Western Australia, Australia
(State or other jurisdiction of incorporation)
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001-35573
(Commission File Number)
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98-1026700
(IRS Employer Identification No.)
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263 Tresser Boulevard, Suite 1100
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Lot 22 Mason Road
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Stamford, Connecticut 06901
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Kwinana Beach, WA 6167 Australia
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01.
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Entry into a Material Definitive Agreement
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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Item 8.01
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Other events
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Item 9.01.
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Financial Statements and Exhibits.
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TRONOX LIMITED
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By:
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/s/ Timothy C. Carlson | |
Timothy C. Carlson
Senior Vice President and Chief Financial Officer
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Page
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Section 1.01
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Definitions.
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1
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Section 1.02
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Other Definitions.
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25
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Section 1.03
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[Reserved].
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25
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Section 1.04
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Rules of Construction.
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25
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Section 2.01
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Form and Dating.
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26
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Section 2.02
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Execution and Authentication.
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26
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Section 2.03
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Registrar and Paying Agent.
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27
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Section 2.04
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Paying Agent to Hold Money in Trust.
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27
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Section 2.05
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Holder Lists.
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28
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Section 2.06
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Transfer and Exchange.
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28
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Section 2.07
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Replacement Notes.
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40
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Section 2.08
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Outstanding Notes.
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40
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Section 2.09
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Treasury Notes.
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40
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Section 2.10
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Temporary Notes.
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40
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Section 2.11
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Cancellation.
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41
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Section 2.12
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Defaulted Interest.
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41
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Section 2.13
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CUSIP and ISIN Numbers.
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41
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Section 2.14
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Additional Amounts.
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41
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Section 3.01
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Notices to Trustee.
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44
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Section 3.02
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Selection of Notes to Be Redeemed or Purchased.
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45
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Section 3.03
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Notice of Redemption.
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45
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Section 3.04
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Effect of Notice of Redemption.
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46
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Section 3.05
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Deposit of Redemption or Purchase Price.
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46
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Section 3.06
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Notes Redeemed or Purchased in Part.
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47
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Section 3.07
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Optional Redemption.
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47
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Section 3.08
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Optional Redemption for Changes in Withholding Taxes.
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48
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Section 3.09
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Mandatory Redemption.
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49
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Section 3.10
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Open Market Purchases.
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49
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Section 4.01
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Payment of Notes.
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49
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Section 4.02
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Maintenance of Office or Agency.
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49
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Section 4.03
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Reports.
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50
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Section 4.04
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Compliance Certificate.
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50
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Section 4.05
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Stay, Extension and Usury Laws.
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51
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Section 4.06
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Limitation on Secured Debt.
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51
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Section 4.07
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Limitation on Non-Guarantor Subsidiary Debt.
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53
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Section 4.08
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Limitation on Sale and Lease-Back Transactions.
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54
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Section 4.09
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Corporate Existence.
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55
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Section 4.10
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Offer to Repurchase Upon Change of Control Repurchase Event.
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55
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Section 4.11
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Issuer shall be a Subsidiary of Holdings.
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57
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Section 5.01
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Merger, Consolidation and Sale of Assets.
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58
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Section 5.02
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Successor Corporation Substituted.
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59
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Section 6.01
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Events of Default.
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59
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Section 6.02
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Acceleration.
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60
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Section 6.03
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Other Remedies.
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61
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Section 6.04
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Waiver of Past Defaults.
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61
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Section 6.05
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Control by Majority.
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61
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Section 6.06
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Limitation on Suits.
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61
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Section 6.07
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Rights of Holders of Notes to Receive Payment.
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62
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Section 6.08
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Collection Suit by Trustee.
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62
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Section 6.09
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Trustee May File Proofs of Claim.
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62
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Section 6.10
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Priorities.
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63
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Section 6.11
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Undertaking for Costs.
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63
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Section 7.01
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Duties of Trustee.
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63
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Section 7.02
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Rights of Trustee.
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64
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Section 7.03
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Individual Rights of Trustee.
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66
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Section 7.04
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Trustee’s Disclaimer.
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66
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Section 7.05
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Notice of Defaults.
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66
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Section 7.06
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[Reserved].
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66
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Section 7.07
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Compensation and Indemnity.
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66
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Section 7.08
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Replacement of Trustee.
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67
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Section 7.09
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Successor Trustee by Merger, etc.
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68
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Section 7.10
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Eligibility; Disqualification.
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68
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Section 8.01
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Option to Effect Legal Defeasance or Covenant Defeasance.
