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TRANSCRIPT
UNITED STATESSECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934Date of Report (Date of earliest event reported): September 27, 2019
Performance Food Group Company(Exact name of Registrant as Specified in Its Charter)
Delaware 001-37578 43-1983182
(State or Other Jurisdictionof Incorporation) (Commission File Number)
(IRS Employer Identification No.)
12500 West Creek ParkwayRichmond, Virginia 23238
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (804) 484-7700
Not Applicable(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box belowif the Form8-Kfiling is intended to simultaneously satisfy the filing obligation of the registrant under any of the followingprovisions(seeGeneralInstructionsA.2.below):
☐ WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425) ☐ SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12) ☐ Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b)) ☐ Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))
SecuritiesregisteredpursuanttoSection12(b)oftheAct:
Title of each class Trading Symbol(s) Name of each exchange on which registeredCommonStock,$0.01parvalue PFGC NewYorkStockExchange
IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(§230.405ofthischapter)orRule12b-2oftheSecuritiesExchangeActof1934(§240.12b-2ofthischapter).
Emerginggrowthcompany☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any neworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐
ITEM 1.01. Entry into a Material Definitive Agreement.
OnSeptember27,2019,PFGEscrowCorporation(the“EscrowIssuer”),anindirectwholly-ownedsubsidiaryofPerformanceFoodGroupCompany(“PFG”),issuedandsold$1,060millionaggregateprincipalamountofits5.500%SeniorNotesdue2027(the“Notes”),whichmatureonOctober15,2027,pursuanttoanindenturedatedasofSeptember27,2019,byandbetweentheEscrowIssuerandU.S.BankNationalAssociation,astrustee.TheNotesweresoldwithintheUnitedStatesonlytoqualifiedinstitutionalbuyersinrelianceonRule144AundertheSecuritiesActof1933,asamended(the“SecuritiesAct”),andoutsidetheUnitedStatestonon-U.S.personsinrelianceonRegulationSundertheSecuritiesAct.
TheEscrowIssuerhasdepositedthegrossproceedsoftheoffering,alongwithcertainadditionalfunds,intoasegregatedescrowaccount(the“EscrowAccount”).PFGintendstousethenetproceedsoftheoffering,alongwithotherfinancingsources,tofinancethecashconsiderationpayableinconnectionwithPFG’spreviouslyannouncedacquisitionofReinhartFoodservice,L.L.C.(the“Acquisition”)andtopayrelatedfeesandexpenses.
UpontheconsummationoftheAcquisition,theEscrowIssuerwillmergewithandintoPerformanceFoodGroup,Inc.(the“Issuer”),awholly-ownedsubsidiaryofPFG,withtheIssuercontinuingasthesurvivingcorporation(the“EscrowMerger”),andtheIssuerwillassumealloftheEscrowIssuer’sobligationsundertheNotes,therelatedindentureandtheotherapplicabledocuments(the“Assumption”)andsubjecttothesatisfactionofcertainotherconditions,thegrossproceedsfromtheofferingwillbereleasedfromtheescrowaccount totheIssueroritsdesignee.IftheAcquisitionisnotconsummated,theEscrowIssuerwillberequiredtoredeemtheNotesatapriceequalto100%oftheissuepriceoftheNotesplusaccruedandunpaidinterest,ifany,to,butnotincluding,theredemptiondate.
TheNoteswereissuedat100.0%oftheirparvalue.TheNotesbearinterestatarateof5.500%peryear,payablesemi-annuallyinarrears.UpontheconsummationoftheEscrowMergerandtheAssumptionandthereleaseoffundsfromtheEscrowAccount,theNoteswillbeguaranteedbyPFGC,Inc.(“PFGC”)andalloftheIssuer’sexistingandfuturematerialwholly-owneddomesticrestrictedsubsidiaries(includingReinhartFoodservice,L.L.C.anditssubsidiaries),totheextentsuchsubsidiariesguaranteeindebtednessundertheIssuer’sasset-basedlendingfacility,theIssuer’sothercapitalmarketsdebtsecuritiesorcertainoftheIssuer’sotherindebtednessincurredundercreditfacilities.TheNotesarenot,andwillnotbe,guaranteedbyPFG.
UpontheoccurrenceofachangeofcontroltriggeringeventoruponthesaleofcertainassetsinwhichtheIssuerdoesnotapplytheproceedsasrequired,theholdersoftheNoteswillhavetherighttorequiretheIssuertomakeanoffertorepurchaseeachholder’sNotesatapriceequalto101%(inthecaseofachangeofcontroltriggeringevent)or100%(inthecaseofanassetsale)oftheirprincipalamount,plusaccruedandunpaidinterest,ifany,to,butnotincluding,therepurchasedate.
AtanytimefollowingthedateoftheAssumptionandpriortoOctober15,2022,theIssuermayredeemallorapartoftheNotesataredemptionpriceequalto100%oftheprincipalamountoftheNotesbeingredeemedplusamake-wholepremiumandaccruedandunpaidinterest,ifany,to,butnotincluding,theredemptiondate.TheIssuermayredeemtheNotes,inwholeorinpart,atanytimeonorafterOctober15,2022atredemptionpricesequalto102.750%,101.375%and100.000%oftheprincipalamountoftheNotesredeemediftheredemptionoccursduringthetwelve-monthperiodsbeginningonOctober15oftheyears2022,2023and2024,respectively,ineachcaseplusaccruedandunpaidinterest,ifany,thereonto,butnotincluding,theapplicableredemptiondate.Inaddition,atanytimefollowingthedateoftheAssumptionandpriortoOctober15,2022,theIssuermayredeemupto40%oftheaggregateprincipalamountoftheNotesataredemptionpriceequalto105.500%oftheaggregateprincipalamountoftheNotesredeemed,plusaccruedandunpaidinterest,ifany,to,butnotincluding,theredemptiondate,withthenetcashproceedstheIssuerreceivesfromoneormorequalifyingequityofferings.
TheNotescontaincovenantsthat,followingtheAssumption,willlimitPFGCanditsrestrictedsubsidiaries’abilitytoincurorguaranteeadditionaldebtorissuedisqualifiedstockorpreferredstock;paydividendsandmakeotherdistributionson,orredeemorrepurchase,capitalstock;makecertaininvestments;incurcertainliens;enterintotransactionswithaffiliates;consolidate,merge,sellorotherwisedisposeofallorsubstantiallyallofitsassets;createcertainrestrictionsontheabilityofPFGC’srestrictedsubsidiariestomakedividendsorotherpaymentstoPFGC;designaterestrictedsubsidiariesasunrestrictedsubsidiaries;andtransferorsellcertainassets.Thesecovenantsaresubjecttoanumberofimportantexceptionsandqualifications.TheNotesalsoprovideforcertaincustomaryeventsofdefaultwhich,ifanyofthemoccurs,wouldpermitorrequiretheprincipalofandaccruedinterestontheNotestobecomeorbedeclareddueandpayable.
ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
TheinformationsetforthinItem1.01ofthisCurrentReportonForm8-KisincorporatedbyreferenceinthisItem2.03.
ITEM 9.01. Financial Statements and Exhibits.
(d)Exhibits
ExhibitNumber Description
4.1 Indenture,datedasofSeptember27,2019,byandbetweenPFGEscrowCorporationandU.S.BankNationalAssociation,astrustee.4.2 Formof5.500%SeniorNotesdue2027(includedinExhibit4.1).
SIGNATURES
PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersignedhereuntodulyauthorized.
PERFORMANCEFOODGROUPCOMPANY Date:October2,2019 By: /s/A.BrentKing Name: A.BrentKing Title: SeniorVicePresident,GeneralCounselandSecretary
Exhibit 4.1
Execution Version
PFGESCROWCORPORATION
(TOBEMERGEDWITHANDINTO)
PERFORMANCEFOODGROUP,INC.
INDENTURE
DatedasofSeptember27,2019
Among
PFGESCROWCORPORATION,astheEscrowIssuer,
and
U.S.BANKNATIONALASSOCIATION,
asTrustee,TransferAgent,RegistrarandPayingAgent
$1,060,000,0005.500%SENIORNOTESDUE2027
TABLE OF CONTENTS
Page
ARTICLE1DEFINITIONSANDINCORPORATIONBYREFERENCE
Section 1.01 Definitions 1Section 1.02 OtherDefinitions 51Section 1.03 RulesofConstruction 52Section 1.04 ActsofHolders 53Section 1.05 TimingofPayment 54Section 1.06 LimitedConditionAcquisition 54
ARTICLE2THENOTES
Section 2.01 FormandDating;Terms 55Section 2.02 ExecutionandAuthentication 56Section 2.03 Registrar,TransferAgentandPayingAgent 57Section 2.04 PayingAgenttoHoldMoneyinTrust 58Section 2.05 HolderLists 58Section 2.06 TransferandExchange 58Section 2.07 ReplacementNotes 71Section 2.08 OutstandingNotes 71Section 2.09 TreasuryNotes 72Section 2.10 TemporaryNotes 72Section 2.11 Cancellation 72Section 2.12 DefaultedInterest 73Section 2.13 CUSIPNumbers;ISINs 73
ARTICLE3
REDEMPTION
Section 3.01 NoticestoTrustee 73Section 3.02 SelectionofNotestoBeRedeemed 74Section 3.03 NoticeofRedemption 74Section 3.04 EffectofNoticeofRedemption 75Section 3.05 DepositofRedemptionPrice 75Section 3.06 NotesRedeemedinPart 76Section 3.07 OptionalRedemption 76Section 3.08 OfferstoRepurchasebyApplicationofExcessProceeds 78Section 3.09 MandatoryRedemption 80Section 3.10 EscrowofProceeds;SpecialMandatoryRedemption. 80
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ARTICLE4COVENANTS
Section 4.01 PaymentofNotes 81Section 4.02 MaintenanceofOfficeorAgency 82Section 4.03 ReportsandOtherInformation 82Section 4.04 ComplianceCertificate 84Section 4.05 Taxes 85Section 4.06 Stay,ExtensionandUsuryLaws 85Section 4.07 LimitationonRestrictedPayments 85Section 4.08 DividendandOtherPaymentRestrictionsAffectingRestrictedSubsidiaries 96Section 4.09 LimitationonIncurrenceofIndebtednessandIssuanceofDisqualifiedStockandPreferredStock 98Section 4.10 AssetSales 106Section 4.11 TransactionswithAffiliates 110Section 4.12 Liens 112Section 4.13 CompanyExistence 113Section 4.14 OffertoRepurchaseUponChangeofControlTriggeringEvent 113Section 4.15 LimitationonGuaranteesofIndebtednessbyRestrictedSubsidiaries 116Section 4.16 SuspensionofCovenants 116Section 4.17 MandatoryMergerandAssumption;ActivitiesofPFGEscrowCorporation. 118
ARTICLE5
SUCCESSORS
Section 5.01 Merger,ConsolidationorSaleofAllorSubstantiallyAllAssets 118Section 5.02 SuccessorPersonSubstituted 122
ARTICLE6
DEFAULTSANDREMEDIES
Section 6.01 EventsofDefault 122Section 6.02 Acceleration 126Section 6.03 OtherRemedies 126Section 6.04 WaiverofPastDefaults 126Section 6.05 ControlbyMajority 127Section 6.06 LimitationonSuits 127Section 6.07 RightsofHolderstoReceivePayment 127Section 6.08 CollectionSuitbyTrustee 127Section 6.09 RestorationofRightsandRemedies 127Section 6.10 RightsandRemediesCumulative 128Section 6.11 DelayorOmissionNotWaiver 128Section 6.12 TrusteeMayFileProofsofClaim 128Section 6.13 Priorities 129Section 6.14 UndertakingforCosts 129
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ARTICLE7TRUSTEE
Section 7.01 DutiesofTrustee 129Section 7.02 RightsofTrustee 130Section 7.03 IndividualRightsofTrustee 132Section 7.04 Trustee’sDisclaimer 132Section 7.05 NoticeofDefaults 133Section 7.06 CompensationandIndemnity 133Section 7.07 ReplacementofTrustee 134Section 7.08 SuccessorTrusteebyMerger,etc. 134Section 7.09 Eligibility;Disqualification 135Section 7.10 Holders’AuthorizationtoTrustee. 135
ARTICLE8
LEGALDEFEASANCEANDCOVENANTDEFEASANCE
Section 8.01 OptiontoEffectLegalDefeasanceorCovenantDefeasance 135Section 8.02 LegalDefeasanceandDischarge 135Section 8.03 CovenantDefeasance 136Section 8.04 ConditionstoLegalorCovenantDefeasance 137Section 8.05 DepositedMoneyandU.S.GovernmentSecuritiestobeHeldinTrust;OtherMiscellaneousProvisions 138Section 8.06 RepaymenttoIssuer 138Section 8.07 Reinstatement 139
ARTICLE9
AMENDMENT,SUPPLEMENTANDWAIVER
Section 9.01 WithoutConsentofHolders 139Section 9.02 WithConsentofHolders 140Section 9.03 RevocationandEffectofConsents 142Section 9.04 NotationonorExchangeofNotes 142Section 9.05 TrusteetoSignAmendments,etc. 143Section 9.06 AdditionalVotingTerms;CalculationofPrincipalAmount 143
ARTICLE10
GUARANTEES
Section 10.01 Guarantee 143Section 10.02 LimitationonGuarantorLiability 145Section 10.03 ExecutionandDelivery 145Section 10.04 Subrogation 146Section 10.05 BenefitsAcknowledged 146Section 10.06 ReleaseofGuarantees 146
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ARTICLE11SATISFACTIONANDDISCHARGE
Section 11.01 SatisfactionandDischarge 147Section 11.02 ApplicationofTrustMoney 148
ARTICLE12
MISCELLANEOUS
Section 12.01 Notices 149Section 12.02 CertificateandOpinionastoConditionsPrecedent 150Section 12.03 StatementsRequiredinCertificateorOpinion 150Section 12.04 RulesbyTrusteeandAgents 151Section 12.05 NoPersonalLiabilityofDirectors,Officers,EmployeesandStockholders 151Section 12.06 GoverningLaw 151Section 12.07 WaiverofJuryTrial 151Section 12.08 ForceMajeure 151Section 12.09 NoAdverseInterpretationofOtherAgreements 151Section 12.10 Successors 151Section 12.11 Severability 152Section 12.12 CounterpartOriginals 152Section 12.13 TableofContents,Headings,etc. 152Section 12.14 TrustIndentureAct 152Section 12.15 USAPatriotAct 152
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EXHIBITSExhibitA FORMOFNOTEExhibitB FORMOFCERTIFICATEOFTRANSFERExhibitC FORMOFCERTIFICATEOFEXCHANGEExhibitD FORMOFSUPPLEMENTALINDENTURETOBEDELIVEREDBYSUBSEQUENTGUARANTORSExhibitE FORMOFSUPPLEMENTALINDENTURETOBEDELIVEREDBYTHECOMPANYANDTHEINITIALGUARANTORSFOLLOWING
THEMERGEROFTHEESCROWISSUERWITHANDINTOTHECOMPANY
v
INDENTURE,datedasofSeptember27,2019,amongPFGEscrowCorporation,aDelawarecorporation(the“Escrow Issuer”)andawholly-owned
unrestrictedsubsidiaryofPFGC,Inc.,aDelawarecorporation(the“Parent”),whichisthedirectparentcompanyofPerformanceFoodGroup,Inc.,aColoradocorporation(the“Company”)andU.S.BankNationalAssociation,asTrustee,TransferAgent,RegistrarandPayingAgent.
WITNESETH
WHEREAS,theEscrowIssuerhasdulyauthorizedthecreationofanissueof$1,060,000,000aggregateprincipalamountoftheEscrowIssuer’s5.500%
SeniorNotesdue2027(the“Initial Notes”);WHEREAS,theEscrowIssuerhasdulyauthorizedtheexecutionanddeliveryofthisIndenture(asdefinedherein).NOW,THEREFORE,theEscrowIssuerandtheTrusteeagreeasfollowsforthebenefitofeachotherandfortheequalandratablebenefitoftheHolders
(asdefinedherein).
ARTICLE1DEFINITIONSANDINCORPORATIONBYREFERENCE
Section 1.01 Definitions.“144A Global Note”meansaGlobalNote,substantiallyintheformofExhibitAhereto,bearingtheGlobalNoteLegendandthePrivatePlacement
Legendanddepositedwithoronbehalfof,andregisteredinthenameof,theapplicableDepositaryoritsnominee,issuedinadenominationequaltotheoutstandingprincipalamountofNotessoldinrelianceonRule144A.
“Acquired Indebtedness”means,withrespecttoanyspecifiedPerson,
(a)IndebtednessofanyotherPersonexistingatthetimesuchotherPersonismergedorconsolidatedwithorintoorbecameaRestrictedSubsidiaryofsuchspecifiedPerson,includingIndebtednessincurredinconnectionwith,orincontemplationof,suchotherPersonmergingorconsolidatingwithorintoorbecomingaRestrictedSubsidiaryofsuchspecifiedPerson,and
(b)IndebtednesssecuredbyaLienencumberinganyassetacquiredbysuchspecifiedPerson.
“Additional Notes”meansanyadditionalNotes(otherthantheInitialNotes)issuedfromtimetotimeunderthisIndentureinaccordancewithSections2.01,2.02and4.09hereof.
“Advisory Agreement”meansthemanagementservicesorsimilaragreementsbetweencertainofthemanagementcompaniesassociatedwithoneor
moreoftheInvestorsortheiradvisors,ifapplicable,andtheCompany(and/oritsdirectorindirectparentcompanies),asineffectfromtimetotime,including,butnotlimitedto,theAmendedandRestatedAdvisoryFeeAgreement,datedasofOctober6,2015,byandamongPerformanceFoodGroupCompany,BlackstoneManagementPartnersLLCandWellspringCapitalManagement,LLC.
“Affiliate”ofanyspecifiedPersonmeansanyotherPersondirectlyorindirectlycontrollingorcontrolledbyorunderdirectorindirectcommoncontrolwithsuchspecifiedPerson.Forpurposesofthisdefinition,“control”(including,withcorrelativemeanings,theterms“controlling,”“controlled by”and“undercommon control with”),asusedwithrespecttoanyPerson,shallmeanthepossession,directlyorindirectly,ofthepowertodirectorcausethedirectionofthemanagementorpoliciesofsuchPerson,whetherthroughtheownershipofvotingsecurities,byagreementorotherwise.
“Agent”meansanyRegistrar,TransferAgentorPayingAgent.“Agent’s Message”meansamessagetransmittedbyDTCto,andreceivedby,theDepositaryandformingapartofthebook-entryconfirmation,which
statesthatDTChasreceivedanexpressacknowledgmentfromeachparticipantinDTCtenderingtheNotesthatsuchparticipantshavereceivedtheLetterofTransmittalandagreetobeboundbythetermsoftheLetterofTransmittalandtheIssuermayenforcesuchagreementagainstsuchparticipants.
“Applicable Percentage”means100.0%;providedthattheApplicablePercentageshallbe(x)50.0%if,onaproformabasisaftergivingeffecttosuch
AssetSaleandtheuseofproceedstherefrom,theConsolidatedTotalDebtRatiowouldbelessthanorequalto3.5to1.00butgreaterthan3.0to1.00or(y)0%if,onaproformabasisaftergivingeffecttosuchAssetSaleandtheuseofproceedstherefrom,theConsolidatedTotalDebtRatiowouldbelessthanorequalto3.0to1.00.
“Applicable Premium”means,withrespecttoanyNoteonanyRedemptionDate,thegreaterof:
(a)1.0%oftheprincipalamountofsuchNote;and(b)theexcess,ifany,of(i)thepresentvalueatsuchRedemptionDateof(A)theredemptionpriceofsuchNoteatOctober15,2022(such
redemptionpricebeingsetforthinthetablesetforthinSection3.07(c)hereof),plus(B)allrequiredinterestpaymentsdueonsuchNotethroughOctober15,2022(excludingaccruedbutunpaidinteresttotheRedemptionDate),computedusingadiscountrateequaltotheApplicableTreasuryRateasofsuchRedemptionDateplus50basispoints,over(ii)thethenoutstandingprincipalamountofsuchNote.
“Applicable Procedures”means,withrespecttoanytransferorexchangeoforfor,redemptionof,ornoticewithrespecttobeneficialinterestsinany
GlobalNoteortheredemptionorrepurchaseofanyGlobalNote,therulesandproceduresofDTC,theDepositary,Euroclearand/orClearstreamthatapplytosuchtransfer,exchange,redemptionorrepurchase.
“Applicable Treasury Rate”means,withrespecttoanyNoteonanyRedemptionDate,theyieldtomaturity,asdeterminedbytheIssuer,asofsuch
RedemptionDateofUnitedStatesTreasurysecuritieswithaconstantmaturity(ascompiledandpublishedinthemostrecentFederalReserveStatisticalReleaseH.15(519)thathasbecomepubliclyavailableatleasttwoBusinessDayspriortotheRedemptionDate(or,ifsuchStatisticalReleaseisnolongerpublished,anypubliclyavailablesourceofsimilarmarketdata))mostnearlyequaltotheperiodfromtheRedemptionDatetoOctober15,2022;provided thatiftheperiodfromtheRedemptionDatetosuchdateislessthanoneyear,theweeklyaverageyieldonactuallytradedUnitedStatesTreasurysecuritiesadjustedtoaconstantmaturityofoneyearwillbeused.
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“Asset Sale”means:
(a)thesale,conveyance,transferorotherdisposition,whetherinasingletransactionoraseriesofrelatedtransactions(includingbywayofaSaleandLease-BackTransaction),ofpropertyorassetsofParentoranyofitsRestrictedSubsidiaries(eachreferredtointhisdefinitionasa“disposition”);or
(b)theissuanceorsaleofEquityInterestsofanyRestrictedSubsidiary(otherthanPreferredStockofRestrictedSubsidiariesissuedin
compliancewithSection4.09hereof),whetherinasingletransactionoraseriesofrelatedtransactions;
ineachcase,otherthan:
(i)anydispositionofCashEquivalentsorInvestmentGradeSecuritiesorobsolete,damaged,unnecessary,unsuitableorwornoutequipment,inventoryorotherpropertyintheordinarycourseofbusinessoranydispositionofinventoryorgoods(orotherassets)heldforsaleornolongerusedorusefulintheordinarycourseofbusiness;
(ii)thedispositionofallorsubstantiallyalloftheassetsoftheIssuerinamannerpermittedpursuanttoSection5.01hereofor
anydispositionthatconstitutesaChangeofControlpursuanttothisIndenture;(iii)themakingofanyRestrictedPaymentthatispermittedtobemade,andismade,underSection4.07hereoforanyPermitted
Investment;(iv)anydispositionofassets,orissuanceorsaleofEquityInterestsofanyRestrictedSubsidiary,inanytransactionorseriesof
relatedtransactionswithanaggregatefairmarketvalueoflessthan$25.0million;(v)anydispositionofpropertyorassetsorissuanceofsecuritiesbyaRestrictedSubsidiarytoParentorbyParentora
RestrictedSubsidiarytoaRestrictedSubsidiary;(vi)totheextentallowableunderSection1031oftheCodeorcomparablelaworregulation,anyexchangeoflikeproperty
(excludinganybootthereon)foruseinaSimilarBusiness;(vii)thelease,assignment,sub-lease,licenseorsub-licenseofanyrealorpersonalpropertyintheordinarycourseofbusiness;(viii)anyissuanceorsaleofEquityInterestsin,orIndebtednessorothersecuritiesof,anUnrestrictedSubsidiary;
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(ix)foreclosures,condemnation,expropriation,forceddispositionsoranysimilaractionwithrespecttoassetsorthegrantingofLiensnotprohibitedbythisIndenture;
(x)salesofaccountsreceivable,orparticipationstherein,orSecuritizationAssetsorrelatedassets,oranydispositionofthe
EquityInterestsinaSubsidiary,allorsubstantiallyalloftheassetsofwhichareSecuritizationAssets,ineachcaseinconnectionwithanyQualifiedSecuritizationFacilityorthedispositionofanaccountreceivableinconnectionwiththecollectionorcompromisethereofintheordinarycourseofbusiness;
(xi)anyfinancingtransactionwithrespecttopropertybuiltoracquiredbyParentoranyRestrictedSubsidiaryaftertheIssue
Date,includingPermittedFacilityFinancings,SaleandLease-BackTransactionsandassetsecuritizationspermittedbythisIndenture;(xii)thesale,discountorotherdispositionofinventory,accountsreceivableornotesreceivableintheordinarycourseof
businessortheconversionofaccountsreceivabletonotesreceivable;(xiii)thelicensingorsub-licensingofintellectualpropertyorothergeneralintangiblesintheordinarycourseofbusiness,other
thanthelicensingofintellectualpropertyonalong-termbasis;(xiv)anysurrenderorwaiverofcontractrightsorthesettlement,releaseorsurrenderofcontractrightsorotherlitigationclaims
intheordinarycourseofbusiness;(xv)theunwindingofanyHedgingObligations;(xvi)sales,transfersandotherdispositionsofInvestmentsinjointventurestotheextentrequiredby,ormadepursuantto,
customarybuy/sellarrangementsbetweenthejointventurepartiessetforthinjointventurearrangementsandsimilarbindingarrangements;(xvii)thelapseorabandonmentofintellectualpropertyrightsintheordinarycourseofbusiness,whichinthereasonablegood
faithdeterminationofParentarenotmaterialtotheconductofthebusinessofParentanditsRestrictedSubsidiariestakenasawhole;(xviii)thegrantingofaLienthatispermittedunderSection4.12hereof;(xix)theissuanceofdirectors’qualifyingsharesandsharesissuedtoforeignnationalsasrequiredbyapplicablelaw;(xx)PermittedIntercompanyActivitiesandrelatedtransactions;
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(xxi)transfersofpropertysubjecttoCasualtyEventsuponreceiptoftheNetProceedsofsuchCasualtyEvent;provided that anyCashEquivalentsreceivedbyParentoranyofitsRestrictedSubsidiariesinrespectofsuchCasualtyEventshallbedeemedtobeNetProceedsofanAssetSale,andsuchNetProceedsshallbeappliedinaccordancewithSection4.10hereof;and
(xxii)anydispositiontoaCaptiveInsuranceSubsidiary.
Intheeventthatatransaction(oraportionthereof)meetsthecriteriaofapermittedAssetSaleandwouldalsobeapermittedRestrictedPaymentorPermittedInvestment,Parent,initssolediscretion,willbeentitledtodivideandclassifysuchtransaction(oraportionthereof)asanAssetSaleand/oroneormorethetypesofpermittedRestrictedPaymentsorPermittedInvestments.
“Assumption”meanstheconsummationofthetransactionswherebytheCompanywillassumealloftheobligationsoftheEscrowIssuerundertheNotes
andthisIndenturepursuanttothesupplementalindenture,theformofwhichisattachedasExhibitEhereto.“Assumption Date”meansthedateoftheconsummationoftheReinhartAcquisitionandtheAssumption.“Bank Products”meansanyfacilitiesorservicesrelatedtocashmanagement,includingtreasury,depository,overdraft,creditordebitcard,purchase
card,automaticclearinghousetransfertransactions,controlleddisbursements,foreignexchangefacilities,storedvaluecards,merchantservices,electronicfundstransferandothercashmanagementarrangements.
“Bankruptcy Law”meansTitle11,U.S.Code,asamended,oranysimilarfederalorstatelawforthereliefofdebtors.“Borrowing Base”means,asofanydate,anamountequaltothesumof(1)(A)95%ofaccountsreceivableand(B)95%ofinventory,ineachcase,
ownedbyParentanditsRestrictedSubsidiariesasoftheendofthemostrecentfiscalquarterprecedingsuchdateandcalculatedonaconsolidatedbasisinaccordancewithGAAP,and(2)(A)75%ofappraisedvalueofrealpropertyand(B)80%ofappraisedvalueofrollingstock,ineachcasebasedonthemostrecentappraisalreceivedbyParentanditsRestrictedSubsidiaries(ineachcasedescribedinclauses(1)and(2),calculatedonaproformabasistogiveeffecttoanyInvestments,acquisitions,dispositions,mergersorconsolidationsthathaveorwillhavebeenmadebyParentoranyofitsRestrictedSubsidiariesonorpriortothecalculationdateasifsuchtransactionshadoccurredasoftheendofthemostrecentfiscalquarterprecedingsuchdate).
“Board of Directors”means,withrespecttoanyPerson,(i)inthecaseofanycorporation,theboardofdirectorsofsuchPerson,(ii)inthecaseofany
limitedliabilitycompany,themanagingmemberorboardofmanagersofsuchPerson,(iii)inthecaseofanypartnership,theboardofdirectorsofthegeneralpartnerofsuchPersonand(iv)inanyothercase,thefunctionalequivalentoftheforegoingor,ineachcase,anydulyauthorizedcommitteeofsuchbody.
“Business Day”meanseachdaywhichisnotaLegalHoliday.
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“Capital Stock”means:
(a)inthecaseofacorporation,corporatestockorsharesinthecapitalofsuchcorporation;
(b)inthecaseofanassociationorbusinessentity,anyandallshares,interests,participations,rightsorotherequivalents(however
designated)ofcorporatestock;
(c)inthecaseofapartnershiporlimitedliabilitycompany,partnershipormembershipinterests(whethergeneralorlimited);and
(d)anyotherinterestorparticipationthatconfersonaPersontherighttoreceiveashareoftheprofitsandlossesof,ordistributionsofassetsof,theissuingPerson.
“Capitalized Software Expenditures”means,foranyperiod,theaggregateofallexpenditures(whetherpaidincashoraccruedasliabilities)bya
PersonanditsRestrictedSubsidiariesduringsuchperiodinrespectoflicensedorpurchasedsoftwareorinternallydevelopedsoftwareandsoftwareenhancementsthat,inconformitywithGAAP,areorarerequiredtobereflectedascapitalizedcostsontheconsolidatedbalancesheetofaPersonanditsRestrictedSubsidiaries.
“Captive Insurance Subsidiary”means(i)PICLInsuranceCo.(f/k/aPerformanceInsuranceCompanyLimited)andanyofitssubsidiaries(including,fortheavoidanceofdoubt,PICLInvestmentsInc.)and(ii)anyotherdirectorindirectSubsidiaryofParentestablishedandoperatingsolelyforthepurposeof(a)insuringthebusinessesoperationsorpropertiesownedoroperatedbyParentoranyofitsSubsidiaries(includingtheIssuer),includingtheiremployeesandrelatedbenefits,and/or(b)conductinganyactivitiesorbusinessincidentalthereto(itbeingunderstoodandagreedthatactivitieswhicharerelevantorappropriatetoqualifyasaninsurancecompanyforU.S.federalorstatetaxpurposesshallbeconsidered“activitiesorbusinessincidentalthereto”).
“Cash Equivalents”means:
(a)UnitedStatesdollars;
(b)(i)Canadiandollars,poundssterling,yen,eurosoranynationalcurrencyofanyparticipatingmemberstateoftheEMU;or(ii)suchlocalcurrenciesheldbyParentoranyRestrictedSubsidiaryfromtimetotimeintheordinarycourseofbusiness;
(c)securitiesissuedordirectlyandfullyandunconditionallyguaranteedorinsuredbytheU.S.governmentoranyagencyor
instrumentalitythereofthesecuritiesofwhichareunconditionallyguaranteedasafullfaithandcreditobligationofsuchgovernmentwithmaturitiesof24monthsorlessfromthedateofacquisition;
(d)certificatesofdeposit,timedepositsandeurodollartimedepositswithmaturitiesof24monthsorlessfromthedateofacquisition,
demanddeposits,bankers’acceptanceswithmaturitiesnotexceedingoneyearandovernightbankdeposits,ineachcasewithanydomesticorforeigncommercialbankhavingcapitalandsurplusofnotlessthan$250.0millioninthecaseofU.S.banksand$100.0million(ortheU.S.DollarEquivalentasofthedateofdetermination)inthecaseofnon-U.S.banks;
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(e)repurchaseobligationsforunderlyingsecuritiesofthetypesdescribedinclauses(c),(d),(g)and(h)ofthisdefinitionenteredintowithanyfinancialinstitutionorrecognizedsecuritiesdealermeetingthequalificationsspecifiedinclause(d)above;
(f)commercialpaperandvariableorfixedratenotesratedatleastP-2byMoody’soratleastA-2byS&P(or,ifatanytimeneither
Moody’snorS&Pshallberatingsuchobligations,anequivalentratingfromanotherRatingAgency)andineachcasematuringwithin24monthsafterthedateofcreationthereof;
(g)marketableshort-termmoneymarketandsimilarfundshavingaratingofatleastP-2orA-2fromeitherMoody’sorS&P,respectively
(or,ifatanytimeneitherMoody’snorS&Pshallberatingsuchobligations,anequivalentratingfromanotherRatingAgency);
(h)readilymarketabledirectobligationsissuedbyanystate,commonwealthorterritoryoftheUnitedStatesofAmericaoranypoliticalsubdivisionortaxingauthoritythereofhavinganInvestmentGradeRatingfromeitherMoody’sorS&P(or,ifatanytimeneitherMoody’snorS&Pshallberatingsuchobligations,anequivalentratingfromanotherRatingAgency)withmaturitiesof24monthsorlessfromthedateofacquisition;
(i)readilymarketabledirectobligationsissuedbyanyforeigngovernmentoranypoliticalsubdivisionorpublicinstrumentalitythereof,in
eachcasehavinganInvestmentGradeRatingfromeitherMoody’sorS&P(or,ifatanytimeneitherMoody’snorS&Pshallberatingsuchobligations,anequivalentratingfromanotherRatingAgency)withmaturitiesof24monthsorlessfromthedateofacquisition;
(j)Investmentswithaveragematuritiesof12monthsorlessfromthedateofacquisitioninmoneymarketfundsratedAAA-(orthe
equivalentthereof)orbetterbyS&PorAaa3(ortheequivalentthereof)orbetterbyMoody’s(or,ifatanytimeneitherMoody’snorS&Pshallberatingsuchobligations,anequivalentratingfromanotherRatingAgency);
(k)securitieswithmaturitiesof12monthsorlessfromthedateofacquisitionbackedbystandbylettersofcreditissuedbyanyfinancial
institutionorrecognizedsecuritiesdealermeetingthequalificationsspecifiedinclause(d)above;
(l)IndebtednessorPreferredStockissuedbyPersonswitharatingof“A”orhigherfromS&Por“A2”orhigherfromMoody’swithmaturitiesof24monthsorlessfromthedateofacquisition;and
(m)investmentfundsinvestingatleast90%oftheirassetsinsecuritiesofthetypesdescribedinclauses(a)through(l)above.
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InthecaseofInvestmentsbyanyForeignSubsidiarythatisaRestrictedSubsidiaryorInvestmentsmadeinacountryoutsidetheUnitedStatesofAmerica,CashEquivalentsshallalsoinclude(i)investmentsofthetypeandmaturitydescribedinclauses(a)through(h)andclauses(j),(k),(l)and(m)aboveofforeignobligors,whichInvestmentsorobligors(ortheparentsofsuchobligors)haveratingsdescribedinsuchclausesorequivalentratingsfromcomparableforeignratingagenciesand(ii)othershort-terminvestmentsutilizedbyForeignSubsidiariesthatareRestrictedSubsidiariesinaccordancewithnormalinvestmentpracticesforcashmanagementininvestmentsanalogoustotheforegoinginvestmentsinclauses(a)through(m)andinthisparagraph.
Notwithstandingtheforegoing,CashEquivalentsshallincludeamountsdenominatedincurrenciesotherthanthosesetforthinclauses(a)and(b)above,provided thatsuchamountsareconvertedintoanycurrencylistedinclauses(a)and(b)aspromptlyaspracticableandinanyeventwithintenBusinessDaysfollowingthereceiptofsuchamounts.
Fortheavoidanceofdoubt,anyitemsidentifiedasCashEquivalentsunderthisdefinitionwillbedeemedtobeCashEquivalentsforallpurposesunderthisIndentureregardlessofthetreatmentofsuchitemsunderGAAP.
“Casualty Event”meansanyeventthatgivesrisetothereceiptbyParentoranyRestrictedSubsidiaryofanyinsuranceproceedsorcondemnationawardsinrespectofanyequipment,fixedassetsorrealproperty(includinganyimprovementsthereon)toreplaceorrepairsuchequipment,fixedassetsorrealproperty.
“Change of Control”meanstheoccurrenceofanyofthefollowingaftertheIssueDate:
(a)thesale,lease,transfer,conveyanceorotherdispositioninoneoraseriesofrelatedtransactions(otherthanbymerger,consolidationoramalgamation),ofallorsubstantiallyalloftheassetsofParentanditsSubsidiaries,takenasawhole,toanyPersonotherthananyPermittedHolder,theIssueroranyGuarantor;or
(b)Parentbecomesawareof(bywayofareportoranyotherfilingpursuanttoSection13(d)oftheExchangeAct,proxy,vote,written
noticeorotherwise)theacquisitionby(A)anyPerson(otherthananyPermittedHolder)or(B)Persons(otherthananyPermittedHolders)thataretogetheragroup(withinthemeaningofSection13(d)(3)orSection14(d)(2)oftheExchangeAct,oranysuccessorprovision),includinganysuchgroupactingforthepurposeofacquiring,holdingordisposingofsecurities(withinthemeaningofRule13d-5(b)(1)undertheExchangeAct),inasingletransactionorinarelatedseriesoftransactions,bywayofmerger,consolidationorotherbusinesscombinationorpurchaseofbeneficialownership(withinthemeaningofRule13d-3undertheExchangeAct,oranysuccessorprovision)ofmorethan50.0%ofthetotalvotingpoweroftheVotingStockofParentdirectlyorindirectlythroughanyofitsdirectorindirectparentholdingcompanies,ineachcase,otherthaninconnectionwithanytransactionorseriesoftransactionsinwhichParentshallbecometheWholly-OwnedSubsidiaryofaParentCompany.
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Notwithstandingtheforegoing,noneoftheconsummationoftheReinhartAcquisition,theAssumptionortheEscrowMergershallconstituteaChangeofControl.
“Change of Control Triggering Event”meanstheoccurrenceofaChangeofControlandaRatingsEvent.
“Clearstream”meansClearstreamBanking,asociété anonyme,ascurrentlyineffectoranysuccessorsecuritiesclearingagency.
“Code”meanstheU.S.InternalRevenueCodeof1986,asamendedfromtimetotime.
“Completion Date”meansthedate,ifany,whentheEscrowConditionsaresatisfied.
“consolidated”whenusedwithrespecttoanyPersonreferstosuchPersonconsolidatedwithitsRestrictedSubsidiaries.
“Consolidated Depreciation and Amortization Expense”meanswithrespecttoanyPersonforanyperiod,thetotalamountofdepreciationandamortizationexpenseandcapitalizedfeesrelatedtoanyQualifiedSecuritizationFacilityofsuchPerson,includingtheamortizationofintangibleassets,deferredfinancingcosts,debtissuancecosts,commissions,feesandexpensesandCapitalizedSoftwareExpendituresofsuchPersonanditsRestrictedSubsidiariesforsuchperiodonaconsolidatedbasisandotherwisedeterminedinaccordancewithGAAP.
“Consolidated Interest Expense”means,withrespecttoanyPersonforanyperiod,withoutduplication,thesumof:
(a)consolidatedinterestexpenseofsuchPersonanditsRestrictedSubsidiariesforsuchperiod,totheextentsuchexpensewasdeducted(andnotaddedback)incomputingConsolidatedNetIncome(including(i)amortizationoforiginalissuediscountresultingfromtheissuanceofIndebtednessatlessthanpar,(ii)allcommissions,discountsandotherfeesandchargesowedwithrespecttolettersofcreditorbankersacceptances,(iii)non-cashinterestpayments(butexcludinganynon-cashinterestexpenseattributabletothemovementinmark-to-marketvaluationofHedgingObligationsorderivativeinstrumentspursuanttoGAAP),(iv)theinterestcomponentofFinancingLeaseObligations,and(v)netpayments,ifanymade(lessnetpayments,ifany,received),pursuanttointerestrateHedgingObligationswithrespecttoIndebtedness,andexcluding(p)annualagencyfeespaidtotheadministrativeagentsandcollateralagentsunderanyCreditFacilities,(q)costsassociatedwithobtainingHedgingObligations,(r)anyexpenseresultingfromthediscountingofanyIndebtednessinconnectionwiththeapplicationofrecapitalizationaccountingor,ifapplicable,purchaseaccountinginconnectionwithanyacquisition,(s)penaltiesandinterestrelatingtotaxes,(t)any“additional interest”or“liquidated damages”withrespecttoothersecuritiesforfailuretotimelycomplywithregistrationrightsobligations,(u)amortizationorexpensingofdeferredfinancingfees,amendmentandconsentfees,debtissuancecosts,commissions,fees,expensesanddiscountedliabilitiesandanyotheramountsofnon-cashinterest,(v)anyexpensingofbridge,commitmentandotherfinancingfeesandanyotherfeesrelatedtoanyacquisitionsaftertheIssueDate,(w)commissions,discounts,yieldandotherfeesandcharges(includinganyinterestexpense)relatedtoanyQualifiedSecuritizationFacility,(x)anyaccretionofaccruedinterestondiscountedliabilitiesandanyprepaymentpremiumorpenalty,(y)interestexpenseresultingfrompush-downaccountingand(z)anylease,rentalorotherexpenseinconnectionwithaNon-FinancingLeaseObligationoraPermittedFacilityFinancing);plus
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(b)consolidatedcapitalizedinterestofsuchPersonanditsRestrictedSubsidiariesforsuchperiod,whetherpaidoraccrued;less
(c)interestincomeofsuchPersonanditsRestrictedSubsidiariesforsuchperiod(includinginterestincomereceivedinconnectionwithaPermittedFacilityFinancinguptotheamountequaltotheinterestcomponentofassociatedFinancingLeaseObligations,ifany).
Forpurposesofthisdefinition,interestonaFinancingLeaseObligationshallbedeemedtoaccrueataninterestratereasonablydeterminedbysuch
PersontobetherateofinterestimplicitinsuchFinancingLeaseObligationinaccordancewithGAAP(or,ifnotimplicit,asotherwisedeterminedinaccordancewithGAAP).
“Consolidated Net Income”means,withrespecttoanyPersonforanyperiod,theaggregateoftheNetIncomeofsuchPersonanditsRestrictedSubsidiariesforsuchperiod,onaconsolidatedbasis,andotherwisedeterminedinaccordancewithGAAP;provided that,withoutduplication:
(a)anyafter-taxeffectofextraordinary,non-recurringorunusualgainsorlosses(lessallfeesandexpensesrelatingthereto),chargesorexpenses(includingrelatingtoanymultiyearstrategicinitiatives),restructuringandduplicativerunningcosts,relocationcosts,integrationcosts,facilityconsolidationandclosingcosts,severancecostsandexpenses,one-timecompensationcharges,paymentsmadepursuanttothetermsofchangeincontrolagreementsthatParentoraSubsidiaryoraparententityofParenthadenteredintowithemployeesofParent,aSubsidiaryoraparententityofParentasofMay23,2008,costsrelatingtopre-opening,openingandconversioncostsforplants/facilities,losses,costsorcost-inefficienciesrelatedtoplant/facilitydisruptionsorshutdowns,signing,retentionandcompletionbonuses,costsincurredinconnectionwithanystrategicinitiatives,transitioncosts,costsincurredinconnectionwithacquisitionsandnon-recurringproductandintellectualpropertydevelopment,otherbusinessoptimizationexpenses(includingcostsandexpensesrelatingtobusinessoptimizationprogramsandnewsystemsdesign,retentioncharges,systemestablishmentcostsandimplementationcosts)andoperatingexpensesattributabletotheimplementationofcost-savingsinitiatives,andcurtailmentsormodificationstopensionandpost-retirementemployeebenefitplansshallbeexcluded;
(b)thecumulativeeffectofachangeinaccountingprinciplesandchangesasaresultoftheadoptionormodificationofaccounting
policiesduringsuchperiodshallbeexcluded;
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(c)anynetafter-taxeffectofgainsorlossesondisposal,abandonmentordiscontinuanceofdisposed,abandonedordiscontinuedoperations,asapplicable,shallbeexcluded;
(d)anynetafter-taxeffectofgainsorlosses(lessallfees,expensesandchargesrelatingthereto)attributabletoassetdispositionsor
abandonmentsorthesaleorotherdispositionofanyCapitalStockofanyPersonotherthanintheordinarycourseofbusinessshallbeexcluded;
(e)theNetIncomeforsuchperiodofanyPersonthatisnotaSubsidiary,orisanUnrestrictedSubsidiary,orthatisaccountedforbytheequitymethodofaccountingshallbeexcluded;provided thatConsolidatedNetIncomeofsuchPersonshallbeincreasedbytheamountofdividendsordistributionsorotherpayments(otherthanExcludedContributions)thatareactuallypaidincash(ortotheextentconvertedintocash)tosuchPersonoraRestrictedSubsidiarythereofinrespectofsuchperiod;
(f)solelyforthepurposeofdeterminingtheamountavailableforRestrictedPaymentsunderclause(C)(1)ofSection4.07(a)(iv)hereof,
theNetIncomeforsuchperiodofanyRestrictedSubsidiary(otherthananyGuarantor)shallbeexcludedtotheextentthatthedeclarationorpaymentofdividendsorsimilardistributionsbythatRestrictedSubsidiaryofitsNetIncomeisnotatthedateofdeterminationpermittedwithoutanypriorgovernmentalapproval(whichhasnotbeenobtained)or,directlyorindirectly,bytheoperationofthetermsofitscharteroranyagreement,instrument,judgment,decree,order,statute,rule,orgovernmentalregulationapplicabletothatRestrictedSubsidiaryoritsstockholders(otherthanrestrictionsintheNotesorthisIndenture),unlesssuchrestrictionwithrespecttothepaymentofdividendsorsimilardistributionshasbeenlegallywaived,provided thatConsolidatedNetIncomeofsuchPersonwillbeincreasedbytheamountofdividendsorotherdistributionsorotherpaymentsactuallypaidinCashEquivalents(ortotheextentconvertedintoCashEquivalents)tosuchPersonoraRestrictedSubsidiarythereofinrespectofsuchperiod,totheextentnotalreadyincludedtherein;
(g)effectsofadjustments(includingtheeffectsofsuchadjustmentspusheddowntosuchPersonanditsRestrictedSubsidiaries)insuch
Person’sconsolidatedfinancialstatementspursuanttoGAAP(includingintheinventory(includinganyimpactofchangestoinventoryvaluationpolicymethods,includingchangesincapitalizationofvariances),propertyandequipment,software,goodwill,intangibleassets,in-processresearchanddevelopment,deferredrevenueanddebtlineitemsthereof)resultingfromtheapplicationofrecapitalizationaccountingorpurchaseaccounting,asthecasemaybe,inrelationtoanyconsummatedacquisitionorjointventureinvestmentortheamortizationorwrite-offorwrite-downofanyamountsthereof,netoftaxes,shallbeexcluded;
(h)anyafter-taxeffectofincome(loss)fromtheearlyextinguishmentorconversionof(i)Indebtedness,(ii)HedgingObligationsor(iii)
otherderivativeinstrumentsshallbeexcluded;
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(i)anyimpairmentchargeorassetwrite-offorwrite-down,includingimpairmentchargesorassetwrite-offsorwrite-downsrelatedtointangibleassets,long-livedassets,investmentsindebtandequitysecuritiesandinvestmentsrecordedusingtheequitymethodorasaresultofachangeinlaworregulation,ineachcase,pursuanttoGAAP,andtheamortizationofintangiblesarisingpursuanttoGAAPshallbeexcluded;
(i)anyequity-basedornon-cashcompensationorsimilarchargeorexpenseorreductionofrevenueincludinganysuchcharge,expenseor
amountarisingfromgrantsofstockappreciationorsimilarrights,stockoptions,restrictedstock,profitsinterestsorotherrightsorequity-orequity-basedincentiveprograms(“equity incentives”),anyone-timecashchargesassociatedwiththeequityincentivesorotherlong-termincentivecompensationplans(includingunderthedeferredcompensationarrangementsofParent,theIssueroranyoftheirdirectorindirectparententitiesorsubsidiaries),rollover,acceleration,orpayoutofEquityInterestsbymanagement,otheremployeesorbusinesspartnersofParent,theIssueroranyoftheirdirectorindirectparententitiesorsubsidiaries,shallbeexcluded;
(j)anyfees,expensesorchargesincurredduringsuchperiod,oranyamortizationthereofforsuchperiod,inconnectionwithany
acquisition(includingtheTransactions),recapitalization,Investment,AssetSale,disposition,incurrenceorrepaymentofIndebtedness(includingsuchfees,expensesorchargesrelatedtotheofferingandissuanceoftheNotesandothersecuritiesandthesyndicationandincurrenceofanyCreditFacilities),issuanceofEquityInterestsofParentoritsdirectorindirectparententities,refinancingtransactionoramendmentormodificationofanydebtinstrument(includinganyamendmentorothermodificationoftheNotesandothersecuritiesandanyCreditFacilities)orRealEstateLeasesandincluding,ineachcase,anysuchtransactionconsummatedonorpriortotheIssueDateandanysuchtransactionundertakenbutnotcompleted,andanychargesornon-recurringmergercostsincurredduringsuchperiodasaresultofanysuchtransaction,ineachcasewhetherornotsuccessfulorconsummated(including,fortheavoidanceofdoubttheeffectsofexpensingalltransactionrelatedexpensesinaccordancewithFinancialAccountingStandardsBoardAccountingStandardsCodificationTopicNo.805,Business Combinations),shallbeexcluded;
(k)accrualsandreservesthatareestablishedoradjustedwithin12monthsaftertheclosingofanyacquisitionthataresorequiredtobe
establishedoradjustedasaresultofsuchacquisitioninaccordancewithGAAPorchangesasaresultofmodificationsofaccountingpoliciesshallbeexcluded;
(l)anyexpenses,chargesorlossestotheextentcoveredbyinsuranceorindemnityandactuallyreimbursed,or,solongassuchPerson
hasmadeadeterminationthatthereexistsreasonableevidencethatsuchamountwillinfactbereimbursedbytheinsurerorindemnifyingpartyandonlytotheextentthatsuchamountisinfactreimbursedwithin365daysofthedateoftheinsurableorindemnifiableevent(netofanyamountsoaddedbackinanypriorperiodtotheextentnotsoreimbursedwithintheapplicable365-dayperiod),shallbeexcluded;
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(m)anynoncashcompensationexpenseresultingfromtheapplicationofAccountingStandardsCodificationTopicNo.718,Compensation— Stock Compensation,shallbeexcluded;
(n)anynetpensionorpost-employmentbenefitcostsrepresentingamortizationofunrecognizedpriorservicecosts,actuariallosses,
includingamortizationofsuchamountsarisinginpriorperiods,amortizationoftheunrecognizednetobligation(andlossorcost)existingatthedateofinitialapplicationofStatementonFinancialAccountingStandardsNo.87,106and112;andanyotheritemsofasimilarnature,shallbeexcluded;and
(o)thefollowingitemsshallbeexcluded:
(i)anynetunrealizedgainorloss(afteranyoffset)resultinginsuchperiodfromHedgingObligationsandtheapplicationof
AccountingStandardsCodificationTopicNo.815,Derivatives and Hedging,
(ii)anynetunrealizedgainorloss(afteranyoffset)resultinginsuchperiodfromcurrencytranslationgainsorlossesincludingthoserelatedtocurrencyremeasurementsofIndebtedness(includinganynetlossorgainresultingfromHedgingObligationsforcurrencyexchangerisk)andanyotherforeigncurrencytranslationgainsandlosses,totheextentsuchgainorlossesarenon-cashitems,
(iii)anyadjustmentsresultingfortheapplicationofAccountingStandardsCodificationTopicNo.460,Guarantees,orany
comparableregulation,
(iv)effectsofadjustmentstoaccrualsandreservesduringapriorperiodrelatingtoanychangeinthemethodologyofcalculatingreservesforreturns,rebatesandotherchargebacks,and
(v)earn-out,non-competeandcontingentconsiderationobligations(includingtotheextentaccountedforasbonusesorotherwise)
andadjustmentsthereofandpurchasepriceadjustments;and
(p)ifsuchPersonistreatedasadisregardedentityorpartnershipforU.S.federal,stateand/orlocalincometaxpurposesforsuchperiodoranyportionthereof,theamountofdistributionsactuallymadetoanydirectorindirectparentcompanyofsuchPersoninrespectofsuchperiodinaccordancewithclause(xv)(B)underSection4.07(b)shallbeincludedincalculatingConsolidatedNetIncomeasthoughsuchamountshadbeenpaidastaxesdirectlybysuchPersonforsuchperiod.
Inaddition,totheextentnotalreadyincludedintheConsolidatedNetIncomeofsuchPersonanditsRestrictedSubsidiaries,notwithstandinganythingto
thecontraryintheforegoing,ConsolidatedNetIncomeshallincludetheamountofproceedsreceivedfrombusinessinterruptioninsuranceandreimbursementsofanyexpensesandchargesthatarecoveredbyindemnificationorotherreimbursementprovisionsinconnectionwithanyacquisition,Investmentoranysale,conveyance,transferorotherdispositionofassetspermittedunderthisIndenture.
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Notwithstandingtheforegoing,forthepurposeofSection4.07hereofonly(otherthanclause(C)(4)ofSection4.07(a)(iv)hereof),thereshallbeexcludedfromConsolidatedNetIncomeanyincomearisingfromanysaleorotherdispositionofRestrictedInvestmentsmadebyParentanditsRestrictedSubsidiaries,anyrepurchasesandredemptionsofRestrictedInvestmentsfromParentanditsRestrictedSubsidiaries,anyrepaymentsofloansandadvanceswhichconstituteRestrictedInvestmentsbyParentoranyofitsRestrictedSubsidiaries,anysaleofthestockofanUnrestrictedSubsidiaryoranydistributionordividendfromanUnrestrictedSubsidiary,ineachcaseonlytotheextentsuchamountsincreasetheamountofRestrictedPaymentspermittedundersuchcovenantpursuanttoclause(C)(4)ofSection4.07(a)(iv)hereof.
“Consolidated Secured Debt Ratio”means,asofanydateofdetermination,theratioof(a)ConsolidatedTotalIndebtednessofParentanditsRestrictedSubsidiariesthatissecuredbyLiensonthepropertyofParentanditsRestrictedSubsidiariesasoftheendofthemostrecentfiscalquarterforwhichinternalfinancialstatementsareavailableimmediatelyprecedingthedateonwhichsucheventforwhichsuchcalculationisbeingmadeshalloccurminusCashEquivalentsincludedontheconsolidatedbalancesheetofParentanditsRestrictedSubsidiariesasoftheendofsuchmostrecentfiscalquarterto(b)EBITDAofParentforthemostrecentlyendedfourfullfiscalquartersforwhichinternalfinancialstatementsareavailableimmediatelyprecedingthedateonwhichsucheventforwhichsuchcalculationisbeingmadeshalloccur,ineachcasewithsuchpro formaadjustmentstoConsolidatedTotalIndebtedness,CashEquivalentsandEBITDAasareappropriateandconsistentwiththepro formaadjustmentprovisionssetforthinthedefinitionofFixedChargeCoverageRatio(otherthanassetforthintheprovisotothefirstparagraphthereof).
“Consolidated Total Debt Ratio”means,asofanydateofdetermination,theratioof(a)ConsolidatedTotalIndebtednessofParentanditsRestrictedSubsidiariesasoftheendofthemostrecentfiscalquarterforwhichinternalfinancialstatementsareavailableimmediatelyprecedingthedateonwhichsucheventforwhichsuchcalculationisbeingmadeshalloccurminusCashEquivalentsincludedontheconsolidatedbalancesheetofParentanditsRestrictedSubsidiariesasoftheendofsuchmostrecentfiscalquarterto(b)EBITDAofParentforthemostrecentlyendedfourfullfiscalquartersforwhichinternalfinancialstatementsareavailableimmediatelyprecedingthedateonwhichsucheventforwhichsuchcalculationisbeingmadeshalloccur,ineachcasewithsuchproformaadjustmentstoConsolidatedTotalIndebtedness,CashEquivalentsandEBITDAasareappropriateandconsistentwiththeproformaadjustmentprovisionssetforthinthedefinitionofFixedChargeCoverageRatio(otherthanassetforthintheprovisotothefirstparagraphthereof).
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“Consolidated Total Indebtedness”means,asofanydateofdetermination,anamountequaltothesumof(a)theaggregateamountofalloutstandingIndebtednessofParentanditsRestrictedSubsidiariesonaconsolidatedbasisconsistingofIndebtednessforborrowedmoney,ObligationsinrespectofFinancingLeaseObligationsanddebtobligationsevidencedbypromissorynotesandsimilarinstruments,asdeterminedinaccordancewithGAAP(excludingfortheavoidanceofdoubtallundrawnamountsunderrevolvingcreditfacilitiesandlettersofcredit,andallobligationsrelatingtoQualifiedSecuritizationFacilitiesandNon-FinancingLeaseObligations)and(b)theaggregateamountofalloutstandingDisqualifiedStockofParentandallPreferredStockofitsRestrictedSubsidiariesonaconsolidatedbasis,withtheamountofsuchDisqualifiedStockandPreferredStockequaltothegreateroftheirrespectivevoluntaryorinvoluntaryliquidationpreferencesandmaximumfixedrepurchaseprices,ineachcasedeterminedonaconsolidatedbasisinaccordancewithGAAP(butexcludingtheeffectsofanydiscountingofIndebtednessresultingfromtheapplicationofrepurchaseorpurchaseaccountinginconnectionwithanyacquisition);provided thatConsolidatedTotalIndebtednessshallnotincludeIndebtednessinrespectof(A)anyletterofcredit,excepttotheextentofunreimbursedamountsunderstandbylettersofcredit,provided thatanyunreimbursedamountsundercommerciallettersofcreditshallnotbecountedasConsolidatedTotalIndebtednessuntilthreeBusinessDaysaftersuchamountisdrawnand(B)HedgingObligationsexistingontheIssueDateorotherwisepermittedbySection4.09(b)(x)hereof.Forpurposeshereof,the“maximum fixed repurchase price”ofanyDisqualifiedStockorPreferredStockthatdoesnothaveafixedrepurchasepriceshallbecalculatedinaccordancewiththetermsofsuchDisqualifiedStockorPreferredStockasifsuchDisqualifiedStockorPreferredStockwerepurchasedonanydateonwhichConsolidatedTotalIndebtednessshallberequiredtobedeterminedpursuanttothisIndenture,andifsuchpriceisbasedupon,ormeasuredby,thefairmarketvalueofsuchDisqualifiedStockorPreferredStock,suchfairmarketvalueshallbedeterminedreasonablyandingoodfaithbyParent.TheU.S.DollarEquivalentprincipalamountofanyIndebtednessdenominatedinaforeigncurrencywillreflectthecurrencytranslationeffects,determinedinaccordancewithGAAP,ofHedgingObligationsforcurrencyexchangeriskswithrespecttotheapplicablecurrencyineffectonthedateofdeterminationoftheU.S.DollarEquivalentprincipalamountofsuchIndebtedness.
“Contingent Obligations”means,withrespecttoanyPerson,anyobligationofsuchPersonguaranteeinganyleases,dividendsorotherobligationsthat
donotconstituteIndebtedness(“primary obligations”)ofanyotherPerson(the“primary obligor”)inanymanner,whetherdirectlyorindirectly,including,withoutlimitation,anyobligationofsuchPerson,whetherornotcontingent:
(a)topurchaseanysuchprimaryobligationoranypropertyconstitutingdirectorindirectsecuritytherefor;
(b)toadvanceorsupplyfunds:
(i)forthepurchaseorpaymentofanysuchprimaryobligation;or
(ii)tomaintainworkingcapitalorequitycapitaloftheprimaryobligororotherwisetomaintainthenetworthorsolvencyoftheprimaryobligor;or
(c)topurchaseproperty,securitiesorservicesprimarilyforthepurposeofassuringtheownerofanysuchprimaryobligationoftheability
oftheprimaryobligortomakepaymentofsuchprimaryobligationagainstlossinrespectthereof.
“Controlled Investment Affiliate”means,astoanyPerson,anyotherPerson,whichdirectlyorindirectlyisincontrolof,iscontrolledby,orisundercommoncontrolwithsuchPersonandisorganizedbysuchPerson(oranyPersoncontrollingsuchPerson)primarilyformakingdirectorindirectequityordebtinvestmentsinParentand/orothercompanies.
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“Corporate Trust Office”meanstheofficeoftheTrusteeatwhichanytimeitscorporatetrustbusinessrelatedtothisIndentureshallbeadministered,whichofficeatthedatehereofis60LivingstonAvenueEP-MN-WS3C,St.Paul,MN55107,Attn:PerformanceFoodGroupAdministrator,orsuchotheraddressastheTrusteemaydesignatefromtimetotimebynoticetotheHoldersandtheIssuer,ortheprincipalcorporatetrustofficeofanysuccessorTrustee(orsuchotheraddressassuchsuccessorTrusteemaydesignatefromtimetotimebynoticetotheHoldersandtheIssuer).
“Credit Facilities”means,withrespecttoParentoranyofitsRestrictedSubsidiaries,oneormoredebtfacilities,includingtheSeniorSecuredCredit
Facilitiesorotherfinancingarrangements(including,withoutlimitation,commercialpaperfacilitiesorindentures)providingforrevolvingcreditloans,termloans,lettersofcreditorotherlong-termindebtedness,includinganynotes,mortgages,guarantees,collateraldocuments,instrumentsandagreementsexecutedinconnectiontherewith,andanyamendments,supplements,modifications,extensions,renewals,restatementsorrefundingsthereof,inwholeorinpart,andanyindenturesorcreditfacilitiesorcommercialpaperfacilitiesthatreplace,refund,supplementorrefinanceanypartoftheloans,notes,othercreditfacilitiesorcommitmentsthereunder,includinganysuchreplacement,refunding,supplementalorrefinancingfacility,arrangementorindenturethatincreasestheamountpermittedtobeborrowedorissuedthereunderoraltersthematuritythereof(provided thatsuchincreaseinborrowingsorissuancesispermittedunderSection4.09hereof)oraddsRestrictedSubsidiariesasadditionalborrowersorguarantorsthereunderandwhetherbythesameoranyotheragent,trustee,lenderorgroupoflendersorotherholders.
“Custodian”meanstheTrustee,ascustodianwithrespecttotheGlobalNotes,oranysuccessorentitythereto.
“Default”meansanyeventthatis,orwiththepassageoftimeorthegivingofnoticeorbothwouldbe,anEventofDefault.
“Definitive Note”meansacertificatedNoteregisteredinthenameoftheHolderthereofandissuedinaccordancewithSection2.06(c)hereof,substantiallyintheformofExhibitAhereto,exceptthatsuchNoteshallnotbeartheGlobalNoteLegendandshallnothavethe“ScheduleofExchangesofInterestsintheGlobalNote”attachedthereto.
“Depositary”means,withrespecttotheNotesissuableorissuedinwholeorinpartinglobalform,anyPersonspecifiedinSection2.03hereofastheDepositarywithrespecttotheNotes,andanyandallsuccessorstheretoappointedasDepositaryhereunderandhavingbecomesuchpursuanttotheapplicableprovisionofthisIndenture.
“Derivative Instrument”withrespecttoaPerson,meansanycontract,instrumentorotherrighttoreceivepaymentordeliveryofcashorotherassetstowhichsuchPersonoranyAffiliateofsuchPersonthatisactinginconcertwithsuchPersoninconnectionwithsuchPerson’sinvestmentintheNotes(otherthanaScreenedAffiliate)isaparty(whetherornotrequiringfurtherperformancebysuchPerson),thevalueand/orcashflowsofwhich(oranymaterialportionthereof)aremateriallyaffectedbythevalueand/orperformanceoftheNotesand/orthecreditworthinessoftheIssuerand/oranyoneormoreoftheGuarantors(the“Performance References”).
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“Designated Non-cash Consideration”meansthefairmarketvalueofnon-cashconsiderationreceivedbyParentoraRestrictedSubsidiaryinconnectionwithanAssetSalethatissodesignatedasDesignatedNon-cashConsiderationpursuanttoanOfficer’sCertificate,settingforththebasisofsuchvaluation,executedbytheprincipalfinancialofficerofParent,lesstheamountofCashEquivalentsreceivedinconnectionwithasubsequentsale,redemptionorrepurchaseoforcollectionorpaymentonsuchDesignatedNon-cashConsideration.
“Designated Preferred Stock”meansPreferredStockofParent,theIssueroranydirectorindirectparentcompanythereof(ineachcaseotherthanDisqualifiedStock)thatisissuedforcash(otherthantoaRestrictedSubsidiaryoranemployeestockownershipplanortrustestablishedbyParentoranyofitsSubsidiaries)andissodesignatedasDesignatedPreferredStock,pursuanttoanOfficer’sCertificateexecutedbytheprincipalfinancialofficeroftheIssuerortheapplicableparentcompanythereof,asthecasemaybe,ontheissuancedatethereof,thecashproceedsofwhichareexcludedfromthecalculationsetforthinclause(C)ofSection4.07(a)(iv)hereof.
“Disqualified Stock”means,withrespecttoanyPerson,anyCapitalStockofsuchPersonwhich,byitsterms,orbythetermsofanysecurityintowhichitisconvertibleorforwhichitisputableorexchangeable,oruponthehappeningofanyevent,maturesorismandatorilyredeemable(otherthansolelyasaresultofachangeofcontrolorassetsale)pursuanttoasinkingfundobligationorotherwise,orisredeemableattheoptionoftheholderthereof(otherthansolelyasaresultofachangeofcontrolorassetsale),inwholeorinpart,ineachcasepriortothedate91daysaftertheearlierofthematuritydateoftheNotesorthedatetheNotesarenolongeroutstanding;provided thatifsuchCapitalStockisissuedtoanyplanforthebenefitofemployeesofParentoritsSubsidiariesorbyanysuchplantosuchemployees,suchCapitalStockshallnotconstituteDisqualifiedStocksolelybecauseitmayberequiredtoberepurchasedbyParentoritsSubsidiariesinordertosatisfyapplicablestatutoryorregulatoryobligations;provided,further,thatanyCapitalStockheldbyanyfuture,currentorformeremployee,director,officer,managerorconsultant(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)ofParent,anyofitsSubsidiaries,anyofitsdirectorindirectparentcompaniesoranyotherentityinwhichParentoraRestrictedSubsidiaryhasanInvestmentandisdesignatedingoodfaithasan“affiliate”bytheBoardofDirectorsofParent(orthecompensationcommitteethereof),ineachcasepursuanttoanystocksubscriptionorshareholders’agreement,managementequityplanorstockoptionplanoranyothermanagementoremployeebenefitplanoragreementshallnotconstituteDisqualifiedStocksolelybecauseitmayberequiredtoberepurchasedbyParentoritsSubsidiariesorinordertosatisfyapplicablestatutoryorregulatoryobligations.
