97 | |||
Section 9.01 Without Consent of Holders of Notes | 97 | |||
Section 9.02 With Consent of Holders of Notes | 98 | |||
Section 9.03 Compliance with Trust Indenture Act | 100 | |||
Section 9.04 Revocation and Effect of Consents | 100 | |||
Section 9.05 Notation on or Exchange of Notes | 100 | |||
Section 9.06 Trustee To Sign Amendments, etc. | 101 | |||
Section 9.07 Payment for Consent | 101 | |||
ARTICLE 10 GUARANTEES | 101 | |||
Section 10.01 Guarantee | 101 | |||
Section 10.02 Limitation on Guarantor Liability | 103 | |||
Section 10.03 Execution and Delivery | 103 | |||
Section 10.04 Subrogation | 104 | |||
Section 10.05 Benefits Acknowledged | 104 | |||
Section 10.06 Release of Guarantees | 104 | |||
ARTICLE 11 SATISFACTION AND DISCHARGE | 105 | |||
Section 11.01 Satisfaction and Discharge | 105 | |||
Section 11.02 Application of Trust Money | 106 | |||
ARTICLE 12 MISCELLANEOUS | 106 | |||
Section 12.01 Trust Indenture Act Controls | 106 | |||
Section 12.02 Notices | 106 | |||
Section 12.03 Communication by Holders of Notes with Other Holders of Notes | 107 | |||
Section 12.04 Certificate and Opinion as to Conditions Precedent | 108 | |||
Section 12.05 Statements Required in Certificate or Opinion | 108 | |||
Section 12.06 Rules by Trustee and Agents | 108 | |||
Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders | 108 | |||
Section 12.08 Governing Law | 109 | |||
Section 12.09 Waiver of Jury Trial | 109 | |||
Section 12.10 Force Majeure | 109 | |||
Section 12.11 No Adverse Interpretation of Other Agreements | 109 | |||
Section 12.12 Successors | 109 |
-iii-
Page | ||||
Section 12.13 Severability | 109 | |||
Section 12.14 Counterpart Originals | 110 | |||
Section 12.15 Table of Contents, Headings, etc. | 110 | |||
Section 12.16 Qualification of Indenture | 110 | |||
EXHIBITS | ||||
Exhibit A Form of 2017 A 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 |
-iv-
-2-
-3-
-4-
Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of “beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50.0% of the total voting power of the Voting Stock of the Company or any of its direct or indirect parent companies (other than as a result of a Permitted Debt Restructuring);
-5-
-6-
-7-
-8-
-9-
-10-
-11-
-12-
four-quarter period ended after September 30, 2009, an amount equal to $58,800,000; plus
-13-
-14-
-15-
-16-
-17-
-18-
-19-
-20-
-21-
-22-
-23-
-24-
-25-
-26-
-27-
-28-
-29-
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.
-30-
-31-
Defined in | ||||
Term | Section | |||
“2017 A Notes Purchase Offer” | 3.08(b) | |||
“Affiliate Transaction” | 4.11(a) | |||
“Asset Sale” | 4.10 | |||
“Authentication Order” | 2.02 | |||
“Change of Control Offer” | 4.14(a) | |||
“Change of Control Payment” | 4.14(a) | |||
“Change of Control Payment Date” | 4.14(a) |
-32-
Defined in | ||||
Term | Section | |||
“Covenant Defeasance” | 8.03 | |||
“Defeased Covenants” | 8.03 | |||
“DTC” | 2.03 | |||
“Event of Default” | 6.01(a) | |||
“Guarantor Liquidity Amount” | 4.16 | |||
“Guarantor Liquidity Assets” | 4.16 | |||
“Guarantor Liquidity Facility” | 4.16 | |||
“incur” or “incurrence” | 4.09(a) | |||
“Legal Defeasance” | 8.02 | |||
“Liquidity Facilities” | 4.16 | |||
“Non-Guarantor Liquidity Amount” | 4.16 | |||
“Non-Guarantor Liquidity Assets” | 4.16 | |||
“Non-Guarantor Liquidity Facility” | 4.16 | |||
“Note Register” | 2.03 | |||
“Offer Amount” | 3.09(b) | |||
“Offer Period” | 3.09(b) | |||