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69
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Section 8.02
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Legal Defeasance and Discharge.
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69
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Section 8.03
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Covenant Defeasance.
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69
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Section 8.04
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Conditions to Legal or Covenant Defeasance.
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70
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Section 8.05
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Cash or Non-Callable U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions.
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71
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Section 8.06
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Repayment to Issuer.
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71
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Section 8.07
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Reinstatement.
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72
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Section 9.01
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Without Consent of Holders of Notes.
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72
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Section 9.02
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With Consent of Holders of Notes.
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73
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Section 9.03
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[Reserved].
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74
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Section 9.04
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Revocation and Effect of Consents.
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74
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Section 9.05
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Notation on or Exchange of Notes.
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74
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Section 9.06
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Trustee to Sign Amendments, etc.
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74
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Section 10.01
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Guarantee.
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75
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Section 10.02
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Limitation on Guarantor Liability.
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76
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Section 10.03
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Execution and Delivery of Note Guarantee.
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77
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Section 10.04
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Guarantors May Consolidate, etc., on Certain Terms.
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78
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Section 10.05
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Releases.
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79
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Section 11.01
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Satisfaction and Discharge.
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80
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Section 11.02
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Application of Trust Money.
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80
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Section 12.01
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[Reserved].
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81
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Section 12.02
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Notices.
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81
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Section 12.03
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[Reserved].
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82
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Section 12.04
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Certificate and Opinion as to Conditions Precedent.
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82
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Section 12.05
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Statements Required in Certificate or Opinion.
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82
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Section 12.06
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Rules by Trustee and Agents.
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83
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Section 12.07
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No Personal Liability of Directors, Managers, Officers, Employees, Incorporators, Stockholders or Members.
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83
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Section 12.08
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Governing Law; Waiver of Jury Trial.
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83
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Section 12.09
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No Adverse Interpretation of Other Agreements.
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83
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Section 12.10
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Successors.
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83
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Section 12.11
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Severability.
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83
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Section 12.12
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Counterpart Originals.
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83
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Section 12.13
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[Reserved].
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84
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Section 12.14
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Table of Contents, Headings, etc.
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84
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Section 12.15
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U.S.A. Patriot Act.
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84
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Section 12.16
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Force Majeure.
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84
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Section 12.17
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Jurisdiction; Consent to Service of Process.
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84
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Schedule 1
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GUARANTORS ON THE ISSUE DATE
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Exhibit A
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FORM OF NOTE
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Exhibit B
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FORM OF CERTIFICATE OF TRANSFER
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Exhibit C
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FORM OF CERTIFICATE OF EXCHANGE
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Exhibit D
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FORM OF SUPPLEMENTAL INDENTURE
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(2) |
the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at April 15, 2021 (such redemption price being set forth in
Section 3.07(d)
hereof), plus (ii) all required interest payments due on the Note through April 15, 2021 (excluding accrued but unpaid interest to the redemption date, if any), computed using a discount rate equal to the Adjusted Treasury Rate as of such redemption date; over (b) the outstanding principal amount of the Note;
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(2) |
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
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(3) |
in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and
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(4) |
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets of, the issuing Person,
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(1) |
the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of Holdings and its Restricted Subsidiaries, taken as a whole, to any Person;
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(2) |
any person or “group” (within the meaning of Rule 13d-3 or Rule 13d-5 under the Exchange Act, but excluding any employee benefit plan and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than one or more Permitted Holders, acquires beneficial ownership of more than 50% of the voting power of the Voting Stock (measured by reference to voting power) of Holdings (determined on a fully diluted basis); or
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(3) |
Holdings ceases to own, directly or indirectly, 100% of the outstanding Capital Stock of the Issuer.