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“EBITDA”means,withrespecttoanyPersonforanyperiod,theConsolidatedNetIncomeofsuchPersonforsuchperiod:(a)increased(withoutduplication)bythefollowing,ineachcase(otherthanwithrespecttoclauses(viii)and(xii))totheextentdeducted
(andnotaddedback)indeterminingConsolidatedNetIncomeforsuchperiod:
(i)(A)provisionfortaxesbasedonincomeorprofitsorcapital,including,withoutlimitation,federal,state,franchise,andsimilartaxes(suchastheDelawarefranchisetax,thePennsylvaniacapitaltax,TexasmargintaxandprovincialcapitaltaxespaidinCanada)andforeignwithholdingtaxes(includinganyfuturetaxesorotherlevieswhichreplaceorareintendedtobeinlieuofsuchtaxesandanypenaltiesandinterestrelatedtosuchtaxesorarisingfromtaxexaminations),(B)ifsuchPersonistreatedasadisregardedentityorpartnershipforU.S.federal,stateand/orlocalincometaxpurposesforsuchperiodoranyportionthereof,theamountofdistributionsactuallymadetoanydirectorindirectparentcompanyofsuchPersoninrespectofsuchperiodinaccordancewithclause(xv)(B)underSection4.07(b)and(C)thenettaxexpenseassociatedwithanyadjustmentsmadepursuanttoclauses(a)through(q)ofthedefinitionof“Consolidated Net Income”;plus
(ii)FixedChargesofsuchPersonforsuchperiod(including(w)non-cashrentexpense,(x)netlossesoranyobligationson
HedgingObligationsorotherderivativeinstrumentsenteredintoforthepurposeofhedginginterestraterisk,(y)bankfeesandotherfinancingfeesand(z)costsofsuretybondsinconnectionwithfinancingactivities,plusamountsexcludedfromConsolidatedInterestExpenseassetforthinclauses(a)(p)through(z)inthedefinitionthereof);plus
(iii)ConsolidatedDepreciationandAmortizationExpenseofsuchPersonforsuchperiod;plus
(iv)theamountofanyrestructuringchargesorreserves,equity-basedornon-cashcompensationchargesorexpensesincludingany
suchchargesorexpensesarisingfromgrantsofstockappreciationorsimilarrights,stockoptions,restrictedstockorotherrights,retentioncharges(includingchargesorexpensesinrespectofincentiveplans),start-uporinitialcostsforanyprojectornewproductionline,divisionornewlineofbusiness,integrationcostsorotherbusinessoptimizationexpensesorreservesincluding,withoutlimitation,costsorreservesassociatedwithimprovementstoITandaccountingfunctions,integrationandfacilitiesopeningcosts,oranyone-timecostsincurredinconnectionwithacquisitionsandInvestments(includingtravelandout‑of‑pocketcosts,professionalfeesforlegal,accountingandotherservices,humanresourcescosts(includingrelocationbonuses),restructuringcosts(includingrecruitingcostsandemployeeseverance),managementtransitioncosts,advertisingcosts,lossesassociatedwithtemporarydecreasesinworkvolumeandexpensesrelatedtomaintainingunderutilizedpersonnel)andcostsrelatedtotheclosureand/orconsolidationoffacilitiesandtheportionofanyearn-out,non-competepaymentsrelatingtosuchperiodorothercontingentpurchasepriceobligationsandadjustmentsthereofandpurchasepriceadjustmentstotheextentsuchpaymentispermittedtobepaidpursuanttothisIndentureandisdeductedfromnetincomeunderGAAP;plus
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(v)anyothernon-cashcharges,expensesorlosses,includingnon-cashlossesonthesaleofassetsandanywrite-offsorwrite-downsreducingConsolidatedNetIncomeforsuchperiodandanynon-cashexpenserelatingtothevestingofwarrants(provided thatifanysuchnon-cashchargesrepresentanaccrualorreserveforpotentialcashitemsinanyfutureperiod,(A)Parentmayelectnottoaddbacksuchnon-cashchargeinthecurrentperiodand(B)totheextentParentelectstoaddbacksuchnon-cashcharge,thecashpaymentinrespectthereofinsuchfutureperiodshallbesubtractedfromEBITDAtosuchextent,andexcludingamortizationofaprepaidcashitemthatwaspaidinapriorperiod);plus
(vi)theamountofanynon-controllinginterestorminorityinterestexpenseconsistingofSubsidiaryincomeattributabletominority
equityinterestsofthirdpartiesinanynon-Wholly-OwnedSubsidiary;plus
(vii)theamountof(x)management,monitoring,consulting,customarytransaction,advisoryfeesandotherfees(includingterminationfees)andindemnitiesandexpensespaidoraccruedinsuchperiodundertheAdvisoryAgreement(andrelatedagreementsorarrangements)orotherwisetothecounterpartiesundersuchagreementsorarrangementspriortotheIssueDateand(y)theamountofanyfeesandothercompensationpaidtothemembersoftheBoardofDirectors(ortheequivalentthereof)oftheIssueroranyofitsparententities;plus
(viii)theamountof“run rate”costsavings,operatingexpensereductionsandsynergiesrelatedtomergersandotherbusiness
combinations,acquisitions,divestitures,restructurings,costsavingsinitiativesandothersimilartransactionsorinitiativesconsummatedaftertheIssueDatethatarereasonablyidentifiableandfactuallysupportableandprojectedbyParentingoodfaithtoresultfromactionsthathavebeentakenorwithrespecttowhichsubstantialstepshavebeentakenorareexpectedtobetaken(inthegoodfaithdeterminationofParent)within24monthsafteramergerorotherbusinesscombination,acquisition,divestiture,restructuring,costsavingsinitiativeorothertransactionorinitiativeisconsummated,netoftheamountofactualbenefitsrealizedduringsuchperiodfromsuchactions;plus
(ix)theamountoflossordiscountonsaleofreceivables,SecuritizationAssetsandrelatedassetstoanySecuritizationSubsidiary
inconnectionwithaQualifiedSecuritizationFacility;plus
(x)anycostsorexpenseincurredbyParentoraRestrictedSubsidiaryoraparententityofParentpursuanttoanymanagementequityplanorstockoptionplanoranyothermanagementoremployeebenefitplanoragreementoranystocksubscriptionorshareholderagreement,totheextentthatsuchcostorexpensesarefundedwithcashproceedscontributedtothecapitalofParentornetcashproceedsofanissuanceofEquityInterestofParent(otherthanDisqualifiedStock)solelytotheextentthatsuchnetcashproceedsareexcludedfromthecalculationsetforthinclause(C)ofSection4.07(a)(iv)hereof;plus
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(xi)cashreceipts(oranynettingarrangementsresultinginreducedcashexpenditures)notrepresentingEBITDAorConsolidatedNetIncomeinanyperiodtotheextentnon-cashgainsrelatingtosuchincomeweredeductedinthecalculationofEBITDApursuanttoclause(b)belowforanypreviousperiodandnotaddedback;plus
(xii)anynetlossfromdisposed,abandonedordiscontinuedoperations;and
(b)decreased(withoutduplication)bythefollowing,ineachcasetotheextentincludedindeterminingConsolidatedNetIncomeforsuch
period:
(i)non-cashgains(includingnon-cashgainsonthesaleofassets)increasingConsolidatedNetIncomeofsuchPersonforsuchperiod,excludinganynon-cashgainstotheextenttheyrepresentthereversalofanaccrualorreserveforapotentialcashitemthatreducedEBITDAinanypriorperiodandanynon-cashgainswithrespecttocashactuallyreceivedinapriorperiodsolongassuchcashdidnotincreaseEBITDAinsuchpriorperiod;plus
(ii)anynetincomefromdisposed,abandonedordiscontinuedoperations;and
(c)increasedordecreased(withoutduplication)by,asapplicable,anynon-cashadjustmentsresultingfromtheapplicationofFASB
InterpretationNo.45Guarantees.
“EMU”meanseconomicandmonetaryunionascontemplatedintheTreatyonEuropeanUnion.
“Equity Interests”meansCapitalStockandallwarrants,optionsorotherrightstoacquireCapitalStock,butexcludinganydebtsecuritythatisconvertibleinto,orexchangeablefor,CapitalStock.
“Equity Offering”meansanypublicorprivatesaleorissuanceofcommonstockorPreferredStock(excludingDisqualifiedStock)ofParentoranyofitsdirectorindirectparentcompanies,otherthan:
(a)publicofferingswithrespecttotheIssuer’soranydirectorindirectparentcompany’scommonstockregisteredonFormS-4orFormS-8;
(b)issuancestoanySubsidiaryofParent;and
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(c)anysuchpublicorprivatesaleorissuancethatconstitutesanExcludedContribution.
“Escrow Account”hasthemeaningsetforthintheEscrowAgreement.
“Escrow Agent”meansWellsFargoBank,NationalAssociation,initscapacityasescrowagent,pursuanttotheEscrowAgreement.
“Escrow Agreement”meanstheEscrowAgreement,datedasofSeptember27,2019,amongtheEscrowIssuer,theTrusteeandtheEscrowAgent,assuchagreementmaybeamended,modifiedorsupplementedfromtimetotime.
“Escrow Conditions”meansthefollowingconditions:
(a)AlloftheconditionsprecedenttotheconsummationoftheReinhartAcquisitionhavebeensatisfiedorwaived(otherthanthoseconditionsthatbytheirtermsaretobesatisfiedsubstantiallyconcurrentlywiththeconsummationorfundingoftheReinhartAcquisition,whichconditionsareexpectedtobesosatisfiedorwaived)andaportionoftheEscrowedPropertywillbeusedonasubstantiallyconcurrentbasisbytheCompanyoritsdesigneetofundaportionofthepurchasepricefortheReinhartAcquisitioninaccordancewiththetermsoftheMembershipInterestPurchaseAgreementasineffectontheIssueDate,togetherwithsuchamendments,modificationsorwaiversthatarenotmateriallyadversetotheHoldersoftheNotesasdeterminedingoodfaithbytheParent;and
(b)TheAssumptionwillbeconsummatedsubstantiallyconcurrentlywiththereleaseoftheEscrowedPropertyinaccordancewiththeEscrowAgreementandtheIssuerwilldelivertotheTrusteesuchopinionsofcounselandcertificatesasarerequiredtobedeliveredpursuanttothetermsofthisIndentureinconnectionwiththesupplementalindenturesubstantiallyintheformofExhibitEattachedheretorelatingtotheAssumption.
“Escrowed Property”hasthemeaningsetforthintheEscrowAgreement.
“Escrow Release Date”meanssuchdateonwhich(andonlyafter)theEscrowedPropertyisreleasedinaccordancewiththeEscrowAgreement.
“euro”meansthesinglecurrencyofparticipatingmemberstatesoftheEMU.
“Euroclear”meansEuroclearBankS.A./N.V.,asoperatoroftheEuroclearsystem,oranysuccessorsecuritiesclearingagency.
“Exchange Act”meanstheSecuritiesExchangeActof1934,asamended,andtherulesandregulationsoftheSECpromulgatedthereunder.
“Excluded Contribution”meansnetcashproceeds,marketablesecuritiesorQualifiedProceedsreceivedbyParentsincetheIssueDatefrom:
(a)contributionstoitscommonequitycapital;
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(b)dividends,distributions,feesandotherpaymentsfromanyjointventuresthatarenotRestrictedSubsidiaries;and
(c)thesale(otherthantoaSubsidiaryofParentortoanymanagementequityplanorstockoptionplanoranyothermanagementoremployeebenefitplanoragreementofParent)ofCapitalStock(otherthanDisqualifiedStockandDesignatedPreferredStock)ofParent,
ineachcasedesignatedasExcludedContributionspursuanttoanOfficer’sCertificateexecutedbytheprincipalfinancialofficeroftheIssuerwithin180daysofthedatesuchcapitalcontributionsare(orwere)made,suchdividends,distributions,feesorotherpaymentsarepaid,orthedatesuchEquityInterestsaresold,asthecasemaybe,whichare(orwere)excludedfromthecalculationsetforthinclause(C)ofSection4.07(a)(iv)hereof.
“Existing Notes”meanstheCompany’s5.500%SeniorNotesdue2024,issuedonMay17,2016.
“fair market value”means,withrespecttoanyassetorliability,thefairmarketvalueofsuchassetorliabilityasdeterminedbyParentingoodfaith.
“Financing Lease Obligation”meansanobligationthatisrequiredtobeaccountedforasafinancelease(and,fortheavoidanceofdoubt,notastraight-lineoroperatinglease)onboththebalancesheetandincomestatementforfinancialreportingpurposesinaccordancewithGAAP,including,withoutlimitation,AccountingStandardsCodification842andrelatedaccountingrulesandregulations,assuchmaybeamendedorre-codifiedfromtimetotime,whichobligationeffectivelytransferscontroloftheunderlyingassetandconstitutesanin-substancefinancedpurchaseofanasset,providedthattheamountofanyFinancingLeaseObligationshallbetheamountthereofaccountedforasaliabilityinaccordancewithGAAP;andprovided,furtherandforavoidanceofdoubt,theterm“FinancingLeaseObligation”doesnotincludeobligationsunderanyoperatingleasesenteredintointheordinarycourseofbusinessthatdonoteffectivelytransfercontroloftheunderlyingassetanddonotrepresentanin-substancefinancedpurchaseofanassetunderGAAP,including,withoutlimitation,AccountingStandardsCodification842andrelatedaccountingrulesandregulations,assuchmaybeamendedorre-codifiedfromtimetotime,notwithstandingthatGAAPandsuchaccountingrulesandregulations,suchasAccountingStandardsCodification842,mayrequirethatsuchobligationsberecognizedonthebalancesheetofsuchPersonasaleaseliability(alongwiththerelatedright-of-useasset).
“Fixed Charge Coverage Ratio”means,withrespecttoanyPersonforanyperiod,theratioofEBITDAofsuchPersonforsuchperiodtotheFixedChargesofsuchPersonforsuchperiod.IntheeventthatParentoranyRestrictedSubsidiaryincurs,assumes,guarantees,redeems,repays,retiresorextinguishesanyIndebtedness(otherthanIndebtednessincurredorrepaidunderanyrevolvingcreditfacilityunlesssuchIndebtednesshasbeenpermanentlyrepaidandhasnotbeenreplaced)orissuesorredeemsDisqualifiedStockorPreferredStocksubsequenttothecommencementoftheperiodforwhichtheFixedChargeCoverageRatioisbeingcalculatedbutpriortoorsimultaneouslywiththeeventforwhichthecalculationoftheFixedChargeCoverageRatioismade(the“Fixed ChargeCoverage Ratio Calculation Date”),thentheFixedChargeCoverageRatioshallbecalculatedgivingpro formaeffecttosuchincurrence,assumption,guarantee,redemption,repayment,retirementorextinguishmentofIndebtedness,orsuchissuanceorredemptionofDisqualifiedStockorPreferredStock,asifthesamehadoccurredatthebeginningoftheapplicablefour-quarterperiod;provided,however,thattheproformacalculationofFixedChargesforpurposesofSection4.09(a)(andforthepurposesofotherprovisionsofthisIndenturethatrefertoSection4.09(a))shallnotgiveeffecttoanyIndebtednessbeingincurredonsuchdate(oronsuchothersubsequentdatewhichwouldotherwiserequireproformaeffecttobegiventosuchincurrence)pursuanttoSection4.09(b)(otherthanIndebtednessincurredpursuanttoSection4.09(b)(xiv)).
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Forpurposesofmakingthecomputationreferredtoabove,Investments,acquisitions,dispositions,mergers,amalgamations,consolidationsanddiscontinuedoperations(asdeterminedinaccordancewithGAAP)thathavebeenmadebyParentoranyofitsRestrictedSubsidiariesduringthefour-quarterreferenceperiodorsubsequenttosuchreferenceperiodandonorpriortoorsimultaneouslywiththeFixedChargeCoverageRatioCalculationDateshallbecalculatedonapro formabasisassumingthatallsuchInvestments,acquisitions,dispositions,mergers,amalgamations,consolidationsanddiscontinuedoperations(andthechangeinanyassociatedfixedchargeobligationsandthechangeinEBITDAresultingtherefrom)hadoccurredonthefirstdayofthefour-quarterreferenceperiod.IfsincethebeginningofsuchperiodanyPersonthatsubsequentlybecameaRestrictedSubsidiaryorwasmergedwithorintoParentoranyofitsRestrictedSubsidiariessincethebeginningofsuchperiodshallhavemadeanyInvestment,acquisition,disposition,merger,amalgamation,consolidationordiscontinuedoperationthatwouldhaverequiredadjustmentpursuanttothisdefinition,thentheFixedChargeCoverageRatioshallbecalculatedgivingpro formaeffecttheretoforsuchperiodasifsuchInvestment,acquisition,disposition,merger,amalgamation,consolidationordiscontinuedoperationhadoccurredatthebeginningoftheapplicablefour-quarterperiod.
Forpurposesofthisdefinition,wheneverpro formaeffectistobegiventoanInvestment,acquisition,disposition,merger,amalgamation,consolidationordiscontinuedoperation,thepro formacalculationsshallbemadeingoodfaithbyaresponsiblefinancialoraccountingofficerofParent(andmayinclude,fortheavoidanceofdoubt,costsavings,synergiesandoperatingexpensereductionsresultingfromsuchInvestment,acquisition,merger,amalgamationorconsolidationwhichisbeinggivenpro formaeffectthathavebeenorareexpectedtoberealizedbasedonactionstaken,committedtobetakenorexpectedingoodfaithtobetakenwithin24months).IfanyIndebtednessbearsafloatingrateofinterestandisbeinggivenpro formaeffect,theinterestonsuchIndebtednessshallbecalculatedasiftherateineffectontheFixedChargeCoverageRatioCalculationDatehadbeentheapplicableratefortheentireperiod(takingintoaccountanyHedgingObligationsapplicabletosuchIndebtedness).InterestonaFinancingLeaseObligationshallbedeemedtoaccrueataninterestratereasonablydeterminedbyaresponsiblefinancialoraccountingofficerofParenttobetherateofinterestimplicitinsuchFinancingLeaseObligationinaccordancewithGAAP.Forpurposesofmakingthecomputationreferredtoabove,interestonanyIndebtednessunderarevolvingcreditfacilitycomputedonapro formabasisshallbecomputedbasedupontheaveragedailybalanceofsuchIndebtednessduringtheapplicableperiodexceptassetforthinthefirstparagraphofthisdefinition.InterestonIndebtednessthatmayoptionallybedeterminedataninterestratebaseduponafactorofaprimeorsimilarrate,aeurocurrencyinterbankofferedrate,orotherrate,shallbedeemedtohavebeenbasedupontherateactuallychosen,or,ifnone,thenbaseduponsuchoptionalratechosenasParentmaydesignate.
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“Fixed Charges”means,withrespecttoanyPersonforanyperiod,thesumof,withoutduplication:
(a)ConsolidatedInterestExpenseofsuchPersonforsuchperiod;
(b)allcashdividendsorotherdistributionspaid(excludingitemseliminatedinconsolidation)onanyseriesofPreferredStockduringsuchperiod;and
(c)allcashdividendsorotherdistributionspaid(excludingitemseliminatedinconsolidation)onanyseriesofDisqualifiedStockduring
suchperiod.
“Food Security Act”meanstheFoodSecurityActof1985,asamended,andanysuccessorstatutethereto,includingallrulesandregulationsthereunderallasthesamemaybeineffectfromtimetotime.
“Foreign Subsidiary”means,withrespecttoanyPerson,(1)(A)anyRestrictedSubsidiaryofsuchPersonthatisnotorganizedorexistingunderthelawsoftheUnitedStatesofAmerica,anystatethereofortheDistrictofColumbiaand(B)anyRestrictedSubsidiaryofsuchForeignSubsidiary,and(2)anyFSHCOSubsidiaryofsuchPerson.
“FSHCO Subsidiary”means,withrespecttoanyPerson,anyRestrictedSubsidiaryofsuchPersonsubstantiallyallofwhoseassetsconsist,directlyorindirectly,ofEquityInterestsand/orIndebtednessofoneormoreForeignSubsidiaries,andanyotherassetsincidentalthereto.
“GAAP”means(1)generallyacceptedaccountingprinciplesintheUnitedStatesofAmerica,asineffectfromtimetotime,itbeingunderstoodthat,forpurposesofthisIndenture,allreferencestocodifiedaccountingstandardsspecificallynamedinthisIndentureshallbedeemedtoincludeanysuccessor,replacement,amendmentorupdatedaccountingstandardunderGAAPor(2)ifelectedbyParentbywrittennoticetotheTrusteeinconnectionwiththedeliveryoffinancialstatementsandinformation,theaccountingstandardsandinterpretations(“IFRS”)adoptedbytheInternationalAccountingStandardBoard,asineffectonthefirstdateoftheperiodforwhichParentismakingsuchelection;provided that(a)anysuchelectiononcemadeshallbeirrevocable,(b)allfinancialstatementsandreportsrequiredtobeprovidedaftersuchelectionpursuanttothisIndentureshallbepreparedonthebasisofIFRS,(c)fromandaftersuchelection,allratios,computationsandotherdeterminationsbasedonGAAPcontainedinthisIndentureshallbecomputedinconformitywithIFRS,(d)inconnectionwiththedeliveryoffinancialstatements(x)foranyofitsfirstthreefinancialquartersofanyfinancialyear,itshallrestateitsconsolidatedinterimfinancialstatementsforsuchinterimfinancialperiodandthecomparableperiodintheprioryeartotheextentpreviouslypreparedinaccordancewithGAAPand(y)fordeliveryofauditedannualfinancialinformation,itshallprovideconsolidatedhistoricalfinancialstatementspreparedinaccordancewithIFRSforthepriormostrecentfiscalyeartotheextentpreviouslypreparedinaccordancewithGAAPasineffectonthefirstdateoftheperiodinwhichParentismakingsuchelection.Fortheavoidanceofdoubt,solelymakinganelection(withoutanyotheraction)referredtointhisdefinitionwillnotbetreatedasanincurrenceofIndebtedness.
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IfthereoccursachangeingenerallyacceptedaccountingprinciplesandsuchchangewouldcauseachangeinthemethodofcalculationofanytermormeasureusedinthisIndenture(an“Accounting Change”),thenParentmayelect,asevidencedbyawrittennoticeoftheIssuertotheTrustee,thatsuchtermormeasureshallbecalculatedasifsuchAccountingChangehadnotoccurred.
“Global Note Legend”meansthelegendsetforthinSection2.06(f)(ii)hereof,whichisrequiredtobeplacedonallGlobalNotesissuedunderthisIndenture.
“Global Notes”means,individuallyandcollectively,eachoftheRestrictedGlobalNotesandtheUnrestrictedGlobalNotes,substantiallyintheformofExhibitAhereto,issuedinaccordancewithSection2.01,2.06(b)or2.06(d)hereof.
“guarantee”meansaguarantee(otherthanbyendorsementofnegotiableinstrumentsforcollectionintheordinarycourseofbusiness),directorindirect,inanymanner(includinglettersofcreditandreimbursementagreementsinrespectthereof),ofalloranypartofanyIndebtednessorotherobligations.
“Guarantee”meanstheguaranteebyanyGuarantoroftheIssuer’sObligationsunderthisIndentureandtheNotes.
“Guarantor”meansParentandeachRestrictedSubsidiaryofParent(otherthantheIssuer),ifany,thatGuaranteestheNotesinaccordancewiththetermsofthisIndenture;provided,thatuponreleaseordischargeofParentorsuchRestrictedSubsidiary,asapplicable,fromitsGuaranteeinaccordancewiththisIndenture,ParentorsuchRestrictedSubsidiary,asapplicable,ceasestobeaGuarantor.
“Hedging Obligations”means,withrespecttoanyPerson,theobligationsofsuchPersonunderanyinterestrateswapagreement,interestratecapagreement,interestratecollaragreement,commodityswapagreement,commoditycapagreement,commoditycollaragreement,foreignexchangecontract,currencyswapagreementorsimilaragreementprovidingforthetransfer,modificationormitigationofinterestrate,currencyorcommodityriskseithergenerallyorunderspecificcontingencies.
“Holder”meansthePersoninwhosenameaNoteisregisteredontheRegistrar’sbooks.
“Immediate Family Members”meanswithrespecttoanyindividual,suchindividual’schild,stepchild,grandchildormoreremotedescendant,parent,stepparent,grandparent,spouse,formerspouse,qualifieddomesticpartner,sibling,mother-in-law,father-in-law,son-in-lawanddaughter-in-law(includingadoptiverelationships)andanytrust,partnershiporotherbonafideestate-planningvehicletheonlybeneficiariesofwhichareanyoftheforegoingindividualsoranyprivatefoundationorfundthatiscontrolledbyanyoftheforegoingindividualsoranydonor-advisedfundofwhichanysuchindividualisthedonor.
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“Indebtedness”means,withrespecttoanyPerson,withoutduplication:
(a)anyindebtednessofsuchPerson,whetherornotcontingent:(i)representingtheprincipalandpremium(ifany)inrespectofborrowedmoney;
(ii)representingtheprincipalandpremium(ifany)inrespectofobligationsevidencedbybonds,notes,debenturesorsimilar
instrumentsorlettersofcreditorbankers’acceptances(or,withoutduplication,reimbursementagreementsinrespectthereof);
(iii)representingtheprincipalcomponentinrespectofobligationstopaythedeferredandunpaidbalanceofthepurchasepriceofanyproperty(includingFinancingLeaseObligations),except(A)anysuchbalancethatconstitutesanobligationinrespectofacommercialletterofcredit,atradepayableorsimilarobligationtoatradecreditor,ineachcaseaccruedintheordinarycourseofbusinessand(B)anyearn-outobligationsuntilsuchobligationbecomesaliabilityonthebalancesheetofsuchPersoninaccordancewithGAAPandisnotpaidafterbecomingdueandpayable;or
(iv)representingthenetobligationsunderanyHedgingObligations,ifandtotheextentthatanyoftheforegoingIndebtedness
(otherthanlettersofcreditandHedgingObligations)wouldappearasaliabilityuponabalancesheet(excludingthefootnotesthereto)ofsuchPersonpreparedinaccordancewithGAAP;provided thatIndebtednessofanydirectorindirectparentofParentappearinguponthebalancesheetofParentsolelybyreasonofpushdownaccountingunderGAAPshallbeexcluded;
(b)totheextentnototherwiseincluded,anyobligationbysuchPersontobeliablefor,ortopay,asobligor,guarantororotherwise,the
obligationsofthetypereferredtoinclause(a)ofathirdPerson(whetherornotsuchitemswouldappearuponthebalancesheetofsuchfirstPerson),otherthanbyendorsementofnegotiableinstrumentsforcollectionintheordinarycourseofbusiness;and
(c)totheextentnototherwiseincluded,theobligationsofthetypereferredtoinclause(a)ofathirdPersonsecuredbyaLienonanyasset
ownedbysuchfirstPerson,whetherornotsuchIndebtednessisassumedbysuchfirstPerson;provided,thattheamountofanysuchIndebtednesswillbethelesserof(a)thefairmarketvalueofsuchassetatsuchdateofdeterminationand(b)theamountofsuchIndebtednessofsuchthirdPerson;providedthatnotwithstandingtheforegoing,Indebtednessshallbedeemednottoinclude(a)ContingentObligationsincurredintheordinarycourseofbusinessor(b)Non-FinancingLeaseObligationsorobligationsunderorinrespectofRealEstateLeases(totheextenttheyaretreatedasoperatingleasesinthemostrecentfinancialstatementsinexistenceontheIssueDate),QualifiedSecuritizationFacilities,straight-lineleases,operatingleasesorSaleandLease-BackTransactions(exceptanyresultingFinancingLeaseObligations);provided,further,thatIndebtednessshallbecalculatedwithoutgivingeffecttotheeffectsofFinancialAccountingStandardsBoardAccountingStandardsCodificationTopicNo.815andrelatedinterpretationstotheextentsucheffectswouldotherwiseincreaseordecreaseanamountofIndebtednessforanypurposeunderthisIndentureasaresultofaccountingforanyembeddedderivativescreatedbythetermsofsuchIndebtedness.
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“Indenture”meansthisIndenture,asamended,supplementedorotherwisemodifiedfromtimetotime.
“Independent Financial Advisor”meansanaccounting,appraisal,investmentbankingfirmorconsultanttoPersonsengagedinSimilarBusinessesofnationallyrecognizedstandingthatis,inthegoodfaithjudgmentofParent,qualifiedtoperformthetaskforwhichithasbeenengaged.
“Indirect Participant”meansaPersonwhoholdsabeneficialinterestinaGlobalNotethroughaParticipant.
“Initial Guarantors”meanseachRestrictedSubsidiaryofParent(otherthantheCompany)thatprovidesaguaranteeofIndebtednessundertheSeniorSecuredCreditFacilitiesasoftheAssumptionDate.
“Initial Notes”hasthemeaningsetforthintherecitalshereto.
“Initial Purchasers”meanstheinitialpurchasersoftheNotesontheIssueDatepursuanttothePurchaseAgreement.
“Interest Payment Date”meansOctober15andApril15ofeachyeartostatedmaturity.
“Investment Grade Rating”meansaratingequaltoorhigherthanBaa3(ortheequivalent)byMoody’sandBBB-(ortheequivalent)byS&P,oriftheapplicablesecuritiesarenotthenratedbyMoody’sorS&P,anequivalentratingbyanyotherRatingAgency.
“Investment Grade Securities”means:
(a)securitiesissuedordirectlyandfullyguaranteedorinsuredbytheUnitedStatesgovernmentoranyagencyorinstrumentalitythereof(otherthanCashEquivalents);
(b)debtsecuritiesordebtinstrumentswithanInvestmentGradeRating,butexcludinganydebtsecuritiesorinstrumentsconstitutingloans
oradvancesamongParentanditsSubsidiaries;
(c)investmentsinanyfundthatinvestsexclusivelyininvestmentsofthetypedescribedinclauses(a)and(b)whichfundmayalsoholdimmaterialamountsofcashpendinginvestmentordistribution;and
(d)correspondinginstrumentsincountriesotherthantheUnitedStatesofAmericacustomarilyutilizedforhighqualityinvestments.
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“Investments”means,withrespecttoanyPerson,allinvestmentsbysuchPersoninotherPersons(includingAffiliates)intheformofloans(includingguarantees),advancesorcapitalcontributions(excludingaccountsreceivable,tradecredit,advancestocustomers,commission,travelandsimilaradvancestoemployees,directors,officers,managersandconsultants,ineachcasemadeintheordinarycourseofbusiness),purchasesorotheracquisitionsforconsiderationofIndebtedness,EquityInterestsorothersecuritiesissuedbyanyotherPersonandinvestmentsthatarerequiredbyGAAPtobeclassifiedonthebalancesheet(excludingthefootnotes)ofParentinthesamemannerastheotherinvestmentsincludedinthisdefinitiontotheextentsuchtransactionsinvolvethetransferofcashorotherproperty.Forpurposesofthedefinitionof“UnrestrictedSubsidiary”andSection4.07hereof:
(a)“Investments”shallincludetheportion(proportionatetoParent’sequityinterestinsuchSubsidiary)ofthefairmarketvalueofthenetassetsofaSubsidiaryofParentatthetimethatsuchSubsidiaryisdesignatedanUnrestrictedSubsidiary;and
(b)anypropertytransferredtoorfromanUnrestrictedSubsidiaryshallbevaluedatitsfairmarketvalueatthetimeofsuchtransfer.
TheamountofanyInvestmentoutstandingatanytimeshallbetheoriginalcostofsuchInvestment,reducedbyanydividend,distribution,interest
payment,returnofcapital,repaymentorotheramountreceivedinCashEquivalentsbyParentoraRestrictedSubsidiaryinrespectofsuchInvestment.
“Issue Date”meansSeptember27,2019.
“Issuer”meanstheEscrowIssuer,priortotheconsummationoftheAssumption,andtheCompany,uponconsummationoftheAssumption,untilasuccessorreplacestheCompanypursuanttotheapplicableprovisionsofthisIndentureandthereafterthe“Issuer”shallmeansuchsuccessor.
“Issuer’s Order”meansawrittenrequestorordersignedonbehalfoftheIssuerbyanOfficeroftheIssuerwhomustbetheprincipalexecutiveofficer,theprincipalfinancialofficer,thetreasurer,thesecretary,theprincipalaccountingofficeroranexecutivevicepresidentoftheIssueranddeliveredtotheTrustee.
“Legal Holiday”meansaSaturday,aSundayoradayonwhichcommercialbankinginstitutionsarenotrequiredtobeopenintheStateofNewYorkorattheplaceofpaymentinrespectoftheNotes.IfapaymentdateisonaLegalHoliday,paymentwillbemadeonthenextsucceedingdaythatisnotaLegalHolidayandnointerestshallaccruefortheinterveningperiod.
“Lien”means,withrespecttoanyasset,anymortgage,lien(statutoryorotherwise),pledge,hypothecation,charge,securityinterest,preference,priorityorencumbranceofanykindinrespectofsuchasset,whetherornotfiled,recordedorotherwiseperfectedunderapplicablelaw,includinganyconditionalsaleorothertitleretentionagreement,anyleaseinthenaturethereof,anyoptionorotheragreementtosellorgiveasecurityinterestinandanyfilingoforagreementtogiveanyfinancingstatementundertheUniformCommercialCode(orequivalentstatutes)ofanyjurisdiction;provided thatinnoeventshallanoperatingleasebedeemedtoconstituteaLien.
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“Limited Condition Acquisition”meansanyacquisition,includingbywayofmerger,amalgamationorconsolidation,byParentoroneormoreofitsRestrictedSubsidiarieswhoseconsummationisnotconditionedupontheavailabilityof,oronobtaining,thirdpartyfinancing;provided thattheConsolidatedNetIncome(andanyotherfinancialtermderivedtherefrom),otherthanforpurposesofcalculatinganyratiosinconnectionwiththeLimitedConditionAcquisition,shallnotincludeanyConsolidatedNetIncomeoforattributabletothetargetcompanyorassetsassociatedwithanysuchLimitedConditionAcquisitionunlessanduntiltheclosingofsuchLimitedConditionAcquisitionshallhaveactuallyoccurred.
“Long Derivative Instrument”meansaDerivativeInstrument(i)thevalueofwhichgenerallyincreases,and/orthepaymentordeliveryobligationsunderwhichgenerallydecrease,withpositivechangestothePerformanceReferencesand/or(ii)thevalueofwhichgenerallydecreases,and/orthepaymentordeliveryobligationsunderwhichgenerallyincrease,withnegativechangestothePerformanceReferences.
“Management Stockholders”meansthecurrentandformeremployeesandmembersofmanagement(andtheirControlledInvestmentAffiliatesandImmediateFamilyMembers)oftheIssuer(oritsdirectorindirectparententities)whoareholdersofEquityInterestsofParentoranydirectorindirectparentcompaniesofParentontheIssueDate.
“Market Capitalization”meansanamountequalto(a)thetotalnumberofissuedandoutstandingsharesofcommonEquityInterestsofParent(oritsdirectorindirectparententity)onthedateofthedeclarationofaRestrictedPaymentpermittedpursuanttoclause(ix)ofSection4.07(b)hereof,multipliedby(b)thearithmeticmeanoftheclosingpricespershareofsuchcommonEquityInterestsontheprincipalsecuritiesexchangeonwhichsuchcommonEquityInterestsaretradedforthe30consecutivetradingdaysimmediatelyprecedingthedateofdeclarationofsuchRestrictedPayment.
“Membership Interest Purchase Agreement”meansthatcertainMembershipInterestPurchaseAgreement,datedasofJuly1,2019,includingallschedulesandexhibitsthereto,byandbetweentheCompany,RamAcquisitionCompany,LLC,RamHoldingsI,L.L.C.,RamHoldingsII,L.L.C.,RamHoldingsIII,L.L.C.,ReyesHoldings,L.L.C.,andLoneOakRealtyLLC.
“Moody’s”meansMoody’sInvestorsService,Inc.andanysuccessortoitsratingagencybusiness.
“Net Income”means,withrespecttoanyPerson,thenetincome(loss)ofsuchPerson,determinedinaccordancewithGAAPandbeforeanyreductioninrespectofPreferredStockdividends.
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“Net Proceeds”meanstheaggregateCashEquivalentsproceedsreceivedbyParentoranyofitsRestrictedSubsidiariesinrespectofanyAssetSale,includinganyCashEquivalentsreceiveduponthesaleorotherdispositionofanyDesignatedNon-cashConsiderationreceivedinanyAssetSale,netofthedirectcostsrelatingtosuchAssetSaleandthesaleordispositionofsuchDesignatedNon-cashConsideration,includinglegal,accountingandinvestmentbankingfees,paymentsmadeinordertoobtainanecessaryconsentorrequiredbyapplicablelaw,andbrokerageandsalescommissions,anyrelocationexpensesincurredasaresultthereof,otherfeesandexpenses,includingtitleandrecordationexpenses,taxespaidorpayableasaresultthereoforanytransactionsoccurringordeemedtooccurtoeffectuateapaymentunderthisIndenture(aftertakingintoaccountanyavailabletaxcreditsordeductionsandanytaxsharingarrangements),amountsrequiredtobeappliedtotherepaymentofprincipal,premium,ifany,andinterestonSeniorIndebtednessoramountsrequiredtobeappliedtotherepaymentofIndebtednesssecuredbyaLienonsuchassetsandrequired(otherthanrequiredbyclause(i)ofSection4.10(b)hereof)tobepaidasaresultofsuchtransactionandanydeductionofappropriateamountstobeprovidedbyParentoranyofitsRestrictedSubsidiariesasareserveinaccordancewithGAAPagainstanyliabilitiesassociatedwiththeassetdisposedofinsuchtransactionandretainedbyParentoranyofitsRestrictedSubsidiariesaftersuchsaleorotherdispositionthereof,includingpensionandotherpost-employmentbenefitliabilitiesandliabilitiesrelatedtoenvironmentalmattersoragainstanyindemnificationobligationsassociatedwithsuchtransaction.
“Net Short”means,withrespecttoaHolderorbeneficialowner,asofadateofdetermination,either(i)thevalueofitsShortDerivativeInstruments
exceedsthesumofthe(x)thevalueofitsNotesplus(y)thevalueofitsLongDerivativeInstrumentsasofsuchdateofdeterminationor(ii)itisreasonablyexpectedthatsuchwouldhavebeenthecasewereaFailuretoPayorBankruptcyCreditEvent(eachasdefinedinthe2014InternationalSwapsandDerivativesAssociation,Inc.CreditDerivativesDefinitions)tohaveoccurredwithrespecttotheIssueroranyGuarantorimmediatelypriortosuchdateofdetermination.
“Non-Financing Lease Obligation”meansaleaseobligationthatisnotaFinancingLeaseObligation.
“Non-Guarantor Subsidiary”meanseachRestrictedSubsidiaryofParentthatisnotaGuarantor.
“Non-U.S. Person”meansaPersonwhoisnotaU.S.Person.
“Notes”meanstheInitialNotesandmoreparticularlymeansanyNoteauthenticatedanddeliveredunderthisIndenture.Unlessthecontextrequiresotherwise,allreferencesto“Notes”forallpurposesofthisIndentureshallincludeanyAdditionalNotesthatareactuallyissued.TheNotesofferedbytheIssuerandanyAdditionalNotessubsequentlyissuedunderthisIndenturewillbetreatedasasingleclassforallpurposesunderthisIndenture,includingwaivers,amendments,redemptionsandofferstopurchase,exceptforcertainwaiversandamendmentsassetforthherein.
“Obligations”meansanyprincipal,interest(includinganyinterestaccruingonorsubsequenttothefilingofapetitioninbankruptcy,reorganizationorsimilarproceedingattherateprovidedforinthedocumentationwithrespectthereto,whetherornotsuchinterestisanallowedclaimunderapplicablestate,federalorforeignlaw),premium,penalties,fees,indemnifications,reimbursements(includingreimbursementobligationswithrespecttolettersofcreditandbanker’sacceptances),damagesandotherliabilities,andguaranteesofpaymentofsuchprincipal,interest,penalties,fees,indemnifications,reimbursements,damagesandotherliabilities,payableunderthedocumentationgoverninganyIndebtedness;provided thatanyoftheforegoing(otherthanprincipalandinterest)shallnolongerconstitute“Obligations”afterpaymentinfullofsuchprincipalandinterestexcepttotheextentsuchobligationsarefullyliquidatedandnon-contingentonorpriortosuchpaymentinfull.
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“Offering Circular”meanstheFinalOfferingCircular,datedSeptember16,2019relatingtothesaleoftheInitialNotes.
“Officer”meanstheChairmanoftheBoardofDirectors,theChiefExecutiveOfficer,theChiefFinancialOfficer,theChiefOperatingOfficer,thePresident,anyExecutiveVicePresident,SeniorVicePresidentorVicePresident,theTreasurerortheSecretaryofaPerson,oranyotherofficerofsuchPersondesignatedbyanysuchindividuals.Unlessotherwiseindicated,OfficershallrefertoanOfficeroftheIssuer.
“Officer’s Certificate”meansacertificatesignedonbehalfofaPersonbyanOfficerofsuchPersonthatmeetstherequirementssetforthinthisIndenture.Unlessotherwiseindicated,Officer’sCertificateshallrefertoanOfficer’sCertificateofanOfficeroftheIssuer.
“Opinion of Counsel”meansawrittenopinion(whichopinionmaybesubjecttocustomaryassumptionsandexclusions)fromlegalcounselwhoisreasonablyacceptabletotheTrustee.Thecounselmaybeanemployeeof,oroutsidecounselto,theIssuer,anyparententityoftheIssuer,ortheTrustee.
“Outside Date”meansMay1,2020(orAugust1,2020ifanextensionofthe“OutsideDate”occurspursuanttothetermsoftheMembershipInterestPurchaseAgreement).
“PACA”meansthePerishableAgriculturalCommoditiesAct,7U.S.C.§499.
“Packers and Stockyards Act”meansthePackersandStockyardsActof1921,asamended,7U.S.C.Section181etseq.
“Parent Company”meansanyPersonsolongassuchPersondirectlyorindirectlyholds100.0%ofthetotalvotingpoweroftheVotingStockofParent,andatthetimesuchPersonacquiredsuchvotingpower,noPersonandnogroup(withinthemeaningofSection13(d)(3)orSection14(d)(2)oftheExchangeActoranysuccessorprovision),includinganysuchgroupactingforthepurposeofacquiring,holdingordisposingofsecurities(withinthemeaningofRule13d-5(b)(1)undertheExchangeAct)(otherthananyPermittedHolder),shallhavebeneficialownership(withinthemeaningofRule13d-3undertheExchangeAct,oranysuccessorprovision),directlyorindirectly,of50.0%ormoreofthetotalvotingpoweroftheVotingStockofsuchPerson.
“Participant”means,withrespecttotheDepositary,aPersonwhohasanaccountwiththeDepositary(and,withrespecttoDTC,shallincludeEuroclearandClearstream).
“Permitted Asset Swap”meansthesubstantiallyconcurrentpurchaseandsaleorexchangeofRelatedBusinessAssetsoracombinationofRelatedBusinessAssetsandCashEquivalentsbetweenParentoranyofitsRestrictedSubsidiariesandanotherPerson;provided thatanyCashEquivalentsreceivedmustbeappliedinaccordancewithSection4.10hereof.
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“Permitted Facility Financing”meansanyfinancingtransaction,includinganysalelease-backarrangements,betweenParentoranyofitsRestrictedSubsidiariesandamunicipal,local,stateorothergovernmentalauthorityrelatingtofacilities,warehousesanddistributioncentersofParentoranyofitsRestrictedSubsidiaries.
“Permitted Holders”meansanyoftheManagementStockholdersandanygroup(withinthemeaningofSection13(d)(3)orSection14(d)(2)oftheExchangeActoranysuccessorprovision)ofManagementStockholders;provided thatinthecaseofsuchgroupandwithoutgivingeffecttotheexistenceofsuchgrouporanyothergroup,suchManagementStockholders,collectively,havebeneficialownershipofmorethan50.0%ofthetotalvotingpoweroftheVotingStockofParentoranyofitsdirectorindirectparentcompanies.AnyPersonorgroupwhoseacquisitionofbeneficialownershipconstitutesaChangeofControlinrespectofwhichaChangeofControlOfferismadeorwaivedinaccordancewiththerequirementsofthisIndenturewillthereafter,togetherwithitsAffiliates,constituteanadditionalPermittedHolder.
“Permitted Intercompany Activities”meansanytransactions(1)betweenoramongParentanditsRestrictedSubsidiariesthatareenteredintointheordinarycourseofbusinessofParentanditsRestrictedSubsidiariesand,inthegoodfaithjudgmentofParentarenecessaryoradvisableinconnectionwiththeownershiporoperationofthebusinessofParentanditsRestrictedSubsidiaries,including,butnotlimitedto,(a)payroll,cashmanagement,purchasing,insuranceandhedgingarrangements;(b)management,technologyandlicensingarrangements;and(c)customerloyaltyandrewardsprograms;and(2)betweenoramongParent,itsRestrictedSubsidiariesandanyCaptiveInsuranceSubsidiary.
“Permitted Investments”means:
(a)anyInvestmentinParentoranyofitsRestrictedSubsidiaries;
(b)anyInvestmentinCashEquivalentsorInvestmentGradeSecurities;
(c)anyInvestmentbyParentoranyofitsRestrictedSubsidiariesinaPerson(including,totheextentconstitutinganInvestment,inassetsofaPersonthatrepresentsubstantiallyallofitsassetsoradivision,businessunitorproductline,includingresearchanddevelopmentandrelatedassetsinrespectofanyproduct)thatisengageddirectlyorthroughentitiesthatwillbeRestrictedSubsidiariesinaSimilarBusinessifasaresultofsuchInvestment:
(i)suchPersonbecomesaRestrictedSubsidiary;or
(ii)suchPerson,inonetransactionoraseriesofrelatedtransactions,isamalgamated,mergedorconsolidatedwithorinto,or
transfersorconveyssubstantiallyallofitsassets(orsuchdivision,businessunitorproductline)to,orisliquidatedinto,ParentoraRestrictedSubsidiary,
and,ineachcase,anyInvestmentheldbysuchPerson;provided thatsuchInvestmentwasnotacquiredbysuchPersonincontemplationofsuchacquisition,merger,amalgamation,consolidationortransfer;
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(d)anyInvestmentinsecuritiesorotherassets,includingearn-outs,notconstitutingCashEquivalentsorInvestmentGradeSecuritiesandreceivedinconnectionwithanAssetSalemadepursuanttoSection4.10(a)hereoforanyotherdispositionofassetsnotconstitutinganAssetSale;
(e)anyInvestmentexistingontheIssueDateormadepursuanttobindingcommitmentsineffectontheIssueDateoranInvestment
consistingofanyextension,modificationorrenewalofanysuchInvestmentorbindingcommitmentexistingontheIssueDate;provided that theamountofanysuchInvestmentmaybeincreasedinsuchextension,modificationorrenewalonly(i)asrequiredbythetermsofsuchInvestmentorbindingcommitmentasinexistenceontheIssueDate(includingasaresultoftheaccrualoraccretionofinterestororiginalissuediscountortheissuanceofpay-in-kindsecurities)or(ii)asotherwisepermittedunderthisIndenture;
(f)anyInvestmentacquiredbyParentoranyofitsRestrictedSubsidiaries:
(i)consistingofextensionsofcreditinthenatureofaccountsreceivableornotesreceivablearisingfromthegrantoftradecredit
intheordinarycourseofbusiness;
(ii)inexchangeforanyotherInvestmentoraccountsreceivable,endorsementsforcollectionordepositheldbyParentoranysuchRestrictedSubsidiaryinconnectionwithorasaresultofabankruptcy,workout,reorganizationorrecapitalizationoftheissuerofsuchotherInvestmentoraccountsreceivable(includinganytradecreditororcustomer);or
(iii)insatisfactionofjudgmentsagainstotherPersons;or
(iv)asaresultofaforeclosurebyParentoranyofitsRestrictedSubsidiarieswithrespecttoanysecuredInvestmentorother
transferoftitlewithrespecttoanysecuredInvestmentindefault;
(g)HedgingObligationspermittedunderSection4.09(b)(x)hereof;
(h)anyInvestmentinaSimilarBusinesshavinganaggregatefairmarketvaluetakentogetherwithallotherInvestmentsmadepursuanttothisclause(h)thatareatthattimeoutstandingnottoexceedthegreaterof(a)$325.0millionand(b)4.5%ofTotalAssets(ineachcase,determinedonthedatesuchInvestmentismade,withthefairmarketvalueofeachInvestmentbeingmeasuredatthetimemadeandwithoutgivingeffecttosubsequentchangesinvalue);provided,however,thatifanyInvestmentpursuanttothisclause(h)ismadeinanyPersonthatisnotaRestrictedSubsidiaryatthedateofthemakingofsuchInvestmentandsuchPersonbecomesaRestrictedSubsidiaryaftersuchdate,suchInvestmentshallthereafterbedeemedtohavebeenmadepursuanttoclause(a)aboveandshallceasetohavebeenmadepursuanttothisclause(h);
(i)InvestmentsthepaymentforwhichconsistsofEquityInterests(otherthanDisqualifiedStock)ofParent,oranyofitsdirectorindirect
parentcompanies;provided thatsuchEquityInterestswillnotincreasetheamountavailableforRestrictedPaymentsunderclause(C)ofSection4.07(a)(iv)hereof;
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(j)guaranteesofIndebtednesspermittedunderSection4.09hereof,performanceguaranteesandContingentObligationsincurredintheordinarycourseofbusinessorconsistentwithpastpracticeandthecreationofLiensontheassetsofParentoranyRestrictedSubsidiaryincompliancewithSection4.12hereof;
(k)anytransactiontotheextentitconstitutesanInvestmentthatispermittedbyandmadeinaccordancewiththeprovisionsofSection
4.11(b)hereof(excepttransactionsdescribedinclauses(ii),(v),(ix)and(xxii)ofSection4.11(b)hereof);
(l)Investmentsconsistingof(i)purchasesorotheracquisitionsofinventory,supplies,materialorequipmentor(ii)thelicensingorcontributionofintellectualpropertyintheordinarycourseofbusinessorpursuanttojointmarketingarrangementswithotherPersons;
(m)Investmentshavinganaggregatefairmarketvalue,takentogetherwithallotherInvestmentsmadepursuanttothisclause(m)thatare
atthattimeoutstanding(withoutgivingeffecttothesaleofanUnrestrictedSubsidiarytotheextenttheproceedsofsuchsaledonotconsistofcashormarketablesecurities),nottoexceedthegreaterof(a)$325.0millionand(b)4.5%ofTotalAssets(ineachcase,determinedonthedatesuchInvestmentismade,withthefairmarketvalueofeachInvestmentbeingmeasuredatthetimemadeandwithoutgivingeffecttosubsequentchangesinvalue);provided,however,thatifanyInvestmentpursuanttothisclause(m)ismadeinanyPersonthatisnotaRestrictedSubsidiaryatthedateofthemakingofsuchInvestmentandsuchPersonbecomesaRestrictedSubsidiaryaftersuchdate,suchinvestmentshallthereafterbedeemedtohavebeenmadepursuanttoclause(a)aboveandshallceasetohavebeenmadepursuanttothisclause(m);
(n)InvestmentsinorrelatingtoaSecuritizationSubsidiarythat,inthegoodfaithdeterminationofParentarenecessaryoradvisableto
effectanyQualifiedSecuritizationFacility(includinganycontributionofreplacementorsubstituteassetstosuchsubsidiary)oranyrepurchaseobligationinconnectiontherewith;
(o)advancesto,orguaranteesofIndebtednessof,employeesnotinexcessof$25.0millionoutstandingatanyonetime;
(p)loansandadvancestoemployees,directors,officers,managersandconsultants(i)forbusiness-relatedtravelexpenses,moving
expensesandothersimilarexpensesorpayrolladvances,ineachcaseincurredintheordinarycourseofbusinessorconsistentwithpastpracticesor(ii)tofundsuchPerson’spurchaseofEquityInterestsofParentoranydirectorindirectparentcompanythereof;
(q)advances,loansorextensionsoftradecreditintheordinarycourseofbusinessorconsistentwithpastpracticebyParentoranyofits
RestrictedSubsidiaries;
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(r)anyInvestmentinanySubsidiaryoranyjointventureinconnectionwithintercompanycashmanagementarrangementsorrelated
activitiesarisingintheordinarycourseofbusinessorconsistentwithpastpractice;
(s)Investmentsconsistingofpurchasesandacquisitionsofassetsorservicesintheordinarycourseofbusinessorconsistentwithpastpractice;
(t)Investmentsmadeintheordinarycourseofbusinessorconsistentwithpastpracticeinconnectionwithobtaining,maintainingor
renewingclientcontacts;
(u)Investmentsinprepaidexpenses,negotiableinstrumentsheldforcollectionandlease,utilityandworkerscompensation,performanceandsimilardepositsenteredintoasaresultoftheoperationsofthebusinessintheordinarycourseofbusinessorconsistentwithpastpractice;
(v)repurchasesofNotes;
(w)InvestmentsintheordinarycourseofbusinessorconsistentwithpastpracticeconsistingofUniformCommercialCodeArticle3
endorsementsforcollectionofdepositandArticle4customarytradearrangementswithcustomersconsistentwithpastpractices;
(x)InvestmentsconsistingofpromissorynotesissuedbytheIssueroranyGuarantortofuture,presentorformerofficers,directorsandemployees,membersofmanagement,orconsultantsofParentoranyofitsSubsidiariesortheirrespectiveestates,spousesorformerspousestofinancethepurchaseorredemptionofEquityInterestsofParentoranydirectorindirectparentthereof,totheextenttheapplicableRestrictedPaymentisapermittedbySection4.07hereof;
(y)Investments(includingdebtobligationsandEquityInterests)receivedinconnectionwiththebankruptcyorreorganizationofsuppliers
andcustomersorinsettlementofdelinquentobligationsof,orotherdisputeswith,customersandsuppliersarisingintheordinarycourseofbusinessorconsistentwithpastpracticeorupontheforeclosurewithrespecttoanysecuredInvestmentorothertransferoftitlewithrespecttoanysecuredInvestment;
(z)Investments(i)byanyCaptiveInsuranceSubsidiarymadeintheordinarycourseofitsbusinessorconsistentwithpastpractice,and(ii)
inanyCaptiveInsuranceSubsidiaryintheordinarycourseofbusinessorrequiredunderstatutoryorregulatoryauthorityapplicabletosuchCaptiveInsuranceSubsidiary;
(aa)InvestmentsmadeinconnectionwithPermittedIntercompanyActivitiesandrelatedtransactions;
(bb)InvestmentsmadeaftertheIssueDateinjointventuresofParentoranyofitsRestrictedSubsidiariesexistingontheIssueDate;
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(cc)InvestmentsinjointventuresofParentoranyofitsRestrictedSubsidiaries,takentogetherwithallotherInvestmentsmadepursuanttothisclause(cc)thatareatthattimeoutstanding,nottoexceedthegreaterof(a)$150.0millionand(b)2.0%ofTotalAssets(ineachcase,determinedonthedatesuchInvestmentismade,withthefairmarketvalueofeachInvestmentbeingmeasuredatthetimemadeandwithoutgivingeffecttosubsequentchangesinvalue);
(dd)Investmentsmadefromcasualtyinsuranceproceedsinconnectionwiththereplacement,substitution,restorationorrepairofassetson
accountofaCasualtyEvent;and
(ee)purchasesofIndebtednessissuedbyanymunicipal,local,stateorothergovernmentalauthorityinconnectionwithaPermittedFacilityFinancing.
“Permitted Liens”means,withrespecttoanyPerson:
(a)pledges,depositsorsecuritybysuchPersonunderworkmen’scompensationlaws,unemploymentinsurance,employers’healthtax,and
othersocialsecuritylawsorsimilarlegislationorotherinsurance-relatedobligations(including,butnotlimitedto,inrespectofdeductibles,self-insuredretentionamountsandpremiumsandadjustmentsthereto)orindemnificationobligationsof(includingobligationsinrespectoflettersofcreditorbankguaranteesforthebenefitof)insurancecarriersprovidingproperty,casualtyorliabilityinsurance,orgoodfaithdepositsinconnectionwithbids,tenders,contracts(otherthanforthepaymentofIndebtedness)orleasestowhichsuchPersonisaparty,ordepositstosecurepublicorstatutoryobligationsofsuchPersonordepositsofcashorU.S.governmentbondstosecuresuretyorappealbondstowhichsuchPersonisaparty,ordepositsassecurityforcontestedtaxesorimportdutiesorforthepaymentofrent,ineachcaseincurredintheordinarycourseofbusiness;
(b)Liensimposedbylaw,suchaslandlords’,carriers’,warehousemen’s,materialmen’s,repairmen’sandmechanics’Liens,ineachcase
forsumsnotyetoverdueforaperiodofmorethan45daysor,ifmorethan45daysoverdue,thatareunfiledandnootheractionhasbeentakentoenforcesuchLienorthatarebeingcontestedingoodfaithbyappropriateactionsorotherLiensarisingoutofjudgmentsorawardsagainstsuchPersonwithrespecttowhichsuchPersonshallthenbeproceedingwithanappealorotherproceedingsforreviewifadequatereserveswithrespecttheretoaremaintainedonthebooksofsuchPersoninaccordancewithGAAP;
(c)Liensfortaxes,assessmentsorothergovernmentalchargesnotyetoverdueforaperiodofmorethan30daysornotyetpayableor
subjecttopenaltiesfornonpaymentorwhicharebeingcontestedingoodfaithbyappropriateactionsdiligentlyconducted,ifadequatereserveswithrespecttheretoaremaintainedonthebooksofsuchPersoninaccordancewithGAAP;
(d)Liensinfavorofissuersofperformance,surety,bid,indemnity,warranty,release,appealorsimilarbondsorwithrespecttoother
regulatoryrequirementsorlettersofcreditorbankersacceptancesissued,andcompletionguaranteesprovidedfor,ineachcase,issuedpursuanttotherequestofandfortheaccountofsuchPersonintheordinarycourseofitsbusinessorconsistentwithpastpractice;
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(e)minorsurveyexceptions,minorencumbrances,groundleases,easementsorreservationsof,orrightsofothersfor,licenses,rights-of-way,servitudes,sewers,electriclines,drains,telegraph,telephoneandcabletelevisionlinesandothersimilarpurposes,orzoning,buildingcodesorotherrestrictions(includingminordefectsandirregularitiesintitleandsimilarencumbrances)astotheuseofrealpropertiesorLiensincidental,totheconductofthebusinessofsuchPersonortotheownershipofitspropertieswhichwerenotincurredinconnectionwithIndebtednessandwhichdonotintheaggregatemateriallyinterferewiththeordinaryconductofthebusinessofParentoranyofitsRestrictedSubsidiaries,takenasawhole,andexceptionsontitlepoliciesinsuringliensgrantedonMortgagedProperties(asdefinedintheSeniorSecuredCreditFacilities);
(f)LienssecuringObligationsrelatingtoanyIndebtednesspermittedtobeincurredpursuanttoclause(iv),(xii),(xiii),(xiv),(xxiii)or
(xxvi)ofSection4.09(b)hereof;provided that (a)LienssecuringObligationsrelatingtoanyIndebtedness,DisqualifiedStockorPreferredStocktobeincurredpursuanttoclause(iv)ofSection4.09(b)hereofextendonlytotheassetssopurchased,leasedorimproved;(b)LienssecuringObligationsrelatingtoanyIndebtednesspermittedtobeincurredpursuanttoclause(xiii)ofSection4.09(b)hereofrelateonlytoObligationsrelatingtoRefinancingIndebtednessthat(x)issecuredbyLiensonthesameassetsastheassetsthatsecuredtheIndebtednessbeingrefinancedor(y)extends,replaces,refunds,refinances,renewsordefeasesIndebtednessincurredorDisqualifiedStockorPreferredStockissuedunderclauses(iii)(solelytotheextentsuchIndebtednesswassecuredbyaLienpriortosuchrefinancing),(iv)or(xii)(solelytotheextentsuchIndebtednesswassecuredbyaLienpriortosuchrefinancing)ofSection4.09(b)hereof;(c)LienssecuringIndebtednesspermittedtobeincurredpursuanttoclause(xiv)ofSection4.09(b)hereofshallonlybepermittedifsuchLiensarelimitedtoallorpartofthesamepropertyorassets,includingCapitalStock(plusimprovements,accessions,proceedsordividendsordistributionsinrespectthereof,orreplacementsofanythereof)acquired,orofanyPersonacquiredormergedorconsolidatedwithorintoParentoranyRestrictedSubsidiary,inanytransactiontowhichsuchIndebtednessrelates;and(d)LienssecuringIndebtednesspermittedtobeincurredpursuanttoclauses(xxiii)and(xxvi)ofSection4.09(b)hereofshallonlybepermittedifsuchLiensextendonlytotheassetsofNon-GuarantorSubsidiaries;
(g)LiensexistingontheIssueDate(excludingLienssecuringtheSeniorSecuredCreditFacilities),includingLienssecuringany
RefinancingIndebtednessofanyIndebtednesssecuredbysuchLiens;
(h)LiensonpropertyorsharesofstockorotherassetsofaPersonatthetimesuchPersonbecomesaSubsidiary;provided thatsuchLiensarenotcreatedorincurredinconnectionwith,orincontemplationof,suchotherPersonbecomingsuchaSubsidiary;provided,further,thatsuchLiensmaynotextendtoanyotherpropertyorotherassetsownedbyParentoranyofitsRestrictedSubsidiaries;
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(i)LiensonpropertyorotherassetsatthetimeParentoraRestrictedSubsidiaryacquiredthepropertyorsuchotherassets,includinganyacquisitionbymeansofamerger,amalgamationorconsolidationwithorintoParentoranyofitsRestrictedSubsidiaries;provided that suchLiensarenotcreatedorincurredinconnectionwith,orincontemplationof,suchacquisition,amalgamation,mergerorconsolidation;provided,further,thattheLiensmaynotextendtoanyotherpropertyownedbyParentoranyofitsRestrictedSubsidiaries;
(i)LienssecuringObligationsrelatingtoanyIndebtednessorotherobligationsofaRestrictedSubsidiaryowingtoParentoranother
RestrictedSubsidiarypermittedtobeincurredinaccordancewithSection4.09hereof;
(j)Lienssecuring(x)HedgingObligationsand(y)obligationsinrespectofBankProducts;
(i)LiensonspecificitemsofinventoryorothergoodsandproceedsofanyPersonsecuringsuchPerson’saccountspayableorsimilartradeobligationsinrespectofbankers’acceptancesordocumentarylettersofcreditissuedorcreatedfortheaccountofsuchPersontofacilitatethepurchase,shipmentorstorageofsuchinventoryorothergoods;
(k)leases,sub-leases,licensesorsub-licensesgrantedtoothersintheordinarycourseofbusinesswhichdonotmateriallyinterferewiththe
ordinaryconductofthebusinessofParentoranyofitsRestrictedSubsidiaries,takenasawhole,anddonotsecureanyIndebtedness;
(l)LiensarisingfromUniformCommercialCode(orequivalentstatute)financingstatementfilingsregardingoperatingleasesorconsignmentsenteredintobyParentanditsRestrictedSubsidiariesintheordinarycourseofbusinessorpurportedLiensevidencedbythefilingofprecautionaryUniformCommercialCodefinancingstatementsorsimilarpublicfilings;
(m)LiensinfavoroftheIssueroranyGuarantor;
(n)LiensonequipmentofParentoranyofitsRestrictedSubsidiariesgrantedintheordinarycourseofbusinesstoParent’soraRestricted
Subsidiary’scustomers;
(o)Liensonaccountsreceivable,SecuritizationAssetsandrelatedassetsincurredinconnectionwithaQualifiedSecuritizationFacility;
(p)Lienstosecureanymodification,refinancing,refunding,extension,renewalorreplacement(orsuccessiverefinancing,refunding,extensions,renewalsorreplacements)asawhole,orinpart,ofanyIndebtednesssecuredbyanyLienreferredtointheforegoingclauses(f),(g),(h),(i),thisclause(r)andclause(mm)below;provided that(i)suchnewLienshallbelimitedtoallorpartofthesamepropertythatsecuredtheoriginalLien(plusimprovementsonsuchproperty)andproceedsandproductsthereof,and(ii)theIndebtednesssecuredbysuchLienatsuchtimeisnotincreasedtoanyamountgreaterthanthesumof(A)theoutstandingprincipalamountor,ifgreater,committedamountoftheIndebtednessdescribedunderclauses(f),(g),(h),(i),thisclause(r)andclause(mm)belowatthetimetheoriginalLienbecameaPermittedLienunderthisIndenture,and(B)anamountnecessarytopayanyfeesandexpenses(includingoriginalissuediscount,upfrontfeesorsimilarfees)andpremiums(includingtenderpremiumsandaccruedandunpaidinterest),relatedtosuchmodification,refinancing,refunding,extension,renewalorreplacement;
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(q)depositsmadeorothersecurityprovidedintheordinarycourseofbusinesstosecureliabilitytoinsurancecarriers;
(r)Lienssecuringobligationsinanaggregateprincipalamountoutstandingwhichdoesnotexceedthegreaterof(a)$325.0millionand(b)4.5%ofTotalAssets(ineachcase,determinedasofthedateofsuchincurrence);
(s)securitygiventoapublicutilityoranymunicipalityorgovernmentalauthoritywhenrequiredbysuchutilityorauthorityinconnection
withtheoperationsofthatPersonintheordinarycourseofbusiness;
(i)LienssecuringjudgmentsforthepaymentofmoneynotconstitutinganEventofDefaultunderclause(v)ofSection6.01(a)hereof,solongassuchLiensareadequatelybondedandanyappropriatelegalproceedingsthatmayhavebeendulyinitiatedforthereviewofsuchjudgmenthavenotbeenfinallyterminatedortheperiodwithinwhichsuchproceedingsmaybeinitiatedhasnotexpired;
(t)Liensinfavorofcustomsandrevenueauthoritiesarisingasamatteroflawtosecurepaymentofcustomsdutiesinconnectionwiththe
importationofgoodsintheordinarycourseofbusiness;
(u)Liens(i)ofacollectionbankarisingunderSection4-210oftheUniformCommercialCodeoranycomparableorsuccessorprovisiononitemsinthecourseofcollection,(ii)attachingtocommoditytradingaccountsorothercommoditybrokerageaccountsincurredintheordinarycourseofbusiness,and(iii)infavorofbankinginstitutionsarisingasamatteroflaworundergeneraltermsandconditionsencumberingdeposits(includingtherightofset-off)andwhicharewithinthegeneralparameterscustomaryinthebankingindustry;
(v)LiensdeemedtoexistinconnectionwithInvestmentsinrepurchaseagreementspermittedunderSection4.09hereof;provided thatsuch
Liensdonotextendtoanyassetsotherthanthosethatarethesubjectofsuchrepurchaseagreements;
(w)LiensencumberingreasonablecustomarydepositsandmargindepositsandsimilarLiensattachingtocommoditytradingaccountsorotherbrokerageaccountsincurredintheordinarycourseofbusinessandnotforspeculativepurposes;
(x)Liensthatarecontractualrightsofset-offorrightsofpledge(i)relatingtotheestablishmentofdepositoryrelationswithbanksnot
giveninconnectionwiththeissuanceofIndebtedness,(ii)relatingtopooleddepositorsweepaccountsofParentoranyofitsRestrictedSubsidiariestopermitsatisfactionofoverdraftorsimilarobligationsincurredintheordinarycourseofbusinessofParentanditsRestrictedSubsidiariesor(iii)relatingtopurchaseordersandotheragreementsenteredintowithcustomersofParentoranyofitsRestrictedSubsidiariesintheordinarycourseofbusiness;
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(y)LienssecuringobligationsowedbyParentoranyRestrictedSubsidiarytoanylenderundertheSeniorSecuredCreditFacilitiesoranyAffiliateofsuchalenderinrespectofanyoverdraftandrelatedliabilitiesarisingfromtreasury,depositoryandcashmanagementservicesoranyautomatedclearinghousetransfersoffunds;
(z)anyencumbranceorrestriction(includingputandcallarrangements)withrespecttoCapitalStockofanyjointventureorsimilar
arrangementpursuanttoanyjointventureorsimilaragreement;
(aa)Liensarisingoutofconditionalsale,titleretention,consignmentorsimilararrangementsforthesaleorpurchaseofgoodsenteredintobyParentoranyRestrictedSubsidiaryintheordinarycourseofbusiness;
(bb)Lienssolelyonanycashearnestmoneydeposits,escrowarrangementsorsimilararrangementsmadebyParentoranyofitsRestricted
SubsidiariesinconnectionwithanyletterofintentorpurchaseagreementpermittedbythisIndenture;
(cc)groundleasesinrespectofrealpropertyonwhichfacilitiesownedorleasedbyParentoranyofitsSubsidiariesarelocated;
(dd)Liensoninsurancepoliciesandtheproceedsthereofsecuringthefinancingofthepremiumswithrespectthereto;
(ee)LiensonCapitalStockofanUnrestrictedSubsidiarythatsecureIndebtednessorotherobligationsofsuchUnrestrictedSubsidiary;
(ff)LiensontheassetsofNon-GuarantorSubsidiariessecuringIndebtednessofsuchSubsidiariesthatwerepermittedbythetermsofthisIndenturetobeincurred;
(gg)LiensoncashadvancesinfavorofthesellerofanypropertytobeacquiredinanInvestmentpermittedunderthisIndenturetobe
appliedagainstthepurchasepriceforsuchInvestment;
(hh)anyinterestortitleofalessor,sub-lessor,franchisor,licensororsub-licensororsecuredbyalessor’s,sub-lessor’s,franchisor’s,licensor’sorsub-licensor’sinterestunderleasesorlicensesenteredintobyParentoranyoftheRestrictedSubsidiariesintheordinarycourseofbusiness;
(ii)depositsofcashwiththeownerorlessorofpremisesleasedandoperatedbyParentoranyofitsSubsidiariesintheordinarycourseof
businessofParentandsuchSubsidiarytosecuretheperformanceofParent’sorsuchSubsidiary’sobligationsunderthetermsoftheleaseforsuchpremises;
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(jj)LienssecuringIndebtedness(includingLienssecuringanyObligationsinrespectthereof)permittedtobeincurredpursuanttoSection4.09(including,withoutlimitation,IndebtednessincurredunderoneormoreCreditFacilities)solongasaftergivingproformaeffecttosuchincurrenceandsuchLienstheConsolidatedSecuredDebtRatioofParentanditsRestrictedSubsidiariesshallbeequaltoorlessthan4.75to1.00forParent’smostrecentlyendedfourfullfiscalquartersforwhichinternalfinancialstatementsareavailableimmediatelyprecedingthedateonwhichsuchLienisincurred;
(kk)LiensarisingfromclaimsunderPACA,theFoodSecurityActorthePackersandStockyardsAct;
(ll)Lienssecuringobligationsinrespectof(i)IndebtednessandotherObligationspermittedtobeincurredundertheCreditFacilities,
includinganyletterofcreditfacilityrelatingthereto,thatwaspermittedtobeincurredpursuanttoclause(i)ofSection4.09(b)and(ii)obligationsofParentoranySubsidiaryinrespectofanyBankProductsorHedgingObligationprovidedbyanylenderpartytoanyCreditFacilityoranyAffiliateofsuchlender(oranyPersonthatwasalenderoranAffiliateofalenderatthetimetheapplicableagreementspursuanttowhichsuchBankProductsareprovidedwereenteredinto);
(mm)Liensonassetsdeemedtoariseinconnectionwithandsolelyasaresultoftheexecution,deliveryorperformanceofcontractstosell
suchassetsifsuchsaleisotherwisepermittedunderthisIndenture;
(nn)LiensonanyfundsorsecuritiesheldinescrowaccountsestablishedforthepurposeofholdingproceedsfromissuancesofdebtsecuritiesbyParentoranyofitsRestrictedSubsidiariesissuedaftertheIssueDate,togetherwithanyadditionalfundsrequiredinordertofundanymandatoryredemptionorsinkingfundpaymentonsuchdebtsecuritieswithin180daysoftheirissuance;provided,thatsuchLiensdonotextendtoanyassetsotherthansuchproceedsandsuchadditionalfunds;
(oo)LiensonassetssecuringanyIndebtednessowedtoanyCaptiveInsuranceSubsidiarybyParentoranyRestrictedSubsidiary;
(pp)LiensincurredinconnectionwithaPermittedFacilityFinancing;and
(qq)theLienontheEscrowedPropertyinfavoroftheTrusteeforthebenefitofholdersoftheNotes.
