______________________________________________________________________
______________________________________________________________________
NEWELL CO.,
as Issuer
and
THE CHASE MANHATTAN BANK (NATIONAL ASSOCIATION),
as Trustee
________________________________
INDENTURE
Dated as of November 1, 1995
______________________________
Providing for issuance of Subordinated Debt Securities in Series
______________________________________________________________________
______________________________________________________________________
Cross-Reference Table*
Section of
Trust Indenture
Act of 1939, as amended Section of Indenture
- ----------------------- --------------------
SECTION 310(a)(1) . . . . . . . . . . . . . . . . . . . . . . 607
(a)(2) . . . . . . . . . . . . . . . . . . . . . . . . 607
(a)(3) . . . . . . . . . . . . . . . . . Not Applicable
(a)(4) . . . . . . . . . . . . . . . . . Not Applicable
(b) . . . . . . . . . . . . . . . . . . . . . . 608
SECTION 311(a) . . . . . . . . . . . . . . . . . . . . . . . . . 612
(b) . . . . . . . . . . . . . . . . . . . . . . . . . 612
SECTION 312(a) . . . . . . . . . . . . . . . . . . . . . . . . . 701
(b) . . . . . . . . . . . . . . . . . . . . . . . . . 701
(c) . . . . . . . . . . . . . . . . . . . . . . . . . 701
SECTION 313(a) . . . . . . . . . . . . . . . . . . . . . . . . . 702
(b) . . . . . . . . . . . . . . . . . . . . . . . . . 702
(c) . . . . . . . . . . . . . . . . . . . . . . . . . 702
(d) . . . . . . . . . . . . . . . . . . . . . . . . . 702
SECTION 314(a) . . . . . . . . . . . . . . . . . . . . . . . . . 703
(b) . . . . . . . . . . . . . . . . . . . . Not Applicable
(c)(1) . . . . . . . . . . . . . . . . . . . . . . . . 102
(c)(2) . . . . . . . . . . . . . . . . . . . . . . . . 102
(c)(3) . . . . . . . . . . . . . . . . . . . Not Applicable
(d) . . . . . . . . . . . . . . . . . . . . Not Applicable
(e) . . . . . . . . . . . . . . . . . . . . . . . . . 102
SECTION 315(a) . . . . . . . . . . . . . . . . . . . . . . . . . 602
(b) . . . . . . . . . . . . . . . . . . . . . . . . . 601
(c) . . . . . . . . . . . . . . . . . . . . . . . . . 602
(d) . . . . . . . . . . . . . . . . . . . . . . . . . 602
SECTION 316(a)(1)(A) . . . . . . . . . . . . . . . . . . . . 502, 512
(a)(1)(B) . . . . . . . . . . . . . . . . . . . . . . 513
(a)(2) . . . . . . . . . . . . . . . . . . . Not Applicable
(b) . . . . . . . . . . . . . . . . . . . . . . . . . 508
(c) . . . . . . . . . . . . . . . . . . . 104(e); 1505(a)
SECTION 317(a)(1) . . . . . . . . . . . . . . . . . . . . . . . . 503
(a)(2) . . . . . . . . . . . . . . . . . . . . . . . . 504
(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1003
SECTION 318(a) . . . . . . . . . . . . . . . . . . . . . . . . . 107
- --------------------
*Note: This Cross-Reference Table shall not, for any purpose, be
deemed to be a part of the Indenture.
TABLE OF CONTENTS*
Page
----
Parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Recitals of the Company . . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE ONE
Definitions and Other Provisions of
General Application
SECTION 101. Definitions . . . . . . . . . . . . . . . . . . . . 1
Act . . . . . . . . . . . . . . . . . . . . . . . . 2
Additional Amounts . . . . . . . . . . . . . . . . . 2
Affiliate . . . . . . . . . . . . . . . . . . . . . 2
Authenticating Agent . . . . . . . . . . . . . . . . 2
Authorized Newspaper . . . . . . . . . . . . . . . . 2
Bearer Security . . . . . . . . . . . . . . . . . . 2
Board of Directors . . . . . . . . . . . . . . . . . 2
Board Resolution . . . . . . . . . . . . . . . . . . 2
Business Day . . . . . . . . . . . . . . . . . . . . 2
CEDEL S.A. . . . . . . . . . . . . . . . . . . . . . 3
Commission . . . . . . . . . . . . . . . . . . . . . 3
Company . . . . . . . . . . . . . . . . . . . . . . 3
Company Request; Company Order . . . . . . . . . . . 3
Conversion Event . . . . . . . . . . . . . . . . . . 3
Corporate Trust Office . . . . . . . . . . . . . . . 3
Coupon . . . . . . . . . . . . . . . . . . . . . . . 3
covenant defeasance . . . . . . . . . . . . . . . . 3
Currency . . . . . . . . . . . . . . . . . . . . . . 3
Default . . . . . . . . . . . . . . . . . . . . . . 3
Defaulted Interest . . . . . . . . . . . . . . . . . 4
defeasance . . . . . . . . . . . . . . . . . . . . . 4
Depository . . . . . . . . . . . . . . . . . . . . . 4
Dollar; $ . . . . . . . . . . . . . . . . . . . . . 4
ECU . . . . . . . . . . . . . . . . . . . . . . . . 4
Euroclear . . . . . . . . . . . . . . . . . . . . . 4
European Communities . . . . . . . . . . . . . . . . 4
European Monetary System . . . . . . . . . . . . . . 4
Event of Default . . . . . . . . . . . . . . . . . . 4
Exchange Date . . . . . . . . . . . . . . . . . . . 4
Exchange Rate Agent . . . . . . . . . . . . . . . . 4
Exchange Rate Officer's Certificate . . . . . . . . 4
Federal Bankruptcy Code . . . . . . . . . . . . . . 4
Foreign Currency . . . . . . . . . . . . . . . . . . 4
- ------------------------
*Note: This Table of Contents shall not, for any purpose, be
deemed to be a part of this Indenture.
- iii -
Page
----
Government Obligations . . . . . . . . . . . . . . . 4
Holder . . . . . . . . . . . . . . . . . . . . . . . 5
Indenture . . . . . . . . . . . . . . . . . . . . . 5
Indexed Security . . . . . . . . . . . . . . . . . . 5
Interest . . . . . . . . . . . . . . . . . . . . . . 6
Interest Payment Date . . . . . . . . . . . . . . . 6
Market Exchange Rate . . . . . . . . . . . . . . . . 6
Maturity . . . . . . . . . . . . . . . . . . . . . . 6
Notice of Default . . . . . . . . . . . . . . . . . 6
Officers' Certificate . . . . . . . . . . . . . . . 7
Opinion of Counsel . . . . . . . . . . . . . . . . . 7
Optional Reset Date . . . . . . . . . . . . . . . . 7
Original Issue Discount Security . . . . . . . . . . 7
Outstanding . . . . . . . . . . . . . . . . . . . . 7
Paying Agent . . . . . . . . . . . . . . . . . . . . 7
Person . . . . . . . . . . . . . . . . . . . . . . . 8
Place of Payment . . . . . . . . . . . . . . . . . . 8
Predecessor Security . . . . . . . . . . . . . . . . 8
Redemption Date . . . . . . . . . . . . . . . . . . 8
Redemption Price . . . . . . . . . . . . . . . . . . 8
Registered Security . . . . . . . . . . . . . . . . 9
Regular Record Date . . . . . . . . . . . . . . . . 9
Repayment Date . . . . . . . . . . . . . . . . . . . 9
Repayment Price . . . . . . . . . . . . . . . . . . 9
Reset Notice . . . . . . . . . . . . . . . . . . . . 9
Responsible Officer . . . . . . . . . . . . . . . . 9
Securities . . . . . . . . . . . . . . . . . . . . . 9
Security Register; Securities Registrar . . . . . . 9
Special Record Date . . . . . . . . . . . . . . . . 9
Stated Maturity . . . . . . . . . . . . . . . . . . 9
Subsequent Interest Period . . . . . . . . . . . . . 9
Subsidiary . . . . . . . . . . . . . . . . . . . . . 9
Trust Indenture Act; TIA . . . . . . . . . . . . . . 10
Trustee . . . . . . . . . . . . . . . . . . . . . . 10
United States . . . . . . . . . . . . . . . . . . . 10
United States Person . . . . . . . . . . . . . . . . 10
Vice President . . . . . . . . . . . . . . . . . . . 10
Voting Stock . . . . . . . . . . . . . . . . . . . . 10
Yield to Maturity . . . . . . . . . . . . . . . . . 10
SECTION 102. Compliance Certificates and Opinions . . . . . . . . 11
SECTION 103. Form of Documents Delivered to Trustee . . . . . . . 11
SECTION 104. Acts of Holders . . . . . . . . . . . . . . . . . . 12
- iv -
Page
----
SECTION 105. Notices, etc. to Trustee and Company . . . . . . . . 14
SECTION 106. Notice to Holders; Waiver . . . . . . . . . . . . . 15
SECTION 107. Conflict with Trust Indenture Act . . . . . . . . . 16
SECTION 108. Effect of Headings and Table of Contents . . . . . . 16
SECTION 109. Successors and Assigns . . . . . . . . . . . . . . . 16
SECTION 110. Separability Clause . . . . . . . . . . . . . . . . 16
SECTION 111. Benefits of Indenture . . . . . . . . . . . . . . . 16
SECTION 112. Governing Law . . . . . . . . . . . . . . . . . . . 16
SECTION 113. Legal Holidays . . . . . . . . . . . . . . . . . . . 17
ARTICLE TWO
Security Forms
SECTION 201. Forms Generally . . . . . . . . . . . . . . . . . . 17
SECTION 202. Form of Trustee's Certificate of Authentication . . 18
SECTION 203. Securities Issuable in Global Form . . . . . . . . . 18
ARTICLE THREE
The Securities
SECTION 301. Amount Unlimited; Issuable in Series . . . . . . . . 19
SECTION 302. Denominations . . . . . . . . . . . . . . . . . . . 23
SECTION 303. Execution, Authentication, Delivery and Dating . . . 23
SECTION 304. Temporary Securities . . . . . . . . . . . . . . . . 26
SECTION 305. Registration of Transfer and Exchange . . . . . . . 26
SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities . . 32
SECTION 307. Payment of Interest; Interest Rights Preserved;
Optional Interest Reset . . . . . . . . . . . . . . 33
- v -
Page
----
SECTION 308. Persons Deemed Owners . . . . . . . . . . . . . . . 36
SECTION 309. Cancellation . . . . . . . . . . . . . . . . . . . . 37
SECTION 310. Computation of Interest . . . . . . . . . . . . . . 37
SECTION 311. Securities in Foreign Currencies . . . . . . . . . . 37
SECTION 312. Appointment and Resignation of Successor Exchange
Rate Agent . . . . . . . . . . . . . . . . . . . . . 38
ARTICLE FOUR
Satisfaction and Discharge
SECTION 401. Satisfaction and Discharge of Indenture . . . . . . 38
SECTION 402. Application of Trust Money . . . . . . . . . . . . . 40
ARTICLE FIVE
Remedies
SECTION 501. Events of Default . . . . . . . . . . . . . . . . . 40
SECTION 502. Acceleration of Maturity; Rescission and Annulment . 42
SECTION 503. Collection of Indebtedness and Suits for Enforcement
by Trustee . . . . . . . . . . . . . . . . . . . . . 43
SECTION 504. Trustee May File Proofs of Claim . . . . . . . . . . 44
SECTION 505. Trustee May Enforce Claims Without Possession of
Securities . . . . . . . . . . . . . . . . . . . . . 45
SECTION 506. Application of Money Collected . . . . . . . . . . . 45
SECTION 507. Limitation on Suits . . . . . . . . . . . . . . . . 45
SECTION 508. Unconditional Right of Holders to Receive Principal,
Premium and Interest . . . . . . . . . . . . . . . . 46
SECTION 509. Restoration of Rights and Remedies . . . . . . . . . 46
SECTION 510. Rights and Remedies Cumulative . . . . . . . . . . . 47
- vi -
Page
----
SECTION 511. Delay or Omission Not Waiver . . . . . . . . . . . . 47
SECTION 512. Control by Holders . . . . . . . . . . . . . . . . . 47
SECTION 513. Waiver of Past Defaults . . . . . . . . . . . . . . 47
SECTION 514. Waiver of Stay or Extension Laws . . . . . . . . . . 48
ARTICLE SIX
The Trustee
SECTION 601. Notice of Defaults . . . . . . . . . . . . . . . . . 48
SECTION 602. Certain Rights of Trustee . . . . . . . . . . . . . 49
SECTION 603. Trustee Not Responsible for Recitals or Issuance
of Securities . . . . . . . . . . . . . . . . . . . 50
SECTION 604. May Hold Securities . . . . . . . . . . . . . . . . 50
SECTION 605. Money Held in Trust . . . . . . . . . . . . . . . . 50
SECTION 606. Compensation and Reimbursement . . . . . . . . . . . 51
SECTION 607. Corporate Trustee Required; Eligibility . . . . . . 51
SECTION 608. Resignation and Removal; Appointment of Successor . 52
SECTION 609. Acceptance of Appointment by Successor . . . . . . . 53
SECTION 610. Merger, Conversion, Consolidation or Succession
to Business . . . . . . . . . . . . . . . . . . . . 55
SECTION 611. Appointment of Authenticating Agent . . . . . . . . 55
SECTION 612. Preferential Collection of Claims Against Company . 57
ARTICLE SEVEN
Holders' Lists and Reports by Trustee and Company
SECTION 701. Disclosure of Names and Addresses of Holders . . . . 57
SECTION 702. Reports by Trustee . . . . . . . . . . . . . . . . . 57
- vii -
Page
----
SECTION 703. Reports by Company . . . . . . . . . . . . . . . . . 58
ARTICLE EIGHT
Consolidation, Merger, Conveyance, Transfer or Lease
SECTION 801. Company May Consolidate, etc., Only on Certain
Terms . . . . . . . . . . . . . . . . . . . . . . . 58
SECTION 802. Successor Person Substituted . . . . . . . . . . . . 59
SECTION 803. Assignment of Rights . . . . . . . . . . . . . . . . 59
ARTICLE NINE
Supplemental Indentures
SECTION 901. Supplemental Indentures Without Consent of Holders . 60
SECTION 902. Supplemental Indentures with Consent of Holders . . 61
SECTION 903. Execution of Supplemental Indentures . . . . . . . . 62
SECTION 904. Effect of Supplemental Indentures . . . . . . . . . 62
SECTION 905. Conformity with Trust Indenture Act . . . . . . . . 63
SECTION 906. Reference in Securities to Supplemental Indentures . 63
SECTION 907. Notice of Supplemental Indentures . . . . . . . . . 63
ARTICLE TEN
Covenants
SECTION 1001. Payment of Principal, Premium, if any, and Interest 63
SECTION 1002. Maintenance of Office or Agency . . . . . . . . . . 63
- viii -
Page
----
SECTION 1003. Money for Securities Payments to Be Held in Trust . 65
SECTION 1004. Statement as to Compliance . . . . . . . . . . . . . 66
SECTION 1005. Additional Amounts . . . . . . . . . . . . . . . . . 66
SECTION 1006. Corporate Existence . . . . . . . . . . . . . . . . 67
ARTICLE ELEVEN
Redemption of Securities
SECTION 1101. Applicability of Article . . . . . . . . . . . . . . 68
SECTION 1102. Election to Redeem; Notice to Trustee . . . . . . . 68
SECTION 1103. Selection by Trustee of Securities to Be Redeemed . 68
SECTION 1104. Notice of Redemption . . . . . . . . . . . . . . . . 69
SECTION 1105. Deposit of Redemption Price . . . . . . . . . . . . 70
SECTION 1106. Securities Payable on Redemption Date . . . . . . . 70
SECTION 1107. Securities Redeemed in Part . . . . . . . . . . . . 71
ARTICLE TWELVE
Sinking Funds
SECTION 1201. Applicability of Article . . . . . . . . . . . . . . 72
SECTION 1202. Satisfaction of Sinking Fund Payments with
Securities . . . . . . . . . . . . . . . . . . . . . 72
SECTION 1203. Redemption of Securities for Sinking Fund . . . . . 72
ARTICLE THIRTEEN
Repayment at Option of Holders
SECTION 1301. Applicability of Article . . . . . . . . . . . . . . 74
SECTION 1302. Repayment of Securities . . . . . . . . . . . . . . 74
SECTION 1303. Exercise of Option . . . . . . . . . . . . . . . . . 74
- ix -
Page
----
SECTION 1304. When Securities Presented for Repayment Become Due
and Payable . . . . . . . . . . . . . . . . . . . . 75
SECTION 1305. Securities Repaid in Part . . . . . . . . . . . . . 76
ARTICLE FOURTEEN
Defeasance and Covenant Defeasance
SECTION 1401. Company's Option to Effect Defeasance or Covenant
Defeasance . . . . . . . . . . . . . . . . . . . . . 76
SECTION 1402. Defeasance and Discharge . . . . . . . . . . . . . . 76
SECTION 1403. Covenant Defeasance . . . . . . . . . . . . . . . . 77
SECTION 1404. Conditions to Defeasance or Covenant Defeasance . . 77
SECTION 1405. Deposited Money and Government Obligations to Be
Held in Trust; Other Miscellaneous Provisions . . . 79
SECTION 1406. Reinstatement. . . . . . . . . . . . . . . . . . . . 80
ARTICLE FIFTEEN
Meetings of Holders of Securities
SECTION 1501. Purposes for Which Meetings May Be Called . . . . . 80
SECTION 1502. Call, Notice and Place of Meetings . . . . . . . . . 81
SECTION 1503. Persons Entitled to Vote at Meetings . . . . . . . . 81
SECTION 1504. Quorum; Action . . . . . . . . . . . . . . . . . . . 81
SECTION 1505. Determination of Voting Rights; Conduct and
Adjournment of Meetings . . . . . . . . . . . . . . 83
SECTION 1506. Counting Votes and Recording Action of Meetings . . 83
TESTIMONIUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
- x -
INDENTURE, dated as of November 1, 1995, between Newell Co., a
corporation duly organized and existing under the laws of the State of
Delaware (the "Company") having executive offices located at 29 East
Stephenson Street, Freeport, Illinois 61032-0943, and The Chase
Manhattan Bank (National Association), a national banking association
duly organized and existing under the laws of the United States, as
Trustee (the "Trustee").
RECITALS OF THE COMPANY
The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness (the
"Securities"), to be issued in one or more series as in this Indenture
provided. This Indenture is subject to the provisions of the Trust
Indenture Act of 1939, as amended, that are required to be part of
this Indenture and shall, to the extent applicable, be governed by
such provisions. All things necessary to make this Indenture a valid
agreement of the Company, in accordance with its terms, have been
done.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the
Securities or of any series thereof, as follows:
ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
SECTION 101. Definitions.
For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:
(1) the terms defined in this Article have the meanings assigned
to them in this Article and include the plural as well as
the singular;
(2) all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have
the meanings assigned to them therein, and the terms "cash
transaction" and "self-liquidating paper", as used in TIA
Section 311, shall have the meanings assigned to them in the
rules of the Commission adopted under the Trust Indenture
Act;
(3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with United States
generally accepted accounting principles, and, except as
otherwise herein expressly provided, the term "generally
accepted accounting principles" with respect to any
computation required or permitted hereunder shall mean such
accounting principles as are generally accepted at the date
of such computation; and
(4) the words "herein", "hereof" and "hereunder" and other words
of similar import refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision; and
(5) the word "or" is always used inclusively (for example, the
phrase "A" or "B" means "A or B or both" and not "either A
or B but not both").
Certain terms are defined in certain other Articles hereof
(principally Article Three).
"Act," when used with respect to any Holder, has the meaning specified
in Section 104.
"Additional Amounts" has the meaning specified in Section 1005.
"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" of any specified 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.
"Authenticating Agent" means any Person authorized by the Trustee
pursuant to Section 611 to act on behalf of the Trustee to
authenticate Securities.