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(1) |
without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:
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a. |
total interest expense and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),
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b. |
provision for taxes based on income, profits, revenue or capital, including federal, foreign and state income, franchise, and similar taxes based on income, profits, revenue or capital and foreign withholding taxes paid or accrued during such period (including in respect of repatriated funds) including penalties and interest related to such taxes or arising from any tax examinations,
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c. |
depreciation, depletion and amortization (including amortization of deferred financing fees or costs (including original issue discount)),
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d. |
other non-cash charges (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, (i) Holdings may determine not to add back such non-cash charge in the current period or (ii) to the extent Holdings decides to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent), and excluding amortization of a prepaid cash item that was paid in a prior period,
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e. |
[reserved],
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f. |
losses or discounts on sales of receivables and related assets in connection with any Permitted Receivables Financing,
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g. |
cash receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated EBITDA in any prior period to the extent non-cash gains relating to such receipts were deducted in the calculation of Consolidated EBITDA pursuant to clause (3) below for any previous period and not added back,
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h. |
(i) any costs or expenses incurred or paid by Holdings (or any direct or indirect parent thereof) or any Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or long term incentive plan or agreement, any severance agreement or any stock subscription or shareholder agreement, and (ii) any charge in connection with the rollover, acceleration or payout of equity interests held by management and members of the board of Holdings (or any direct or indirect parent thereof), in each case under this clause (ii), to the extent any such cash charge is funded with net cash proceeds contributed to Holdings as a capital contribution or as a result of net proceeds of an issuance of equity interests of Holdings,
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i. |
any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature,
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j. |
charges attributable to, and payments of, legal settlements, fines, judgments or orders,
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k. |
to the extent deducted in the calculation of Consolidated Net Income, earn-out obligation expense incurred in connection with any acquisition or other investment (including any acquisition or other investment consummated prior to the Issue Date) which is paid or accrued during the applicable period,
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l. |
to the extent not otherwise included in Consolidated Net Income, proceeds of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended to replace (whether or not then received so long as Holdings in good faith expects to receive such proceeds within the next four fiscal quarters (it being understood that to the extent such proceeds are not actually received within such fiscal quarters, such proceeds shall be deducted in calculating Consolidated EBITDA for such fiscal quarters)),
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m. |
the amount of any charge or deduction associated with any Restricted Subsidiary that is attributable to any non-controlling interest or minority interest of any third party,
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n. |
charges, expenses or losses incurred in connection with any Tax Restructuring (in each case, whether or not consummated), and
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o. |
charges relating to the sale of products in new locations, including, without limitation, start-up costs, initial testing and registration costs in new markets, the cost of feasibility studies, travel costs for employees engaged in activities relating to any or all of the foregoing and the allocation of general and administrative support in connection with any or all of the foregoing,
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(2) |
without duplication, the amount of “run rate” cost savings, operating expense reductions and synergies related to the Transactions, the Cristal Acquisition and any restructuring, cost saving initiative or other initiative that are projected by Holdings in good faith to be realized as a result of actions that have been taken or initiated or are expected to be taken or initiated on or prior to the date that is eight fiscal quarters after the end of the relevant Test Period or, in the case of the Transactions, the Issue Date, (including restructuring and integration charges) (which cost savings shall be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though such cost savings had been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions (it being understood that “run rate” shall mean the full reasonably expected recurring benefit during the eight fiscal quarter period referred to above that is associated with the relevant action); provided that (i) such cost savings are factually supportable and reasonably identifiable, (ii) no cost savings, operating expense reductions or synergies shall be added pursuant to this clause (2) to the extent duplicative of any expenses or charges relating to such cost savings, operating expense reductions or synergies that are included in clause (1) above or are excluded from Consolidated Net Income pursuant to clause (1) of the definition thereof;
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(3) |
without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:
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a. |
non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period),
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b. |
the amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties in any Restricted Subsidiary that is not a wholly-owned subsidiary added to and not deducted in such period from Consolidated Net Income, and
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c. |
cash expenditures (or any netting arrangements resulting in increased cash expenditures) not representing Consolidated EBITDA in any period to the extent non-cash losses relating to such expenditures were added to the calculation of Consolidated EBITDA for any previous periods and not subtracted back;
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i. |
there shall be included in determining Consolidated EBITDA for any period, without duplication, the EBITDA of any Person, property, business or asset acquired by Holdings or any Restricted Subsidiary during such period (other than any Unrestricted Subsidiary) whether such acquisition occurred before or after the Issue Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including the EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to a transaction consummated prior to the Issue Date, and not subsequently so disposed of, an “
Acquired Entity or Business
”), and the EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “
Converted Restricted Subsidiary
”), in each case based on the EBITDA of such Pro Forma Entity for such period (including the portion thereof occurring prior to such acquisition or conversion) determined on a historical Pro Forma Basis,
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ii. |
there shall be (A) excluded in determining Consolidated EBITDA for any period the disposed EBITDA of any Person, property, business or asset (other than any Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by Holdings or any Restricted Subsidiary during such period (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of, closed or classified, a “
Sold Entity or Business
”), and the disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each, a “
Converted Unrestricted Subsidiary
”), in each case based on the disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure, classification or conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal), and
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iii. |
Consolidated EBITDA shall be increased (with respect to losses) or decreased (with respect to gains) by, without duplication, any net realized gains and losses relating to (A) amounts denominated in foreign currencies resulting from the application of FASB ASC 830 (including net realized gains and losses from exchange rate fluctuations on intercompany balances and balance sheet items, net of realized gains or losses from related Swap Agreements (entered into in the ordinary course of business or consistent with past practice)) or (B) any other amounts denominated in or otherwise trued-up to provide similar accounting as if it were denominated in foreign currencies.