Forpurposesofthisdefinition,theterm“Indebtedness”shallbedeemedtoincludeinterestonsuchIndebtedness.
“Person”meansanyindividual,corporation,limitedliabilitycompany,partnership(includingalimitedpartnership),jointventure,association,jointstock
company,trust,unincorporatedorganization,governmentoranyagencyorpoliticalsubdivisionthereoforanyotherentity.
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“Preferred Stock”meansanyEquityInterestwithpreferentialrightsofpaymentofdividendsoruponliquidation,dissolution,orwindingup.
“Private Placement Legend”meansthelegendsetforthinSection2.06(f)(i)hereoftobeplacedonallNotesissuedunderthisIndenture,exceptwhereotherwisepermittedbytheprovisionsofthisIndenture.
“Purchase Agreement”meansthePurchaseAgreement,datedasofSeptember16,2019,amongtheEscrowIssuer,theCompany,ParentandtherepresentativeoftheinitialpurchasersoftheNotes,asamended,restatedormodified(inwholeorinpart)fromtimetotime.
“Purchase Money Obligations”meansanyIndebtednessincurredtofinanceorrefinancetheacquisition,leasing,constructionorimprovementofproperty(realorpersonal)orassets,andwhetheracquiredthroughthedirectacquisitionofsuchpropertyorassets,orotherwise(includingthroughthepurchaseofCapitalStockofanyPersonowningsuchpropertyorassets).
“QIB”meansa“qualifiedinstitutionalbuyer”asdefinedinRule144A.
“Qualified Proceeds”meansthefairmarketvalueofassetsthatareusedorusefulin,orCapitalStockofanyPersonengagedin,aSimilarBusiness.
“Qualified Securitization Facility”meansanySecuritizationFacility(i)constitutingasecuritizationfinancingfacilitythatmeetsthefollowingconditions:(A)theBoardofDirectorsormanagementofParentshallhavedeterminedingoodfaiththatsuchSecuritizationFacilityisintheaggregateeconomicallyfairandreasonabletoParentand(B)allsalesand/orcontributionsofSecuritizationAssetsandrelatedassetstotheapplicableSecuritizationSubsidiaryaremadeatfairmarketvalue(asdeterminedingoodfaithbyParent)or(ii)constitutingareceivablesorpayablesfinancingorfactoringfacility.
“Rating Agencies”meansMoody’sandS&PorifMoody’sorS&PorbothshallnotmakearatingontheNotespubliclyavailable,anationallyrecognizedstatisticalratingagencyoragencies,asthecasemaybe,selectedbytheIssuerwhichshallbesubstitutedforMoody’sorS&Porboth,asthecasemaybe.
“Ratings Decline Period”means,withrespecttoanyChangeofControl,theperiodthat(1)beginsontheearlierof(a)thedateofthefirstpublicannouncementofsuchChangeofControland(b)theoccurrenceofsuchChangeofControland(2)endsonthe60thcalendardayfollowingconsummationofsuchChangeofControl;provided,however,thatsuchperiodshallbeextendedforsolongasanyRatingAgencyratingtheNotesasofthebeginningoftheRatingsDeclinePeriodhaspubliclyannouncedduringtheRatingsDeclinePeriodthattheratingoftheNotesisunderconsiderationfordowngradebysuchRatingAgency;andprovidedfurther,thatnosuchextensionshalloccurifonsuch60thdaytheNoteshavenotbeendowngradedbyoneRatingAgencyduringtheRatingsDeclinePeriodandarenotsubjecttoreviewforpossibledowngradebysuchRatingAgency.
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“Ratings Event”meansadowngradeoftheNoteswithintheRatingsDeclinePeriodforanyChangeofControlbyeachoftheRatingsAgenciesbelowtheloweroftheratingbyeachsuchRatingsAgencyineffect(a)immediatelyprecedingthefirstpublicannouncementoftheChangeofControl(oroccurrencethereofifsuchChangeofControloccurspriortothefirstpublicannouncementthereof)and(b)ontheIssueDate,provided,thataRatingsEventwillnotbedeemedtohaveoccurredinrespectofaparticularChangeofControl(andthuswillnotbedeemedaRatingsEventforpurposesofthedefinitionofChangeofControlTriggeringEvent)ifeachRatingAgencymakingthereductioninratingdoesnotpubliclyannounceorconfirmorinformtheIssuerthatthereductionwastheresult,inwholeorinpart,ofanyeventorcircumstancecomprisedoforarisingasaresultof,orinrespectof,theChangeofControl(whetherornottheapplicableChangeofControlhasoccurredatthetimeoftheRatingsEvent).Notwithstandinganythingtothecontrary,noChangeofControlTriggeringEventwillbedeemedtohaveoccurredinconnectionwithanyparticularChangeofControlunlessanduntilsuchChangeofControlhasactuallybeenconsummated.
“Real Estate Leases”means,collectivelyandindividually,leaseagreementsorsimilarorrelateddocumentsrelatingtofacilities,warehousesand
distributioncentersofcertainGuarantorsthataresubjecttosalelease-backarrangementsexistingontheIssueDate(astheymaybeamendedfromtimetotime).
“Record Date”means,fortheinterestpayableonanyapplicableInterestPaymentDate,theMay15andNovember15(whetherornotaBusinessDay)immediatelyprecedingsuchInterestPaymentDate.
“Regulation S”meansRegulationSpromulgatedundertheSecuritiesAct.
“Regulation S Global Note”meansaRegulationSTemporaryGlobalNoteorRegulationSPermanentGlobalNote,asapplicable.
“Regulation S Permanent Global Note”meansapermanentGlobalNote,substantiallyintheformofExhibitAhereto,bearingtheGlobalNoteLegendandthePrivatePlacementLegendanddepositedwithoronbehalfof,andregisteredinthenameof,theapplicableDepositaryoritsnominee,issuedinadenominationequaltotheoutstandingprincipalamountoftheRegulationSTemporaryGlobalNoteuponexpirationoftheapplicableRestrictedPeriod.
“Regulation S Temporary Global Note”meansatemporaryGlobalNote,substantiallyintheformofExhibitAhereto,bearingtheGlobalNoteLegendandthePrivatePlacementLegendandtheRegulationSTemporaryGlobalNoteLegendanddepositedwithoronbehalfof,andregisteredinthenameof,theapplicableDepositaryoritsnominee,issuedinadenominationequaltotheoutstandingprincipalamountoftheNotesinitiallysoldinrelianceonRule903.
“Regulation S Temporary Global Note Legend”meansthelegendsetforthinSection2.06(f)(iii)hereof.
“Reinhart”meansReinhartFoodservice,L.C.C.
“Reinhart Acquisition”meanstheacquisitionbyPerformanceFoodGroupCompany(actingthroughoneormoresubsidiaries)ofReinhartandcertainrelatedsubsidiariespursuanttoandinaccordancewiththetermsoftheMembershipInterestPurchaseAgreement.
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“Related Business Assets”meansassets(otherthanCashEquivalents)usedorusefulinaSimilarBusinessoranysecuritiesofaPersonreceivedbyParentoraRestrictedSubsidiaryinexchangeforassetstransferredbyParentoraRestrictedSubsidiary;provided,thatanysuchsecuritiesshallnotbedeemedtobeRelatedBusinessAssets,unlessuponreceiptofthesecuritiesofsuchPerson,suchPersonwouldbecomeaRestrictedSubsidiary.
“Responsible Officer”meansanyofficerwithinthecorporatetrustdepartmentoftheTrustee(oranysuccessorgroupoftheTrustee)whoshallhavedirectresponsibilityfortheadministrationofthisIndentureandalsomeans,withrespecttoaparticularcorporatetrustmatter,anyotherofficertowhomsuchmatterisreferredbecauseofsuchperson’sknowledgeofandfamiliaritywiththeparticularsubject.
“Restricted Definitive Note”meansaDefinitiveNotebearing,orthatisrequiredtobear,thePrivatePlacementLegend.
“Restricted Global Note”meansaGlobalNotebearing,orthatisrequiredtobear,thePrivatePlacementLegend.
“Restricted Investment”meansanInvestmentotherthanaPermittedInvestment.
“Restricted Period”means,inrespectofanyNoteissuedunderRegulationS,the40-daydistributioncomplianceperiodasdefinedinRegulationSapplicabletosuchNote.
“Restricted Subsidiary”means,withrespecttoanyPerson,atanytime,anydirectorindirectSubsidiaryofsuchPerson(includinganyForeignSubsidiary)thatisnotthenanUnrestrictedSubsidiary;provided,thatuponanUnrestrictedSubsidiaryceasingtobeanUnrestrictedSubsidiary,suchSubsidiaryshallbeincludedinthedefinitionof“Restricted Subsidiary.”UnlessotherwiseindicatedinthisIndenture,allreferencestoRestrictedSubsidiariesshallmeanRestrictedSubsidiariesofParent,includingtheIssuer.
“Rule 144”meansRule144promulgatedundertheSecuritiesAct.
“Rule 144A”meansRule144ApromulgatedundertheSecuritiesAct.
“Rule 903”meansRule903promulgatedundertheSecuritiesAct.
“Rule 904”meansRule904promulgatedundertheSecuritiesAct.
“S&P”meansStandard&Poor’s,adivisionofTheMcGraw-HillCompanies,Inc.,andanysuccessortoitsratingagencybusiness.
“Sale and Lease-Back Transaction”meansanyarrangementprovidingfortheleasingbyParentoranyofitsRestrictedSubsidiariesofanyrealortangiblepersonalproperty,whichpropertyhasbeenoristobesoldortransferredbyParentorsuchRestrictedSubsidiarytoathirdPersonincontemplationofsuchleasing.
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“Screened Affiliate”meansanyAffiliateofaHolder(i)thatmakesinvestmentdecisionsindependentlyfromsuchHolderandanyotherAffiliateofsuchHolderthatisnotaScreenedAffiliate,(ii)thathasinplacecustomaryinformationscreensbetweenitandsuchHolderandanyotherAffiliateofsuchHolderthatisnotaScreenedAffiliateandsuchscreensprohibitthesharingofinformationwithrespecttotheParentoritsSubsidiaries,(iii)whoseinvestmentpoliciesarenotdirectedbysuchHolderoranyotherAffiliateofsuchHolderthatisactinginconcertwithsuchHolderinconnectionwithitsinvestmentintheNotes,and(iv)whoseinvestmentdecisionsarenotinfluencedbytheinvestmentdecisionsofsuchHolderoranyotherAffiliateofsuchHolderthatisactinginconcertwithsuchHoldersinconnectionwithitsinvestmentintheNotes.
“SEC”meanstheU.S.SecuritiesandExchangeCommission.
“Secured Indebtedness”meansanyIndebtednessofParentoranyofitsRestrictedSubsidiariessecuredbyaLien.
“Securities Act”meanstheSecuritiesActof1933,asamended,andtherulesandregulationsoftheSECpromulgatedthereunder.
“Securitization Assets”meanstheaccountsreceivable,royaltyorotherrevenuestreamsandotherrightstopaymentandanyotherassetsrelatedthereto
subjecttoaQualifiedSecuritizationFacilityandtheproceedsthereof.
“Securitization Facility”meansanyofoneormorereceivables,factoringorsecuritizationfinancingfacilitiesasamended,supplemented,modified,extended,renewed,restatedorrefundedfromtimetotime,theObligationsofwhicharenon-recourse(exceptforcustomaryrepresentations,warranties,covenantsandindemnitiesmadeinconnectionwithsuchfacilities)toParentoranyofitsRestrictedSubsidiaries(otherthanaSecuritizationSubsidiary)pursuanttowhichParentoranyofitsRestrictedSubsidiariessellsorgrantsasecurityinterestinitsaccountsreceivable,payablesorSecuritizationAssetsorassetsrelatedtheretotoeither(a)aPersonthatisnotaRestrictedSubsidiaryor(b)aSecuritizationSubsidiarythatinturnsellsitsaccountsreceivable,payableorSecuritizationAssetsorassetsrelatedtheretotoaPersonthatisnotaRestrictedSubsidiary.
“Securitization Fees”meansdistributionsorpaymentsmadedirectlyorbymeansofdiscountswithrespecttoanyparticipationinterestissuedorsoldinconnectionwith,andotherfeespaidtoaPersonthatisnotaSecuritizationSubsidiaryinconnectionwith,anyQualifiedSecuritizationFacility.
“Securitization Subsidiary”meansanySubsidiaryformedforthepurposeof,andthatsolelyengagesonlyinoneormoreQualifiedSecuritizationFacilitiesandotheractivitiesreasonablyrelatedthereto.
“Senior Indebtedness”means:
(a)allIndebtednessoftheIssueroranyGuarantoroutstandingundertheSeniorSecuredCreditFacilities,theExistingNotesandtheNotesandrelatedGuarantees(includinginterestaccruingonorafterthefilingofanypetitioninbankruptcyorsimilarproceedingorforreorganizationoftheIssueroranyGuarantor(attherateprovidedforinthedocumentationwithrespectthereto,regardlessofwhetherornotaclaimforpost-filinginterestisallowedinsuchproceedings)),andanyandallotherfees,expensereimbursementobligations,indemnificationamounts,penalties,andotheramounts(whetherexistingontheIssueDateorthereaftercreatedorincurred)andallobligationsoftheIssueroranyGuarantortoreimburseanybankorotherPersoninrespectofamountspaidunderlettersofcredit,acceptancesorothersimilarinstruments;
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(b)all(x)HedgingObligations(andguaranteesthereof)and(y)obligationsinrespectofBankProducts(andguaranteesthereof)owingtoalenderundertheSeniorSecuredCreditFacilitiesoranyAffiliateofsuchlender(oranyPersonthatwasalenderoranAffiliateofsuchlenderatthetimetheapplicableagreementgivingrisetosuchHedgingObligationwasenteredinto);provided,thatsuchHedgingObligationsandobligationsinrespectofBankProducts,asthecasemaybe,arepermittedtobeincurredunderthetermsofthisIndenture;
(c)anyotherIndebtednessoftheIssueroranyGuarantorpermittedtobeincurredunderthetermsofthisIndenture,unlesstheinstrument
underwhichsuchIndebtednessisincurredexpresslyprovidesthatitissubordinatedinrightofpaymenttotheNotesoranyrelatedGuarantee;and
(d)allObligationswithrespecttotheitemslistedintheprecedingclauses(a),(b)and(c);provided,thatSeniorIndebtednessshallnotinclude:
(i)anyobligationofsuchPersontoParentoranyofitsSubsidiaries;
(ii)anyliabilityforfederal,state,localorothertaxesowedorowingbysuchPerson;
(iii)anyaccountspayableorotherliabilitytotradecreditorsarisingintheordinarycourseofbusiness;
(iv)anyIndebtednessorotherObligationofsuchPersonwhichissubordinateorjuniorinanyrespecttoanyotherIndebtednessor
otherObligationofsuchPerson;or
(v)thatportionofanyIndebtednesswhichatthetimeofincurrenceisincurredinviolationofthisIndenture.
“Senior Secured Credit Facilities”meanstheThirdAmendedandRestatedCreditAgreement,datedasofMay17,2019(the“ABL Credit Facility”),amongtheCompany,Parent,theguarantorsnamedthereinandWellsFargoBank,NationalAssociation,asadministrativeagentandcollateralagent,andtheotheragentsandlendersnamedtherein,includinganyguarantees,collateraldocuments,instrumentsandagreementsexecutedinconnectiontherewith,andanyamendments,supplements,modifications,extensions,renewals,restatements,refundings,refinancingsorreplacementsthereofandanyoneormoreindenturesorcreditfacilitiesorcommercialpaperfacilitieswithbanksorotherinstitutionallendersorinvestorsthatreplace,refund,supplementorrefinanceanypartoftheloans,notes,othercreditfacilitiesorcommitmentsthereunder,includinganysuchreplacement,refundingorrefinancingfacilityorindenturethatincreasestheamountborrowablethereunderoraltersthematuritythereof(providedthatsuchincreaseinborrowingsispermittedunderSection4.09hereof)oraddsRestrictedSubsidiariesasadditionalborrowersorguarantorsthereunderandwhetherbythesameoranyotheragent,trustee,lenderorgroupoflendersorholders.
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“Short Derivative Instrument”meansaDerivativeInstrument(i)thevalueofwhichgenerallydecreases,and/orthepaymentordeliveryobligationsunderwhichgenerallyincrease,withpositivechangestothePerformanceReferencesand/or(ii)thevalueofwhichgenerallyincreases,and/orthepaymentordeliveryobligationsunderwhichgenerallydecrease,withnegativechangestothePerformanceReferences.
“Significant Subsidiary”meansanyRestrictedSubsidiarythatwouldbea“significantsubsidiary”asdefinedinArticle1,Rule1-02(1)or(2)ofRegulationS-XpromulgatedpursuanttotheSecuritiesAct,assuchregulationisineffectontheIssueDate.
“Similar Business”means(a)anybusinessconductedorproposedtobeconductedbyParentoranyofitsRestrictedSubsidiariesontheIssueDate,andanyreasonableextensionthereof,or(b)anybusinessorotheractivitiesthatarereasonablysimilar,ancillary,incidental,complementaryorrelatedto,orareasonableextension,developmentorexpansionof,thebusinessesinwhichParentanditsRestrictedSubsidiariesareengagedorproposetobeengagedontheIssueDate.
“Subordinated Captive Insurance Note”meansthesecuredrevolvingnoteissuedbytheCompanyinfavorofaCaptiveInsuranceSubsidiary,inaprincipalamountupto$25.0million.
“Subordinated Indebtedness”means,withrespecttotheNotes,
(1)anyIndebtednessoftheIssuerwhichisbyitstermssubordinatedinrightofpaymenttotheNotes,and
(2)anyIndebtednessofanyGuarantorwhichisbyitstermssubordinatedinrightofpaymenttotheGuaranteeofsuchentityoftheNotes.
“Subsidiary”means,withrespecttoanyPerson:
(a)anycorporation,association,orotherbusinessentity(otherthanapartnership,jointventure,limitedliabilitycompanyorsimilarentity)ofwhichmorethan50.0%ofthetotalvotingpowerofsharesofCapitalStockentitled(withoutregardtotheoccurrenceofanycontingency)tovoteintheelectionofdirectors,managersortrusteesthereofisatthetimeofdeterminationownedorcontrolled,directlyorindirectly,bysuchPersonoroneormoreoftheotherSubsidiariesofthatPersonoracombinationthereof;and
(b)anypartnership,jointventure,limitedliabilitycompanyorsimilarentityofwhich:
(i)morethan50.0%ofthecapitalaccounts,distributionrights,totalequityandvotinginterestsorgeneralorlimitedpartnership
interests,asapplicable,areownedorcontrolled,directlyorindirectly,bysuchPersonoroneormoreoftheotherSubsidiariesofthatPersonoracombinationthereofwhetherintheformofmembership,general,specialorlimitedpartnershiporotherwise;and
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(ii)suchPersonoranyRestrictedSubsidiaryofsuchPersonisacontrollinggeneralpartnerorotherwisecontrolssuchentity.
Fortheavoidanceofdoubt,anyentitythatisownedata50.0%orlesslevel(asdescribedabove)shallnotbea“Subsidiary”foranypurposeunderthisIndenture,regardlessofwhethersuchentityisconsolidatedonParent’soranyRestrictedSubsidiary’sfinancialstatements.
“Total Assets”meansthetotalassetsofParentanditsRestrictedSubsidiaries,determinedonaconsolidatedbasisinaccordancewithGAAP,asshownonthemostrecentbalancesheetofParentorsuchotherPerson(ineachcase,calculatedonaproformabasistogiveeffecttoanyInvestments,acquisitions,dispositions,mergersorconsolidationsthathaveorwillhavebeenmadebyParentoranyofitsRestrictedSubsidiariesonorpriortothecalculationdateasifsuchtransactionshadoccurredasoftheendofthemostrecentfiscalquarterprecedingsuchdate).
“Transactions”means,collectively,anyorallofthefollowing:
(1) theentryintotheMembershipInterestPurchaseAgreementandtheconsummationoftheReinhartAcquisitionandtheothertransactionscontemplatedthereby;
(2) theentryintothisIndenture,thePurchaseAgreementandtheEscrowAgreementandtheoffer,saleandissuanceoftheNotes;
(3) theconsummationoftheEscrowMergerandtheAssumption;and
(4) allothertransactionsrelatingtoanyoftheforegoing(includingpaymentoffees,commissionsandexpensesrelatedtotheforegoing).
“Trust Indenture Act”meanstheTrustIndentureActof1939,asamended(15U.S.C.§§77aaa-77bbbb).
“Trustee”meansU.S.BankNationalAssociation,astrustee,untilasuccessorreplacesitinaccordancewiththeapplicableprovisionsofthisIndentureandthereaftermeansthesuccessorservinghereunder.
“Uniform Commercial Code”meanstheUniformCommercialCodeoranysuccessorprovisionthereofasthesamemayfromtimetotimebeineffectintheStateofNewYork.
“Unrestricted Definitive Note”meansoneormoreDefinitiveNotesthatdonotbearandarenotrequiredtobearthePrivatePlacementLegend.
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“Unrestricted Global Note”meansapermanentGlobalNote,substantiallyintheformofExhibitAhereto,bearingtheGlobalNoteLegendandthathasthe“ScheduleofExchangesofInterestsintheGlobalNote”attachedthereto,andthatisdepositedwithoronbehalfofandregisteredinthenameoftheapplicableDepositary,representingNotesthatdonotbearthePrivatePlacementLegend.
“Unrestricted Subsidiary”means:
(a)anySubsidiaryofParentwhichatthetimeofdeterminationisanUnrestrictedSubsidiary(asdesignatedbyParent,asprovidedbelow);
and
(b)anySubsidiaryofanUnrestrictedSubsidiary.
ParentmaydesignateanySubsidiaryofParent(includinganyexistingSubsidiaryandanynewlyacquiredornewlyformedSubsidiary)tobeanUnrestrictedSubsidiaryunlesssuchSubsidiaryoranyofitsSubsidiariesownsanyEquityInterestsorIndebtednessof,orownsorholdsanyLienon,anypropertyof,ParentoranySubsidiaryofParent(otherthansolelyanySubsidiaryoftheSubsidiarytobesodesignated);provided, that:
(i)either(a)theSubsidiarytobesodesignatedhastotalconsolidatedassetsof$1,000orlessor(b)iftheSubsidiarytobesodesignatedhastotalconsolidatedassetsinexcessof$1,000,suchdesignationcomplieswithSection4.07hereof;and
(ii)eachof(A)theSubsidiarytobesodesignatedand(B)itsSubsidiarieshasnotatthetimeofdesignation,anddoesnot
thereafter,create,incur,issue,assume,guaranteeorotherwisebecomedirectlyorindirectlyliablewithrespecttoanyIndebtednesspursuanttowhichthelenderhasrecoursetoanyoftheassetsofParentoranyRestrictedSubsidiary.
ParentmaydesignateanyUnrestrictedSubsidiarytobeaRestrictedSubsidiary;provided, that,immediatelyaftergivingeffecttosuchdesignation,no
Defaultshallhaveoccurredandbecontinuingandeither:
(c)Parentcouldincuratleast$1.00ofadditionalIndebtednesspursuanttotheFixedChargeCoverageTest;or
(d)theFixedChargeCoverageRatioforParentanditsRestrictedSubsidiarieswouldbeequaltoorgreaterthansuchratioforParentanditsRestrictedSubsidiariesimmediatelypriortosuchdesignation,ineachcaseonapro formabasistakingintoaccountsuchdesignation.
AnysuchdesignationbyParentshallbenotifiedbytheIssuertotheTrusteebypromptlyfilingwiththeTrusteeacopyoftheresolutionoftheBoardof
DirectorsofParentoranycommitteethereofgivingeffecttosuchdesignationandanOfficer’sCertificatecertifyingthatsuchdesignationcompliedwiththeforegoingprovisions.
“U.S. Dollar Equivalent”meanswithrespecttoanymonetaryamountinacurrencyotherthanU.S.dollars,atanytimefordeterminationthereof,theamountofU.S.dollarsobtainedbyconvertingsuchforeigncurrencyinvolvedinsuchcomputationintoU.S.dollarsatthespotrateforthepurchaseofU.S.dollarswiththeapplicableforeigncurrencyaspublishedinTheWallStreetJournalinthe“Exchange Rates”columnundertheheading“Currency Trading”onthedatetwobusinessdayspriortosuchdetermination.
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“U.S. Government Securities”meanssecuritiesthatare:
(a)directobligationsoftheUnitedStatesofAmericaforthetimelypaymentofwhichitsfullfaithandcreditispledged;or
(b)obligationsofaPersoncontrolledorsupervisedbyandactingasanagencyorinstrumentalityoftheUnitedStatesofAmericathetimelypaymentofwhichisunconditionallyguaranteedasafullfaithandcreditobligationbytheUnitedStatesofAmerica,which,ineithercase,arenotcallableorredeemableattheoptionoftheissuersthereof,andshallalsoincludeadepositoryreceiptissuedbyabank(asdefinedinSection3(a)(2)oftheSecuritiesAct),ascustodianwithrespecttoanysuchU.S.GovernmentSecuritiesoraspecificpaymentofprincipaloforinterestonanysuchU.S.GovernmentSecuritiesheldbysuchcustodianfortheaccountoftheholderofsuchdepositoryreceipt;provided that(exceptasrequiredbylaw)suchcustodianisnotauthorizedtomakeanydeductionfromtheamountpayabletotheholderofsuchdepositoryreceiptfromanyamountreceivedbythecustodianinrespectoftheU.S.GovernmentSecuritiesorthespecificpaymentofprincipaloforinterestontheU.S.GovernmentSecuritiesevidencedbysuchdepositoryreceipt.
“U.S. Person”meansaU.S.personasdefinedinRule902(k)undertheSecuritiesAct.
“Voting Stock”ofanyPersonasofanydatemeanstheCapitalStockofsuchPersonthatisatthetimeentitledtovoteintheelectionoftheBoardof
DirectorsofsuchPerson.
“Weighted Average Life to Maturity”means,whenappliedtoanyIndebtedness,DisqualifiedStockorPreferredStock,asthecasemaybe,atanydate,thequotientobtainedbydividing:
(a)thesumoftheproductsofthenumberofyearsfromthedateofdeterminationtothedateofeachsuccessivescheduledprincipalpaymentofsuchIndebtednessorredemptionorsimilarpaymentwithrespecttosuchDisqualifiedStockorPreferredStockmultipliedbytheamountofsuchpayment;by
(b)thesumofallsuchpayments;provided thatforpurposesofdeterminingtheWeightedAverageLifetoMaturityofanyIndebtedness
thatisbeingextended,replaced,refunded,refinanced,renewedordefeased(the“Applicable Indebtedness”),theeffectsofanyamortizationorprepaymentsmadeonsuchApplicableIndebtednesspriortothedateoftheapplicableextension,replacement,refunding,refinancing,renewalordefeasanceshallbedisregarded.
“Wholly-Owned Subsidiary”ofanyPersonmeansaSubsidiaryofsuchPerson,100.0%oftheoutstandingEquityInterestsofwhich(otherthan
directors’qualifyingsharesandsharesissuedtoforeignnationalsasrequiredbyapplicablelaw)shallatthetimebeownedbysuchPersonand/orbyoneormoreWholly-OwnedSubsidiariesofsuchPerson.
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Section 1.02Other Definitions.
Term Defined
in Section“AcceptableCommitment” 4.10“AffiliateTransaction” 4.11“ApplicableIndebtedness” 1.01“ApplicablePremiumDeficit” 8.04“AssetSaleOffer” 4.10“AuthenticationOrder” 2.02“ChangeofControlOffer” 4.14“ChangeofControlPayment” 4.14“ChangeofControlPaymentDate” 4.14“CovenantDefeasance” 8.03“CovenantSuspensionEvent” 4.16“DTC” 2.03“ERISA” 2.06“equityincentives” 1.01“EventofDefault” 6.01“ExcessProceeds” 4.10“FixedChargeCoverageTest” 4.07“incur”and“incurrence” 4.09“LegalDefeasance” 8.02“NoteRegister” 2.03“OfferAmount” 3.08“OfferPeriod” 3.08“PariPassuIndebtedness” 4.10“PayingAgent” 2.03“primaryobligations” 1.01“primaryobligor” 1.01“PurchaseDate” 3.08“RedemptionDate” 3.01“RefinancingIndebtedness” 4.09“RefundingCapitalStock” 4.07“Registrar” 2.03“RestrictedPayments” 4.07“ReversionDate” 4.16“SecondCommitment” 4.10“SuccessorCompany” 5.01“SuccessorPerson” 5.01“SuspendedCovenants” 4.16“SuspensionDate” 4.16“TransferAgent” 2.03“TreasuryCapitalStock” 4.07
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Section 1.03Rules of Construction.Unlessthecontextotherwiserequires:(a)atermhasthemeaningassignedtoit;
(b)anaccountingtermnototherwisedefinedhasthemeaningassignedtoitinaccordancewithGAAP;
(c)“or”isnotexclusive;
(d)thewords“including,”“includes”andsimilarwordsshallbedeemedtobefollowedby“withoutlimitation”;
(e)wordsinthesingularincludetheplural,andinthepluralincludethesingular;
(f)“shall”and“will”shallbeinterpretedtoexpressacommand;
(g)provisionsapplytosuccessiveeventsandtransactions;
(h)referencestosectionsof,orrulesunder,theSecuritiesActortheExchangeActshallbedeemedtoincludesubstitute,replacementorsuccessor
sectionsorrulesadoptedbytheSECfromtimetotime;
(i)unlessthecontextotherwiserequires,anyreferencetoan“Article,”“Section”or“clause”referstoanArticle,Sectionorclause,asthecasemaybe,ofthisIndenture;
(i)thewords“herein,”“hereof”and“hereunder”andotherwordsofsimilarimportrefertothisIndentureasawholeandnotanyparticularArticle,
Section,clauseorothersubdivision;
(j)theprincipalamountofanynon-interestbearingorotherdiscountsecurityatanydateshallbetheprincipalamountthereofthatwouldbeshownonabalancesheetoftheIssuerdatedsuchdatepreparedinaccordancewithGAAP;
(k)wordsusedhereinimplyinganygendershallapplytobothgenders;
(l)inthecomputationofperiodsoftimefromaspecifieddatetoalaterspecifieddate,theword“from”means“fromandincluding”;thewords“to”and“until”eachmean“tobutexcluding”andtheword“through”means“toandincluding”;and
(m)theprincipalamountofanyPreferredStockatanytimeshallbe(i)themaximumliquidationvalueofsuchPreferredStockatsuchtimeor(ii)themaximummandatoryredemptionormandatoryrepurchasepricewithrespecttosuchPreferredStockatsuchtime,whicheverisgreater.
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Section 1.04Acts of Holders.
(a)Anyrequest,demand,authorization,direction,notice,consent,waiverorotheractionprovidedbythisIndenturetobegivenortakenbyHoldersmaybeembodiedinandevidencedbyoneormoreinstrumentsofsubstantiallysimilartenorsignedbysuchHoldersinpersonorbyanagentdulyappointedinwriting.Exceptashereinotherwiseexpresslyprovided,suchactionshallbecomeeffectivewhensuchinstrumentorinstrumentsaredeliveredtotheTrusteeand,whereitisherebyexpresslyrequired,totheIssuer.Proofofexecutionofanysuchinstrumentorofawritingappointinganysuchagent,ortheholdingbyanyPersonofaNote,shallbesufficientforanypurposeofthisIndentureand(subjecttoSection7.01hereof)conclusiveinfavoroftheTrusteeandtheIssuer,ifmadeinthemannerprovidedinthisSection1.04.
(b)ThefactanddateoftheexecutionbyanyPersonofanysuchinstrumentorwritingmaybeprovedbytheaffidavitofawitnessofsuchexecution
orbythecertificateofanynotarypublicorotherofficerauthorizedbylawtotakeacknowledgmentsofdeeds,certifyingthattheindividualsigningsuchinstrumentorwritingacknowledgedtohimtheexecutionthereof.Wheresuchexecutionisbyoronbehalfofanylegalentityotherthananindividual,suchcertificateoraffidavitshallalsoconstituteproofoftheauthorityofthePersonexecutingthesame.Thefactanddateoftheexecutionofanysuchinstrumentorwriting,ortheauthorityofthePersonexecutingthesame,mayalsobeprovedinanyothermannerthattheTrusteedeemssufficient.
(c)TheownershipofNotesshallbeprovedbytheNoteRegister.
(d)Anyrequest,demand,authorization,direction,notice,consent,waiverorotheractionbytheHolderofanyNoteshallbindeveryfutureHolderofthesameNoteandtheHolderofeveryNoteissuedupontheregistrationoftransferthereoforinexchangetherefororinlieuthereof,inrespectofanyactiontaken,sufferedoromittedbytheTrusteeortheIssuerinreliancethereon,whetherornotnotationofsuchactionismadeuponsuchNote.
(e)TheIssuermaysetarecorddateforpurposesofdeterminingtheidentityofHoldersentitledtogiveanyrequest,demand,authorization,direction,notice,consent,waiverortakeanyotheract,ortovoteorconsenttoanyactionbyvoteorconsentauthorizedorpermittedtobegivenortakenbyHolders.Unlessotherwisespecified,ifnotsetbytheIssuerpriortothefirstsolicitationofaHoldermadebyanyPersoninrespectofanysuchaction,orinthecaseofanysuchvote,priortosuchvote,anysuchrecorddateshallbethelaterof10dayspriortothefirstsolicitationofsuchconsentor,iftheTrusteeisnotthenalsotheRegistrar,thedateofthemostrecentlistofHoldersfurnishedtotheTrusteepriortosuchsolicitation.
(f)Withoutlimitingtheforegoing,aHolderentitledtotakeanyactionhereunderwithregardtoanyparticularNotemaydosowithregardtoalloranypartoftheprincipalamountofsuchNoteorbyoneormoredulyappointedagents,eachofwhichmaydosopursuanttosuchappointmentwithregardtoalloranypartofsuchprincipalamount.AnynoticegivenoractiontakenbyaHolderoritsagentswithregardtodifferentpartsofsuchprincipalamountpursuanttothisSection1.04(f)shallhavethesameeffectasifgivenortakenbyseparateHoldersofeachsuchdifferentpart.
(g)Withoutlimitingthegeneralityoftheforegoing,aHolder,includingDTC,thatisaHolderofaGlobalNote,maymake,giveortake,byaproxyorproxiesdulyappointedinwriting,anyrequest,demand,authorization,direction,notice,consent,waiverorotheractionprovidedinthisIndenturetobemade,givenortakenbyHolders,andanyPerson,thatisaHolderofaGlobalNote,includingDTC,mayprovideitsproxyorproxiestothebeneficialownersofinterestsinanysuchGlobalNotethroughsuchDepositary’sstandinginstructionsandcustomarypractices.
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(h)TheIssuermayfixarecorddateforthepurposeofdeterminingthePersonswhoarebeneficialownersofinterestsinanyGlobalNoteheldbyDTCentitledundertheproceduresofsuchDepositarytomake,giveortake,byaproxyorproxiesdulyappointedinwriting,anyrequest,demand,authorization,direction,notice,consent,waiverorotheractionprovidedinthisIndenturetobemade,givenortakenbyHolders.Ifsucharecorddateisfixed,theHoldersonsuchrecorddateortheirdulyappointedproxyorproxies,andonlysuchPersons,shallbeentitledtomake,giveortakesuchrequest,demand,authorization,direction,notice,consent,waiverorotheraction,whetherornotsuchHoldersremainHoldersaftersuchrecorddate.Nosuchrequest,demand,authorization,direction,notice,consent,waiverorotheractionshallbevalidoreffectiveifmade,givenortakenmorethan120daysaftersuchrecorddate.
Section 1.05Timing of Payment.Notwithstandinganythinghereintothecontrary,ifthedateonwhichanypaymentistobemadepursuanttothisIndentureortheNotesisnotaBusinessDay,thepaymentotherwisepayableonsuchdateshallbepayableonthenextsucceedingBusinessDaywiththesameforceandeffectasifmadeonsuchscheduleddateand(providedsuchpaymentismadeonsuchsucceedingBusinessDay)nointerestshallaccrueontheamountofsuchpaymentfromandaftersuchscheduleddatetothetimeofsuchpaymentonsuchnextsucceedingBusinessDayandtheamountofanysuchpaymentthatisaninterestpaymentwillreflectaccrualonlythroughtheoriginalpaymentdateandnotthroughthenextsucceedingBusinessDay.
Section 1.06Limited Condition Acquisition.WhencalculatingtheavailabilityunderanybasketorratiounderthisIndenture,ineachcaseinconnectionwithaLimitedConditionAcquisition,thedateofdeterminationofsuchbasketorratioandofanyDefaultorEventofDefaultmay,attheoptionofParent,bethedatethedefinitiveagreementsforsuchLimitedConditionAcquisitionareenteredintoandsuchbasketsorratiosshallbecalculatedwithsuchproformaadjustmentsasareappropriateandconsistentwiththeproformaadjustmentprovisionssetforthinthedefinitionofFixedChargeCoverageRatioaftergivingeffecttosuchLimitedConditionAcquisitionandtheothertransactionstobeenteredintoinconnectiontherewith(includinganyincurrenceofIndebtednessandtheuseofproceedsthereof)asiftheyoccurredatthebeginningoftheapplicableperiodforpurposesofdeterminingtheabilitytoconsummateanysuchLimitedConditionAcquisition(andnotforpurposesofanysubsequentavailabilityofanybasketorratio),and,fortheavoidanceofdoubt,(x)ifanyofsuchbasketsorratiosareexceededasaresultoffluctuationsinsuchbasketorratio(includingduetofluctuationsinEBITDAofParentorthetargetcompany)subsequenttosuchdateofdeterminationandatorpriortotheconsummationoftherelevantLimitedConditionAcquisition,suchbasketsorratioswillnotbedeemedtohavebeenexceededasaresultofsuchfluctuationssolelyforpurposesofdeterminingwhethertheLimitedConditionAcquisitionispermittedunderthisIndentureand(y)suchbasketsorratiosshallnotbetestedatthetimeofconsummationofsuchLimitedConditionAcquisitionorrelatedtransactions;provided,however,that(a)ifanyratiosimproveorbasketsincreaseasaresultofsuchfluctuations,suchimprovedratiosorbasketsmaybeutilizedand(b)ifParentelectstohavesuchdeterminationsoccuratthetimeofentryintosuchdefinitiveagreement,anysuchtransactions(includinganyincurrenceofIndebtednessandtheuseofproceedsthereof)shallbedeemedtohaveoccurredonthedatethedefinitiveagreementsareenteredandoutstandingthereafterforpurposesofcalculatinganybasketsorratiosunderthisIndentureafterthedateofsuchagreementandbeforetheconsummationofsuchLimitedConditionAcquisition,unlessanduntilsuchLimitedConditionAcquisitionhasbeenabandoned,asdeterminedingoodfaithbyParent.
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ARTICLE2THENOTES
Section 2.01Form and Dating; Terms.
(a)General.TheNotesandtheTrustee’scertificateofauthenticationshallbesubstantiallyintheformofExhibitAhereto.TheNotesmayhave
notations,legendsorendorsementsrequiredbylaw,stockexchangerulesorusage.EachNoteshallbedatedthedateofitsauthentication.TheNotesshallbeissuedinminimumdenominationsof$2,000andanyintegralmultipleof$1,000inexcessthereof.
(b)Global Notes.NotesissuedinglobalformshallbesubstantiallyintheformofExhibitAhereto,includingtheGlobalNoteLegendthereonandthe“ScheduleofExchangesofInterestsintheGlobalNote”attachedthereto.NotesissuedindefinitiveformshallbesubstantiallyintheformofExhibitAhereto,butwithouttheGlobalNoteLegendthereonandwithoutthe“ScheduleofExchangesofInterestsintheGlobalNote”attachedthereto.EachGlobalNoteshallrepresentsuchoftheoutstandingNotesasshallbespecifiedinthe“ScheduleofExchangesofInterestsintheGlobalNote”attachedtheretoandeachshallprovidethatitshallrepresentuptotheaggregateprincipalamountofNotesfromtimetotimeendorsedthereonandthattheaggregateprincipalamountofoutstandingNotesrepresentedtherebymayfromtimetotimebereducedorincreased,asapplicable,toreflectexchangesandredemptions.AnyendorsementofaGlobalNotetoreflecttheamountofanyincreaseordecreaseintheaggregateprincipalamountofoutstandingNotesrepresentedtherebyshallbemadebytheTrusteeortheCustodian,atthedirectionoftheTrustee,inaccordancewithinstructionsgivenbytheHolderthereofasrequiredbySection2.06hereof.
(c)Temporary Global Notes.NotesofferedandsoldinrelianceonRegulationSshallbeissuedinitiallyintheformoftheRegulationSTemporaryGlobalNote,whichshallbedepositedonbehalfofthepurchasersoftheNotesrepresentedtherebywiththeCustodianandregisteredinthenameoftheapplicableDepositaryorthenomineeoftheDepositaryfortheaccountsofdesignatedagentsholdingonbehalfofEuroclearorClearstream,dulyexecutedbytheIssuerandauthenticatedbytheTrusteeashereinafterprovided.
Following(i)theterminationoftheapplicableRestrictedPeriodand(ii)thereceiptbytheTrusteeof(A)acertificationorotherevidenceinaformreasonablyacceptabletotheIssuertogetherwithcopiesofcertificatesfromEuroclearandClearstreamcertifyingthattheyhavereceivedcertificationsofnon-UnitedStatesbeneficialownershipof100%oftheaggregateprincipalamountoftheRegulationSTemporaryGlobalNote,totheextenttheDepositary,EuroclearandClearstreamprovidesuchcertificatesintheordinarycourseoftheirbusiness(excepttotheextentofanybeneficialownersthereofwhoacquiredaninterestthereinduringtheRestrictedPeriodpursuanttoanotherexemptionfromregistrationundertheSecuritiesActandwhoshalltakedeliveryofabeneficialownershipinterestina144AGlobalNotebearingthePrivatePlacementLegend,allascontemplatedbySection2.06(b)hereof)and(B)anOfficer’sCertificatefromtheIssuer,theTrusteeshallremovetheRegulationSTemporaryGlobalNoteLegendfromtheRegulationSTemporaryGlobalNote,followingwhichtemporarybeneficialinterestsintheRegulationSTemporaryGlobalNoteshallautomaticallybecomebeneficialinterestsintheRegulationSPermanentGlobalNotepursuanttotheApplicableProcedures.
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(d)TheaggregateprincipalamountofaRegulationSTemporaryGlobalNoteandaRegulationSPermanentGlobalNotemayfromtimetotimebeincreasedordecreasedbyadjustmentsmadeontherecordsoftheTrusteeandtheDepositaryoritsnominee,asthecasemaybe,inconnectionwithtransfersofinterestashereinafterprovided.
(e)Terms.TheaggregateprincipalamountofNotesthatmaybeauthenticatedanddeliveredunderthisIndentureisunlimited.
ThetermsandprovisionscontainedintheNotesshallconstitute,andareherebyexpresslymade,apartofthisIndentureandtheIssuerandtheTrustee,bytheirexecutionanddeliveryofthisIndenture,expresslyagreetosuchtermsandprovisionsandtobeboundthereby.However,totheextentanyprovisionofanyNoteconflictswiththeexpressprovisionsofthisIndenture,theprovisionsofthisIndentureshallgovernandbecontrolling.
TheNotesshallbesubjecttorepurchasebytheIssuerpursuanttoanAssetSaleOfferasprovidedinSection4.10hereoforaChangeofControlOfferasprovidedinSection4.14hereof.TheNotesshallnotberedeemable,otherthanasprovidedinArticle3hereof.
SubjecttocompliancewithSection4.09hereof,theIssuermayissueAdditionalNotesfromtimetotimerankingpari passuwiththeInitialNoteswithoutnoticetoorconsentoftheHolders,andsuchAdditionalNotesshallbeconsolidatedwithandformasingleclasswiththeInitialNotesandshallhavethesametermsastostatus,redemptionorotherwiseastheInitialNotes,exceptthatinterestmayaccrueontheAdditionalNotesfromtheirdateofissuance(orsuchotherdatespecifiedbytheIssuer);provided, however, thatifsuchAdditionalNotesareissuedfollowingtheAssumptionDate,suchAdditionalNotesshallnotbesubjecttoSection3.10herein;provided, further,thatifanyAdditionalNotesarenotfungiblewiththeInitialNotesforU.S.federalincometaxpurposes,suchAdditionalNoteswillhaveaseparateCUSIPnumberorISINnumber,asapplicable.AnyAdditionalNotesmaybeissuedwiththebenefitofanindenturesupplementaltothisIndenture.
(f)Euroclear and Clearstream Procedures Applicable.Theprovisionsofthe“OperatingProceduresoftheEuroclearSystem”and“TermsandConditionsGoverningUseofEuroclear”andthe“GeneralTermsandConditionsofClearstreamBanking”and“CustomerHandbook”ofClearstreamshallbeapplicabletotransfersofbeneficialinterestsintheRegulationSTemporaryGlobalNotesandtheRegulationSGlobalNotesthatareheldbyParticipantsthroughEuroclearorClearstream.
Section 2.02Execution and Authentication.AtleastoneOfficeroftheIssuershallexecutetheNotesonbehalfoftheIssuerbymanual,facsimileorelectronic(including“.pdf”)signature.
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IfanOfficeroftheIssuerwhosesignatureisonaNotenolongerholdsthatofficeatthetimetheTrusteeauthenticatestheNote,theNoteshallneverthelessbevalid.
ANoteshallnotbeentitledtoanybenefitunderthisIndentureorbevalidorobligatoryforanypurposeuntilauthenticatedsubstantiallyintheformofExhibitAhereto,bythemanualsignatureoftheTrustee.ThesignatureshallbeconclusiveevidencethattheNotehasbeendulyauthenticatedanddeliveredunderthisIndenture.
OntheIssueDate,theTrusteeshall,uponreceiptofanIssuer’sOrder(an“Authentication Order”),authenticateanddelivertheInitialNotesintheaggregateprincipalamountoramountsspecifiedinsuchAuthenticationOrder,providedthatnoOpinionofCounselshallberequiredwithrespecttotheauthenticationoftheInitialNotesontheIssueDate.Inaddition,atanytime,fromtimetotime,theTrusteeshall,uponreceiptofanAuthenticationOrder,authenticateanddeliveranyAdditionalNotesforanaggregateprincipalamountspecifiedinsuchAuthenticationOrderforsuchAdditionalNotesissuedorincreasedhereunder.
TheTrusteemayappointanauthenticatingagentacceptabletotheIssuertoauthenticateNotes.AnauthenticatingagentmayauthenticateNoteswhenevertheTrusteemaydoso.EachreferenceinthisIndenturetoauthenticationbytheTrusteeincludesauthenticationbysuchagent.AnauthenticatingagenthasthesamerightsasanAgenttodealwithHoldersoranAffiliateoftheIssuer.
Section 2.03Registrar, Transfer Agent and Paying Agent.TheIssuershallmaintain(i)anofficeoragencywheretheNotesmaybepresentedforregistration(the“Registrar”),whichshallbeU.S.BankNationalAssociationasofthedateofthisIndenture,(ii)anofficeoragencywhereNotesmaybepresentedfortransferorforexchange(the“Transfer Agent”),whichshallbeU.S.BankNationalAssociationasofthedateofthisIndenture,and(iii)anofficeoragencywheretheNotesmaybepresentedforpayment(the“Paying Agent”),whichshallbeU.S.BankNationalAssociationasofthedateofthisIndenture.TheRegistrarshallkeeparegisteroftheNotes(“Note Register”)andoftheirtransferandexchangeinaccordancewiththerulesandproceduresofDTC.TheregisteredHolderofaNotewillbetreatedastheownerofsuchNoteforallpurposesandonlyregisteredHoldersshallhaverightsunderthisIndentureandtheNotes.TheIssuermayappointoneormoreco-registrars,oneormoreco-transferagentsandoneormoreadditionalpayingagents.Theterm“Registrar”includesanyco-registrar,theterm“Transfer Agent”includesanyco-transferagentandtheterm“Paying Agent”includesanyadditionalpayingagents.TheIssuermaychangeanyPayingAgent,TransferAgentorRegistrarwithoutpriornoticetoanyHolder.TheIssuershallnotifytheTrusteeinwritingofthenameandaddressofanyAgentnotapartytothisIndenture.IftheIssuerfailstoappointormaintainanotherentityasRegistrar,TransferAgentorPayingAgent,theTrusteeoranaffiliateoftheTrusteeshallactassuch.TheIssueroranyofitsSubsidiariesmayactasPayingAgent,TransferAgentorRegistrar.
TheIssuerinitiallyappointsTheDepositoryTrustCompany,itsnomineesandsuccessors(“DTC”)toactasDepositarywithrespecttotheGlobalNotes.
TheIssuerinitiallyappointstheTrusteetoactasthePayingAgent,TransferAgentandRegistrarfortheNotesandtoactasCustodianwithrespecttotheGlobalNotes.
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IfanyNotesarelistedonanexchangeandtherulesofsuchexchangesorequire,theIssuerwillsatisfyanyrequirementofsuchexchangeastopayingagents,registrarsandtransferagentsandwillcomplywithanynoticerequirementsrequiredundersuchexchangeinconnectionwithanychangeofpayingagent,registrarortransferagent.
Section 2.04Paying Agent to Hold Money in Trust.TheIssuershallrequireeachPayingAgentotherthantheTrusteetoagreeinwritingthatsuchPayingAgentshallholdintrustforthebenefitofHoldersortheTrusteeallmoneyheldbysuchPayingAgentforthepaymentofprincipal,premium,ifany,orinterestontheNotes,andwillnotifytheTrusteeinwritingofanydefaultbytheIssuerinmakinganysuchpayment.Whileanysuchdefaultcontinues,theTrusteemayrequireaPayingAgent(otherthantheTrustee)topayallmoneyheldbyittotheTrustee.TheIssueratanytimemayrequireaPayingAgent(otherthantheTrustee)topayallmoneyheldbyittotheTrustee.UponpaymentovertotheTrustee,thePayingAgent(ifotherthantheIssueroraSubsidiaryortheTrustee)shallhavenofurtherliabilityforthemoney.IftheIssueroraSubsidiaryactsasPayingAgent,itshallsegregateandholdinaseparatetrustfundforthebenefitoftheHoldersallmoneyheldbyitasPayingAgent.UponanybankruptcyorreorganizationproceedingsrelatingtotheIssuerorParent,theTrusteeshallserveasPayingAgentfortheNotes.
Section 2.05Holder Lists.TheTrusteeshallpreserveinascurrentaformasisreasonablypracticablethemostrecentlistavailabletoitofthenamesandaddressesofallHolders.IftheTrusteeisnottheRegistrar,theIssuershallfurnishtotheTrusteeatleasttwoBusinessDaysbeforeeachInterestPaymentDateandatsuchothertimesastheTrusteemayrequestinwriting,alistinsuchformandasofsuchdateastheTrusteemayreasonablyrequireofthenamesandaddressesoftheHolders.
Section 2.06Transfer and Exchange.
(a)Transfer and Exchange of Global Notes.ExceptasotherwisesetforthinthisSection2.06,aGlobalNotemaybetransferred,inwholeandnotinpart,onlytoanothernomineeoftheDepositaryortoasuccessortheretooranomineeofsuchsuccessorthereto.AbeneficialinterestinaGlobalNotemaynotbeexchangedforaDefinitiveNoteunless,and,ifapplicable,subjecttothelimitationonissuanceofDefinitiveNotessetforthinSection2.06(c)(ii),(i)theDepositary(x)notifiestheIssuerthatitisunwillingorunabletocontinueasDepositaryforsuchGlobalNoteor(y)hasceasedtobeaclearingagencyregisteredundertheExchangeAct,and,ineithercase,asuccessorDepositaryisnotappointedbytheIssuerwithin120days,(ii)theIssuer,atitsoption,notifytheTrusteeinwritingthatitelecttocausetheissuanceofDefinitiveNotes(althoughRegulationSTemporaryGlobalNotesmaynotbeexchangedforDefinitiveNotespriorto(A)theexpirationoftheapplicableRestrictedPeriodand(B)thereceiptbytheRegistrarofanycertificationofbeneficialownershiprequiredpursuanttoRule903(b)(3)(ii)(B)),(iii)upontherequestofaHolderifthereshallhaveoccurredandbecontinuinganEventofDefaultwithrespecttotheNotes,or(iv)theTrusteehasreceivedawrittenrequestbyoronbehalfoftheDepositarytoissueDefinitiveNotes.Upontheoccurrenceofanyoftheeventsdescribedinclause(i),(ii),(iii)or(iv)above,DefinitiveNotesdeliveredinexchangeforanyGlobalNoteorbeneficialintereststhereinwillberegisteredinthenames,andissuedinanyapproveddenominations,requestedbyoronbehalfoftheDepositary(inaccordancewithitscustomaryprocedures).GlobalNotesalsomaybeexchangedorreplaced,inwholeorinpart,asprovidedinSections2.07and2.10hereof.EveryNoteauthenticatedanddeliveredinexchangefor,orinlieuof,aGlobalNoteoranyportionthereof,pursuanttothisSection2.06orSections2.07or2.10hereof,shallbeauthenticatedanddeliveredintheformof,andshallbe,aGlobalNote,exceptforDefinitiveNotesissuedsubsequenttoanyoftheeventsdescribedinclause(i),(ii),(iii)or(iv)aboveandpursuanttoSection2.06(c)hereof.AGlobalNotemaynotbeexchangedforanotherNoteotherthanasprovidedinthisSection2.06(a);provided,however,beneficialinterestsinaGlobalNotemaybetransferredandexchangedasprovidedinSection2.06(b)or(c)hereof.
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(b)Transfer and Exchange of Beneficial Interests in the Global Notes.ThetransferandexchangeofbeneficialinterestsintheGlobalNotesshallbeeffectedthroughtheDepositaryinaccordancewiththeprovisionsofthisIndentureandtheApplicableProcedures.BeneficialinterestsintheRestrictedGlobalNotesshallbesubjecttorestrictionsontransfercomparabletothosesetforthhereintotheextentrequiredbytheSecuritiesAct.TransfersofbeneficialinterestsintheGlobalNotesalsoshallrequirecompliancewitheithersubparagraph(i)or(ii)below,asapplicable,aswellasoneormoreoftheotherfollowingsubparagraphs,asapplicable:
(i)Transfer of Beneficial Interests in the Same Global Note.BeneficialinterestsinanyRestrictedGlobalNotemaybetransferredtoPersonswhotakedeliverythereofintheformofabeneficialinterestinthesameRestrictedGlobalNoteinaccordancewiththetransferrestrictionssetforthinthePrivatePlacementLegend;providedthatpriortotheexpirationoftheRestrictedPeriod,transfersofbeneficialinterestsintheRegulationSTemporaryGlobalNotemaynotbemadetoaU.S.PersonorfortheaccountorbenefitofaU.S.PersonotherthanpursuanttoRule144A.BeneficialinterestsinanyUnrestrictedGlobalNotemaybetransferredtoPersonswhotakedeliverythereofintheformofabeneficialinterestinanUnrestrictedGlobalNote.NowrittenordersorinstructionsshallberequiredtobedeliveredtotheRegistrartoeffectthetransfersdescribedinthisSection2.06(b)(i).
(ii)All Other Transfers and Exchanges of Beneficial Interests in Global Notes.Inconnectionwithalltransfersandexchangesofbeneficial
intereststhatarenotsubjecttoSection2.06(b)(i)hereof,thetransferorofsuchbeneficialinterestmustdelivertotheRegistrareither(A)(1)awrittenorderfromaParticipantoranIndirectParticipantgiventotheDepositaryinaccordancewiththeApplicableProceduresdirectingtheDepositarytocreditorcausetobecreditedabeneficialinterestinanotherGlobalNoteinanamountequaltothebeneficialinteresttobetransferredorexchangedand(2)instructionsgiveninaccordancewiththeApplicableProcedurescontaininginformationregardingtheParticipantaccounttobecreditedwithsuchincreaseor(B)(1)awrittenorderfromaParticipantoranIndirectParticipantgiventotheDepositaryinaccordancewiththeApplicableProceduresdirectingtheDepositarytocausetobeissuedaDefinitiveNoteinanamountequaltothebeneficialinteresttobetransferredorexchangedand(2)instructionsgivenbytheDepositarytotheRegistrarcontaininginformationregardingthePersoninwhosenamesuchDefinitiveNoteshallberegisteredtoeffectthetransferorexchangereferredtoin(1)aboveprovidedthatinnoeventshallDefinitiveNotesbeissueduponthetransferorexchangeofbeneficialinterestsinaRegulationSTemporaryGlobalNotepriorto(x)theexpirationoftheapplicableRestrictedPeriodthereforand(y)thereceiptbytheRegistrarofanycertificationofbeneficialownershiprequiredpursuanttoRule903(b)(3)(ii)(B).UponsatisfactionofalloftherequirementsfortransferorexchangeofbeneficialinterestsinGlobalNotescontainedinthisIndentureandtheNotesorotherwiseapplicableundertheSecuritiesAct,theTrusteeshalladjusttheprincipalamountoftherelevantGlobalNote(s)pursuanttoSection2.06(g)hereof.
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(iii)Transfer of Beneficial Interests to Another Restricted Global Note.AbeneficialinterestinanyRestrictedGlobalNotemaybetransferredtoaPersonwhotakesdeliverythereofintheformofabeneficialinterestinanotherRestrictedGlobalNoteifthetransfercomplieswiththerequirementsofSection2.06(b)(ii)hereofandtheRegistrarreceivesthefollowing:
(A)ifthetransfereewilltakedeliveryintheformofabeneficialinterestina144AGlobalNote,thenthetransferormustdelivera
certificateintheformofExhibitBhereto,includingthecertificationsinitem(1)thereof;or
(B)ifthetransfereewilltakedeliveryintheformofabeneficialinterestinaRegulationSGlobalNote,thenthetransferormustdeliveracertificateintheformofExhibitBhereto,includingthecertificationsinitem(2)thereof.
(iv)Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.A
beneficialinterestinanyRestrictedGlobalNotemaybeexchangedbyanyholderthereofforabeneficialinterestinanUnrestrictedGlobalNoteortransferredtoaPersonwhotakesdeliverythereofintheformofabeneficialinterestinanUnrestrictedGlobalNoteiftheexchangeortransfercomplieswiththerequirementsofSection2.06(b)(ii)hereofand:
(A)suchNotesaresoldorexchangedpursuanttoaneffectiveregistrationstatementundertheSecuritiesAct;or
(B)theRegistrarreceivesthefollowing:
(1)iftheholderofsuchbeneficialinterestinaRestrictedGlobalNoteproposestoexchangesuchbeneficialinterestfora
beneficialinterestinanUnrestrictedGlobalNote,acertificatefromsuchHoldersubstantiallyintheformofExhibitChereto,includingthecertificationsinitem(1)(a)thereof;or
(2)iftheholderofsuchbeneficialinterestinaRestrictedGlobalNoteproposestotransfersuchbeneficialinteresttoa
PersonwhoshalltakedeliverythereofintheformofabeneficialinterestinanUnrestrictedGlobalNote,acertificatefromsuchholderintheformofExhibitBhereto,includingthecertificationsinitem(4)thereof;
and,ineachsuchcasesetforthinthissubparagraph(B),iftheIssuersorequestoriftheApplicableProceduressorequire,anOpinionofCounselinformreasonablyacceptabletotheIssuertotheeffectthatsuchexchangeortransferisincompliancewiththeSecuritiesActandthattherestrictionsontransfercontainedhereinandinthePrivatePlacementLegendarenolongerrequiredinordertomaintaincompliancewiththeSecuritiesAct.
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Ifanysuchtransferiseffectedpursuanttosubparagraph(A)or(B)aboveatatimewhenanUnrestrictedGlobalNotehasnotyetbeenissued,theIssuershallissueand,uponreceiptofanAuthenticationOrderinaccordancewithSection2.02hereof,theTrusteeshallauthenticateoneormoreUnrestrictedGlobalNotesinanaggregateprincipalamountequaltotheaggregateprincipalamountofbeneficialintereststransferredpursuanttosubparagraph(A)or(B)above.
BeneficialinterestsinanUnrestrictedGlobalNotecannotbeexchangedfor,ortransferredtoPersonswhotakedeliverythereofintheformof,abeneficialinterestinaRestrictedGlobalNote.
(c)Transfer or Exchange of Beneficial Interests for Definitive Notes.
(i)Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.IfanyholderofabeneficialinterestinaRestrictedGlobalNoteproposestoexchangesuchbeneficialinterestforaRestrictedDefinitiveNoteortotransfersuchbeneficialinteresttoaPersonwhotakesdeliverythereofintheformofaRestrictedDefinitiveNote,then,upontheoccurrenceofanyoftheeventsdescribedinclause(i),(ii),(iii)or(iv)ofSection2.06(a)hereofandreceiptbytheRegistrarofthefollowingdocumentation:
(A)iftheholderofsuchbeneficialinterestinaRestrictedGlobalNoteproposestoexchangesuchbeneficialinterestfora
RestrictedDefinitiveNote,acertificatefromsuchholdersubstantiallyintheformofExhibitChereto,includingthecertificationsinitem(2)(a)thereof;
(B)ifsuchbeneficialinterestisbeingtransferredtoaQIBinaccordancewithRule144A,acertificatesubstantiallyintheformof
ExhibitBhereto,includingthecertificationsinitem(1)thereof;
(C)ifsuchbeneficialinterestisbeingtransferredtoaNon-U.S.PersoninanoffshoretransactioninaccordancewithRule903orRule904,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(2)thereof;
(D)ifsuchbeneficialinterestisbeingtransferredpursuanttoanexemptionfromtheregistrationrequirementsoftheSecurities
ActinaccordancewithRule144,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(3)(a)thereof;
(E)ifsuchbeneficialinterestisbeingtransferredtoParent,theIssueroranyoftheirSubsidiaries,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(3)(b)thereof;or
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(F)ifsuchbeneficialinterestisbeingtransferredpursuanttoaneffectiveregistrationstatementundertheSecuritiesAct,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(3)(c)thereof,
theTrusteeshallcausetheaggregateprincipalamountoftheapplicableGlobalNotetobereducedaccordinglypursuanttoSection2.06(g)hereof,andtheIssuershallexecuteand,uponreceiptofanAuthenticationOrder,theTrusteeshallauthenticateandmailtothePersondesignatedintheinstructionsaDefinitiveNoteintheapplicableprincipalamount.AnyDefinitiveNoteissuedinexchangeforabeneficialinterestinaRestrictedGlobalNotepursuanttothisSection2.06(c)shallberegisteredinsuchnameornamesandinsuchauthorizeddenominationordenominationsastheholderofsuchbeneficialinterestshallinstructtheRegistrarthroughinstructionsfromtheDepositaryandtheParticipantorIndirectParticipant.TheTrusteeshallmailsuchDefinitiveNotestothePersonsinwhosenamessuchNotesaresoregistered.AnyDefinitiveNoteissuedinexchangeforabeneficialinterestinaRestrictedGlobalNotepursuanttothisSection2.06(c)(i)(excepttransferspursuanttoclause(F)above)shallbearthePrivatePlacementLegendandshallbesubjecttoallrestrictionsontransfercontainedtherein.
(ii)Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. NotwithstandingSections2.06(c)(i)(A)and(C)hereof,abeneficialinterestintheRegulationSTemporaryGlobalNotemaynotbeexchangedforaDefinitiveNoteortransferredtoaPersonwhotakesdeliverythereofintheformofaDefinitiveNotepriorto(A)theexpirationoftheapplicableRestrictedPeriodthereforand(B)thereceiptbytheRegistrarofanycertificationsofbeneficialownershiprequiredpursuanttoRule903(b)(3)(ii)(B)oftheSecuritiesAct,exceptinthecaseofatransferpursuanttoanexemptionfromtheregistrationrequirementsoftheSecuritiesActotherthanRule903orRule904.
(iii)Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.AholderofabeneficialinterestinaRestrictedGlobal
NotemayexchangesuchbeneficialinterestforanUnrestrictedDefinitiveNoteormaytransfersuchbeneficialinteresttoaPersonwhotakesdeliverythereofintheformofanUnrestrictedDefinitiveNoteonlyupontheoccurrenceofanyoftheeventsdescribedinclause(i),(ii),(iii)or(iv)ofSection2.06(a)hereofandiftheRegistrarreceivesthefollowing:
(1)iftheholderofsuchbeneficialinterestinaRestrictedGlobalNoteproposestoexchangesuchbeneficialinterestfor
anUnrestrictedDefinitiveNote,acertificatefromsuchholdersubstantiallyintheformofExhibitChereto,includingthecertificationsinitem(1)(b)thereof;or
(2)iftheholderofsuchbeneficialinterestinaRestrictedGlobalNoteproposestotransfersuchbeneficialinteresttoa
PersonwhoshalltakedeliverythereofintheformofanUnrestrictedDefinitiveNote,acertificatefromsuchholdersubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(4)thereof;
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and,ineachsuchcasesetforthinthissubclause(iii),iftheIssuersorequestsoriftheApplicableProceduressorequire,anOpinionofCounselinformreasonablyacceptabletotheIssuertotheeffectthatsuchexchangeortransferisincompliancewiththeSecuritiesActandthattherestrictionsontransfercontainedhereinandinthePrivatePlacementLegendarenolongerrequiredinordertomaintaincompliancewiththeSecuritiesAct.
(iv)Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.Ifanyholderofabeneficialinterestinan
UnrestrictedGlobalNoteproposestoexchangesuchbeneficialinterestforaDefinitiveNoteortotransfersuchbeneficialinteresttoaPersonwhotakesdeliverythereofintheformofaDefinitiveNote,then,upontheoccurrenceofanyoftheeventsdescribedinclause(i),(ii),(iii)or(iv)ofSection2.06(a)hereofandsatisfactionoftheconditionssetforthinSection2.06(b)(ii)hereof,theTrusteeshallcausetheaggregateprincipalamountoftheapplicableGlobalNotetobereducedaccordinglypursuanttoSection2.06(g)hereof,andtheIssuershallexecuteand,uponreceiptofanAuthenticationOrder,theTrusteeshallauthenticateandmailtothePersondesignatedintheinstructionsaDefinitiveNoteintheapplicableprincipalamount.AnyDefinitiveNoteissuedinexchangeforabeneficialinterestpursuanttothisSection2.06(c)(iv)shallberegisteredinsuchnameornamesandinsuchauthorizeddenominationordenominationsastheholderofsuchbeneficialinterestshallinstructtheRegistrarthroughinstructionsfromorthroughtheDepositaryandtheParticipantorIndirectParticipant.TheTrusteeshallmailsuchDefinitiveNotestothePersonsinwhosenamessuchNotesaresoregistered.
AnyDefinitiveNoteissuedinexchangeforabeneficialinterestpursuanttothisSection2.06(c)(iv)shallnotbearthePrivatePlacementLegend.
(d)Transfer and Exchange of Definitive Notes for Beneficial Interests.