“Pari Passu Indebtedness” | 4.10(c) | |||
“Paying Agent” | 2.03 | |||
“Payment Blockage Period” | 11.03 | |||
“Payment Default” | 11.03 | |||
“Purchase Date” | 3.09(b) | |||
“Redemption Date” | 3.07(a) | |||
“Refinancing Indebtedness” | 4.09(b) | |||
“Refunding Capital Stock” | 4.07(b) | |||
“Registrar” | 2.03 | |||
“Restricted Payments” | 4.07(a) | |||
“Special Redemption” | 3.08(a) | |||
“Special Redemption Amount” | 3.08(a) | |||
“Special Redemption Date” | 3.08(a) | |||
“Successor Company” | 5.01(a) | |||
“Successor Person” | 5.01(c) | |||
“Transfer Agent” | 2.03 | |||
“Treasury Capital Stock” | 4.07(b) | |||
“Trustee Account” | 4.01 |
-33-
-34-
Section 1.05Acts of Holders. |
-35-
-36-
-37-
-38-
-39-
-40-
-41-
-42-
-43-
-44-
-45-
-46-
-47-
-48-
-49-
-50-
-51-
-52-
-53-
-54-
-55-
2017 A Notes | ||||
Year | Percentage | |||
2012 | 106.93750% | |||
2013 | 104.62500% | |||
2014 | 102.31250% | |||
2015 and thereafter | 100.00000% |
-56-
-57-
-58-
-59-
-60-
-61-
-62-
-63-
-64-
-65-
-66-
-67-
-68-
-69-
-70-
-71-
-72-
-73-
-74-
-75-
-76-
-77-
-78-
“Non-Guarantor Liquidity Amount”) and the Company shall cause the Non-Guarantor Liquidity Amount to be maintained at all times. The Liquidity Facilities shall only constitute Liquidity Facilities to the extent all conditions to borrowing thereunder are satisfied (other than any notice of borrowing that may be required) and the amount available under any Liquidity Facility shall be part of the Guarantor Liquidity Amount or the Non-Guarantor Liquidity Amount without duplication. Assets that constitute Guarantor Liquidity Assets shall not also constitute Non-Guarantor Liquidity Assets and vice versa. Notwithstanding the foregoing, the Guarantor Liquidity Assets and the Non-Guarantor Liquidity Assets may be subject to Permitted Liquidity Liens.
-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-
200 East Basse Road
San Antonio, TX 78209
Attention: Brian Coleman, Senior Vice President and Treasurer
Telephone: (210) 832-3311
Facsimile: (210) 832-3432
-106-
1211 Avenue of the Americas
New York, NY
Attention: Jay J. Kim, Esq.
Telephone: (212) 596-9000
Facsimile: (212) 596-9090
60 Livingston Avenue
St. Paul, Minnesota, 55107
Attention: Clear Channel Administrator
Facsimile: (651) 495-8097
-107-
-108-
-109-
-110-
ISSUER: | Clear Channel Worldwide Holdings, Inc. | |||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Executive Vice President, Chief Financial Officer and Secretary | |||
GUARANTORS: | Clear Channel Outdoor Holdings, Inc. | |||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer | |||
Clear Channel Outdoor, Inc. | ||||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer | |||
Clear Channel Adshel, Inc. | ||||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer | |||
1567 Media LLC | ||||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer | |||
Clear Channel Spectacolor, LLC | ||||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer |
GUARANTORS: | Clear Channel Taxi Media, LLC | |||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer | |||
Clear Channel Outdoor Holdings Company Canada | ||||
By: | /s/ Randall T. Mays | |||
Name: | Randall T.Mays | |||
Title: | Chief Financial Officer | |||
Outdoor Management Services, Inc. | ||||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer | |||
In-ter-space Services, Inc. | ||||
By: | /s/ Randall T. Mays | |||
Name: | Randall T. Mays | |||
Title: | Chief Financial Officer |