"Authorized Newspaper" means a newspaper, in the English language or
in an official language of the country of publication, customarily
published on each Business Day, whether or not published on Saturdays,
Sundays or holidays, and of general circulation in each place in
connection with which the term is used or in the financial community
of each such place. Where successive publications are required to be
made in Authorized Newspapers, such publications may be made in the
same or in different newspapers in the same city meeting the foregoing
requirements and in each case on any Business Day.
"Bearer Security" means any Security except a Registered Security.
"Board of Directors" means either the board of directors of the
Company or any duly authorized committee of such board.
"Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors and to be in full force and effect
on the date of such certification, and delivered to the Trustee.
"Business Day," when used with respect to any Place of Payment or any
other particular location referred to in this Indenture or in the
Securities, means, unless otherwise specified with respect to any
Securities pursuant to Section 301, each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions
in that Place of Payment or other location are authorized or obligated
by law or executive order to close.
- 2 -
"CEDEL S.A." means Cedel Bank, societe anonyme, or its successor.
"Commission" means the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of
1934, as amended, or, if at any time after the execution of this
Indenture such Commission is not existing and performing the duties
now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.
"Company" means the Person named as the "Company" in the first
paragraph of this Indenture until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and
thereafter "Company" shall mean such successor Person.
"Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its Chairman, its Vice Chairman,
its President, any Vice President, its Treasurer or an Assistant
Treasurer, and delivered to the Trustee.
"Conversion Event" means the cessation of use of (i) a Foreign
Currency both by the government of the country which issued such
Currency and by a central bank or other public institution of or
within the international banking community for the settlement of
transactions, (ii) the ECU both within the European Monetary System
and for the settlement of transactions by public institutions of or
within the European Communities or (iii) any currency unit (or
composite currency) other than the ECU for the purposes for which it
was established.
"Corporate Trust Office" means the principal corporate trust office of
the Trustee at which at any particular time its corporate trust
business shall be administered, which office on the date of execution
of this Indenture is located at 4 Chase MetroTech Center, Brooklyn,
New York 11245, Attention: Institutional Trust Group, except that with
respect to presentation of Securities for payment or for registration
of transfer or exchange, such term shall mean the office or agency of
the Trustee at which, at any particular time, its corporate agency
business shall be conducted, which office or agency on the date of
execution of this Indenture is located at One Chase Manhattan Plaza,
Level 1B, New York, New York 10081, Attention: Institutional Trust
Group Window.
"Coupon" means any interest coupon appertaining to a Bearer Security.
"covenant defeasance" has the meaning specified in Section 1403.
"Currency" means any currency or currencies, composite currency or
currency unit or currency units, including, without limitation, the
ECU, issued by the government of one or more countries or by any
recognized confederation or association of such governments as legal
tender for the payment of public and private debts.
"Default" means any event which is, or after notice or passage of time
or both would be, an Event of Default.
- 3 -
"Defaulted Interest" has the meaning specified in Section 307.
"defeasance" has the meaning specified in Section 1402.
"Depository" means, with respect to any Security issuable or issued in
the form of one or more global Securities, the Person designated as
Depository by the Company in or pursuant to this Indenture, which
Person must be, to the extent required by applicable law or
regulation, a clearing agency registered under the Securities Exchange
Act of 1934, as amended, and, if so provided with respect to any
Security, any successor to such Person. If at any time there is more
than one such Person, "Depository" shall mean, with respect to any
Securities, the qualifying entity which has been appointed with
respect to such Securities.
"Dollar" or "$" means a dollar or other equivalent unit in such coin
or currency of the United States of America as at the time shall be
legal tender for the payment of public and private debts.
"ECU" means the European Currency Unit as defined and revised from
time to time by the Council of the European Communities.
"Euroclear" means Morgan Guaranty Trust Company of New York, Brussels
Office, or its successor as operator of the Euroclear System.
"European Communities" means the European Economic Community, the
European Coal and Steel Community and the European Atomic Energy
Community.
"European Monetary System" means the European Monetary System
established by the Resolution of December 5, 1978 of the Council of
the European Communities.
"Event of Default" has the meaning specified in Section 501.
"Exchange Date" has the meaning specified in Section 304.
"Exchange Rate Agent" means, with respect to Securities of or within
any series, unless otherwise specified with respect to any Securities
pursuant to Section 301, a New York Clearing House bank, designated
pursuant to Section 301 or Section 312.
"Exchange Rate Officer's Certificate" means a tested telex, facsimile
(with copy to follow by U.S. Mail) or a certificate setting forth (i)
the applicable Market Exchange Rate and (ii) the Dollar or Foreign
Currency amounts of principal (and premium, if any) and interest, if
any (on an aggregate basis and on the basis of a Security having the
lowest denomination principal amount determined in accordance with
Section 302 in the relevant Currency), payable with respect to a
Security of any series on the basis of such Market Exchange Rate, sent
(in the case of a telex) or signed (in the case of a facsimile or
certificate) by the Treasurer, any Vice President or any Assistant
Treasurer of the Company.
"Federal Bankruptcy Code" means the Bankruptcy Act of Title 11 of the
United States Code, as amended from time to time.
- 4 -
"Foreign Currency" means any Currency other than Currency of the
United States.
"Government Obligations" means, unless otherwise specified with
respect to any series of Securities pursuant to Section 301,
securities which are (i) direct obligations of the government or
governments which issued the Currency in which the Securities of a
particular series are payable or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality
of the government or governments which issued the Currency in which
the Securities of such series are payable, the payment of which is
unconditionally guaranteed by such government or governments, which,
in either case, are full faith and credit obligations of such
government or governments payable in such Currency and are not
callable or redeemable at the option of the issuer or issuers thereof
and shall also include a depository receipt issued by a bank or trust
company as custodian with respect to any such Government Obligation or
a specific payment of interest on or principal of or other amount with
respect to any such Government Obligation held by such custodian for
the account of the holder of a depository 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 depository
receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or
principal of or other amount with respect to the Government Obligation
evidenced by such depository receipt.
"Holder" means, in the case of a Registered Security, the Person in
whose name a Security is registered in the Security Register and, in
the case of a Bearer Security, the bearer thereof and, when used with
respect to any Coupon, shall mean the bearer thereof.
"Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions
hereof, and shall include the terms of particular series of Securities
established as contemplated by Section 301; provided, however, that,
if at any time more than one Person is acting as Trustee under this
instrument, "Indenture" shall mean, with respect to any one or more
series of Securities for which such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof and shall include the
terms of particular series of Securities for which such Person is
Trustee established as contemplated by Section 301, exclusive,
however, of any provisions or terms which relate solely to other
series of Securities for which such Person is not Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any
provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had
become such Trustee but to which such Person, as such Trustee, was not
a party.
"Indexed Security" means a Security the terms of which provide that
the principal amount thereof payable at Stated Maturity and/or
interest to be paid thereon may be determined by reference to the
- 5 -
exchange rate of one or more specified Currencies relative to an index
or one or more equity or other indices and/or formulae or the price of
one or more specified commodities or by such other methods or formulae
as may be determined in accordance with this Indenture.
"Interest," when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, means
interest payable after Maturity at the rate prescribed in such
Original Issue Discount Security.
"Interest Payment Date," when used with respect to any Security, means
the Stated Maturity of an installment of interest on such Security.
"Market Exchange Rate" means, unless otherwise specified with respect
to any Securities pursuant to Section 301, (i) for any conversion
involving a currency unit on the one hand and Dollars or any Foreign
Currency on the other, the exchange rate between the relevant currency
unit and Dollars or such Foreign Currency calculated by the method
specified pursuant to Section 301 for the Securities of the relevant
series, (ii) for any conversion of Dollars into any Foreign Currency,
the noon (New York City time) buying rate for such Foreign Currency
for cable transfers quoted in New York City as certified for customs
purposes by the Federal Reserve Bank of New York and (iii) for any
conversion of one Foreign Currency into Dollars or another Foreign
Currency, the spot rate at noon local time in the relevant market at
which, in accordance with normal banking procedures, the Dollars or
Foreign Currency into which conversion is being made could be
purchased with the Foreign Currency from which conversion is being
made from major banks located in either New York City, London or any
other principal market for Dollars or such purchased Foreign Currency,
in each case determined by the Exchange Rate Agent. Unless otherwise
specified with respect to any Securities pursuant to Section 301, in
the event of the unavailability of any of the exchange rates provided
for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate
Agent shall use, in its sole discretion and without liability on its
part, such quotation of the Federal Reserve Bank of New York as of the
most recent available date, or quotations from one or more major banks
in New York City, London or another principal market for the Currency
in question, or such other quotations as the Exchange Rate Agent shall
deem appropriate. Unless otherwise specified by the Exchange Rate
Agent, if there is more than one market for dealing in any Currency by
reason of foreign exchange regulations or otherwise, the market to be
used in respect of such Currency shall be that upon which a
non-resident issuer of securities designated in such Currency would
purchase such Currency in order to make payments in respect of such
securities.
"Maturity," when used with respect to any Security, means the date on
which the principal of such Security or an installment of principal
becomes due and payable as provided in or pursuant to this Indenture,
whether at the Stated Maturity or by declaration of acceleration,
notice of redemption, notice of option to elect repayment or
otherwise.
"Notice of Default" has the meaning specified in Section 501(4).
- 6 -
"Officers' Certificate" means a certificate signed by the Chairman,
the Vice Chairman, the President or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary of the Company, and delivered to the Trustee.
"Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company, including an employee of the Company.
"Optional Reset Date" has the meaning specified in Section 307(b).
"Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and
payable upon acceleration of the Maturity thereof pursuant to Section
502.
"Outstanding," when used with respect to Securities, means, as of the
date of determination, all Securities theretofore authenticated and
delivered under this Indenture except:
(i) Securities theretofore cancelled by the Trustee or delivered
to the Trustee for cancellation;
(ii) Securities, or portions thereof, for whose payment or
redemption or repayment money in the necessary amount has
been theretofore deposited with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and
segregated in trust by the Company (if the Company shall act
as its own Paying Agent) for the Holders of such Securities
and any Coupons appertaining thereto; provided that, if such
Securities are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made;
(iii) Securities, except to the extent provided in Sections
1402 and 1403, with respect to which the Company has
effected defeasance and/or covenant defeasance as
provided herein; and
(iv) Securities which have been paid pursuant to Section 306 or
in exchange for or in lieu of which other Securities have
been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there
shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser
in whose hands such Securities are valid obligations of the
Company;
provided, however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given
any request, demand, authorization, direction, notice, consent or
waiver hereunder or are present at a meeting of Holders for quorum
purposes, and for the purpose of making the calculations required by
TIA Section 313, (a) the principal amount of an Original Issue
Discount Security that may be counted in making such determination or
calculation and that shall be deemed to be Outstanding for such
purpose shall be equal to the amount of principal thereof that would
- 7 -
be (or shall have been declared to be) due and payable, at the time of
such determination, upon acceleration of the maturity thereof pursuant
to Section 502, (b) the principal amount of any Indexed Security that
may be counted in making such determination or calculation and that
shall be deemed outstanding for such purpose shall be equal to the
principal face amount of such Indexed Security at original issuance,
unless otherwise provided with respect to such Security pursuant to
Section 301, and (c) Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such
other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in
making such determination or calculation or in relying upon any such
request, demand, authorization, direction, notice, consent or waiver,
only Securities which a Responsible Officer of the Trustee actually
knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Securities and that the
pledgee is not the Company or any other obligor upon the Securities or
any Affiliate of the Company or such other obligor.
"Paying Agent" means any Person (including the Company acting as
Paying Agent) authorized by the Company to pay the principal of (or
premium, if any, on) or interest on any Securities on behalf of the
Company.
"Person" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political
subdivision thereof.
"Place of Payment" means, when used with respect to the Securities of
or within any series, the place or places where the principal of (and
premium, if any, on) and interest on such Securities are payable as
specified pursuant to Sections 301 and 1002.
"Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 306
in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security or a Security to which a mutilated, destroyed, lost or stolen
Coupon appertains shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security or the Security to which
the mutilated, destroyed, lost or stolen Coupon appertains, as the
case may be.
"Redemption Date," when used with respect to any Security to be
redeemed, in whole or in part, means the date fixed for such
redemption by or pursuant to this Indenture.
"Redemption Price," when used with respect to any Security or portion
thereof to be redeemed, means the price at which it is to be redeemed
pursuant to this Indenture.
- 8 -
"Registered Security" means any Security registered in the Security
Register.
"Regular Record Date" for the interest payable on any Interest Payment
Date on the Registered Securities of or within any series means the
date specified for that purpose as contemplated by Section 301.
"Repayment Date" means, when used with respect to any Security to be
repaid at the option of the Holder, the date fixed for such repayment
pursuant to this Indenture.
"Repayment Price" means, when used with respect to any Security to be
repaid at the option of the Holder, the price at which it is to be
repaid pursuant to this Indenture.
"Reset Notice" has the meaning specified in Section 307(b).
"Responsible Officer," when used with respect to the Trustee, means
any vice president, any assistant secretary, any assistant treasurer,
any trust officer or any assistant trust officer within the Corporate
Trust Office or any other officer of the Trustee customarily
performing functions similar to those performed by any of the
above-designated officers, and also means, with respect to a
particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with
the particular subject.
"Securities" has the meaning stated in the first recital of this
Indenture and more particularly means any Securities authenticated and
delivered under this Indenture; provided, however, that if at any time
there is more than one Person acting as Trustee under this Indenture,
"Securities" with respect to the Indenture as to which such Person is
Trustee shall have the meaning stated in the first recital of this
Indenture and shall more particularly mean Securities authenticated
and delivered under this Indenture, exclusive, however, of Securities
of any series as to which such Person is not Trustee.
"Security Register" and "Security Registrar" have the respective
meanings specified in Section 305.
"Special Record Date" for the payment of any Defaulted Interest on the
Registered Securities of or within any series means a date fixed by
the Trustee pursuant to Section 307.
"Stated Maturity," when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date
specified in such Security or a Coupon representing such installment
of interest as the fixed date on which the principal of such Security
or such installment of principal or interest is due and payable.
"Subsequent Interest Period" has the meaning specified in Section
307(b).
"Subsidiary" means any corporation of which at the time of
determination the Company, directly and/or indirectly through one or
- 9 -
more Subsidiaries, owns or controls directly or indirectly more than
50% of the shares of Voting Stock.
"Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939
as in force at the date as of which this Indenture was executed;
provided, however, that in the event the Trust Indenture Act of 1939
is amended after such date, "Trust Indenture Act" or "TIA" shall mean,
to the extent required by any such amendment, the Trust Indenture Act
of 1939 as so amended.
"Trustee" means the Person named as the "Trustee" in the first
paragraph of this Indenture until a successor Trustee shall have
become such with respect to one or more series of Securities pursuant
to the applicable provisions of this Indenture, and thereafter
"Trustee" shall mean or include each Person who is then a Trustee
hereunder; provided, however, that if at any time there is more than
one such Person, "Trustee" as used with respect to the Securities of
any series shall mean only the Trustee with respect to Securities of
that series.
"United States" means, unless otherwise specified with respect to any
Securities pursuant to Section 301, the United States of America
(including the states and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction.
"United States Person" means, unless otherwise specified with respect
to any Securities pursuant to Section 301, an individual who is a
citizen or resident of the United States, a corporation, partnership
or other entity created or organized in or under the laws of the
United States or an estate or trust the income of which is subject to
United States federal income taxation regardless of its source.
"Vice President," when used with respect to the Company or the
Trustee, means any vice president, whether or not designated by a
number or a word or words added before or after the title "vice
president".
"Voting Stock" means stock of the class or classes having general
voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees of a corporation
(irrespective of whether or not at the time stock of any other class
or classes shall have or might have voting power by reason of the
happening of any contingency).
"Yield to Maturity" means the yield to maturity, computed at the time
of issuance of a Security (or, if applicable, at the most recent
redetermination of interest on such Security) and as set forth in such
Security in accordance with generally accepted United States bond
yield computation principles.
- 10 -
SECTION 102. Compliance Certificates and Opinions.
Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate stating that all
conditions precedent, if any, provided for in this Indenture
(including any covenant compliance with which constitutes a condition
precedent) relating to the proposed action have been complied with and
an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished. Every
certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture shall include: (1) a
statement that each individual signing such certificate or opinion has
read such covenant or condition and the definitions herein relating
thereto; (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; (3) a statement
that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition
has been complied with; and (4) a statement as to whether, in the
opinion of each such individual, such covenant or condition has been
complied with.
SECTION 103. Form of Documents Delivered to Trustee.
In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only
one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such
matters in one or several documents. Any certificate or opinion of an
officer of the Company may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by,
counsel, unless such officer knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate or Opinion of Counsel or
representation by counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company stating that the information
with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations
with respect to such matters are erroneous. Where any Person is
required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form
one instrument.
- 11 -
SECTION 104. Acts of Holders.
(a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture
to be given or taken by Holders of the Outstanding
Securities of all series or one or more series, as the case
may be, may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such
Holders in person or by agents duly appointed in writing.
If Securities of a series are issuable as Bearer Securities,
any request, demand, authorization, direction, notice,
consent, waiver or other action provided by or pursuant to
this Indenture to be given or taken by Holders of Securities
of such series may, alternatively, be embodied in and
evidenced by the record of Holders of Securities of such
series voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Holders
of Securities of such series duly called and held in
accordance with the provisions of Article Fifteen, or a
combination of such instruments and any such record. Except
as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument
or instruments and any such record (and the action embodied
therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Holders signing such instrument or
instruments or so voting at any such meeting. Proof of
execution of any such instrument or of a writing appointing
any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this
Indenture and (subject to Section 315 of the TIA) conclusive
in favor of the Trustee and the Company, if made in the
manner provided in this Section. The record of any meeting
of Holders of Securities shall be proved in the manner
provided in Section 1506.
Without limiting the generality of this Section 104, unless
otherwise provided in or pursuant to this Indenture, a
Holder, including a U.S. Depository that is a Holder of a
global Security, may make, give or take, by a proxy, or
proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other
action provided in or pursuant to this Indenture to be made,
given or taken by Holders, and a U.S. Depository that is a
Holder of a global Security may provide its proxy or proxies
to the beneficial owners of interests in any such global
Security through such U.S. Depository's standing
instructions and customary practices.
The Trustee shall fix a record date for the purpose of
determining the Persons who are beneficial owners of
interest in any permanent global Security held by a U.S.
Depository entitled under the procedures of such U.S.
Depository to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization,
- 12 -
direction, notice, consent, waiver or other action provided
in or pursuant to this Indenture to be made, given or taken
by Holders. If such a record date is fixed, the Holders on
such record date or their duly appointed proxy or proxies,
and only such Persons, shall be entitled to make, give or
take such request, demand, authorization, direction, notice,
consent, waiver or other action, whether or not such Holders
remain Holders after such record date. No such request,
demand, authorization, direction, notice, consent, waiver or
other action shall be valid or effective if made, given or
taken more than 90 days after such record date.
(b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary
public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the
execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity,
such certificate or affidavit shall also constitute
sufficient proof of authority. The fact and date of the
execution of any such instrument or writing, or the
authority of the Person executing the same, may also be
proved in any other manner which the Trustee deems
sufficient.
(c) The ownership, principal amount and serial numbers of
Registered Securities held by any Person, and the date of
holding the same, shall be proved by the Security Register.
(d) The ownership, principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the
same, may be proved by the production of such Bearer
Securities or by a certificate executed, as depositary, by
any trust company, bank, banker or other depositary,
wherever situated, if such certificate shall be deemed by
the Trustee to be satisfactory, showing that at the date
therein mentioned such Person had on deposit with such
depositary, or exhibited to it, the Bearer Securities
therein described; or such facts may be proved by the
certificate or affidavit of the Person holding such Bearer
Securities, if such certificate or affidavit is deemed by
the Trustee to be satisfactory. The Trustee and the Company
may assume that such ownership of any Bearer Security
continues until (1) another certificate or affidavit bearing
a later date issued in respect of the same Bearer Security
is produced, or (2) such Bearer Security is produced to the
Trustee by some other Person, or (3) such Bearer Security is
surrendered in exchange for a Registered Security, or (4)
such Bearer Security is no longer Outstanding. The
ownership, principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the
same, may also be proved in any other manner which the
Trustee deems sufficient.