(i)Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.IfanyHolderofaRestrictedDefinitiveNoteproposestoexchangesuchNoteforabeneficialinterestinaRestrictedGlobalNoteortotransfersuchRestrictedDefinitiveNotetoaPersonwhotakesdeliverythereofintheformofabeneficialinterestinaRestrictedGlobalNote,then,uponreceiptbytheRegistrarofthefollowingdocumentation:
(A)iftheHolderofsuchRestrictedDefinitiveNoteproposestoexchangesuchNoteforabeneficialinterestinaRestricted
GlobalNote,acertificatefromsuchHoldersubstantiallyintheformofExhibitChereto,includingthecertificationsinitem(2)(b)thereof;
(B)ifsuchRestrictedDefinitiveNoteisbeingtransferredtoaQIBinaccordancewithRule144A,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(1)thereof;
(C)ifsuchRestrictedDefinitiveNoteisbeingtransferredtoaNon-U.S.PersoninanoffshoretransactioninaccordancewithRule
903orRule904,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(2)thereof;
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(D)ifsuchRestrictedDefinitiveNoteisbeingtransferredpursuanttoanexemptionfromtheregistrationrequirementsoftheSecuritiesActinaccordancewithRule144,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(3)(a)thereof;
(E)ifsuchRestrictedDefinitiveNoteisbeingtransferredtoParent,theIssueroranyoftheirSubsidiaries,acertificate
substantiallyintheformofExhibitBhereto,includingthecertificationsinitem(3)(b)thereof;or
(F)ifsuchRestrictedDefinitiveNoteisbeingtransferredpursuanttoaneffectiveregistrationstatementundertheSecuritiesAct,acertificatesubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(3)(c)thereof,theTrusteeshallcanceltheRestrictedDefinitiveNoteandincreaseorcausetobeincreasedtheaggregateprincipalamountof,inthecaseofclause(A)above,theapplicableRestrictedGlobalNote,inthecaseofclause(B)above,theapplicable144AGlobalNote,andinthecaseofclause(C)above,theapplicableRegulationSGlobalNote.
(ii)Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.AHolderofaRestrictedDefinitiveNotemay
exchangesuchNoteforabeneficialinterestinanUnrestrictedGlobalNoteortransfersuchRestrictedDefinitiveNotetoaPersonwhotakesdeliverythereofintheformofabeneficialinterestinanUnrestrictedGlobalNoteonlyiftheRegistrarreceivesthefollowing:
(1)iftheHolderofsuchDefinitiveNotesproposestoexchangesuchNotesforabeneficialinterestintheUnrestricted
GlobalNote,acertificatefromsuchHoldersubstantiallyintheformofExhibitChereto,includingthecertificationsinitem(1)(c)thereof;or
(2)iftheHolderofsuchDefinitiveNotesproposestotransfersuchNotestoaPersonwhoshalltakedeliverythereofin
theformofabeneficialinterestintheUnrestrictedGlobalNote,acertificatefromsuchHoldersubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(4)thereof;
and,ineachsuchcasesetforthinthissubclause(ii),iftheIssuersorequestsoriftheApplicableProceduressorequire,anOpinionofCounselinformreasonablyacceptabletotheIssuertotheeffectthatsuchexchangeortransferisincompliancewiththeSecuritiesActandthattherestrictionsontransfercontainedhereinandinthePrivatePlacementLegendarenolongerrequiredinordertomaintaincompliancewiththeSecuritiesAct.
UponsatisfactionoftheapplicableconditionsofthisSection2.06(d)(ii),theTrusteeshallcanceltheRestrictedDefinitiveNoteandincreaseorcauseto
beincreasedtheaggregateprincipalamountoftheUnrestrictedGlobalNotes.
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(iii)Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.AHolderofanUnrestrictedDefinitiveNotemayexchangesuchNoteforabeneficialinterestinanUnrestrictedGlobalNoteortransfersuchDefinitiveNotestoaPersonwhotakesdeliverythereofintheformofabeneficialinterestinanUnrestrictedGlobalNoteatanytime.Uponreceiptofarequestforsuchanexchangeortransfer,theTrusteeshallcanceltheapplicableUnrestrictedDefinitiveNoteandincreaseorcausetobeincreasedtheaggregateprincipalamountofoneoftheUnrestrictedGlobalNotes.
IfanysuchexchangeortransferfromaDefinitiveNotetoabeneficialinterestiseffectedpursuanttosubparagraph(ii)or(iii)aboveatatimewhenan
UnrestrictedGlobalNotehasnotyetbeenissued,theIssuershallissueand,uponreceiptofanAuthenticationOrderinaccordancewithSection2.02hereof,theTrusteeshallauthenticateoneormoreUnrestrictedGlobalNotesinanaggregateprincipalamountequaltotheprincipalamountofDefinitiveNotessotransferred.
(e)Transfer and Exchange of Definitive Notes for Definitive Notes.UponrequestbyaHolderofDefinitiveNotesandsuchHolder’scompliancewiththeprovisionsofthisSection2.06(e),theRegistrarshallregisterthetransferorexchangeofDefinitiveNotes.Priortosuchregistrationoftransferorexchange,therequestingHoldershallpresentorsurrendertotheRegistrartheDefinitiveNotesdulyendorsedoraccompaniedbyawritteninstructionoftransferorexchangeinformsatisfactorytotheRegistrardulyexecutedbysuchHolderorbyitsattorney,dulyauthorizedinwriting.Inaddition,therequestingHoldershallprovideanyadditionalcertifications,documentsandinformation,asapplicable,requiredpursuanttothefollowingprovisionsofthisSection2.06(e):
(i)Restricted Definitive Notes to Restricted Definitive Notes.AnyRestrictedDefinitiveNotemaybetransferredtoandregisteredinthenameofPersonswhotakedeliverythereofintheformofaRestrictedDefinitiveNoteiftheRegistrarreceivesthefollowing:
(A)ifthetransferwillbemadetoaQIBinaccordancewithRule144A,thenthetransferormustdeliveracertificatesubstantially
intheformofExhibitBhereto,includingthecertificationsinitem(1)thereof;
(B)ifthetransferwillbemadepursuanttoRule903orRule904,thenthetransferormustdeliveracertificateintheformofExhibitBhereto,includingthecertificationsinitem(2)thereof;or
(C)ifthetransferwillbemadepursuanttoanyotherexemptionfromtheregistrationrequirementsoftheSecuritiesAct,thenthe
transferormustdeliveracertificateintheformofExhibitBhereto,includingthecertificationsrequiredbyitem(3)thereof,ifapplicable.
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(ii)Restricted Definitive Notes to Unrestricted Definitive Notes.AnyRestrictedDefinitiveNotemaybeexchangedbytheHolderthereofforanUnrestrictedDefinitiveNoteortransferredtoaPersonorPersonswhotakedeliverythereofintheformofanUnrestrictedDefinitiveNoteiftheRegistrarreceivesthefollowing:
(A)iftheHolderofsuchRestrictedDefinitiveNotesproposestoexchangesuchNotesforanUnrestrictedDefinitiveNote,a
certificatefromsuchHoldersubstantiallyintheformofExhibitChereto,includingthecertificationsinitem(1)(d)thereof;or
(B)iftheHolderofsuchRestrictedDefinitiveNotesproposestotransfersuchNotestoaPersonwhoshalltakedeliverythereofintheformofanUnrestrictedDefinitiveNote,acertificatefromsuchHoldersubstantiallyintheformofExhibitBhereto,includingthecertificationsinitem(4)thereof;
and,ineachsuchcasesetforthinthissubclause(ii),iftheIssuersorequests,anOpinionofCounselinformreasonablyacceptabletotheIssuertotheeffectthatsuchexchangeortransferisincompliancewiththeSecuritiesActandthattherestrictionsontransfercontainedhereinandinthePrivatePlacementLegendarenolongerrequiredinordertomaintaincompliancewiththeSecuritiesAct.
(iii)Unrestricted Definitive Notes to Unrestricted Definitive Notes.AHolderofUnrestrictedDefinitiveNotesmaytransfersuchNotestoa
PersonwhotakesdeliverythereofintheformofanUnrestrictedDefinitiveNote.Uponreceiptofarequesttoregistersuchatransfer,theRegistrarshallregistertheUnrestrictedDefinitiveNotespursuanttotheinstructionsfromtheHolderthereof.
(f)Legends.ThefollowinglegendsshallappearonthefaceofallGlobalNotesandDefinitiveNotesissuedunderthisIndentureunlessspecifically
statedotherwiseintheapplicableprovisionsofthisIndenture:
(i)Private Placement Legend.
(A)Exceptaspermittedbysubparagraph(B)below,eachGlobalNoteandeachDefinitiveNote(andallNotesissuedinexchangetherefororsubstitutionthereof)shallbearthelegendinsubstantiallythefollowingform:
“THISSECURITYHASNOTBEENREGISTEREDUNDERTHESECURITIESACTOF1933,ASAMENDED(THE“SECURITIESACT”),ORTHESECURITIESLAWSOFANYSTATEOROTHERJURISDICTION,NEITHERTHISSECURITYNORANYINTERESTORPARTICIPATIONHEREINMAYBEREOFFERED,SOLD,ASSIGNED,TRANSFERRED,PLEDGED,ENCUMBEREDOROTHERWISEDISPOSEDOFINTHEABSENCEOFSUCHREGISTRATIONUNLESSSUCHTRANSACTIONISEXEMPTFROM,ORNOTSUBJECTTO,SUCHREGISTRATION.
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THEHOLDEROFTHISSECURITY,BYITSACCEPTANCE,HEREOFAGREESONITSOWNBEHALFANDONBEHALFOFANYINVESTORACCOUNTFORWHICHITHASPURCHASEDSECURITIES,TOOFFER,SELLOROTHERWISETRANSFERSUCHSECURITY,PRIORTOTHEDATE(THE“RESALERESTRICTIONTERMINATIONDATE”)THATISONEYEAR(INTHECASEOFRULE144ASECURITIES)AFTERTHELATEROFTHEISSUEDATEOFTHISSECURITY(ORANYADDITIONALNOTES)ANDTHELASTDATEONWHICHTHEISSUERORANYAFFILIATEOFTHEISSUERWASTHEOWNEROFTHISSECURITY(ORANYPREDECESSOROFSUCHSECURITYORANYADDITIONALNOTE)OR40DAYS(INTHECASEOFREGULATIONSSECURITIES),ONLY(A)TOTHEISSUER,(B)PURSUANTTOAREGISTRATIONSTATEMENTTHATHASBEENDECLAREDEFFECTIVEUNDERTHESECURITIESACT,(C)FORSOLONGASTHESECURITIESAREELIGIBLEFORRESALEPURSUANTTORULE144AUNDERTHESECURITIESACT(“RULE144A”),TOAPERSONITREASONABLYBELIEVESISA“QUALIFIEDINSTITUTIONALBUYER”ASDEFINEDINRULE144ATHATPURCHASESFORITSOWNACCOUNTORFORTHEACCOUNTOFAQUALIFIEDINSTITUTIONALBUYERTOWHOMNOTICEISGIVENTHATTHETRANSFERISBEINGMADEINRELIANCEONRULE144A,(D)PURSUANTTOOFFERSANDSALESTONON-U.S.PERSONSTHATOCCUROUTSIDETHEUNITEDSTATESWITHINTHEMEANINGOFREGULATIONSUNDERTHESECURITIESACT,(E)TOANINSTITUTIONAL“ACCREDITEDINVESTOR”WITHINTHEMEANINGOFRULE501(a)(1),(2),(3)OR(7)UNDERTHESECURITIESACTTHATISANINSTITUTIONALACCREDITEDINVESTORACQUIRINGTHESECURITYFORITSOWNACCOUNTORFORTHEACCOUNTOFANOTHERINSTITUTIONALACCREDITEDINVESTOR,INEACHCASEINAMINIMUMPRINCIPALAMOUNTOFNOTESOF$250,000,FORINVESTMENTPURPOSESANDNOTWITHAVIEWTOORFOROFFERORSALEINCONNECTIONWITHANYDISTRIBUTIONINVIOLATIONOFTHESECURITIESACTOR(F)PURSUANTTOANOTHERAVAILABLEEXEMPTIONFROMTHEREGISTRATIONREQUIREMENTSOFTHESECURITIESACT,SUBJECTTOTHEISSUER’SANDTHETRUSTEE’SRIGHTPRIORTOANYSUCHOFFER,SALEORTRANSFERPURSUANTTOCLAUSE(D),(E)OR(F)TOREQUIRETHEDELIVERYOFANOPINIONOFCOUNSEL,CERTIFICATIONAND/OROTHERINFORMATIONSATISFACTORYTOEACHOFTHEM.THISLEGENDWILLBEREMOVEDUPONREQUESTOFTHEHOLDERAFTERTHERESALERESTRICTIONTERMINATIONDATE.”Exceptaspermittedbysubparagraph(B)below,eachGlobalNoteandDefinitiveNoteissuedinatransactionexemptfromregistrationpursuanttoRegulationSshallalsobearthelegendinsubstantiallythefollowingform:
“BYITSACQUISITIONHEREOF,THEHOLDERHEREOFREPRESENTSTHATITISNOTAU.S.PERSON,NORISITPURCHASINGFORTHEACCOUNTOFAU.S.PERSON,ANDISACQUIRINGTHISSECURITYINANOFFSHORETRANSACTIONINACCORDANCEWITHREGULATIONSUNDERTHESECURITIESACT.”
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(B)Notwithstandingtheforegoing,anyGlobalNoteorDefinitiveNoteissuedpursuanttosubparagraph(b)(iv),(c)(iii),(c)(iv),(d)(ii),(d)(iii),(e)(ii)or(e)(iii)ofthisSection2.06(andallNotesissuedinexchangetherefororsubstitutionthereof)shallnotbearthePrivatePlacementLegend.
(ii)Global Note Legend.EachGlobalNoteshallbearalegendinsubstantiallythefollowingform(withappropriatechangesinthelast
sentenceofthefirstparagraphifDTCisnottheDepositary):
“THISGLOBALNOTEISHELDBYTHEDEPOSITARY(ASDEFINEDINTHEINDENTUREGOVERNINGTHISNOTE)ORITSNOMINEEINCUSTODYFORTHEBENEFITOFTHEBENEFICIALOWNERSHEREOF,ANDISNOTTRANSFERABLETOANYPERSONUNDERANYCIRCUMSTANCESEXCEPTTHAT(I)THETRUSTEEMAYMAKESUCHNOTATIONSHEREONASMAYBEREQUIREDPURSUANTTOSECTION2.06(g)OFTHEINDENTURE,(II)THISGLOBALNOTEMAYBEEXCHANGEDINWHOLEBUTNOTINPARTPURSUANTTOSECTION2.06(a)OFTHEINDENTURE,(III)THISGLOBALNOTEMAYBEDELIVEREDTOTHETRUSTEEFORCANCELLATIONPURSUANTTOSECTION2.11OFTHEINDENTUREAND(IV)THISGLOBALNOTEMAYBETRANSFERREDTOASUCCESSORDEPOSITARYWITHTHEPRIORWRITTENCONSENTOFTHEISSUER.UNLESSANDUNTILITISEXCHANGEDINWHOLEORINPARTFORNOTESINDEFINITIVEFORM,THISNOTEMAYNOTBETRANSFERREDEXCEPTASAWHOLEBYTHEDEPOSITARYTOANOMINEEOFTHEDEPOSITARYORBYANOMINEEOFTHEDEPOSITARYTOTHEDEPOSITARYORANOTHERNOMINEEOFTHEDEPOSITARYORBYTHEDEPOSITARYORANYSUCHNOMINEETOASUCCESSORDEPOSITARYORANOMINEEOFSUCHSUCCESSORDEPOSITARY.UNLESSTHISCERTIFICATEISPRESENTEDBYANAUTHORIZEDREPRESENTATIVEOFTHEDEPOSITORYTRUSTCOMPANY(55WATERSTREET,NEWYORK,NEWYORK)(“DTC”)TOTHEISSUERORTHEIRAGENTFORREGISTRATIONOFTRANSFER,EXCHANGEORPAYMENT,ANDANYCERTIFICATEISSUEDISREGISTEREDINTHENAMEOFCEDE&CO.ORSUCHOTHERNAMEASMAYBEREQUESTEDBYANAUTHORIZEDREPRESENTATIVEOFDTC(ANDANYPAYMENTISMADETOCEDE&CO.ORSUCHOTHERENTITYASMAYBEREQUESTEDBYANAUTHORIZEDREPRESENTATIVEOFDTC),ANYTRANSFER,PLEDGEOROTHERUSEHEREOFFORVALUEOROTHERWISEBYORTOANYPERSONISWRONGFULINASMUCHASTHEREGISTEREDOWNERHEREOF,CEDE&CO.,HASANINTERESTHEREIN.BYITSACQUISITIONOFTHISSECURITY,THEHOLDERTHEREOFWILLBEDEEMEDTOHAVEREPRESENTEDANDWARRANTEDTHATEITHER(1)NOPORTIONOFTHEASSETSUSEDBYSUCHHOLDERTOACQUIREORHOLDTHISSECURITYCONSTITUTESTHEASSETSOFANEMPLOYEEBENEFITPLANTHATISSUBJECTTOTITLEIOFTHEU.S.EMPLOYEERETIREMENTINCOMESECURITYACTOF1974,ASAMENDED(“ERISA”),OFAPLAN,INDIVIDUALRETIREMENTACCOUNTOROTHERARRANGEMENTTHATISSUBJECTTOSECTION4975OFTHEU.S.INTERNALREVENUECODEOF1986,ASAMENDED(THE“CODE”)ORPROVISIONSUNDERANYOTHERFEDERAL,STATE,LOCAL,NON-U.S.OROTHERLAWSORREGULATIONSTHATARESIMILARTOSUCHPROVISIONSOFERISAORTHECODE(“SIMILARLAWS”),OROFANENTITYWHOSEUNDERLYINGASSETSARECONSIDEREDTOINCLUDE“PLANASSETS”OFANYSUCHPLAN,ACCOUNTORARRANGEMENT,OR(2)THEACQUISITIONANDHOLDINGOFTHISSECURITYWILLNOTCONSTITUTEANON-EXEMPTPROHIBITEDTRANSACTIONUNDERSECTION406OFERISAORSECTION4975OFTHECODEORASIMILARVIOLATIONUNDERANYAPPLICABLESIMILARLAWS.”
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(iii)Regulation S Temporary Global Note Legend.TheRegulationSTemporaryGlobalNoteshallbearalegendinsubstantiallythefollowingform:
“THERIGHTSATTACHINGTOTHISREGULATIONSTEMPORARYGLOBALNOTE,ANDTHECONDITIONSANDPROCEDURESGOVERNINGITSEXCHANGEFORCERTIFICATEDNOTES,AREASSPECIFIEDINTHEINDENTURE(ASDEFINEDHEREIN).”
(g)Cancellation and/or Adjustment of Global Notes.AtsuchtimeasallbeneficialinterestsinaparticularGlobalNotehavebeenexchangedfor
DefinitiveNotesoraparticularGlobalNotehasbeenredeemed,repurchasedorcancelledinwholeandnotinpart,eachsuchGlobalNoteshallbereturnedtoorretainedandcancelledbytheTrusteeinaccordancewithSection2.11hereof.Atanytimepriortosuchcancellation,ifanybeneficialinterestinaGlobalNoteisexchangedforortransferredtoaPersonwhowilltakedeliverythereofintheformofabeneficialinterestinanotherGlobalNoteorforDefinitiveNotes,theprincipalamountofNotesrepresentedbysuchGlobalNoteshallbereducedaccordinglyandanendorsementshallbemadeonsuchGlobalNotebytheTrusteeorbytheDepositaryatthedirectionoftheTrusteetoreflectsuchreduction;andifthebeneficialinterestisbeingexchangedforortransferredtoaPersonwhowilltakedeliverythereofintheformofabeneficialinterestinanotherGlobalNote,suchotherGlobalNoteshallbeincreasedaccordinglyandanendorsementshallbemadeonsuchGlobalNotebytheTrusteeorbytheDepositaryatthedirectionoftheTrusteetoreflectsuchincrease.
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(h)General Provisions Relating to Transfers and Exchanges.
(i)Topermitregistrationsoftransfersandexchanges,theIssuershallexecuteandtheTrusteeshallauthenticateGlobalNotesandDefinitiveNotesuponreceiptofanAuthenticationOrderinaccordancewithSection2.02hereoforattheRegistrar’srequest.
(ii)NoservicechargeshallbemadetoaholderofabeneficialinterestinaGlobalNoteortoaHolderofaDefinitiveNoteforany
registrationoftransferorexchange,buttheIssuermayrequirepaymentofasumsufficienttocoveranytransfertaxorsimilargovernmentalchargepayableinconnectiontherewith(otherthananysuchtransfertaxesorsimilargovernmentalchargepayableuponexchangeortransferpursuanttoSections2.07,2.10,3.06,3.08,4.10,4.14and9.04hereof).
(iii)NeithertheRegistrarnortheIssuershallberequired(A)toissue,toregisterthetransferofortoexchangeanyNotesduringaperiod
beginningattheopeningofbusiness15daysbeforethemailingofanoticeofredemptionoftheNotestoberedeemedunderSection3.03hereofandendingatthecloseofbusinessonthedayofsuchmailing,(B)toregisterthetransferofortoexchangeanyNotesoselectedforredemptioninwholeorinpart,excepttheunredeemedportionofanyNotebeingredeemedinpart,(C)toregisterthetransferorexchangeofaNotebetweenaRecordDateandthenextsucceedingInterestPaymentDateor(D)toregisterthetransferorexchangeofanyNotestendered(andnotwithdrawn)forrepurchaseinconnectionwithaChangeofControlOfferoranAssetSaleOffer.
(iv)NeithertheRegistrarnortheIssuershallberequiredtoregisterthetransferorexchangeofanyNoteselectedforredemptioninwhole
orinpart,excepttheunredeemedportionofanyNotebeingredeemedinpart;provided thatnewNoteswillonlybeissuedinminimumdenominationsof$2,000andintegralmultiplesof$1,000inexcessthereof.
(v)AllGlobalNotesandDefinitiveNotesissueduponanyregistrationoftransferorexchangeofGlobalNotesorDefinitiveNotesshallbe
thevalidobligationsoftheIssuer,evidencingthesamedebt,andentitledtothesamebenefitsunderthisIndenture,astheGlobalNotesorDefinitiveNotessurrendereduponsuchregistrationoftransferorexchange.
(vi)PriortoduepresentmentfortheregistrationofatransferofanyNote,theTrustee,anyAgentandtheIssuershalldeemandtreatthe
PersoninwhosenameanyNoteisregisteredastheabsoluteownerofsuchNoteforthepurposeofreceivingpaymentofprincipalof(andpremium,ifany)andinterestonsuchNotesandforallotherpurposes,andnoneoftheTrustee,anyAgentortheIssuershallbeaffectedbynoticetothecontrary.
(vii)UponsurrenderforregistrationoftransferofanyNoteattheofficeoragencyoftheIssuerdesignatedpursuanttoSection4.02hereof,
theIssuershallexecute,andtheTrusteeshallauthenticateandmail,inthenameofthedesignatedtransfereeortransferees,oneormorereplacementNotesofanyauthorizeddenominationordenominationsofalikeaggregateprincipalamount.
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(viii)AttheoptionoftheHolder,subjecttoSection2.06(a)hereof,NotesmaybeexchangedforotherNotesofanyauthorizeddenominationordenominationsofalikeaggregateprincipalamountuponsurrenderoftheNotestobeexchangedatsuchofficeoragency.WheneveranyGlobalNotesorDefinitiveNotesaresosurrenderedforexchange,theIssuershallexecute,andtheTrusteeshallauthenticateandmail,thereplacementGlobalNotesandDefinitiveNoteswhichtheHoldermakingtheexchangeisentitledtoinaccordancewiththeprovisionsofSection2.02hereof.
(ix)Allcertifications,certificatesandOpinionsofCounselrequiredtobesubmittedpursuanttothisSection2.06toeffectaregistrationof
transferorexchangemaybesubmittedbyfacsimile.
(x)TheTrusteeshallhavenoobligationordutytomonitor,determineorinquireastocompliancewithanyrestrictionsontransferimposedunderthisIndentureorunderapplicablelawwithrespecttoanytransferofanyinterestinanyNote(includinganytransfersbetweenoramongDepositaryparticipants,membersorbeneficialownersinanyGlobalNote)otherthantorequiredeliveryofsuchcertificatesandotherdocumentationorevidenceasareexpresslyrequiredby,andtodosoifandwhenexpresslyrequiredby,thetermsofthisIndenture,andtoexaminethesametodeterminesubstantialcomplianceastoformwiththeexpressrequirementshereof.
(xi)NeithertheTrusteenoranyAgentshallhaveanyresponsibilityorliabilityforanyactionstakenornottakenbytheDepositary.
Section 2.07Replacement Notes.Ifeither(x)anymutilatedNoteissurrenderedtotheTrustee,theRegistrarortheIssuer,or(y)theIssuerandthe
Trusteereceiveevidencetotheirsatisfactionoftheownershipanddestruction,lossortheftofanyNote,thentheIssuershallissueandtheTrustee,uponreceiptofanAuthenticationOrderandsatisfactionofanyotherrequirementsoftheTrustee,shallauthenticateareplacementNote.AnindemnitybondmustbesuppliedbytheHolderthatissufficientinthejudgmentofboth(i)theTrusteetoprotecttheTrusteeand(ii)theIssuertoprotecttheIssuer,theTrustee,anyAgentandanyauthenticatingagentfromanylossthatanyofthemmaysufferifaNoteisreplaced.TheIssuerandtheTrusteemaychargetheHolderfortheirexpensesinreplacingaNote.
EveryreplacementNoteisacontractualobligationoftheIssuerandshallbeentitledtoallofthebenefitsofthisIndentureequallyandproportionatelywithallotherNotesdulyissuedhereunder.
Section 2.08Outstanding Notes.TheNotesoutstandingatanytimearealltheNotesauthenticatedbytheTrusteeexceptforthosecancelledbyit,thosedeliveredtoitforcancellation,thosereductionsintheinterestinaGlobalNoteeffectedbytheTrusteeinaccordancewiththeprovisionshereofandthosedescribedinthisSection2.08asnotoutstanding.ExceptassetforthinSection2.09hereof,aNotedoesnotceasetobeoutstandingbecausetheIssueroraGuarantororanAffiliateoftheIssueroraGuarantorholdstheNote.
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IfaNoteisreplacedpursuanttoSection2.07hereof,itceasestobeoutstandingunlesstheTrusteereceivesproofsatisfactorytoitthatthereplacedNoteisheldbyaprotectedpurchaser(asdefinedinSection8-303oftheUniformCommercialCode).
NotesinexchangefororinlieuofwhichotherNoteshavebeenauthenticatedanddeliveredpursuanttothisIndentureshallnotbedeemedtobeoutstandingforpurposeshereof.
IftheprincipalamountofanyNoteisconsideredpaidunderSection4.01hereof,suchNoteshallceasetobeoutstandingandinterestthereonshallceasetoaccrue.
IfaPayingAgent(otherthantheIssueroraGuarantororanAffiliateoftheIssueroraGuarantor)holds,onaRedemptionDateormaturitydate,moneysufficienttopayNotes(orportionsthereof)payableonthatdate,thenonandafterthatdatesuchNotes(orportionsthereof)shallbedeemedtobenolongeroutstanding(includingforaccountingpurposes)andshallceasetoaccrueinterestonandaftersuchdate.
Section 2.09Treasury Notes.IndeterminingwhethertheHoldersoftherequiredprincipalamountofNoteshaveconcurredinanydirection,waiverorconsent,NotesownedbytheIssuerorbyanyAffiliateoftheIssuer,shallbeconsideredasthoughnotoutstanding,exceptthatforthepurposesofdeterminingwhethertheTrusteeshallbeprotectedinrelyingonanysuchdirection,waiverorconsent,onlyNotesthataResponsibleOfficeroftheTrusteeactuallyknowsaresoownedshallbesodisregarded.NotessoownedwhichhavebeenpledgedingoodfaithshallnotbedisregardedifthepledgeeestablishestothesatisfactionoftheTrusteethepledgee’srighttodeliveranysuchdirection,waiverorconsentwithrespecttosuchpledgedNotesandthatthepledgeeisnottheIssueroraGuarantororanyAffiliateoftheIssueroraGuarantor.
Section 2.10Temporary Notes.UntilcertificatesrepresentingNotesarereadyfordelivery,theIssuermayprepareandtheTrustee,uponreceiptofanAuthenticationOrder,shallauthenticatetemporaryNotes.TemporaryNotesshallbesubstantiallyintheformofcertificatedNotesbutmayhavevariationsthattheIssuerconsiderappropriatefortemporaryNotes.Withoutunreasonabledelay,theIssuershallprepareandtheTrusteeshallauthenticatedefinitiveNotesinexchangefortemporaryNotes.
Holdersandbeneficialholders,asthecasemaybe,oftemporaryNotesshallbeentitledtoallofthebenefitsaccordedtoHolders,orbeneficialholders,respectively,ofNotesunderthisIndenture.
Section 2.11Cancellation.TheIssueratanytimemaydeliverNotestotheTrusteeforcancellation.TheRegistrar,theTransferAgentandthePayingAgentshallforwardtotheTrusteeanyNotessurrenderedtothemforregistrationoftransfer,exchangeorpayment.TheTrusteeor,atthedirectionoftheTrustee,theRegistrarorthePayingAgentandnooneelseshallcancelallNotessurrenderedforregistrationoftransfer,exchange,payment,replacementorcancellationandshalldisposeofsuchcancelledNotesinitscustomarymanner(subjecttotherecordretentionrequirementsoftheExchangeAct).EvidenceofthecancellationofallcancelledNotesshallbedeliveredtotheIssuerupontheirwrittenrequesttherefor.TheIssuermaynotissuenewNotestoreplaceNotesthattheyhavepaidorthathavebeendeliveredtotheTrusteeforcancellation.
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Section 2.12Defaulted Interest.IftheIssuerdefaultsinapaymentofinterestontheNotes,theyshallpaythedefaultedinterestinanylawfulmannerplus,totheextentlawful,interestpayableonthedefaultedinteresttothePersonswhoareHoldersonasubsequentspecialrecorddate,ineachcaseattherateprovidedintheNotesandinSection4.01hereof.TheIssuershallnotifytheTrusteeinwritingoftheamountofdefaultedinterestproposedtobepaidoneachNoteandthedateoftheproposedpayment,andatthesametimetheIssuershalldepositwiththeTrusteeanamountofmoneyequaltotheaggregateamountproposedtobepaidinrespectofsuchdefaultedinterestorshallmakearrangementssatisfactorytotheTrusteeforsuchdepositpriortothedateoftheproposedpayment,suchmoneywhendepositedtobeheldintrustforthebenefitofthePersonsentitledtosuchdefaultedinterestasprovidedinthisSection2.12.TheIssuershallfixorcausetobefixedanysuchspecialrecorddateandpaymentdate;provided thatnosuchspecialrecorddateshallbelessthan10dayspriortotherelatedpaymentdateforsuchdefaultedinterest.TheIssuershallpromptlynotifytheTrusteeofanysuchspecialrecorddate.Atleast15daysbeforeanysuchspecialrecorddate,theIssuer(or,uponthewrittenrequestoftheIssuer,theTrusteeinthenameandattheexpenseoftheIssuer)shallmailorcausetobemailed,first-classpostageprepaid,orotherwisedeliverinaccordancewiththeApplicableProcedures,toeachHolder,withacopytotheTrustee,anoticeathisorheraddressasitappearsintheNoteRegisterthatstatesthespecialrecorddate,therelatedpaymentdateandtheamountofsuchinteresttobepaid.TheTrusteeshallnotatanytimebeunderanydutyorresponsibilitytoanyHoldertodeterminethedefaultedinterest,orwithrespecttothenature,extent,orcalculationoftheamountofdefaultedinterestowed,orwithrespecttothemethodemployedinsuchcalculationofthedefaultedinterest.
SubjecttotheforegoingprovisionsofthisSection2.12andforgreatercertainty,eachNotedeliveredunderthisIndentureuponregistrationoftransferoforinexchangefororinlieuofanyotherNoteshallcarrytherightstointerestaccruedandunpaid,andtoaccrue,whichwerecarriedbysuchotherNote.
Section 2.13CUSIP Numbers; ISINs.TheIssuerinissuingtheNotesmayuseCUSIPnumbersandISINs(ineachcase,ifthengenerallyinuse)and,ifso,theTrusteeshalluseCUSIPnumbersandISINsinnoticesofredemptionorexchangeasaconveniencetoHolders;provided thatanysuchnoticemaystatethatnorepresentationismadeastothecorrectnessofsuchnumberseitherasprintedontheNotesorascontainedinanynoticeofredemptionorexchangeandthatreliancemaybeplacedonlyontheotheridentificationnumbersprintedontheNotes,andanysuchredemptionshallnotbeaffectedbyanydefectinoromissionofsuchnumbers.TheIssuerwillaspromptlyaspracticablenotifytheTrusteeinwritingofanychangeintheCUSIPnumbersorISINs.
ARTICLE3REDEMPTION
Section 3.01Notices to Trustee.IftheIssuerelectstoredeemNotespursuanttoSection3.07hereof,itshallfurnishtotheTrustee,atleasttwo
BusinessDays(unlessashorternoticeshallbeagreedtobytheTrustee)beforenoticeofredemptionisrequiredtobedeliveredormailedtoHolderspursuanttoSection3.03hereof,anOfficer’sCertificatesettingforth(a)theparagraphorsubparagraphofsuchNoteand/orSectionofthisIndenturepursuanttowhichtheredemptionshalloccur,(b)thedateofredemption(assuchdatemaybedelayedpursuanttoSection3.07(f)hereof,the“Redemption Date”),(c)theprincipalamountoftheNotestoberedeemedand(d)theredemptionprice.
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Section 3.02Selection of Notes to Be Redeemed.IflessthanalloftheNotesaretoberedeemedatanytime,theTrusteeshallselecttheNotestoberedeemed(a)iftheNotesarelistedonanexchange,incompliancewiththerequirementsofsuchexchangeor(b)onaproratabasistotheextentpracticable,or,iftheproratabasisisnotpracticableforanyreason,bylotorbysuchothermethodastheTrusteeshalldeemfairandappropriateandotherwiseinaccordancewiththeApplicableProceduresinminimumdenominationsof$1,000andincrementsof$1,000inexcessthereof.Intheeventofpartialredemptionbylot,theparticularNotestoberedeemedshallbeselected,unlessotherwiseprovidedherein,notlessthan10normorethan60dayspriortotheRedemptionDatebytheTrusteefromtheoutstandingNotesnotpreviouslycalledforredemption.
TheTrusteeshallpromptlynotifytheIssuerinwritingoftheNotesselectedforredemptionand,inthecaseofanyNoteselectedforpartialredemption,theprincipalamountthereoftoberedeemed.NotesandportionsofNotesselectedshallbeinintegralmultiplesof$1,000andincrementsof$1,000inexcessthereof(butinaminimumamountof$2,000)andnoNotesof$2,000orlesscanberedeemedinpart,exceptthatifalloftheNotesofaHolderaretoberedeemed,theentireoutstandingamountofNotesheldbysuchHoldershallberedeemed,evenifnotinaprincipalamountofatleast$2,000.Exceptasprovidedintheprecedingsentence,provisionsofthisIndenturethatapplytoNotescalledforredemptionalsoapplytoportionsofNotescalledforredemption.
Section 3.03Notice of Redemption.TheIssuershallsendelectronically,mailorcausetobemailedbyfirst-classmail,postageprepaid,noticesofredemptionatleast10daysbut(exceptassetforthinSection3.07(f))notmorethan60daysbeforetheRedemptionDatetoeachHolderofNotestoberedeemedatsuchHolder’sregisteredaddressstatedintheNoteRegisterorotherwiseinaccordancewiththeApplicableProcedures,exceptthatredemptionnoticesmaybedeliveredormailedmorethan60dayspriortoaRedemptionDateifthenoticeisissuedinconnectionwithArticle8orArticle11hereof.Noticesofredemptionmay,attheIssuer’sdiscretion,beconditional.ThenoticeshallidentifytheNotestoberedeemedandshallstate:
(a)theRedemptionDate;
(b)theredemptionprice;
(c)ifanyDefinitiveNoteistoberedeemedinpartonly,theportionoftheprincipalamountofthatNotethatistoberedeemedandthat,aftertheRedemptionDateuponsurrenderofsuchNote,anewNoteorNotesinprincipalamountequaltotheunredeemedportionoftheoriginalNoterepresentingthesameindebtednesstotheextentnotredeemedwillbeissuedinthenameoftheHolderuponcancellationoftheoriginalNote;provided thatnewNoteswillonlybeissuedinminimumdenominationsof$2,000andintegralmultiplesof$1,000inexcessthereof;
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(d)thenameandaddressofthePayingAgent;
(e)thatNotescalledforredemptionmustbesurrenderedtothePayingAgenttocollecttheredemptionprice;
(f)that,unlesstheIssuerdefaultsinmakingsuchredemptionpayment,interestonNotescalledforredemptionceasestoaccrueonandafterthe
RedemptionDate;
(g)theparagraphorsubparagraphoftheNotesand/orSectionofthisIndenturepursuanttowhichtheNotescalledforredemptionarebeingredeemed;
(h)theCUSIPnumberandISIN,ifany,printedontheNotesbeingredeemedandthatnorepresentationismadeastothecorrectnessoraccuracyofanysuchCUSIPnumberorISINthatislistedinsuchnoticeorprintedontheNotes;and
(i)anyconditiontosuchredemption.
Inaddition,anynoticeofredemptionmayincludeadditionalinformation,includinganyinformationpursuanttoSection3.07(f)hereof.
AttheIssuer’srequest,theTrusteeshallgivethenoticeofredemptionintheIssuer’snameandattheirexpense;provided thattheIssuershallhavedeliveredtotheTrustee,atleasttwoBusinessDaysbeforenoticeofredemptionisrequiredtobedeliveredelectronically,mailedorcausedtobemailedtoHolderspursuanttothisSection3.03(unlessashorternoticeshallbeagreedtobytheTrustee),anOfficer’sCertificaterequestingthattheTrusteegivesuchnoticeandsettingforththeinformationtobestatedinsuchnoticeasprovidedintheprecedingparagraph.
IftheNotesarelistedonanexchange,forsolongastheNotesaresolistedandtherulesofsuchexchangesorequire,theIssuershallnotifytheexchangeofanysuchredemptionand,ifapplicable,oftheprincipalamountofanyNotesoutstandingfollowinganypartialredemptionofNotes.
Section 3.04Effect of Notice of Redemption.Anoticeofredemption,ifdeliveredelectronically,mailedorcausedtobemailedinamannerhereinprovided,shallbeconclusivelypresumedtohavebeengiven,whetherornottheHolderreceivessuchnotice.Inanycase,failuretodeliversuchnoticeoranydefectinthenoticetotheHolderofanyNotedesignatedforredemptioninwholeorinpartshallnotaffectthevalidityoftheproceedingsfortheredemptionofanyotherNote.NotesorportionsofNotescalledforredemptionshallbecomedueandpayableontheRedemptionDate,subjecttosatisfactionofanyconditionsspecifiedinthenotice.SubjecttoSection3.05hereof,onandaftertheRedemptionDate,interestshallceasetoaccrueonNotesorportionsofNotescalledforredemption.
Section 3.05Deposit of Redemption Price.
(a)Priortonoon(NewYorkCitytime),ontheRedemptionDate,theIssuershalldepositwiththeTrusteeorwiththePayingAgentmoneysufficienttopaytheredemptionpriceofandaccruedandunpaidinterestonallNotestoberedeemedonthatRedemptionDate.TheTrusteeorthePayingAgentshallpromptlyreturntotheIssueranymoneydepositedwiththeTrusteeorthePayingAgentbytheIssuerinexcessoftheamountsnecessarytopaytheredemptionpriceof,andaccruedandunpaidintereston,allNotestoberedeemed.
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(b)IftheIssuercomplieswiththeprovisionsoftheprecedingparagraph(a),onandaftertheRedemptionDate,interestshallceasetoaccrueontheNotesortheportionsofNotescalledforredemption.IfaNoteisredeemedonorafteranapplicableRecordDatebutonorpriortotherelatedInterestPaymentDate,thenanyaccruedandunpaidinteresttotheRedemptionDateshallbepaidtothePersoninwhosenamesuchNotewasregisteredatthecloseofbusinessonsuchRecordDate.IfanyNotecalledforredemptionshallnotbesopaiduponsurrenderforredemptionbecauseofthefailureoftheIssuertocomplywiththeprecedingparagraph,interestshallbepaidontheunpaidprincipal,fromtheRedemptionDateuntilsuchprincipalispaid,andtotheextentlawfulonanyinterestaccruedtotheRedemptionDatenotpaidonsuchunpaidprincipal,ineachcaseattherateprovidedintheNotesandinSection4.01hereof.
Section 3.06Notes Redeemed in Part.UponsurrenderofaDefinitiveNotethatisredeemedinpart,theIssuershallissueandtheTrusteeshallauthenticatefortheHolder,attheexpenseoftheIssuer,anewNoteequalinprincipalamounttotheunredeemedportionoftheNotesurrenderedrepresentingthesameindebtednesstotheextentnotredeemed;provided thateachnewNotewillbeinaminimumprincipalamountof$2,000andanyintegralmultipleof$1,000inexcessthereof.Itisunderstoodthat,notwithstandinganythingtothecontraryinthisIndenture,onlyanAuthenticationOrderandnotanOpinionofCounselorOfficer’sCertificateisrequiredfortheTrusteetoauthenticatesuchnewNote.
Section 3.07Optional Redemption.
(a)Exceptassetforthinclauses(b),(d)and(e)ofthisSection3.07,theNoteswillnotberedeemableattheIssuer’soption.
(b)AtanytimefollowingtheAssumptionDateandpriortoOctober15,2022,theIssuermay,atitsoptionandononeormoreoccasions,redeemallorapartoftheNotes,uponnoticeinaccordancewithSection3.03hereof,ataredemptionpriceequaltothesumof(A)100.0%oftheprincipalamountoftheNotesredeemed,plus(B)theApplicablePremiumasoftheRedemptionDate,plus(C)accruedandunpaidinterest,ifany,to,butexcluding,theRedemptionDate,subjecttotherightofHoldersofrecordontherelevantRecordDatetoreceiveinterestdueontheNotesontherelevantInterestPaymentDatefallingpriortoorontheRedemptionDate.
(c)OnandafterOctober15,2022,theIssuermay,atitsoptionandononeormoreoccasions,redeemtheNotes,inwholeorinpart,uponnoticeinaccordancewithSection3.03hereof,attheredemptionprices(expressedaspercentagesofprincipalamountoftheNotestoberedeemed)setforthbelow,plusaccruedandunpaidinterest,ifany,thereonto,butexcluding,theapplicableRedemptionDate,subjecttotherightofHoldersofrecordontherelevantRecordDatetoreceiveinterestdueontherelevantInterestPaymentDatefallingpriortoorontheRedemptionDate,ifredeemedduringthetwelve-monthperiodbeginningonOctober15ofeachoftheyearsindicatedbelow:Notes Redemption Year Percentage2022 102.750%2023 101.375%2024andthereafter 100.000%
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(d)AtanytimefollowingtheAssumptionDateandpriortoOctober15,2022,theIssuermay,atitsoption,andononeormoreoccasions,redeemuptotheaggregateprincipalamountofNotesequaltotheamountofthenetcashproceedsreceivedbyitfromoneormoreEquityOfferingsoracontributiontotheIssuer’scommonequitycapitalmadewiththenetcashproceedsofanEquityOfferingataredemptionpriceequalto(i)105.500%oftheaggregateprincipalamountoftheNotesredeemed,plus(ii)accruedandunpaidinterest,ifany,to,butexcluding,theRedemptionDate,subjecttotherightofHoldersofrecordontherelevantRecordDatetoreceiveinterestdueontheNotesontherelevantInterestPaymentDatefallingpriortoorontheRedemptionDate;provided that(A)theamountredeemedshallnotexceed40%oftheaggregateprincipalamountoftheNotesissuedunderthisIndenture;(B)atleast50.0%of(x)theaggregateprincipalamountoftheNotesoriginallyissuedunderthisIndentureontheIssueDateand(y)theaggregateprincipalamountofanyAdditionalNotesissuedunderthisIndentureaftertheIssueDateremainsoutstandingimmediatelyaftertheoccurrenceofeachsuchredemption;and(C)eachsuchredemptionoccurswithin180daysofthedateofclosingofeachsuchEquityOffering.
(e)Notwithstandingtheforegoing,inconnectionwithanytenderofferfortheNotes,ifHoldersofnotlessthan90%inaggregateprincipalamountoftheoutstandingNotesvalidlytenderanddonotwithdrawsuchNotesinsuchtenderofferandtheIssuer,oranythirdpartymakingsuchtenderofferinlieuoftheIssuer,purchasesalloftheNotesvalidlytenderedandnotwithdrawnbysuchHolders,theIssuerorsuchthirdpartywillhavetherightuponnotlessthan10normorethan60days’priornotice,givennotmorethan30daysfollowingsuchpurchasedate,toredeemallNotesthatremainoutstandingfollowingsuchpurchaseatapriceequaltothepriceofferedtoeachotherHolderinsuchtenderofferplus,totheextentnotincludedinthetenderofferpayment,accruedandunpaidinterest,ifany,thereon,to,butexcluding,theRedemptionDate.
(f)AnyredemptionpursuanttothisSection3.07shallbemadepursuanttotheprovisionsofSections3.01through3.06hereof.Noticeofanyredemption,whetherinconnectionwithanEquityOffering,othertransactionorotherwise,maybegivenpriortothecompletionthereof,andanysuchredemptionornoticemay,attheIssuer’sdiscretion,besubjecttooneormoreconditionsprecedent,including,butnotlimitedto,completionoftherelatedEquityOfferingorothertransaction.Inaddition,ifsuchredemptionissubjecttosatisfactionofoneormoreconditionsprecedent,suchnoticeshallstatethat,intheIssuer’sdiscretion,theredemptiondatemaybedelayeduntilsuchtimeasanyorallsuchconditionsshallbesatisfied,orsuchredemptionmaynotoccurandsuchnoticemayberescindedintheeventthatanyorallsuchconditionsshallnothavebeensatisfiedbytheredemptiondate,orbytheredemptiondatesodelayed.Fortheavoidanceofdoubt,ifanyredemptiondateshallbedelayedpursuanttothisSection3.07andthetermsoftheapplicablenoticeofredemption,suchredemptiondateassodelayedmayoccuratanytimeaftertheoriginalredemptiondatesetforthintheapplicablenoticeofredemptionandafterthesatisfactionofanyapplicableconditionsprecedent,including,withoutlimitation,onadatethatislessthan30daysaftertheoriginalredemptiondateormorethan60daysafterthedateoftheapplicablenoticeofredemption.Inaddition,theIssuermayprovideinsuchnoticethatpaymentoftheredemptionpriceandperformanceoftheIssuer’sobligationswithrespecttosuchredemptionmaybeperformedbyanotherPerson.
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(g)TheIssueranditsAffiliatesmayacquiretheNotesbymeansotherthanaredemptionpursuanttothisSection3.07,whetherbytenderoffer,openmarketpurchases,negotiatedtransactionsorotherwise.
(h)TheTrusteeshallhavenodutytocalculateorverifythecalculationoftheApplicablePremium.
Section 3.08Offers to Repurchase by Application of Excess Proceeds.
(a)Intheeventthat,pursuanttoSection4.10hereof,theIssuershallberequiredtocommenceanAssetSaleOffer,theIssuershallfollowtheproceduresspecifiedbelow.
(b)TheAssetSaleOffershallremainopenforaperiodof20BusinessDaysfollowingitscommencementandnolonger,excepttotheextentthatalongerperiodisrequiredbyapplicablelaw(the“Offer Period”).NolaterthanfiveBusinessDaysaftertheterminationoftheOfferPeriod(the“Purchase Date”),theIssuershallapplyallExcessProceeds(the“Offer Amount”)tothepurchaseofNotesand,ifrequired,PariPassuIndebtedness(onaproratabasis,ifapplicable,withadjustmentsasnecessarysothatnoNotesorPariPassuIndebtednesswillberepurchasedinpartinanunauthorizeddenomination),or,iflessthantheOfferAmounthasbeentendered,allNotesandPariPassuIndebtednesstenderedinresponsetotheAssetSaleOffer.PaymentforanyNotessopurchasedshallbemadeinthesamemannerasinterestpaymentsaremade.
(c)IfthePurchaseDateisonorafteraRecordDateandonorbeforetherelatedInterestPaymentDate,anyaccruedandunpaidinterest,ifany,uptobutexcludingthePurchaseDate,shallbepaidtothePersoninwhosenameaNoteisregisteredatthecloseofbusinessonsuchRecordDate,andnoadditionalinterestshallbepayabletoHolderswhotenderNotespursuanttotheAssetSaleOffer.
(d)UponthecommencementofanAssetSaleOffer,theIssuershallsendelectronicallyorbyfirst-classmail,anoticetoeachoftheHolders,withacopytotheTrustee.ThenoticeshallcontainallinstructionsandmaterialsnecessarytoenablesuchHolderstotenderNotespursuanttotheAssetSaleOffer.TheAssetSaleOffershallbemadetoallHoldersandholdersofsuchPariPassuIndebtedness.Thenotice,whichshallgovernthetermsoftheAssetSaleOffer,shallstate:
(i)thattheAssetSaleOfferisbeingmadepursuanttothisSection3.08andSection4.10hereofandthelengthoftimetheAssetSaleOffershallremainopen;
(ii)theOfferAmount,thepurchasepriceandthePurchaseDate;
(iii)thatanyNotenottenderedoracceptedforpaymentshallcontinuetoaccrueinterest;
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(iv)that,unlesstheIssuerdefaultsinmakingsuchpayment,anyNoteacceptedforpaymentpursuanttotheAssetSaleOffershallceasetoaccrueinterestonandafterthePurchaseDate;
(v)thatanyHolderelectingtohavelessthanalloftheaggregateprincipalamountofitsNotespurchasedpursuanttoanAssetSale
OffermayelecttohaveNotespurchasedinanamountnotlessthan$2,000andinintegralmultiplesof$1,000inexcessthereof;
(vi)thatHolderselectingtohaveaNotepurchasedpursuanttoanyAssetSaleOffershallberequiredtosurrendertheNote,withtheformentitled“OptionofHoldertoElectPurchase”attachedtotheNotecompleted,ortransfersuchNotebybook-entrytransfer,totheIssuer,theDepositary,ifappointedbytheIssuer,oraPayingAgentattheaddressspecifiedinthenoticeatleasttwoBusinessDaysbeforethePurchaseDate;
(vii)thatHoldersshallbeentitledtowithdrawtheirelectioniftheIssuer,theDepositaryorthePayingAgent,asthecasemaybe,
receives,notlaterthanthecloseofbusinessonthesecondBusinessDaypriortotheexpirationdateoftheOfferPeriod,afacsimiletransmissionorlettersettingforththenameoftheHolder,theprincipalamountoftheNotetheHolderdeliveredforpurchaseandastatementthatsuchHolderiswithdrawinghiselectiontohavesuchNotepurchased;
(viii)that,iftheaggregateprincipalamountofNotesorthePariPassuIndebtedness,asthecasemaybe,surrenderedbytheholders
thereofexceedstheOfferAmount,theIssuershallpurchasesuchNotesandsuchPariPassuIndebtedness,asthecasemaybe,onaproratabasisbasedontheaccretedvalueorprincipalamountoftheNotesorsuchPariPassuIndebtedness,asthecasemaybe,tendered(withsuchadjustmentsasmaybedeemedappropriatebytheIssuersothatonlyNotesinanamountnotlessthan$2,000orintegralmultiplesof$1,000inexcessthereofarepurchased);and(ix)thatHolderswhosecertificatedNoteswerepurchasedonlyinpartshallbeissuednewNotesequalinprincipalamounttotheunpurchasedportionoftheNotessurrendered(ortransferredbybook-entrytransfer)representingthesameindebtednesstotheextentnotrepurchased;provided thatnewNoteswillonlybeissuedindenominationsof$2,000andintegralmultiplesof$1,000inexcessthereof.
(e)OnorbeforethePurchaseDate,theIssuershall,totheextentlawful,(1)acceptforpayment,onaproratabasisasdescribedinclause(d)(viii)of
thisSection3.08,theOfferAmountofNotesorportionsthereofvalidlytenderedpursuanttotheAssetSaleOffer,oriflessthantheOfferAmounthasbeentendered,allNotestenderedand(2)deliverorcausetobedeliveredtotheTrusteetheNotesproperlyaccepted,togetherwithanOfficer’sCertificatestatingtheaggregateprincipalamountofNotesorportionsthereofsotendered.
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(f)TheIssuer,theDepositaryorthePayingAgent,asthecasemaybe,shallpromptlymailordelivertoeachtenderingHolderanamountequaltothepurchasepriceoftheNotesproperlytenderedbysuchHolderandacceptedbytheIssuerforpurchase,andtheIssuershallpromptlyissueanewNote,andtheTrustee,uponreceiptofanAuthenticationOrder,shallauthenticateandmailordeliver(orcausetobetransferredbybook-entry)suchnewNotetosuchHolder(itbeingunderstoodthat,notwithstandinganythinginthisIndenturetothecontrary,noOpinionofCounselorOfficer’sCertificateisrequiredfortheTrusteetoauthenticateandmailordeliversuchnewNote)inaprincipalamountequaltoanyunpurchasedportionoftheNotesurrenderedrepresentingthesameindebtednesstotheextentnotrepurchased;provided,thateachsuchnewNoteshallbeinaprincipalamountof$2,000oranintegralmultipleof$1,000inexcessthereof.AnyNotenotsoacceptedshallbepromptlymailedordeliveredbytheIssuertotheHolderthereof.TheIssuershallpubliclyannouncetheresultsoftheAssetSaleOfferonorassoonaspracticableafterthePurchaseDate.
(g)Priortonoon(NewYorkCitytime)onthePurchaseDate,theIssuershalldepositwiththeTrusteeorwiththePayingAgentmoneysufficienttopaythepurchasepriceofandaccruedandunpaidinterestonallNotestobepurchasedonthatPurchaseDate.TheTrusteeorthePayingAgentshallpromptlyreturntotheIssueranymoneydepositedwiththeTrusteeorthePayingAgentbytheIssuerinexcessoftheamountsnecessarytopaythepurchasepriceof,andaccruedandunpaidintereston,allNotestoberedeemed.
OtherthanasspecificallyprovidedinthisSection3.08orSection4.10hereof,anypurchasepursuanttothisSection3.08shallbemadepursuanttotheapplicableprovisionsofSections3.01through3.06hereof,andreferencesthereinto“redeem,”“redemption,”“RedemptionDate”andsimilarwordsshallbedeemedtoreferto“purchase,”“repurchase,”“PurchaseDate”andsimilarwords,asapplicable.
Section 3.09Mandatory Redemption.ExceptasprovidedinSection3.10hereof,theIssuershallnotberequiredtomakeanymandatoryredemptionorsinkingfundpaymentwithrespecttotheNotes.
Section 3.10Escrow of Proceeds; Special Mandatory Redemption.
(a)Intheeventthat(1)theReinhartAcquisitionisnotcompletedonorbeforetheOutsideDateor(2)priortotheOutsideDate,theMembershipInterestPurchaseAgreementisterminatedortheIssuernotifiestheTrusteeandtheEscrowAgentorotherwiseannouncesthattheMembershipInterestPurchaseAgreementhasbeenorwillbeterminatedorthattheIssuerhasdetermined,initsreasonablejudgment,thattheReinhartAcquisitionwillnototherwisebepursuedorcompletedbytheOutsideDate(theearlierofsuchdates,the“Termination Date”),thentheEscrowIssuerwill,nolaterthanthreeBusinessDaysfollowingtheTerminationDate(suchdate,the“Special Mandatory Redemption Date”),berequiredtoredeemtheNotes(the“Special Mandatory Redemption”)ataredemptionpriceequalto100.0%oftheaggregateprincipalamountoftheNotes,plusaccruedandunpaidinterest,ifany,to,butnotincluding,theSpecialMandatoryRedemptionDate(subjecttotherightofholdersofNotesofrecordontherelevantrecorddatetoreceiveinterestdueonaninterestpaymentdatefallingpriortotheSpecialMandatoryRedemptionDate)(the“Special Mandatory Redemption Price”).NoticeoftheSpecialMandatoryRedemptionwillbesentnolaterthanthenextBusinessDayfollowingtheTerminationDatetoeachholderoftheNotes,theTrusteeandtheEscrowAgent.UponreceiptofthenoticeofSpecialMandatoryRedemption,theEscrowAgentwillliquidateaportionoftheEscrowedPropertythenheldbyitsufficient,asdeterminedsolelybytheEscrowIssuer,topaytheSpecialMandatoryRedemptionPricenolaterthanthelastBusinessDaypriortotheSpecialMandatoryRedemptionDate.IfatthetimethenoticeofSpecialMandatoryRedemptionisdeliveredtheaggregatevalueoftheEscrowedPropertyislessthananamountequaltotheSpecialMandatoryRedemptionPrice,theEscrowIssuerortheCompanyshalldepositorcausetobedepositedintotheEscrowAccount,ontheBusinessDaypriortotheSpecialMandatoryRedemptionDate,anamountincashequaltotheabsolutevalueofsuchdifferencesuchthattheamountoftheEscrowedPropertywillbesufficienttopaytheSpecialMandatoryRedemptionPrice.
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(b)OntheSpecialMandatoryRedemptionDate,theEscrowAgentshallpaytoapayingagentforpaymenttoeachHolderoftheNotestheSpecialMandatoryRedemptionPriceforsuchHolder’sNotes.AftertheTerminationDate,allinterestearnedontheEscrowedPropertyandanyotherEscrowedPropertythatisnotrequiredtobeappliedtowardsaSpecialMandatoryRedemptionshallbepaidtotheIssuerupontheEscrowIssuer’srequestandtheIssuerwillbepermittedtousesuchfundsatitsdiscretion.
UnlessanEventofDefaulthasoccurredandisthencontinuing,noneoftheHoldersoftheNotes,noranyagent,trusteeorotherpersonactingontheirbehalf(includingtheTrustee),shallbeentitledtoexerciseanyrightsonorpriortotheOutsideDatewhichitortheymighthavetorecoveranyoftheEscrowedPropertyasaresultoforinconnectionwiththebreachorothernoncompliancewiththetermsofthisIndentureortheEscrowAgreementortheoccurrenceofanyprepaymentobligationhereunderorthereundernorshalltheybeentitledtotakeanyactionwhichwouldprecludetheEscrowedPropertyfrombeingappliedinthemannercontemplatedinSection1.3oftheEscrowAgreement.Fortheavoidanceofdoubt,subjecttotheforegoingsentence,theTrusteeandtheHoldersoftheNotesshallhavealloftherightsandremediesavailableunderthisIndenture(includingwithoutlimitationtherighttoacceleratetheNotes)ifaDefaultorEventofDefaulthasoccurred,withrespecttoallPersonsandmattersotherthantheEscrowedProperty.
ARTICLE4COVENANTS
Section 4.01Payment of Notes.TheIssuershallpayorcausetobepaidtheprincipalof,premium,ifany,andinterestontheNotesonthedatesand
inthemannerprovidedintheNotesandthisIndenture.Principal,premium,ifany,andinterestshallbeconsideredpaidonthedatedueifthePayingAgent,ifotherthanParent,theIssueroraGuarantororanAffiliateofParent,theIssueroraGuarantor,holdsasofnoonNewYorkCitytimeontheduedatemoneydepositedbytheIssuerinimmediatelyavailablefundsanddesignatedforandsufficienttopayallprincipal,premium,ifany,andinterestthendue.
ThePayingAgentshallnotbeobligedtomakeanypaymentuntilsuchtimeasithasreceivedsufficientfundsinordertomakesuchpayment.
TheIssuershallpayinterest(includingpost-petitioninterestinanyproceedingunderanyBankruptcyLaw)onoverdueprincipalattherateequaltothethenapplicableinterestrateontheNotestotheextentlawful;theIssuershallpayinterest(includingpost-petitioninterestinanyproceedingunderanyBankruptcyLaw)onoverdueinstallmentsofinterest(withoutregardtoanyapplicablegraceperiod)atthesameratetotheextentlawful.
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Section 4.02Maintenance of Office or Agency.TheIssuershallmaintaintheofficesoragencies(whichmaybeanofficeoftheTrusteeoranaffiliateoftheTrustee,RegistrarorTransferAgent)requiredunderSection2.03hereofwhereNotesmaybesurrenderedforregistrationoftransferorforexchangeorpresentedforpaymentandwherenoticesanddemandstoorupontheIssuerinrespectoftheNotesandthisIndenturemaybedelivered.TheIssuershallgivepromptwrittennoticetotheTrusteeofthelocation,andanychangeinthelocation,ofsuchofficeoragency.IfatanytimetheIssuershallfailtomaintainanysuchrequiredofficeoragencyorshallfailtofurnishtheTrusteewiththeaddressthereof,suchpresentations,surrenders,noticesanddemandsmaybemadeorservedattheCorporateTrustOffice;provided,however,noserviceoflegalprocessmaybemadeontheIssueratanyofficeoftheTrustee.
TheIssuermayalsofromtimetotimedesignateoneormoreotherofficesoragencieswheretheNotesmaybepresentedorsurrenderedforanyorallsuchpurposesandmayfromtimetotimerescindsuchdesignations;provided thatnosuchdesignationorrescissionshallinanymannerrelievetheIssueroftheirobligationtomaintainsuchofficesoragenciesasrequiredbySection2.03hereofforsuchpurposes.TheIssuershallgivepromptwrittennoticetotheTrusteeofanysuchdesignationorrescissionandofanychangeinthelocationofanysuchotherofficeoragency.
TheIssuerherebydesignatestheCorporateTrustOfficeasonesuchofficeoragencyoftheIssuerinaccordancewithSection2.03hereof.
Section 4.03Reports and Other Information.
(a)WhetherornotParentissubjecttothereportingrequirementsofSection13or15(d)oftheExchangeAct,solongasanyNotesareoutstanding,ParentshallhaveitsannualconsolidatedfinancialstatementsauditedbyanationallyrecognizedfirmofindependentauditorsanditsinterimconsolidatedfinancialstatementsreviewedbyanationallyrecognizedfirmofindependentauditorsinaccordancewithStatementonAuditingStandardsNo.100issuedbytheAmericanInstituteofCertifiedPublicAccountants(oranysimilarreplacementstandard).Inaddition,solongasanyNotesareoutstanding,ParentshallfurnishtotheHoldersoftheNotesthefollowingreports:
(1)(x)allannualandquarterlyfinancialstatementsthatwouldberequiredtobecontainedinafilingwiththeSEConForms10-Kand10-QofParent,ifParentwererequiredtofilesuchforms,plusa“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”;(y)withrespecttotheannualandquarterlyinformation,apresentationofEBITDAofParentsubstantiallyconsistentwiththepresentationthereofintheOfferingCircularandderivedfromsuchfinancialinformation;and(z)withrespecttotheannualfinancialstatementsonly,areportontheannualfinancialstatementsbyParent’sindependentregisteredpublicaccountingfirm;and
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(2)allinformationthatwouldberequiredtobecontainedinfilingswiththeSEConForm8-KunderItems1.01,1.02,1.03,2.01,2.05,2.06,4.01,4.02,5.01and5.02(b)and(c)(otherthanwithrespecttoinformationotherwiserequiredorcontemplatedbyItem402ofRegulationS-K)asineffectontheIssueDateifParentwererequiredtofilesuchreports;provided, however, that(A)nosuchcurrentreportshallberequiredtoincludeasanexhibit,ortoincludeasummaryofthetermsof,anyemploymentorcompensatoryarrangementagreement,planorunderstandingbetweenParent(oranyofitsSubsidiaries)andanydirector,managerorexecutiveofficer,ofParent(oranyofitsSubsidiaries),(B)Parentshallnotberequiredtomakeavailableanyinformationregardingtheoccurrenceofanyoftheeventssetforthinsubclause(2)ifParentdeterminesinitsgoodfaithjudgmentthattheeventthatwouldotherwiseberequiredtobedisclosedisnotmaterialtotheHoldersoftheNotesorthebusiness,assets,operations,financialpositionsorprospectsofParentanditsRestrictedSubsidiariestakenasawhole,(C)nosuchcurrentreportshallberequiredtocomplywithRegulationGundertheExchangeActorItem10(e)ofRegulationS-Kwithrespecttoany“non-GAAP”financialinformationcontainedtherein(otherthanprovidingreconciliationsofsuchnon-GAAPinformationtoextentincludedintheOfferingCircular),(D)nosuchcurrentreportshallberequiredtocomplywithRegulationS‑Xand(E)nosuchcurrentreportshallberequiredtoprovideanyinformationthatisnototherwisesimilartoinformationcurrentlyincludedintheOfferingCircular.
Allsuchannualreportsshallbefurnishedwithin90daysaftertheendofthefiscalyeartowhichtheyrelate,andallsuchquarterlyreportsshallbe
furnishedwithin60daysaftertheendofthefiscalquartertowhichtheyrelate;providedthattheannualreportforthefirstfiscalyearendingaftertheIssueDateshallbefurnishedwithin120daysaftertheendofthefiscalyeartowhichitrelates;andprovided further thatthequarterlyreportforthefirstfourfiscalquartersendingaftertheIssueDateshallbefurnishedwithin75daysaftertheendofthefiscalquartertowhichtheyrelate.AllsuchcurrentreportsshallbefurnishedwithinthetimeperiodsspecifiedintheSEC’srulesandregulationsforreportingcompaniesundertheExchangeAct.
Parentshallbedeemedtohavefurnishedthereportsreferredtoclauses(1)and(2)aboveiftheIssuer,ParentoranyparententityofParenthasfiledreportscontainingsuchinformationwiththeSECorotherwisefurnishedsuchinformationtoHolders,providedthatifsuchreportsorinformationarefiledorfurnished,asapplicable,byaparententityofParent,thesameisaccompaniedbyselectedfinancialmetricsorotherdisclosurethatillustratesinreasonabledetailthematerialdifferences(asdeterminedinParent’ssolediscretion)betweentheinformationrelatingtosuchparent,ontheonehand,andtheinformationrelatingtoParentanditsRestrictedSubsidiariesonastand-alonebasis,ontheotherhand,provided,however,thattheTrusteeshallhavenoresponsibilitywhatsoevertodetermineifsuchfilinghasoccurred.
IfParent,theIssueroranyparententityofParentdoesnotfilereportscontainingsuchinformationwiththeSEC,thenParentwillmakeavailablesuchinformationandsuchreportstotheTrusteeunderthisIndenture,toanyHolderoftheNotesandtoanybeneficialowneroftheNotes,ineachcasebypostingsuchinformationonIntralinksoranycomparablepassword-protectedonlinedatasystemwhichshallrequireaconfidentialityacknowledgment,andshallmakesuchinformationreadilyavailabletoanyprospectiveinvestor,anysecuritiesanalystoranymarketmakerintheNoteswho(i)agreestotreatsuchinformationasconfidentialor(ii)accessessuchinformationonIntralinksoranycomparablepasswordprotectedonlinedatasystemwhichshallrequireaconfidentialityacknowledgment;providedthatParentshallpostsuchinformationthereonandmakereadilyavailableanypasswordorotherlogininformationtoanysuchprospectiveinvestor,securitiesanalystormarketmaker.TheTrusteeshallhavenoobligationwhatsoevertodeterminewhetherornotsuchinformation,documentsorreportshavebeenfiledwiththeSECoronIntralinksoranycomparablepassword-protectedonlinedatasystem.
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(b)ParentshallfurnishtoHoldersoftheNotes,securitiesanalystsandprospectiveinvestorsuponrequesttheinformationrequiredtobedeliveredpursuanttoRule144A(d)(4)undertheSecuritiesAct,solongastheNotesarenotfreelytransferableundertheSecuritiesAct.
(c)IfParenthasdesignatedanyofitsSubsidiariesasanUnrestrictedSubsidiaryandifanysuchUnrestrictedSubsidiaryorgroupofUnrestrictedSubsidiaries,iftakentogetherasoneSubsidiary,wouldconstituteaSignificantSubsidiaryofParent,thentheannualandquarterlyinformationrequiredby4.03(a)(1)shallincludeapresentationofselectedfinancialmetrics(inParent’ssolediscretion)ofsuchUnrestrictedSubsidiariesasagroupinthe“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations.”
(d)Notwithstandinganythinghereintothecontrary,Parentwillnotbedeemedtohavefailedtocomplywithanyofitsobligationshereunderforpurposesofclause(iii)ofSection6.01(a)hereofuntil120daysafterthereceiptofthewrittennoticedeliveredthereunder.
TotheextentanyinformationisnotprovidedwithinthetimeperiodsspecifiedinthisSection4.03andsuchinformationissubsequentlyprovided,ParentwillbedeemedtohavesatisfieditsobligationswithrespecttheretoatsuchtimeandanyDefaultwithrespecttheretoshallbedeemedtohavebeencured.
Section 4.04Compliance Certificate.