U.S. BANK NATIONAL ASSOCIATION, as Trustee, Paying Agent, Registrar and Transfer Agent | ||||
By: | /s/ Richard Prokosch | |||
Name: | Richard Prokosch | |||
Title: | Vice President |
A-1
ISIN [ ]1
representing up to
$500,000,000
9.25% Series A Senior Notes due 2017
No. | [$ ] |
as the Issuer
1 | Rule 144A Note CUSIP: 18451QAA6 Rule 144A Note ISIN: US 18451QAA67 Regulation S Note CUSIP: U18294 AA3 Regulation S Note ISIN: USU18294AA32 Exchange Note CUSIP: Exchange Note ISIN: |
A-2
CLEAR CHANNEL WORLDWIDE HOLDINGS, INC., as Issuer | ||||
By: | ||||
Name: | ||||
Title: |
A-3
U.S. BANK NATIONAL ASSOCIATION, as Trustee | ||||
By: | ||||
Authorized Signatory | ||||
A-4
2 | With respect to the Initial Notes |
A-5
A-6
2017 A | ||||
Year | Notes Percentage | |||
2012 | 106.93750% | |||
2013 | 104.62500% | |||
2014 | 102.31250% | |||
2015 and thereafter | 100.00000% |
A-7
A-8
200 East Basse Road
A-9
Attention: Brian Coleman, Senior Vice President and Treasurer
A-10
To assign this 2017 A Note, fill in the form below: |
(I) or (we) assign and transfer this 2017 A Note to: | ||
(Insert assignee’s legal name) |
Date: | ||||
Your Signature: | ||||
(Sign exactly as your name appears on the face of this 2017 A Note) |
Signature Guarantee*: | ||||
* | Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). |
A-11
Date: | ||||
Your Signature: | ||||
(Sign exactly as your name appears on the face of this 2017 A Note) |
Tax Identification No.: | ||||
Signature Guarantee*: | ||||
* | Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). |
A-12
Principal Amount | ||||||||||||||||
of | ||||||||||||||||
Amount of | Amount of increase | this Global Note | Signature of | |||||||||||||
decrease | in Principal | following such | authorized officer | |||||||||||||
Date of | in Principal | Amount of this | decrease or | of Trustee or Note | ||||||||||||
Exchange | Amount | Global Note | increase | Custodian | ||||||||||||
* | This schedule should be included only if the Note is issued in global form |
A-13
200 East Basse Road
San Antonio, TX 78209
Attention: Brian Coleman, Senior Vice President and Treasurer
60 Livingston Avenue
St. Paul, Minnesota, 55107
Attention: Clear Channel Administrator
B-1
B-2
B-3
[Insert Name of Transferor] | ||||
By: | ||||
Name: | ||||
Title: | ||||
Dated: | ||||
B-4
1. | The Transferor owns and proposes to transfer the following: |
(a) | [ ] a beneficial interest in the: |
(i) | [ ] 144A Global Note (CUSIP [ ]), or | ||
(ii) | [ ] Regulation S Global Note (CUSIP [ ]), or |
(b) | [ ] a Restricted Definitive Note. | |
2. | After the Transfer the Transferee will hold: |
(a) | [ ] a beneficial interest in the: |
(i) | [ ] 144A Global Note (CUSIP [ ]), or | ||
(ii) | [ ] Regulation S Global Note (CUSIP [ ]), or | ||
(iii) | [ ] Unrestricted Global Note (CUSIP [ ]); or |
(b) | [ ] a Restricted Definitive Note; or | |
(c) | [ ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture. |
B-5
200 East Basse Road
San Antonio, TX 78209
Attention: Brian Coleman, Senior Vice President and Treasurer
60 Livingston Avenue
St. Paul, Minnesota, 55107
Attention: Clear Channel Administrator
C-1
C-2
[Insert Name of Transferor] | ||||
By: | ||||
Name: | ||||
Title: | ||||
Dated: | ||||
C-3
TO BE DELIVERED BY SUBSEQUENT GUARANTORS]
D-1
D-2
[GUARANTEEING SUBSIDIARY] | ||||
By: | ||||
Name: | ||||
Title: | ||||
U.S Bank National Association, as Trustee | ||||
By: | ||||
Name: | ||||
Title: | ||||
D-3