- 13 -
(e) If the Company shall solicit from the Holders of Registered
Securities any request, demand, authorization, direction,
notice, consent, waiver or other Act, the Company may, at
its option, by or pursuant to a Board Resolution, fix in
advance a record date for the determination of Holders
entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. Notwithstanding
TIA Section 316(c), such record date shall be the record
date specified in or pursuant to such Board Resolution,
which shall be a date not earlier than the date thirty (30)
days prior to the first solicitation of Holders generally in
connection therewith and not later than the date such
solicitation is completed. If such a record date is fixed,
such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the
close of business on such record date shall be deemed to be
Holders for the purposes of determining whether Holders of
the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other
Act, and for that purpose the Outstanding Securities shall
be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such
record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not
later than eleven months after the record date.
(f) Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security
shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done
by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.
SECTION 105. Notices, etc. to Trustee and Company.
Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, (1)
the Trustee by any Holder or by the Company shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing
by hand, telecopier (with confirmation of receipt) or certified or
registered mail (confirmation of receipt requested) to or with the
Trustee at its Corporate Trust Office, telecopier number (718) 242-
5886 or at any other address (or telecopier number) as may be
furnished in writing to the Company and the Holders by the Trustee, or
(2) the Company by the Trustee or by any Holder shall be sufficient
for every purpose hereunder (unless otherwise herein expressly
provided) if made, given, furnished or filed in writing by hand,
telecopier (with confirmation of receipt) or certified or registered
mail (confirmation of receipt requested) to or with the Company
addressed to it at the address of its executive office specified in
- 14 -
the first paragraph of this Indenture, telecopier number (815) 233-
8060, or at any other address (or telecopier number) as may be
previously furnished in writing to the Trustee and the Holders by the
Company.
SECTION 106. Notice to Holders; Waiver.
Where this Indenture provides for notice of any event to Holders of
Registered Securities by the Company or the Trustee, such notice shall
be sufficiently given (unless otherwise expressly provided in or
pursuant to this Indenture) if in writing and mailed, first-class
postage prepaid, to each such Holder affected by such event, at his
address as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Holders of
Registered Securities is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to
other Holders of Registered Securities or the sufficiency of any
notice to Holders of Bearer Securities given as provided. Any notice
mailed to a Holder in the manner herein prescribed shall be
conclusively deemed to have been received by such Holder, whether or
not such Holder actually receives such notice. In case, by reason of
the suspension of or irregularities in regular mail service or by
reason of any other cause, it shall be impractical to mail notice of
any event to Holders of Registered Securities when such notice is
required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be satisfactory to the
Trustee shall be deemed to be sufficient giving of such notice for
every purpose hereunder. Except as otherwise expressly provided
herein or otherwise specified with respect to any Securities pursuant
to Section 301, where this Indenture provides for notice to Holders of
Bearer Securities of any event, such notice shall be sufficiently
given to Holders of Bearer Securities if published in an Authorized
Newspaper in The City of New York and in such other city or cities as
may be specified in such Securities and, if such Securities are then
listed on any stock exchange outside the United States, in an
Authorized Newspaper in such city as the Company shall advise the
Trustee that such stock exchange so requires, on a Business Day at
least twice, the first such publication to be not earlier than the
earliest date, and not later than the latest date, prescribed for the
giving of such notice. Any such notice shall be deemed to have been
given on the date of the first such publication. In case by reason of
the suspension of publication of any Authorized Newspaper or
Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearer Securities as
provided above, then such notification to Holders of Bearer Securities
as shall be given with the approval of the Trustee shall constitute
sufficient notice to such Holders for every purpose hereunder.
Neither the failure to give notice by publication to Holders of Bearer
Securities as provided above, nor any defect in any notice so
published, shall affect the sufficiency of any notice to Holders of
Registered Securities given as provided herein. Any request, demand,
authorization, direction, notice, consent or waiver required or
permitted under this Indenture shall be in the English language,
except that, if the Company so elects, any published notice may be in
- 15 -
an official language of the country of publication. Where this
Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.
SECTION 107. Conflict with Trust Indenture Act.
If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under the Trust
Indenture Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be.
SECTION 108. Effect of Headings and Table of Contents.
The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.
SECTION 109. Successors and Assigns.
All covenants and agreements in this Indenture by the Company shall
bind its successors and assigns, whether so expressed or not.
SECTION 110. Separability Clause.
In case any provision in this Indenture or in any Security or Coupon
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.
SECTION 111. Benefits of Indenture.
Nothing in this Indenture or in the Securities or Coupons, express or
implied, shall give to any Person, other than the parties hereto, any
Authenticating Agent, any Paying Agent, any Securities Registrar and
their successors hereunder and the Holders of Securities or Coupons,
any benefit or any legal or equitable right, remedy or claim under
this Indenture.
SECTION 112. Governing Law.
THIS INDENTURE AND THE SECURITIES AND COUPONS SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. THIS
INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TRUST INDENTURE ACT OF
1939, AS AMENDED, THAT ARE REQUIRED TO BE PART OF THIS INDENTURE AND
SHALL, TO THE EXTENT APPLICABLE, BE GOVERNED BY SUCH PROVISIONS.
- 16 -
SECTION 113. Legal Holidays.
Unless otherwise provided as contemplated by Section 301, in any case
where any Interest Payment Date, Redemption Date or Stated Maturity or
Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture
or of any Security or Coupon other than a provision in the Securities
of any series which specifically states that such provision shall
apply in lieu of this Section) payment of interest or principal (and
premium, if any) need not be made at such Place of Payment on such
date, but may be made on the next succeeding Business Day at such
Place of Payment with the same force and effect as if made on the
Interest Payment Date or Redemption Date, or at the Stated Maturity or
Maturity; provided that no interest shall accrue for the period from
and after such Interest Payment Date, Redemption Date, Stated Maturity
or Maturity, as the case may be, to such Business Day.
ARTICLE TWO
SECURITY FORMS
SECTION 201. Forms Generally.
The Registered Securities, if any, of each series and the Bearer
Securities, if any, of each series and related Coupons shall be in the
form as shall be established by or pursuant to a Board Resolution or
in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations
as are required or permitted by or pursuant to this Indenture or any
indenture supplemental hereto, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed
thereon as may be required to comply with any law or the rules of any
securities exchange or as may, consistently herewith, be determined by
the officers executing such Securities or Coupons as evidenced by
their execution of the Securities or Coupons. If the forms of
Securities or Coupons of any series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 303 for the
authentication and delivery of such Securities or Coupons. Any
portion of the text of any Security may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of the
Security. Unless otherwise specified as contemplated by Section 301,
Securities in bearer form shall have Coupons attached. The Trustee's
certificate of authentication on all Securities shall be in
substantially the form set forth in this Article. The definitive
Securities or Coupons shall be printed, lithographed or engraved on
steel-engraved borders or may be produced in any other manner, all as
determined by the officers of the Company executing such Securities or
Coupons, as evidenced by their execution of such Securities or
Coupons.
- 17 -
SECTION 202. Form of Trustee's Certificate of Authentication.
Subject to Section 611, the Trustee's certificate of authentication
shall be in substantially the following form:
This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.
The Chase Manhattan Bank (National
Association), as Trustee
By:______________________________________
Authorized Officer
SECTION 203. Securities Issuable in Global Form.
If Securities of or within a series are issuable in global form, as
specified as contemplated by Section 301, then any such Security shall
represent such of the Outstanding Securities of such series as shall
be specified therein and may provide that it shall represent the
aggregate amount of Outstanding Securities of such series from time to
time endorsed thereon and that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be
increased or decreased to reflect exchanges. Any endorsement of a
Security in global form to reflect the amount, or any increase or
decrease in the amount, of Outstanding Securities represented thereby
shall be made by the Trustee in such manner and upon instructions
given by such Person or Persons as shall be specified therein or in
the Company Order to be delivered to the Trustee pursuant to Section
303 or Section 304. Subject to the provisions of Section 303 and, if
applicable, Section 304, the Trustee shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions
given by the Person or Persons specified therein or in the applicable
Company Order. If a Company Order pursuant to Section 303 or Section
304 has been, or simultaneously is, delivered, any instructions by the
Company with respect to endorsement or delivery or redelivery of a
Security in global form shall be in writing but need not comply with
Section 102 and need not be accompanied by an Opinion of Counsel. The
provisions of the last sentence of Section 303 shall apply to any
Security represented by a Security in global form if such Security was
never issued and sold by the Company and the Company delivers to the
Trustee the Security in global form together with written instructions
(which need not comply with Section 102 and need not be accompanied by
an Opinion of Counsel) with regard to the reduction in the principal
amount of Securities represented thereby, together with the written
statement contemplated by the last sentence of Section 303. Unless
otherwise specified as contemplated by Section 301, payment of
principal of and any premium and interest on any Security in permanent
global form shall be made to the Depository therefor, and the
Company, the Trustee and any agent of the Company and the Trustee
shall treat, for all purposes whatsoever, such Depository as the
Holder of such Security.
- 18 -
ARTICLE THREE
THE SECURITIES
SECTION 301. Amount Unlimited; Issuable in Series.
The aggregate principal amount of Securities which may be
authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series. There shall be
established in one or more Board Resolutions or pursuant to authority
granted by one or more Board Resolutions and, subject to Section 303,
set forth in, or determined in the manner provided in, an Officers'
Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, any or all
of the following, as applicable (each of which (except for the matters
set forth in clauses (1), (2) and (19) below), if so provided, may be
determined from time to time by the Company with respect to unissued
Securities of the series and set forth in such Securities of the
series when issued from time to time):
(1) the title of the Securities of the series (which shall
distinguish the Securities of the series from all other
series of Securities);
(2) any limit upon the aggregate principal amount of the
Securities of the series that may be authenticated and
delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of
the series pursuant to Section 304, 305, 306, 906, 1107 or
1305 or the terms of such Securities);
(3) the date or dates, or the method by which such date or dates
will be determined or extended, on which the principal of
the Securities of the series is payable;
(4) the rate or rates at which the Securities of the series
shall bear interest, if any, or the method by which such
rate or rates shall be determined, the date or dates from
which such interest shall accrue, or the method by which
such date or dates shall be determined, the Interest Payment
Dates on which such interest shall be payable and the
Regular Record Date, if any, for the interest payable on any
Registered Security on any Interest Payment Date, or the
method by which such date or dates shall be determined, and
the basis upon which interest shall be calculated if other
than on the basis of a 360-day year of twelve 30-day months;
(5) the rights, if any, to defer payments of interest on the
Securities by extending the interest payment periods and the
duration of such extension;
(6) the subordination terms of the Securities of the series;
(7) the place or places, if any, other than or in addition to
The City of New York, where the principal of (and premium,
- 19 -
if any, on) and any interest on Securities of the series
shall be payable, any Registered Securities of the series
may be surrendered for registration of transfer, Securities
of the series may be surrendered for exchange and, if
different than the location specified in Section 106, the
place or places where notices or demands to or upon the
Company in respect of the Securities of the series and this
Indenture may be served;
(8) the period or periods within which, the price or prices at
which, the Currency in which, and other terms and conditions
upon which Securities of the series may be redeemed, in
whole or in part, at the option of the Company, if the
Company is to have that option;
(9) the obligation, if any, of the Company to redeem, repay or
purchase Securities of the series pursuant to any sinking
fund or analogous provision or at the option of a Holder
thereof, and the period or periods within which, the price
or prices at which, the Currency in which, and other terms
and conditions upon which Securities of the series shall be
redeemed, repaid or purchased, in whole or in part, pursuant
to such obligation and any provision for the remarketing of
any Securities that are so redeemed, repaid or purchased;
(10) if other than denominations of $25 and any integral multiple
thereof, the denomination or denominations in which any
Registered Securities of the series shall be issuable and,
if other than the denomination of $5,000, the denomination
or denominations in which any Bearer Securities of the
series shall be issuable;
(11) if other than the Trustee, the identity of each Security
Registrar and/or Paying Agent;
(12) if other than the principal amount thereof, the portion of
the principal amount of Securities of the series that shall
be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 502 or the method by which such
portion shall be determined;
(13) if other than Dollars, the Currency in which payment of the
principal of (and premium, if any, on) or interest, if any,
on the Securities of the series shall be payable or in which
the Securities of the series shall be denominated and the
particular provisions applicable thereto;
(14) whether the amount of payments of principal of (and premium,
if any, on) or interest on the Securities of the series may
be determined with reference to an index, formula or other
method (which index, formula or method may be based, without
limitation, on one or more Currencies, commodities, equity
indices or other indices), and the manner in which such
amounts shall be determined;
- 20 -
(15) whether the principal of (and premium, if any, on) and
interest, if any, on the Securities of the series are to be
payable, at the election of the Company or a Holder thereof,
in a Currency other than that in which such Securities are
denominated or stated to be payable, the period or periods
within which, and the terms and conditions upon which, such
election may be made, and the time and manner of determining
the exchange rate between the Currency in which such
Securities are denominated or stated to be payable and the
Currency in which such Securities are to be so payable;
(16) the designation of the initial Exchange Rate Agent, if any;
(17) any provisions in modification of, in addition to or in lieu
of the provisions of Article Fourteen that shall be
applicable to the Securities of the series;
(18) provisions, if any, granting special rights to the Holders
of Securities of the series upon the occurrence of such
events as may be specified;
(19) any deletions from, modifications of or additions to the
Events of Default or covenants of the Company with respect
to Securities of the series, whether or not such Events of
Default or covenants are consistent with the Events of
Default or covenants set forth herein;
(20) whether any Securities of the series are to be issuable as
Registered Securities, Bearer Securities (with or without
Coupons) or both, any restrictions applicable to the offer,
sale or delivery of Bearer Securities, whether any
Securities of the series are to be issuable initially in
temporary global form and whether any Securities of the
series are to be issuable in permanent global form with or
without Coupons and, if so, whether beneficial owners of
interests in any such permanent global Security may exchange
such interests for Securities of such series and of like
tenor of any authorized form and denomination and the
circumstances under which any such exchanges may occur, if
other than in the manner provided in Section 305, whether
Registered Securities of the series may be exchanged for
Bearer Securities of the series (if permitted by applicable
laws and regulations), whether Bearer Securities of the
series may be exchanged for Registered Securities of the
series, and the circumstances under which and the place or
places where such exchanges may be made and if Securities of
the series are to be issuable in global form, the identity
of any initial depositary therefor; provided, that, unless
otherwise provided pursuant to this Section 301, the
Securities shall be issued as Registered Securities;
(21) the date as of which any Bearer Securities of the series and
any temporary global Security representing Outstanding
Securities of the series shall be dated if other than the
date of original issuance of the first Security of the
series to be issued;
- 21 -
(22) the Person to whom any interest on any Registered Security
of the series shall be payable, if other than the Person in
whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the
Regular Record Date for such interest, the manner in which,
or the Person to whom, any interest on any Bearer Security
of the series shall be payable, if otherwise than upon
presentation and surrender of the Coupons appertaining
thereto as they severally mature, and the extent to which,
or the manner in which, any interest payable on a temporary
global Security on an Interest Payment Date will be paid if
other than in the manner provided in Section 304;
(23) if Securities of the series are to be issuable in definitive
form (whether upon original issue or upon exchange of a
temporary Security of such series) only upon receipt of
certain certificates or other documents or satisfaction of
other conditions, the form and/or terms of such
certificates, documents or conditions;
(24) whether and under what circumstances the Company will pay
Additional Amounts as contemplated by Section 1005 on the
Securities of the series to any Holder (including any
modification to the definition of such term) in respect of
any tax, assessment or governmental charge and, if so,
whether the Company will have the option to redeem such
Securities rather than pay such Additional Amounts (and the
terms of any such option);
(25) if the Securities of the series are to be convertible into
or exchangeable for any securities of any Person (including
the Company), the terms and conditions upon which such
Securities will be so convertible or exchangeable; and
(26) any other terms, conditions, rights and preferences (or
limitations on such rights and preferences) relating to the
series (which terms shall not be inconsistent with the
requirements of the Trust Indenture Act or the provisions of
this Indenture).
All Securities of any one series and the Coupons appertaining to any
Bearer Securities of such series shall be substantially identical
except as to denomination, Currency of payments due thereunder, the
rate or rates of interest (if any) payable thereon and Stated Maturity
and except as may otherwise be provided in or pursuant to such Board
Resolution (subject to Section 303) and set forth in such Officers'
Certificate or in any such indenture supplemental hereto. Not all
Securities of any one series need be issued at the same time, and,
unless otherwise provided, a series may be reopened for issuances of
additional Securities of such series. If any of the terms of the
Securities or Coupons of any series are established by action that is
specified in or authorized by one or more Board Resolutions and such
action is to be taken at or prior to the delivery of the Officers'
Certificate setting forth the terms of such series of Securities or
the manner in which such terms are to be determined or established,
then a copy of an appropriate record of such action(s) shall be
- 22 -
certified by the Secretary or an Assistant Secretary of the Company
and delivered to the Trustee at or prior to the delivery of the
Officers' Certificate setting forth the terms of such series of
Securities or the manner in which such terms are to be determined or
established.
SECTION 302. Denominations.
The Securities of each series shall be issuable in such denominations
as shall be specified as contemplated by Section 301. With respect to
Securities of any series denominated in Dollars, in the absence of any
such provisions, the Registered Securities of such series, other than
Registered Securities issued in global form (which may be of any
denomination), shall be issuable in denominations of $25 and any
integral multiple thereof and the Bearer Securities of such series,
other than the Bearer Securities issued in global form (which may be
of any denomination), shall be issuable in a denomination of $5,000.
SECTION 303. Execution, Authentication, Delivery and Dating.
The Securities and any Coupons appertaining thereto shall be executed
on behalf of the Company by its Chairman, its Vice Chairman, its
President or any Vice President or the Treasurer of the Company, under
its corporate seal reproduced thereon attested by its Secretary or an
Assistant Secretary. The signature of any of these officers on the
Securities or Coupons may be the manual or facsimile signatures of the
present or any future such authorized officer and may be imprinted or
otherwise reproduced on the Securities or Coupons.
Securities or Coupons bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company
shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication
and delivery of such Securities or did not hold such offices at the
date of such Securities or Coupons.
At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series
together with any Coupon appertaining thereto, executed by the Company
to the Trustee for authentication, together with a Company Order for
the authentication and delivery of such Securities, and the Trustee in
accordance with such Company Order shall authenticate and deliver such
Securities; provided, however, that, in connection with its original
issuance, no Bearer Security shall be mailed or otherwise delivered to
any location in the United States; and provided, further, that, unless
otherwise specified with respect to any series of Securities pursuant
to Section 301, a Bearer Security may be delivered in connection with
its original issuance only if the Person entitled to receive such
Bearer Security shall have furnished a certificate in the form
established pursuant to Section 301 for such purpose, dated no earlier
than 15 days prior to the earlier of the date on which such Bearer
Security is delivered and the date on which any temporary Security
first becomes exchangeable for such Bearer Security in accordance with
the terms of such temporary Security and this Indenture. If any
Security shall be represented by a permanent global Bearer Security,
then, for purposes of this Section and Section 304, the notation of a
- 23 -
beneficial owner's interest therein upon original issuance of such
Security or upon exchange of a portion of a temporary global Security
shall be deemed to be delivery in connection with its original
issuance of such beneficial owner's interest in such permanent global
Security. Except as permitted by Section 306, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant
Coupons for interest then matured have been detached and cancelled.
If not all the Securities of any series are to be issued at one time
and if the Board Resolution or supplemental indenture establishing
such series shall so permit, such Company Order may set forth
procedures for the issuance of such Securities and determining terms
of particular Securities of such series such as interest rate,
maturity date, date of issuance and date from which interest shall
accrue.