(a)TheIssuershalldelivertotheTrustee,within90daysaftertheendofeachfiscalyearendingaftertheAssumptionDate,acertificatefromitsprincipalexecutiveofficer,principalfinancialofficerorprincipalaccountingofficerstatingthatareviewoftheactivitiesofParent,theIssueranditsRestrictedSubsidiariesduringtheprecedingfiscalyearhasbeenmadeunderthesupervisionofthesigningOfficerwithaviewtodeterminingwhetherParent,theIssueranditsRestrictedSubsidiarieshavekept,observed,performedandfulfilledtheirrespectiveobligationsunderthisIndenture,andfurtherstating,astosuchOfficersigningsuchcertificate,thattothebestofhisorherknowledge,onbehalfofParent,theIssuerandtheirRestrictedSubsidiarieshavekept,observed,performedandfulfilledinallmaterialrespectseachandeveryconditionandcovenantcontainedinthisIndentureduringsuchfiscalyearandnoDefaulthasoccurredandiscontinuingwithrespecttoanyoftheterms,provisions,covenantsandconditionsofthisIndenture(or,ifaDefaultshallhaveoccurredandiscontinuing,describingallsuchDefaultsofwhichheorshemayhaveknowledgeandwhatactiontheIssueristakingorproposestotakewithrespectthereto).
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(b)WhenanyDefaulthasoccurredandiscontinuingunderthisIndenture,oriftheTrusteeortheholderofanyotherevidenceofIndebtednessofParentoranySubsidiarygivesanynoticeortakesanyotheractionwithrespecttoaclaimedDefault,theIssuershallpromptly(whichshallbenomorethan20BusinessDaysafterbecomingawareofsuchDefault)delivertotheTrusteebyregisteredorcertifiedmailorbyfacsimiletransmissionanOfficer’sCertificatespecifyingsucheventandwhatactiontheIssuerproposestotakewithrespectthereto.
Section 4.05Taxes.ParentandtheIssuershallpayordischarge,andshallcauseeachoftheirRestrictedSubsidiariestopayordischarge,priortodelinquency,allmaterialtaxes,lawfulassessments,andgovernmentalleviesexceptsuchasarecontestedingoodfaithandbyappropriateactionsorwherethefailuretoeffectsuchpaymentordischargeisnotadverseinanymaterialrespecttotheHolders.
Section 4.06Stay, Extension and Usury Laws.Parent,theIssuerandeachoftheGuarantorscovenant(totheextentthattheymaylawfullydoso)thattheyshallnotatanytimeinsistupon,plead,orinanymannerwhatsoeverclaimortakethebenefitoradvantageof,anystay,extensionorusurylawwhereverenacted,noworatanytimehereafterinforce,thatmayaffectthecovenantsortheperformanceofthisIndentureandtheNotes;andParent,theIssuerandeachoftheGuarantors(totheextentthattheymaylawfullydoso)herebyexpresslywaiveallbenefitoradvantageofanysuchlaw,and(totheextentthattheymaylawfullydoso)covenantthattheyshallnot,byresorttoanysuchlaw,hinder,delayorimpedetheexecutionofanypowerhereingrantedtotheTrustee,butshallsufferandpermittheexecutionofeverysuchpowerasthoughnosuchlawhasbeenenacted.
Section 4.07Limitation on Restricted Payments.
(a)Parentwillnot,andwillnotpermitanyofitsRestrictedSubsidiariesto,directlyorindirectly:
(i)declareorpayanydividendormakeanypaymentordistributiononaccountofParent’s,oranyofitsRestrictedSubsidiaries’,EquityInterests(ineachcase,solelytoaholderofEquityInterestsinsuchPerson’scapacityasaholderofsuchEquityInterests),includinganydividend,paymentordistributionpayableinconnectionwithanymerger,amalgamationorconsolidationotherthan:
(A)dividendsanddistributionsbyParentpayablesolelyinEquityInterests(otherthanDisqualifiedStock)ofParentorinoptions,
warrantsorotherrightstopurchasesuchEquityInterests(otherthanDisqualifiedStock);or
(B)dividendsanddistributionsbyaRestrictedSubsidiarysolongas,inthecaseofanydividend,paymentordistributionpayableonorinrespectofanyclassorseriesofsecuritiesissuedbyaRestrictedSubsidiaryotherthanaWholly-OwnedSubsidiary,ParentoraRestrictedSubsidiaryreceivesatleastitsproratashareofsuchdividend,paymentordistributioninaccordancewithitsEquityInterestsinsuchclassorseriesofsecurities;
(ii)purchase,redeem,defeaseorotherwiseacquireorretireforvalueanyEquityInterestsofParentoranydirectorindirectparent
companyofParent,includinganypurchase,redemption,defeasance,acquisitionorretirementinconnectionwithanymerger,amalgamationorconsolidation;
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(iii)makeanyprincipalpaymenton,orredeem,repurchase,defeaseorotherwiseacquireorretireforvalue,ineachcase,priortoanyscheduledrepayment,sinkingfundpaymentormaturity,anySubordinatedIndebtedness,otherthan:
(A)Indebtednesspermittedunderclauses(vii),(viii)and(ix)ofSection4.09(b)hereof;or
(B)thepurchase,repurchaseorotheracquisitionofSubordinatedIndebtednesspurchasedinanticipationofsatisfyingasinking
fundobligation,principalinstallmentorfinalmaturity,ineachcaseduewithinoneyearofthedateofpurchase,repurchaseoracquisition;or
(iv)makeanyRestrictedInvestment(allsuchpaymentsandotheractionssetforthinclauses(i)through(iv)above(otherthananyexceptionsthereto)beingcollectivelyreferredtoas“Restricted Payments”),unless,atthetimeofsuchRestrictedPayment:
(A)noDefaultshallhaveoccurredandbecontinuingorwouldoccurasaconsequencethereof;
(B)immediatelyaftergivingeffecttosuchtransactiononapro formabasis,Parentcouldincur$1.00ofadditionalIndebtedness
pursuanttotheFixedChargeCoverageRatiotestsetforthinSection4.09(a)hereof(the“Fixed Charge Coverage Test”);and
(C)suchRestrictedPayment,togetherwiththeaggregateamountofallotherRestrictedPaymentsmadebyParentanditsRestrictedSubsidiariesaftertheIssueDate(includingRestrictedPaymentspermittedbyclauses(i),(vi)(C)and(ix)ofSection4.07(b)hereof(totheextentnotdeductedincalculatingConsolidatedNetIncome),butexcludingallotherRestrictedPaymentspermittedbySection4.07(b)hereof),islessthanthesumof(withoutduplication):
(1)50.0%oftheConsolidatedNetIncomeofParentfortheperiod(takenasoneaccountingperiodandincludingthe
predecessorofParent)fromMarch27,2016totheendofParent’smostrecentlyendedfiscalquarterforwhichinternalfinancialstatementsareavailableatthetimeofsuchRestrictedPayment,or,inthecasesuchConsolidatedNetIncomeforsuchperiodisadeficit,minus100.0%ofsuchdeficit;plus
(2)100.0%oftheaggregatenetcashproceedsandthefairmarketvalueofmarketablesecuritiesorotherproperty
receivedbyParentoritsRestrictedSubsidiariessinceMarch27,2016(otherthannetcashproceedstotheextentsuchnetcashproceedshavebeenusedtoincurIndebtednessorissueDisqualifiedStockorPreferredStockpursuanttoclause(xii)(A)ofSection4.09(b)hereof)fromtheissueorsaleof:
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(i)(A)EquityInterestsofParent,includingTreasuryCapitalStock,butexcludingcashproceedsandthefairmarketvalueofmarketablesecuritiesorotherpropertyreceivedfromthesaleof:
(x)EquityIntereststoanyfuture,presentorformeremployees,directors,officers,managersor
consultants(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)ofParent,anydirectorindirectparentcompanyofParentoranyofParent’sSubsidiariesaftertheIssueDatetotheextentsuchamountshavebeenappliedtoRestrictedPaymentsmadeinaccordancewithclause(iv)ofSection4.07(b)hereof;and
(y)DesignatedPreferredStock;and
(B)totheextentsuchnetcashproceedsareactuallycontributedtoParentoranyofitsRestricted
Subsidiaries,EquityInterestsofParentoranyofParent’sdirectorindirectparentcompanies(excludingcontributionsoftheproceedsfromthesaleofDesignatedPreferredStockofanysuchcompaniesorcontributionstotheextentsuchamountshavebeenappliedtoRestrictedPaymentsmadeinaccordancewithclause(iv)ofSection4.07(b)hereof);or
(ii)IndebtednessofParentoraRestrictedSubsidiarythathasbeenconvertedintoorexchangedforsuch
EquityInterestsofParent,theIssueroraparentcompanyofParent;provided thatthisclause(2)shallnotincludetheproceedsfrom(w)RefundingCapitalStockappliedinaccordancewithclause(ii)ofSection4.07(b)hereof,(x)EquityInterestsorconvertibledebtsecuritiesofParentsoldtoaRestrictedSubsidiary,(y)DisqualifiedStockordebtsecuritiesthathavebeenconvertedintoDisqualifiedStockor(z)ExcludedContributions;plus
(3)100.0%oftheaggregateamountofcashandthefairmarketvalueofmarketablesecuritiesorotherproperty
contributedtothecapitalofParentoraRestrictedSubsidiaryorthatbecomespartofthecapitalofParentoraRestrictedSubsidiarythroughconsolidationormergerfollowingtheIssueDate(otherthan(i)netcashproceedstotheextentsuchnetcashproceedshavebeenusedtoincurIndebtednessorissueDisqualifiedStockorPreferredStockpursuanttoclause(xii)(A)ofSection4.09(b)hereof,(ii)contributionsbyaRestrictedSubsidiaryand(iii)anyExcludedContributions);plus
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(4)100.0%oftheaggregateamountreceivedincashandthefairmarketvalueofmarketablesecuritiesorotherpropertyreceivedbyParentoranyRestrictedSubsidiarybymeansof:
(i)thesaleorotherdisposition(otherthantoParentoraRestrictedSubsidiary)of,orotherreturnson
Investmentsfrom,RestrictedInvestmentsmadebyParentoritsRestrictedSubsidiariesandrepurchasesandredemptionsofsuchRestrictedInvestmentsfromParentoritsRestrictedSubsidiariesandrepaymentsofloansoradvances,andreleasesofguarantees,whichconstituteRestrictedInvestmentsmadebyParentoritsRestrictedSubsidiaries,ineachcaseaftertheIssueDate;or
(ii)(ii)thesale(otherthantoParentoraRestrictedSubsidiary)ofthestockofanUnrestrictedSubsidiaryora
dividendordistribution(otherthananExcludedContribution)fromanUnrestrictedSubsidiary(otherthan,ineachcase,totheextenttheInvestmentinsuchUnrestrictedSubsidiarywasmadebyParentoraRestrictedSubsidiarypursuanttoclause(vii)ofSection4.07(b)hereofortotheextentsuchInvestmentconstitutedaPermittedInvestment),ineachcase,aftertheIssueDate;plus
(iii)inthecaseoftheredesignationofanUnrestrictedSubsidiaryasaRestrictedSubsidiaryorthemerger,
amalgamationorconsolidationofanUnrestrictedSubsidiaryintoParentoraRestrictedSubsidiaryorthetransferofallorsubstantiallyalloftheassetsofanUnrestrictedSubsidiarytoParentoraRestrictedSubsidiaryaftertheIssueDate,thefairmarketvalue(asdeterminedbyParentingoodfaith)oftheInvestmentinsuchUnrestrictedSubsidiary(ortheassetstransferred)atthetimeoftheredesignationofsuchUnrestrictedSubsidiaryasaRestrictedSubsidiaryoratthetimeofsuchmerger,amalgamation,consolidationortransferofassets,otherthantotheextenttheInvestmentinsuchUnrestrictedSubsidiarywasmadebyParentoraRestrictedSubsidiarypursuanttoclause(vii)ofSection4.07(b)hereofortotheextentsuchInvestmentconstitutedaPermittedInvestment;plus
(5)$200.0million.
(b)TheforegoingprovisionsofSection4.07(a)hereofshallnotprohibit:
(i)thepaymentofanydividendorotherdistributionortheconsummationofanyirrevocableredemptionwithin60daysafterthedateof
declarationofthedividendorotherdistributionorthegivingoftheredemptionnotice,asthecasemaybe,ifatthedateofdeclarationornotice,thedividendorotherdistributionorredemptionpaymentwouldhavecompliedwiththeprovisionsofthisIndenture;
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(ii)(A)theredemption,repurchase,defeasance,retirementorotheracquisitionofanyEquityInterests(“Treasury Capital Stock”),includinganyaccruedandunpaiddividendsthereonorSubordinatedIndebtednessofParentoranyRestrictedSubsidiaryoranyEquityInterestsofanydirectorindirectparentcompanyofParent,inexchangefor,oroutoftheproceedsofthesubstantiallyconcurrentsaleorissuance(otherthantoaRestrictedSubsidiary)of,EquityInterestsofParentoranydirectorindirectparentcompanyofParenttotheextentcontributedtoParent(ineachcase,otherthananyDisqualifiedStock)(“Refunding Capital Stock”),(B)thedeclarationandpaymentofdividendsonTreasuryCapitalStockoutoftheproceedsofthesubstantiallyconcurrentsaleorissuance(otherthantoaSubsidiaryofParentortoanemployeestockownershipplanoranytrustestablishedbyParentoranyofitsSubsidiaries)ofRefundingCapitalStock,and(C)if,immediatelypriortotheretirementofTreasuryCapitalStock,thedeclarationandpaymentofdividendsthereonwaspermittedunderclauses(vi)(A)or(B)ofthisSection4.07(b),thedeclarationandpaymentofdividendsontheRefundingCapitalStock(otherthanRefundingCapitalStocktheproceedsofwhichwereusedtoredeem,repurchase,retireorotherwiseacquireanyEquityInterestsofanydirectorindirectparentcompanyofParent)inanaggregateamountperyearnogreaterthantheaggregateamountofdividendsperannumthatweredeclarableandpayableonsuchTreasuryCapitalStockimmediatelypriortosuchretirement;
(iii)theprepayment,defeasance,redemption,repurchase,exchangeorotheracquisitionorretirement(1)ofSubordinatedIndebtednessof
Parent,theIssueroraGuarantormadebyexchangefor,oroutoftheproceedsofthesubstantiallyconcurrentsaleof,newIndebtednessofParent,theIssueroraGuarantororDisqualifiedStockofParent,theIssueroraGuarantoror(2)DisqualifiedStockofParent,theIssueroraGuarantormadebyexchangefor,oroutoftheproceedsofthesubstantiallyconcurrentsaleof,DisqualifiedStockofParent,theIssueroraGuarantor,that,ineachcase,isincurredorissued,asapplicable,incompliancewithSection4.09hereofsolongas:
(A)theprincipalamount(oraccretedvalue,ifapplicable)ofsuchnewIndebtednessortheliquidationpreferenceofsuchnew
DisqualifiedStockdoesnotexceedtheprincipalamountof(oraccretedvalue,ifapplicable),plusanyaccruedandunpaidintereston,theSubordinatedIndebtednessortheliquidationpreferenceof,plusanyaccruedandunpaiddividendson,theDisqualifiedStockbeingsoprepaid,defeased,redeemed,repurchased,exchanged,acquiredorretiredforvalue,plustheamountofanypremium(includingtenderpremium)requiredtobepaidunderthetermsoftheinstrumentgoverningtheSubordinatedIndebtednessorDisqualifiedStockbeingsodefeased,redeemed,repurchased,exchanged,acquiredorretired,defeasancecostsandanyfeesandexpensesincurredinconnectionwiththeissuanceofsuchnewIndebtednessorDisqualifiedStock;
(B)suchnewIndebtednessissubordinatedtotheNotesortheapplicableGuaranteeatleasttothesameextentassuch
SubordinatedIndebtednesssodefeased,redeemed,repurchased,exchanged,acquiredorretired;
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(C)suchnewIndebtednessorDisqualifiedStockhasafinalscheduledmaturitydateequaltoorlaterthanthefinalscheduledmaturitydateoftheSubordinatedIndebtednessorDisqualifiedStockbeingsodefeased,redeemed,repurchased,exchanged,acquiredorretired(or,ifearlier,adatethatisatleast91daysafterthematuritydateoftheNotes);and
(D)suchnewIndebtednessorDisqualifiedStockhasaWeightedAverageLifetoMaturityequaltoorgreaterthantheremaining
WeightedAverageLifetoMaturityoftheSubordinatedIndebtednessorDisqualifiedStockbeingsodefeased,redeemed,repurchased,exchanged,acquiredorretired(orrequiresnoornominalpaymentsincashpriortothedatethatis91daysafterthematuritydateoftheNotes);
(iv)aRestrictedPaymenttopayfortherepurchase,redemptionorotheracquisitionorretirementforvalueofEquityInterests(otherthan
DisqualifiedStock)ofParentoranydirectorindirectparentcompanyofParentheldbyanyfuture,presentorformeremployee,director,officer,memberofmanagementorconsultant(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)ofParent,anyofitsSubsidiariesoranyofitsdirectorindirectparentcompaniespursuanttoanymanagementequityplanorstockoptionplanoranyothermanagementoremployeebenefitplanoragreement,oranystocksubscriptionorshareholderagreement(including,fortheavoidanceofdoubt,anyprincipalandinterestpayableonanyIndebtednessissuedbyParentoranydirectorindirectparentcompanyofParentinconnectionwithsuchrepurchase,retirementorotheracquisition);provided thattheaggregateamountofRestrictedPaymentsmadeunderthisclause(iv)donotexceedinanycalendaryearanamountequalto$30.0million(withunusedamountsinanycalendaryearbeingcarriedovertosucceedingcalendaryears);provided,further,thatsuchamountinanycalendaryearunderthisclausemaybeincreasedbyanamountnottoexceed:
(A)thecashproceedsfromthesaleofEquityInterests(otherthanDisqualifiedStock)ofParentand,totheextentcontributedto
Parent,thecashproceedsfromthesaleofEquityInterestsofanyofParent’sdirectorindirectparentcompanies,ineachcasetoanyfuture,presentorformeremployees,directors,officers,membersofmanagementorconsultants(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)ofParent,anyofitsSubsidiariesoranyofitsdirectorindirectparentcompaniesthatoccursaftertheIssueDate,totheextentthecashproceedsfromthesaleofsuchEquityInterestshavenototherwisebeenappliedtothepaymentofRestrictedPaymentsbyvirtueofclause(C)ofSection4.07(a)(iv)hereof;plus
(B)thecashproceedsofkeymanlifeinsurancepoliciesreceivedbyParentoritsRestrictedSubsidiaries(oranydirectorindirect
parentcompanyofParenttotheextentcontributedtoParent)aftertheIssueDate;less
(C)theamountofanyRestrictedPaymentspreviouslymadewiththecashproceedsdescribedinclauses(A)and(B)ofthisclause(iv);
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andprovided,further,that(i)cancellationofIndebtednessowingtoParentoranyRestrictedSubsidiaryfromanyfuture,presentorformeremployees,directors,officers,membersofmanagementorconsultants(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)ofParent,anyofParent’sdirectorindirectparentcompaniesoranyofParent’sRestrictedSubsidiariesinconnectionwitharepurchaseofEquityInterestsofParentoranyofitsdirectorindirectparentcompaniesand(ii)therepurchaseofEquityInterestsdeemedtooccurupontheexerciseofoptions,warrantsorsimilarinstrumentsifsuchEquityInterestsrepresentalloraportionoftheexercisepricethereoforpayments,inlieuoftheissuanceoffractionalEquityInterestsorwithholdingtopayothertaxespayableinconnectiontherewith,inthecaseofeachofclauses(i)and(ii),willnotbedeemedtoconstituteaRestrictedPaymentforpurposesofthisSection4.07oranyotherprovisionofthisIndenture;
(v)thedeclarationandpaymentofdividendstoholdersofanyclassorseriesofDisqualifiedStockofParentoranyofitsRestricted
SubsidiariesoranyclassorseriesofPreferredStockofanyRestrictedSubsidiaryissuedinaccordancewithSection4.09hereoftotheextentsuchdividendsareincludedinthedefinitionof“Fixed Charges”;
(vi)(A)thedeclarationandpaymentofdividendstoholdersofanyclassorseriesofDesignatedPreferredStock(otherthanDisqualified
Stock)issuedbyParentaftertheIssueDate;
(B)thedeclarationandpaymentofdividendstoanydirectorindirectparentcompanyofParent,theproceedsofwhichwillbeusedtofundthepaymentofdividendstoholdersofanyclassorseriesofDesignatedPreferredStock(otherthanDisqualifiedStock)issuedbysuchparentcompanyaftertheIssueDate;provided thattheamountofdividendspaidpursuanttothisclause(B)shallnotexceedtheaggregateamountofcashactuallycontributedtoParentfromthesaleofsuchDesignatedPreferredStock;or
(C)thedeclarationandpaymentofdividendsonRefundingCapitalStockthatisPreferredStockinexcessofthedividends
declarableandpayablethereonpursuanttoclause(ii)ofthisSection4.07(b);
provided,inthecaseofeachof(A)and(C)ofthisclause(vi),thatforthemostrecentlyendedfourfullfiscalquartersforwhichinternalfinancialstatementsareavailableimmediatelyprecedingthedateofissuanceofsuchDesignatedPreferredStockorthedeclarationofsuchdividendsonRefundingCapitalStockthatisPreferredStock,aftergivingeffecttosuchissuanceordeclarationonapro formabasis,ParentanditsRestrictedSubsidiariesonaconsolidatedbasiswouldhavehadaFixedChargeCoverageRatioofatleast2.00to1.00;
(vii)InvestmentsinUnrestrictedSubsidiarieshavinganaggregatefairmarketvalue,takentogetherwithallotherInvestmentsmade
pursuanttothisclause(vii)thatareatthetimeoutstanding,withoutgivingeffecttothesaleofanUnrestrictedSubsidiarytotheextenttheproceedsofsuchsaledonotconsistofcashormarketablesecurities(untilsuchproceedsareconvertedtoCashEquivalents),nottoexceedthegreaterof(a)$225.0millionand(b)3.00%ofTotalAssetsatthetimeofsuchInvestment(withthefairmarketvalueofeachInvestmentbeingmeasuredatthetimemadeandwithoutgivingeffecttosubsequentchangesinvalue);
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(viii)paymentsmadeorexpectedtobemadebyParentoranyRestrictedSubsidiaryinrespectofwithholdingorsimilartaxespayableuponexerciseofEquityInterestsbyanyfuture,presentorformeremployee,director,officer,memberofmanagementorconsultant(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)ofParentoranyRestrictedSubsidiaryoranydirectorindirectparentcompanyofParentandanyrepurchasesofEquityInterestsdeemedtooccuruponexerciseofstockoptions,warrantsorotherequity-basedawardsifsuchEquityInterestsrepresentaportionoftheexercisepriceofsuchoptions,warrantsorawards;
(ix)thedeclarationandpaymentofdividendson,orthepurchase,redemption,defeasanceorotheracquisitionorretirementforvalueof,
Parent’scommonstock(orthepaymentofdividendstoanydirectorindirectparentcompanyofParenttofundapaymentofdividendsonsuchcompany’scommonstockortofundsuchcompany’spurchase,redemption,defeasanceorotheracquisitionorretirementforvalueofsuchcompany’scommonstock),inanamountnottoexceedthesumof(A)upto6.0%perannumoftheamountofnetcashproceedsreceivedbyorcontributedtoParentoranyofitsRestrictedSubsidiariesfromJune28,2015fromanysuchpublicoffering,otherthanpublicofferingswithrespecttoParent’scommonstockregisteredonFormS-4orFormS-8andotherthananypublicsaleconstitutinganExcludedContribution,and(B)anaggregateamountperannumnottoexceed(x)3.0%ofMarketCapitalization,if,aftergivingproformaeffecttothepaymentofanysuchRestrictedPayment,theConsolidatedTotalDebtRatioisgreaterthan3.50to1.00and(y)4.00%ofMarketCapitalization,solongas,aftergivingproformaeffecttothepaymentofanysuchRestrictedPayment,theConsolidatedTotalDebtRatioshallbelessthanorequalto3.50to1.00;
(x)RestrictedPaymentsthataremade(a)inanamountequaltotheamountofExcludedContributionsreceivedfollowingtheIssueDate
or(b)withoutduplicationwithclause(a),inanamountequaltotheNetProceedsfromanAssetSaleinrespectofpropertyorassetsacquiredaftertheIssueDate,iftheacquisitionofsuchpropertyorassetswasfinancedwithExcludedContributions;
(xi)(A)RestrictedPaymentsinanaggregateamounttakentogetherwithallotherRestrictedPaymentsmadepursuanttothisclause(xi)(A)
(inthecaseofRestrictedInvestments,atthetimeoutstanding(withoutgivingeffecttothesaleofanInvestmenttotheextenttheproceedsofsuchsaledonotconsistof,orhavenotbeenconvertedto,CashEquivalents))nottoexceedthegreaterof(a)$225.0millionand(b)3.0%ofTotalAssetsatsuchtime;and(B)anyRestrictedPayments,solongas,aftergivingproformaeffecttothepaymentofanysuchRestrictedPayment,theConsolidatedTotalDebtRatioshallbenogreaterthan3.00to1.00;
(xii)distributionsorpaymentsofSecuritizationFees;
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(xiii)anyRestrictedPaymentusedtofundamountsowedtoAffiliates(includingdividendstoanydirectorindirectparentcompanyofParenttopermitpaymentbysuchparentcompanyofsuchamounts),ineachcasetotheextentpermittedbySection4.11hereofotherthanSection4.11(b)(ii);
(xiv)therepurchase,redemptionorotheracquisitionorretirementforvalueofanySubordinatedIndebtednesspursuanttotheprovisions
similartothosedescribedunderSections4.10and4.14hereof;providedthatiftheIssuershallhavebeenrequiredtomakeaChangeofControlOfferorAssetSaleOffer,asapplicable,topurchasetheNotesonthetermsprovidedinthisIndentureapplicabletoChangeofControlOffersorAssetSaleOffers,respectively,allNotesvalidlytenderedbyHoldersofsuchNotesinconnectionwithaChangeofControlOfferorAssetSaleOffer,asapplicable,havebeenrepurchased,redeemed,acquiredorretiredforvalue;
(xv)thedeclarationandpaymentofdividendsordistributionsbyParentto,orthemakingofloansto,anydirectorindirectparentcompany
ofParentinamountsrequiredforanydirectorindirectparentcompanyofParenttopay,ineachcasewithoutduplication:
(A)franchise,exciseandsimilartaxes,andotherfeesandexpenses,requiredtomaintainitscorporateexistence;
(B)consolidated,combinedorsimilarforeign,federal,stateorlocalincomeorsimilartaxesofataxgroupthatincludesParentand/oritsSubsidiariesandwhosecommonparentisadirectorindirectparentofParent,totheextentsuchincomeorsimilartaxesareattributabletotheincomeofParentanditsRestrictedSubsidiariesor,totheextentofanycashamountsactuallyreceivedfromitsUnrestrictedSubsidiariesforsuchpurpose,totheincomeofsuchUnrestrictedSubsidiaries;provided,thatineachcasetheamountofsuchpaymentsinrespectofanyfiscalyeardoesnotexceedtheamountthatParentand/oritsRestrictedSubsidiaries(and,totheextentpermittedabove,itsUnrestrictedSubsidiaries),asapplicable,wouldhavebeenrequiredtopayinrespectoftherelevantforeign,federal,stateorlocalincomeorsimilartaxesforsuchfiscalyearhadParent,itsRestrictedSubsidiariesand/oritsUnrestrictedSubsidiaries(totheextentdescribedabove),asapplicable,(A)paidsuchtaxesseparatelyfromanysuchparentcompanyor(B)ifParentistreatedasadisregardedentityorpartnershipforU.S.federal,stateand/orlocalincometaxpurposesforsuchperiod,wereParentataxpayerandparentofaconsolidatedgroupandhadpaidsuchtaxesforParent,itsRestrictedSubsidiariesand/oritsUnrestrictedSubsidiaries(totheextentdescribedabove);
(C)customarysalary,bonusandotherbenefitspayabletoemployees,directors,officersandmanagersofanydirectorindirect
parentcompanyofParenttotheextentsuchsalaries,bonusesandotherbenefitsareattributabletotheownershiporoperationofParentanditsRestrictedSubsidiaries;
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(D)generalcorporateoperatingandoverheadcostsandexpensesand,listingfeesandothercostsandexpensesattributabletobeingapubliclytradedcompany,ofanydirectorindirectparentcompanyofParent;
(E)feesandexpensesrelatedtoanyunsuccessfulequityordebtofferingofsuchparententity;
(F)[Reserved];
(G)cashpaymentsinlieuofissuingfractionalsharesinconnectionwiththeexerciseofwarrants,optionsorothersecurities
convertibleintoorexchangeableforEquityInterestsofParentoranydirectorindirectparentcompanyofParent;
(H)tofinanceInvestmentsthatwouldotherwisebepermittedtobemadepursuanttothisSection4.07ifmadebyParent;providedthat(1)suchRestrictedPaymentshallbemadesubstantiallyconcurrentlywiththeclosingofsuchInvestment,(2)suchdirectorindirectparentcompanyshall,immediatelyfollowingtheclosingthereof,cause(x)allpropertyacquired(whetherassetsorEquityInterests)tobecontributedtothecapitalofParentoroneofitsRestrictedSubsidiariesor(y)themergeroramalgamationofthePersonformedoracquiredintoParentoroneofitsRestrictedSubsidiaries(totheextentnotprohibitedbySection5.01hereof)inordertoconsummatesuchInvestment,(3)suchdirectorindirectparentcompanyanditsAffiliates(otherthanParentoraRestrictedSubsidiary)receivesnoconsiderationorotherpaymentinconnectionwithsuchtransactionexcepttotheextentParentoraRestrictedSubsidiarycouldhavegivensuchconsiderationormadesuchpaymentincompliancewiththisIndenture,(4)anypropertyreceivedbyParentshallnotincreaseamountsavailableforRestrictedPaymentspursuanttoclause(C)ofSection4.07(a)(iv)hereofand(5)suchInvestmentshallbedeemedtobemadebyParentorsuchRestrictedSubsidiarypursuanttoanotherprovisionofthisSection4.07(b)(otherthanpursuanttoclause(x)ofthisSection4.07(b))orpursuanttothedefinitionof“PermittedInvestments”(otherthanclause(i)thereof);
(I)amountsthatwouldbepermittedtobepaidbyParentunderclauses(iii),(iv),(vii),(xii),(xiii)and(xvi)ofSection4.11(b)
hereof;providedthattheamountofanydividendordistributionunderthisclause(xv)(I)topermitsuchpaymentshallreduce,withoutduplication,ConsolidatedNetIncomeofParenttotheextent,ifany,thatsuchpaymentwouldhavereducedConsolidatedNetIncomeofParentifsuchpaymenthadbeenmadedirectlybyParentandincrease(or,withoutduplicationofanyreductionofConsolidatedNetIncome,decrease)EBITDAtotheextent,ifany,thatConsolidatedNetIncomeisreducedunderthisclause(xv)(I)andsuchpaymentwouldhavebeenaddedbackto(or,totheextentexcludedfromConsolidatedNetIncome,wouldhavebeendeductedfrom)EBITDAifsuchpaymenthadbeenmadedirectlybyParent,ineachcase,intheperiodsuchpaymentismade;
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(xvi)thedistribution,bydividendorotherwise,ofsharesofCapitalStockof,orIndebtednessowedtoParentoraRestrictedSubsidiarybyUnrestrictedSubsidiaries(otherthanUnrestrictedSubsidiaries,theprimaryassetsofwhicharecashand/orCashEquivalents);
(xvii)anyprepayments,redemptions,purchasesanddefeasancesinrespectoftheSubordinatedCaptiveInsuranceNotepriortothematurity
thereof,includingpursuanttoanysinkingfundorsimilardeposit;and
(xviii)anyRestrictedPaymentmadepursuanttoorinconnectionwiththeconsummationoftheTransactionsorascontemplatedbytheMembershipInterestPurchaseAgreement,includinganydividends,paymentsorloansmadetoanydirectorindirectparentofParenttoenableittomakeanysuchpayments,ineachcase,totheextentnotmateriallyinconsistentwiththedescriptionoftheTransactionscontainedintheOfferingCircular;
provided thatatthetimeof,andaftergivingeffectto,anyRestrictedPaymentpermittedunderclause(xi)(B)ofthisSection4.07(b),noEventofDefaultshallhaveoccurredandbecontinuingorwouldoccurasaconsequencethereof.
(c)ForpurposesofdeterminingcompliancewiththisSection4.07,intheeventthataproposedRestrictedPayment(oraportionthereof)meetsthecriteriaofclauses(i)through(xviii)ofSection4.07(b)hereofand/oroneormoreoftheclausescontainedinthedefinitionof“PermittedInvestments,”orisentitledtobemadepursuanttoSection4.07(a),theIssuerwillbeentitledtodivideorclassifyorlaterdivideorreclassify(basedoncircumstancesexistingonthedateofsuchreclassification)suchRestrictedPayment(oraportionthereof)betweensuchclauses(i)through(xviii)andsuchSection4.07(a)and/oroneormoreoftheclausescontainedinthedefinitionof“PermittedInvestments,”inanymannerthatotherwisecomplieswiththisSection4.07.
(d)ParentshallnotpermitanyUnrestrictedSubsidiarytobecomeaRestrictedSubsidiaryexceptpursuanttothepenultimatesentenceofthedefinitionof“Unrestricted Subsidiary.”ForpurposesofdesignatinganyRestrictedSubsidiaryasanUnrestrictedSubsidiary,alloutstandingInvestmentsbyParentanditsRestrictedSubsidiaries(excepttotheextentrepaid)intheSubsidiarysodesignatedshallbedeemedtobeRestrictedPaymentsinanamountdeterminedassetforthinthepenultimatesentenceofthedefinitionof“Investments.”SuchdesignationshallbepermittedonlyifaRestrictedPaymentinsuchamountwouldbepermittedatsuchtime,pursuanttothisSection4.07,orpursuanttothedefinitionof“Permitted Investments,”andifsuchSubsidiaryotherwisemeetsthedefinitionofanUnrestrictedSubsidiary.UnrestrictedSubsidiariesshallnotbesubjecttoanyoftherestrictivecovenantssetforthinthisIndenture.Fortheavoidanceofdoubt,thisSection4.07shallnotrestrictthemakingofany“AHYDO catch up payment”withrespectto,andrequiredbythetermsof,anyIndebtednessofParentoranyofitsRestrictedSubsidiariespermittedtobeincurredunderthetermsofthisIndenture.
(e)Notwithstandingtheforegoing,followingtheAssumption,ParentmaynotatanytimedesignatetheIssuerasanUnrestrictedSubsidiaryforanypurposeunderthisIndenture.
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Section 4.08Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.
(a)Parentshallnot,andshallnotpermitanyNon-GuarantorSubsidiaryto,directlyorindirectly,createorotherwisecauseorsuffertoexistorbecomeeffectiveanyconsensualencumbranceorconsensualrestrictionontheabilityofanysuchNon-GuarantorSubsidiaryto:
(i)(A)paydividendsormakeanyotherdistributionstoParentoranyofitsRestrictedSubsidiariesthatisaGuarantoronitsCapitalStockorwithrespecttoanyotherinterestorparticipationin,ormeasuredby,itsprofits;or
(B)payanyIndebtednessowedtoParentoranyofitsRestrictedSubsidiariesthatisaGuarantor;
(ii)makeloansoradvancestoParentoranyofitsRestrictedSubsidiariesthatisaGuarantor;or
(iii)sell,leaseortransferanyofitspropertiesorassetstoParentoranyofitsRestrictedSubsidiariesthatisaGuarantor;
(b)TherestrictionsinSection4.08(a)hereofshallnotapplytoencumbrancesorrestrictionsexistingunderorbyreasonof:
(i)contractualencumbrancesorrestrictionsineffectontheIssueDate,includingpursuanttoHedgingObligationsandtherelated
documentation,andcontractualencumbrancesorrestrictionsineffectontheIssueDatepursuanttotheSeniorSecuredCreditFacilitiesandtherelateddocumentation;
(ii)thisIndenture,theNotes,theGuaranteesandtheEscrowAgreement;
(iii)PurchaseMoneyObligationsforpropertyacquiredintheordinarycourseofbusinessandFinancingLeaseObligationsthatimpose
restrictionsofthenaturediscussedinclause(iii)ofSection4.08(a)hereofonthepropertysoacquired;
(iv)applicablelaworanyapplicablerule,regulationororder;
(v)(A)inthecaseoftheredesignationofanUnrestrictedSubsidiaryasaRestrictedSubsidiaryorthemerger,amalgamationorconsolidationofanUnrestrictedSubsidiaryintoParentoraRestrictedSubsidiaryorthetransferofallorsubstantiallyalloftheassetsofanUnrestrictedSubsidiarytoParentoraRestrictedSubsidiary,anyagreementorotherinstrumentofsuchUnrestrictedSubsidiary(but,inanysuchcase,notcreatedincontemplationthereof)and(B)anyagreementorotherinstrumentofaPersonacquiredbyormergedorconsolidatedwithorintoParentoranyofitsRestrictedSubsidiariesinexistenceatthetimeofsuchacquisitionoratthetimeitmergeswithorintoParentoranyofitsRestrictedSubsidiariesorassumedinconnectionwiththeacquisitionofassetsfromsuchPerson(but,inanysuchcase,notcreatedincontemplationthereof),whichencumbranceorrestrictionisnotapplicabletoanyPerson,orthepropertiesorassetsofanyPerson,otherthanthePersonsoacquiredanditsSubsidiaries,orthepropertyorassetsofthePersonsoacquiredanditsSubsidiariesorthepropertyorassetssoacquired;
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(vi)contractsforthesaleofassets,includingcustomaryrestrictionswithrespecttoaSubsidiaryofParentpursuanttoanagreementthathasbeenenteredintoforthesaleordispositionofallorsubstantiallyalloftheCapitalStockorassetsofsuchSubsidiary;
(vii)SecuredIndebtednessotherwisepermittedtobeincurredpursuanttoSections4.09and4.12hereofthatlimittherightofthedebtorto
disposeoftheassetssecuringsuchIndebtedness;
(viii)restrictionsoncashorotherdepositsornetworthimposedbysuppliers,customersorlandlordsundercontractsenteredintointheordinarycourseofbusinessorarisinginconnectionwithanyPermittedLiens;
(ix)otherIndebtedness,DisqualifiedStockorPreferredStockofNon-GuarantorSubsidiariespermittedtobeincurredsubsequenttothe
IssueDatepursuanttotheprovisionsofSection4.09hereof;
(x)customaryprovisionsinjointventureagreementsandothersimilaragreementsorarrangementsrelatingtosuchjointventure;
(xi)customaryprovisionscontainedinleases,sub-leases,licenses,sub-licensesorsimilaragreements,includingwithrespecttointellectualpropertyandotheragreements,ineachcase,enteredintointheordinarycourseofbusiness;
(xii)restrictionsorconditionscontainedinanytrading,netting,operating,construction,service,supply,purchase,saleorotheragreement
towhichParentoranyofitsRestrictedSubsidiariesisapartyenteredintointheordinarycourseofbusiness;provided,thatsuchagreementprohibitstheencumbranceofsolelythepropertyorassetsofParentorsuchRestrictedSubsidiarythatarethesubjecttosuchagreement,thepaymentrightsarisingthereunderortheproceedsthereofanddoesnotextendtoanyotherassetorpropertyofParentorsuchRestrictedSubsidiaryortheassetsorpropertyofanotherRestrictedSubsidiary;
(xiii)customaryprovisionsrestrictingsublettingorassignmentofanyleasegoverningaleaseholdinterestofanyRestrictedSubsidiary;
(xiv)customaryprovisionsrestrictingassignmentofanyagreemententeredintointheordinarycourseofbusiness;
(xv)restrictionsarisinginconnectionwithcashorotherdepositspermittedunderSection4.12hereof;
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(xvi)anyagreementorinstrument(A)relatingtoanyIndebtedness,DisqualifiedStockorPreferredStockpermittedtobeincurredorissuedsubsequenttotheIssueDatepursuanttoSection4.09hereofiftheencumbrancesandrestrictionsarenotmateriallymoredisadvantageous,takenasawhole,totheHoldersthaniscustomaryincomparablefinancingsforsimilarlysituatedissuers(asdeterminedingoodfaithbyParent)orasotherwiseineffectontheIssueDateand(B)either(x)theIssuerdeterminesthatsuchencumbranceorrestrictionwillnotadverselyaffecttheIssuer’sabilitytomakeprincipalandinterestpaymentsontheNotesasandwhentheycomedueor(y)suchencumbrancesandrestrictionsapplyonlyduringthecontinuanceofadefaultinrespectofapaymentorfinancialmaintenancecovenantrelatingtosuchIndebtedness;
(xvii)restrictionscreatedinconnectionwithanyQualifiedSecuritizationFacilitythatinthegoodfaithdeterminationofParentarenecessary
oradvisabletoeffectsuchQualifiedSecuritizationFacility;and
(xviii)anyencumbrancesorrestrictionsofthetypereferredtoinclauses(i),(ii)and(iii)ofSection4.08(a)hereofimposedbyanyamendments,modifications,restatements,renewals,increases,supplements,refundings,replacementsorrefinancingsofthecontracts,instrumentsorobligationsreferredtoinclauses(i)through(xvii)ofthisSection4.08(b);provided thatsuchamendments,modifications,restatements,renewals,increases,supplements,refundings,replacementsorrefinancingsare,inthegoodfaithjudgmentofParent,notmateriallymorerestrictivewithrespecttosuchencumbranceandotherrestrictionstakenasawholethanthosepriortosuchamendment,modification,restatement,renewal,increase,supplement,refunding,replacementorrefinancing.
Section 4.09Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.
(a)Parentshallnot,andshallnotpermitanyofitsRestrictedSubsidiariesto,directlyorindirectly,create,incur,issue,assume,guaranteeor
otherwisebecomedirectlyorindirectlyliable,contingentlyorotherwise(collectively,“incur”andcollectively,an“incurrence”)withrespecttoanyIndebtedness(includingAcquiredIndebtedness)andParentshallnotissueanysharesofDisqualifiedStockandshallnotpermitanyRestrictedSubsidiarytoissueanysharesofDisqualifiedStockoranyNon-GuarantorSubsidiarytoissuePreferredStock;providedthatParentmayincurIndebtedness(includingAcquiredIndebtedness)orissuesharesofDisqualifiedStock,andanyRestrictedSubsidiarymayincurIndebtedness(includingAcquiredIndebtedness)andissuesharesofDisqualifiedStockandanyNon-GuarantorSubsidiarymayissuesharesofPreferredStock,iftheFixedChargeCoverageRatioonaconsolidatedbasisofParentanditsRestrictedSubsidiariesforthemostrecentlyendedfourfiscalquartersforwhichinternalfinancialstatementsareavailableimmediatelyprecedingthedateonwhichsuchadditionalIndebtednessisincurredorsuchDisqualifiedStockorPreferredStockisissuedwouldhavebeenatleast2.00to1.00,determinedonapro formabasis(includingapro formaapplicationofthenetproceedstherefrom),asiftheadditionalIndebtednesshadbeenincurred,ortheDisqualifiedStockorPreferredStockhadbeenissued,asthecasemaybe,andtheapplicationofproceedstherefromhadoccurredatthebeginningofsuchfour-quarterperiod;providedthatthethenoutstandingaggregateprincipalamountofIndebtedness(includingAcquiredIndebtedness),DisqualifiedStockandPreferredStockthatmaybeincurredorissued,asapplicable,pursuanttothisSection4.09(a)(plusanyRefinancingIndebtednessinrespectthereof)byNon-GuarantorSubsidiariesshallnotexceedthegreaterof(x)$225.0millionand(y)3.0%ofTotalAssets(ineachcase,determinedonthedateofsuchincurrence).
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(b)TheprovisionsofSection4.09(a)hereofshallnotapplyto:
(i)IndebtednessincurredpursuanttoanyCreditFacilitiesbyParentoranyRestrictedSubsidiaryandtheissuanceandcreationoflettersofcreditandbankers’acceptancesthereunder(withlettersofcreditandbankers’acceptancesbeingdeemedtohaveaprincipalamountequaltothefaceamountthereof);provided thatimmediatelyaftergivingeffecttoanysuchincurrenceorissuance,thethenoutstandingaggregateprincipalamountofallIndebtednessincurredorissuedunderthisclause(i)doesnotexceed(I)thegreaterof(x)$3.0billionand(b)theBorrowingBaseplus(II)anadditionalamount,ifaftergivingproformaeffecttotheincurrenceofsuchadditionalamountandtheapplicationoftheproceedstherefrom,theConsolidatedSecuredDebtRatioofParentanditsRestrictedSubsidiarieswouldbenogreaterthan4.75to1.00;providedthatforpurposesofdeterminingtheamountthatmaybeincurredunderthisSection4.09,allIndebtednessincurredunderthisSection4.09shallbedeemedtobeincludedinclause(a)ofthedefinitionof“ConsolidatedSecuredDebtRatio”;
(ii)theincurrencebyParent,theIssuerandanyGuarantorofIndebtednessrepresentedbytheNotesandtheGuarantees(butexcludingany
AdditionalNotesandanyGuaranteesthereof);
(iii)IndebtednessofParentanditsRestrictedSubsidiariesinexistenceontheIssueDate(otherthanIndebtednessdescribedinclauses(i)and(ii)ofthisSection4.09(b));
(iv)Indebtedness(includingFinancingLeaseObligationsandPurchaseMoneyObligations),DisqualifiedStockandPreferredStock
incurredorissuedbyParentoranyofitsRestrictedSubsidiariestofinancethepurchase,lease,expansion,construction,installation,replacement,repairorimprovementofproperty(realorpersonal),equipmentoranyotherasset,whetherthroughthedirectpurchaseofassetsortheCapitalStockofanyPersonowningsuchassets,inanaggregateprincipalamount(togetherwithanyRefinancingIndebtednessinrespectthereof)nottoexceedthegreaterof(a)$325.0millionand(b)4.5%ofTotalAssets(ineachcase,determinedatthedateofincurrenceorissuance);solongassuchIndebtedness,DisqualifiedStockorPreferredStockexistsatthedateofsuchpurchase,lease,expansion,construction,installation,replacement,repairorimprovement,oriscreatedwithin365daysthereafter(fortheavoidanceofdoubt,thepurchasedateforanyassetshallbethelaterofthedateofcompletionofconstructionorinstallationandthebeginningofthefullproductiveuseofsuchasset);
(v)IndebtednessincurredbyParentoranyofitsRestrictedSubsidiariesconstitutingreimbursementobligationswithrespecttolettersof
credit,bankguarantees,banker’sacceptances,warehousereceipts,orsimilarinstrumentsissuedorcreatedintheordinarycourseofbusiness,includinglettersofcreditinfavorofsuppliersortradecreditorsorinrespectofworkers’compensationclaims,performanceorsuretybonds,health,disabilityorotheremployeebenefitsorproperty,casualtyorliabilityinsuranceorself-insuranceorotherIndebtednesswithrespecttoreimbursementtypeobligationsregardingworkers’compensationclaims,performanceorsuretybonds,health,disabilityorotheremployeebenefitsorproperty,casualtyorliabilityinsuranceorself-insurance;provided thatuponthedrawingofsuchlettersofcreditortheincurrenceofsuchIndebtedness,suchobligationsarereimbursedwithin45BusinessDaysfollowingsuchdrawingorincurrence;
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(vi)Indebtednessarisingfrom(A)PermittedIntercompanyActivitiesand(B)agreementsofParentoritsRestrictedSubsidiariesprovidingforindemnification,adjustmentofpurchaseprice,earn-outsorsimilarobligations,ineachcase,incurredorassumedinconnectionwiththedispositionofanybusiness,assetsoraSubsidiary,otherthanguaranteesofIndebtednessincurredbyanyPersonacquiringalloranyportionofsuchbusiness,assetsoraSubsidiaryforthepurposeoffinancingsuchacquisition;providedthatsuchIndebtednessisnotreflectedonthebalancesheetofParent,oranyofitsRestrictedSubsidiaries(ContingentObligationsreferredtoinafootnotetofinancialstatementsandnototherwisereflectedonthebalancesheetshallnotbedeemedtobereflectedonsuchbalancesheetforpurposesofthisclause(vi));
(vii)IndebtednessofParentortheIssuertoaRestrictedSubsidiary;provided thatanysuchIndebtednessowingtoaNon-Guarantor
SubsidiaryissubordinatedinrightofpaymenttotheNotes(fortheavoidanceofdoubt,anysuchIndebtednessowingtoaNon-GuarantorSubsidiaryshallbedeemedtobeexpresslysubordinatedinrightofpaymenttotheNotesunlessthetermsofsuchIndebtednessexpresslyprovideotherwise);provided,further,thatanysubsequentissuanceortransferofanyCapitalStockoranyothereventwhichresultsinanysuchRestrictedSubsidiaryceasingtobeaRestrictedSubsidiaryoranyothersubsequenttransferofanysuchIndebtedness(excepttoParentoranotherRestrictedSubsidiaryoranypledgeofsuchIndebtednessconstitutingaPermittedLien)shallbedeemed,ineachcase,tobeanincurrenceofsuchIndebtedness(totheextentsuchIndebtednessisthenoutstanding)notpermittedbythisclause(vii);
(viii)IndebtednessofaRestrictedSubsidiarytoParentoranotherRestrictedSubsidiary;provided thatifaGuarantorincurssuch
IndebtednesstoaNon-GuarantorSubsidiary,suchIndebtednessissubordinatedinrightofpaymenttotheGuaranteeoftheNotesofsuchGuarantor(fortheavoidanceofdoubt,anysuchIndebtednessowingtoaNon-GuarantorSubsidiaryshallbedeemedtobeexpresslysubordinatedinrightofpaymenttotheNotesunlessthetermsofsuchIndebtednessexpresslyprovideotherwise);provided,further,thatanysubsequentissuanceortransferofanyCapitalStockoranyothereventwhichresultsinanysuchRestrictedSubsidiaryceasingtobeaRestrictedSubsidiaryoranysubsequenttransferofanysuchIndebtedness(excepttoParentoranotherRestrictedSubsidiaryoranypledgeofsuchIndebtednessconstitutingaPermittedLien)shallbedeemed,ineachcase,tobeanincurrenceofsuchIndebtedness(totheextentsuchIndebtednessisthenoutstanding)notpermittedbythisclause(viii);
(ix)sharesofPreferredStockofaRestrictedSubsidiaryissuedtoParentoranotherRestrictedSubsidiary;providedthatanysubsequent
issuanceortransferofanyCapitalStockoranyothereventwhichresultsinanysuchRestrictedSubsidiaryceasingtobeaRestrictedSubsidiaryoranyothersubsequenttransferofanysuchsharesofPreferredStock(excepttoParentoranotherofitsRestrictedSubsidiariesoranypledgeofsuchCapitalStockconstitutingaPermittedLien)shallbedeemedineachcasetobeanissuanceofsuchsharesofPreferredStock(totheextentsuchPreferredStockisthenoutstanding)notpermittedbythisclause(ix);
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(x)HedgingObligations(excludingHedgingObligationsenteredintoforspeculativepurposes)forthepurposeoflimitinginterestrateriskwithrespecttoanyIndebtednesspermittedtobeincurredunderthisIndenture,exchangerateriskorcommoditypricingrisk;
(xi)obligationsinrespectofself-insuranceandobligationsinrespectofperformance,bid,appealandsuretybondsandperformanceand
completionguaranteesandsimilarobligationsprovidedbyParentoranyofitsRestrictedSubsidiariesorobligationsinrespectoflettersofcredit,bankguaranteesorsimilarinstrumentsrelatedthereto,ineachcaseintheordinarycourseofbusinessorconsistentwithpastpractice;
(xii)(A)IndebtednessorDisqualifiedStockofParentandIndebtedness,DisqualifiedStockorPreferredStockofParentorany
RestrictedSubsidiaryinanaggregateprincipalamountorliquidationpreferenceupto100%ofthenetcashproceedsreceivedbyParentsinceimmediatelyaftertheIssueDatefromtheissueorsaleofEquityInterestsofParentorcashcontributedtothecapitalofParent(ineachcase,otherthanExcludedContributions,proceedsofDisqualifiedStockorsalesofEquityIntereststoParentoranyofitsSubsidiaries)asdeterminedinaccordancewithclauses(C)(2)and(C)(3)ofSection4.07(a)(iv)hereoftotheextentsuchnetcashproceedsorcashhavenotbeenappliedpursuanttosuchclausestomakeRestrictedPaymentspursuanttoSection4.07(b)hereofortomakePermittedInvestmentsspecifiedinclauses(h),(k),(m),(bb)or(cc)ofthedefinitionthereof,and
(B)IndebtednessorDisqualifiedStockofParentandIndebtedness,DisqualifiedStockorPreferredStockofParentorany
RestrictedSubsidiaryinanaggregateprincipalamountorliquidationpreference,which,whenaggregatedwiththeprincipalamountandliquidationpreferenceofallotherIndebtedness,DisqualifiedStockandPreferredStockthenoutstandingandincurredpursuanttothisclause(xii)(B),doesnotatanytimeoutstandingexceedthegreaterof(x)$300.0millionand(y)4.0%ofTotalAssets(ineachcase,determinedonthedateofsuchincurrence);itbeingunderstoodthatanyIndebtedness,DisqualifiedStockorPreferredStockincurredpursuanttothisclause(xii)(B)shallceasetobedeemedincurredoroutstandingforpurposesofthisclause(xii)(B)butshallbedeemedincurredforthepurposesofSection4.09(a)hereoffromandafterthefirstdateonwhichParentorsuchRestrictedSubsidiarycouldhaveincurredsuchIndebtedness,DisqualifiedStockorPreferredStockunderSection4.09(a)hereofwithoutrelianceonthisclause(xii)(B);
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(xiii)theincurrenceorissuancebyParentoranyRestrictedSubsidiaryofIndebtedness,DisqualifiedStockorPreferredStockwhichservestoextend,replace,refund,refinance,renewordefeaseanyIndebtedness,DisqualifiedStockorPreferredStockincurredorissuedaspermittedunderSection4.09(a)hereofandclauses(ii),(iii),(iv)and(xii)(A)ofthisSection4.09(b),thisclause(xiii)andclauses(xiv)and(xxiii)ofthisSection4.09(b)oranyIndebtedness,DisqualifiedStockorPreferredStockincurredorissuedtosoextend,replace,refund,refinance,renewordefeasesuchIndebtedness,DisqualifiedStockorPreferredStock,includingineachcase,additionalIndebtedness,DisqualifiedStockorPreferredStockincurredtopaypremiums(includingtenderpremiums),defeasancecosts,andaccruedinterest,feesandexpensesinconnectiontherewith(the“RefinancingIndebtedness”)priortoitsrespectivematurity;provided thatsuchRefinancingIndebtedness:
(A)hasaWeightedAverageLifetoMaturityatthetimesuchRefinancingIndebtednessisincurredwhichisnotlessthanthe
remainingWeightedAverageLifetoMaturityoftheIndebtedness,DisqualifiedStockorPreferredStockbeingextended,replaced,refunded,refinanced,renewedordefeased(orrequiresnoornominalpaymentsincashpriortothedatethatis91daysafterthematuritydateoftheNotes);
(B)totheextentsuchRefinancingIndebtednessextends,replaces,refunds,refinances,renewsordefeases(i)Indebtedness
subordinatedinrightofpaymenttotheNotesoranyGuaranteethereof,suchRefinancingIndebtednessissubordinatedinrightofpaymenttotheNotesortheGuaranteethereofatleasttothesameextentastheIndebtednessbeingextended,replaced,refunded,refinanced,renewedordefeasedor(ii)DisqualifiedStockorPreferredStock,suchRefinancingIndebtednessmustbeDisqualifiedStockorPreferredStock,respectively;and
(C)shallnotinclude:
(1)Indebtedness,DisqualifiedStockorPreferredStockofaSubsidiaryofParentthatisnottheIssueroraGuarantorthat
refinancesIndebtedness,DisqualifiedStockorPreferredStockoftheIssuer;or
(2)Indebtedness,DisqualifiedStockorPreferredStockofaSubsidiaryofParentthatisnottheIssueroraGuarantorthatrefinancesIndebtedness,DisqualifiedStockorPreferredStockofaGuarantor;
and,provided,further,thatsubclause(A)ofthisclause(xiii)willnotapplytoanyextension,replacement,refunding,refinancing,renewalordefeasanceofanyCreditFacilitiesorSecuredIndebtedness;
(xiv)(A)Indebtedness,DisqualifiedStockorPreferredStockofParentoraRestrictedSubsidiaryincurredorissuedtofinancean
acquisition(orotherpurchaseofassets)or(B)Indebtedness,DisqualifiedStockorPreferredStockofPersonsthatareacquiredbyParentoranyRestrictedSubsidiaryormergedintoorconsolidatedwithParentoraRestrictedSubsidiaryinaccordancewiththetermsofthisIndenture;providedthatinthecaseofclauses(A)and(B),aftergivingeffecttosuchacquisition,merger,amalgamationorconsolidation,(1)theaggregateamountofsuchIndebtednessdoesnotexceedthegreaterof$125.0millionand1.5%ofTotalAssetsatanytimeoutstandingor(2)either(x)Parentwouldbepermittedtoincuratleast$1.00ofadditionalIndebtednesspursuanttotheFixedChargeCoverageTestsetforthinSection4.09(a)hereof,or(y)theFixedChargeCoverageRatioforParentanditsRestrictedSubsidiariesisequaltoorgreaterthanimmediatelypriortosuchacquisition,merger,amalgamationorconsolidation;
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(xv)Indebtednessarisingfromthehonoringbyabankorotherfinancialinstitutionofacheck,draftorsimilarinstrumentdrawnagainstinsufficientfundsintheordinarycourseofbusiness;provided thatsuchIndebtednessisextinguishedwithin15BusinessDaysofitsincurrence;
(xvi)IndebtednessofParentoranyofitsRestrictedSubsidiariessupportedbyaletterofcreditissuedpursuanttotheCreditFacilities,ina
principalamountnotinexcessofthestatedamountofsuchletterofcredit;
(xvii)(A)anyguaranteebyParentoraRestrictedSubsidiaryofIndebtednessorotherobligationsofanyRestrictedSubsidiarysolongastheincurrenceofsuchIndebtednessbysuchRestrictedSubsidiaryispermittedunderthetermsofthisIndenture;or
(B)anyguaranteebyaRestrictedSubsidiaryofIndebtednessorotherobligationsofParentsolongastheincurrenceofsuch
IndebtednessbysuchRestrictedSubsidiaryispermittedunderthetermsofthisIndenture;
(xviii)(A)IndebtednessconsistingofIndebtednessissuedbyParentoranyofitsRestrictedSubsidiariestofuture,presentorformeremployees,directors,officers,managersandconsultantsthereof,theirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers,ineachcasetofinancethepurchaseorredemptionofEquityInterestsofParentoranydirectorindirectparentcompanyofParenttotheextentdescribedinclause(iv)ofSection4.07(b)hereof,and(B)IndebtednessrepresentingdeferredcompensationtoemployeesofParent(oranydirectorindirectparentthereof)oranyofitsRestrictedSubsidiariesincurredintheordinarycourseofbusiness;
(xix)totheextentconstitutingIndebtedness,customerdepositsandadvancepayments(includingprogresspremiums)receivedinthe
ordinarycourseofbusinessfromcustomersforgoodsandservicespurchasedintheordinarycourseofbusiness;
(xx)(A)Indebtednessowedonashort-termbasisofnolongerthan30daystobanksandotherfinancialinstitutionsincurredintheordinarycourseofbusinessofParentanditsRestrictedSubsidiarieswithsuchbanksorfinancialinstitutionsthatarisesinconnectionwithordinarybankingarrangementstomanagecashbalancesofParentanditsRestrictedSubsidiariesand(B)IndebtednessinrespectofBankProducts;
(xxi)IndebtednessincurredbyaRestrictedSubsidiaryinconnectionwithbankers’acceptances,discountedbillsofexchangeorthe
discountingorfactoringofreceivablesorpayablesforcreditmanagementpurposes,ineachcaseincurredorundertakenconsistentwithpastpracticeorintheordinarycourseofbusiness;
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(xxii)IndebtednessofParentoranyofitsRestrictedSubsidiariesconsistingof(A)thefinancingofinsurancepremiumsor(B)take-or-payobligationscontainedinsupplyarrangements,ineachcaseincurredintheordinarycourseofbusiness;
(xxiii)theincurrenceofIndebtednessofNon-GuarantorSubsidiariesinanamountatanyonetimeoutstandingunderthisclause(xxiii)notto
exceedtogetherwithanyotherIndebtednessincurredunderthisclause(xxiii)andanyRefinancingIndebtednessthereofthegreaterof(a)$185.0millionand(b)2.5%ofTotalAssets(ineachcase,determinedonthedateofsuchincurrence);itbeingunderstoodthatanyIndebtednessdeemedincurredpursuanttothisclause(xxiii)shallceasetobedeemedincurredoroutstandingforpurposesofthisclause(xxiii)butshallbedeemedincurredforthepurposesofSection4.09(a)hereoffromandafterthefirstdateonwhichParentorsuchRestrictedSubsidiariescouldhaveincurredsuchIndebtednessunderSection4.09(a)hereofwithoutrelianceonthisclause(xxiii);
(xxiv)IndebtednessofParentoranyofitsRestrictedSubsidiariesundertakeninconnectionwithcashmanagementandrelatedactivitieswith
respecttoanySubsidiaryorjointventureintheordinarycourseofbusiness;
(xxv)IndebtednessofaSecuritizationSubsidiaryincurredinconnectionwithanyQualifiedSecuritizationFacility;
(xxvi)IndebtednessofForeignSubsidiariesofParentinanamountnottoexceed,atanyonetimeoutstandingandtogetherwithanyotherIndebtednessincurredunderthisclause(xxvi),thegreaterof(a)$50.0millionand(b)10.0%ofthetotalassetsoftheForeignSubsidiariesonaconsolidatedbasisasshownonParent’smostrecentbalancesheet(itbeingunderstoodthatanyIndebtednessincurredpursuanttothisclause(xxvi)shallceasetobedeemedincurredoroutstandingforpurposesofthisclause(xxvi)butshallbedeemedincurredforthepurposesofSection4.09(a)hereoffromandafterthefirstdateonwhichParentoritsRestrictedSubsidiariescouldhaveincurredsuchIndebtednessunderSection4.09(a)hereofwithoutrelianceonthisclause(xxvi));and
(xxvii)IndebtednessincurredbyParentoranyoftheRestrictedSubsidiariestotheextentthatthenetproceedsthereofaredepositedwiththe
TrusteeatorpromptlyafterthefundingofsuchIndebtednesstosatisfyanddischargetheNotesorexercisetheIssuer’slegaldefeasanceorcovenantdefeasanceoptionpursuanttoArticle8.
(c)ForpurposesofdeterminingcompliancewiththisSection4.09:
(i)intheeventthatanitemofIndebtedness,DisqualifiedStockorPreferredStock(oranyportionthereof)meetsthecriteriaofmorethan
oneofthecategoriesofpermittedIndebtedness,DisqualifiedStockorPreferredStockdescribedinclauses(i)through(xxvii)ofSection4.09(b)hereoforisentitledtobeincurredpursuanttoSection4.09(a)hereof,Parent,initssolediscretion,mayclassifyorreclassifysuchitemofIndebtedness,DisqualifiedStockorPreferredStock(oranyportionthereof)andshallonlyberequiredtoincludetheamountandtypeofsuchIndebtedness,DisqualifiedStockorPreferredStockinoneoftheclausesunderSection4.09(b)orunderSection4.09(a)hereof;provided thatallIndebtednessrepresentedbytermloansoutstandingundertheSeniorSecuredCreditFacilitiesontheIssueDateortheAssumptionDateshallbetreatedasincurredontheIssueDateunderclause(i)ofSection4.09(b)hereof;
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(ii)ParentshallbeentitledtodivideandclassifyanitemofIndebtednessinmorethanoneofthetypesofIndebtednessdescribedinSection4.09(a)andSection4.09(b)hereof;and
(iii)InconnectionwithParentoraRestrictedSubsidiary’sentryintoaninstrumentcontainingabindingcommitmentinrespectofany
revolvingIndebtedness,Parentmayelect,pursuanttoanOfficer’sCertificatedeliveredtotheTrustee,totreatalloranyportionofsuchcommitment(anysuchamountelecteduntilrevokedasdescribedbelow,an“Elected Amount”)underanyIndebtednesswhichistobeincurred(oranycommitmentinrespectthereof)orsecuredbyaLien,asthecasemaybe,asbeingincurredasofsuchelectiondate,and(i)anysubsequentincurrenceofIndebtednessundersuchcommitment(solongasthetotalamountundersuchIndebtednessdoesnotexceedtheElectedAmount)shallnotbedeemed,forpurposesofanycalculationunderthisIndenture,tobeanincurrenceofadditionalIndebtednessoranadditionalLienatsuchsubsequenttime,(ii)ParentmayrevokeanelectionofanElectedAmountatanytimepursuanttoanOfficer’sCertificatedeliveredtotheTrusteeand(iii)forpurposesofallsubsequentcalculationsoftheFixedChargeCoverageRatio,ConsolidatedSecuredDebtRatioandtheConsolidatedTotalDebtRatio,theElectedAmount(ifany)shallbedeemedtobeoutstanding,whetherornotsuchamountisactuallyoutstanding,solongastheapplicablecommitmentremainsoutstanding.
Accrualofinterestordividends,theaccretionofaccretedvalue,theaccretionoramortizationoforiginalissuediscountandthepaymentofinterestor
dividendsintheformofadditionalIndebtedness,DisqualifiedStockorPreferredStock,asthecasemaybe,ofthesameclassshallnotbedeemedtobeanincurrenceofIndebtedness,DisqualifiedStockorPreferredStockforpurposesofthisSection4.09.AnyRefinancingIndebtednessandanyIndebtednesspermittedtobeincurredunderthisIndenturetorefinanceIndebtednessincurredpursuanttoclauses(i)and(xii)(B)ofSection4.09(b)hereofshallbedeemedtoincludeadditionalIndebtedness,DisqualifiedStockorPreferredStockincurredtopaypremiums(includingtenderpremiums),defeasancecosts,feesandexpensesinconnectionwithsuchrefinancing.
ForpurposesofdeterminingcompliancewithanyU.S.dollar-denominatedrestrictionontheincurrenceofIndebtedness,theU.S.DollarEquivalentprincipalamountofIndebtednessdenominatedinaforeigncurrencyshallbecalculatedbasedontherelevantcurrencyexchangerateineffectonthedatesuchIndebtednesswasincurred,inthecaseoftermdebt,orfirstcommitted,inthecaseofrevolvingcreditdebt;providedthatifsuchIndebtednessisincurredtorefinanceotherIndebtednessdenominatedinaforeigncurrency,andsuchrefinancingwouldcausetheapplicableU.S.dollar-denominatedrestrictiontobeexceededifcalculatedattherelevantcurrencyexchangerateineffectonthedateofsuchrefinancing,suchU.S.dollar-denominatedrestrictionshallbedeemednottohavebeenexceededsolongastheprincipalamountofsuchRefinancingIndebtednessdoesnotexceed(A)theprincipalamountofsuchIndebtednessbeingrefinancedplus(B)theaggregateamountoffees,underwritingdiscounts,premiums(includingtenderpremiums)andothercostsandexpenses(includingoriginalissuediscount,upfrontfeesorsimilarfees)incurredinconnectionwithsuchrefinancing.
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TheprincipalamountofanyIndebtednessincurredtorefinanceotherIndebtedness,ifincurredinadifferentcurrencyfromtheIndebtednessbeingrefinanced,shallbecalculatedbasedonthecurrencyexchangerateapplicabletothecurrenciesinwhichsuchrespectiveIndebtednessisdenominatedthatisineffectonthedateofsuchrefinancing.
Notwithstandinganythingtothecontrary,theIssuerandParentshallnot,andshallnotpermitanyotherGuarantorto,directlyorindirectly,incuranyIndebtedness(includingAcquiredIndebtedness)thatiscontractuallysubordinatedorjuniorinrightofpaymenttoanyIndebtednessoftheIssuer,ParentorsuchotherGuarantor,asthecasemaybe,unlesssuchIndebtednessisexpresslysubordinatedinrightofpaymenttotheNotesorsuchGuarantor’sGuaranteetotheextentandinthesamemannerassuchIndebtednessissubordinatedtootherIndebtednessoftheIssuer,ParentorsuchotherGuarantor,asthecasemaybe.
ThisIndentureshallnottreat(1)unsecuredIndebtednessassubordinatedorjuniortoSecuredIndebtednessmerelybecauseitisunsecuredor(2)IndebtednessassubordinatedorjuniortoanyotherIndebtednessmerelybecauseithasajuniorprioritywithrespecttothesamecollateralorbecauseitisguaranteedbyotherobligors.