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(a) |
extraordinary, exceptional unusual or non-recurring gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facilities’ opening costs, restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions after the Issue Date and adjustments to existing reserves and any restructuring charge relating to any Tax Restructuring), whether or not classified as restructuring expense on the consolidated financial statements, business optimization charges, systems implementation charges, charges relating to entry into a new market, consulting charges, software development charges, charges associated with new systems design, project startup charges, charges in connection with new operations, corporate development charges, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of multi-employer plan or pension liabilities), for such period,
|
(b) |
the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income,
|
(c) |
Transaction Costs, including (i) payment of any severance and the amount of any other success, change of control or similar bonuses or payments payable to any current or former employee, director, officer or consultant of Holdings or any of its Subsidiaries as a result of the Transaction without the requirement of any action on the part of Holdings or any of its Subsidiaries, and (ii) costs in connection with payments related to the rollover, acceleration or payout of equity interests and stock options held by management and members of the board of the Issuer and its Subsidiaries, including the payment of any employer taxes related to the items in this clause (c), and similar costs, expenses or charges incurred in connection with the Cristal Acquisition and any other acquisition or Specified Transaction,
|
(d) |
the net income (loss) for such period of any Person that is an Unrestricted Subsidiary and any Person that is not a Subsidiary or that is accounted for by the equity method of accounting, except to the extent of the amount of dividends or distributions or other similar payments that are actually paid in cash (or to the extent converted into cash) by such Person to Holdings or any Restricted Subsidiary during such period,
|
(e) |
any fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, investment, asset disposition, issuance or repayment of debt, issuance of equity securities (including any public offering of Holdings or any direct or indirect parent company), refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460),
|
(f) |
any income (loss) for such period attributable to the early extinguishment of indebtedness, hedging agreements or other derivative instruments,
|
(g) |
accruals and reserves that are established or adjusted in accordance with GAAP (including any adjustment of estimated payouts on existing earnouts, inventory, property and equipment, leases, rights fee arrangements, software, goodwill, intangible assets, in-process research and development, deferred revenue, advanced billings and debt line items thereof) resulting from the application of recapitalization accounting or the acquisition method of accounting, as the case may be, in relation to the Transactions, the Cristal Acquisition or any consummated acquisition or the amortization or write-off of any amounts thereof, or changes as a result of the adoption or modification of accounting policies during such period,
|
(h) |
all non-cash compensation expenses,
|
(i) |
any income (loss) attributable to deferred compensation plans or trusts, any employment benefit scheme or any similar equity plan or agreement,
|
(j) |
any gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or income (loss) from discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of),
|
(k) |
any non-cash gain (loss) attributable to the mark to market movement in the valuation of hedging obligations or other derivative instruments pursuant to FASB Accounting Standards Codification 815-Derivatives and Hedging or mark to market movement of other financial instruments pursuant to FASB Accounting Standards Codification 825-Financial Instruments; provided that any cash payments or receipts relating to transactions realized in a given period shall be taken into account in such period,
|
(l) |
any non-cash gain (loss) related to currency remeasurements of indebtedness (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances or any other currency-related risk), unrealized or realized net foreign currency translation or transaction gains or losses impacting net income,
|
(m) |
any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case, that the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which such cash payment was made),
|
(n) |
any impairment charge or asset write-off or write-down related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities,
|
(o) |
the effects of purchase accounting, fair value accounting or recapitalization accounting adjustments (including the effects of such adjustments pushed down to the referent Person and its Restricted Subsidiaries) resulting from the application of purchase accounting, fair value accounting or recapitalization accounting in relation to the Transactions, the Cristal Acquisition or any acquisition consummated before or after the Issue Date, and the amortization, write-down or write-off of any amounts thereof, net of taxes, and
|
(p) |
all discounts, commissions, fees and other charges (including interest expense) associated with any Permitted Receivables Financing.