In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, and (subject to TIA Sections
315(a) through 315(d)) shall be fully protected in relying upon, an
Opinion of Counsel substantially to the effect:
(a) that the form or forms of such Securities and any Coupons
have been established in conformity with the provisions of
this Indenture;
(b) that the terms of such Securities and any Coupons have been
established in conformity with the provisions of this
Indenture;
(c) that such Securities, together with any Coupons appertaining
thereto, when completed by appropriate insertions and
executed and delivered by the Company to the Trustee for
authentication in accordance with this Indenture,
authenticated and delivered by the Trustee in accordance
with this Indenture and issued by the Company in the manner
and subject to any conditions specified in such Opinion of
Counsel, will constitute the legal, valid and binding
obligations of the Company, enforceable in accordance with
their terms, subject to (i) applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer
and other similar laws of general applicability relating to
or affecting the enforcement of creditors' rights, (ii)
general equitable principles, (iii) limitations imposed by
any requirement that a claim (or a Foreign Currency judgment
in respect of such claim) be converted into Dollars at a
rate of exchange prevailing on a date determined pursuant to
applicable law or limitations imposed by governmental
authority to limit, delay or prohibit the making of payments
in a Foreign Currency or payments outside of the United
States; and (iv) such other qualifications as such counsel
shall conclude are customary or do not materially affect the
rights of Holders of such Securities and the Coupons
appertaining thereto (if any);
(d) that authentication and delivery of such Securities and any
Coupons and the execution and delivery of the supplemental
- 24 -
indenture, if any, by the Trustee will not violate the terms
of the Indenture;
(e) that the Company has the corporate power to issue such
Securities and any Coupons, and has duly taken all necessary
corporate action with respect to such issuance; and
(f) that the issuance of such Securities and any Coupons will
not contravene the certificate of incorporation or by-laws
of the Company or result in any violation of any of the
terms or provisions of any law, regulation, or material
indenture, mortgage or other agreement known to such Counsel
by which the Company is bound.
Notwithstanding the provisions of Section 301 and of the preceding two
paragraphs, if not all the Securities of any series are to be issued
at one time, it shall not be necessary to deliver the Officers'
Certificate otherwise required pursuant to Section 301 or the Company
Order and Opinion of Counsel otherwise required pursuant to the
preceding two paragraphs prior to or at the time of issuance of each
Security, but such documents shall be delivered prior to or at the
time of issuance of the first Security of such series. After any such
first delivery, any separate request by the Company that the Trustee
authenticate Securities of such series for original issue will be
deemed to be a certification by the Company that all conditions
precedent provided for in this Indenture relating to authentication
and delivery of such Securities continue to have been complied with.
The Trustee shall not be required to authenticate and deliver any such
Securities if the issue of such Securities pursuant to this Indenture
will affect the Trustee's own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee. Each Registered Security shall
be dated the date of its authentication, and each Bearer Security
shall be dated as of the date specified as contemplated by Section
301.
If the Company shall establish pursuant to Section 301 that the
Securities of a series are to be issued in whole or in part in the
form of one or more global Securities, the Company shall execute and
the Trustee shall, in accordance with this Section and the Company
Order with respect to such series, authenticate and deliver one or
more global Securities in permanent form that (i) shall represent and
shall be denominated in an amount equal to the aggregate principal
amount of the Outstanding Securities of such series to be represented
by such global Security or Securities, (ii) shall be registered, if in
registered form, in the name of the Depository for such global
Security or Securities or the nominee of such Depository, (iii) shall
be delivered by the Trustee to such Depository or pursuant to such
Depository's instruction and (iv) shall bear a legend substantially to
the following effect: "Unless and until it is exchanged in whole or
in part for Securities in certificated form, this Security may not be
transferred as a whole by the Depository to a nominee of the
Depository or by a nominee of the Depository to the Depository or
another nominee of the Depository or by the Depository or any such
nominee to a successor Depository or a nominee of such successor
- 25 -
Depository" or to such other effect as the Depository and the Trustee
may agree.
No Security or Coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially
in the form provided for herein duly executed by the Trustee by manual
signature of an authorized officer, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that
such Security has been duly authenticated and delivered hereunder and
is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company
shall deliver such Security to the Trustee for cancellation as
provided in Section 309 together with a written statement (which need
not comply with Section 102 and need not be accompanied by an Opinion
of Counsel) stating that such Security has never been issued and sold
by the Company, for all purposes of this Indenture such Security shall
be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.
SECTION 304. Temporary Securities.
Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form or, if
authorized, in bearer form with one or more Coupons or without
Coupons, and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such
Securities may determine, as conclusively evidenced by their execution
of such Securities. Such temporary Securities may be in global form.
Except in the case of temporary Securities in global form (which shall
be exchanged in accordance with the provisions thereof), if temporary
Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for
definitive Securities of such series, upon surrender of the temporary
Securities of such series at the office or agency of the Company in a
Place of Payment for that series, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities of
any series (accompanied by any unmatured Coupons appertaining
thereto), the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive
Securities of the same series of authorized denominations; provided,
however, that no definitive Bearer Security, except as provided in or
pursuant to this Indenture, shall be delivered in exchange for a
temporary Registered Security; and provided, further, that a
definitive Bearer Security shall be delivered in exchange for a
temporary Bearer Security only in compliance with the conditions set
forth in or pursuant to this Indenture. Unless otherwise provided in
or pursuant to this Indenture with respect to a temporary global
- 26 -
Security, until so exchanged the temporary Securities of any series
shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series.
Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such
temporary global Security (the "Exchange Date"), the Company shall
deliver to the Trustee definitive Securities, in aggregate principal
amount equal to the principal amount of such temporary global
Security, executed by the Company. On or after the Exchange Date such
temporary global Security shall be surrendered by the Depository to
the Trustee, as the Company's agent for such purpose, to be exchanged,
in whole or from time to time in part, for definitive Securities
without charge and the Trustee shall authenticate and deliver, in
exchange for each portion of such temporary global Security, an equal
aggregate principal amount of definitive Securities of the same series
of authorized denominations and of like tenor as the portion of such
temporary global Security to be exchanged. The definitive Securities
to be delivered in exchange for any such temporary global Security
shall be in bearer form, registered form, permanent global bearer form
or permanent global registered form, or any combination thereof, as
specified as contemplated by Section 301, and, if any combination
thereof is so specified, as requested by the beneficial owner thereof;
provided, however, that, unless otherwise specified in such temporary
global Security, upon such presentation by the Depository, such
temporary global Security is accompanied by a certificate dated the
Exchange Date or a subsequent date and signed by Euroclear as to the
portion of such temporary global Security held for its account then to
be exchanged and a certificate dated the Exchange Date or a subsequent
date and signed by CEDEL S.A. as to the portion of such temporary
global Security held for its account then to be exchanged, each in the
form established pursuant to Section 301; and provided, further, that
definitive Bearer Securities shall be delivered in exchange for a
portion of a temporary global Security only in compliance with the
requirements of Section 303.
Unless otherwise specified in such temporary global Security, the
interest of a beneficial owner of Securities of a series in a
temporary global Security shall be exchanged for definitive Securities
of the same series and of like tenor following the Exchange Date when
the account holder instructs Euroclear or CEDEL S.A., as the case may
be, to request such exchange on his behalf and delivers to Euroclear
or CEDEL S.A., as the case may be, a certificate in the form
established pursuant to Section 301, dated no earlier than 15 days
prior to the Exchange Date, copies of which certificate shall be
available from the offices of Euroclear and CEDEL S.A., the Trustee,
any Authenticating Agent appointed for such series of Securities and
each Paying Agent. Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that a
Person receiving definitive Securities must bear the cost of
insurance, postage, transportation and the like in the event that such
Person does not take delivery of such definitive Securities in person
at the offices of Euroclear or CEDEL S.A. Definitive Securities in
bearer form to be delivered in exchange for any portion of a temporary
global Security shall be delivered only outside the United States.
- 27 -
Until exchanged in full as hereinabove provided, the temporary
Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of the same
series and of like tenor authenticated and delivered hereunder, except
that, unless otherwise specified as contemplated by Section 301,
interest payable on a temporary global Security on an Interest Payment
Date for Securities of such series occurring prior to the applicable
Exchange Date shall be payable to Euroclear and CEDEL S.A. on such
Interest Payment Date upon delivery by Euroclear and CEDEL S.A. to the
Trustee of a certificate or certificates in the form established
pursuant to Section 301, for credit without further interest on or
after such Interest Payment Date to the respective accounts of the
Persons who are the beneficial owners of such temporary global
Security on such Interest Payment Date and who have each delivered to
Euroclear or CEDEL S.A., as the case may be, a certificate dated no
earlier than 15 days prior to the Interest Payment Date occurring
prior to such Exchange Date in the form established pursuant to
Section 301. Notwithstanding anything to the contrary herein
contained, the certifications made pursuant to this paragraph shall
satisfy the certification requirements of the preceding two paragraphs
of this Section and of the third paragraph of Section 303 of this
Indenture and the interests of the Persons who are the beneficial
owners of the temporary global Security with respect to which such
certification was made will be exchanged for definitive Securities of
the same series and of like tenor on the Exchange Date or the date of
certification if such date occurs after the Exchange Date, without
further act or deed by such beneficial owners. Except as otherwise
provided in this paragraph, no payments of principal or interest owing
with respect to a beneficial interest in a temporary global Security
will be made unless and until such interest in such temporary global
Security shall have been exchanged for an interest in a definitive
Security. Any interest so received by Euroclear and CEDEL S.A. and
not paid as herein provided shall be returned to the Trustee
immediately prior to the expiration of two years after such Interest
Payment Date in order to be repaid to the Company in accordance with
Section 1003.
SECTION 305. Registration of Transfer and Exchange.
The Company shall cause to be kept at the Corporate Trust Office of
the Trustee a register for each series of Securities (the registers
maintained in the Corporate Trust Office of the Trustee and in any
other office or agency of the Company in a Place of Payment being
herein sometimes collectively referred to as the "Security Register")
in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Registered
Securities and of transfers of Registered Securities. The Security
Register shall be in written form or any other form capable of being
converted into written form within a reasonable time. At all
reasonable times, the Security Register shall be open to inspection by
the Trustee. The Trustee is hereby initially appointed as security
registrar (the "Security Registrar") for the purpose of registering
Registered Securities and transfers of Registered Securities as herein
provided.
- 28 -
Upon surrender for registration of transfer of any Registered Security
of any series at the office or agency in a Place of Payment for that
series, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee, one or more new
Registered Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor.
At the option of the Holder, Registered Securities of any series may
be exchanged for other Registered Securities of the same series, of
any authorized denomination and of a like aggregate principal amount,
upon surrender of the Registered Securities to be exchanged at such
office or agency. Whenever any Registered Securities are so
surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Registered Securities which the
Holder making the exchange is entitled to receive. Unless otherwise
specified with respect to any series of Securities as contemplated by
Section 301, Bearer Securities may not be issued in exchange for
Registered Securities.
If (but only if) expressly permitted in or pursuant to the applicable
Board Resolution and (subject to Section 303) set forth in the
applicable Officers' Certificate, or in any indenture supplemental
hereto, delivered as contemplated by Section 301, at the option of the
Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized
denomination and of a like aggregate principal amount and tenor, upon
surrender of the Bearer Securities to be exchanged at any such office
or agency, with all unmatured Coupons and all matured Coupons in
default thereto appertaining. If the Holder of a Bearer Security is
unable to produce any such unmatured Coupon or Coupons or matured
Coupon or Coupons in default, any such permitted exchange may be
effected if the Bearer Securities are accompanied by payment in funds
acceptable to the Company in an amount equal to the face amount of
such missing Coupon or Coupons, or the surrender of such missing
Coupon or Coupons may be waived by the Company and the Trustee if
there is furnished to them such security or indemnity as they may
require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to any Paying
Agent any such missing Coupon in respect of which such a payment shall
have been made, such Holder shall be entitled to receive the amount of
such payment; provided, however, that, except as otherwise provided in
Section 1002, interest represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an office or
agency located outside the United States. Notwithstanding the
foregoing, in case a Bearer Security of any series is surrendered at
any such office or agency in a permitted exchange for a Registered
Security of the same series and like tenor after the close of business
at such office or agency on (i) any Regular Record Date and before the
opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and before the opening
of business at such office or agency on the related proposed date for
payment of Defaulted Interest, such Bearer Security shall be
surrendered without the Coupon relating to such Interest Payment Date
or proposed date for payment, as the case may be, and interest or
Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may
- 29 -
be, in respect of the Registered Security issued in exchange for such
Bearer Security, but will be payable only to the Holder of such Coupon
when due in accordance with the provisions of this Indenture.
Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to
receive.
Notwithstanding the foregoing, except as otherwise provided in or
pursuant to this Indenture, any permanent global Security shall be
exchangeable for definitive Securities only if (i) the Depository is
at any time unwilling, unable or ineligible to continue in its
capacity as Depository and a successor depositary is not appointed by
the Company within 60 days of the date the Company is so informed in
writing, (ii) the Company executes and delivers to the Trustee a
Company Order to the effect that such global Security shall be so
exchangeable, or (iii) an Event of Default has occurred and is
continuing with respect to the Securities of the same series. If any
beneficial owner of an interest in a permanent global Security is
entitled to exchange such interest for Securities of such series and
of like tenor and principal amount of another authorized form and
denomination, as specified as contemplated by Section 301 and provided
that any applicable notice provided in the permanent global Security
shall have been given, then without unnecessary delay but in any event
not later than the earliest date on which such interest may be so
exchanged, the Company shall deliver to the Trustee definitive
Securities in aggregate principal amount equal to the principal amount
of such beneficial owner's interest in such permanent global Security,
executed by the Company. On or after the earliest date on which such
interests may be so exchanged, such permanent global Security shall be
surrendered by the Depository or such other depositary as shall be
specified in the Company Order with respect thereto to the Trustee, as
the Company's agent for such purpose, to be exchanged, in whole or
from time to time in part, for definitive Securities without charge,
and the Trustee shall authenticate and deliver, in exchange for each
portion of such permanent global Security, an equal aggregate
principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such
permanent global Security to be exchanged which, unless the Securities
of the series are not issuable both as Bearer Securities and as
Registered Securities, as specified as contemplated by Section 301,
shall be in the form of Bearer Securities or Registered Securities, or
any combination thereof, as shall be specified by the beneficial owner
thereof; provided, however, that no such exchanges may occur during a
period beginning at the opening of business 15 days before any
selection of Securities to be redeemed and ending on the relevant
Redemption Date if the Security for which exchange is requested may be
among those selected for redemption; and provided, further, that no
Bearer Security delivered in exchange for a portion of a permanent
global Security shall be mailed or otherwise delivered to any location
in the United States. If a Registered Security is issued in exchange
for any portion of a permanent global Security after the close of
business at the office or agency where such exchange occurs on (i) any
Regular Record Date and before the opening of business at such office
or agency on the relevant Interest Payment Date, or (ii) any Special
- 30 -
Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted Interest,
interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as
the case may be, in respect of such Registered Security, but will be
payable on such Interest Payment Date or proposed date payment, as the
case may be, only to the Person to whom interest in respect of such
portion of such permanent global Security is payable in accordance
with the provisions of this Indenture.
All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture,
as the Securities surrendered upon such registration of transfer or
exchange.
Every Registered Security presented or surrendered for registration of
transfer or for exchange shall (if so required by the Company or the
Security Registrar) be duly endorsed, or be accompanied by a written
instrument of transfer, in form satisfactory to the Company and the
Security Registrar, duly executed by the Holder thereof or his
attorney duly authorized in writing.
No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 304, 906, 1107 or
1305 not involving any transfer.
The Company shall not be required (i) to issue, register the transfer
of or exchange Securities of any series during a period beginning at
the opening of business 15 days before the day of the selection for
redemption of Securities of that series under Section 1103 or 1203 and
ending at the close of business on (A) if Securities of the series are
issuable only as Registered Securities, the date of the mailing of the
relevant notice of redemption and (B) if Securities of the series are
issuable as Bearer Securities, the date of the first publication of
the relevant notice of redemption or, if Securities of the series are
also issuable as Registered Securities and there is no publication,
the mailing of the relevant notice of redemption, or (ii) to register
the transfer of or exchange any Registered Security so selected for
redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part, or (iii) to exchange any Bearer
Security so selected for redemption except that such a Bearer Security
may be exchanged for a Registered Security of that series and like
tenor; provided that such Registered Security shall be simultaneously
surrendered for redemption, or (iv) to issue, register the transfer of
or exchange any Security which has been surrendered for repayment at
the option of the Holder, except the portion, if any, of such Security
not to be so repaid.
- 31 -
SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities.
If any mutilated Security or a Security with a mutilated Coupon
appertaining to it is surrendered to the Trustee, the Company shall
execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously
outstanding, with Coupons corresponding to the Coupons, if any,
appertaining to the surrendered Security, or, in case any such
mutilated Security or Coupon has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new
Security, with Coupons corresponding to the Coupons, if any,
appertaining to the surrendered Security, pay such Security or Coupon.
If there shall be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of
any Security or Coupon and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the Trustee
that such Security or Coupon has been acquired by a bona fide
purchaser, the Company shall execute and upon Company Order the
Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security or in exchange for the Security for which a
destroyed, lost or stolen Coupon appertains (with all appurtenant
Coupons not destroyed, lost or stolen), a new Security of the same
series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with Coupons corresponding to the
Coupons, if any, appertaining to such destroyed, lost or stolen
Security or to the Security to which such destroyed, lost or stolen
Coupon appertains, or, in case any such destroyed, lost or stolen
Security or Coupon has become or is about to become due and payable,
the Company in its discretion may, instead of issuing a new Security,
with Coupons corresponding to the Coupons, if any, appertaining to
such destroyed, lost or stolen Security or to the Security to which
such destroyed, lost or stolen Coupon appertains, pay such Security or
Coupon.
Upon the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee)
connected therewith.
Every new Security of any series with its Coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen
Security or in exchange for a Security to which a destroyed, lost or
stolen Coupon appertains, shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security and its Coupons, if any, or the destroyed,
lost or stolen Coupon shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series and
their Coupons, if any, duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the
- 32 -
replacement or payment of mutilated, destroyed, lost or stolen
Securities or Coupons.
SECTION 307. Payment of Interest; Interest Rights Preserved; Optional
Interest Reset.
(a) Unless otherwise provided as contemplated by Section 301 with
respect to any series of Securities, interest on any Registered
Security which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose
name such Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for
such interest at the office or agency of the Company maintained for
such purpose pursuant to Section 1002; provided, however, that each
installment of interest on any Registered Security may at the
Company's option be paid by mailing a check for such interest,
payable to or upon the written order of the Person entitled thereto
pursuant to Section 310, to the address of such Person as it appears
on the Security Register; provided, further, however, that a Holder of
$10,000,000 or more in aggregate principal amount of Notes (whether
having identical or different terms and provisions) will be entitled
to receive interest payments on such Interest Payment Date by wire
transfer of immediately available funds to an account in the United
States if appropriate wire transfer instructions have been received in
writing by the Trustee not less than 15 calendar days prior to such
Interest Payment Date, and any such wire transfer instructions
received by the Trustee shall remain in effect until revoked by such
Holder.
Unless otherwise provided as contemplated by Section 301 with respect
to the Securities of any series, payment of interest may be made, in
the case of a Bearer Security, by transfer to an account maintained by
the payee with a bank located outside the United States. Unless
otherwise provided in or pursuant to this Indenture, in case a Bearer
Security is surrendered in exchange for a Registered Security after
the close of business at an office or agency for such Security on any
Regular Record Date therefor and before the opening of business at
such office or agency on the next succeeding Interest Payment Date
therefor, such Bearer Security shall be surrendered without the Coupon
relating to such Interest Payment Date and interest shall not be
payable on such Interest Payment Date in respect of the Registered
Security issued in exchange for such Bearer Security, but shall be
payable only to the Holder of such Coupon when due in accordance with
the provisions of this Indenture.