Section 4.10Asset Sales.
(a)Parentshallnot,andshallnotpermitanyofitsRestrictedSubsidiariesto,consummateanAssetSale,unless:
(i)ParentorsuchRestrictedSubsidiary,asthecasemaybe,receivesconsiderationatthetimeofsuchAssetSaleatleastequaltothefairmarketvalue(asdeterminedingoodfaithbyParentatthetimeofcontractuallyagreeingtosuchAssetSale)oftheassetssoldorotherwisedisposedof;and
(ii)exceptinthecaseofaPermittedAssetSwap,atleast75.0%oftheconsiderationforsuchAssetSale,togetherwithallotherAsset
SalessincetheIssueDate(onacumulativebasis),receivedbyParentorsuchRestrictedSubsidiary,asthecasemaybe,isintheformofCashEquivalents;providedthattheamountof:
(A)anyliabilities(asshownonParent’sorsuchRestrictedSubsidiary’smostrecentbalancesheetorinthefootnotestheretoor,if
incurredorincreasedsubsequenttothedateofsuchbalancesheet,suchliabilitiesthatwouldhavebeenshownonParent’sorsuchRestrictedSubsidiary’sbalancesheetorinthefootnotestheretoifsuchincurrenceorincreasehadtakenplaceonorpriortothedateofsuchbalancesheet,asdeterminedbyParent)ofParentorsuchRestrictedSubsidiary,otherthanliabilitiesthatarebytheirtermssubordinatedtotheNotes,thatareassumedbythetransfereeofanysuchassetspursuanttoawrittenagreementwhichreleasesorindemnifiesParentorsuchRestrictedSubsidiaryfromsuchliabilities;
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(B)anysecurities,notesorotherobligationsorassetsreceivedbyParentorsuchRestrictedSubsidiaryfromsuchtransfereethatareconvertedbyParentorsuchRestrictedSubsidiaryintoCashEquivalents(totheextentoftheCashEquivalentsreceived)within180daysfollowingtheclosingofsuchAssetSale;and
(C)anyDesignatedNon-cashConsiderationreceivedbyParentorsuchRestrictedSubsidiaryinsuchAssetSalehavingan
aggregatefairmarketvalue,takentogetherwithallotherDesignatedNon-cashConsiderationreceivedpursuanttothisclause(C)thatisatthattimeoutstanding,nottoexceedthegreaterof(i)$260.0millionand(ii)3.5%ofTotalAssetsatthetimeofthereceiptofsuchDesignatedNon-cashConsideration,withthefairmarketvalueofeachitemofDesignatedNon-cashConsiderationbeingmeasuredatthetimereceivedandwithoutgivingeffecttosubsequentchangesinvalue,
shallbedeemedtobeCashEquivalentsforpurposesofthisprovisionandfornootherpurpose.
(b)Within450daysafterthereceiptofanyNetProceedsofanyAssetSale,ParentorsuchRestrictedSubsidiary,atitsoption,mayapplytheNet
ProceedsfromsuchAssetSale:
(i)topermanentlyreduceIndebtednessasfollows:
(A)ObligationsundertheSeniorSecuredCreditFacilities,andtocorrespondinglyreducecommitmentswithrespectthereto;
(B)ObligationsunderSecuredIndebtednesswhichissecuredbyaLienthatispermittedbythisIndenture,andtocorrespondinglyreducecommitmentswithrespectthereto;
(C)ObligationsundertheNotesoranyotherSeniorIndebtednessofParentoranyRestrictedSubsidiary(and,inthecaseofother
SeniorIndebtedness,tocorrespondinglyreduceanyoutstandingcommitmentswithrespectthereto,ifapplicable);providedthatifParentoranyRestrictedSubsidiaryshallsorepayanySeniorIndebtednessotherthantheNotes,theIssuerwilleither(A)reduceObligationsundertheNotesonaproratabasisby,atitsoption,(x)redeemingNotesasprovidedunderSection3.07hereofor(y)purchasingNotesthroughopen-marketpurchases,or(B)makeanoffer(inaccordancewiththeproceduressetforthinSections3.08and4.10(c)hereof)toallHolderstopurchasetheirNotesonaratablebasiswithsuchotherSeniorIndebtednessfornolessthan100.0%oftheprincipalamountofsuchNotes,plustheamountofaccruedbutunpaidinterest,ifany,thereonuptotheprincipalamountoftheNotestoberepurchased;or
(D)iftheassetsthatarethesubjectofsuchAssetSalearethepropertyorassetsofaNon-GuarantorSubsidiary,topermanently
reduceIndebtednessof(i)anyNon-GuarantorSubsidiary,otherthanIndebtednessowedtoParentoranyRestrictedSubsidiary,or(ii)theIssueroraGuarantor;or
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(ii)tomake(A)anInvestmentinanyoneormorebusinesses,provided thatsuchInvestmentinanybusinessisintheformoftheacquisitionofCapitalStockandresultsinParentoranyofitsRestrictedSubsidiaries,asthecasemaybe,owninganamountoftheCapitalStockofsuchbusinesssuchthatitconstitutesaRestrictedSubsidiary,(B)capitalexpendituresor(C)acquisitionsofotherpropertiesorassetsthat,ineachof(A),(B)and(C),areusedorusefulinaSimilarBusinessorreplacethebusinesses,propertiesand/orassetsthatarethesubjectofsuchAssetSale;or
(iii)tomakeanInvestmentin(A)anyoneormorebusinesses,providedthatsuchInvestmentinanybusinessisintheformofthe
acquisitionofCapitalStockandresultsinParentoranyofitsRestrictedSubsidiaries,asthecasemaybe,owninganamountoftheCapitalStockofsuchbusinesssuchthatitconstitutesaRestrictedSubsidiary,(B)capitalexpenditures,(C)propertiesor(D)acquisitionsofotherassetsthat,ineachof(A),(B)and(C),replacethebusinesses,propertiesand/orassetsthatarethesubjectofsuchAssetSale;or
(iv)anycombinationoftheforegoing;
providedthatabindingcommitmententeredintonotlaterthansuch450thdayshallbetreatedasapermittedapplicationoftheNetProceedsfromthedateofsuchcommitmentsolongasParent,orsuchRestrictedSubsidiary,entersintosuchcommitmentwiththegoodfaithexpectationthatsuchNetProceedswillbeappliedtosatisfysuchcommitmentwithinthelaterofsuch450thdayand180daysofsuchcommitment(an“Acceptable Commitment”)and,intheeventanyAcceptableCommitmentislatercancelledorterminatedforanyreasonbeforetheNetProceedsareappliedinconnectiontherewith,ParentorsuchRestrictedSubsidiaryentersintoanotherAcceptableCommitment(a“Second Commitment”)within180daysofsuchcancellationortermination;provided furtherthatifanySecondCommitmentislatercancelledorterminatedforanyreasonbeforesuchNetProceedsareapplied,thensuchNetProceedsshallconstituteExcessProceeds.
(c)AnyNetProceedsfromtheAssetSalethatarenotinvestedorappliedasprovidedandwithinthetimeperiodsetforthinSection4.10(b)hereofwillbedeemedtoconstitute“Excess Proceeds.”WhentheaggregateamountofExcessProceedsexceeds$50.0million,theIssuershallmakeanoffer(an“AssetSale Offer”)toallHoldersoftheNotesand,ifrequiredbythetermsofanyIndebtednessthatrankspari passuwiththeNotes(“Pari Passu Indebtedness”),totheholdersofsuchPariPassuIndebtedness,topurchasethemaximumaggregateprincipalamountoftheNotesandsuchPariPassuIndebtednessthatisinanamountequaltoatleast$2,000,oranintegralmultipleof$1,000inexcessthereof,thatmaybepurchasedoutoftheExcessProceedsatanofferprice,inthecaseoftheNotes,incashinanamountequalto100.0%oftheprincipalamountthereof(oraccretedvaluethereof,ifless),plusaccruedandunpaidinterest,ifany,tothedatefixedfortheclosingofsuchoffer,andinthecaseofanyPariPassuIndebtednessattheofferpricerequiredbythetermsthereofbutnottoexceed100%oftheprincipalamountthereof,plusaccruedandunpaidinterest,ifany,inaccordancewiththeproceduressetforthinthisIndentureandtheagreementgoverningsuchPariPassuIndebtedness.TheIssuerwillcommenceanAssetSaleOfferwithrespecttoExcessProceedswithintenBusinessDaysafterthedatethatExcessProceedsexceed$50.0millionbydeliveringtotheHoldersthenoticerequiredpursuanttothetermsofthisIndenture,withacopytotheTrustee.TheIssuermaysatisfytheforegoingobligationswithrespecttoanyNetProceedsfromanAssetSalebymakinganAssetSaleOfferwithrespecttosuchNetProceedspriortotheexpirationoftherelevant450days(orsuchlongerperiodprovidedabove)orwithrespecttoExcessProceedsof$50.0millionorless.
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Notwithstandingtheforegoing,theIssuershallonlyberequiredtomakeanAssetSaleOfferwithanamountequaltotheApplicablePercentageoftheExcessProceeds.
TotheextentthattheaggregateamountofNotesandsuchPariPassuIndebtedness,asthecasemaybe,tenderedpursuanttoanAssetSaleOfferislessthantheExcessProceeds,theIssuermayuseanyremainingExcessProceedsforanypurposesnototherwiseprohibitedunderthisIndenture.IftheaggregateprincipalamountofNotesorthePariPassuIndebtedness,asthecasemaybe,surrenderedbysuchholdersthereofexceedstheamountofExcessProceeds,theIssuershallpurchasetheNotesandsuchPariPassuIndebtedness,asthecasemaybe,onaproratabasisbasedontheaggregateprincipalamountoftheNotesorsuchPariPassuIndebtedness,asthecasemaybe,tenderedwithadjustmentsasnecessarysothatnoNotesorPariPassuIndebtedness,asthecasemaybe,willberepurchasedinpartinanunauthorizeddenomination.UponcompletionofanysuchAssetSaleOffer,theamountofExcessProceedsthatresultedintherequirementtomakeanAssetSaleOffershallberesettozero(regardlessofwhetherthereareanyremainingExcessProceedsuponsuchcompletion).Additionally,theIssuermay,atitsoption,makeanAssetSaleOfferusingtheproceedsfromanyAssetSaleatanytimeaftertheconsummationofsuchAssetSale.UponconsummationorexpirationofanyAssetSaleOffer,anyremainingNetProceedsshallnotbedeemedExcessProceedsandtheIssuermayusesuchNetProceedsforanypurposenototherwiseprohibitedunderthisIndenture.
(d)PendingthefinalapplicationofanyNetProceedspursuanttothisSection4.10,theholderofsuchNetProceedsmayapplysuchNetProceedstemporarilytoreduceIndebtednessoutstandingunderarevolvingcreditfacility,includingundertheSeniorSecuredCreditFacilities,orotherwiseinvestsuchNetProceedsinanymannernotprohibitedbythisIndenture.
(e)Thenotice,ifdeliveredelectronicallyormailedinamannerhereinprovided,shallbeconclusivelypresumedtohavebeengiven,whetherornottheHolderreceivessuchnotice.If(i)thenoticeisdeliveredelectronicallyormailedinamannerhereinprovidedand(ii)anyHolderfailstoreceivesuchnoticeoraHolderreceivessuchnoticebutitisdefective,suchHolder’sfailuretoreceivesuchnoticeorsuchdefectshallnotaffectthevalidityoftheproceedingsforthepurchaseoftheNotesastoallotherHoldersthatproperlyreceivedsuchnoticewithoutdefect.TheIssuershallcomplywiththerequirementsofRule14e-1undertheExchangeActandanyothersecuritieslawsandregulationsthereundertotheextentsuchlawsorregulationsareapplicableinconnectionwiththerepurchaseoftheNotespursuanttoanAssetSaleOffer.TotheextentthattheprovisionsofanysecuritieslawsorregulationsconflictwiththeprovisionsofthisIndenture,theIssuershallcomplywiththeapplicablesecuritieslawsandregulationsandshallnotbedeemedtohavebreacheditsobligationsdescribedinthisIndenturebyvirtuethereof.
TheprovisionsofthisSection4.10maybewaivedormodifiedwiththewrittenconsentoftheHoldersofamajorityinprincipalamountofalltheNotesthenoutstanding.
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Section 4.11Transactions with Affiliates.
(a)Parentshallnot,andshallnotpermitanyofitsRestrictedSubsidiariesto,makeanypaymentto,orsell,lease,transferorotherwisedisposeofanyofitspropertiesorassetsto,orpurchaseanypropertyorassetsfrom,orenterintoormakeoramendanytransaction,contract,agreement,understanding,loan,advanceorguaranteewith,orforthebenefitof,anyAffiliateofParent(eachoftheforegoing,an“Affiliate Transaction”)involvingaggregatepaymentsorconsiderationinexcessof$25.0million,unless:
(i)suchAffiliateTransactionisontermsthatarenotmateriallylessfavorabletoParentoritsrelevantRestrictedSubsidiarythanthosethatwouldhavebeenobtainedinacomparabletransactionbyParentorsuchRestrictedSubsidiarywithanunrelatedPersononanarm’s-lengthbasis;and
(ii)theIssuerdeliverstotheTrusteewithrespecttoanyAffiliateTransactionorseriesofrelatedAffiliateTransactionsinvolvingaggregate
paymentsorconsiderationinexcessof$40.0million,aresolutionadoptedbythemajorityoftheBoardofDirectorsofParentapprovingsuchAffiliateTransactionandsetforthinanOfficer’sCertificatecertifyingthatsuchAffiliateTransactioncomplieswithclause(i)ofthisSection4.11(a).
(b)TheprovisionsofSection4.11(a)hereofshallnotapplytothefollowing:
(i)transactionsbetweenoramongParentoranyofitsRestrictedSubsidiaries;
(ii)RestrictedPaymentspermittedbySection4.07hereofandany“Permitted Investment”;
(iii)[Reserved];
(iv)(A)employmentagreements,employeebenefitandincentivecompensationplansandarrangementsand(B)thepaymentofreasonable
andcustomaryfeesandcompensationpaidto,andindemnitiesandreimbursementsandemploymentandseverancearrangementsprovidedonbehalfoforforthebenefitof,currentorformeremployees,directors,officers,managersorconsultantsofParent,anyofitsdirectorindirectparentcompaniesoranyofitsRestrictedSubsidiaries;
(v)transactionsinwhichParentoranyofitsRestrictedSubsidiaries,asthecasemaybe,deliverstotheTrusteealetterfromanIndependent
FinancialAdvisorstatingthatsuchtransactionisfairtoParentorsuchRestrictedSubsidiaryfromafinancialpointofvieworstatingthatthetermsarenotmateriallylessfavorable,whentakenasawhole,toParentoritsrelevantRestrictedSubsidiarythanthosethatwouldhavebeenobtainedinacomparabletransactionbyParentorsuchRestrictedSubsidiarywithanunrelatedPersononanarm’s-lengthbasis;
(vi)anyagreementorarrangementasineffectasoftheIssueDate,oranyamendmentthereto(solongasanysuchamendmentisnot
disadvantageousinanymaterialrespectinthegoodfaithjudgmentofParenttotheHolderswhentakenasawholeascomparedtotheapplicableagreementasineffectontheIssueDate);
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(vii)theexistenceof,ortheperformancebyParentoranyofitsRestrictedSubsidiariesofitsobligationsunderthetermsof,anystockholdersagreement(includinganyregistrationrightsagreementorpurchaseagreementrelatedthereto)towhichit(oranyparentcompanyofParent)isapartyasoftheIssueDateandanysimilaragreementswhichit(oranyparentcompanyofParent)mayenterintothereafter;providedthattheexistenceof,ortheperformancebyParentoranyofitsRestrictedSubsidiaries(orsuchparentcompany)ofobligationsunderanyfutureamendmenttoanysuchexistingagreementorunderanysimilaragreemententeredintoaftertheIssueDateshallonlybepermittedbythisclause(vii)totheextentthatthetermsofanysuchamendmentornewagreementarenototherwisedisadvantageousinanymaterialrespectinthegoodfaithjudgmentofParenttotheHolderswhentakenasawhole;
(viii)[Reserved];
(ix)transactionswithcustomers,clients,suppliers,contractors,jointventurepartnersorpurchasersorsellersofgoodsorservicesthatare
Affiliates,ineachcaseintheordinarycourseofbusinessorthatareconsistentwithpastpracticeandotherwiseincompliancewiththetermsofthisIndenturewhicharefairtoParentanditsRestrictedSubsidiaries,inthereasonabledeterminationofParent,orareontermsatleastasfavorableasmightreasonablyhavebeenobtainedatsuchtimefromanunaffiliatedparty;
(x)theissuanceortransferof(a)EquityInterests(otherthanDisqualifiedStock)ofParenttoanydirectorindirectparentcompanyof
ParentortoanyPermittedHolderortoanyemployee,director,officer,managerorconsultant(ortheirrespectiveAffiliatesorImmediateFamilyMembers)ofParent,anyofitsdirectorindirectparentcompaniesoranyofitsRestrictedSubsidiariesand(b)directors’qualifyingsharesandsharesissuedtoforeignnationalsasrequiredbyapplicablelaw;
(xi)salesofaccountsreceivable,orparticipationstherein,orSecuritizationAssetsorrelatedassetsinconnectionwithanyQualified
SecuritizationFacility;
(xii)[Reserved];
(xiii)paymentsandIndebtednessandDisqualifiedStock(andcancellationofanythereof)ofParentanditsRestrictedSubsidiariesandPreferredStock(andcancellationofanythereof)ofanyRestrictedSubsidiarytoanyfuture,currentorformeremployee,director,officer,managerorconsultant(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)ofParent,anyofitsSubsidiariesoranyofitsdirectorindirectparentcompaniespursuanttoanymanagementequityplanorstockoptionplanoranyothermanagementoremployeebenefitplanoragreementoranystocksubscriptionorshareholderagreementthatare,ineachcase,approvedbyParentingoodfaith;andanyemploymentagreements,stockoptionplansandothercompensatoryarrangements(andanysuccessorplansthereto)andanysupplementalexecutiveretirementbenefitplansorarrangementswithanysuchemployees,directors,officers,managersorconsultants(ortheirrespectiveControlledInvestmentAffiliatesorImmediateFamilyMembers)thatare,ineachcase,approvedbyParentingoodfaith;
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(xiv)(i)investmentsbyPermittedHoldersinsecuritiesorloansofParentoranyofitsRestrictedSubsidiaries(andpaymentofreasonableout-of-pocketexpensesincurredbysuchPermittedHoldersinconnectiontherewith)solongastheinvestmentisbeingofferedbyParentorsuchRestrictedSubsidiarygenerallytootherinvestorsonthesameormorefavorableterms,and(ii)paymentstoPermittedHoldersinrespectofsecuritiesorloansofParentoranyofitsRestrictedSubsidiariescontemplatedintheforegoingsubclause(i)orthatwereacquiredfromPersonsotherthanParentanditsRestrictedSubsidiaries,ineachcase,inaccordancewiththetermsofsuchsecuritiesorloans;
(xv)paymentstoorfrom,andtransactionswith,anyjointventureintheordinarycourseofbusinessorconsistentwithpastpractice
(including,withoutlimitation,anycashmanagementactivitiesrelatedthereto);
(xvi)paymentsbyParent(andanydirectorindirectparentcompanythereof)anditsSubsidiariespursuanttotaxsharingagreementsamongParent(andanysuchparentcompany)anditsSubsidiaries,totheextentsuchpaymentsarepermittedunderclause(xv)(B)ofSection4.07(b)hereof;
(xvii)anyleaseenteredintobetweenParentoranyRestrictedSubsidiary,aslessee,andanyAffiliateofParent,aslessor,whichisapproved
byParentingoodfaith;
(xviii)intellectualpropertylicensesintheordinarycourseofbusiness;
(xix)thepaymentofreasonableout-of-pocketcostsandexpensesrelatingtoregistrationrightsandindemnitiesprovidedtostockholdersofParentoranydirectorindirectparentthereofpursuanttothestockholders,registrationrightsorsimilaragreements;
(xx)thepledgeofEquityInterestsofanyUnrestrictedSubsidiarytolenderstosupporttheIndebtednessofsuchUnrestrictedSubsidiary
owedtosuchlenders;
(xxi)PermittedIntercompanyActivitiesandrelatedtransactions;
(xxii)anytransactionswithajointventureorsimilarentitywhichwouldconstituteanAffiliateTransactionsolelybecauseParentoritsRestrictedSubsidiaryownsanequityinterestinorotherwisecontrolssuchjointventureorsimilarentity;and
(xxiii)theTransactions.
Section 4.12Liens.ParentandtheIssuershallnot,andshallnotpermitanyGuarantorto,directlyorindirectly,create,incur,assumeorsufferto
existanyLien(exceptPermittedLiens)thatsecuresObligationsunderanyIndebtednessoranyrelatedguaranteeofIndebtedness,onanyassetorpropertyoftheIssueroranyGuarantor,oranyincomeorprofitstherefrom,orassignorconveyanyrighttoreceiveincometherefrom,unless:
(a)inthecaseofLienssecuringSubordinatedIndebtedness,theNotesandrelatedGuaranteesaresecuredbyaLienonsuchproperty,assetsorproceedsthatisseniorinprioritytosuchLiens;and
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(b)inallothercases,theNotesortheGuaranteesareequallyandratablysecured,exceptthattheforegoingshallnotapplytoorrestrictLienssecuringobligationsinrespectoftheNotesandtheGuarantees.
AnyLiencreatedforthebenefitoftheHoldersoftheNotespursuanttothisSection4.12shallbedeemedautomaticallyandunconditionallyreleasedanddischargeduponthereleaseanddischargeofeachoftheLiensdescribedinclauses(a)and(b)above.
Section 4.13Company Existence.SubjecttoArticle5hereof,eachofParentandtheIssuershalldoorcausetobedoneallthingsnecessarytopreserveandkeepinfullforceandeffectitsexistence,andthecorporate,partnership,limitedliabilitycompanyorotherexistenceofeachofitsRestrictedSubsidiaries,inaccordancewiththerespectiveorganizationaldocuments(asthesamemaybeamendedfromtimetotime)ofParent,theIssueroranysuchRestrictedSubsidiary;providedthatParentandtheIssuershallnotberequiredtopreservethecorporate,partnershiporotherexistenceofitsRestrictedSubsidiariesiftheIssueringoodfaithshalldeterminethatthepreservationthereofisnolongerdesirableintheconductofthebusinessofParent,theIssuerandtheirRestrictedSubsidiaries,takenasawhole.Fortheavoidanceofdoubt,Parent,theIssuerandtheirRestrictedSubsidiarieswillbepermittedtochangetheirorganizationalform;providedthatforsolongastheIssuerisorganizedasapartnershiporalimitedliabilitycompany,itwillmaintainacorporateco-issueroftheNotes.
Section 4.14Offer to Repurchase Upon Change of Control Triggering Event.(a)IfaChangeofControlTriggeringEventoccurs,unlesstheIssuerhaspreviouslyorconcurrentlysentaredemptionnoticewithrespecttoalltheoutstandingNotesasdescribedunderSection3.07hereof,theIssuershallmakeanoffertopurchasealloftheNotespursuanttotheofferdescribedbelow(the“Change of Control Offer”)atapriceincash(the“Change of Control Payment”)equalto101.0%oftheaggregateprincipalamountthereofplusaccruedandunpaidinterest,ifany,to,butexcluding,thedateofpurchase,subjecttotherightofHoldersofrecordontherelevantRecordDatetoreceiveinterestdueontherelevantInterestPaymentDatefallingpriortooronthepurchasedate.Within30daysfollowinganyChangeofControlTriggeringEvent,theIssuerwillsendnoticeofsuchChangeofControlOfferelectronicallyorbyfirst-classmail,withacopytotheTrustee,toeachHoldertotheaddressofsuchHolderappearingintheNoteRegisterorotherwiseinaccordancewiththeApplicableProcedureswiththefollowinginformation:
(i)thataChangeofControlOfferisbeingmadepursuanttothisSection4.14andthatallNotesproperlytenderedpursuanttosuchChangeofControlOfferwillbeacceptedforpaymentbytheIssuer;
(ii)thepurchasepriceandthepurchasedate,whichwillbenoearlierthan10daysnorlaterthan60daysfromthedatesuchnoticeissent
(the“Change of Control Payment Date”),exceptinthecaseofaconditionalChangeofControlOffermadeinadvanceofaChangeofControlinaccordancewithclause(d)ofthisSection4.14;
(iii)thatanyNotenotproperlytenderedwillremainoutstandingandcontinuetoaccrueinterest;
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(iv)thatunlesstheIssuerdefaultsinthepaymentoftheChangeofControlPayment,allNotesacceptedforpaymentpursuanttotheChangeofControlOffershallceasetoaccrueinterestontheChangeofControlPaymentDate;
(v)thatHolderselectingtohaveanyNotespurchasedpursuanttoaChangeofControlOffershallberequiredtosurrendersuchNotes,with
theformentitled“OptionofHoldertoElectPurchase”onthereverseofsuchNotescompletedorotherwiseinaccordancewiththeproceduresofDTC,tothePayingAgentspecifiedinthenoticeattheaddressspecifiedinthenoticepriortothecloseofbusinessonthethirdBusinessDayprecedingtheChangeofControlPaymentDate;
(vi)thatHoldersshallbeentitledtowithdrawtheirtenderedNotesandtheirelectiontorequiretheIssuertopurchasesuchNotes;provided
thatthePayingAgentreceives,notlaterthanthecloseofbusinessonthesecondBusinessDaypriortotheexpirationdateoftheChangeofControlOffer,afacsimiletransmissionorlettersettingforththenameoftheHolderoftheNotes,theprincipalamountofNotestenderedforpurchase,andastatementthatsuchHolderiswithdrawingitstenderedNotes,oraspecifiedportionthereof,anditselectiontohavesuchNotespurchased;
(vii)thatHolderswhoseNotesarebeingpurchasedonlyinpartshallbeissuednewNotesandsuchnewNoteswillbeequalinprincipal
amounttotheunpurchasedportionoftheNotessurrendered.TheunpurchasedportionoftheNotesmustbeequaltoatleast$2,000oranyintegralmultipleof$1,000inexcessthereof;
(viii)ifsuchnoticeisdeliveredpriortotheoccurrenceofaChangeofControl,statingthattheChangeofControlOfferisconditionalonthe
occurrenceofsuchChangeofControlandshalldescribeeachsuchcondition,and,ifapplicable,shallstatethat,intheIssuer’sdiscretion,theChangeofControlPaymentDatemaybedelayeduntilsuchtime(includingmorethan60daysafterthenoticeismailedordelivered,includingbyelectronictransmission)asanyorallsuchconditionsshallbesatisfied,orthatsuchrepurchasemaynotoccurandsuchnoticemayberescindedintheeventthatanyorallsuchconditionsshallnothavebeensatisfiedbytheChangeofControlPaymentDate,orbytheChangeofControlPaymentDateassodelayed;and
(ix)anyotherinstructions,asdeterminedbytheIssuer,consistentwiththisSection4.14thataHoldermustfollowinordertohavetheNotes
repurchased.
WhiletheNotesareinglobalformandtheIssuermakesanoffertopurchasealloftheNotespursuanttotheChangeofControlOffer,aHoldermayexerciseitsoptiontoelectforthepurchaseoftheNotesthroughthefacilitiesofDTC,subjecttoitsrulesandregulations.
Thenotice,ifdeliveredelectronicallyormailedinamannerhereinprovided,shallbeconclusivelypresumedtohavebeengiven,whetherornottheHolderreceivessuchnotice.If(x)thenoticeisdeliveredormailedinamannerhereinprovidedand(y)anyHolderfailstoreceivesuchnoticeoraHolderreceivessuchnoticebutitisdefective,suchHolder’sfailuretoreceivesuchnoticeorsuchdefectshallnotaffectthevalidityoftheproceedingsforthepurchaseoftheNotesastoallotherHoldersthatproperlyreceivedsuchnoticewithoutdefect.TheIssuershallcomplywiththerequirementsofRule14e-1undertheExchangeActandanyothersecuritieslawsandregulationsthereundertotheextentsuchlawsorregulationsareapplicableinconnectionwiththerepurchaseofNotespursuanttoaChangeofControlOffer.TotheextentthattheprovisionsofanysecuritieslawsorregulationsconflictwiththeprovisionsofthisIndenture,theIssuershallcomplywiththeapplicablesecuritieslawsandregulationsandshallnotbedeemedtohavebreacheditsobligationsdescribedinthisIndenturebyvirtuethereof.
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(b)OntheChangeofControlPaymentDate,theIssuershall,totheextentpermittedbylaw:
(i)acceptforpaymentallNotesissuedbyitorportionsthereofproperlytenderedpursuanttotheChangeofControlOffer;
(ii)depositwithaPayingAgentanamountequaltotheaggregateChangeofControlPaymentinrespectofallNotesorportionsthereofsotendered;and
(iii)deliver,orcausetobedelivered,totheTrusteeforcancellationtheNotessoacceptedtogetherwithanOfficer’sCertificatetothe
TrusteestatingthatsuchNotesorportionsthereofhavebeentenderedtoandpurchasedbytheIssuer.
(c)TheIssuershallnotberequiredtomakeaChangeofControlOfferfollowingaChangeofControlifathirdpartymakestheChangeofControlOfferinthemanner,atthetimesandotherwiseincompliancewiththerequirementssetforthinthisIndentureapplicabletoaChangeofControlOffermadebytheIssuerandpurchasesallNotesvalidlytenderedandnotwithdrawnundersuchChangeofControlOffer.
(d)Notwithstandinganythingtothecontraryherein,aChangeofControlOffermaybemadeinadvanceofaChangeofControl,conditionaluponsuchChangeofControl,ifadefinitiveagreementisinplacefortheChangeofControlatthetimeofmakingoftheChangeofControlOffer.
(e)OtherthanasspecificallyprovidedinthisSection4.14,anypurchasepursuanttothisSection4.14shallbemadepursuanttotheprovisionsofSections3.02,3.05and3.06hereof,andreferencesthereinto“redeem,”“redemption,”“RedemptionDate”andsimilarwordsshallbedeemedtoreferto“purchase,”“repurchase”and“ChangeofControlPaymentDate”andsimilarwords,asapplicable.
TheprovisionsofthisSection4.14maybewaivedormodifiedwiththewrittenconsentoftheHoldersofamajorityinprincipalamountofalltheNotesthenoutstanding.
IfHoldersofnotlessthan90%inaggregateprincipalamountoftheoutstandingNotesvalidlytenderanddonotwithdrawsuchNotesinaChangeofControlOfferandtheIssuer,oranythirdpartymakingaChangeofControlofferinlieuoftheIssuerasdescribedabove,purchasesalloftheNotesvalidlytenderedandnotwithdrawnbysuchHolders,theIssuerorsuchthirdpartywillhavetheright,uponnotlessthan10daysnormorethan60days’priornotice,provided thatsuchnoticeisgivennotmorethan30daysfollowingsuchpurchasepursuanttotheChangeofControlOfferdescribedabove,toredeemallNotesthatremainoutstandingfollowingsuchpurchaseonadate(the“Second Change of Control Payment Date”)atapriceincashequaltotheChangeofControlPaymentinrespectoftheSecondChangeofControlPaymentDate.
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Section 4.15Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.ParentshallnotpermitanyofitsWholly-OwnedSubsidiariesthatareRestrictedSubsidiaries(andnon-Wholly-OwnedSubsidiariesifsuchnon-Wholly-OwnedSubsidiariesguaranteeothercapitalmarketsdebtsecuritiesoftheIssueroranyGuarantor),otherthanaGuarantor,aCaptiveInsuranceSubsidiary,aForeignSubsidiaryoraSecuritizationSubsidiary,toguaranteethepaymentof(i)anyCreditFacilitypermittedunderSection4.09(b)(i)or(ii)capitalmarketdebtsecuritiesoftheIssueroranyotherGuarantorunless:
(a)suchRestrictedSubsidiarywithin60daysaftertheguaranteeofsuchIndebtednessexecutesanddeliversasupplementalindenturetothisIndenture,theformofwhichisattachedasExhibitDhereto,providingforaGuaranteebysuchRestrictedSubsidiary,exceptthatwithrespecttoaguaranteeofIndebtednessoftheIssueroranyGuarantor,ifsuchIndebtednessisbyitsexpresstermssubordinatedinrightofpaymenttotheNotesorsuchGuarantor’sGuarantee,anysuchguaranteebysuchRestrictedSubsidiarywithrespecttosuchIndebtednessshallbesubordinatedinrightofpaymenttosuchGuaranteesubstantiallytothesameextentassuchIndebtednessissubordinatedtotheNotes;and
(b)suchRestrictedSubsidiarywaivesandshallnotinanymannerwhatsoeverclaimortakethebenefitoradvantageof,anyrightsofreimbursement,indemnityorsubrogationoranyotherapplicablerightsagainstParent,theIssueroranyotherRestrictedSubsidiaryasaresultofanypaymentbysuchRestrictedSubsidiaryunderitsGuarantee;provided thatthisSection4.15shallnotbeapplicabletoanyguaranteeofanyRestrictedSubsidiarythatexistedatthetimesuchPersonbecameaRestrictedSubsidiaryandwasnotincurredinconnectionwith,orincontemplationof,suchPersonbecomingaRestrictedSubsidiary.Parentmayelect,initssolediscretion,tocauseanySubsidiarythatisnototherwiserequiredtobeaGuarantortobecomeaGuarantor,inwhichcasesuchSubsidiaryshallnotberequiredtocomplywiththe60dayperioddescribedinclause(a)ofthisSection4.15.
Section 4.16Suspension of Covenants.
(a)IfonanydatefollowingtheAssumptionDate,(i)theNoteshaveanInvestmentGradeRatingfromeitheroftheRatingAgenciesand(ii)noDefaulthasoccurredandiscontinuingunderthisIndenture(theoccurrenceoftheeventsdescribedintheforegoingclauses(i)and(ii)beingcollectivelyreferredtoasa“Covenant Suspension Event”andthedatethereofbeingreferredtoasthe“Suspension Date”)then,Section4.07,Section4.08,Section4.09,Section4.10,Section4.11,Section4.15andclause(iv)ofSection5.01(a)hereofshallnolongerbeapplicabletotheNotes(collectively,the“Suspended Covenants”)untiltheoccurrenceoftheReversionDate.
(b)Duringanyperiodthattheforegoingcovenantshavebeensuspended,ParentmaynotdesignateanyofitsSubsidiariesasUnrestrictedSubsidiaries.
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(c)IntheeventthatParentanditsRestrictedSubsidiariesarenotsubjecttotheSuspendedCovenantsunderthisIndentureforanyperiodoftimeasaresultoftheforegoing,andonanysubsequentdate(the“Reversion Date”)oneorbothoftheRatingAgencieswithdrawtheirInvestmentGradeRatingordowngradetheratingassignedtotheNotesbelowanInvestmentGradeRatingsuchthattheNotesnolongerhaveanInvestmentGradeRatingfromeitherRatingAgency,thenParentanditsRestrictedSubsidiarieswillthereafteragainbesubjecttotheSuspendedCovenantsunderthisIndenturewithrespecttofutureevents.TheperiodoftimebetweentheSuspensionDateandtheReversionDateisreferredtointhisIndentureasthe“Suspension Period.”TheGuaranteesoftheGuarantorsshallbesuspendedduringtheSuspensionPeriod.Additionally,upontheoccurrenceofaCovenantSuspensionEvent,theamountofExcessProceedsfromanyAssetSalesshallberesettozero.
(d)DuringtheSuspensionPeriod,ParentanditsRestrictedSubsidiarieswillbeentitledtoincurLienstotheextentprovidedforunderSection4.12(including,withoutlimitation,PermittedLiens)andanyPermittedLienswhichmayrefertooneormoreSuspendedCovenantsshallbeinterpretedasthoughsuchapplicableSuspendedCovenant(s)continuedtobeapplicableduringtheSuspensionPeriod(butsolelyforpurposesofSection4.12andthe“PermittedLiens”definitionandfornoothercovenant).
(e)Notwithstandingtheforegoing,intheeventofanysuchreinstatementoftheSuspendedCovenants,noactiontakenoromittedtobetakenbyParentoranyofitsRestrictedSubsidiariespriortosuchreinstatementwillgiverisetoaDefaultorEventofDefaultunderthisIndenturewithrespecttotheNotes,andnoDefaultorEventofDefaultwillbedeemedtoexistorhaveoccurredasaresultofanyfailurebyParentoranyRestrictedSubsidiarytocomplywithanyoftheSuspendedCovenantsduringtheSuspensionPeriod;provided,that(i)withrespecttoRestrictedPaymentsmadeaftersuchreinstatement,theamountavailabletobemadeasRestrictedPaymentswillbecalculatedasthoughSection4.07hereofhadbeenineffectpriorto,butnotduring,theSuspensionPeriod;(ii)allIndebtednessincurred,orDisqualifiedStockissued,duringtheSuspensionPeriodwillbeclassifiedtohavebeenincurredorissuedpursuanttoclause(iii)ofSection4.09(b)hereof;(iii)anyAffiliateTransactionenteredintoaftersuchreinstatementpursuanttoanagreemententeredintoduringanySuspensionPeriodshallbedeemedtobepermittedpursuanttoclause(vi)ofSection4.11(b)hereof;(iv)anyencumbranceorrestrictionontheabilityofanyNon-GuarantorSubsidiarytotakeanyactiondescribedinclauses(i)through(iii)ofSection4.08(a)hereofthatbecomeseffectiveduringanySuspensionPeriodshallbedeemedtobepermittedpursuanttoclause(i)ofSection4.08(b)hereof;and(v)noSubsidiaryofParentshallberequiredtocomplywithSection4.15hereofaftersuchreinstatementwithrespecttoanyguaranteeenteredintobysuchSubsidiaryduringanySuspensionPeriod.
(f)NotwithstandingthattheSuspendedCovenantsmaybereinstatedaftertheReversionDate,(i)noDefault,EventofDefaultorbreachofanykindwillbedeemedtoexistunderthisIndenture,theNotesortheGuaranteeswithrespecttotheSuspendedCovenants,andnoneofParentoranyofitsSubsidiariesshallbearanyliabilityforanyactionstakenoreventsoccurringduringtheSuspensionPeriod,oranyactionstakenatanytimepursuanttoanycontractualobligationarisingduringanySuspensionPeriod,ineachcaseasaresultofafailuretocomplywiththeSuspendedCovenantsduringtheSuspensionPeriod(or,uponterminationoftheSuspensionPeriodorafterthattimebasedsolelyonanyactiontakenoreventthatoccurredduringtheSuspensionPeriod),and(ii)followingaReversionDate,ParentandeachRestrictedSubsidiarywillbepermitted,withoutcausingaDefaultorEventofDefault,tohonor,complywithorotherwiseperformanycontractualcommitmentsorobligationsarisingduringanySuspensionPeriodandtoconsummatethetransactionscontemplatedthereby.
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Section 4.17Mandatory Merger and Assumption; Activities of PFG Escrow Corporation.
ImmediatelyaftertheEscrowReleaseDate(andprovidedtheEscrowConditionshavebeensatisfied),(a)theEscrowIssuershallmergewithandintotheCompanypursuanttothelawsoftheStateofColorado,withtheCompanysurvivingsuchmerger(the“Escrow Merger”),and(b)theCompanyshallassumealltheobligationsoftheEscrowIssuerunderthisIndentureandtheNotes,andbecometheIssuerhereunder,andshallcauseeachoftheInitialGuarantorstobecomeaGuarantorhereunder,ineachcase,pursuanttoasupplementalindenturesubstantiallyintheformofExhibitEhereto.Immediatelythereafter,thecovenantssetforthinSections4.07,4.08,4.09,4.10,4.11and4.12hereofwillbedeemedtohavebeenapplicabletoParentanditsRestrictedSubsidiariesbeginningontheIssueDateandallcalculationsunderthisIndentureshallbemadeasifParentandtheInitialGuarantorswerepartytothisIndentureontheIssueDate.PriortosuchassumptionbytheCompany,theEscrowIssuerwillnotengageinanybusinessactivityorenterintoanytransactionoragreement(including,withoutlimitation,makinganyRestrictedPayment,incurringanyIndebtedness,incurringanyLiensexceptinfavoroftheHoldersoftheNotes,enteringintoanymerger(otherthantheEscrowMerger),consolidationorsaleofallorsubstantiallyallofitsassetsorengaginginanytransactionwithitsAffiliates)exceptintheordinarycourseofbusinessorreasonablynecessarytoeffectuatetheTransactionssubstantiallyinaccordancewiththedescriptionoftheTransactionssetforthintheOfferingCircular,togetherwithsuchamendments,modificationsandwaiversthatarenot,individuallyorintheaggregate,materiallyadversetoParentanditsSubsidiaries(aftergivingeffecttotheconsummationoftheTransactions),takenasawhole,ortotheHoldersoftheNotes,asdeterminedbytheIssueringoodfaith,andmaynotown,holdorotherwisehaveanyinterestinanyassetotherthantheproceedsoftheNotesandotheramountsondepositintheEscrowAccountsandcash.
ARTICLE5SUCCESSORS
Section 5.01Merger, Consolidation or Sale of All or Substantially All Assets.
(a)ExceptfortheEscrowMerger(whichisexplicitlypermitted),theIssuermaynotconsolidateormergewithorintoorwindupinto(whetheror
nottheIssueristhesurvivingPerson),orsell,assign,transfer,lease,conveyorotherwisedisposeofallorsubstantiallyallofitspropertiesorassets,inoneormorerelatedtransactions,toanyPersonunless:
(i)theIssueristhesurvivingPersonorthePersonformedbyorsurvivinganysuchconsolidation,amalgamationormerger(ifotherthantheIssuer)ortowhichsuchsale,assignment,transfer,lease,conveyanceorotherdispositionwillhavebeenmade,isaPersonorganizedorexistingunderthelawsofthejurisdictionoforganizationoftheIssuerorthelawsoftheUnitedStatesofAmerica,anystatethereof,theDistrictofColumbia,oranyterritorythereof(suchPerson,asthecasemaybe,beinghereincalledthe“Successor Company”);provided thatinthecasewherethesurvivingPersonisnotacorporation,aco-obligoroftheNotesisacorporation;
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(ii)theSuccessorCompany,ifotherthantheIssuer,expresslyassumesalltheobligationsoftheIssuerundertheNotespursuanttosupplementalindenturesorotherdocumentsorinstruments;
(iii)immediatelyaftersuchtransaction,noDefaultexists;
(iv)immediatelyaftergivingpro formaeffecttosuchtransactionandanyrelatedfinancingtransactions,asifsuchtransactionshad
occurredatthebeginningoftheapplicablefour-quarterperiod:
(A)theSuccessorCompanyortheIssuerwouldbepermittedtoincuratleast$1.00ofadditionalIndebtednesspursuanttotheFixedChargeCoverageTest;or
(B)theFixedChargeCoverageRatioforParent(ortheSuccessorCompany,asapplicable)anditsRestrictedSubsidiarieswould
beequaltoorgreaterthantheFixedChargeCoverageRatioforParentanditsRestrictedSubsidiariesimmediatelypriortosuchtransaction;
(v)eachGuarantor,unlessitistheotherpartytothetransactionsdescribedabove,inwhichcaseclause(i)(B)ofSection5.01(e)hereofshallapply,shallhavebysupplementalindentureconfirmedthatitsGuaranteeshallapplytosuchPerson’sobligationsunderthisIndentureandtheNotes;and(vi)theIssueror,ifapplicable,theSuccessorCompanyshallhavedeliveredtotheTrusteeanOfficer’sCertificateandanOpinionofCounsel,eachstatingthatsuchconsolidation,mergerortransferandsuchsupplementalindentures,ifany,complywiththisIndenture.
(b)TheSuccessorCompanyshallsucceedto,andbesubstitutedfor,theIssuerunderthisIndenture,theGuaranteesandtheNotes,asapplicable,and
theIssuerwillautomaticallybereleasedanddischargedfromitsobligationsunderthisIndenture,theGuaranteesandtheNotes.
(c)Notwithstandingclauses(iii)and(iv)ofSection5.01(a)hereof:
(i)anyRestrictedSubsidiarymayconsolidateoramalgamatewithormergewithorintoortransferallorpartofitspropertiesandassetstotheIssueroraGuarantor;and
(ii)theIssuermaymergewithanAffiliateoftheIssuersolelyforthepurposeofreincorporatingtheIssuerintheUnitedStatesofAmerica,
anystatethereof,theDistrictofColumbiaoranyterritorythereofsolongastheamountofIndebtednessoftheIssueranditsRestrictedSubsidiariesisnotincreasedthereby.
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(d)Parentshallnotconsolidateormergewithorintoorwindupinto(whetherornotParentisthesurvivingPerson),orsell,assign,transfer,lease,conveyorotherwisedisposeofallorsubstantiallyallofitspropertiesorassets,inoneormorerelatedtransactions,toanyPersonunless:
(i)(A)ParentisthesurvivingPersonorthePersonformedbyorsurvivinganysuchconsolidationormerger(ifotherthanParent)ortowhichsuchsale,assignment,transfer,lease,conveyanceorotherdispositionwillhavebeenmade,isaPersonorganizedorexistingunderthelawsofthejurisdictionoforganizationofParent,asapplicable,orthelawsoftheUnitedStatesofAmerica,anystatethereof,theDistrictofColumbia,oranyterritorythereof(suchsurvivingPerson,asthecasemaybe,beinghereincalledthe“Successor Parent”);
(B)theSuccessorParent,ifotherthanParent,expresslyassumesalltheobligationsofParentunderthisIndentureandParent’s
relatedGuaranteepursuanttosupplementalindenturesorotherdocumentsorinstruments;
(C)immediatelyaftersuchtransaction,noDefaultexists;
(D)theIssuershallhavedeliveredtotheTrusteeanOfficer’sCertificateandanOpinionofCounsel,eachstatingthatsuchconsolidation,mergerortransferandsuchsupplementalindentures,ifany,complywiththisIndenture;and
(ii)immediatelyaftergivingpro formaeffecttosuchtransactionandanyrelatedfinancingtransactions,asifsuchtransactionshad
occurredatthebeginningoftheapplicablefour-quarterperiod:
(A)theSuccessorParentorParentwouldbepermittedtoincuratleast$1.00ofadditionalIndebtednesspursuanttotheFixedChargeCoverageTest;or
(B)theFixedChargeCoverageRatioforParent(ortheSuccessorParent,asapplicable)anditsRestrictedSubsidiarieswouldbe
equaltoorgreaterthantheFixedChargeCoverageRatioforParentanditsRestrictedSubsidiariesimmediatelypriortosuchtransaction.
TheSuccessorParentshallsucceedto,andbesubstitutedfor,ParentunderthisIndentureandParent’sGuarantee,andParentshallautomaticallybereleasedanddischargedfromitsobligationsunderthisIndentureandParent’sGuarantee.
Notwithstandingtheforegoing,ParentmaymergewithanAffiliateofParentsolelyforthepurposeofreincorporatingParentintheUnitedStates,anystatethereof,theDistrictofColumbiaoranyterritorythereof.
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(e)SubjecttoSection10.06hereof,noGuarantor(otherthanParent)shall,andtheIssuershallnotpermitsuchGuarantorto,consolidateormergewithorintoorwindupinto(whetherornotsuchGuarantoristhesurvivingPerson),orsell,assign,transfer,lease,conveyorotherwisedisposeofallorsubstantiallyallofitspropertiesorassets,inoneormorerelatedtransactions,toanyPersonunless:
(i)(A)suchGuarantoristhesurvivingPersonorthePersonformedbyorsurvivinganysuchconsolidationormerger(ifotherthansuchGuarantor)ortowhichsuchsale,assignment,transfer,lease,conveyanceorotherdispositionwillhavebeenmadeisaPersonorganizedorexistingunderthelawsofthejurisdictionoforganizationofsuchGuarantor,asapplicable,orthelawsoftheUnitedStatesofAmerica,anystatethereof,theDistrictofColumbia,oranyterritorythereof(suchsurvivingGuarantororsuchPerson,asthecasemaybe,beinghereincalledthe“Successor Person”);
(B)theSuccessorPerson,ifotherthansuchGuarantor,expresslyassumesalltheobligationsofsuchGuarantorunderthis
IndentureandsuchGuarantor’srelatedGuaranteepursuanttosupplementalindenturesorotherdocumentsorinstruments;
(C)immediatelyaftersuchtransaction,noDefaultexists;and
(D)theIssuershallhavedeliveredtotheTrusteeanOfficer’sCertificateandanOpinionofCounsel,eachstatingthatsuchconsolidation,mergerortransferandsuchsupplementalindentures,ifany,complywiththisIndenture;or
(ii)thetransactionismadeincompliancewithSection4.10(a)hereof;or
(iii)inthecaseofassetscomprisedofEquityInterestsofSubsidiariesthatarenotGuarantors,suchEquityInterestsaresold,assigned,
transferred,leased,conveyedorotherwisedisposedoftooneormoreRestrictedSubsidiaries.
(f)SubjecttoSection10.06hereof,theSuccessorPersonshallsucceedto,andbesubstitutedfor,suchGuarantorunderthisIndentureandsuchGuarantor’sGuarantee.Notwithstandingtheforegoing,anyGuarantormay(1)mergeorconsolidatewithorinto,windupintoortransferallorpartofitspropertiesandassetstoanotherGuarantorortheIssuer,(2)mergewithanAffiliateoftheIssuersolelyforthepurposeofreorganizingtheGuarantorintheUnitedStatesofAmerica,anystatethereof,theDistrictofColumbiaoranyterritorythereof,(3)convertintoacorporation,partnership,limitedpartnership,limitedliabilitycompanyortrustorganizedorexistingunderthelawsofthejurisdictionoforganizationofsuchGuarantoror(4)liquidateordissolveorchangeitslegalformiftheIssuerdeterminesingoodfaiththatsuchactionisinthebestinterestsoftheIssuer,ineachcase,withoutregardtotherequirementssetforthinSection5.01(f).NotwithstandinganythingtothecontraryinthisSection5.01,theIssuermaycontributeCapitalStockofanyorallofitsSubsidiariestoanyGuarantor.
(g)Fortheavoidanceofdoubt,theEscrowIssuermaymergeintotheCompanywithoutregardtotherequirementssetforthinthisSection5.01followingthereleaseoffundsfromtheEscrowAccountpursuanttoSection1.3oftheEscrowAgreement.
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Section 5.02Successor Person Substituted.Uponanyconsolidationormerger,oranysale,assignment,transfer,lease,conveyanceorotherdispositionofallorsubstantiallyalloftheassetsofParent,theIssueroraGuarantorinaccordancewithSection5.01hereof,thesuccessorPersonformedbysuchconsolidationorintoorwithwhichParent,theIssuerorsuchGuarantor,asapplicable,ismergedortowhichsuchsale,assignment,transfer,lease,conveyanceorotherdispositionismadeshallsucceedto,andbesubstitutedfor(sothatfromandafterthedateofsuchconsolidation,merger,sale,lease,conveyanceorotherdisposition,theprovisionsofthisIndenturereferringtoParent,theIssuerorsuchGuarantor,asapplicable,shallreferinsteadtothesuccessorPerson,asapplicable,andnottoParent,theIssuerorsuchGuarantor,asapplicable),andmayexerciseeveryrightandpowerofParent,theIssuerorsuchGuarantor,asapplicable,underthisIndenturewiththesameeffectasifsuchsuccessorPerson,asapplicable,hadbeennamedasParent,theIssueroraGuarantor,asapplicable,herein;providedthatthepredecessorIssuershallnotberelievedfromtheobligationtopaytheprincipalofandinterestontheNotes,exceptinthecaseofasale,assignment,transfer,lease,conveyanceorotherdispositionofallorsubstantiallyalloftheIssuer’sassetsthatmeetstherequirementsofSection5.01hereof.
ARTICLE6DEFAULTSANDREMEDIES
Section 6.01 Events of Default.
(a)An“Event of Default,”whereverusedherein,meansanyoneofthefollowingevents:
(i)defaultinpaymentwhendueandpayable,uponredemption,accelerationorotherwise,ofprincipalof,orpremium,ifany,ontheNotes;
(ii)defaultfor30daysormoreinthepaymentwhendueofinterestonorwithrespecttotheNotes;
(iii)subjecttoSection4.03(d)hereof,failurebytheIssueroranyGuarantorfor60daysafterreceiptofwrittennoticegivenbytheTrustee
ortheHoldersofnotlessthan30%inaggregateprincipalamountofthethenoutstandingNotestocomplywithanyofitsobligations,covenantsoragreements(otherthanadefaultreferredtoinclause(i)or(ii)above)containedinthisIndentureortheNotes;
(iv)defaultunderanymortgage,indentureorinstrumentunderwhichthereisissuedorbywhichthereissecuredorevidencedany
IndebtednessformoneyborrowedbyParentoranyofitsRestrictedSubsidiariesorthepaymentofwhichisguaranteedbyParentoranyofitsRestrictedSubsidiaries,otherthanIndebtednessowedtoParentoraRestrictedSubsidiary,whethersuchIndebtednessorguaranteenowexistsoriscreatedaftertheissuanceoftheNotes,ifboth:
(A)suchdefaulteitherresultsfromthefailuretopayanyprincipalofsuchIndebtednessatitsstatedfinalmaturity(aftergiving
effecttoanyapplicablegraceperiods)orrelatestoanobligationotherthantheobligationtopayprincipalofanysuchIndebtednessatitsstatedfinalmaturityandresultsintheholderorholdersofsuchIndebtednesscausingsuchIndebtednesstobecomeduepriortoitsstatedmaturity;and
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(B)theprincipalamountofsuchIndebtedness,togetherwiththeprincipalamountofanyothersuchIndebtednessindefaultforfailuretopayprincipalatstatedfinalmaturity(aftergivingeffecttoanyapplicablegraceperiods),orthematurityofwhichhasbeensoaccelerated,aggregate$100.0millionormoreoutstanding;
(v)failurebyParent,theIssueroranySignificantSubsidiary(oranygroupofRestrictedSubsidiariesthattogether(asofthelatestaudited
consolidatedfinancialstatementsofParentforafiscalquarterendprovidedasrequiredunderSection4.03hereof)wouldconstituteaSignificantSubsidiary)topayfinaljudgmentsaggregatinginexcessof$100.0million(netofamountscoveredbyinsurancepoliciesissuedbyreputableinsurancecompanies),whichfinaljudgmentsremainunpaid,undischargedandunstayedforaperiodofmorethan60daysaftersuchjudgmentbecomesfinal,andintheeventsuchjudgmentiscoveredbyinsurance,anenforcementproceedinghasbeencommencedbyanycreditoruponsuchjudgmentordecreewhichisnotpromptlystayed;
(vi)Parent,theIssueroranySignificantSubsidiary(oranygroupofRestrictedSubsidiariesthattogether(asofthelatestaudited
consolidatedfinancialstatementsoftheIssuerforafiscalquarterendprovidedasrequiredunderSection4.03hereof)wouldconstituteaSignificantSubsidiary),pursuanttoorwithinthemeaningofanyBankruptcyLaw:
(A)commencesproceedingstobeadjudicatedbankruptorinsolvent;
(B)consentstotheinstitutionofbankruptcyorinsolvencyproceedingsagainstit,orthefilingbyitofapetitionoransweror
consentseekingreorganizationorreliefunderapplicableBankruptcyLaw;
(C)consentstotheappointmentofareceiver,liquidator,assignee,trustee,sequestratororothersimilarofficialofitorforallorsubstantiallyallofitsproperty;
(D)makesageneralassignmentforthebenefitofitscreditors;or
(E)generallyisnotpayingitsdebtsastheybecomedue;
(vii)acourtofcompetentjurisdictionentersanorderordecreeunderanyBankruptcyLawthat:
(A)isforreliefagainstParent,theIssueroranySignificantSubsidiary(oranygroupofRestrictedSubsidiariesthattogether(as
ofthelatestauditedconsolidatedfinancialstatementsofParentforafiscalquarterendprovidedasrequiredunderSection4.03hereof)wouldconstituteaSignificantSubsidiary),inaproceedinginwhichParent,theIssueroranysuchSubsidiaryorsuchgroupofRestrictedSubsidiariesistobeadjudicatedbankruptorinsolvent;
(B)appointsareceiver,liquidator,assignee,trustee,sequestratororothersimilarofficialofParent,theIssueroranySignificant
Subsidiary(oranygroupofRestrictedSubsidiariesthattogether(asofthelatestauditedconsolidatedfinancialstatementsofParentforafiscalquarterendprovidedasrequiredunderSection4.03hereof)wouldconstituteaSignificantSubsidiary),orforallorsubstantiallyallofthepropertyoftheIssueroranysuchSignificantSubsidiaryorsuchgroupofRestrictedSubsidiaries;or
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(C)orderstheliquidationofParent,theIssueroranySignificantSubsidiary(oranygroupofRestrictedSubsidiariesthattogether(asofthelatestauditedconsolidatedfinancialstatementsofParentforafiscalquarterendprovidedasrequiredunderSection4.03hereof)wouldconstituteaSignificantSubsidiary);andtheorderordecreeremainsunstayedandineffectfor60consecutivedays;or
(D)theGuaranteeofanySignificantSubsidiary(oranygroupofRestrictedSubsidiariesthattogether(asofthelatestaudited
consolidatedfinancialstatementsofParentforafiscalquarterendprovidedasrequiredunderSection4.03hereof)wouldconstituteaSignificantSubsidiary)shallforanyreasonceasetobeinfullforceandeffectorbedeclarednullandvoidoranyresponsibleofficerofanyGuarantorthatisaSignificantSubsidiary(ortheresponsibleofficersofanygroupofRestrictedSubsidiariesthattogether(asofthelatestauditedconsolidatedfinancialstatementsofParentforafiscalquarterendprovidedasrequiredunderSection4.03hereof)wouldconstituteaSignificantSubsidiary),asthecasemaybe,deniesinwritingthatithasanyfurtherliabilityunderitsGuaranteeorgiveswrittennoticetosucheffect,otherthanbyreasonoftheterminationofthisIndentureorthereleaseofanysuchGuaranteeinaccordancewiththisIndenture;and
(viii)thefailurebytheEscrowIssuertopayorcausetobepaidtheSpecialMandatoryRedemptionPriceontheSpecialMandatory
RedemptionDate,ifany,asrequiredunderSection3.10hereof.
(b)IntheeventofanyEventofDefaultspecifiedinclause(iv)ofSection6.01(a)hereof,suchEventofDefaultandallconsequencesthereof(excludinganyresultingpaymentdefault,otherthanasaresultofaccelerationoftheNotes)shallbeannulled,waivedandrescinded,automaticallyandwithoutanyactionbytheTrusteeortheHolders,ifwithin30daysaftersuchEventofDefaultarose:
(i)theIndebtednessorguaranteethatisthebasisforsuchEventofDefaulthasbeendischarged;
(ii)therequisitenumberofholdersthereofhaverescindedorwaivedtheacceleration,noticeoraction(asthecasemaybe)givingrisetosuchEventofDefault;or
(iii)thedefaultthatisthebasisforsuchEventofDefaulthasbeencured.
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However,aDefaultunderSections6.01(a)(i)through(vi)andSection6.01(a)(viii)hereofwillnotconstituteanEventofDefaultuntiltheTrusteeortheHoldersof30%inprincipalamountoftheoutstandingNotesnotifytheIssueroftheDefaultand,withrespecttoSections6.01(a)(i)through(vi)andSection6.01(a)(viii),theIssuerdoesnotcuresuchdefaultwithinthetimespecified,asapplicable,ofthisparagraphafterreceiptofsuchnotice;providedthatanoticeofDefaultmaynotbegivenwithrespecttoanyactiontaken,andreportedpubliclyortoholders,morethantwoyearspriortosuchnoticeofDefault.AnynoticeofDefault,noticeofaccelerationorinstructiontotheTrusteetoprovideanoticeofDefault,noticeofaccelerationortakeanyotheraction(a“NoteholderDirection”)providedbyanyoneormoreHolders(eacha“Directing Holder”)mustbeaccompaniedbyawrittenrepresentationfromeachsuchHoldertotheIssuerandtheTrusteethatsuchHolderisnot(or,inthecasesuchHolderisDTCoritsnominee,thatsuchHolderisbeinginstructedsolelybybeneficialownersthatarenot)NetShort(a“Position Representation”),whichrepresentation,inthecaseofaNoteholderDirectionrelatingtoanoticeofDefault(a“DefaultDirection”)shallbedeemedrepeatedatalltimesuntiltheresultingEventofDefaultiscuredorotherwiseceasestoexistortheNotesareaccelerated.Inaddition,eachDirectingHoldermustatthetimeofprovidingaNoteholderDirectioncovenant,providetheIssuerwithsuchotherinformationastheIssuermayreasonablyrequestfromtimetotimeinordertoverifytheaccuracyofsuchHolder’sPositionRepresentationwithinfiveBusinessDaysofrequesttherefor(a“VerificationConsent”).InanycaseinwhichtheHolderisDTCoritsnominee,anyPositionRepresentationorVerificationCovenantrequiredhereundershallbeprovidedbythebeneficialowneroftheNotesinlieuofDTCoritsnominee.
If,followingthedeliveryofaNoteholderDirection,butpriortoaccelerationoftheNotes,theIssuerdeterminesingoodfaiththatthereisareasonablebasistobelieveaDirectingHolderwas,atanyrelevanttime,inbreachofitsPositionRepresentationandprovidestotheTrusteeevidencethattheIssuerhasfiledpaperswithacourtofcompetentjurisdictionseekingadeterminationthatsuchDirectingHolderwas,atsuchtime,inbreachofitsPositionRepresentation,andseekingtoinvalidateanyEventofDefaultthatresultedfromtheapplicableNoteholderDirection,thecureperiodwithrespecttosuchEventofDefaultshallbeautomaticallystayedpendingafinalandnon-appealabledeterminationofacourtofcompetentjurisdictiononsuchmatter.If,followingthedeliveryofaNoteholderDirection,butpriortoaccelerationoftheNotes,theIssuerprovidestotheTrusteeanOfficer’sCertificatestatingthataDirectingHolderfailedtosatisfyitsVerificationCovenant,thecureperiodwithrespecttoanyEventofDefaultthatresultedfromtheapplicableNoteholderDirectionshallbeautomaticallystayedpendingsatisfactionofsuchVerificationCovenant.AnybreachofthePositionRepresentationshallresultinsuchHolder’sparticipationinsuchNoteholderDirectionbeingdisregarded;and,if,withouttheparticipationofsuchHolder,thepercentageofNotesheldbytheremainingHoldersthatprovidedsuchNoteholderDirectionwouldhavebeeninsufficienttovalidlyprovidesuchNoteholderDirection,suchNoteholderDirectionshallbevoidabinitio,withtheeffectthatsuchEventofDefaultshallbedeemednevertohaveoccurredandtheTrusteeshallbedeemedtohavenotreceivedtheNoteholderDirectionoranynoticeofsuchEventofDefault.
AfterthedeliveryofaNoteholderDirection,butpriortoaccelerationoftheNotes,unlesstheTrusteereceivesanOfficer’sCertificatetotheeffectthat(i)theIssuerhasfiledpaperswithacourtofcompetentjurisdictionseekingadeterminationthatsuchDirectingHolderwas,atsuchtime,inbreachofitsPositionRepresentation,andseekingtoinvalidateanyEventofDefaultthatresultedfromtheapplicableNoteholderDirection,or(ii)aDirectingHolderfailedtosatisfyitsVerificationCovenant,theTrusteemayconclusivelyassumethattheDirectingHoldercompliedwithanyrequirementssetforthinthisSection6.01.IntheeventtheTrusteereceiveseitheroftheaforementionedOfficer’sCertificates,theTrusteeshallnotbeliableforfailingtotakeactioninaccordancewithsuchNoteholderDirectionorotherwisetakeanyactionwithrespecttoanyDefaultorEventofDefaultidentifiedinsuchNoteholderDirectionwhilesuchcureperiodisstayedassetforthinthisSection6.01.TheTrusteemayconclusivelyrelyonthestatementscontainedinanyNoteholderDirection,VerificationCovenantorrelatedOfficer’sCertificatewithoutanyindependentinvestigationwhatsoever.
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Section 6.02Acceleration.IfanyEventofDefault(otherthananEventofDefaultofthetypespecifiedinclause(vi)or(vii)ofSection6.01(a)hereof)occursandiscontinuingunderthisIndenture,theTrusteeortheHoldersofnotlessthan30%inaggregateprincipalamountofallthethenoutstandingNotesmay,bynoticetotheIssuerandtheTrustee,ineithercasespecifyinginsuchnoticetherespectiveEventofDefaultandthatsuchnoticeisa“noticeofacceleration,”declaretheprincipal,premium,ifany,interestandanyothermonetaryobligationsonallthethenoutstandingNotestobedueandpayableimmediately.
Upontheeffectivenessofsuchdeclaration,suchprincipalofandpremium,ifany,andinterestwillbedueandpayableimmediately.
Notwithstandingtheforegoing,inthecaseofanEventofDefaultarisingunderclause(vi)or(vii)ofSection6.01(a)hereof,alloutstandingNoteswillbecomedueandpayablewithoutfurtheractionornotice.TheTrusteemaywithholdfromtheHoldersnoticeofanycontinuingDefault,exceptaDefaultrelatingtothepaymentofprincipal,premium,ifany,orinterest,ifitdeterminesthatwithholdingnoticeisintheirinterest.
Section 6.03Other Remedies.IfanEventofDefaultoccursandiscontinuing,theTrusteemaypursueanyavailableremedytocollectthepaymentofprincipal,premium,ifany,andinterestontheNotesortoenforcetheperformanceofanyprovisionoftheNotesorthisIndenture.
TheTrusteemaymaintainaproceedingevenifitdoesnotpossessanyoftheNotesordoesnotproduceanyofthemintheproceeding.AdelayoromissionbytheTrusteeoranyHolderofaNoteinexercisinganyrightorremedyaccruinguponanEventofDefaultshallnotimpairtherightorremedyorconstituteawaiveroforacquiescenceintheEventofDefault.Allremediesarecumulativetotheextentpermittedbylaw.
Section 6.04Waiver of Past Defaults.HoldersofamajorityinaggregateprincipalamountofalltheNotesthenoutstanding,bynoticetotheTrustee(withacopytotheIssuer,providedthatanywaiverorrescissionunderthisSection6.04shallbevalidandbindingnotwithstandingthefailuretoprovideacopyofsuchnoticetotheIssuer)mayonbehalfoftheHoldersofalloftheNoteswaiveanyexistingDefaultanditsconsequencesunderthisIndentureandrescindanyaccelerationwithrespecttotheNotesanditsconsequencesunderthisIndenture(exceptifsuchrescissionwouldconflictwithanyjudgmentofacourtofcompetentjurisdictionandexceptacontinuingDefaultinthepaymentofintereston,premium,ifany,ortheprincipalofanyNoteheldbyanon-consentingHolder).Uponanysuchwaiver,suchDefaultshallceasetoexist,andanyEventofDefaultarisingtherefromshallbedeemedtohavebeencuredforeverypurposeofthisIndenture;butnosuchwaivershallextendtoanysubsequentorotherDefaultorimpairanyrightconsequentthereto.
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Section 6.05Control by Majority.SubjecttoSection7.01(e)hereof,theHoldersofamajorityinaggregateprincipalamountofallthenoutstandingNotesmaydirectthetime,methodandplaceofconductinganyproceedingforexercisinganyremedyavailabletotheTrusteeorofexercisinganytrustorpowerconferredontheTrusteeandtheTrusteemaytakeanyotheractiondeemedproperbytheTrusteethatisnotinconsistentwithsuchdirection.TheTrustee,however,mayrefusetofollowanydirectionthatconflictswithlaworthisIndentureorthattheTrusteedeterminesisundulyprejudicialtotherightsofanyotherHolderorthatwouldinvolvetheTrusteeinpersonalliabilityandmaytakeanyotheractionthatisnotinconsistentwithanysuchdirectionreceivedfromHoldersoftheNotes.
Section 6.06Limitation on Suits.SubjecttoSection6.07hereof,noHolderofaNotemaypursueanyremedywithrespecttothisIndentureortheNotesunless:
(a)suchHolderhaspreviouslygiventheTrusteewrittennoticethatanEventofDefaultiscontinuing;
(b)theHoldersofatleast30%intheaggregateprincipalamountofthethenoutstandingNoteshaverequestedinwritingtheTrusteetopursuetheremedy;
(c)theHoldersoftheNoteshaveofferedtheTrusteesecurityorindemnitysatisfactorytoitagainstanyloss,liabilityorexpense;
(d)theTrusteehasnotcompliedwithsuchrequestwithin60daysafterthereceiptthereofandtheofferofsecurityorindemnity;and
(e)theHoldersofamajorityinaggregateprincipalamountofallthethenoutstandingNoteshavenotgiventheTrusteeadirectioninconsistentwithsuchwrittenrequestwithinsuch60-dayperiod.