|
(1) |
any one or more Restricted Subsidiaries organized under the laws of the Netherlands that has not received the unconditional positive advice of its works council and any prior corporate approvals, including the decision of its Board of Directors (or similar governing body), that it is in such Restricted Subsidiary’s corporate interest
(
vennootschappelijk belang
) to become a Guarantor of the notes;
|
(2) |
any one or more Restricted Subsidiaries incorporated in Switzerland, subject to the limitations described in Section 10.02(c) hereof; or
|
(3) |
any one or more Restricted Subsidiaries organized under the laws of the Republic of South Africa, Saudi Arabia, France or Belgium.
|
(1) |
Liens for taxes, assessments or other governmental charges that are not delinquent for a period of more than (x) in the case of any such Liens on any assets of any Person organized under the laws of the United States, the United Kingdom or Australia or any state, province or other subdivision thereof, 30 days and (y) otherwise, 60 days, or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, in each case, the nonpayment of which could not reasonably be expected to result in a material adverse effect to Holdings and its subsidiaries;
|
(2) |
Liens imposed by statutory or common law, such as landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or construction contractors’ Liens and other similar Liens, arising in the ordinary course of business that secure amounts not overdue for a period of more than (x) in the case of any such Liens on any assets of any Person organized under the laws of the United States, the United Kingdom or Australia or any state, province or other subdivision thereof, 30 days and (y) otherwise, 60 days, or, in each such case, if more than 60 days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, in each case so long as such Liens could not reasonably be expected to individually or in the aggregate have a material adverse effect to Holdings and its subsidiaries;
|
(3) |
(a) Liens incurred or pledges or deposits made in the ordinary course of business in connection with workers’ compensation, payroll taxes, unemployment insurance and other social security legislation or (b) pledges or deposits made in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees or similar instruments for the benefit of) insurance carriers providing property, casualty or liability insurance to Holdings or any Restricted Subsidiary or otherwise supporting the payment of items of the type set forth in the foregoing clause (a);
|
(4) |
Liens incurred or deposits made to secure the performance of tenders, bids, trade contracts (other than for the payment of indebtedness), governmental contracts and leases (other than Capitalized Lease Obligations), statutory obligations, surety, stay, customs and appeal bonds, performance bonds, bankers’ acceptance facilities and other obligations of a like nature (including those to secure health, safety and environmental obligations) and obligations in respect of letters of credit, bank guarantees or similar instruments that have been posted to support the same, in each case incurred in the ordinary course of business or consistent with past practices;
|
(5) |
easements, rights-of-way, restrictions, covenants, conditions, encroachments, protrusions, zoning restrictions and other similar encumbrances, matters that are or would be reflected on a survey of any real property, irregularities of title, title defects affecting real property that, in the aggregate, do not materially interfere with the ordinary conduct of the business of Holdings and the Restricted Subsidiaries, taken as a whole;
|
(6) |
(a) Liens securing, or otherwise arising from, judgments, awards attachments and/or decrees and notices of lis pendens and associated rights relating to litigation being contested in good faith and (b) any pledge and/or deposit securing any settlement of litigation;
|
(7) |
Liens on goods the purchase price of which is financed by a documentary letter of credit issued for the account of the Issuer or any of the Restricted Subsidiaries or Liens on bills of lading, drafts or other documents of title arising by operation of law or pursuant to the standard terms of agreements relating to letters of credit, bank guarantees and other similar instruments; provided that such Lien secures only the obligations of the Issuer or such Restricted Subsidiaries in respect of such letter of credit, bank guarantee or other similar instrument;
|
(8) |
rights of setoff, banker’s lien, netting agreements and other Liens arising by operation of law or by the terms of documents of banks or other financial institutions in relation to the maintenance of administration of deposit accounts, securities accounts or cash management arrangements or in connection with the issuance of letters of credit, bank guarantees or other similar instruments; and
|
(9) |
Liens arising from precautionary Uniform Commercial Code financing statements or any similar filings made in respect of operating leases or consignment or bailee arrangements entered into by Holdings or any of the Restricted Subsidiaries.