Any interest on any Registered Security of any series which is
payable, but is not punctually paid or duly provided for, on any
Interest Payment Date shall forthwith cease to be payable to the
Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such defaulted interest and, if applicable, interest
on such defaulted interest (to the extent lawful) at the rate
specified in the Securities of such series (such defaulted interest
and, if applicable, interest thereon herein collectively called
"Defaulted Interest") may be paid by the Company, at its election in
each case, as provided in clause (1) or (2) below:
- 33 -
(1) The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Registered
Securities of such series (or their respective
Predecessor Securities) are registered at the close of
business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the
following manner. The Company shall notify the Trustee
in writing of the amount of Defaulted Interest proposed
to be paid on each Registered Security of such series
and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an
amount of money in the Currency in which the Securities
of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of
such series equal to the aggregate amount proposed to
be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such
deposit on or prior to the date of the proposed
payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a Special Record Date
for the payment of such Defaulted Interest which shall
be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall
promptly notify the Company of such Special Record Date
and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor
to be given in the manner provided in Section 106, not
less than 10 days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having
been so given, such Defaulted Interest shall be paid to
the Persons in whose name the Registered Securities of
such series (or their respective Predecessor
Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable
pursuant to the following clause (2). In case a Bearer
Security of any series is surrendered at the office or
agency for such Security in exchange for a Registered
Security of such series after the close of business at
such office or agency on any Special Record Date and
before the opening of business at such office or agency
on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered
without the Coupon relating to such proposed date of
payment and Defaulted Interest shall not be payable on
such proposed date of payment in respect of the
Registered Security issued in exchange for such Bearer
Security, but shall be payable only to the Holder of
such Coupon when due in accordance with the provisions
of this Indenture.
- 34 -
(2) The Company may make payment of any Defaulted Interest
on the Registered Securities of any series in any other
lawful manner not inconsistent with the requirements of
any securities exchange on which such Securities may be
listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this
clause, such manner of payment shall be deemed
practicable by the Trustee.
(b) The provisions of this Section 307(b) may be made applicable
to any series of Securities pursuant to Section 301 (with
such modifications, additions or substitutions as may be
specified pursuant to such Section 301). The interest rate
(or the spread or spread multiplier used to calculate such
interest rate, if applicable) on any Security of such series
may be reset by the Company on the date or dates specified
on the face of such Security (each an "Optional Reset
Date"). The Company may exercise such option with respect
to such Security by notifying the Trustee of such exercise
at least 55 but not more than 60 days prior to an Optional
Reset Date for such Note. Not later than 40 days prior to
each Optional Reset Date, the Trustee shall transmit, in the
manner provided for in Section 106, to the Holder of any
such Security a notice (the "Reset Notice") indicating
whether the Company has elected to reset the interest rate
(or the spread or spread multiplier used to calculate such
interest rate, if applicable), and if so (i) such new
interest rate (or such new spread or spread multiplier, if
applicable) and (ii) the provisions, if any, for redemption
during the period from such Optional Reset Date to the next
Optional Reset Date or if there is no such next Optional
Reset Date, to the Stated Maturity Date of such Security
(each such period a "Subsequent Interest Period"), including
the date or dates on which or the period or periods during
which and the price or prices at which such redemption may
occur during the Subsequent Interest Period.
Notwithstanding the foregoing, not later than 20 days prior to the
Optional Reset Date, the Company may, at its option, revoke the
interest rate (or the spread or spread multiplier used to calculate
such interest rate, if applicable) provided for in the Reset Notice
and establish an interest rate (or a spread or spread multiplier used
to calculate such interest rate, if applicable) that is higher than
the interest rate (or the spread or spread multiplier, if applicable)
provided for in the Reset Notice, for the Subsequent Interest Period
by causing the Trustee to transmit, in the manner provided for in
Section 106, notice of such higher interest rate (or such higher
spread or spread multiplier, if applicable) to the Holder of such
Security. Such notice shall be irrevocable. All Securities with
respect to which the interest rate (or the spread or spread multiplier
used to calculate such interest rate, if applicable) is reset on an
Optional Reset Date, and with respect to which the Holders of such
Securities have not tendered such Securities for repayment (or have
validly revoked any such tender) pursuant to the next succeeding
- 35 -
paragraph, will bear such higher interest rate (or such higher spread
or spread multiplier, if applicable).
The Holder of any such Security will have the option to elect
repayment by the Company of the principal of such Security on each
Optional Reset Date at a price equal to the principal amount thereof
plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the
procedures set forth in Article Thirteen for repayment at the option
of Holders except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35 days prior to such
Optional Reset Date and except that, if the Holder has tendered any
Security for repayment pursuant to the Reset Notice, the Holder may,
by written notice to the Trustee, revoke such tender or repayment
until the close of business on the tenth day before such Optional
Reset Date.
SECTION 308. Persons Deemed Owners.
Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is
registered as the owner of such Registered Security for the purpose of
receiving payment of principal of (and premium, if any, on) and
(subject to Sections 305 and 307) interest on such Security and for
all other purposes whatsoever, whether or not such Security be
overdue, and none of the Company, the Trustee or any agent of the
Company or the Trustee shall be affected by notice to the contrary.
Title to any Bearer Security and any Coupons appertaining thereto
shall pass by delivery. The Company, the Trustee and any agent of the
Company or the Trustee may treat the bearer of any Bearer Security and
the bearer of any Coupon as the absolute owner of such Security or
Coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not such
Security or Coupons be overdue, and none of the Company, the Trustee
or any agent of the Company or the Trustee shall be affected by notice
to the contrary.
None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of
the records relating to or payments made on account of beneficial
ownership interests of a Security in global form or for maintaining,
supervising or reviewing any records relating to such beneficial
ownership interests.
Notwithstanding the foregoing, with respect to any global Security,
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 any
depositary, as a Holder, with respect to such global Security or
impair, as between such depositary and owners of beneficial interests
in such global Security, the operation of customary practices
governing the exercise of the rights of such depositary (or its
nominee) as Holder of such global Security.
- 36 -
SECTION 309. Cancellation.
All Securities and Coupons surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or
exchange or for credit against any current or future sinking fund
payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee. All Securities and Coupons so delivered to
the Trustee shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee (or
to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has
not issued and sold, and all Securities so delivered shall be promptly
cancelled by the Trustee. If the Company shall so acquire any of the
Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee
for cancellation. No Securities shall be authenticated in lieu of or
in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled
Securities held by the Trustee shall be disposed of by the Trustee in
accordance with its customary procedures and certification of their
disposal delivered to the Company unless by Company Order the Company
shall direct that cancelled Securities be returned to it.
SECTION 310. Computation of Interest.
Except as otherwise specified as contemplated by Section 301 with
respect to any Securities, interest, if any, on the Securities of each
series shall be computed on the basis of a 360-day year of twelve
30-day months.
SECTION 311. Securities in Foreign Currencies.
Whenever this Indenture provides for (i) any action by, or the
determination of any of the rights of, Holders of Securities of any
series in which not all of such Securities are denominated in the same
Currency, or (ii) any distribution to Holders of Securities, in the
absence of any provision to the contrary in the form of Security of
any particular series, any amount in respect of any Security
denominated in a Currency other than Dollars shall be treated for any
such action or distribution as that amount of Dollars that could be
obtained for such amount on such reasonable basis of exchange and as
of the record date with respect to Registered Securities of such
series (if any) for such action, determination of rights or
distribution (or, if there shall be no applicable record date, such
other date reasonably proximate to the date of such action,
determination of rights or distribution) as the Company may specify in
a written notice to the Trustee or, in the absence of such written
notice, as the Trustee may determine.
- 37 -
SECTION 312. Appointment and Resignation of Successor Exchange Rate
Agent.
(a) Unless otherwise specified pursuant to Section 301, if and
so long as the Securities of any series (i) are denominated
in a Currency other than Dollars or (ii) may be payable in a
Currency other than Dollars, or so long as it is required
under any other provision of this Indenture, then the
Company will maintain with respect to each such series of
Securities, or as so required, at least one Exchange Rate
Agent. The Company will cause the Exchange Rate Agent to
make the necessary foreign exchange determinations at the
time and in the manner specified pursuant to Section 301.
Subject to Section 312(b) below, any Exchange Rate Agent may
be removed at any time without cause by the Company.
(b) No resignation, or removal, of the Exchange Rate Agent and
no appointment of a successor Exchange Rate Agent pursuant
to this Section shall become effective until the acceptance
of appointment by the successor Exchange Rate Agent as
evidenced by a written instrument delivered to the Company
and the Trustee.
(c) If the Exchange Rate Agent shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in
the office of the Exchange Rate Agent for any cause with
respect to the Securities of one or more series, the
Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Exchange Rate Agent or Exchange
Rate Agents with respect to the Securities of that or those
series (it being understood that any such successor Exchange
Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless
otherwise specified pursuant to Section 301, at any time
there shall only be one Exchange Rate Agent with respect to
the Securities of any particular series that are originally
issued by the Company on the same date and that are
initially denominated and/or payable in the same Currency).
ARTICLE FOUR
SATISFACTION AND DISCHARGE
SECTION 401. Satisfaction and Discharge of Indenture.
This Indenture shall upon Company Request cease to be of further
effect with respect to any series of Securities specified in such
Company Request (except as to any surviving rights of registration of
transfer or exchange of Securities of such series herein expressly
provided for and the obligation of the Company to pay any Additional
Amounts as contemplated by Section 1005) and the Trustee, at the
- 38 -
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when
(1) either
(A) all Securities of such series theretofore authenticated
and delivered and all Coupons, if any, appertaining
thereto(other than (i) Coupons appertaining to Bearer
Securities surrendered in exchange for Registered
Securities and maturing after such exchange, whose
surrender is not required or has been waived as
provided in Section 305, (ii) Securities and Coupons of
such series which have been destroyed, lost or stolen
and which have been replaced or paid as provided in
Section 306, (iii) Coupons appertaining to Securities
called for redemption and maturing after the relevant
Redemption Date, whose surrender has been waived as
provided in Section 1106, and (iv) Securities and
Coupons of such series for whose payment money has
theretofore been deposited in trust with the Trustee or
any Paying Agent or segregated and held in trust by the
Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section
1003) have been delivered to the Trustee for
cancellation; or
(B) all Securities of such series and, in the case of (i)
or (ii) below, any Coupons appertaining thereto not
theretofore delivered to the Trustee for cancellation
(i) have become due and payable, or
(ii) will become due and payable at their Stated
Maturity within one year, or
(iii) if redeemable at the option of the Company,
are to be called for redemption within one
year under arrangements satisfactory to the
Trustee for the giving of notice of
redemption by the Trustee in the name, and at
the expense, of the Company,
and the Company, in the case of (i), (ii) or (iii)
above, has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust for
such purpose an amount in the Currency in which the
Securities of such series are payable, sufficient to
pay and discharge the entire indebtedness on such
Securities not theretofore delivered to the Trustee for
cancellation, for principal (and premium, if any) and
interest to the date of such deposit (in the case of
Securities which have become due and payable) or to the
Stated Maturity or Redemption Date, as the case may be;
(2) the Company has paid or caused to be paid all
other sums payable hereunder by the Company; and
- 39 -
(3) the Company has delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein
provided for relating to the satisfaction and
discharge of this Indenture as to such series have
been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 606, the
obligations of the Trustee to any Authenticating Agent under Section
611 and, if money shall have been deposited with the Trustee pursuant
to subclause (B) of clause (1) of this Section, the obligations of the
Trustee under Section 402 and the last paragraph of Section 1003 shall
survive.
SECTION 402. Application of Trust Money.
Subject to the provisions of the last paragraph of Section 1003, all
money deposited with the Trustee pursuant to Section 401 shall be held
in trust and applied by it, in accordance with the provisions of the
Securities, the Coupons and this Indenture, to the payment either
directly or through any Paying Agent (including the Company acting as
its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest
for whose payment such money has been deposited with the Trustee; but
such money need not be segregated from other funds except to the
extent required by law.
ARTICLE FIVE
REMEDIES
SECTION 501. Events of Default.
"Event of Default," wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):
(1) default in the payment of any interest on any Security of
that series, or any related Coupon, when such interest or
Coupon becomes due and payable, and continuance of such
default for a period of 60 days; provided that a valid
extension of the interest payment period by the Company in
accordance with the terms of any supplemental indenture
hereto shall not constitute a default in the payment of
interest or such Coupon for this purpose; or
(2) default in the payment of the principal of (or premium, if
any, on) any Security of that series at its Maturity;
provided that a valid extension of such Maturity pursuant to
the terms of any supplemental indenture hereto shall not
constitute a default in the payment of principal (or
premium) for this purpose; or
- 40 -
(3) default in the deposit of any sinking fund payment, when and
as due by the terms of the Securities of that series and
Article 12; or
(4) default in the performance, or breach, of any covenant or
agreement of the Company in this Indenture or the Securities
of that series which affects or is applicable to the
Securities of that series (other than a default in the
performance, or breach of a covenant or agreement which is
specifically dealt with elsewhere in this Section or which
has expressly been included in this Indenture solely for the
benefit of one or more series of Securities other than that
series), and continuance of such default or breach for a
period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in
principal amount of all Outstanding Securities of that
series a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice
is a "Notice of Default" hereunder; or
(5) the entry of a decree or order by a court having
jurisdiction in the premises adjudging the Company a
bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company under the
Federal Bankruptcy Code or any similar state law, or
appointing a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or
of any substantial part of the consolidated property of the
Company, or ordering the winding up or liquidation of the
Company's affairs, and the continuance of any such decree or
order unstayed and in effect for a period of 90 consecutive
days; or
(6) the institution by the Company of proceedings to be
adjudicated a bankrupt or insolvent, or the written consent
by the Company to the institution of bankruptcy or
insolvency proceedings against it, or the filing by the
Company of a petition or answer or consent seeking
reorganization or relief under the Federal Bankruptcy Code
or any similar state law, or the written consent by the
Company to the filing of any such petition or to the
appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or
of any substantial part of the consolidated property of the
Company, or the making by the Company of an assignment for
the benefit of creditors, or the admission by the Company in
writing of its inability to pay its debts generally as they
become due; or
(7) an event of default as defined in any mortgage, indenture or
instrument under which there may be issued, or by which
there may be evidenced, any indebtedness of the Company for
money borrowed, whether such indebtedness now exists or
shall hereafter be created, shall happen and shall result in
- 41 -
such indebtedness in principal amount in excess of
$15,000,000 becoming or being declared due and payable prior
to the date on which it would otherwise become due and
payable, and such acceleration shall not be rescinded or
annulled, or such indebtedness shall not have been
discharged, within a period of 30 days after there shall
have been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by
the Holders of at least 25% in principal amount of all
Outstanding Securities of that series, a written notice
specifying such event of default and requiring the Company
to cause such acceleration to be rescinded or annulled or to
cause such indebtedness to be discharged and stating that
such notice is a "Notice of Default" hereunder; or
(8) any other Event of Default provided with respect to
Securities of that series.
SECTION 502. Acceleration of Maturity; Rescission and Annulment.
If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing (other than an Event of
Default specified in Section 501(5) and (6)), then in every such case
the Trustee or the Holders of not less than 25% in principal amount of
the Outstanding Securities of that series may declare the principal
amount (or, if the Securities of that series are Original Issue
Discount Securities or Indexed Securities, such portion of the
principal amount as may be specified in the terms of that series) of
all of the Securities of that series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such amount shall
become immediately due and payable. If an Event of Default specified
in Section 501(5) or (6) with respect to the Securities of any series
at the time Outstanding occurs and is continuing, then in every such
case the principal amount (or, if the Securities of that series are
Original Issue Discount Securities or Indexed Securities, such portion
of the principal amount as may be specified in the terms of that
series) of all of the Securities of that series shall become and be
immediately due and payable without any declaration or other action on
the part of the Trustee or any Holder.
At any time after a declaration of acceleration with respect to
Securities of any series (or of all series, as the case may be) has
been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter provided in this
Article, the Holders of a majority in principal amount of the
Outstanding Securities of that series (or of all series, as the case
may be), by written notice to the Company and the Trustee, may rescind
and annul such declaration and its consequences if:
(1) the Company has paid or deposited with the Trustee a sum
sufficient to pay in the Currency in which the Securities of
such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series,
- 42 -
(A) all overdue interest on all Outstanding Securities of
that series (or of all series, as the case may be) and
any related Coupons,
(B) all unpaid principal of (and premium, if any, on) any
Outstanding Securities of that series (or of all
series, as the case may be) which has become due
otherwise than by such declaration of acceleration, and
interest on such unpaid principal at the rate or rates
prescribed therefor in such Securities,
(C) to the extent lawful, interest on overdue interest at
the rate or rates prescribed therefor in such
Securities, and
(D) all sums paid or advanced by the Trustee hereunder and
the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel;
and
(2) all Events of Default with respect to Securities of that
series (or of all series, as the case may be), other than
the non-payment of amounts of principal of (or premium, if
any, on) or interest on Securities of that series (or of all
series, as the case may be) which have become due solely by
such declaration of acceleration, have been cured or waived
as provided in Section 513.
No such rescission shall affect any subsequent default or impair any
right consequent thereon.
SECTION 503. Collection of Indebtedness and Suits for Enforcement by
Trustee.
The Company covenants that if:
(1) default is made in the payment of any installment of
interest on any Security and any related Coupon when such
interest becomes due and payable and such default continues
for a period of 30 days, or
(2) default is made in the payment of the principal of (or
premium, if any, on) any Security at the Maturity thereof,
then the Company will, upon demand of the Trustee, pay to the Trustee
for the benefit of the Holders of all Securities which are of the same
series as such Security and related Coupons, the whole amount then due
and payable on such Securities and Coupons for principal (and premium,
if any) and interest, and interest on any overdue principal (and
premium, if any) and, to the extent lawful, on any overdue interest,
at the rate or rates prescribed therefor in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel.
- 43 -
If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due
and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon
such Securities and collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the
Company or any other obligor upon such Securities, wherever situated.
If an Event of Default with respect to Securities of any series (or of
all series, as the case may be) occurs and is continuing, the Trustee
may in its discretion proceed to protect and enforce its rights and
the rights of the Holders of Securities of such series (or of all
series, as the case may be) by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or such Securities or in aid of the
exercise of any power granted herein, or to enforce any other proper
remedy.
SECTION 504. Trustee May File Proofs of Claim.
In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor
upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand on the Company for the payment
of overdue principal, premium, if any, or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise,
(i) to file and prove a claim for the whole amount of principal
(and premium, if any), or such portion of the principal
amount of any series of Original Issue Discount Securities
or Indexed Securities as may be specified in the terms of
such series, and interest owing and unpaid in respect of the
Securities and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Holders allowed
in such judicial proceeding, and
(ii) to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute the
same;
and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements
- 44 -
and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 606.
Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding.
SECTION 505. Trustee May Enforce Claims Without Possession of
Securities.
All rights of action and claims under this Indenture or the Securities
or Coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or Coupons or the production
thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Securities and Coupons
in respect of which such judgment has been recovered.
SECTION 506. Application of Money Collected.
Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of
principal (or premium, if any) or interest, upon presentation of the
Securities or Coupons, or both, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender
thereof if fully paid:
First: To the payment of all amounts due the Trustee
under Section 606;
Second: To the payment of the amounts then due and unpaid for
principal of (and premium, if any, on) and interest on
the Securities and Coupons in respect of which or for
the benefit of which such money has been collected,
ratably, without preference or priority of any kind,
according to the amounts due and payable on such
Securities and Coupons for principal (and premium, if
any) and interest, respectively; and
Third: The balance, if any, to the Person or Persons
entitled thereto.
SECTION 507. Limitation on Suits.
No Holder of any Security of any series or any related Coupons shall
have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless
- 45 -
(1) such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the
Securities of that series;
(2) the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series or shall have made
written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee
hereunder;
(3) such Holder or Holders have offered to the Trustee
reasonable indemnity against the costs, expenses and
liabilities (including the fees and expenses of its counsel)
to be incurred in compliance with such request;
(4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any
such proceeding; and
(5) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the
Holders of a majority in principal amount of the Outstanding
Securities of that series;
it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture or any Security to
affect, disturb or prejudice the rights of any other Holder of
Securities of any other series or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce
any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all Holders of Securities of
the same series.
SECTION 508. Unconditional Right of Holders to Receive Principal,
Premium and Interest.
Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and
unconditional, to receive payment, as provided herein (including, if
applicable, Article Fourteen) and in such Security, of the principal
of (and premium, if any, on) and (subject to Section 307) interest on,
such Security or payment of such Coupon on the respective Stated
Maturities expressed in such Security or Coupon (or, in the case of
redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.
SECTION 509. Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders of Securities and Coupons shall be
- 46 -
restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and
the Holders shall continue as though no such proceeding had been
instituted.
SECTION 510. Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or Coupons
in the last paragraph of Section 306, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders of
Securities or Coupons is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.
SECTION 511. Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Security
or Coupon to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver
of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may
be.
SECTION 512. Control by Holders.
With respect to the Securities of any series, the Holders of not less
than a majority in principal amount of the Outstanding Securities of
such series shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect
to the Securities of such series and any Coupons appertaining thereto,
provided that in each case
(1) such direction shall not be in conflict with any rule of law
or with this Indenture or with the Securities of any series,
(2) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and
(3) the Trustee need not take any action which might involve it
in personal liability or be unjustly prejudicial to the
Holders of Securities of such series not consenting.
SECTION 513. Waiver of Past Defaults.
Subject to Section 502, the Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any
- 47 -
past default with respect to such series and its consequences, except
a default
(1) in respect of the payment of the principal of (or premium,
if any, on) or interest on any Security of such series or
any related Coupon, or
(2) in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the
consent of the Holder of each Outstanding Security of such
series affected.
Upon any such waiver, any such default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any
right consequent thereon.
SECTION 514. Waiver of Stay or Extension Laws.
The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture;
and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and
covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law had been
enacted.
ARTICLE SIX
THE TRUSTEE
SECTION 601. Notice of Defaults.
Within 90 days after the occurrence of any Default hereunder with
respect to the Securities of any series, the Trustee shall transmit in
the manner and to the extent provided in TIA Section 313(c), notice of
such Default hereunder known to the Trustee, unless such Default shall
have been cured or waived; provided, however, that, except in the case
of a Default in the payment of the principal of (or premium, if any,
on) or interest on any Security of such series or in the payment of
any sinking fund installment with respect to Securities of such
series, the Trustee shall be protected in withholding such notice if
and so long as one or more Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interest
of the Holders of Securities of such series and any related Coupons;
and provided, further, that in the case of any Default of the
character specified in Section 501(4) with respect to Securities of
such series, no such notice to Holders shall be given until at least
30 days after the occurrence thereof. The Trustee shall not be
charged with knowledge of an Event of Default unless a Responsible
Officer of the Trustee obtains actual knowledge of such event.
- 48 -
SECTION 602. Certain Rights of Trustee.
Subject to the provisions of TIA Sections 315(a) through 315(d):
(1) the Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document believed
by it to be genuine and to have been signed or presented by
the proper party or parties;
(2) any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or
Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;
(3) whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be
herein specifically prescribed) may request and, in the
absence of bad faith on its part, shall be entitled to rely
upon an Officers' Certificate;
(4) the Trustee may consult with counsel and the written advice
of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon;
(5) the Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities of
any series or any related Coupons pursuant to this
Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in
compliance with such request or direction;
(6) the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company,
personally or by agent or attorney;
(7) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or
by or through agents or attorneys and the Trustee shall not
be responsible for any misconduct or negligence on the part
- 49 -
of (or for the supervision of) any agent or attorney
appointed with due care by it hereunder;
(8) the Trustee shall not be liable for any action taken,
suffered or omitted by it in good faith and believed by it
to be authorized or within the discretion or rights or
powers conferred upon it by this Indenture. The Trustee
shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of
its rights or powers if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to
it; and
(9) the Trustee undertakes to perform only such duties as are
specifically set forth in this Indenture and no implied
duties shall be read into this Indenture against the
Trustee.
SECTION 603. Trustee Not Responsible for Recitals or Issuance of
Securities.
The recitals contained herein and in the Securities, except for the
Trustee's certificates of authentication, and in any Coupons shall be
taken as the statements of the Company, and neither the Trustee nor
any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities or Coupons,
except that the Trustee represents that it is duly authorized to
execute and deliver this Indenture, authenticate the Securities and
perform its obligations hereunder and that the statements made by it
in a Statement of Eligibility on Form T-1 supplied to the Company are
true and accurate, subject to the qualifications set forth therein.
Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of Securities or the
proceeds thereof.
SECTION 604. May Hold Securities.
The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company or of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of
Securities and Coupons and, subject to TIA Sections 310(b) and 311,
may otherwise deal with the Company with the same rights it would have
if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.
SECTION 605. Money Held in Trust.
Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed with the Company.
- 50 -
SECTION 606. Compensation and Reimbursement.
The Company agrees:
(1) to pay to the Trustee from time to time reasonable
compensation for all services rendered by it hereunder
(which compensation shall not be limited by any provision of
law in regard to the compensation of a trustee of an express
trust);
(2) except as otherwise expressly provided herein, to reimburse
the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture
(including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to
its negligence or willful misconduct; and
(3) to indemnify the Trustee and its directors, officers, agents
and employees for, and to hold each of them harmless
against, any loss, liability or expense incurred without
negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses
of defending itself against any claim or liability in
connection with the exercise or performance of any of its
powers or duties hereunder; provided, however, that:
(i) while maintaining absolute control over its own defense,
the Trustee shall cooperate and consult with the Company in
preparing such defense; and (ii) while maintaining absolute
control over its rights to the settlement of any claim, the
Trustee shall consult with the Company with regard to any
such settlement.
The obligations of the Company under this Section to compensate the
Trustee, to pay or reimburse the Trustee for expenses, disbursements
and advances and to indemnify and hold harmless the Trustee shall
constitute additional indebtedness hereunder and shall survive the
satisfaction and discharge of this Indenture. As security for the
performance of such obligations of the Company, the Trustee shall have
a claim prior to the Securities upon all property and funds held or
collected by the Trustee as such, except funds held in trust for the
payment of principal of (and premium, if any, on) or interest on
particular Securities or any Coupons.
SECTION 607. Corporate Trustee Required; Eligibility.
There shall at all times be a Trustee hereunder which shall be
eligible to act as Trustee under TIA Section 310(a)(1) and shall have
a combined capital and surplus of at least $50,000,000. If such
corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of Federal, State, territorial or
District of Columbia supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as
- 51 -
set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.
SECTION 608. Resignation and Removal; Appointment of Successor.
(a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable
requirements of Section 609.
(b) The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice
thereof to the Company. If the instrument of acceptance by
a successor Trustee required by Section 609 shall not have
been delivered to the Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the
Securities of such series.
(c) The Trustee may be removed at any time with respect to the
Securities of any series by Act of the Holders of not less
than a majority in principal amount of the Outstanding
Securities of such series, delivered to the Trustee and to
the Company.
(d) If at any time:
(1) the Trustee shall fail to comply with the obligations
imposed upon it by the provisions of TIA Section 310(b)
with respect to Securities of any series after written
request therefor by the Company or by any Holder of a
Security of such series who has been a bona fide Holder
of a Security of such series for at least six months,
or
(2) the Trustee shall become incapable of acting or shall
be adjudged a bankrupt or insolvent or a receiver of
the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,
then, in any such case, (i) the Company, by or pursuant
to a Board Resolution, may remove the Trustee with
respect to all Securities or the Securities of such
series, or (ii) subject to TIA Section 315(e), any
Holder who has been a bona fide Holder of a Security of
such series for at least six months may, on behalf of
himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the
Trustee with respect to all Securities of such series
and the appointment of a successor Trustee or Trustees.
- 52 -
(e) If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of
Trustee for any cause, with respect to the Securities of one
or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the Securities of that or those
series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall
be only one Trustee with respect to the Securities of any
particular series). If, within one year after such
resignation, removal or incapability, or the occurrence of
such vacancy, a successor Trustee with respect to the
Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding
Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment, become
the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee
appointed by the Company. If no successor trustee with
respect to the Securities of any series shall have been so
appointed by the Company or the Holders and accepted
appointment in the manner hereinafter provided, any Holder
who has been a bona fide Holder of a Security of such series
for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.
(f) The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any
series and each appointment of a successor Trustee with
respect to the Securities of any series to the Holders of
Securities of such series in the manner provided for in
Section 106. Each notice shall include the name of the
successor Trustee with respect to the Securities of such
series and the address of its Corporate Trust Office.
SECTION 609. Acceptance of Appointment by Successor.
(a) In case of the appointment hereunder of a successor Trustee
with respect to all Securities, every such successor Trustee
so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute
and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such
- 53 -
successor Trustee all property and money held by such
retiring Trustee hereunder.
(b) In case of the appointment hereunder of a successor Trustee
with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and each successor
Trustee with respect to the Securities of one or more series
shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment
and which (1) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the
retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to
be vested in the retiring Trustee, and (3) shall add to or
change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust
or trusts hereunder administered by any other such Trustee;
and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and
each such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which
the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such
retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such
successor Trustee relates. Whenever there is a successor
Trustee with respect to one or more (but less than all)
series of securities issued pursuant to this Indenture, the
terms "Indenture" and "Securities" shall have the meanings
specified in the provisos to the respective definitions of
those terms in Section 101 which contemplate such situation.
(c) Upon request of any such successor Trustee, the Company
shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor
Trustee all rights, powers and trusts referred to in
paragraph (a) or (b) of this Section, as the case may be.
- 54 -
(d) No Person shall accept its appointment hereunder as a
successor Trustee unless at the time of such acceptance such
successor Person shall be qualified and eligible under this
Article.
SECTION 610. Merger, Conversion, Consolidation or Succession to
Business.
Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be
a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the
parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by
merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself
authenticated such Securities; and in case at that time any of the
Securities shall not have been authenticated, any successor Trustee
may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor Trustee; and in all such
cases such certificates shall have the full force which it is anywhere
in the Securities or in this Indenture provided that the certificate
of the Trustee shall have; provided, however, that the right to adopt
the certificate of authentication of any predecessor Trustee or to
authenticate Securities in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or
consolidation.
SECTION 611. Appointment of Authenticating Agent.
At any time when any of the Securities remain Outstanding, the Trustee
may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series and the
Trustee shall give written notice of such appointment to all Holders
of Securities of the series with respect to which such Authenticating
Agent will serve, in the manner provided for in Section 106.
Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Any such appointment shall be
evidenced by an instrument in writing signed by a Responsible Officer
of the Trustee, and a copy of such instrument shall be promptly
furnished to the Company. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any state thereof or
- 55 -
the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not
less than $50,000,000 and subject to supervision or examination by
federal or state authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of
said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner
and with the effect specified in this Section.
Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding
to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent,
provided such corporation shall be otherwise eligible under this
Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at
any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and to the
Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall
cease to be eligible in accordance with the provisions of this
Section, the Trustee may appoint a successor Authenticating Agent
which shall be acceptable to the Company and shall give written notice
of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve, in the manner
provided for in Section 106. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent. No
successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section.
The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section, and
the Trustee shall be entitled to be reimbursed for such payments,
subject to the provisions of Section 606.
If an appointment with respect to one or more series is made pursuant
to this Section, the Securities of such series may have endorsed
thereon, in addition to the Trustee's certificate of authentication,
an alternate certificate of authentication in the following form:
- 56 -
This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.
The Chase Manhattan Bank (National
Association), as Trustee
By:____________________________________
Authenticating Agent
By:____________________________________
Authorized Officer
SECTION 612. Preferential Collection of Claims Against Company.
If and when the Trustee shall be or become a creditor of the
Company (or any other obligor upon the Securities), the Trustee shall
be subject to the provisions of the Trust Indenture Act regarding the
collection of claims against the Company (or any such other obligor).
ARTICLE SEVEN
HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY
SECTION 701. Disclosure of Names and Addresses of Holders.
Every Holder of Securities or Coupons, by receiving and holding the
same, agrees with the Company and the Trustee that none of the Company
or the Trustee or any agent of either of them shall be held
accountable by reason of the disclosure of any such information as to
the names and addresses of the Holders in accordance with TIA Section
312, regardless of the source from which such information was derived,
and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under TIA Section
312(b). The Trustee shall comply with all obligations imposed upon it
pursuant to TIA Section 312.
SECTION 702. Reports by Trustee.
Within 60 days after September 15 of each year commencing with the
first September 15 after the first issuance of Securities pursuant to
this Indenture, the Trustee shall transmit to the Holders of
Securities, in the manner and to the extent provided in TIA Section
313(c), a brief report dated as of such September 15 if required by
TIA Section 313. A copy of each such report shall, at the time of
such transmission to Holders, be filed by the Trustee with each stock
exchange upon which the Securities are listed, with the Commission and
with the Company. The Company will notify the Trustee when the
Securities are listed on any stock exchange.
- 57 -
SECTION 703. Reports by Company.
The Company shall:
(1) file with the Trustee, within 15 days after the Company is
required to file the same with the Commission, copies of the
annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and
regulations prescribe) which the Company may be required to
file with the Commission pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934; or, if the
Company is not required to file information, documents or
reports pursuant to either of such Sections, then it shall
file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic
information, documents and reports which may be required
pursuant to Section 13 of the Securities Exchange Act of
1934 in respect of a security listed and registered on a
national securities exchange as may be prescribed from time
to time in such rules and regulations;
(2) file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the
Commission, such additional information, documents and
reports with respect to compliance by the Company with the
conditions and covenants of this Indenture as may be
required from time to time by such rules and regulations;
and
(3) transmit to all Holders, in the manner and to the extent
provided in TIA Section 313(c), within 30 days after the
filing thereof with the Trustee, such summaries of any
information, documents and reports required to be filed by
the Company pursuant to paragraphs (1) and (2) of this
Section as may be required by rules and regulations
prescribed from time to time by the Commission.
ARTICLE EIGHT
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
SECTION 801. Company May Consolidate, etc., Only on Certain Terms.
The Company shall not consolidate with or merge into any other Person
or convey, transfer or lease all or substantially all of the property
and assets of the Company and its Subsidiaries on a consolidated basis
to any Person, unless:
(1) the corporation formed by such consolidation or into which
the Company is merged or the Person which acquires by
conveyance or transfer, or which leases, the properties and
assets of the Company and its Subsidiaries on a consolidated
basis (A) shall be a corporation, limited liability company,
partnership or trust organized and validly existing under
- 58 -
the laws of the United States of America, any state thereof
or the District of Columbia and (B) shall expressly assume,
by an indenture supplemental hereto, executed by the
successor Person and delivered to the Trustee, in form
satisfactory to the Trustee, the Company's obligation for
the due and punctual payment of the principal of (and
premium, if any, on) and interest on all the Securities and
the performance and observance of every covenant of this
Indenture on the part of the Company to be performed or
observed;
(2) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be
continuing; and
(3) the Company or such successor Person shall have delivered to
the Trustee an Officers' Certificate and an Opinion of
Counsel, each stating that such consolidation, merger,
conveyance, transfer or lease and such supplemental
indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction
have been complied with.
This Section shall only apply to a merger or consolidation in which
the Company is not the surviving corporation and to conveyances,
leases and transfers by the Company as transferor or lessor.
SECTION 802. Successor Person Substituted.
Upon any consolidation by the Company with or merger by the Company
into any other corporation or any conveyance, transfer or lease of the
properties and assets of the Company and its Subsidiaries on a
consolidated basis to any Person in accordance with Section 801, the
successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same
effect as if such successor Person had been named as the Company
herein, and in the event of any such conveyance or transfer, the
Company (which term shall for this purpose mean the Person named as
the "Company" in the first paragraph of this Indenture or any
successor Person which shall theretofore become such in the manner
described in Section 801), except in the case of a lease, shall be
discharged of all obligations and covenants under this Indenture and
the Securities and the Coupons and may be dissolved and liquidated.
SECTION 803. Assignment of Rights.
The Company will have the right at all times to assign any of its
respective rights or obligations under this Indenture to a direct or
indirect wholly-owned Subsidiary of the Company; provided, that in the
event of any such assignment, the Company will remain liable for all
of its respective obligations. Subject to Section 609, the foregoing
provisions of this Section 803, and Section 802, this Indenture may
not otherwise be assigned by the parties hereto. This Indenture will
- 59 -
be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.
ARTICLE NINE
SUPPLEMENTAL INDENTURES
SECTION 901. Supplemental Indentures Without Consent of Holders.
Without the consent of any Holders, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee, at any time and from
time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following
purposes:
(1) to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of
the Company contained herein and in the Securities; or
(2) to add to the covenants of the Company for the benefit of
the Holders of all or any series of Securities and any
related Coupons (and if such covenants are to be for the
benefit of less than all series of Securities, stating that
such covenants are being included solely for the benefit of
such series) or to surrender any right or power herein
conferred upon the Company; or
(3) to add any additional Events of Default (and if such Events
of Default are to be for the benefit of less than all series
of Securities, stating that such Events of Default are being
included solely for the benefit of such series); or
(4) to add to or change any of the provisions of this Indenture
to provide that Bearer Securities may be registrable as to
principal, to change or eliminate any restrictions on the
payment of principal of or any premium or interest on Bearer
Securities, to permit Bearer Securities to be issued in
exchange for Registered Securities, to permit Bearer
Securities to be issued in exchange for Bearer Securities of
other authorized denominations or to permit or facilitate
the issuance of Securities in uncertificated form; provided
that any such action shall not adversely affect the
interests of the Holders of Securities of any series or any
related Coupons in any material respect; or
(5) to change or eliminate any of the provisions of this
Indenture; provided that any such change or elimination
shall become effective only when there is no Security
Outstanding of any series created prior to the execution of
such supplemental indenture which is entitled to the benefit
of such provision; or
(6) to secure the Securities; or
(7) to establish the form or terms of Securities of any series
as contemplated by Sections 201 and 301; or
- 60 -
(8) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the
Securities of one or more series and to add to or change any
of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to the
requirements of Section 609(b); or
(9) to close this Indenture with respect to the authentication
and delivery of additional series of Securities, to cure any
ambiguity, to correct or supplement any provision herein
which may be defective or inconsistent with any other
provision herein, or to make any other provisions with
respect to matters or questions arising under this Indenture
or to amend or supplement any provision contained herein or
in any supplemental indenture; provided such action shall
not adversely affect the interests of the Holders of
Securities of any series and any related Coupons in any
material respect; or
(10) to supplement any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate
the defeasance and discharge of any series of Securities
pursuant to Sections 401, 1402 and 1403; provided that any
such action shall not adversely affect the interests of the
Holders of Securities of such series and any related Coupons
or any other series of Securities in any material respect.
SECTION 902. Supplemental Indentures with Consent of Holders.
With the consent of the Holders of not less than a majority in
principal amount of all Outstanding Securities of any series affected
by such supplemental indenture, by Act of said Holders delivered to
the Company and the Trustee, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture which affect such series of Securities or
of modifying in any manner the rights of the Holders of Securities of
such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of
each Outstanding Security of such series affected thereby:
(1) change the Stated Maturity of the principal of, or any
installment of interest on, any Security of such series, or
reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof,
or change any obligation of the Company to pay Additional
Amounts contemplated by Section 1005 (except as contemplated
by Section 801(1) and permitted by Section 901(1)), or
reduce the amount of the principal of an Original Issue
Discount Security of such series that would be due and
payable upon acceleration of the Maturity thereof pursuant
to Section 502 or the amount thereof provable in bankruptcy
pursuant to Section 504, or change the redemption provisions
of any Security of such series, or adversely affect any
- 61 -
right of repayment at the option of any Holder of any
Security of such series, or change any Place of Payment
where, or the Currency in which, any Security of such series
or any premium or interest thereon is payable, or impair the
right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the
case of redemption or repayment at the option of the Holder,
on or after the Redemption Date or Repayment Date, as the
case may be), or
(2) reduce the percentage in principal amount of the Outstanding
Securities of such series required for any such supplemental
indenture, for any waiver of compliance with certain
provisions of this Indenture which affect such series or
certain defaults applicable to such series hereunder and
their consequences provided for in this Indenture, or reduce
the requirements of Section 1504 for quorum or voting with
respect to Securities of such series, or
(3) modify any of the provisions of this Section, Section 513 or
Section 1008, except to increase any such percentage or to
provide that certain other provisions of this Indenture
which affect such series cannot be modified or waived
without the consent of the Holder of each Outstanding
Security of such series.