Section 6.07Rights of Holders to Receive Payment.NotwithstandinganyotherprovisionofthisIndenture,thecontractualrightexpresslysetforthinthisIndentureortheNotesofanyHolderofaNotetobringsuitfortheenforcementofanypaymentonorwithrespecttosuchHolder’sNotesonoraftertherespectivedatesexpressedinthisIndentureortheNotesshallnotbeamendedwithouttheconsentofsuchHolder.
Section 6.08Collection Suit by Trustee.IfanEventofDefaultspecifiedinSection6.01(a)(i)or(ii)hereofoccursandiscontinuing,theTrusteeisauthorizedtorecoverjudgmentinitsownnameandastrusteeofanexpresstrustagainsttheIssuerforthewholeamountofprincipalof,premium,ifany,andinterestremainingunpaidon,theNotesandinterestonoverdueprincipal,ifapplicable,and,totheextentlawful,interestandsuchfurtheramountasshallbesufficienttocoverthecostsandexpensesofcollection,includingthereasonablecompensation,expenses,disbursementsandadvancesoftheTrustee,itsagentsandcounsel.
Section 6.09Restoration of Rights and Remedies.IftheTrusteeoranyHolderhasinstitutedanyproceedingtoenforceanyrightorremedyunderthisIndentureandsuchproceedinghasbeendiscontinuedorabandonedforanyreason,orhasbeendeterminedadverselytotheTrusteeortosuchHolder,thenandineverysuchcase,subjecttoanydeterminationinsuchproceedings,theIssuer,theTrusteeandtheHoldersshallberestoredseverallyandrespectivelytotheirformerpositionshereunderandthereafterallrightsandremediesoftheTrusteeandtheHoldersshallcontinueasthoughnosuchproceedinghasbeeninstituted.
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Section 6.10Rights and Remedies Cumulative.Exceptasotherwiseprovidedwithrespecttothereplacementorpaymentofmutilated,destroyed,lostorstolenNotesinSection2.07hereof,norightorremedyhereinconferreduponorreservedtotheTrusteeortotheHoldersisintendedtobeexclusiveofanyotherrightorremedy,andeveryrightandremedyshall,totheextentpermittedbylaw,becumulativeandinadditiontoeveryotherrightandremedygivenhereunderornoworhereafterexistingatlaworinequityorotherwise.Theassertionoremploymentofanyrightorremedyhereunder,orotherwise,shallnotpreventtheconcurrentassertionoremploymentofanyotherappropriaterightorremedy.
Section 6.11Delay or Omission Not Waiver.NodelayoromissionoftheTrusteeorofanyHolderofanyNotetoexerciseanyrightorremedyaccruinguponanyEventofDefaultshallimpairanysuchrightorremedyorconstituteawaiverofanysuchEventofDefaultoranacquiescencetherein.EveryrightandremedygivenbythisArticle6orbylawtotheTrusteeortotheHoldersmaybeexercisedfromtimetotime,andasoftenasmaybedeemedexpedient,bytheTrusteeorbytheHolders,asthecasemaybe.
Section 6.12Trustee May File Proofs of Claim.TheTrusteeisauthorizedtofilesuchproofsofclaimandotherpapersordocumentsasmaybenecessaryoradvisableinordertohavetheclaimsoftheTrustee(includinganyclaimforthereasonablecompensation,expenses,disbursementsandadvancesoftheTrustee,itsagentsandcounsel)andtheHoldersallowedinanyjudicialproceedingsrelativetotheIssuer(oranyotherobligorupontheNotesincludingtheGuarantors),itscreditorsoritspropertyandshallbeentitledandempoweredtoparticipateasamemberinanyofficialcommitteeofcreditorsappointedinsuchmatterandtocollect,receiveanddistributeanymoneyorotherpropertypayableordeliverableonanysuchclaimsandanycustodianinanysuchjudicialproceedingisherebyauthorizedbyeachHoldertomakesuchpaymentstotheTrustee,andintheeventthattheTrusteeshallconsenttothemakingofsuchpaymentsdirectlytotheHolders,topaytotheTrusteeanyamountduetoitforthereasonablecompensation,expenses,disbursementsandadvancesoftheTrustee,itsagentsandcounsel,andanyotheramountsduetheTrusteeunderSection7.06hereof.Totheextentthatthepaymentofanysuchcompensation,expenses,disbursementsandadvancesoftheTrustee,itsagentsandcounsel,andanyotheramountsduetheTrusteeunderSection7.06hereofoutoftheestateinanysuchproceeding,shallbedeniedforanyreason,paymentofthesameshallbesecuredbyaLienon,andshallbepaidoutof,anyandalldistributions,dividends,money,securitiesandotherpropertiesthattheHoldersmaybeentitledtoreceiveinsuchproceedingwhetherinliquidationorunderanyplanofreorganizationorarrangementorotherwise.NothinghereincontainedshallbedeemedtoauthorizetheTrusteetoauthorizeorconsenttooracceptoradoptonbehalfofanyHolderanyplanofreorganization,arrangement,adjustmentorcompositionaffectingtheNotesortherightsofanyHolder,ortoauthorizetheTrusteetovoteinrespectoftheclaimofanyHolderinanysuchproceeding.
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Section 6.13Priorities.IftheTrusteeoranyAgentcollectsanymoneyorpropertypursuanttothisArticle6,itshallpayoutthemoneyorpropertyinthefollowingorder:
(a)FIRST,totheTrustee,suchAgent,theiragentsandattorneysforamountsdueunderSection7.06hereof,includingpaymentofallcompensation,expensesandliabilitiesincurred,andalladvancesmade,bytheTrusteeorsuchAgentandthecostsandexpensesofcollection;
(b)SECOND,toHoldersforamountsdueandunpaidontheNotesforprincipal,premium,ifany,andinterest,ratably,withoutpreferenceorpriorityofanykind,accordingtotheamountsdueandpayableontheNotesforprincipal,premium,ifany,andinterest,respectively;and
(c)THIRD,totheIssuerortosuchpartyasacourtofcompetentjurisdictionshalldirectincludingaGuarantor,ifapplicable.TheTrusteemayfixarecorddateandpaymentdateforanypaymenttoHolderspursuanttothisSection6.13.
Section 6.14Undertaking for Costs.InanysuitfortheenforcementofanyrightorremedyunderthisIndentureorinanysuitagainsttheTrusteeforanyactiontakenoromittedbyitasaTrustee,acourtinitsdiscretionmayrequirethefilingbyanypartylitigantinthesuitofanundertakingtopaythecostsofthesuit,andthecourtinitsdiscretionmayassessreasonablecosts,includingreasonableattorneys’feesandexpenses,againstanypartylitigantinthesuit,havingdueregardtothemeritsandgoodfaithoftheclaimsordefensesmadebythepartylitigant.ThisSection6.14doesnotapplytoasuitbytheTrustee,asuitbyaHolderofaNotepursuanttoSection6.07hereof,orasuitbyHoldersofmorethan10.0%inprincipalamountofthethenoutstandingNotes.
ARTICLE7TRUSTEE
Section 7.01Duties of Trustee.
(a)IfanEventofDefaulthasoccurredandiscontinuing,theTrusteeshallexercisesuchoftherightsandpowersvestedinitbythisIndenture,and
usethesamedegreeofcareandskillinitsexercise,asaprudentpersonwouldexerciseoruseunderthecircumstancesintheconductofsuchperson’sownaffairs.
(b)ExceptduringthecontinuanceofanEventofDefault:
(i)thedutiesoftheTrusteeshallbedeterminedsolelybytheexpressprovisionsofthisIndentureandtheEscrowAgreementandtheTrusteeneedperformonlythosedutiesthatarespecificallysetforthinthisIndentureandtheEscrowAgreementandnoothers,andnoimpliedcovenantsorobligationsshallbereadintothisIndentureortheEscrowAgreementagainsttheTrustee;and
(ii)intheabsenceofwillfulmisconductorbadfaithonitspart,theTrusteemayconclusivelyrely,astothetruthofthestatementsandthe
correctnessoftheopinionsexpressedtherein,uponcertificatesoropinionsfurnishedtotheTrusteeandconformingtotherequirementsofthisIndentureortheEscrowAgreement.However,inthecaseofanysuchcertificatesoropinionswhichbyanyprovisionhereofarespecificallyrequiredtobefurnishedtotheTrustee,theTrusteeshallexaminethecertificatesandopinionstodeterminewhetherornottheyconformtotherequirementsofthisIndentureortheEscrowAgreement(butneednotinvestigateorconfirmtheaccuracyofmathematicalcalculationsorotherfactsstatedtherein).
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(c)TheTrusteemaynotberelievedfromliabilitiesforitsownnegligentaction,itsownnegligentfailuretoact,oritsownwillfulmisconduct,exceptthat:
(i)thisparagraphdoesnotlimittheeffectofparagraph(b)ofthisSection7.01;
(ii)theTrusteeshallnotbeliableforanyerrorofjudgmentmadeingoodfaithbyaResponsibleOfficer,unlessitisprovedinacourtofcompetentjurisdictionthattheTrusteewasnegligentinascertainingthepertinentfacts;and
(iii)theTrusteeshallnotbeliablewithrespecttoanyactionittakesoromitstotakeingoodfaithinaccordancewithadirectionreceived
byitpursuanttoSection6.02,6.04or6.05hereof.
(d)Whetherornotthereinexpresslysoprovided,everyprovisionofthisIndenturethatinanywayrelatestotheTrusteeissubjecttoparagraphs(a),(b)and(c)ofthisSection7.01.
(e)TheTrusteeshallbeundernoobligationtoexerciseanyofitsrightsorpowersunderthisIndentureattherequestordirectionofanyoftheHoldersunlesstheHoldershaveofferedtotheTrusteeindemnityorsecuritysatisfactorytoitagainstanyloss,liabilityorexpense.
(f)TheTrusteeshallnotbeliableforinterestonanymoneyreceivedbyitexceptastheTrusteemayagreeinwritingwiththeIssuer.MoneyheldintrustbytheTrusteeneednotbesegregatedfromotherfundsexcepttotheextentrequiredbylaw.
Section 7.02Rights of Trustee.
(a)TheTrusteemayconclusivelyrelyuponanydocumentbelievedbyittobegenuineandtohavebeensignedorpresentedbytheproperPerson.TheTrusteeneednotinvestigateanyfactormatterstatedinthedocument,buttheTrustee,initsdiscretion,maymakesuchfurtherinquiryorinvestigationintosuchfactsormattersasitmayseefit,and,iftheTrusteeshalldeterminetomakesuchfurtherinquiryorinvestigation,itshallbeentitledtoexaminethebooks,recordsandpremisesoftheIssueranditsRestrictedSubsidiaries,personallyorbyagentorattorneyatthesolecostoftheIssuerandshallincurnoliabilityoradditionalliabilityofanykindbyreasonofsuchinquiryorinvestigation.
(b)BeforetheTrusteeactsorrefrainsfromacting,itmayrequireanOfficer’sCertificateoranOpinionofCounselorboth.TheTrusteeshallnotbeliableforanyactionittakesoromitstotakeingoodfaithinrelianceonsuchOfficer’sCertificateorOpinionofCounsel.TheTrusteemayconsultwithcounselofitsselectionandtheadviceofsuchcounseloranyOpinionofCounselshallbefullandcompleteauthorizationandprotectionfromliabilityinrespectofanyactiontaken,sufferedoromittedbyithereunderingoodfaithandinreliancethereon.
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(c)TheTrusteemayactthroughitsattorneysandagentsandshallnotberesponsibleforthemisconductornegligenceofanyagentorattorneyappointedwithduecare.
(d)TheTrusteeshallnotbeliableforanyactionittakesoromitstotakeingoodfaiththatitbelievestobeauthorizedorwithintherightsorpowersconferreduponitbythisIndenture.
(e)UnlessotherwisespecificallyprovidedinthisIndentureortheEscrowAgreement,anydemand,request,directionornoticefromtheIssuershallbesufficientifsignedbyanOfficeroftheIssuer.
(f)NoneoftheprovisionsofthisIndentureshallrequiretheTrusteetoexpendorriskitsownfundsorotherwisetoincuranyliability,financialorotherwise,intheperformanceofanyofitsdutieshereunder,orintheexerciseofanyofitsrightsorpowersifanindemnitysatisfactorytoitagainstsuchriskorliabilityisnotassuredtoit.
(g)TheTrusteeshallnotbedeemedtohavenoticeofanyDefaultorEventofDefaultunlessaResponsibleOfficeroftheTrusteehasactualknowledgethereoforunlesswrittennoticeofanyeventwhichisinfactsuchaDefaultorEventofDefaultisreceivedbytheTrusteeattheCorporateTrustOffice,andsuchnoticereferencestheNotesandthisIndenture.
(h)InnoeventshalltheTrusteeberesponsibleorliableforspecial,punitive,indirect,orconsequentiallossordamageofanykindwhatsoever(including,butnotlimitedto,lossofprofit)irrespectiveofwhethertheTrusteehasbeenadvisedofthelikelihoodofsuchlossordamageandregardlessoftheformofaction.
(i)Therights,privileges,protections,immunitiesandbenefitsgiventotheTrustee,including,withoutlimitation,itsrighttobeindemnified,areextendedto,andshallbeenforceableby,theTrusteeineachofitscapacitieshereunder,andeachAgent,custodianandotherPersonemployedtoacthereunder.
(j)Deliveryofreports,informationanddocuments(includingwithoutlimitationreportscontemplatedunderSection4.03hereof)totheTrusteeisforinformationalpurposesonlyandtheTrustee’sreceiptofsuchshallnotconstituteconstructivenoticeofanyinformationcontainedthereinordeterminablefrominformationcontainedtherein,includingtheIssuer’scompliancewithanyoftheircovenantshereunder(astowhichtheTrusteeisentitledtorelyexclusivelyonOfficer’sCertificates).
(k)ThepermissiverightsoftheTrusteetotakecertainactionsunderthisIndentureshallnotbeconstruedasadutyunlesssospecifiedherein.
(l)TheTrusteeshallnotbeboundtomakeanyinvestigationintothefactsormattersstatedinanyresolution,certificate,statement,instrument,opinion,report,notice,request,consent,order,approval,bond,debenture,noteorotherpaperordocumentunlessrequestedinwritingtodosobytheHoldersofnotlessthanamajorityinprincipalamountoftheNotesatthetimeoutstanding,buttheTrustee,initsdiscretion,maymakesuchfurtherinquiryorinvestigationintosuchfactsormattersasitmayseefit,and,iftheTrusteeshalldeterminetomakesuchfurtherinquiryorinvestigation,itshallbeentitledtoexaminethebooks,recordsandpremisesoftheIssuer,personallyorbyagentorattorney,attheexpenseoftheIssuerandshallincurnoliabilityofanykindbyreasonofsuchinquiryorinvestigation.
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(m)TheTrusteemayrequestthattheIssuerdeliveranOfficer’sCertificatesettingforththenamesofindividualsand/ortitlesofofficersauthorizedatsuchtimetotakespecifiedactionspursuanttothisIndenture,whichOfficer’sCertificatemaybesignedbyanyPersonauthorizedtosignanOfficer’sCertificate,includinganyPersonspecifiedassoauthorizedinanysuchcertificatepreviouslydeliveredandnotsuperseded.
(n)TheTrusteeshallnotberesponsibleorliableforanyfailureordelayintheperformanceofitsobligationsunderthisIndenturearisingoutoforcaused,directlyorindirectly,bycircumstancesbeyonditsreasonablecontrol,including,withoutlimitation,actsofGod;earthquakes;fire;flood;terrorism;warsandothermilitarydisturbances;sabotage;epidemics;riots;lossormalfunctionofutilities,computer(hardwareorsoftware)orcommunicationservices;strikesorsimilarlabordisputes;andactsofcivilormilitaryauthoritiesandgovernmentalaction.
(o)TheTrusteeshallhavenodutytoinquireastotheperformanceoftheIssuerwithrespecttothecovenantscontainedinArticle4ortomakeanycalculationinconnectiontherewithorinconnectionwithanyredemptionoftheNotes.Inaddition,exceptasotherwiseexpresslyprovidedherein,theTrusteeshallhavenoobligationtomonitororverifycompliancebytheIssueroranyGuarantorwithanyotherobligationorcovenantunderthisIndenture.
(p)TheTrusteeshallnotberequiredtogiveanybondorsuretyinrespectoftheperformanceofitspowersanddutieshereunder.
Section 7.03Individual Rights of Trustee.TheTrusteeinitsindividualoranyothercapacitymaybecometheownerorpledgeeofNotesandmayotherwisedealwiththeIssueroranyofitsAffiliateswiththesamerightsitwouldhaveifitwerenotTrustee.However,intheeventthattheTrusteeacquiresanyconflictinginterest(assuchtermisusedintheTrustIndentureAct)itmusteliminatesuchconflictwithin90daysorresign.AnyAgentmaydothesamewithlikerightsandduties.TheTrusteeisalsosubjecttoSection7.09hereof.
Section 7.04Trustee’s Disclaimer.TheTrusteeshallnotberesponsibleforandmakesnorepresentationastothevalidityoradequacyofthisIndentureortheNotes,itshallnotbeaccountablefortheIssuer’suseoftheproceedsfromtheNotesoranymoneypaidtotheIssuerorupontheIssuer’sdirectionunderanyprovisionofthisIndenture,itshallnotberesponsiblefortheuseorapplicationofanymoneyreceivedbyanyPayingAgentotherthantheTrustee,anditshallnotberesponsibleforanystatementorrecitalhereinoranystatementintheNotesoranyotherdocumentinconnectionwiththesaleoftheNotesorpursuanttothisIndentureotherthanitscertificateofauthentication.
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Section 7.05Notice of Defaults.IfaDefaultoccursandiscontinuingandifitisknowntoaResponsibleOfficeroftheTrustee,theTrusteeshalldelivertoHoldersanoticeoftheDefaultwithin90daysafteritoccurs,unlesssuchDefaultshallhavebeencuredorwaived,orifdiscoveredafter90days,promptlythereafter.TheTrusteemaywithholdfromtheHoldersnoticeofanycontinuingDefault,exceptaDefaultrelatingtothepaymentofprincipal,premium,ifany,orinterest,ifitdeterminesthatwithholdingnoticeisintheirinterest.
Section 7.06Compensation and Indemnity.TheIssuershallpaytotheTrusteefromtimetotimesuchcompensationforitsacceptanceofthisIndentureandserviceshereunderasthepartiesshallagreeinwritingfromtimetotime.TheTrustee’scompensationshallnotbelimitedbyanylawoncompensationofatrusteeofanexpresstrust.TheIssuershallreimbursetheTrusteepromptlyuponrequestforallout-of-pocketdisbursements,advancesandexpensesincurredormadebyitinadditiontothecompensationforitsservices.Suchexpensesshallincludethereasonablecompensation,disbursementsandexpensesoftheTrustee’sagentsandcounsel.
TheIssuerandtheGuarantors,jointlyandseverally,shallindemnifytheTrusteeanditsofficers,directors,employees,agentsandanypredecessortrusteeanditsofficers,directors,employeesandagentsfor,andholdtheTrusteeharmlessagainst,anyandallloss,damage,claims,liabilityorexpense(includingreasonableattorneys’feesandexpenses)incurredbyitinconnectionwiththeacceptanceoradministrationofthistrustandtheperformanceofitsdutieshereunder(includingthereasonablecostsandexpensesofenforcingthisIndentureagainsttheIssueroranyoftheGuarantors(includingthisSection7.06)ordefendingitselfagainstanyclaimwhetherassertedbyanyHolder,theIssueroranyGuarantor,orliabilityinconnectionwiththeacceptance,exerciseorperformanceofanyofitspowersordutieshereunder)(butexcludingtaxesimposedonsuchPersonsinconnectionwithcompensationforsuchadministrationorperformance).TheTrusteeshallnotifytheIssuerpromptlyofanyclaimofwhichaResponsibleOfficerhasreceivedwrittennoticeforwhichitmayseekindemnity.FailurebytheTrusteetosonotifytheIssuershallnotrelievetheIssuerortheGuarantorsoftheirobligationshereunder.TheIssuershalldefendtheclaimandtheTrusteemayhaveseparatecounselandtheIssuershallpaythereasonablefeesandexpensesofsuchcounsel.NeithertheIssuernoranyGuarantorneedreimburseanyexpenseorindemnifyagainstanyloss,liabilityorexpenseincurredbytheTrusteethroughtheTrustee’sownwillfulmisconduct,negligenceorbadfaith.NeithertheIssuernoranyGuarantorneedpayforanysettlementmadewithoutitsconsent.
TheobligationsoftheIssuerandtheGuarantorsunderthisSection7.06shallsurvivethesatisfactionanddischargeofthisIndentureortheearlierresignationorremovaloftheTrustee.
TosecurethepaymentobligationsoftheIssuerandtheGuarantorsinthisSection7.06,theTrusteeshallhaveaLienpriortotheNotesonallmoneyorpropertyheldorcollectedbytheTrustee,exceptmoneyorpropertyheldintrusttopayprincipalandinterestonparticularNotes.SuchLienshallsurvivethesatisfactionanddischargeofthisIndenture.
WhentheTrusteeisrequestedtoactuponinstructionsofoneormoreHolders,theTrusteeshallnotberequiredtoactintheabsenceofindemnityagainstthecosts,expensesandliabilitiesthatmaybeincurredincompliancewithsucharequest.
WhentheTrusteeincursexpensesorrendersservicesafteranEventofDefaultspecifiedinSection6.01(a)(vi)orSection6.01(a)(vii)hereofoccurs,theexpenses and the compensation for the services (including the reasonable fees and expenses of its agents and counsel) are intended to constitute expenses ofadministrationunderanyBankruptcyLaw.
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Section 7.07Replacement of Trustee.AresignationorremovaloftheTrusteeandappointmentofasuccessorTrusteeshallbecomeeffectiveonlyuponthesuccessorTrustee’sacceptanceofappointmentasprovidedinthisSection7.07.TheTrusteemayresigninwritingatanytimeandbedischargedfromthetrustherebycreatedbysonotifyingtheIssuer.TheHoldersofamajorityinprincipalamountofthethenoutstandingNotesmayremovetheTrusteebysonotifyingtheTrusteeandtheIssuerinwriting.TheIssuermayremovetheTrusteeif:
(a)theTrusteefailstocomplywithSection7.09hereof;
(b)theTrusteeisadjudgedbankruptorinsolventoranorderforreliefisenteredwithrespecttotheTrusteeunderanyBankruptcyLaw;
(c)acustodianorpublicofficertakeschargeoftheTrusteeoritsproperty;or
(d)theTrusteebecomesincapableofacting.
IftheTrusteeresignsorisremovedorifavacancyexistsintheofficeofTrusteeforanyreason,theIssuershallpromptlyappointasuccessorTrustee.WithinoneyearafterthesuccessorTrusteetakesoffice,theHoldersofamajorityinprincipalamountofthethenoutstandingNotesmayappointasuccessorTrusteetoreplacethesuccessorTrusteeappointedbytheIssuer.
IfasuccessorTrusteedoesnottakeofficewithin60daysaftertheretiringTrusteeresignsorisremoved,theretiringTrustee(attheIssuer’sexpense),theIssuerortheHoldersofatleast10%inprincipalamountofthethenoutstandingNotes,maypetitionanycourtofcompetentjurisdictionfortheappointmentofasuccessorTrustee.
IftheTrustee,afterwrittenrequestbyanyHolderwhohasbeenaHolderforatleastsixmonths,failstocomplywithSection7.09hereof,suchHoldermaypetitionanycourtofcompetentjurisdictionfortheremovaloftheTrusteeandtheappointmentofasuccessorTrustee.
AsuccessorTrusteeshalldeliverawrittenacceptanceofitsappointmenttotheretiringTrusteeandtotheIssuer.Thereupon,theresignationorremovaloftheretiringTrusteeshallbecomeeffective,andthesuccessorTrusteeshallhavealltherights,powersanddutiesoftheTrusteeunderthisIndenture.ThesuccessorTrusteeshallmailanoticeofitssuccessiontoHolders.TheretiringTrusteeshallpromptlytransferallpropertyheldbyitasTrusteetothesuccessorTrustee;providedallsumsowingtotheTrusteehereunderhavebeenpaidandsubjecttotheLienprovidedforinSection7.06hereof.NotwithstandingreplacementoftheTrusteepursuanttothisSection7.07,theIssuer’sobligationsunderSection7.06hereofshallcontinueforthebenefitoftheretiringTrustee.
Section 7.08Successor Trustee by Merger, etc.IftheTrusteeorAgentconsolidates,mergesorconvertsinto,ortransfersallorsubstantiallyallofitscorporatetrustbusinessto,anothercorporation,thesuccessorcorporationwithoutanyfurtheractshallbethesuccessorTrusteeorAgent.AnycorporationintowhichtheTrusteeoranyAgentforthetimebeingmaybemergedorconvertedshall,onthedatewhensuchmerger,conversion,consolidation,saleortransferbecomeseffectiveandtotheextentpermittedbyapplicablelaw,beasuccessorTrusteeorAgentunderthisIndenturewithouttheexecutionorfilingofanypaperoranyfurtheractonthepartofanyofthepartiestothisIndenture.AftertheeffectivedateallreferencesinthisIndenturetothatTrusteeorAgentshallbedeemedtobereferencestothatcorporation.
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Section 7.09Eligibility; Disqualification.ThereshallatalltimesbeaTrusteehereunderthatisacorporationorganizedanddoingbusinessunderthelawsoftheUnitedStatesofAmericaorofanystatethereofthatisauthorizedundersuchlawstoexercisecorporatetrusteepower,thatissubjecttosupervisionorexaminationbyfederalorstateauthoritiesandthathas,togetherwithitsparent,acombinedcapitalandsurplusofatleast$150,000,000assetforthinitsmostrecentpublishedannualreportofcondition.
Section 7.10Holders’ Authorization to Trustee.
BytheirpurchaseoftheNotes,theHoldersherebyauthorizeanddirecttheTrusteetoexecuteanddelivertheEscrowAgreementandtoperformitsobligationsthereunder,includingtoappointtheEscrowAgentasitsagent.Uponthereleaseoftheescrow,theTrusteeisdirectedtoexecuteanyterminationsorotherdocumentsandtakesuchotheractionsinaccordancewithSection1.3oftheEscrowAgreement.IntheeventofasuccessorEscrowAgreementpursuanttoSection4.1oftheEscrowAgreement,theTrusteeisdirectedtoexecuteanysuchagreement.TheTrusteeshallhavealloftherights,protectionsandimmunitiessetforthinthisIndentureinconnectionwiththeEscrowAgreement.
ARTICLE8LEGALDEFEASANCEANDCOVENANTDEFEASANCE
Section 8.01Option to Effect Legal Defeasance or Covenant Defeasance.TheIssuermay,atitsoptionandatanytime,electtohaveeitherSection
8.02or8.03hereofappliedtoalloutstandingNotesandallobligationsoftheGuarantorswithrespecttotheGuaranteesuponcompliancewiththeconditionssetforthbelowinthisArticle8.
Section 8.02Legal Defeasance and Discharge.UpontheIssuer’sexerciseunderSection8.01hereofoftheoptionapplicabletothisSection8.02,theIssuerandtheGuarantorsshall,subjecttothesatisfactionoftheconditionssetforthinSection8.04hereof,bedeemedtohavebeendischargedfromtheirobligationswithrespecttoalloutstandingNotesandtherelatedGuaranteesandallEventsofDefaultcuredonthedatetheconditionssetforthbelowaresatisfied(“Legal Defeasance”).Forthispurpose,LegalDefeasancemeansthattheIssuerandtheGuarantorsshallbedeemedtohavepaidanddischargedtheentireIndebtednessrepresentedbytheoutstandingNotes,whichshallthereafterbedeemedtobe“outstanding”onlyforthepurposesofSection8.05hereofandtheotherSectionsofthisIndenturereferredtoin(a)and(b)below(itbeingunderstoodthatsuchNotesshallnotbedeemedoutstandingforaccountingpurposes),andtohavesatisfiedalltheirotherobligationsundersuchNotesandthisIndentureincludingthatoftheGuarantors(andtheTrustee,ondemandofandattheexpenseoftheIssuer,shallexecuteproperinstrumentsacknowledgingthesame)andtohavecuredallthenexistingEventsofDefault,exceptforthefollowingprovisionswhichshallsurviveuntilotherwiseterminatedordischargedhereunder:
(a)therightsofHoldersoftheNotestoreceivepaymentsinrespectoftheprincipalof,premium,ifany,andinterestontheNoteswhensuchpaymentsareduesolelyoutofthetrustcreatedpursuanttothisIndenturereferredtoinSection8.04hereof;
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(b)theIssuer’sobligationswithrespecttoNotesconcerningissuingtemporaryNotes,registrationofsuchNotes,mutilated,destroyed,lostorstolenNotesandthemaintenanceofanofficeoragencyforpaymentandmoneyforsecuritypaymentsheldintrust;
(c)therights,powers,trusts,dutiesandimmunitiesoftheTrustee,andtheIssuer’sobligationsinconnectiontherewith;and
(d)thisSection8.02.
SubjecttocompliancewiththisArticle8,theIssuermayexerciseitsoptionunderthisSection8.02notwithstandingthepriorexerciseofitsoptionunderSection8.03hereof.
Section 8.03Covenant Defeasance.UpontheIssuer’sexerciseunderSection8.01hereofoftheoptionapplicabletothisSection8.03,theIssuerandtheGuarantorsshall,subjecttothesatisfactionoftheconditionssetforthinSection8.04hereof,bereleasedfromtheirobligationsunderSections3.08,4.03,4.04,4.05,4.07,4.08,4.09,4.10,4.11,4.12,4.13,4.14and4.15hereof,andclauses(iv)and(v)ofSection5.01(a),andSections5.01(e)and5.01(f)hereofwithrespecttoalloutstandingNotesandtherelatedGuarantees,onandafterthedatetheconditionssetforthinSection8.04hereofaresatisfied(“Covenant Defeasance”),andsuchNotesshallthereafterbedeemednot“outstanding”forthepurposesofanydirection,waiver,consentordeclarationoractofHolders(andtheconsequencesofanythereof)inconnectionwithsuchcovenants,butshallcontinuetobedeemed“outstanding”forallotherpurposeshereunder(itbeingunderstoodthatsuchNotesshallnotbedeemedoutstandingforaccountingpurposes).Forthispurpose,CovenantDefeasancemeansthat,withrespecttoalloutstandingNotesandtherelatedGuarantees,theIssuerandtheGuarantorsmayomittocomplywithandshallhavenoliabilityinrespectofanyterm,conditionorlimitationsetforthinanysuchcovenant,whetherdirectlyorindirectly,byreasonofanyreferenceelsewherehereintoanysuchcovenantorbyreasonofanyreferenceinanysuchcovenanttoanyotherprovisionhereinorinanyotherdocumentandsuchomissiontocomplyshallnotconstituteaDefaultoranEventofDefaultunderSection6.01hereof,but,exceptasspecifiedabove,theremainderofthisIndentureandsuchNotesandtheGuaranteesshallbeunaffectedthereby.Inaddition,upontheIssuer’sexerciseunderSection8.01hereofoftheoptionapplicabletothisSection8.03hereof,subjecttothesatisfactionoftheconditionssetforthinSection8.04hereof,Section6.01(a)(iii)(solelywithrespecttothecovenantsthatarereleaseduponaCovenantDefeasance),6.01(a)(iv),6.01(a)(v),6.01(a)(vi)(solelywithrespecttoRestrictedSubsidiariessubjectthereto),6.01(a)(vii)(solelywithrespecttoRestrictedSubsidiariessubjectthereto)and6.01(a)(viii)hereofshallnotconstituteEventsofDefault.
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Section 8.04Conditions to Legal or Covenant Defeasance.ThefollowingshallbetheconditionstotheapplicationofeitherSection8.02or8.03hereoftotheoutstandingNotes:
InordertoexerciseeitherLegalDefeasanceorCovenantDefeasancewithrespecttotheNotes:
(a)theIssuershallirrevocablydepositwiththeTrustee,intrust,forthebenefitoftheHoldersoftheNotes,cashinU.S.dollars,U.S.GovernmentSecurities,oracombinationthereof,insuchamountaswillbesufficient,intheopinionofanationallyrecognizedfirmofindependentpublicaccountants,topaytheprincipalof,premium,ifany,andinterestdueonsuchNotesonthestatedmaturitydateorontheRedemptionDate,asthecasemaybe,ofsuchprincipal,premium,ifany,orinterestonsuchNotesandtheIssuermustspecifywhethersuchNotesarebeingdefeasedtomaturityortoaparticularRedemptionDate;provided thatuponanyredemptionthatrequiresthepaymentoftheApplicablePremium,theamountdepositedshallbesufficientforpurposesofthisIndenturetotheextentthatanamountisdepositedwiththeTrusteeequaltotheApplicablePremiumcalculatedasofthedateofthenoticeofredemption,withanydeficitasoftheRedemptionDate(anysuchamount,the“Applicable Premium Deficit”)onlyrequiredtobedepositedwiththeTrusteeonorpriortotheRedemptionDate.AnyApplicablePremiumDeficitshallbesetforthinanOfficer’sCertificatedeliveredtotheTrusteesimultaneouslywiththedepositofsuchApplicablePremiumDeficitthatconfirmsthatsuchApplicablePremiumDeficitshallbeappliedtowardsuchredemption;
(b)inthecaseofLegalDefeasance,theIssuershallhavedeliveredtotheTrusteeanOpinionofCounselconfirmingthat,subjecttocustomaryassumptionsandexclusions:
(i)theIssuerhasreceivedfrom,ortherehasbeenpublishedby,theUnitedStatesInternalRevenueServicearuling,or
(ii)sincetheIssueDate,therehasbeenachangeintheapplicableU.S.federalincometaxlaw,
ineithercasetotheeffectthat,andbasedthereonsuchOpinionofCounselshallconfirmthat,subjecttocustomaryassumptionsandexclusions,theHolderswillnotrecognizeincome,gainorlossforU.S.federalincometaxpurposesasaresultofsuchLegalDefeasanceandwillbesubjecttoU.S.federalincometaxonthesameamounts,inthesamemannerandatthesametimesaswouldhavebeenthecaseifsuchLegalDefeasancehadnotoccurred;
(c)inthecaseofCovenantDefeasance,theIssuershallhavedeliveredtotheTrusteeanOpinionofCounselconfirmingthat,subjecttocustomary
assumptionsandexclusions,theHolderswillnotrecognizeincome,gainorlossforU.S.federalincometaxpurposesasaresultofsuchCovenantDefeasanceandwillbesubjecttoU.S.federalincometaxonthesameamounts,inthesamemannerandatthesametimesaswouldhavebeenthecaseifsuchCovenantDefeasancehadnotoccurred;
(d)noEventofDefault(otherthanthatresultingfromborrowingfundstobeappliedtomakesuchdepositandanysimilarandsimultaneousdepositrelatingtootherIndebtednessand,ineachcase,thegrantingofLiensinconnectiontherewith)shallhaveoccurredandbecontinuingonthedateofsuchdeposit;
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(e)suchLegalDefeasanceorCovenantDefeasanceshallnotresultinabreachorviolationof,orconstituteadefaultunder,theSeniorSecuredCreditFacilities,theExistingNotesoranyothermaterialagreementorinstrument(otherthanthisIndenture)towhichtheIssueroranyGuarantorisapartyorbywhichtheIssueroranyGuarantorisbound(otherthanthatresultingfromanyborrowingoffundstobeappliedtomakethedepositrequiredtoeffectsuchLegalDefeasanceorCovenantDefeasanceandanysimilarandsimultaneousdepositrelatingtootherIndebtedness,and,ineachcase,thegrantingofLiensinconnectiontherewith);
(f)theIssuershallhavedeliveredtotheTrusteeanOfficer’sCertificatestatingthatthedepositwasnotmadebytheIssuerwiththeintentofdefeating,hindering,delayingordefraudinganycreditorsoftheIssueroranyGuarantororothers;and
(g)theIssuershallhavedeliveredtotheTrusteeanOfficer’sCertificateandanOpinionofCounsel,eachstatingthatallconditionsprecedentprovidedfororrelatingtotheLegalDefeasanceortheCovenantDefeasance,asthecasemaybe,havebeencompliedwith.
Section 8.05Deposited Money and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions.SubjecttoSection8.06hereof,allmoneyandU.S.GovernmentSecurities(includingtheproceedsthereof)depositedwiththeTrustee(orotherqualifyingtrustee,collectivelyforpurposesofthisSection8.05,the“Trustee”)pursuanttoSection8.04hereofinrespectoftheoutstandingNotesshallbeheldintrustandappliedbytheTrustee,inaccordancewiththeprovisionsofsuchNotesandthisIndenture,tothepayment,eitherdirectlyorthroughanyPayingAgent(includingtheIssueroraGuarantoractingasPayingAgent)astheTrusteemaydetermine,totheHoldersofsuchNotesofallsumsdueandtobecomeduethereoninrespectofprincipal,premiumandinterest,butsuchmoneyneednotbesegregatedfromotherfundsexcepttotheextentrequiredbylaw.
TheIssuershallpayandindemnifytheTrusteeagainstanytax,feeorotherchargeimposedonorassessedagainstthecashorU.S.GovernmentSecuritiesdepositedpursuanttoSection8.04hereofortheprincipalandinterestreceivedinrespectthereofotherthananysuchtax,feeorotherchargewhichbylawisfortheaccountoftheHoldersoftheoutstandingNotesandtherelatedGuarantees.
AnythinginthisArticle8tothecontrarynotwithstanding,theTrusteeshalldeliverorpaytotheIssuerfromtimetotimeupontherequestoftheIssueranymoneyorU.S.GovernmentSecuritiesheldbyitasprovidedinSection8.04hereofwhich,intheopinionofanationallyrecognizedfirmofindependentpublicaccountantsexpressedinawrittencertificationthereofdeliveredtotheTrustee(whichmaybetheopiniondeliveredunderSection8.04(a)hereof),areinexcessoftheamountthereofthatwouldthenberequiredtobedepositedtoeffectanequivalentLegalDefeasanceorCovenantDefeasance.
Section 8.06Repayment to Issuer.Subjecttoanyapplicableabandonedpropertylaw,anymoneydepositedwiththeTrusteeoranyPayingAgent,orthenheldbytheIssuer,intrustforthepaymentoftheprincipalof,premium,ifany,orinterestonanyNoteandremainingunclaimedfortwoyearsaftersuchprincipal,andpremium,ifany,orinteresthasbecomedueandpayableshallbepaidtotheIssueronitsrequestor(ifthenheldbytheIssuer)shallbedischargedfromsuchtrust;andtheHolderofsuchNoteshallthereafterlookonlytotheIssuerforpaymentthereof,andallliabilityoftheTrusteeorsuchPayingAgentwithrespecttosuchtrustmoney,andallliabilityoftheIssuerastrusteethereof,shallthereuponcease.
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Section 8.07Reinstatement.IftheTrusteeorPayingAgentisunabletoapplyanyUnitedStatesdollarsorU.S.GovernmentSecuritiesinaccordancewithSection8.02or8.03hereof,asthecasemaybe,byreasonofanyorderorjudgmentofanycourtorgovernmentalauthorityenjoining,restrainingorotherwiseprohibitingsuchapplication,thentheIssuer’sandtheGuarantors’obligationsunderthisIndentureandtheNotesandtheGuaranteesshallberevivedandreinstatedasthoughnodeposithadoccurredpursuanttoSection8.02or8.03hereofuntilsuchtimeastheTrusteeorPayingAgentispermittedtoapplyallsuchmoneyinaccordancewithSection8.02or8.03hereof,asthecasemaybe;providedthat,iftheIssuermakeanypaymentofprincipalof,premium,ifany,orinterestonanyNotesfollowingthereinstatementoftheirobligations,theIssuershallbesubrogatedtotherightsoftheHoldersofsuchNotestoreceivesuchpaymentfromthemoneyheldbytheTrusteeorPayingAgent.
ARTICLE9AMENDMENT,SUPPLEMENTANDWAIVER
Section 9.01Without Consent of Holders.NotwithstandingSection9.02hereof,theIssuer,anyGuarantor(withrespecttoaGuaranteeorthis
Indenture)andtheTrusteemayamendorsupplementthisIndentureandanyGuarantee,theNotesortheEscrowAgreementwithouttheconsentofanyHolder:
(a)tocureanyambiguity,omission,mistake,defectorinconsistency;
(b)toprovideforuncertificatedNotesinadditiontoorinplaceofcertificatedNotes;
(c)tocomplywithSection5.01hereof;
(d)toprovidefortheassumptionoftheIssuer’soranyGuarantor’sobligationstotheHolders(includinganassumptionoftheEscrowIssuer’sobligationspursuanttotheEscrowMerger);
(e)tomakeanychangethatwouldprovideanyadditionalrightsorbenefitstotheHoldersorthatdoesnotmateriallyadverselyaffectthelegalrightsunderthisIndentureofanyHolder;
(f)toaddcovenantsforthebenefitoftheHoldersortosurrenderanyrightorpowerconferredupontheIssueroranyGuarantor;
(g)toprovidefortheissuanceofAdditionalNotesinaccordancewiththetermsofthisIndenture;
(h)toevidenceandprovidefortheacceptanceandappointmentunderthisIndentureofasuccessorTrusteeorasuccessorpayingagenthereunderpursuanttotherequirementshereof;
(i)toaddanobligororaGuarantorunderthisIndenture;
(j)toconformthetextofthisIndentureandtheGuaranteesortheNotestoanyprovisionofthe“DescriptionofNotes”sectionoftheOfferingCirculartotheextentthatsuchprovisioninsuch“DescriptionofNotes”sectionwasintendedtobeaverbatimrecitationofaprovisionofthisIndenture,GuaranteeorNotesassetforthinanOfficer’sCertificate;
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(k)tomakeanyamendmenttotheprovisionsofthisIndenturerelatingtothetransferandlegendingofNotesaspermittedbythisIndenture,including,withoutlimitationtofacilitatetheissuanceandadministrationoftheNotes;provided,however,thatsuchamendmentdoesnotmateriallyandadverselyaffecttherightsofHolderstotransferNotes;
(l)tosecuretheNotesand/ortherelatedGuaranteesortoaddcollateralthereto;
(m)toreleaseanyGuarantorfromitsGuaranteepursuanttothisIndenturewhenpermittedorrequiredbythisIndenture;or
(n)tomakeanyothermodificationstotheNotesorthisIndentureofaformal,minorortechnicalnatureornecessarytocorrectamanifesterror,solongassuchmodificationdoesnotadverselyaffecttherightsofanyHoldersinanymaterialrespect.
UpontherequestoftheIssueraccompaniedbyaresolutionoftheBoardofDirectorsoftheIssuerauthorizingtheexecutionofanysuchamendedorsupplementalindenture,anduponreceiptbytheTrusteeofthedocumentsdescribedinSection7.02hereof(subjecttothelastsentenceofSection9.05),theTrusteeshalljoinwiththeIssuerandtheGuarantorsintheexecutionofanyamendedorsupplementalindentureauthorizedorpermittedbythetermsofthisIndentureandtomakeanyfurtherappropriateagreementsandstipulationsthatmaybethereincontained,buttheTrusteeshallhavetheright,butnotbeobligatedto,enterintosuchamendedorsupplementalindenturethataffectsitsownrights,duties,liabilitiesorimmunitiesunderthisIndentureorotherwise.Notwithstandingtheforegoing,neitheranOpinionofCounselnoranOfficer’sCertificate,noraboardresolution,shallberequiredinconnectionwiththeadditionofaGuarantorunderthisIndentureuponexecutionanddeliverybysuchGuarantorandtheTrusteeofasupplementalindenturetothisIndenture,theformofwhichisattachedasExhibitDhereto.
Section 9.02With Consent of Holders.ExceptasprovidedinSection9.01andthisSection9.02,theIssuer,theGuarantorsandtheTrusteemayamendorsupplementthisIndenture,theNotes,theGuaranteesandtheEscrowAgreementwiththeconsentoftheHoldersofatleastamajorityinprincipalamountofalltheNotesthenoutstanding,includingconsentsobtainedinconnectionwithapurchaseof,ortenderofferorexchangeofferfor,Notesand,subjecttoSection6.04and6.07hereof,anyexistingDefaultorEventofDefault(otherthanaDefaultorEventofDefaultinthepaymentoftheprincipalof,premium,ifany,orinterestontheNotes,exceptapaymentdefaultresultingfromanaccelerationthathasbeenrescinded)orcompliancewithanyprovisionofthisIndenture,theGuaranteesortheNotesissuedthereundermaybewaivedwiththeconsentoftheHoldersofamajorityinprincipalamountofalltheNotesthenoutstanding(includingconsentsobtainedinconnectionwithapurchaseofortenderofferorexchangeofferfortheNotes).Section2.08hereofandSection2.09hereofshalldeterminewhichNotesareconsideredtobe“outstanding”forthepurposesofthisSection9.02.
UpontherequestoftheIssueraccompaniedbyaresolutionoftheBoardofDirectorsoftheIssuerauthorizingtheexecutionofanysuchamendedorsupplementalindenture,anduponthefilingwiththeTrusteeofevidenceoftheconsentoftheHoldersasaforesaid,theTrusteeshalljoinwiththeIssuerandtheGuarantorsintheexecutionofsuchamendedorsupplementalindenture,unlesssuchamendedorsupplementalindenturedirectlyaffectstheTrustee’sownrights,duties,liabilitiesorimmunitiesunderthisIndentureorotherwise,inwhichcasetheTrusteemayinitsdiscretion,butshallnotbeobligatedto,enterintosuchamendedorsupplementalindenture.
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ItshallnotbenecessaryfortheconsentoftheHoldersunderthisSection9.02toapprovetheparticularformofanyproposedamendmentorwaiver,butitshallbesufficientifsuchconsentapprovesthesubstancethereof.
Afteranamendment,supplementorwaiverunderthisSection9.02becomeseffective,theIssuershallsendtotheHoldersaffectedtherebyanoticebrieflydescribingtheamendment,supplementorwaiver.AnyfailureoftheIssuertosendsuchnotice,oranydefecttherein,shallnot,however,inanywayimpairoraffectthevalidityofanysuchamendedorsupplementalindentureorwaiver.
WithouttheconsentofeachaffectedHolderofNotes,anamendmentorwaiverunderthisSection9.02maynot,withrespecttoanyNotesheldbyanon-consentingHolder:
(a)reducetheprincipalamountofsuchNoteswhoseHoldersmustconsenttoanamendment,supplementorwaiver;
(b)reducetheprincipaloforchangethefixedfinalmaturityofanysuchNoteoralterorwaivetheprovisionswithrespecttotheredemptionofsuchNotes(otherthanprovisionsrelatingto(i)noticeperiods(totheextentconsistentwithapplicablerequirementsofclearingandsettlementsystems)forredemptionandconditionstoredemptionand(ii)Section3.08,Section4.10andSection4.14hereof);
(c)reducetherateoforchangethetimeforpaymentofinterestonanysuchNote;
(d)(A)waiveaDefaultinthepaymentofprincipaloforpremium,ifany,orinterestonsuchNotes,exceptarescissionofaccelerationofsuchNotesbytheHoldersofamajorityinaggregateprincipalamountofalltheNotesthenoutstanding,andawaiverofthepaymentdefaultthatresultedfromsuchacceleration,or(B)waiveaDefaultinrespectofacovenantorprovisioncontainedinthisIndenture,theNotesoranyGuaranteewhichcannotbeamendedormodifiedwithouttheconsentofallaffectedHolders;
(e)makeanysuchNotepayableinmoneyotherthanthatstatedtherein;
(f)makeanychangeintheprovisionsofthisIndenturerelatingtowaiversofpastDefaults;
(g)makeanychangeintheseamendmentandwaiverprovisions;
(h)amendthecontractualrightexpresslysetforthinthisIndentureortheNotesofanyHoldertoinstitutesuitfortheenforcementofanypaymentonorwithrespecttosuchHolder’sNotes;
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(i)makeanychangetoormodifytherankingofsuchNotesthatwouldadverselyaffecttheHolders;
(j)exceptasexpresslypermittedbythisIndenture,modifytheGuaranteesofanySignificantSubsidiary,oranygroupofRestrictedSubsidiariesthat,takentogether(asofthelatestauditedconsolidatedfinancialstatementsforParent),wouldconstituteaSignificantSubsidiaryinanymannermateriallyadversetotheHoldersofsuchNotesassetforthinanOfficer’sCertificate;or
(k)makeanychangeintheEscrowAgreementthatwouldadverselyaffecttheHoldersoftheNotesinanymaterialrespect.
Fortheavoidanceofdoubt,noamendmentto,ordeletionofanyofthecovenantsdescribedunderArticle10oractiontakenincompliancewiththecovenantsineffectatthetimeofsuchaction,shallbedeemedtoimpairoraffectanylegalrightsofanyHoldersoftheNotestoreceivepaymentofprincipaloforpremium,ifany,orinterestontheNotesortoinstitutesuitfortheenforcementofanypaymentonorwithrespecttosuchHolder’sNotes.
Section 9.03Revocation and Effect of Consents.Untilanamendment,supplementorwaiverbecomeseffective,aconsenttoitbyaHolderofaNoteisacontinuingconsentbytheHolderofaNoteandeverysubsequentHolderofaNoteorportionofaNotethatevidencesthesamedebtastheconsentingHolder’sNote,evenifnotationoftheconsentisnotmadeonanyNote.However,anysuchHolderofaNoteorsubsequentHolderofaNotemayrevoketheconsentastoitsNoteiftheTrusteereceiveswrittennoticeofrevocationbeforethedatetheamendment,supplementorwaiverbecomeseffective.Anamendment,supplementorwaiverbecomeseffectiveinaccordancewithitstermsandthereafterbindseveryHolder.
TheIssuermay,butshallnotbeobligatedto,fixarecorddateforthepurposeofdeterminingtheHoldersentitledtoconsenttoanyamendment,supplement,orwaiver.Ifarecorddateisfixed,then,notwithstandingtheprecedingparagraph,thosePersonswhowereHoldersatsuchrecorddate(ortheirdulydesignatedproxies),andonlysuchPersons,shallbeentitledtoconsenttosuchamendment,supplement,orwaiverortorevokeanyconsentpreviouslygiven,whetherornotsuchPersonscontinuetobeHoldersaftersuchrecorddate.Nosuchconsentshallbevalidoreffectiveformorethan120daysaftersuchrecorddateunlesstheconsentoftherequisitenumberofHoldershasbeenobtained.
Section 9.04Notation on or Exchange of Notes.TheTrusteemay,atthedirectionoftheIssuer,placeanappropriatenotationaboutanamendment,supplementorwaiveronanyNotethereafterauthenticated.TheIssuerinexchangeforallNotesmayissueandtheTrusteeshall,uponreceiptofanAuthenticationOrder,authenticatenewNotesthatreflecttheamendment,supplementorwaiver.
FailuretomaketheappropriatenotationorissueanewNoteshallnotaffectthevalidityandeffectofsuchamendment,supplementorwaiver.
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Section 9.05Trustee to Sign Amendments, etc.TheTrusteeshallsignanyamendment,supplementorwaiverauthorizedpursuanttothisArticle9iftheamendment,supplementorwaiverdoesnotadverselyaffecttherights,duties,liabilitiesorimmunitiesoftheTrustee.TheIssuermaynotsignanamendment,supplementorwaiveruntiltheBoardofDirectorsoftheIssuerapproveit.Inexecutinganyamendment,supplementorwaiver,theTrusteeshallbeprovidedwith,and(subjecttoSection7.01hereof)shallbefullyprotectedinrelyingupon,inadditiontothedocumentsrequiredbySection12.02hereof,anOfficer’sCertificateandanOpinionofCounseleachstatingthattheexecutionofsuchamendedorsupplementalindentureisauthorizedorpermittedbythisIndentureandthatsuchamendment,supplementorwaiveristhelegal,validandbindingobligationoftheIssuerandanyGuarantorspartythereto,enforceableagainsttheminaccordancewithitsterms,subjecttocustomaryexceptions,andcomplieswiththeprovisionshereof.Notwithstandingtheforegoing,neitheranOpinionofCounselnoranOfficer’sCertificate,noraresolution,shallberequiredfortheTrusteetoexecuteanysupplementalindenturetothisIndenture,theformofwhichisattachedasExhibitDhereto,addinganewGuarantorunderthisIndenture.InconnectionwiththesupplementalindentureexecutedatthetimeofthemergeroftheEscrowIssuerintotheCompany,theIssuershallalsodeliveranOpinionofCounseltotheTrusteestatingthatsuchsupplementalindenturehasbeendulyauthorized,executedanddeliveredbytheIssuerandtheGuarantorspartytheretoandconstitutesavalidandbindingagreementofeachoftheIssuerandsuchGuarantors,enforceableinaccordancewithitsterms(subjecttocustomaryexceptions).
Section 9.06Additional Voting Terms; Calculation of Principal Amount.
(a)AllNotesissuedunderthisIndentureshallvoteandconsenttogetheronallmatters(astowhichanyofsuchNotesmayvote)asoneclassandnoseriesofNoteswillhavetherighttovoteorconsentasaseparateseriesonanymatter.DeterminationsastowhetherHoldersoftherequisiteaggregateprincipalamountofNoteshaveconcurredinanydirection,waiverorconsentshallbemadeinaccordancewiththisArticleNineandSection9.06(b).
(b)Withrespecttoanymatterrequiringconsent,waiver,approvalorotheractionoftheHoldersofaspecifiedpercentageoftheprincipalamountofalltheNotes,suchpercentageshallbecalculated,ontherelevantdateofdetermination,bydividing(i)theprincipalamount,asofsuchdateofdetermination,ofNotes,theHoldersofwhichhavesoconsentedby(b)theaggregateprincipalamount,asofsuchdateofdetermination,oftheNotesthenoutstanding,ineachcase,asdeterminedinaccordancewiththeprecedingsentence,Section2.08andSection2.09ofthisIndenture.AnysuchcalculationmadepursuanttothisSection9.06(b)shallbemadebytheIssueranddeliveredtotheTrusteepursuanttoanOfficer’sCertificate.
ARTICLE10GUARANTEES
Section 10.01Guarantee.SubjecttothisArticle10,eachoftheGuarantorshereby,jointlyandseverally,irrevocablyandunconditionally,guarantees,
onanunsecuredseniorbasis,toeachHolderofaNoteauthenticatedanddeliveredbytheTrusteeandtotheTrusteeanditssuccessorsandassigns,irrespectiveofthevalidityandenforceabilityofthisIndenture,theNotesortheObligationsoftheIssuerhereunderorthereunder,that:(a)theprincipalofandinterestandpremium,ifany,ontheNotesshallbepromptlypaidinfullwhendue,whetheratmaturity,byacceleration,redemptionorotherwise,andinterestontheoverdueprincipalofandinterestontheNotes,ifany,iflawful,andallotherObligationsoftheIssuertotheHoldersortheTrusteehereunderorundertheNotesshallbepromptlypaidinfull,allinaccordancewiththetermshereofandthereof;and(b)incaseofanyextensionoftimeofpaymentorrenewalofanyNotesoranyofsuchotherobligations,thatsameshallbepromptlypaidinfullwhendueinaccordancewiththetermsoftheextensionorrenewal,whetheratstatedmaturity,byaccelerationorotherwise.Failingpaymentwhendueofanyamountsoguaranteedforwhateverreason,theGuarantorsshallbejointlyandseverallyobligatedtopaythesamepromptly.EachGuarantoragreesthatthisisaguaranteeofpaymentandnotaguaranteeofcollection.AllpaymentsundereachGuaranteewillbemadeindollars.
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TheGuarantorsherebyagreethattheirobligationshereundershallbeunconditional,irrespectiveofthevalidity,regularityorenforceabilityoftheNotesorthisIndenture,theabsenceofanyactiontoenforcethesame,anywaiverorconsentbyanyHolderwithrespecttoanyprovisionshereoforthereof,therecoveryofanyjudgmentagainsttheIssuer,anyactiontoenforcethesameoranyothercircumstancewhichmightotherwiseconstitutealegalorequitabledischargeordefenseofaguarantor(otherthanpaymentinfullofalloftheObligationsoftheIssuerhereunderorundertheNotes).EachGuarantorherebywaives,tothefullestextentpermittedbylaw,diligence,presentment,demandofpayment,filingofclaimswithacourtintheeventofinsolvencyorbankruptcyoftheIssuer,anyrighttorequireaproceedingfirstagainsttheIssuer,protest,noticeandalldemandswhatsoeverandcovenantsthatthisGuaranteeshallnotbedischargedexceptbyfullpaymentoftheobligationscontainedintheNotesandthisIndentureorbyreleaseinaccordancewiththeprovisionsofthisIndenture.
EachGuarantoralsoagreestopayanyandallcostsandexpenses(includingreasonableattorneys’fees)incurredbytheTrusteeoranyHolderinenforcinganyrightsunderthisSection10.01.
IfanyHolderortheTrusteeisrequiredbyanycourtorotherwisetoreturntotheIssuer,theGuarantorsoranycustodian,trustee,liquidatororothersimilarofficialactinginrelationtoeithertheIssuerortheGuarantors,thenanyamountpaideithertotheTrusteeorsuchHolder,thisGuarantee,totheextenttheretoforedischarged,shallbereinstatedinfullforceandeffect.
EachGuarantoragreesthatitshallnotbeentitledtoanyrightofsubrogationinrelationtotheHoldersinrespectofanyobligationsguaranteedherebyuntilpaymentinfullofallobligationsguaranteedhereby.EachGuarantorfurtheragreesthat,asbetweentheGuarantors,ontheonehand,andtheHoldersandtheTrustee,ontheotherhand,(x)thematurityoftheobligationsguaranteedherebymaybeacceleratedasprovidedinArticle6hereofforthepurposesofthisGuarantee,notwithstandinganystay,injunctionorotherprohibitionpreventingsuchaccelerationinrespectoftheobligationsguaranteedhereby,and(y)intheeventofanydeclarationofaccelerationofsuchobligationsasprovidedinArticle6hereof,suchobligations(whetherornotdueandpayable)shallforthwithbecomedueandpayablebytheGuarantorsforthepurposeofthisGuarantee.TheGuarantorsshallhavetherighttoseekcontributionfromanynonpayingGuarantorsolongastheexerciseofsuchrightdoesnotimpairtherightsoftheHoldersundertheGuarantees.EachGuarantorthatmakesapaymentunderitsGuaranteeshall,tothefullestextentpermittedbyapplicablelaw,beentitleduponpaymentinfullofallguaranteedobligationsunderthisIndenturetoacontributionfromeachotherGuarantorinanamountequaltosuchotherGuarantor’sprorataportionofsuchpaymentbasedontherespectivenetassetsofalltheGuarantorsatthetimeofsuchpaymentdeterminedinaccordancewithGAAP.
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UntilterminatedinaccordancewithSection10.06,eachGuaranteeshallremaininfullforceandeffectandcontinuetobeeffectiveshouldanypetitionbe
filedbyoragainsttheIssuerforliquidation,reorganization,shouldtheIssuerbecomeinsolventormakeanassignmentforthebenefitofcreditorsorshouldareceiverortrusteebeappointedforalloranysignificantpartoftheIssuer’sassets,andshall,tothefullestextentpermittedbylaw,continuetobeeffectiveorbereinstated,asthecasemaybe,ifatanytimepaymentoftheNotesare,pursuanttoapplicablelaw,rescindedorreducedinamount,ormustotherwiseberestoredorreturnedbyanyobligeeontheNotesorGuarantees,whetherasa“voidablepreference,”“fraudulenttransfer”orotherwise,allasthoughsuchpaymenthadnotbeenmade.Intheeventthatanypaymentoranypartthereof,isrescinded,reduced,restoredorreturned,theNotesshall,tothefullestextentpermittedbylaw,bereinstatedanddeemedreducedonlybysuchamountpaidandnotsorescinded,reduced,restoredorreturned.
IncaseanyprovisionofanyGuaranteeshallbeinvalid,illegalorunenforceable,thevalidity,legality,andenforceabilityoftheremainingprovisionsshallnotinanywaybeaffectedorimpairedthereby.
TheGuaranteeissuedbyanyGuarantorshallbeageneralunsecuredseniorobligationofsuchGuarantorandshallbepari passuinrightofpaymentwithallexistingandfutureSeniorIndebtednessofsuchGuarantor,ifany.
EachpaymenttobemadebyaGuarantorinrespectofitsGuaranteeshallbemadewithoutsetoff,counterclaim,reductionordiminutionofanykindornature.
Section 10.02Limitation on Guarantor Liability.EachGuarantor,andbyitsacceptanceofNotes,eachHolder,herebyconfirmsthatitistheintentionofallsuchpartiesthattheGuaranteeofsuchGuarantornotconstituteafraudulenttransferorconveyanceforpurposesofBankruptcyLaw,theUniformFraudulentConveyanceAct,theUniformFraudulentTransferActoranysimilarfederalorstatelawtotheextentapplicabletoanyGuarantee.Toeffectuatetheforegoingintention,theTrustee,theHoldersandtheGuarantorsherebyirrevocablyagreethattheobligationsofeachGuarantorshallbelimitedtothemaximumamountaswill,aftergivingeffecttosuchmaximumamountandallothercontingentandfixedliabilitiesofsuchGuarantorthatarerelevantundersuchlawsandaftergivingeffecttoanycollectionsfrom,rightstoreceivecontributionfromorpaymentsmadebyoronbehalfofanyotherGuarantorinrespectoftheobligationsofsuchotherGuarantorunderthisArticle10,resultintheobligationsofsuchGuarantorunderitsGuaranteenotconstitutingafraudulentconveyanceorfraudulenttransferunderapplicablelaworbeingvoidorvoidableunderanylawrelatingtoinsolvencyofdebtors.
Section 10.03Execution and Delivery.ToevidenceitsGuaranteesetforthinSection10.01hereof,eachGuarantorherebyagreesthatthisIndenture(orasupplementalindentureintheformofExhibitDorExhibitEhereto)shallbeexecutedonbehalfofsuchGuarantorbyoneofitsauthorizedofficers.
EachGuarantorherebyagreesthatitsGuaranteesetforthinSection10.01hereofshallremaininfullforceandeffectnotwithstandingtheabsenceoftheendorsementofanynotationofsuchGuaranteeontheNotes.
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IfanofficerwhosesignatureisonthisIndenture(orasupplementalindentureintheformofExhibitDorExhibitEhereto)nolongerholdsthatofficeatthetimetheTrusteeauthenticatesaNote,theGuaranteeofsuchGuarantorshallbevalidnevertheless.
ThedeliveryofanyNotebytheTrustee,aftertheauthenticationthereofhereunder,shallconstituteduedeliveryoftheGuaranteesetforthinthisIndentureonbehalfoftheGuarantors.
IfrequiredbySection4.15hereof,theIssuershallcauseanynewlycreatedoracquiredRestrictedSubsidiarytocomplywiththeprovisionsofSection4.15hereofandthisArticle10,totheextentapplicable.
Section 10.04Subrogation.EachGuarantorshallbesubrogatedtoallrightsofHoldersagainsttheIssuerinrespectofanyamountspaidbyanyGuarantorpursuanttotheprovisionsofSection10.01hereof;provided, that,ifanEventofDefaulthasoccurredandiscontinuing,noGuarantorshallbeentitledtoenforceorreceiveanypaymentsarisingoutof,orbasedupon,suchrightofsubrogationuntilallamountsthendueandpayablebytheIssuerunderthisIndentureortheNotesshallhavebeenpaidinfull.
Section 10.05Benefits Acknowledged.EachGuarantoracknowledgesthatitwillreceivedirectandindirectbenefitsfromthefinancingarrangementscontemplatedbythisIndentureandthattheguaranteeandwaiversmadebyitpursuanttoitsGuaranteeareknowinglymadeincontemplationofsuchbenefits.
Section 10.06Release of Guarantees.EachGuaranteebyaGuarantorshallbeautomaticallyandunconditionallyreleasedanddischarged,andshallthereuponterminateandbeofnofurtherforceandeffect,andnofurtheractionbysuchGuarantor,theIssuerortheTrusteeisrequiredforthereleaseofsuchGuarantor’sGuarantee,upon:
(i)(A)anysale,exchange,dispositionortransfer(bymerger,amalgamation,consolidation,dividend,distributionorotherwise)of(x)theCapitalStockofsuchGuarantor,afterwhichtheapplicableGuarantorisnolongeraRestrictedSubsidiaryor(y)allorsubstantiallyalloftheassetsofsuchGuarantor,ineachcaseifsuchsale,exchange,dispositionortransferismadeincompliancewiththeapplicableprovisionsofthisIndenture;
(B)thereleaseordischargeoftheguaranteebysuchGuarantorofIndebtednessundertheSeniorSecuredCreditFacilities,orthe
releaseordischargeofsuchotherguaranteethatresultedinthecreationofsuchGuarantee,exceptadischargeorreleasebyorasaresultofpaymentundersuchguarantee(itbeingunderstoodthatareleasesubjecttoacontingentreinstatementwillconstituteareleaseforthepurposesofthisprovision,andthatifanysuchotherguaranteeissoreinstated,therelatedGuaranteeshallalsobereinstatedtotheextentthatsuchGuarantorwouldthenberequiredtoprovideaGuaranteepursuanttoSection4.15hereof);
(C)thedesignationofanyRestrictedSubsidiarythatisaGuarantorasanUnrestrictedSubsidiaryincompliancewiththe
applicableprovisionsofthisIndenture;
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(D)themerger,amalgamationorconsolidationofanyGuarantorwithandintotheIssueroranotherGuarantororupontheliquidationofsuchGuarantorfollowingthetransferofallofitsassetstotheIssueroranotherGuarantor;or
(E)theexercisebytheIssuerofitsLegalDefeasanceoptionorCovenantDefeasanceoptioninaccordancewithArticle8hereof
orthedischargeoftheIssuer’sobligationsunderthisIndentureinaccordancewiththetermsofthisIndenture;and
(ii)suchGuarantordeliveringtotheTrusteeanOfficer’sCertificateofsuchGuarantorortheIssuerandanOpinionofCounsel,eachstatingthatallconditionsprecedentprovidedforinthisIndenturerelatingtosuchtransactionorreleaseanddischargehavebeencompliedwith.Notwithstandingtheforegoing,neitheranOpinionofCounselnoranOfficer’sCertificateshallberequiredinthecaseofamergerorconsolidationinaccordancewithSection10.06(i)(D).
ARTICLE11
SATISFACTIONANDDISCHARGE
Section 11.01Satisfaction and Discharge.ThisIndentureshallbedischargedandshallceasetobeoffurthereffectastoallNoteswheneither:
(a)allNotestheretoforeauthenticatedanddelivered,exceptlost,stolenordestroyedNoteswhichhavebeenreplacedorpaidandNotesforwhosepaymentmoneyhastheretoforebeendepositedintrust,havebeendeliveredtotheTrusteeforcancellation;or
(b)(i)allNotesnottheretoforedeliveredtotheTrusteeforcancellationhavebecomedueandpayablebyreasonofthemakingofanoticeofredemptionorotherwise,willbecomedueandpayablewithinoneyearoraretobecalledforredemptionwithinoneyearunderarrangementssatisfactorytotheTrusteeforthegivingofnoticeofredemptionbytheTrusteeinthename,andattheexpense,oftheIssuer,andtheIssueroranyGuarantorhasirrevocablydepositedorcausedtobedepositedwiththeTrusteeastrustfundsintrustsolelyforthebenefitoftheHoldersoftheNotescashinU.S.dollars,U.S.GovernmentSecurities,oracombinationthereof,insuchamountsaswillbesufficientwithoutconsiderationofanyreinvestmentofinteresttopayanddischargetheentireindebtednessontheNotesnottheretoforedeliveredtotheTrusteeforcancellationforprincipal,premium,ifany,andaccruedinteresttothedateofmaturityorredemption;provided thatuponanyredemptionthatrequiresthepaymentoftheApplicablePremium,theamountdepositedshallbesufficientforpurposesofthisIndenturetotheextentthatanamountisdepositedwiththeTrusteeequaltotheApplicablePremiumcalculatedasofthedateofthenoticeofredemption,withanyApplicablePremiumDeficitonlyrequiredtobedepositedwiththeTrusteeonorpriortotheRedemptionDate.AnyApplicablePremiumDeficitshallbesetforthinanOfficer’sCertificatedeliveredtotheTrusteesimultaneouslywiththedepositofsuchApplicablePremiumDeficitthatconfirmsthatsuchApplicablePremiumDeficitshallbeappliedtowardsuchredemption;
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(ii)noEventofDefault(otherthanthatresultingfromborrowingfundstobeappliedtomakesuchdepositoranysimilarandsimultaneousdepositrelatingtootherIndebtednessand,ineachcase,thegrantingofLiensinconnectiontherewith)withrespecttothisIndentureortheNotesshallhaveoccurredandbecontinuingonthedateofsuchdepositorshalloccurasaresultofsuchdepositandsuchdepositwillnotresultinabreachorviolationof,orconstituteadefaultundertheSeniorSecuredCreditFacilities,theExistingNotesoranyothermaterialagreementorinstrument(otherthanthisIndenture)towhichtheIssueroranyGuarantorisapartyorbywhichtheIssueroranyGuarantorisbound(otherthanresultingfromanyborrowingoffundstobeappliedtomakesuchdepositandanysimilarandsimultaneousdepositrelatingtootherIndebtednessand,ineachcase,thegrantingofLiensinconnectiontherewith);
(iii)theIssuerhaspaidorcausedtobepaidallsumspayablebyitunderthisIndenture;and
(iv)theIssuerhasdeliveredirrevocableinstructionstotheTrusteetoapplythedepositedmoneytowardthepaymentoftheNotesat
maturityortheRedemptionDate,asthecasemaybe.