Any such supplemental indenture adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture,
or modifying in any manner the rights of the Holders of Securities of
such series, shall not affect the rights under this Indenture of the
Holders of Securities of any other series.
It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance
thereof.
SECTION 903. Execution of Supplemental Indentures.
In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be
entitled to receive, and shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise.
SECTION 904. Effect of Supplemental Indentures.
Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all
purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.
- 62 -
SECTION 905. Conformity with Trust Indenture Act.
Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act as then in
effect.
SECTION 906. Reference in Securities to Supplemental Indentures.
Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may,
and shall if required by the Trustee, bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and
the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee
in exchange for Outstanding Securities of such series.
SECTION 907. Notice of Supplemental Indentures.
Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 902, the
Company shall give notice thereof to the Holders of each Outstanding
Security affected, in the manner provided for in Section 106, setting
forth in general terms the substance of such supplemental indenture.
ARTICLE TEN
COVENANTS
SECTION 1001. Payment of Principal, Premium, if any, and Interest.
The Company covenants and agrees for the benefit of the Holders of
each series of Securities and any related Coupons that it will duly
and punctually pay the principal of (and premium, if any, on) and
interest on the Securities of that series in accordance with the terms
of the Securities, any Coupons appertaining thereto and this
Indenture. Unless otherwise specified as contemplated by Section 301
with respect to any series of Securities, any interest installments
due on Bearer Securities on or before Maturity shall be payable only
upon presentation and surrender of the several Coupons for such
interest installments as are evidenced thereby as they severally
mature.
SECTION 1002. Maintenance of Office or Agency.
The Company shall maintain in each Place of Payment for any
series of Securities an office or agency where Securities of such
series (but not Bearer Securities, except as otherwise provided below,
unless such Place of Payment is located outside the United States) may
be presented or surrendered for payment, where Securities of such
series may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Company in respect of the
Securities of such series relating thereto and this Indenture may be
served. If Securities of a series are issuable as Bearer Securities,
the Company shall maintain, subject to any laws or regulations
- 63 -
applicable thereto, an office or agency in a Place of Payment for such
series which is located outside the United States where Securities of
such series and any Coupons appertaining thereto may be presented or
surrendered for payment and such notices to and demands upon the
Company in respect of the Securities of that series and this Indenture
may be served; provided, however, that if the Securities of such
series are listed on The Stock Exchange of the United Kingdom and the
Republic of Ireland or the Luxembourg Stock Exchange or any other
stock exchange located outside the United States and such stock
exchange shall so require, the Company shall maintain a Paying Agent
in London, Luxembourg or any other required city located outside the
United States, as the case may be, so long as the Securities of such
series are listed on such exchange. The Company will give prompt
written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall
fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, except that Bearer Securities of such
series and any Coupons appertaining thereto may be presented and
surrendered for payment at the place specified for the purpose with
respect to such Securities as provided in or pursuant to this
Indenture, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, surrenders, notices and demands.
Except as otherwise provided in or pursuant to this Indenture, no
payment of principal, premium, interest or Additional Amounts with
respect to Bearer Securities shall be made at any office or agency in
the United States or by check mailed to any address in the United
States or by transfer to an account maintained with a bank located in
the United States; provided, however, that if amounts owing with
respect to any Bearer Securities shall be payable in Dollars, payment
of the principal of, any premium or interest on and any Additional
Amounts with respect to any such Security may be made at the Corporate
Trust Office of the Trustee or any office or agency designated by the
Company in The City of New York, if (but only if) payment of the full
amount of such principal, premium, interest or Additional Amounts at
all offices outside the United States maintained for such purpose by
the Company in accordance with this Indenture is illegal or
effectively precluded by exchange controls or other similar
restrictions.
The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from
time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an office or agency in each Place of
Payment for Securities of any series for such purposes. The Company
shall give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any
such other office or agency. Unless otherwise provided in or pursuant
to this Indenture, the Company hereby designates as the Place of
Payment for each series The City of New York, and initially appoints
the office or agency of the Corporate Trust Office of the Trustee for
such purpose. Pursuant to Section 301(7) of this Indenture, the
- 64 -
Company may subsequently appoint a place or places in addition to or
other than The City of New York where such Securities may be payable.
SECTION 1003. Money for Securities Payments to Be Held in Trust.
If the Company shall at any time act as its own Paying Agent with
respect to any series of Securities and any related Coupons, it will,
on or before each due date of the principal of (and premium, if any,
on) or interest on any of the Securities of that series, segregate and
hold in trust for the benefit of the Persons entitled thereto a sum in
the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the
Securities of such series sufficient to pay the principal (and
premium, if any) or interest so becoming due until such sums shall be
paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of its action or failure so to act.
Whenever the Company shall have one or more Paying Agents for any
series of Securities and any related Coupons, it will, prior to or on
each due date of the principal of (and premium, if any, on) or
interest on any Securities of that series, deposit with a Paying Agent
a sum (in the Currency described in the preceding paragraph)
sufficient to pay the principal (and premium, if any) or interest so
becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest, and (unless
such Paying Agent is the Trustee) the Company will promptly notify the
Trustee of its action or failure so to act.
The Company will cause each Paying Agent (other than the Trustee) for
any series of Securities to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section, that such Paying Agent
will:
(1) hold all sums held by it for the payment of the principal of
(and premium, if any, on) and interest on Securities of such
series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or
otherwise disposed of as provided in or pursuant to this
Indenture;
(2) give the Trustee notice of any default by the Company (or
any other obligor upon the Securities of such series) in the
making of any payment of principal of (or premium, if any,
on) or interest on the Securities of such series; and
(3) at any time during the continuance of any such default, upon
the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent.
The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Company Order direct any Paying Agent to pay, to the
Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon
which sums were held by the Company or such Paying Agent; and, upon
- 65 -
such payment by any Paying Agent to the Trustee, such Paying Agent
shall be released from all further liability with respect to such
sums.
Except as otherwise provided herein or pursuant hereto, any money
deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of (and premium, if
any, on) or interest on any Security of any series, or any Coupon
appertaining thereto, and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable
shall be paid to the Company on Company Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of
such Security or Coupon shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at
the expense of the Company cause to be published once, in an
Authorized Newspaper in each Place of Payment for such series or to be
mailed to Holders of Registered Securities or both, notice that such
money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication
or mailing, any unclaimed balance of such money then remaining will be
repaid to the Company.
SECTION 1004. Statement as to Compliance.
The Company will deliver to the Trustee, within 120 days after the end
of each fiscal year and promptly following any request therefor
received by the Company from the Trustee, an Officer's Certificate
from the principal executive officer, treasurer, or principal
financial officer or principal accounting officer as to his or her
knowledge of the Company's compliance with all conditions and
covenants under this Indenture. For purposes of this Section 1004,
such compliance shall be determined without regard to any period of
grace or requirement of notice under this Indenture. The Company will
deliver to the Trustee, within 5 days after the occurrence thereof,
written notice of any event which after notice or lapse of time or
both would become an Event of Default pursuant to clause (4) of
Section 501.
SECTION 1005. Additional Amounts.
If any Securities of a series provide for the payment of additional
amounts to any Holder in respect of any tax, assessment or
governmental charge ("Additional Amounts"), the Company will pay to
the Holder of any Security of such series or any Coupon appertaining
thereto such Additional Amounts as may be specified as contemplated by
Section 301. Whenever in this Indenture there is mentioned, in any
context, the payment of the principal (or premium, if any, on) or
interest on, or in respect of, any Security of a series or payment of
any related Coupon or the net proceeds received on the sale or
exchange of any Security of a series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided for by
the terms of such series established pursuant to Section 301 to the
- 66 -
extent that, in such context, Additional Amounts are, were or would be
payable in respect thereof pursuant to such terms and express mention
of the payment of Additional Amounts (if applicable) in any provisions
hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where such express mention is not made.
Except as otherwise specified as contemplated by Section 301, if the
Securities of a series provide for the payment of Additional Amounts,
at least 10 days prior to the first Interest Payment Date with respect
to that series of Securities (or if the Securities of that series will
not bear interest prior to Maturity, the first day on which a payment
of principal (and premium, if any) is made), and at least 10 days
prior to each date of payment of principal (and premium, if any) or
interest if there has been any change with respect to the matters set
forth in the below-mentioned Officers' Certificate, the Company will
furnish the Trustee and the Company's principal Paying Agent or Paying
Agents, if other than the Trustee, with an Officers' Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether
such payment of principal of (and premium, if any, on) or interest on
the Securities of that series shall be made to Holders of Securities
of that series or any related Coupons who are not United States
Persons without withholding for or on account of any tax, assessment
or other governmental charge described in the Securities of the
series. If any such withholding shall be required, then such
Officers' Certificate shall specify by country the amount, if any,
required to be withheld on such payments to such Holders of Securities
of that series or related Coupons and the Company will pay to the
Trustee or such Paying Agent the Additional Amounts required by the
terms of such Securities. In the event that the Trustee or any Paying
Agent, as the case may be, shall not so receive the above-mentioned
certificate, then the Trustee or such Paying Agent shall be entitled
to (i) assume that no such withholding or deduction is required with
respect to any payment of principal (and premium, if any) or interest
with respect to any Securities of a series or related Coupons until it
shall have received a certificate advising otherwise and (ii) to make
all payments of principal (and premium, if any) and interest with
respect to the Securities of a series or related Coupons without
withholding or deductions until otherwise advised. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against, any loss, liability or expense reasonably
incurred without negligence or bad faith on their part arising out of
or in connection with actions taken or omitted by any of them in
reliance on any Officers' Certificate furnished pursuant to this
Section.
SECTION 1006. Corporate Existence.
Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its
corporate existence and the rights (charter and statutory) and
franchises of the Company; provided, however, that the Company shall
not be required to preserve any such right or franchise if the Company
shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Subsidiaries as
a whole.
- 67 -
ARTICLE ELEVEN
REDEMPTION OF SECURITIES
SECTION 1101. Applicability of Article.
Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with the terms of such
Securities and (except as otherwise specified as contemplated by
Section 301 for Securities of any series) in accordance with this
Article.
SECTION 1102. Election to Redeem; Notice to Trustee.
The election of the Company to redeem any Securities shall be
evidenced by or pursuant to a Board Resolution. In case of any
redemption at the election of the Company of the Securities of any
series, the Company shall, at least 60 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption
Date and of the principal amount of Securities of such series to be
redeemed and shall deliver to the Trustee such documentation and
records as shall enable the Trustee to select the Securities to be
redeemed pursuant to Section 1103. In the case of any redemption of
Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in
this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restriction.
SECTION 1103. Selection by Trustee of Securities to Be Redeemed.
If less than all the Securities of any series are to be redeemed, the
particular Securities to be redeemed shall be selected not more than
60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series not previously called for
redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of
portions of the principal amount of Securities of such series;
provided, however, that no such partial redemption shall reduce the
portion of the principal amount of a Security not redeemed to less
than the minimum authorized denomination for Securities of such series
established pursuant to Section 301.
The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be
redeemed.
For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Security redeemed or to be redeemed
only in part, to the portion of the principal amount of such Security
which has been or is to be redeemed.
- 68 -
SECTION 1104. Notice of Redemption.
Except as otherwise specified as contemplated by Section 301, notice
of redemption shall be given in the manner provided for in Section 106
not less than 30 nor more than 60 days prior to the Redemption Date,
to each Holder of Securities to be redeemed. Failure to give notice
by mailing in the manner herein provided to the Holder of any
Registered Securities designated for redemption as a whole or in part,
or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other Securities
or portion thereof.
Any notice that is mailed to the Holder of any Registered Securities
in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not such Holder receives the notice.
All notices of redemption shall state:
(1) the Redemption Date,
(2) the Redemption Price,
(3) if less than all the Outstanding Securities of any series
are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular
Securities to be redeemed,
(4) that on the Redemption Date the Redemption Price (together
with accrued interest, if any, to the Redemption Date
payable as provided in Section 1106) will become due and
payable upon each such Security, or the portion thereof, to
be redeemed and, if applicable, that interest thereon will
cease to accrue on and after said date,
(5) the place or places where such Securities, together in the
case of Bearer Securities with all Coupons appertaining
thereto, if any, maturing after the Redemption Date, are to
be surrendered for payment of the Redemption Price,
(6) that the redemption is for a sinking fund, if such is the
case,
(7) that, unless otherwise specified in such notice, Bearer
Securities of any series, if any, surrendered for redemption
must be accompanied by all Coupons maturing subsequent to
the Redemption Date or the amount of any such missing Coupon
or Coupons will be deducted from the Redemption Price unless
security or indemnity satisfactory to the Company, the
Trustee and any Paying Agent is furnished,
(8) if Bearer Securities of any series are to be redeemed and
any Registered Securities of such series are not to be
redeemed, and if such Bearer Securities may be exchanged for
Registered Securities not subject to redemption on such
Redemption Date pursuant to Section 305 or otherwise, the
- 69 -
last date, as determined by the Company, on which such
exchanges may be made,
(9) in case any Security is to be redeemed in part only, the
notice which relates to such Security shall state that on
and after the Redemption Date, upon surrender of such
Security, the Holder of such Security will receive, without
charge, a new Security or Securities of authorized
denominations for the principal amount thereof remaining
unredeemed, and
(10) the CUSIP number or the Euroclear or the CEDEL S.A.
reference numbers of such Securities, if any (or any other
numbers used by a depositary to identify such Securities).
A notice of redemption published as contemplated by Section 106 need
not identify particular Registered Securities to be redeemed.
Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's
request, by the Trustee in the name and at the expense of the Company.
SECTION 1105. Deposit of Redemption Price.
On or prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section
1003) an amount of money in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to
Section 301 for the Securities of such series) sufficient to pay the
Redemption Price of, and (except as otherwise provided as contemplated
by Section 301) accrued interest on, all the Securities which are to
be redeemed on that date.
SECTION 1106. Securities Payable on Redemption Date.
Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified in the Currency in which the
Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) (together
with accrued interest, if any, to the Redemption Date), and from and
after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest) such Securities shall, if
the same were interest-bearing, cease to bear interest and the Coupons
for such interest appertaining to any Bearer Securities so to be
redeemed, except to the extent provided below, shall be void. Upon
surrender of any such Security for redemption in accordance with said
notice, together with all Coupons, if any, appertaining thereto
maturing after the Redemption Date, such Security shall be paid by the
Company at the Redemption Price, together with accrued interest, if
any, to the Redemption Date; provided, however, that (except as
otherwise provided as contemplated by Section 301) installments of
interest on Bearer Securities whose Stated Maturity is on or prior to
the Redemption Date shall be payable only at an office or agency
located outside the United States (except as otherwise provided in
- 70 -
Section 1002) and, unless otherwise specified as contemplated by
Section 301, only upon presentation and surrender of Coupons for such
interest, and provided, further, that installments of interest on
Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or
one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the
provisions of Section 307.
If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant Coupons maturing after the Redemption
Date, such Security may be paid after deducting from the Redemption
Price an amount equal to the face amount of all such missing Coupons,
or the surrender of such missing Coupon or Coupons may be waived by
the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing
Coupon in respect of which a deduction shall have been made from the
Redemption Price, such Holder shall be entitled to receive the amount
so deducted; provided, however, that interest represented by Coupons
shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 1002) and,
unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those Coupons.
If any Security called for redemption or portion thereof shall not be
so paid upon surrender thereof for redemption, the principal (and
premium, if any) shall, until paid, bear interest from the Redemption
Date at the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) set forth in the Security.
SECTION 1107. Securities Redeemed in Part.
Any Security which is to be redeemed only in part (pursuant to the
provisions of this Article or of Article Twelve) shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing),
and the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series, of any authorized
denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the
principal of the Security so surrendered.
- 71 -
ARTICLE TWELVE
SINKING FUNDS
SECTION 1201. Applicability of Article.
Retirements of Securities of any series pursuant to any sinking fund
shall be made in accordance with the terms of such Securities and
(except as otherwise specified as contemplated by Section 301 for
Securities of any series) in accordance with this Article.
The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a
"mandatory sinking fund payment", and any payment in excess of such
minimum amount provided for by the terms of Securities of any series
is herein referred to as an "optional sinking fund payment". If
provided for by the terms of Securities of any series, the cash amount
of any mandatory sinking fund payment may be subject to reduction as
provided in Section 1202. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the
terms of Securities of such series.
SECTION 1202. Satisfaction of Sinking Fund Payments with Securities.
Subject to Section 1203, in lieu of making all or any part of any
mandatory sinking fund payment with respect to any Securities of a
series in cash, the Company may at its option (1) deliver to the
Trustee Outstanding Securities of such series (other than any
previously called for redemption) theretofore purchased or otherwise
acquired by the Company together in the case of any Bearer Securities
of such series with all unmatured Coupons appertaining thereto, and/or
(2) receive credit for the principal amount of Securities of such
series which have been previously delivered to the Trustee by the
Company or for Securities of such series which have been redeemed
either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, in each case
in satisfaction of all or any part of any mandatory sinking fund
payment with respect to the Securities of the same series required to
be made pursuant to the terms of such Securities as provided for by
the terms of such series; provided, however, that such Securities have
not been previously so credited. Such Securities shall be received
and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the
sinking fund and the amount of such mandatory sinking fund payment
shall be reduced accordingly.
SECTION 1203. Redemption of Securities for Sinking Fund.
Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an
Officers' Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of that
series, the portion thereof, if any, which is to be satisfied by
payment of cash in the Currency in which the Securities of such series
are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series) and the portion thereof, if any, which
- 72 -
is to be satisfied by delivering or crediting Securities of that
series pursuant to Section 1202 (which Securities will, if not
previously delivered, accompany such certificate) and whether the
Company intends to exercise its right to make a permitted optional
sinking fund payment with respect to such series. Such certificate
shall be irrevocable and upon its delivery the Company shall be
obligated to make the cash payment or payments therein referred to, if
any, on or before the next succeeding sinking fund payment date. In
the case of the failure of the Company to deliver such certificate,
the sinking fund payment due on the next succeeding sinking fund
payment date for that series shall be paid entirely in cash and shall
be sufficient to redeem the principal amount of such Securities
subject to a mandatory sinking fund payment without the option to
deliver or credit Securities as provided in Section 1202 and without
the right to make any optional sinking fund payment, if any, with
respect to such series.
Not more than 60 days before each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 1103 and cause
notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 1104. Such
notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 1106 and
1107.
On or prior to any sinking fund payment date, the Company shall pay to
the Trustee or a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003)
in cash a sum equal to any interest that will accrue to the date fixed
for redemption of Securities or portions thereof to be redeemed on
such sinking fund payment date pursuant to this Section 1203.
Notwithstanding the foregoing, with respect to a sinking fund for any
series of Securities, if at any time the amount of cash to be paid
into such sinking fund on the next succeeding sinking fund payment
date, together with any unused balance of any preceding sinking fund
payment or payments for such series, does not exceed in the aggregate
$100,000, the Trustee, unless requested by the Company, shall not give
the next succeeding notice of the redemption of Securities of such
series through the operation of the sinking fund. Any such unused
balance of moneys deposited in such sinking fund shall be added to the
sinking fund payment for such series to be made in cash on the next
succeeding sinking fund payment date or, at the request of the
Company, shall be applied at any time or from time to time to the
purchase of Securities of such series, by public or private purchase,
in the open market or otherwise, at a purchase price for such
Securities (excluding accrued interest and brokerage commissions,
which will be paid by the Company separately through the Trustee or
any Paying Agent) not in excess of the principal amount thereof.
- 73 -
ARTICLE THIRTEEN
REPAYMENT AT OPTION OF HOLDERS
SECTION 1301. Applicability of Article.
Repayment of Securities of any series before their Stated Maturity at
the option of Holders thereof shall be made in accordance with the
terms of such Securities and (except as otherwise specified as
contemplated by Section 301 for Securities of any series) in
accordance with this Article.
SECTION 1302. Repayment of Securities.
Securities of any series subject to repayment in whole or in part at
the option of the Holders thereof will, unless otherwise provided in
the terms of such Securities, be repaid at a price equal to the
principal amount thereof, together with interest, if any, thereon
accrued to the Repayment Date specified in or pursuant to the terms of
such Securities. The Company covenants that on or before the
Repayment Date it will deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and
hold in trust as provided in Section 1003) an amount of money in the
Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such
series) sufficient to pay the principal (or, if so provided by the
terms of the Securities of any series, a percentage of the principal)
of, and (except if the Repayment Date shall be an Interest Payment
Date and unless otherwise specified as contemplated by Section 301)
accrued interest on, all the Securities or portions thereof, as the
case may be, to be repaid on such date.
SECTION 1303. Exercise of Option.
Securities of any series subject to repayment at the option of the
Holders thereof will contain an "Option to Elect Repayment" form on
the reverse of such Securities. To be repaid at the option of the
Holder, any Security so providing for such repayment, with the "Option
to Elect Repayment" form on the reverse of such Security duly
completed by the Holder (or by the Holder's attorney duly authorized
in writing), must be received by the Company at the Place of Payment
therefor specified in the terms of such Security (or at such other
place or places or which the Company shall from time to time notify
the Holders of such Securities) not earlier than 45 days nor later
than 30 days prior to the Repayment Date. If less than the entire
principal amount of such Security is to be repaid in accordance with
the terms of such Security, the principal amount of such Security to
be repaid, in increments of the minimum denomination for Securities of
such series, and the denomination or denominations of the Security or
Securities to be issued to the Holder for the portion of the principal
amount of such Security surrendered that is not to be repaid, must be
specified. The principal amount of any Security providing for
repayment at the option of the Holder thereof may not be repaid in
part if, following such repayment, the unpaid principal amount of such
Security would be less than the minimum authorized denomination of
Securities of the series of which such Security to be repaid is a
part. Except as otherwise may be provided by the terms of any
- 74 -
Security providing for repayment at the option of the Holder thereof,
exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Company.
SECTION 1304. When Securities Presented for Repayment Become Due and
Payable.
If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this
Article and as provided by or pursuant to the terms of such
Securities, such Securities or the portions thereof, as the case may
be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such
Repayment Date (unless the Company shall default in the payment of
such Securities on such Repayment Date) such Securities shall, if the
same were interest-bearing, cease to bear interest and the Coupons for
such interest appertaining to any Bearer Securities so to be repaid,
except to the extent provided below, shall be void. Upon surrender of
any such Security for repayment in accordance with such provisions,
together with all Coupons, if any, appertaining thereto maturing after
the Repayment Date, the principal amount of such Security so to be
repaid shall be paid by the Company, together with accrued interest,
if any, to the Repayment Date; provided, however, that unless
otherwise specified as contemplated by Section 301: (a) Coupons whose
Stated Maturity is on or prior to the Repayment Date shall be payable
only at an office or agency located outside the United States (except
as otherwise provided in Section 1002) and only upon presentation and
surrender of those Coupons; and (b) in the case of Registered
Securities, installments of interest, if any, whose Stated Maturity is
on or prior to the Repayment Date shall be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according
to their terms and the provisions of Section 307.
If any Bearer Security surrendered for repayment shall not be
accompanied by all appurtenant Coupons maturing after the Repayment
Date, such Security may be paid after deducting from the amount
payable therefor as provided in Section 1302 an amount equal to the
face amount of all such missing Coupons, or the surrender of such
missing Coupon or Coupons may be waived by the Company and the Trustee
if there be furnished to them such security or indemnity as they may
require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to the Trustee
or any Paying Agent any such missing Coupon in respect of which a
deduction shall have been made as provided in the preceding sentence,
such Holder shall be entitled to receive the amount so deducted;
provided, however, that interest represented by Coupons shall be
payable only at an office or agency located outside the United States
(except as otherwise provided in Section 1002) and, unless otherwise
specified as contemplated by Section 301, only upon presentation and
surrender of those Coupons.
If the principal amount of any Security surrendered for repayment
shall not be so repaid upon surrender thereof, such principal amount
(together with interest, if any, thereon accrued to such Repayment
Date) shall, until paid, bear interest from the Repayment Date at the
- 75 -
rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) set forth in such Security.
SECTION 1305. Securities Repaid in Part.
Upon surrender of any Registered Security which is to be repaid in
part only, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security, without
service charge and at the expense of the Company, a new Registered
Security or Securities of the same series, of any authorized
denomination specified by the Holder, in an aggregate principal amount
equal to and in exchange for the portion of the principal of such
Security so surrendered which is not to be repaid.
ARTICLE FOURTEEN
DEFEASANCE AND COVENANT DEFEASANCE
SECTION 1401. Company's Option to Effect Defeasance or Covenant
Defeasance.
Except as otherwise specified pursuant to Section 301 for Securities
of any series the provisions of this Article Fourteen shall apply to
each series of Securities, and the Company may, at its option, effect
defeasance of the Securities of or within a series under Section 1402
or covenant defeasance of or within a series under Section 1403, in
each case in accordance with the terms of such Securities and in
accordance with this Article.
SECTION 1402. Defeasance and Discharge.
Upon the Company's exercise of the above option applicable to this
Section with respect to any Securities of or within a series, the
Company shall be deemed to have been discharged from its obligations
with respect to such Outstanding Securities and any related Coupons on
the date the conditions set forth in Section 1404 are satisfied
(hereinafter, "defeasance"). For this purpose, such defeasance means
that the Company shall be deemed to have paid and discharged the
entire indebtedness represented by such Outstanding Securities and any
related Coupons, which shall thereafter be deemed to be "Outstanding"
only for the purposes of Section 1405 and the other Sections of this
Indenture referred to in (A) and (B) below, and to have satisfied all
its other obligations under such Securities and any related Coupons
and this Indenture insofar as such Securities and any related Coupons
are concerned (and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the
following which shall survive until otherwise terminated or discharged
hereunder: (A) the rights of Holders of such Outstanding Securities
and any related Coupons to receive, solely from the trust fund
described in Section 1404 and as more fully set forth in such Section,
payments in respect of the principal of (and premium, if any, on) and
interest on such Securities and any related Coupons when such payments
are due, (B) the Company's obligations with respect to such Securities
under Sections 304, 305, 306, 1002 and 1003 and with respect to the
payment of Additional Amounts, if any, on such Securities as
contemplated by Section 1005, (C) the rights, powers, trusts, duties
- 76 -
and immunities of the Trustee hereunder and (D) this Article Fourteen.
Subject to compliance with this Article Fourteen, the Company may
exercise its option under this Section 1402 notwithstanding the prior
exercise of its option under Section 1403 with respect to such
Securities and any related Coupons.
SECTION 1403. Covenant Defeasance.
Upon the Company's exercise of the above option applicable to this
Section with respect to any Securities of or within a series, the
Company shall be released, if specified pursuant to Section 301, from
its obligations under any covenant with respect to such Outstanding
Securities and any related Coupons on and after the date the
conditions set forth in Section 1404 are satisfied (hereinafter,
"covenant defeasance"), and such Securities and any related Coupons
shall thereafter be deemed not to be "Outstanding" for the purposes of
any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed "Outstanding" for all other purposes
hereunder. For this purpose, such covenant defeasance means that,
with respect to such Outstanding Securities and any related Coupons,
the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of reference in any
such covenant to any other provision herein or in any other document
and such omission to comply shall not constitute a Default or an Event
of Default under Section 501(4) or otherwise, as the case may be, but,
except as specified above, the remainder of this Indenture and such
Securities and any related Coupons shall be unaffected thereby.
SECTION 1404. Conditions to Defeasance or Covenant Defeasance.
The following shall be the conditions to application of either Section
1402 or Section 1403 to any Outstanding Securities of or within a
series and any related Coupons:
(1) The Company shall irrevocably have deposited or caused to be
deposited with the Trustee (or another trustee satisfying
the requirements of Section 607 who shall agree to comply
with the provisions of this Article Fourteen applicable to
it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such
Securities and any related Coupons, (A) an amount (in such
Currency in which such Securities and any related Coupons
are then specified as payable at Stated Maturity), or (B)
Government Obligations applicable to such Securities
(determined on the basis of the Currency in which such
Securities are then specified as payable at Stated Maturity)
which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms
(without consideration of any reinvestment thereof) will
provide, not later than one day before the due date of any
payment of principal (including any premium) and interest,
if any, under such Securities and any related Coupons, money
- 77 -
in an amount, or (C) a combination thereof, sufficient, in
the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and
which shall be applied by the Trustee (or other qualifying
trustee) to pay and discharge, (i) the principal of (and
premium, if any, on) and interest on such Outstanding
Securities and any related Coupons on the Stated Maturity
(or Redemption Date, if applicable) of such principal (and
premium, if any) or installment or interest and (ii) any
mandatory sinking fund payments or analogous payments
applicable to such Outstanding Securities and any related
Coupons on the day on which such payments are due and
payable in accordance with the terms of this Indenture and
of such Securities and any related Coupons; provided that
the Trustee shall have been irrevocably instructed to apply
such money or the proceeds of such Government Obligations to
said payments with respect to such Securities and any
related Coupons. Before such a deposit, the Company may
give to the Trustee, in accordance with Section 1102 hereof,
a notice of its election to redeem all or any portion of
such Outstanding Securities at a future date in accordance
with the terms of the Securities of such series and Article
Eleven hereof, which notice shall be irrevocable. Such
irrevocable redemption notice, if given, shall be given
effect in applying the foregoing.
(2) No Default or Event of Default with respect to such
Securities and any related Coupons shall have occurred and
be continuing on the date of such deposit or, insofar as
paragraphs (5) and (6) of Section 501 are concerned, at any
time during the period ending on the 91st day after the date
of such deposit (it being understood that this condition
shall not be deemed satisfied until the expiration of such
period).
(3) Such defeasance or covenant defeasance shall not result in a
breach or violation of, or constitute a default under, this
Indenture or any other material agreement or instrument to
which the Company is a party or by which it is bound.
(4) In the case of an election under Section 1402, the Company
shall have delivered to the Trustee an Opinion of Counsel
stating that (x) the Company has received from, or there has
been published by, the Internal Revenue Service a ruling, or
(y) since the date of execution of this Indenture, there has
been a change in the applicable United States federal income
tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such
Outstanding Securities and any related Coupons will not
recognize income, gain or loss for United States federal
income tax purposes as a result of such defeasance and will
be subject to United States federal income tax on the same
amounts, in the same manner and at the same times as would
have been the case if such defeasance had not occurred.
- 78 -
(5) In the case of an election under Section 1403, the Company
shall have delivered to the Trustee an Opinion of Counsel to
the effect that the Holders of such Outstanding Securities
and any related Coupons will not recognize income, gain or
loss for United States federal income tax purposes as a
result of such covenant defeasance and will be subject to
United States federal income tax on the same amounts, in the
same manner and at the same times as would have been the
case if such covenant defeasance had not occurred.
(6) Notwithstanding any other provisions of this Section, such
defeasance or covenant defeasance shall be effected in
compliance with any additional or substitute terms,
conditions or limitations in connection therewith pursuant
to Section 301.
(7) The Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to either the
defeasance under Section 1402 or the covenant defeasance
under Section 1403 (as the case may be) have been complied
with.
SECTION 1405. Deposited Money and Government Obligations to Be Held
in Trust; Other Miscellaneous Provisions.
Subject to the provisions of the last paragraph of Section 1003, all
money and Government Obligations (or other property as may be provided
pursuant to Section 301) (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee -- collectively for
purposes of this Section 1405, the "Trustee") pursuant to Section 1404
in respect of such Outstanding Securities and any related Coupons
shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and any related Coupons and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Holders of such Securities and any related
Coupons of all sums due and to become due thereon in respect of
principal (and premium, if any) and interest, but such money need not
be segregated from other funds except to the extent required by law.
Unless otherwise specified with respect to any Security pursuant to
Section 301, if, after a deposit referred to in Section 1404(1) has
been made, (a) the Holder of a Security in respect of which such
deposit was made is entitled to, and does, elect pursuant to the terms
of such Security to receive payment in a Currency other than that in
which the deposit pursuant to Section 1404(1) has been made in respect
of such Security, or (b) a Conversion Event occurs or by the terms of
any Security in respect of which the deposit pursuant to Section
1404(1) has been made, the indebtedness represented by such Security
and any related Coupons shall be deemed to have been, and will be,
fully discharged and satisfied through the payment of the principal of
(premium, if any, on), and interest, if any, on such Security as they
become due out of the proceeds yielded by converting (from time to
time as specified below in the case of any such election) the amount
or other property deposited in respect of such Security into the
- 79 -
Currency in which such Security becomes payable as a result of such
election or Conversion Event based on the applicable Market Exchange
Rate for such Currency in effect on the third Business Day prior to
each payment date, except, with respect to a Conversion Event, for
such Currency in effect (as nearly as feasible) at the time of the
Conversion Event.
The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 1404 or the principal and
interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of such
Outstanding Securities and any related Coupons.
Anything in this Article Fourteen to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon
Company Request any money or Government Obligations (or other property
and any proceeds therefrom) held by it as provided in Section 1404
which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which
would then be required to be deposited to effect an equivalent
defeasance or covenant defeasance, as applicable, in accordance with
this Article.
SECTION 1406. Reinstatement.
If the Trustee or any Paying Agent is unable to apply any money in
accordance with Section 1405 by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company's obligations under
this Indenture and such Securities and any related Coupons shall be
revived and reinstated as though no deposit had occurred pursuant to
Section 1402 or 1403, as the case may be, until such time as the
Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 1405; provided, however, that if the Company
makes any payment of principal of (or premium, if any, on) or interest
on any such Security and any related Coupon following the
reinstatement of its obligations, the Company shall be subrogated to
the rights of the Holders of such Securities and any related Coupons
to receive such payment from the money held by the Trustee or Paying
Agent.
ARTICLE FIFTEEN
MEETINGS OF HOLDERS OF SECURITIES
SECTION 1501. Purposes for Which Meetings May Be Called.
A meeting of Holders of Securities of any series may be called at any
time and from time to time pursuant to this Article to make, give or
take any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be made, given or
taken by Holders of Securities of such series.
- 80 -
SECTION 1502. Call, Notice and Place of Meetings.
(a) The Trustee may at any time call a meeting of Holders of
Securities of any series for any purpose specified in Section 1501, to
be held at such time and at such place in The City of New York, or, if
Securities of such series have been issued in whole or in part as
Bearer Securities, in London or in such other place outside of the
United States as the Trustee shall determine. Notice of every meeting
of Holders of Securities of any series, setting forth the time and the
place of such meeting and in general terms the action proposed to be
taken at such meeting, shall be given, in the manner provided for in
Section 106, not less than 21 nor more than 180 days prior to the date
fixed for the meeting.
(b) In case at any time the Company, by or pursuant to a Board
Resolution, or the Holders of at least 10% in principal amount of the
Outstanding Securities of any series shall have requested the Trustee
to call a meeting of the Holders of Securities of such series for any
purpose specified in Section 1501, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have made the first publication of the notice of
such meeting within 21 days after receipt of such request or shall not
thereafter proceed to cause the meeting to be held as provided herein,
then the Company or the Holders of Securities of such series in the
amount above specified, as the case may be, may determine the time and
the place in The City of New York, or, if Securities of such series
are to be issued as Bearer Securities, in London for such meeting and
may call such meeting for such purposes by giving notice thereof as
provided in paragraph (a) of this Section.
SECTION 1503. Persons Entitled to Vote at Meetings.
To be entitled to vote at any meeting of Holders of Securities of any
series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument
in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder or Holders. The only Persons
who shall be entitled to be present or to speak at any meeting of
Holders of Securities of any series shall be the Person entitled to
vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its
counsel.
SECTION 1504. Quorum; Action.
The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for a
meeting of Holders of Securities of such series; provided, however,
that, if any action is to be taken at such meeting with respect to a
consent or waiver which this Indenture expressly provides may be given
by the Holders of not less than a specified percentage in principal
amount of the Outstanding Securities of a series, the Persons entitled
to vote such specified percentage in principal amount of the
Outstanding Securities of such series shall constitute a quorum. In
the absence of a quorum within 30 minutes of the time appointed for
any such meeting, the meeting shall, if convened at the request of
- 81 -
Holders of Securities of such series, be dissolved. In any other case
the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of
such meeting. In the absence of a quorum at any such adjourned
meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in
Section 1502(a), except that such notice need be given only once not
less than five days prior to the date on which the meeting is
scheduled to be reconvened. Notice of the reconvening of any
adjourned meeting shall state expressly the percentage, as provided
above, of the principal amount of the Outstanding Securities of such
series which shall constitute a quorum.
Except as limited by the proviso to Section 902, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a
quorum is present as aforesaid may be adopted by the affirmative vote
of the Holders of not less than a majority in principal amount of the
Outstanding Securities of that series; provided, however, that, except
as limited by the proviso to Section 902, any resolution with respect
to any request, demand, authorization, direction, notice, consent,
waiver or other action which this Indenture expressly provides may be
made, given or taken by the Holders of a specified percentage, which
is less than a majority, in principal amount of the Outstanding
Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of not less than such specified
percentage in principal amount of the Outstanding Securities of that
series.
Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section
shall be binding on all the Holders of Securities of such series and
the related Coupons, whether or not present or represented at the
meeting.
Notwithstanding the foregoing provisions of this Section 1504, if any
action is to be taken at a meeting of Holders of Securities of any
series with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action that this Indenture expressly
provides may be made, given or taken by the Holders of a specified
percentage in principal amount of all Outstanding Securities affected
thereby, or of the Holders of such series and one or more additional
series:
(i) there shall be no minimum quorum requirement for such meeting; and
(ii) the principal amount of the Outstanding Securities of such series
that vote in favor of such request, demand, authorization, direction,
notice, consent, waiver or other action shall be taken into account in
determining whether such request, demand, authorization, direction,
notice, consent, waiver or other action has been made, given or taken
under this Indenture.
- 82 -
SECTION 1505. Determination of Voting Rights; Conduct and Adjournment
of Meetings.
(a) Notwithstanding any provisions of this Indenture, the Trustee may
make such reasonable regulations as it may deem advisable for any
meeting of Holders of Securities of a series in regard to proof of the
holding of Securities of such series and of the appointment of proxies
and in regard to the appointment and duties of inspectors of votes,
the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as
otherwise permitted or required by any such regulations, the holding
of Securities shall be proved in the manner specified in Section 104
and the appointment of any proxy shall be proved in the manner
specified in Section 104 or by having the signature of the person
executing the proxy witnessed or guaranteed by any trust company, bank
or banker authorized by Section 104 to certify to the holding of
Bearer Securities. Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 104 or other
proof.
(b) The Trustee shall, by an instrument in writing appoint a temporary
chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section
1502(b), in which case the Company or the Holders of Securities of the
series calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting.
(c) At any meeting each Holder of a Security of such series or proxy
shall be entitled to one vote for each $25 principal amount of
Outstanding Securities of such series held or represented by him
(determined as specified in the definition of "Outstanding" in Section
101); provided, however, that no vote shall be cast or counted at any
meeting in respect of any Security challenged as not Outstanding and
ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a
Holder of a Security of such series or proxy.
(d) Any meeting of Holders of Securities of any series duly called
pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal
amount of the Outstanding Securities of such series represented at the
meeting; and the meeting may be held as so adjourned without further
notice.
SECTION 1506. Counting Votes and Recording Action of Meetings.
The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series
or of their representatives by proxy and the principal amounts and
serial numbers of the Outstanding Securities of such series held or
- 83 -
represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with
the secretary of the meeting their verified written reports in
duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities
of any series shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits
by one or more persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that said notice was
given as provided in Section 1502 and, if applicable, Section 1504.
Each copy shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one such copy
shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the
ballots voted at the meeting. Any record so signed and verified shall
be conclusive evidence of the matters therein stated.
* * * * *
This Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Indenture.
IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed, and their respective corporate seals to be hereunto
affixed and attested, all as of the day and year first above written.
- 84 -