Inaddition,theIssuermustdeliveranOfficer’sCertificateandanOpinionofCounseltotheTrusteestatingthatallconditionsprecedenttosatisfactionanddischargehavebeensatisfied.SuchOpinionofCounselmayrelyonsuchOfficer’sCertificateastomattersoffact,includingclauses(b)(i),(ii),(iii)and(iv)above.
NotwithstandingthesatisfactionanddischargeofthisIndenture,ifmoneyshallhavebeendepositedwiththeTrusteepursuanttoclause(b)(i)ofthisSection11.01,theprovisionsofSection11.02andSection8.06hereofshallsurvivesuchsatisfactionanddischarge.
Section 11.02Application of Trust Money.SubjecttotheprovisionsofSection8.06hereof,allmoneydepositedwiththeTrusteepursuanttoSection11.01hereofshallbeheldintrustandappliedbyit,inaccordancewiththeprovisionsoftheNotesandthisIndenture,tothepayment,eitherdirectlyorthroughanyPayingAgent(includingParent,theIssueroraGuarantoractingasitsownPayingAgent)astheTrusteemaydetermine,tothePersonsentitledthereto,oftheprincipal(andpremium,ifany)andinterestforwhosepaymentsuchmoneyhasbeendepositedwiththeTrustee;butsuchmoneyneednotbesegregatedfromotherfundsexcepttotheextentrequiredbylaw.
IftheTrusteeorPayingAgentisunabletoapplyanymoneyorU.S.GovernmentSecuritiesinaccordancewithSection11.01hereofbyreasonofanylegalproceedingorbyreasonofanyorderorjudgmentofanycourtorgovernmentalauthorityenjoining,restrainingorotherwiseprohibitingsuchapplication,theIssuer’sandanyGuarantor’sobligationsunderthisIndentureandtheNotesshallberevivedandreinstatedasthoughnodeposithadoccurredpursuanttoSection11.01hereof;provided thatiftheIssuerhavemadeanypaymentofprincipalof,premium,ifany,orinterestonanyNotesbecauseofthereinstatementofitsobligations,theIssuershallbesubrogatedtotherightsoftheHolderstoreceivesuchpaymentfromthemoneyorU.S.GovernmentSecuritiesheldbytheTrusteeorPayingAgent.
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ARTICLE12MISCELLANEOUS
Section 12.01Notices.AnynoticeorcommunicationbyParent,theIssuer,anyGuarantorortheTrusteetotheothersisdulygivenifinwritingand
deliveredinpersonormailedbyfirst-classmail(registeredorcertified,returnreceiptrequested),facsimileorovernightaircourierguaranteeingnextdaydelivery,totheothers’address:
IftotheIssuerand/oranyGuarantor:
PerformanceFoodGroup,Inc.12500WestCreekParkwayRichmond,Virginia23238Attention:A.BrentKing,SeniorVicePresident,GeneralCounselandSecretary
Withacopyto(whichshallnotconstitutenoticeforanypurposeunderthisIndenture):
Skadden,Arps,Slate,Meagher&FlomLLPFourTimesSquareNewYork,NewYork10036Attention:LauraA.Kaufmann
IftotheTrustee:
U.S.BankNationalAssociation60LivingstonAvenueEP-MN-WS3CSt.Paul,MN55107Attn:PerformanceFoodGroupAdministrator
TheIssuer,anyGuarantorortheTrustee,bynoticetotheothers,maydesignateadditionalordifferentaddressesforsubsequentnoticesor
communications.
Allnoticesandcommunications(otherthanthosesenttoHolders)shallbedeemedtohavebeendulygiven:atthetimedeliveredbyhand,ifpersonallydelivered;fivecalendardaysafterbeingdepositedinthemail,postageprepaid,ifmailedbyfirst-classmail;whenreceiptisacknowledged,iffaxed;whendelivered,ifsentbyovernightdeliveryservice;andwhensentifgivenelectronically;provided, that anynoticeorcommunicationdeliveredtotheTrusteeshallbedeemedeffectiveuponactualreceiptthereofandonthefirstdateonwhichpublicationismade,ifgivenbypublication.
AnynoticeorcommunicationtoaHoldershallbeelectronicallydelivered,mailedbyfirst-classmail,certifiedorregistered,returnreceiptrequested,orbyovernightaircourierguaranteeingnextdaydeliverytoitsaddressshownontheNoteRegisterkeptbytheRegistrar.FailuretodeliveranoticeorcommunicationtoaHolderoranydefectinitshallnotaffectitssufficiencywithrespecttootherHolders.
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Ifanoticeorcommunicationismailedorotherwisedeliveredinthemannerprovidedabovewithinthetimeprescribed,suchnoticeorcommunicationshallbedeemeddulygiven,whetherornottheaddresseereceivesit.
IftheIssuersendanoticeorcommunicationtoHolders,theyshallsendacopytotheTrusteeandeachAgentatthesametime.
NotwithstandinganyotherprovisionofthisIndentureoranyNote,wherethisIndentureoranyNoteprovidesfornoticeofanyeventoranyothercommunication(includinganynoticeofredemptionorrepurchase)toaholderofaGlobalNote(whetherbymailorotherwise),suchnoticeshallbesufficientlygivenifgiventotheDepositary(oritsdesignee)pursuanttothestandinginstructionsfromtheDepositaryoritsdesignee,includingbyelectronicmailinaccordancewithacceptedpracticesattheDepositary.
Section 12.02Certificate and Opinion as to Conditions Precedent.UponanyrequestorapplicationbyParent,theIssueroranyoftheGuarantorstotheTrusteetotakeanyactionunderthisIndentureortheEscrowAgreement,Parent,theIssuerorsuchGuarantor,asthecasemaybe,shallfurnishtotheTrustee:
(a)anOfficer’sCertificateinformreasonablysatisfactorytotheTrustee(whichshallincludethestatementssetforthinSection12.03hereof)statingthat,intheopinionofthesigners,allconditionsprecedentandcovenants,ifany,providedforinthisIndenturerelatingtotheproposedactionhavebeensatisfied;and
(b)anOpinionofCounselinformreasonablysatisfactorytotheTrustee(whichshallincludethestatementssetforthinSection12.03hereof)statingthat,intheopinionofsuchcounsel,allsuchconditionsprecedentandcovenantshavebeensatisfied.
Section 12.03Statements Required in Certificate or Opinion.EachcertificateoropinionwithrespecttocompliancewithaconditionorcovenantprovidedforinthisIndenture(otherthanacertificateprovidedpursuanttoSection4.04hereof)shallinclude:
(a)astatementthatthePersonmakingsuchcertificateoropinionhasreadsuchcovenantorcondition;
(b)abriefstatementastothenatureandscopeoftheexaminationorinvestigationuponwhichthestatementsoropinionscontainedinsuchcertificateoropinionarebased;
(c)astatementthat,intheopinionofsuchPerson,heorshehasmadesuchexaminationorinvestigationasisnecessarytoenablehimtoexpressaninformedopinionastowhetherornotsuchcovenantorconditionhasbeencompliedwith(and,inthecaseofanOpinionofCounsel,maybelimitedtorelianceonanOfficer’sCertificateastomattersoffact);and
(d)astatementastowhetherornot,intheopinionofsuchPerson,suchconditionorcovenanthasbeencompliedwith;provided,however,thatwithrespecttomattersoffactanOpinionofCounselmayrelyonanOfficer’sCertificateorcertificatesofpublicofficials.
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Section 12.04Rules by Trustee and Agents.TheTrusteemaymakereasonablerulesforactionbyoratameetingofHolders.TheRegistrarorPayingAgentmaymakereasonablerulesandsetreasonablerequirementsforitsfunctions.
Section 12.05No Personal Liability of Directors, Officers, Employees and Stockholders.Nopast,presentorfuturedirector,officer,employee,incorporator,member,partnerordirectorindirectstockholderofParentoranyRestrictedSubsidiariesoranyofitsdirectorindirectparentcompanies(otherthaninsuchstockholder’scapacityastheIssueroraGuarantor)shallhaveanyliability,foranyobligationsoftheIssuerortheGuarantorsundertheNotes,theGuarantees,theEscrowAgreementorthisIndentureoranysupplementalindentureorforanyclaimbasedon,inrespectof,orbyreasonofsuchobligationsortheircreation.EachHolderbyacceptingNoteswaivesandreleasesallsuchliability.ThewaiverandreleasearepartoftheconsiderationforissuanceoftheNotes.
Section 12.06Governing Law.THISINDENTURE,THENOTESANDANYGUARANTEE,ANDANYCLAIM,CONTROVERSYORDISPUTEARISINGUNDERORRELATEDTOTHISINDENTURE,THENOTESORANYGUARANTEE,WILLBEGOVERNEDBY,ANDCONSTRUEDINACCORDANCEWITH,THELAWSOFTHESTATEOFNEWYORK.
Section 12.07Waiver of Jury Trial.EACHOFTHEISSUER,THEGUARANTORSANDTHETRUSTEE(1)AGREESTOSUBMITTOTHENON-EXCLUSIVEJURISDICTIONOFANYUNITEDSTATESFEDERALORSTATECOURTLOCATEDINTHEBOROUGHOFMANHATTAN,INTHECITYOFNEWYORKINANYACTIONORPROCEEDINGARISINGOUTOFORRELATINGTOTHISINDENTUREORTHENOTESAND(2)HEREBYIRREVOCABLYWAIVES,TOTHEFULLESTEXTENTPERMITTEDBYAPPLICABLELAW,ANYANDALLRIGHTTOTRIALBYJURYINANYLEGALPROCEEDINGARISINGOUTOFORRELATINGTOTHISINDENTURE,THENOTESORTHETRANSACTIONSCONTEMPLATEDHEREBY.
Section 12.08Force Majeure.InnoeventshalltheTrusteeberesponsibleorliableforanyfailureordelayintheperformanceofitsobligationsunderthisIndenturearisingoutoforcausedby,directlyorindirectly,forcesbeyonditsreasonablecontrol,includingwithoutlimitationstrikes,workstoppages,accidents,actsofwarorterrorism,civilormilitarydisturbances,nuclearornaturalcatastrophesoractsofGod,andinterruptions,lossormalfunctionsofutilities,communicationsorcomputer(softwareorhardware)services.
Section 12.09No Adverse Interpretation of Other Agreements.ThisIndenturemaynotbeusedtointerpretanyotherindenture,loanordebtagreementoftheIssuerortheirRestrictedSubsidiariesorofanyotherPerson.Anysuchindenture,loanordebtagreementmaynotbeusedtointerpretthisIndenture.
Section 12.10Successors.AllagreementsoftheIssuerinthisIndentureandtheNotesshallbindtheirrespectivesuccessors.AllagreementsoftheTrusteeinthisIndentureshallbinditssuccessors.AllagreementsofeachGuarantorinthisIndentureshallbinditssuccessors,exceptasotherwiseprovidedinSection10.06hereof.
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Section 12.11Severability.IncaseanyprovisioninthisIndentureorintheNotesshallbeinvalid,illegalorunenforceable,thevalidity,legalityandenforceabilityoftheremainingprovisionsshallnotinanywaybeaffectedorimpairedthereby.
Section 12.12Counterpart Originals.ThepartiesmaysignanynumberofcopiesofthisIndenture.Eachsignedcopyshallbeanoriginal,butallofthemtogetherrepresentthesameagreement.ThisIndenturemaybeexecutedinmultiplecounterpartswhich,whentakentogether,shallconstituteoneinstrument.TheexchangeofcopiesofthisIndentureandofsignaturepagesbyfacsimileorPDFtransmissionsshallconstituteeffectiveexecutionanddeliveryofthisIndentureastothepartiesheretoandmaybeusedinlieuoftheoriginalIndentureforallpurposes.SignaturesofthepartiesheretotransmittedbyfacsimileorPDFshallbedeemedtobetheiroriginalsignaturesforallpurposes.
Section 12.13Table of Contents, Headings, etc.TheTableofContents,Cross-ReferenceTableandheadingsoftheArticlesandSectionsofthisIndenturehavebeeninsertedforconvenienceofreferenceonly,arenottobeconsideredapartofthisIndentureandshallinnowaymodifyorrestrictanyofthetermsorprovisionshereof.
Section 12.14Trust Indenture Act.TheIssuerandtheGuarantorsshallnotberequiredtoqualifythisIndentureundertheTrustIndentureAct.TheTrustIndentureActshallnotapplytothisIndenturepriortoanysuchqualification,andallreferenceshereintocompliancewiththeTrustIndentureActrefertosuchcompliancefollowinganysuchqualification.
Section 12.15USA Patriot Act.ThepartiesheretoacknowledgethatinaccordancewithSection326oftheUSAPatriotActtheTrustee,likeallfinancialinstitutionsandinordertohelpfightthefundingofterrorismandmoneylaundering,arerequiredtoobtain,verify,andrecordinformationthatidentifieseachpersonorlegalentitythatestablishesarelationshiporopensanaccount.ThepartiestothisagreementagreethattheyshallprovidetheTrusteewithsuchinformationastheymayrequestinordertosatisfytherequirementsoftheUSAPatriotAct.
[Signaturesonfollowingpage]
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INWITNESSWHEREOF,thepartiesheretohavecausedthisIndenturetobedulyexecutedasofthedateFirstabovewritten. PFGESCROWCORPORATION By: /s/JamesD.Hope Name: JamesD.Hope Title: President
[SignaturePagetoIndenture]
INWITNESSWHEREOF,thepartiesheretohavecausedthisIndenturetobedulyexecutedasofthedateFirstabovewritten.
U.S.BANKNATIONALASSOCIATION,asTrustee,TransferAgent,RegistrarandPayingAgent
By: /s/RichardProkosch Name: RichardProkosch Title: VicePresident
[SignaturePagetoIndenture]
EXHIBITA
[FORMOFNOTE]
[FACEOFNOTE][InserttheGlobalNoteLegend,ifapplicablepursuanttotheprovisionsoftheIndenture][InsertthePrivatePlacementLegend,ifapplicablepursuanttotheprovisionsoftheIndenture][InserttheRegulationSTemporaryGlobalNoteLegend,ifapplicablepursuanttotheprovisionsoftheIndenture]
A-1
CUSIP [●][●]1ISIN [●][●]2
[RULE144A][REGULATIONS][GLOBAL]NOTErepresenting[upto]$[____________]
5.500%SeniorNotesdue2027No. [$__________]PFGEscrowCorporation,aDelawarecorporationpromisestopayto[Cede&Co.]*orregisteredassignstheprincipalsum[setforthontheScheduleofExchangesofInterestsintheGlobalNoteattachedhereto][of__________UnitedStatesdollars,asrevisedbytheScheduleofExchangesofInterestsintheGlobalNoteattachedhereto,]onOctober15,2027.InterestPaymentDates:April15andOctober15,commencingon[_____________]RecordDates:April1andOctober1AdditionalprovisionsofthisNotearesetforthontheothersideofthisNote.*IncludeonlyiftheNoteisissuedinglobalform.
169346V AA7 (144A); U71760 AA7 (Reg S)2US69346VAA70 (144A); USU71760AA77(RegS)
A-2
INWITNESSHEREOF,theIssuerhavecausedthisinstrumenttobedulyexecuted.Dated: PFGESCROWCORPORATION By: Name: Title:
A-3
ThisisoneoftheNotesreferredtointhewithin-mentionedIndenture: U.S.BANKNATIONALASSOCIATION,asTrustee By: Name: Title: Date:
A-4
[REVERSEOFNOTE]
5.500%SeniorNotesdue2027
CapitalizedtermsusedhereinshallhavethemeaningsassignedtothemintheIndenturereferredtobelowunlessotherwiseindicated.
1.Interest.PFGEscrowCorporation,aDelawarecorporation(suchPerson,anditsrespectivesuccessorsandassignsundertheIndenturehereinafterreferredto,beinghereincalledthe“Issuer”)promisestopayinterestontheprincipalamountofthisNoteatarateperannumof5.500%from[__________]untilmaturity.TheIssuerwillpayinterestonthisNotesemi-annuallyinarrearsonApril15andOctober15ofeachyear,beginning[__________],or,ifanysuchdayisnotaBusinessDay,onthenextsucceedingBusinessDay(each,an“Interest Payment Date”).TheIssuerwillmakeeachinterestpaymenttotheHolderofrecordofthisNoteontheimmediatelyprecedingApril1andOctober1(each,a“Record Date”).InterestonthisNotewillaccruefromthemostrecentdatetowhichinteresthasbeenpaidor,ifnointeresthasbeenpaid,fromandincludingSeptember27,2019.TheIssuerwillpayinterest(includingpost-petitioninterestinanyproceedingunderanyBankruptcyLaw)onoverdueprincipalandpremium,ifany,fromtimetotimeondemandattheratebornebythisNote;theIssuershallpayinterest(includingpost-petitioninterestinanyproceedingunderanyBankruptcyLaw)onoverdueinstallmentsofinterest(withoutregardtoanyapplicablegraceperiods)fromtimetotimeondemandattheratebornebythisNote.Interestwillbecomputedonthebasisofa360-dayyearcomprisedoftwelve30-daymonths.
2.Method of Payment.TheIssuerwillpayinterestonthisNotetothePersonwhoistheregisteredHolderofthisNoteatthecloseofbusinessontheRecordDate(whetherornotaBusinessDay)nextprecedingtheInterestPaymentDate,evenifthisNoteiscancelledaftersuchRecordDateandonorbeforesuchInterestPaymentDate,exceptasprovidedinSection2.12oftheIndenturewithrespecttodefaultedinterest.Cashpaymentsofprincipalof,premium,ifany,andinterestonthisNotewillbepayableattheofficeoragencyoftheIssuermaintainedforsuchpurposepursuanttoSection4.02oftheIndentureor,attheoptionoftheIssuer,cashpaymentofinterestmaybemadethroughthePayingAgentbycheckmailedtotheHoldersattheirrespectiveaddressessetforthintheNoteRegisterofHolders,providedthat(a)allcashpaymentsofprincipal,premium,ifany,andinterestwithrespecttoNotesrepresentedbyGlobalNotesregisteredinthenameoforheldbyDTCoritsnomineewillbemadethroughthePayingAgentbywiretransferofimmediatelyavailablefundstotheaccountsspecifiedbytheregisteredHolderorHoldersthereofand(b)allcashpaymentsofprincipal,premium,ifany,andinterestwithrespecttocertificatedNotesmay,attheoptionoftheIssuer,bemadebywiretransfertoaU.S.dollaraccountmaintainedbythepayeewithabankintheUnitedStatesofAmericaifsuchHolderelectspaymentbywiretransferbygivingwrittennoticetotheTrusteeorthePayingAgenttosucheffectdesignatingsuchaccountnolaterthan30daysimmediatelyprecedingtherelevantduedateforpayment(orsuchotherdateastheTrusteemayacceptinitsdiscretion).SuchpaymentshallbeinsuchcoinorcurrencyoftheUnitedStatesofAmericaasatthetimeofpaymentislegaltenderforpaymentofpublicandprivatedebts.
3.Paying Agent, Transfer Agent and Registrar.Initially,U.S.BankNationalAssociation,theTrusteeundertheIndenture,willactasPayingAgent,TransferAgentandRegistrar.TheIssuermaychangeanyPayingAgent,TransferAgentorRegistrarwithoutpriornoticetotheHolders.TheIssueroranyofitsSubsidiariesmayactinanysuchcapacity.
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4.Indenture.TheIssuerissuedtheNotesunderanIndenture,datedasofSeptember27,2019(asamended,supplementedorotherwisemodifiedfromtimetotime,the“Indenture”),amongtheIssuer,theTrustee,theTransferAgent,theRegistrarandthePayingAgent.ThisNoteisoneofadulyauthorizedissueofnotesoftheIssuerdesignatedasits5.500%SeniorNotesdue2027.TheIssuershallbeentitledtoissueAdditionalNotespursuanttoSections2.01and4.09oftheIndenture.ThetermsoftheNotesincludethosestatedintheIndenture.TheNotesaresubjecttoallsuchterms,andHoldersarereferredtotheIndentureforastatementofsuchterms.TotheextentanyprovisionofthisNoteconflictswiththeexpressprovisionsoftheIndenture,theprovisionsoftheIndentureshallgovernandbecontrolling.
5.Optional Redemption.
(a)Exceptassetforthinclauses(b),(d)and(e)ofthisSection5,andinclauses(b),(d)and(e)ofSection3.07andSection3.10oftheIndenture,theNoteswillnotberedeemableattheIssuer’soption.
(b)AtanytimefollowingtheAssumptionDate(asdefinedintheIndenture)priortoOctober15,2022,theIssuermayononeormoreoccasionsredeemallorapartoftheNotes,uponnoticeinaccordancewithSection3.03oftheIndenture,ataredemptionpriceequaltothesumof(A)100.0%oftheprincipalamountoftheNotesredeemed,plus(B)theApplicablePremiumasoftheRedemptionDate,plus(C)accruedandunpaidinterest,ifany,to,butexcluding,theRedemptionDate,subjecttotherightofHoldersofrecordontherelevantRecordDatetoreceiveinterestdueontheNotesontherelevantInterestPaymentDatefallingpriortoorontheRedemptionDate.
(c)OnandafterOctober15,2022,theIssuermay,atitsoptionandononeormoreoccasions,redeemtheNotes,inwholeorinpart,uponnoticeinaccordancewithSection3.03oftheIndenture,attheredemptionprices(expressedaspercentagesofprincipalamountoftheNotestoberedeemed)setforthbelow,plusaccruedandunpaidinterest,ifany,thereonto,butexcluding,theapplicableRedemptionDate,subjecttotherightofHoldersofrecordontherelevantRecordDatetoreceiveinterestdueontherelevantInterestPaymentDatefallingpriortoorontheRedemptionDate,ifredeemedduringthetwelve-monthperiodbeginningonOctober15ofeachoftheyearsindicatedbelow:
Year Notes Redemption
Percentage2022 102.750%2023 101.375%2024andthereafter 100.000%
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(d)AtanytimefollowingtheAssumptionDateandpriortoOctober15,2022,theIssuermay,atitsoption,andononeormoreoccasions,redeemuptotheaggregateprincipalamountofNotesequaltotheamountofthenetcashproceedsreceivedbyitfromoneormoreEquityOfferingsoracontributiontotheIssuer’scommonequitycapitalmadewiththenetcashproceedsofanEquityOfferingataredemptionpriceequalto(i)105.500%oftheaggregateprincipalamountoftheNotesredeemed,plus(ii)accruedandunpaidinterest,ifany,to,butexcluding,theRedemptionDate,subjecttotherightofHoldersofrecordontherelevantRecordDatetoreceiveinterestdueontheNotesontherelevantInterestPaymentDatefallingpriortoorontheRedemptionDate;provided,that(A)theamountredeemedshallnotexceed40%oftheaggregateprincipalamountoftheNotesissuedundertheIndenture,(B)atleast50.0%of(x)theaggregateprincipalamountofNotesoriginallyissuedundertheIndentureontheIssueDateand(y)theaggregateprincipalamountofanyAdditionalNotesissuedundertheIndentureaftertheIssueDateremainsoutstandingimmediatelyaftertheoccurrenceofeachsuchredemption;and(C)eachsuchredemptionoccurswithin180daysofthedateofclosingofeachsuchEquityOffering.
(e)Notwithstandingtheforegoing,inconnectionwithanytenderofferfortheNotes,ifHoldersofnotlessthan90%inaggregateprincipalamountoftheoutstandingNotesvalidlytenderanddonotwithdrawsuchNotesinsuchtenderofferandtheIssuer,oranythirdpartymakingsuchtenderofferinlieuoftheIssuer,purchasesalloftheNotesvalidlytenderedandnotwithdrawnbysuchHolders,theIssuerorsuchthirdpartywillhavetherightuponnotlessthan10normorethan60days’priornotice,givennotmorethan30daysfollowingsuchpurchasedate,toredeemallNotesthatremainoutstandingfollowingsuchpurchaseatapriceequaltothepriceofferedtoeachotherHolderinsuchtenderofferplus,totheextentnotincludedinthetenderofferpayment,accruedandunpaidinterest,ifany,thereon,to,butexcluding,theRedemptionDate.
(f)AnyredemptionpursuanttothisSection5shallbemadepursuanttotheprovisionsofSections3.01through3.06oftheIndenture.Noticeofanyredemption,whetherinconnectionwithanEquityOffering,othertransactionorotherwise,maybegivenpriortothecompletionthereof,andanysuchredemptionornoticemay,attheIssuer’sdiscretion,besubjecttooneormoreconditionsprecedent,including,butnotlimitedto,completionoftherelatedEquityOfferingorothertransaction.Inaddition,ifsuchredemptionissubjecttosatisfactionofoneormoreconditionsprecedent,suchnoticeshallstatethat,intheIssuer’sdiscretion,theredemptiondatemaybedelayeduntilsuchtimeasanyorallsuchconditionsshallbesatisfied,orsuchredemptionmaynotoccurandsuchnoticemayberescindedintheeventthatanyorallsuchconditionsshallnothavebeensatisfiedbytheredemptiondate,orbytheredemptiondatesodelayed.Inaddition,theIssuermayprovideinsuchnoticethatpaymentoftheredemptionpriceandperformanceoftheIssuer’sobligationswithrespecttosuchredemptionmaybeperformedbyanotherPerson.
(g)TheIssueranditsAffiliatesmayacquiretheNotesbymeansotherthanaredemptionpursuanttothisparagraph5,whetherbytenderoffer,openmarketpurchases,negotiatedtransactionsorotherwise.
6.Mandatory Redemption.ExceptasprovidedinSection3.10oftheIndenture,theIssuershallnotberequiredtomakeanymandatoryredemptionorsinkingfundpaymentwithrespecttotheNotes.
7.Special Mandatory Redemption.TheNotesaresubjecttoSpecialMandatoryRedemption,asdescribedinSection3.10oftheIndenture.
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8.Notice of Redemption.SubjecttoSection3.03oftheIndenture,noticeofredemptionshallbedeliveredelectronicallyormailedbyfirst-classmail,postageprepaid,atleast10but(exceptassetforthinparagraph5(f))notmorethan60daysbeforetheRedemptionDatetoeachHolderwhoseNotesaretoberedeemedatsuchHolder’sregisteredaddressstatedintheNoteRegisterorotherwiseinaccordancewiththeApplicableProcedures,exceptthatredemptionnoticesmaybedeliveredelectronicallyormailedmorethan60dayspriortoaRedemptionDateifthenoticeisissuedinconnectionwithArticle8orArticle11oftheIndenture.NotesandportionsofNotesselectedforredemptionshallbeinintegralmultiplesof$1,000(butinaminimumamountof$2,000)andnoNotesof$2,000orlesscanberedeemedinpart,exceptthatifalloftheNotesofaHolderaretoberedeemed,theentireoutstandingamountofNotesheldbysuchHoldershallberedeemed,evenifnotinaprincipalamountofatleast$2,000.OnandaftertheRedemptionDate,interestceasestoaccrueonthisNoteorportionsthereofcalledforredemption.
9.Offers to Repurchase.IfaChangeofControlTriggeringEventoccurs,unlesstheIssuerhaspreviouslyorconcurrentlysentaredemptionnoticewithrespecttoalltheoutstandingNotesasdescribedunderSection3.07oftheIndenture,theIssuershallmakeaChangeofControlOfferinaccordancewithSection4.14oftheIndenture.InconnectionwithcertainAssetSales,theIssuershallmakeanAssetSaleOfferasandwhenprovidedinaccordancewithSections3.08and4.10oftheIndenture.
OtherthanasspecificallyprovidedinSection3.08orSection4.10oftheIndenture,anypurchasepursuanttoSection3.08oftheIndentureshallbemadepursuanttotheapplicableprovisionsofSections3.01through3.06oftheIndenture,andreferencesthereinorhereinto“redeem,”“redemption,”“RedemptionDate”andsimilarwordsshallbedeemedtoreferto“purchase,”“repurchase,”“PurchaseDate”andsimilarwords,asapplicable.
10.Denominations, Transfer, Exchange.TheNotesareinregisteredformwithoutcouponsinminimumdenominationsof$2,000andanyintegralmultipleof$1,000inexcessthereof.ThetransferofNotesshallberegisteredandNotesmayonlybeexchangedasprovidedintheIndenture.TheRegistrarandtheTrusteemayrequireaHolder,amongotherthings,tofurnishappropriateendorsementsandtransferdocumentsandtheIssuermayrequireaHoldertopayanytaxesandfeesrequiredbylaworpermittedbytheIndenture.TheIssuerneednotexchangeorregisterthetransferofanyNoteorportionofaNoteselectedforredemption,exceptfortheunredeemedportionofanyNotebeingredeemedinpart;provided,thatnewNoteswillonlybeissuedinminimumdenominationsof$2,000andintegralmultiplesof$1,000inexcessthereof.Also,theIssuerneednotexchangeorregisterthetransferofanyNotesforaperiodof15daysbeforethemailingofanoticeofredemptionofNotestoberedeemed.
11.Persons Deemed Owners.TheregisteredHolderofaNoteshallbetreatedasitsownerforallpurposes.OnlyregisteredHoldersshallhaverightshereunder.
12.Amendment, Supplement and Waiver.TheIndenture,theGuaranteesortheNotesmaybeamendedorsupplementedasprovidedintheIndenture.
13.Defaults and Remedies.
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(a)TheEventsofDefaultrelatingtotheNotesaredefinedinSection6.01oftheIndenture.IfanyEventofDefault(otherthananEventofDefaultofthetypespecifiedinclause(vi)or(viii)ofSection6.01(a)oftheIndenture)occursandiscontinuingundertheIndenture,theTrusteeortheHoldersofnotlessthan30.0%inaggregateprincipalamountofallofthethenoutstandingNotesmay,bynoticetotheIssuerandtheTrustee,ineithercasespecifyinginsuchnoticetherespectiveEventofDefaultandthatsuchnoticeisa“noticeofacceleration,”declaretheprincipal,premium,ifany,interestandanyothermonetaryobligationsonallthethenoutstandingNotestobedueandpayableimmediately.Upontheeffectivenessofsuchdeclaration,suchprincipalofandpremium,ifany,andinterestwillbedueandpayableimmediately.Notwithstandingtheforegoing,inthecaseofanEventofDefaultarisingunderclause(vi)or(viii)ofSection6.01(a)oftheIndenture,alloutstandingNoteswillbecomedueandpayablewithoutfurtheractionornotice.HoldersmaynotenforcetheIndenture,theNotesortheGuaranteesexceptasprovidedintheIndenture.Subjecttocertainlimitations,HoldersofamajorityinaggregateprincipalamountofalltheNotesthenoutstandingmaydirecttheTrusteeinitsexerciseofanytrustorpower.
(b)TheTrusteemaywithholdfromtheHoldersnoticeofanycontinuingDefault,exceptaDefaultrelatingtothepaymentofprincipal,premium,ifany,orinterest,ifitdeterminesthatwithholdingnoticeisintheirinterest.
(c)HoldersofamajorityinaggregateprincipalamountofalltheNotesthenoutstanding,bynoticetotheTrustee(withacopytotheIssuer,provided,thatanywaiverorrescissionunderSection6.04oftheIndentureshallbevalidandbindingnotwithstandingthefailuretoprovideacopyofsuchnoticetotheIssuer)mayonbehalfoftheHoldersofalloftheNoteswaiveanyexistingDefaultanditsconsequencesundertheIndentureandrescindanyaccelerationwithrespecttotheNotesanditsconsequencesundertheIndenture(exceptifsuchrescissionwouldconflictwithanyjudgmentofacourtofcompetentjurisdictionandexceptacontinuingDefaultinthepaymentofintereston,premium,ifany,ortheprincipalofanyNoteheldbyanon-consentingHolder).Uponanysuchwaiver,suchDefaultshallceasetoexist,andanyEventofDefaultarisingtherefromshallbedeemedtohavebeencuredforeverypurposeoftheIndenture;butnosuchwaivershallextendtoanysubsequentorotherDefaultorimpairanyrightconsequentthereto.
(d)TheIssuerisrequiredtodelivertotheTrusteeannuallyastatementregardingcompliancewiththeIndenture,andtheIssuershallpromptly(whichshallbenomorethan20BusinessDaysafterbecomingawareofsuchDefault)delivertotheTrusteebyregisteredorcertifiedmailorbyfacsimiletransmissionanOfficer’sCertificatespecifyingsucheventandwhatactiontheIssuerproposestotakewithrespectthereto.
14.Authentication.ThisNoteshallnotbeentitledtoanybenefitundertheIndentureorbevalidorobligatoryforanypurposeuntilauthenticatedbythemanualsignatureoftheTrustee.
15.Governing Law.THISNOTE,ANDANYCLAIM,CONTROVERSYORDISPUTEARISINGUNDERORRELATEDTOTHISNOTE,WILLBEGOVERNEDBY,ANDCONSTRUEDINACCORDANCEWITH,THELAWSOFTHESTATEOFNEWYORK.
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16.CUSIP Numbers and ISINs.PursuanttoarecommendationpromulgatedbytheCommitteeonUniformSecurityIdentificationProcedures,theIssuerhascausedCUSIPnumbersandISINstobeprintedontheNotesandtheTrusteemayuseCUSIPnumbersandISINsinnoticesofredemptionasaconveniencetoHolders.NorepresentationismadeastotheaccuracyofsuchnumberseitherasprintedontheNotesorascontainedinanynoticeofredemptionandreliancemaybeplacedonlyontheotheridentificationnumbersplacedthereon.
TheIssuerwillfurnishtoanyHolderuponwrittenrequestandwithoutchargeacopyoftheIndenture.RequestsmaybemadetotheIssueratthefollowingaddress:
PerformanceFoodGroup,Inc.12500WestCreekParkwayRichmond,Virginia23238Attention:A.BrentKing,SeniorVicePresident,GeneralCounselandSecretary
Withacopyto:
Skadden,Arps,Slate,Meagher&FlomLLPFourTimesSquareNewYork,NewYork10036Attention:LauraA.Kaufmann
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ASSIGNMENTFORM
ToassignthisNote,fillintheformbelow:(I)or(we)assignandtransferthisNoteto: (Insertassignee’slegalname)
(Insertassignee’ssoc.sec.ortaxI.D.no.)
(Printortypeassignee’sname,addressandzipcode)andirrevocablyappointtotransferthisNoteonthebooksoftheIssuer.Theagentmaysubstituteanothertoactforhim.Date:
YourSignature: (SignexactlyasyournameappearsonthefaceofthisNote) SignatureGuarantee*: *ParticipantinarecognizedSignatureGuaranteeMedallionProgram(orothersignatureguarantoracceptabletotheTrustee).
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OPTIONOFHOLDERTOELECTPURCHASE
IfyouwanttoelecttohavethisNotepurchasedbytheIssuerpursuanttoSection4.10or4.14oftheIndenture,checktheappropriateboxbelow:
[]Section4.10[]Section4.14
IfyouwanttoelecttohaveonlypartofthisNotepurchasedbytheIssuerpursuanttoSection4.10orSection4.14oftheIndenture,statetheamountyouelecttohavepurchased:
$__________________
Date:
YourSignature: (SignexactlyasyournameappearsonthefaceofthisNote) SignatureGuarantee*: *ParticipantinarecognizedSignatureGuaranteeMedallionProgram(orothersignatureguarantoracceptabletotheTrustee).
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SCHEDULEOFEXCHANGESOFINTERESTSINTHEGLOBALNOTE*
TheinitialoutstandingprincipalamountofthisGlobalNoteis$______________.ThefollowingexchangesofapartofthisGlobalNoteforaninterestinanotherGlobalNoteorforaDefinitiveNote,orexchangesofapartofanotherGlobalorDefinitiveNoteforaninterestinthisGlobalNote,havebeenmade:
DateofExchange
AmountofdecreaseinPrincipalAmountofthisGlobalNote
AmountofincreaseinPrincipalAmountofthisGlobalNote
PrincipalAmountofthisGlobalNotefollowingsuch
decreaseorincrease
Signatureofauthorizedsignatory
ofTrusteeorCustodian
*ThisscheduleshouldbeincludedonlyiftheNoteisissuedinglobalform.
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EXHIBITB
[FORMOFCERTIFICATEOFTRANSFER]
PFGEscrowCorporation12500WestCreekParkwayRichmond,Virginia23238Attention:A.BrentKing,SeniorVicePresident,GeneralCounselandSecretaryWithacopyto:Skadden,Arps,Slate,Meagher&FlomLLPFourTimesSquareNewYork,NewYork10036Fascimile:(917)777-2439Attention:LauraA.Kaufmann
U.S.BankNationalAssociation60LivingstonAvenueEP-MN-WS3CSt.Paul,MN55107Attn:PerformanceFoodGroupAdministratorRe:5.500%SeniorNotesdue2027
ReferenceisherebymadetotheIndenture,datedasofSeptember27,2019(asamended,supplementedorotherwisemodifiedfromtimetotime,the“Indenture”),amongPFGEscrowCorporation,aDelawarecorporation(the“EscrowIssuer”)andU.S.BankNationalAssociation,asTrustee,TransferAgent,RegistrarandPayingAgent.CapitalizedtermsusedbutnotdefinedhereinshallhavethemeaningsgiventothemintheIndenture.
_____________________(the“Transferor”)ownsandproposestotransfertheNote[s]orinterestinsuchNote[s]specifiedinAnnexAhereto,intheprincipalamountof$____________insuchNote[s]orinterests(the“Transfer”),to(the“Transferee”),asfurtherspecifiedinAnnexAhereto.InconnectionwiththeTransfer,theTransferorherebycertifiesthat:
[CHECKALLTHATAPPLY]
1.[]CHECKIFTRANSFEREEWILLTAKEDELIVERYOFABENEFICIALINTERESTINTHERELEVANT144AGLOBALNOTEORRELEVANTDEFINITIVENOTEPURSUANTTORULE144A.TheTransferisbeingeffectedpursuanttoandinaccordancewithRule144AundertheUnitedStatesSecuritiesActof1933,asamended(the“Securities Act”),and,accordingly,theTransferorherebyfurthercertifiesthatthebeneficialinterestorDefinitiveNoteisbeingtransferredtoaPersonthattheTransferorreasonablybelievesispurchasingthebeneficialinterestorDefinitiveNoteforitsownaccount,orforoneormoreaccountswithrespecttowhichsuchPersonexercisessoleinvestmentdiscretion,andsuchPersonandeachsuchaccountisa“qualifiedinstitutionalbuyer”withinthemeaningofRule144AinatransactionmeetingtherequirementsofRule144AandsuchTransferisincompliancewithanyapplicableblueskysecuritieslawsofanystateoftheUnitedStates.
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2.[]CHECKIFTRANSFEREEWILLTAKEDELIVERYOFABENEFICIALINTERESTINTHERELEVANTREGULATIONSGLOBALNOTEORRELEVANTDEFINITIVENOTEPURSUANTTOREGULATIONS.TheTransferisbeingeffectedpursuanttoandinaccordancewithRule903orRule904undertheSecuritiesActand,accordingly,theTransferorherebyfurthercertifiesthat(i)theTransferisnotbeingmadetoapersonintheUnitedStatesand(x)atthetimethebuyorderwasoriginated,theTransfereewasoutsidetheUnitedStatesorsuchTransferorandanyPersonactingonitsbehalfreasonablybelievedandbelievesthattheTransfereewasoutsidetheUnitedStatesor(y)thetransactionwasexecutedin,onorthroughthefacilitiesofadesignatedoffshoresecuritiesmarketandneithersuchTransferornoranyPersonactingonitsbehalfknowsthatthetransactionwasprearrangedwithabuyerintheUnitedStates,(ii)nodirectedsellingeffortshavebeenmadeincontraventionoftherequirementsofRule903(b)orRule904(b)ofRegulationS,(iii)thetransactionisnotpartofaplanorschemetoevadetheregistrationrequirementsoftheSecuritiesActand(iv)iftheproposedtransferisbeingmadepriortotheexpirationoftheapplicableRestrictedPeriod,thetransferisnotbeingmadetoaU.S.PersonorfortheaccountorbenefitofaU.S.Person(otherthananInitialPurchaser).UponconsummationoftheproposedtransferinaccordancewiththetermsoftheIndenture,thetransferredbeneficialinterestorDefinitiveNotewillbesubjecttotherestrictionsonTransferenumeratedintheIndentureandtheSecuritiesAct.
3.[]CHECKANDCOMPLETEIFTRANSFEREEWILLTAKEDELIVERYOFABENEFICIALINTERESTINTHERELEVANTDEFINITIVENOTEPURSUANTTOANYPROVISIONOFTHESECURITIESACTOTHERTHANRULE144AORREGULATIONS.TheTransferisbeingeffectedincompliancewiththetransferrestrictionsapplicabletobeneficialinterestsinRestrictedGlobalNotesandRestrictedDefinitiveNotesandpursuanttoandinaccordancewiththeSecuritiesActandanyapplicableblueskysecuritieslawsofanystateoftheUnitedStates,andaccordinglytheTransferorherebyfurthercertifiesthat(checkone):
(a)[]suchTransferisbeingeffectedpursuanttoandinaccordancewithRule144undertheSecuritiesAct;or
(b)[]suchTransferisbeingeffectedtotheIssuerorasubsidiarythereof;or
(c)[]suchTransferisbeingeffectedpursuanttoaneffectiveregistrationstatementundertheSecuritiesActandincompliancewiththeprospectusdeliveryrequirementsoftheSecuritiesAct.
4.[]CHECKIFTRANSFEREEWILLTAKEDELIVERYOFABENEFICIALINTERESTINANUNRESTRICTEDGLOBALNOTEOROFANUNRESTRICTEDDEFINITIVENOTE.
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(a)[]CHECKIFTRANSFERISPURSUANTTORULE144.(i)TheTransferisbeingeffectedpursuanttoandinaccordancewithRule144undertheSecuritiesActandincompliancewiththetransferrestrictionscontainedintheIndentureandanyapplicableblueskysecuritieslawsofanystateoftheUnitedStatesand(ii)therestrictionsontransfercontainedintheIndentureandthePrivatePlacementLegendarenotrequiredinordertomaintaincompliancewiththeSecuritiesAct.UponconsummationoftheproposedTransferinaccordancewiththetermsoftheIndenture,thetransferredbeneficialinterestorDefinitiveNotewillnolongerbesubjecttotherestrictionsontransferenumeratedinthePrivatePlacementLegendprintedontheRestrictedGlobalNotes,onRestrictedDefinitiveNotesandintheIndenture.
(b)[]CHECKIFTRANSFERISPURSUANTTOREGULATIONS.(i)TheTransferisbeingeffectedpursuanttoandinaccordance
withRule903orRule904undertheSecuritiesActandincompliancewiththetransferrestrictionscontainedintheIndentureandanyapplicableblueskysecuritieslawsofanystateoftheUnitedStatesand(ii)therestrictionsontransfercontainedintheIndentureandthePrivatePlacementLegendarenotrequiredinordertomaintaincompliancewiththeSecuritiesAct.UponconsummationoftheproposedTransferinaccordancewiththetermsoftheIndenture,thetransferredbeneficialinterestorDefinitiveNotewillnolongerbesubjecttotherestrictionsontransferenumeratedinthePrivatePlacementLegendprintedontheRestrictedGlobalNotes,onRestrictedDefinitiveNotesandintheIndenture.
(c)[]CHECKIFTRANSFERISPURSUANTTOOTHEREXEMPTION.(i)TheTransferisbeingeffectedpursuanttoandincompliancewithanexemptionfromtheregistrationrequirementsoftheSecuritiesActotherthanRule144,Rule903orRule904andincompliancewiththetransferrestrictionscontainedintheIndentureandanyapplicableblueskysecuritieslawsofanyStateoftheUnitedStatesand(ii)therestrictionsontransfercontainedintheIndentureandthePrivatePlacementLegendarenotrequiredinordertomaintaincompliancewiththeSecuritiesAct.UponconsummationoftheproposedTransferinaccordancewiththetermsoftheIndenture,thetransferredbeneficialinterestorDefinitiveNotewillnotbesubjecttotherestrictionsontransferenumeratedinthePrivatePlacementLegendprintedontheRestrictedGlobalNotesorRestrictedDefinitiveNotesandintheIndenture.
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ThiscertificateandthestatementscontainedhereinaremadeforyourbenefitandthebenefitoftheIssuer. [InsertNameofTransferor] By: Name: Title:Dated:
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ANNEXATOCERTIFICATEOFTRANSFER1. TheTransferorownsandproposestotransferthefollowing:[CHECKONEOF(a)OR(b)]
(a) []abeneficialinterestinthe:
(i) []144AGlobalNote(CUSIP:69346VAA7;ISIN:US69346VAA70),or
(ii) []RegulationSGlobalNote(CUSIPU71760AA7;ISIN:USU71760AA77),or
(b) []aRestrictedDefinitiveNote.2. AftertheTransfertheTransfereewillhold:[CHECKONE]
(a) []abeneficialinterestinthe:
(i) []144AGlobalNote(CUSIP:69346VAA7;ISIN:US69346VAA70),or
(ii) []RegulationSGlobalNote(CUSIPU71760AA7;ISIN:USU71760AA77),or
(iii) []UnrestrictedGlobalNote(CUSIP:[____________]),or
(b) []aRestrictedDefinitiveNote;or
(c) []anUnrestrictedDefinitiveNote,inaccordancewiththetermsoftheIndenture.
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EXHIBITC
[FORMOFCERTIFICATEOFEXCHANGE]PFGEscrowCorporation12500WestCreekParkwayRichmond,Virginia23238Attention:A.BrentKing,SeniorVicePresident,GeneralCounselandSecretaryWithacopyto:Skadden,Arps,Slate,Meagher&FlomLLPFourTimesSquareNewYork,NewYork10036Fascimile:(917)777-2439Attention:LauraA.Kaufmann
U.S.BankNationalAssociation60LivingstonAvenueEP-MN-WS3CSt.Paul,MN55107Attn:PerformanceFoodGroupAdministratorRe:5.50%SeniorNotesdue2027
ReferenceisherebymadetotheIndenture,datedasofSeptember27,2019(asamended,supplementedorotherwisemodifiedfromtimetotime,the“Indenture”),amongPFGEscrowCorporation,aDelawarecorporation(the“EscrowIssuer”)andU.S.BankNationalAssociation,asTrustee,TransferAgent,RegistrarandPayingAgent.CapitalizedtermsusedbutnotdefinedhereinshallhavethemeaningsgiventothemintheIndenture.
___________________(the“Owner”)ownsandproposestoexchangeNote[s]oraninterestinsuchNote[s],intheprincipalamountof$__________insuchNote[s]orinterests(the“Exchange”).InconnectionwiththeExchange,theOwnerherebycertifiesthat:
1.EXCHANGEOFRESTRICTEDDEFINITIVENOTESORBENEFICIALINTERESTSINARESTRICTEDGLOBALNOTEFORUNRESTRICTEDDEFINITIVENOTESORBENEFICIALINTERESTSINANUNRESTRICTEDGLOBALNOTE
(a)[]CHECKIFEXCHANGEISFROMBENEFICIALINTERESTINARESTRICTEDGLOBALNOTETOBENEFICIALINTERESTINANUNRESTRICTEDGLOBALNOTE.InconnectionwiththeExchangeoftheOwner’sbeneficialinterestinaRestrictedGlobalNoteforabeneficialinterestinanUnrestrictedGlobalNoteinanequalprincipalamount,theOwnerherebycertifies(i)thebeneficialinterestisbeingacquiredfortheOwner’sownaccountwithouttransfer,(ii)suchExchangehasbeeneffectedincompliancewiththetransferrestrictionsapplicabletotheGlobalNotesandpursuanttoandinaccordancewiththeUnitedStatesSecuritiesActof1933,asamended(the“Securities Act”),(iii)therestrictionsontransfercontainedintheIndentureandthePrivatePlacementLegendarenotrequiredinordertomaintaincompliancewiththeSecuritiesActand(iv)thebeneficialinterestinanUnrestrictedGlobalNoteisbeingacquiredincompliancewithanyapplicableblueskysecuritieslawsofanystateoftheUnitedStates.
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(b)[]CHECKIFEXCHANGEISFROMBENEFICIALINTERESTINARESTRICTEDGLOBALNOTETOUNRESTRICTEDDEFINITIVENOTE.InconnectionwiththeExchangeoftheOwner’sbeneficialinterestinaRestrictedGlobalNoteforanUnrestrictedDefinitiveNote,theOwnerherebycertifies(i)theDefinitiveNoteisbeingacquiredfortheOwner’sownaccountwithouttransfer,(ii)suchExchangehasbeeneffectedincompliancewiththetransferrestrictionsapplicabletotheRestrictedGlobalNotesandpursuanttoandinaccordancewiththeSecuritiesAct,(iii)therestrictionsontransfercontainedintheIndentureandthePrivatePlacementLegendarenotrequiredinordertomaintaincompliancewiththeSecuritiesActand(iv)theDefinitiveNoteisbeingacquiredincompliancewithanyapplicableblueskysecuritieslawsofanystateoftheUnitedStates.
(c)[]CHECKIFEXCHANGEISFROMRESTRICTEDDEFINITIVENOTETOBENEFICIALINTERESTINANUNRESTRICTEDGLOBALNOTE.InconnectionwiththeOwner’sExchangeofaRestrictedDefinitiveNoteforabeneficialinterestinanUnrestrictedGlobalNote,theOwnerherebycertifies(i)thebeneficialinterestisbeingacquiredfortheOwner’sownaccountwithouttransfer,(ii)suchExchangehasbeeneffectedincompliancewiththetransferrestrictionsapplicabletoRestrictedDefinitiveNotesandpursuanttoandinaccordancewiththeSecuritiesAct,(iii)therestrictionsontransfercontainedintheIndentureandthePrivatePlacementLegendarenotrequiredinordertomaintaincompliancewiththeSecuritiesActand(iv)thebeneficialinterestisbeingacquiredincompliancewithanyapplicableblueskysecuritieslawsofanystateoftheUnitedStates.
(d)[]CHECKIFEXCHANGEISFROMRESTRICTEDDEFINITIVENOTETOUNRESTRICTEDDEFINITIVENOTE.InconnectionwiththeOwner’sExchangeofaRestrictedDefinitiveNoteforanUnrestrictedDefinitiveNote,theOwnerherebycertifies(i)theUnrestrictedDefinitiveNoteisbeingacquiredfortheOwner’sownaccountwithouttransfer,(ii)suchExchangehasbeeneffectedincompliancewiththetransferrestrictionsapplicabletoRestrictedDefinitiveNotesandpursuanttoandinaccordancewiththeSecuritiesAct,(iii)therestrictionsontransfercontainedintheIndentureandthePrivatePlacementLegendarenotrequiredinordertomaintaincompliancewiththeSecuritiesActand(iv)theUnrestrictedDefinitiveNoteisbeingacquiredincompliancewithanyapplicableblueskysecuritieslawsofanystateoftheUnitedStates.
2.EXCHANGEOFRESTRICTEDDEFINITIVENOTESORBENEFICIALINTERESTSINRESTRICTEDGLOBALNOTESFORRESTRICTEDDEFINITIVENOTESORBENEFICIALINTERESTSINRESTRICTEDGLOBALNOTES
(a)[]CHECKIFEXCHANGEISFROMBENEFICIALINTERESTINARESTRICTEDGLOBALNOTETORESTRICTEDDEFINITIVENOTE.InconnectionwiththeExchangeoftheOwner’sbeneficialinterestinaRestrictedGlobalNoteforaRestrictedDefinitiveNotewithanequalprincipalamount,theOwnerherebycertifiesthattheRestrictedDefinitiveNoteisbeingacquiredfortheOwner’sownaccountwithouttransfer.UponconsummationoftheproposedExchangeinaccordancewiththetermsoftheIndenture,theRestrictedDefinitiveNoteissuedwillcontinuetobesubjecttotherestrictionsontransferenumeratedinthePrivatePlacementLegendprintedontheRestrictedDefinitiveNoteandintheIndentureandtheSecuritiesAct.
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(b)[]CHECKIFEXCHANGEISFROMRESTRICTEDDEFINITIVENOTETOBENEFICIALINTERESTINARESTRICTEDGLOBALNOTE.InconnectionwiththeExchangeoftheOwner’sRestrictedDefinitiveNoteforabeneficialinterestinthe[CHECKONE][]144AGlobalNote[]RegulationSGlobalNoteineachcase,withanequalprincipalamount,theOwnerherebycertifies(i)thebeneficialinterestisbeingacquiredfortheOwner’sownaccountwithouttransferand(ii)suchExchangehasbeeneffectedincompliancewiththetransferrestrictionsapplicabletotheRestrictedGlobalNotesandpursuanttoandinaccordancewiththeSecuritiesAct,andincompliancewithanyapplicableblueskysecuritieslawsofanystateoftheUnitedStates.UponconsummationoftheproposedExchangeinaccordancewiththetermsoftheIndenture,thebeneficialinterestissuedwillbesubjecttotherestrictionsontransferenumeratedinthePrivatePlacementLegendprintedontherelevantRestrictedGlobalNoteandintheIndentureandtheSecuritiesAct.
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ThiscertificateandthestatementscontainedhereinaremadeforyourbenefitandthebenefitoftheIssuerandaredated [InsertNameofTransferor] By: Name: Title:Dated:
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EXHIBITD
[FORMOFSUPPLEMENTALINDENTURETOBEDELIVEREDBYSUBSEQUENTGUARANTORS]
[___]SupplementalIndenture(this“Supplemental Indenture”),datedasof__________,among_________________(the“Guaranteeing
Subsidiary”),asubsidiaryofPerformanceFoodGroup,Inc.,aColoradocorporation(the“Issuer”),andU.S.BankNationalAssociation,anationalbankingassociation,astrustee(the“Trustee”),TransferAgent,RegistrarandPayingAgent.
WITNESSETH
WHEREAS,PFGEscrowCorporation,aDelawarecorporationhasheretoforeexecutedanddeliveredtotheTrusteeanIndenture(the“InitialIndenture”),datedasofSeptember27,2019,assupplementedbyaSupplementalIndenturedatedasof[___],amongtheIssuer,theGuaranteeingEntitiespartytheretoandtheTrustee(the“First Supplemental Indenture”and,togetherwiththeInitialIndenture,the“Indenture”)providingfortheissuanceof$1,060,000,000aggregateprincipalamountof5.500%SeniorNotesdue2027(the“Initial Notes”);
WHEREAS,theIndentureprovidesthatundercertaincircumstancestheGuaranteeingSubsidiaryshallexecuteanddelivertotheTrusteeasupplementalindenturepursuanttowhichtheGuaranteeingSubsidiaryshallunconditionallyguaranteealloftheIssuer’sObligationsundertheNotesandtheIndentureonthetermsandconditionssetforthhereinandundertheIndenture(the“Guarantee”);and
WHEREAS,pursuanttoSection9.01oftheIndenture,theTrusteeisauthorizedtoexecuteanddeliverthisSupplementalIndenture.
NOWTHEREFORE,inconsiderationoftheforegoingandforothergoodandvaluableconsideration,thereceiptofwhichisherebyacknowledged,thepartiesmutuallycovenantandagreefortheequalandratablebenefitoftheHoldersasfollows:
(1)CapitalizedTerms.CapitalizedtermsusedhereinwithoutdefinitionshallhavethemeaningsassignedtothemintheIndenture.
(2)AgreementtoGuarantee.TheGuaranteeingSubsidiaryacknowledgesthatithasreceivedandreviewedacopyoftheIndentureandallotherdocumentsitdeemsnecessarytoreviewinordertoenterintothisSupplementalIndenture,andacknowledgesandagreesto(i)joinandbecomeapartytotheIndentureasindicatedbyitssignaturebelow;(ii)beboundbytheIndenture,asofthedatehereof,asifmadeby,andwithrespectto,eachsignatoryhereto;and(iii)performallobligationsanddutiesrequiredofaGuarantorpursuanttotheIndenture.TheGuaranteeingSubsidiaryherebyagreestoprovideanunconditionalGuaranteeonthetermsandsubjecttotheconditionssetforthintheIndenture,including,butnotlimitedto,Article10thereof.
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(3)ExecutionandDelivery.TheGuaranteeingSubsidiaryagreesthattheGuaranteeshallremaininfullforceandeffectnotwithstandingtheabsenceoftheendorsementofanynotationofsuchGuaranteeontheNotes.
(4)NoRecourseAgainstOthers.Nopast,presentorfuturedirector,officer,employee,incorporator,member,partnerorstockholderoftheIssueroranyGuarantorshallhaveanyliabilityforanyobligationsoftheIssuerortheGuarantors(includingtheGuaranteeingSubsidiary)undertheNotes,anyGuarantees,theIndentureorthisSupplementalIndentureorforanyclaimbasedon,inrespectof,orbyreasonof,suchobligationsortheircreation.EachHolderbyacceptingNoteswaivesandreleasesallsuchliability.ThewaiverandreleasearepartoftheconsiderationforissuanceoftheNotes.
(5)GoverningLaw.THISSUPPLEMENTALINDENTURE,ANDANYCLAIM,CONTROVERSYORDISPUTEARISINGUNDERORRELATEDTOTHISSUPPLEMENTALINDENTURE,WILLBEGOVERNEDBY,ANDCONSTRUEDINACCORDANCEWITH,THELAWSOFTHESTATEOFNEWYORK.
(6)Counterparts.ThepartiesmaysignanynumberofcopiesofthisSupplementalIndenture.Eachsignedcopyshallbeanoriginal,butallofthemtogetherrepresentthesameagreement.ThisSupplementalIndenturemaybeexecutedinmultiplecounterpartswhich,whentakentogether,shallconstituteoneinstrument.TheexchangeofcopiesofthisSupplementalIndentureandofsignaturepagesbyfacsimileorPDFtransmissionsshallconstituteeffectiveexecutionanddeliveryofthisSupplementalIndentureastothepartiesheretoandmaybeusedinlieuoftheoriginalSupplementalIndentureforallpurposes.SignaturesofthepartiesheretotransmittedbyfacsimileorPDFshallbedeemedtobetheiroriginalsignaturesforallpurposes.
(7)EffectofHeadings.TheSectionheadingshereinareforconvenienceonlyandshallnotaffecttheconstructionhereof.
(8)TheTrustee.TheTrusteeshallnotberesponsibleinanymannerwhatsoeverfororinrespectofthevalidityorsufficiencyofthisSupplementalIndentureorfororinrespectoftherecitalscontainedherein,allofwhichrecitalsaremadesolelybytheGuaranteeingSubsidiary.
(9)BenefitsAcknowledged.TheGuaranteeingSubsidiary’sGuaranteeissubjecttothetermsandconditionssetforthintheIndenture.TheGuaranteeingSubsidiaryacknowledgesthatitwillreceivedirectandindirectbenefitsfromthefinancingarrangementscontemplatedbytheIndentureandthisSupplementalIndentureandthattheguaranteeandwaiversmadebyitpursuanttothisGuaranteeareknowinglymadeincontemplationofsuchbenefits.
(10)Successors.AllagreementsoftheGuaranteeingSubsidiaryinthisSupplementalIndentureshallbinditsSuccessors,exceptasotherwiseprovidedinthisSupplementalIndenture.AllagreementsoftheTrusteeinthisSupplementalIndentureshallbinditssuccessors.
[Signatures on following page]
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INWITNESSWHEREOF,thepartiesheretohavecausedthisSupplementalIndenturetobedulyexecuted,allasofthedatefirstabovewritten. [GUARANTEEINGSUBSIDIARY] By: Name: Title: U.S.BANKNATIONALASSOCIATION,
asTrustee By: Name: Title:
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EXHIBITE[FORMOFSUPPLEMENTALINDENTURETOBEDELIVEREDBYTHEISSUERANDTHEGUARANTORSFOLLOWINGTHEMERGEROFTHE
ESCROWISSUERWITHANDINTOTHEISSUER]
SUPPLEMENTALINDENTURE(this“SupplementalIndenture”),datedasof[___],2019,amongPerformanceFoodGroup,Inc.(the“Issuer”),PFGC,Inc.(the“Parent”),eachofthesubsidiariesoftheParentidentifiedasa“GuaranteeingSubsidiary”onthesignaturepageofthisSupplementalIndenture(and,togetherwiththeParent,the“GuaranteeingEntities”)andU.S.BankNationalAssociation,astrusteeundertheIndenturereferredtobelow(the“Trustee”).
WITNESSETH
WHEREAS,PFGEscrowCorporation,aDelawarecorporation(the“EscrowIssuer”),hasheretoforeexecutedanddeliveredtotheTrusteeanindenture(the“Indenture”),datedasofSeptember27,2019,providingfortheEscrowIssuer’sissuanceof5.500%SeniorNotesdue2027,initiallyintheaggregateprincipalamountof$1,060,000,000(the“Notes”);
WHEREAS,Section4.17oftheIndentureprovidesthatfollowingsatisfactionoftheEscrowConditions,theEscrowIssuerwillmergewithandintotheIssuer,withtheIssuersurviving,andtheIssuer,theParentandtheGuaranteeingSubsidiarieswillexecuteasupplementalindenturewherebytheIssuerwillassumealloftheEscrowIssuer’sobligationsandrightsundertheIndentureandtheParentandtheGuaranteeingSubsidiarieswillbecomeGuarantorsundertheIndenture;
WHEREAS,onthedatehereof,theEscrowIssuerismergingwithandintotheIssuerwiththeIssuerbeingthesurvivingPersonofsuchmerger(the“Merger”);and
WHEREAS,pursuanttoSection9.01oftheIndenture,theTrusteeisauthorizedtoexecuteanddeliverthisSupplementalIndenture.
NOWTHEREFORE,inconsiderationoftheforegoingandforothergoodandvaluableconsideration,thereceiptofwhichisherebyacknowledged,theIssuer,theGuaranteeingEntitiesandtheTrusteemutuallycovenantandagreefortheequalandratablebenefitoftheHoldersasfollows:
1.CAPITALIZEDTERMS.CapitalizedtermsusedhereinwithoutdefinitionshallhavethemeaningsassignedtothemintheIndenture.
2.ASSUMPTIONOFOBLIGATIONS.EffectiveuponconsummationoftheMerger,theIssuer,pursuanttoSection4.17oftheIndenture,herebyexpresslyassumesandagreestopay,performanddischargewhendueeachandeverydebt,obligation,covenantandagreementincurred,madeortobepaid,performedordischargedbytheEscrowIssuerundertheIndentureandtheNotes.TheIssuerherebyagreestobeboundbyalltheterms,provisionsandconditionsoftheIndentureandtheNotesandagreesthatitshallbeaSuccessorCompanyandshallsucceedto,andbesubstitutedfor,andmayexerciseeveryrightandpowerof,theEscrowIssuerundertheIndentureandtheNotes.
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3.CERTAINDEFINEDTERMS.Thedefinitionoftheterm“Issuer”intheIndentureand(ii)intheNotes,isherebyamendedandrestatedinitsentiretytoread:
“Issuer”meansPerformanceFoodGroup,Inc.,aColoradocorporation.
AllreferencesintheIndenturetothe“Issuer”shallrefertoPerformanceFoodGroup,Inc.
4.AGREEMENTOFTHEGUARANTORSTOGUARANTEE.EachoftheGuaranteeingEntitiesherebyagreestoprovideanunconditionalGuaranteeonthetermsandsubjecttotheconditionssetforthintheGuaranteeandintheIndenture,including,butnotlimitedto,Article10thereof.
5.NORECOURSEAGAINSTOTHERS.Nopast,present,orfuturedirector,officer,employee,incorporatororstockholderoftheIssueroranyGuarantor,oranyoftheirdirectorindirectparentcompanies,assuch,willhaveanyliabilityforanyobligationsoftheIssuerortheGuarantorsundertheNotes,theIndentureortheGuarantees,orforanyclaimbasedon,inrespectof,orbyreasonof,suchobligationsortheircreation.EachHolderofNotesbyacceptingaNotewaivesandreleasesallsuchliability.ThewaiverandreleasearepartoftheconsiderationforissuanceoftheNotes.Thewaivermaynotbeeffectivetowaiveliabilitiesunderthefederalsecuritieslaws.
6.EXECUTIONANDDELIVERY.EachoftheGuaranteeingEntitiesagreesthattheGuaranteesareandshallremaininfullforceandeffect.
7.NEWYORKLAWTOGOVERN.THEINTERNALLAWOFTHESTATEOFNEWYORKWILLGOVERNANDBEUSEDTOCONSTRUETHISSUPPLEMENTALINDENTUREWITHOUTGIVINGEFFECTTOAPPLICABLEPRINCIPLESOFCONFLICTSOFLAWTOTHEEXTENTTHATTHEAPPLICATIONOFTHELAWSOFANOTHERJURISDICTIONWOULDBEREQUIREDTHEREBY.EACHOFTHEPARTIESHERETOAGREESTHATANYLEGALACTION,SUITORPROCEEDINGAGAINSTITWITHRESPECTTOITSOBLIGATIONS,LIABILITIESORANYOTHERMATTERARISINGOUTOFORINCONNECTIONWITHTHISSUPPLEMENTALINDENTUREMAYBEBROUGHTINTHECOURTSOFTHESTATEOFNEWYORKANDHEREBYIRREVOCABLYCONSENTSANDSUBMITSTOTHENON-EXCLUSIVEJURISDICTIONOFEACHSUCHCOURTINPERSONAM,GENERALLYANDUNCONDITIONALLYWITHRESPECTTOANYSUCHACTION,SUITORPROCEEDINGFORITSELFANDINRESPECTOFITSPROPERTIES,ASSETSANDREVENUES.EACHOFTHEPARTIESHERETOHEREBYIRREVOCABLYWAIVES,TOTHEFULLESTEXTENTPERMITTEDBYAPPLICABLELAW,ANYANDALLRIGHTTOTRIALBYJURYINANYLEGALPROCEEDINGARISINGOUTOFORRELATINGTOTHISSUPPLEMENTALINDENTUREORTHETRANSACTIONCONTEMPLATEDHEREBY.
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8.COUNTERPARTS.ThepartiesmaysignanynumberofcopiesofthisSupplementalIndenture.Eachsignedcopyshallbedeemedanoriginal,butallofthemtogetherrepresentthesameagreement.
9.EFFECTOFHEADINGS.TheSectionheadingshereinareforconvenienceonlyandshallnotaffecttheconstructionhereof.
10.THETRUSTEE.TheTrusteeshallnotberesponsibleinanymannerwhatsoeverfororinrespectofthevalidityorsufficiencyofthisSupplementalIndentureorfororinrespectoftherecitalscontainedherein,allofwhichrecitalsaremadesolelybytheIssuerandtheGuaranteeingEntities.
11.CUSIPNUMBERS.TheIssuerhascausedCUSIPnumberstobeprintedontheNotesandhasdirectedtheTrusteetouseCUSIPnumbersandISINsinnoticesofredemptionasconveniencetotheHolders.NorepresentationismadeastotheaccuracyofsuchnumberseitherasprintedontheSecuritiesorascontainedinanynoticeofredemptionandreliancemaybeplacedonlyontheotheridentificationnumbersplacedthereon.InconnectionwiththeexecutionanddeliveryofthisSupplementalIndenture,theIssuer(i)willprovidenewCUSIPnumbers,(ii)ifrequiredbytheDepositary,willissueanddulyexecutenewNoteswhichareprintedwithsuchnewCUSIPnumbersinaccordancewiththetermsoftheIndentureinexchangefortheexistingNotes,(iii)ifnewNotesareissuedinaccordancewithclause(ii),willdirecttheTrusteetoauthenticatesuchnewNotesinaccordancewiththetermsoftheIndentureandtoprovidesuchnewCUSIPnumberstotheDepositary,andwilldirecttheTrusteetocanceltheexistingNotesand(v)willotherwisecomplywiththerequirementsoftheDepositary.
[Signaturepagesfollow]
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INWITNESSWHEREOF,thepartiesheretohavecausedthisSupplementalIndenturetobedulyexecutedandattested,allasofthedatefirstabovewritten.
Dated:_______________,20___ PERFORMANCEFOODGROUP,INC. By: Name: Title: [GUARANTEEINGENTITIES] By: Name: Title: U.S.BANKNATIONALASSOCIATION,
asTrustee By: Name: Title:
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