|
(1) |
mortgages representing any interest or title of a lessor under any Capitalized Lease Obligations; provided that such mortgages do not extend to any property or assets which is not leased property subject to such Capitalized Lease Obligations;
|
(2) |
mortgages on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;
|
(3) |
mortgages securing Bank Product Obligations, Interest Swap Obligations, Commodity Agreements and Currency Agreements;
|
(4) |
Permitted Encumbrances;
|
(5) |
Liens existing on the Issue Date (other than Liens created under the Credit Facilities);
|
(6) |
leases, licenses, subleases or sublicenses granted to others (on a non-exclusive basis) that are entered into in the ordinary course of business or that do not interfere in any material respect with the business of Holdings and the Restricted Subsidiaries, taken as a whole;
|
(7) |
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;
|
(8) |
Liens (A) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (B) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) and that are within the general parameters customary in the banking industry;
|
(9) |
Liens (A) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an investment to be applied against the purchase price for such investment or otherwise in connection with any escrow arrangements with respect to any such investment or any disposition (including any letter of intent or purchase agreement with respect to such investment or disposition) or (B) consisting of an agreement to dispose of any property, in each case, solely to the extent such investment or disposition, as the case may be, would have been permitted on the date of the creation of such Lien;
|
(10) |
Liens on indebtedness of any Restricted Subsidiary that is not a guarantor (and any refinancing thereof) permitted pursuant to clauses (1) through (6) under
Section 4.07(b)
, in an aggregate principal amount not to exceed the greater of (x) $175.0 million and (y) 25.0% of Consolidated EBITDA for the most recently ended Test Period;
|
(11) |
(1) Liens granted by a Restricted Subsidiary that is not a guarantor in favor of any guarantor (other than Holdings), (2) Liens granted by a Restricted Subsidiary that is not a guarantor in favor of a Restricted Subsidiary that is not a guarantor and (3) Liens granted by a guarantor (other than Holdings) in favor of any other guarantor (other than Holdings);
|
(12) |
Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary, in each case after the date hereof; provided that (A) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary and (B) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and other than after-acquired property subject to a Lien securing indebtedness and other obligations incurred prior to such time and which indebtedness and other obligations are permitted hereunder that require or include, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition);
|
(13) |
any interest or title (and all encumbrances and other matters affecting such interest or title) of a lessor or sublessor, licensor or sublicensor or secured by a lessor’s or sublessor’s, licensor’s or sublicensor’s interest under leases (other than leases constituting Capitalized Lease Obligations), subleases, licenses, cross-licenses or sublicenses entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business, provided that any interest or title granted under any licenses, cross-licenses, or sublicenses is non-exclusive and does not materially interfere with the business of Holdings and the Restricted Subsidiaries, taken as a whole;
|
(14) |
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale or purchase of goods by Holdings or any Restricted Subsidiary in the ordinary course of business;
|
(15) |
Liens deemed to exist in connection with investments in repurchase agreements in the ordinary course of business;
|
(16) |
Liens encumbering reasonable and customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;
|
(17) |
Liens that are contractual rights of setoff (A) relating to the establishment of depository relations with banks not given in connection with the incurrence of indebtedness, (B) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Holdings and the Restricted Subsidiaries or (C) relating to purchase orders and other agreements entered into with customers of Holdings or any Restricted Subsidiary in the ordinary course of business;
|
(18) |
ground leases in respect of real property on which facilities owned or leased by the Issuer or any Restricted Subsidiary are located and any zoning or similar law or right reserved to or vested in any governmental authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of Holdings or any Restricted Subsidiary;
|
(19) |
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;
|
(20) |
Liens on Permitted Receivables Financing Assets or Liens on other assets granted pursuant to Standard Securitization Undertakings, in each case, incurred in connection with Permitted Receivables Financings;
|
(21) |
receipt of progress payments and advances from customers in the ordinary course of business to the extent the same creates a Lien on the related inventory and proceeds thereof;
|
(22) |
(i) Liens on equity interests of joint ventures securing capital contributions to, or obligations of, such Persons, (ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements and (iii) Liens solely on any cash earnest money deposits made by Holdings or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;
|
(23) |
Liens in respect of Sale and Lease-Back Transaction in each case on the assets or property sold and leased back in such Sale and Lease-Back Transaction;
|
(24) |
Liens on cash and cash equivalents arising in connection with the defeasance, discharge or redemption of indebtedness provided that such defeasance, discharge or redemption is permitted hereunder;
|
(25) |
Liens on cash or cash equivalents securing Swap Agreements in the ordinary course of business submitted for clearing in accordance with applicable requirements of law and that are not entered into for speculative purposes and Liens securing cash management obligations and other indebtedness in respect of netting services, overdraft protections and similar arrangements and indebtedness arising from the honoring of a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds, in each case in the ordinary course of business;
|
(26) |
with respect to any Foreign Subsidiary, other Liens and privileges arising mandatorily by requirements of law;
|
(27) |
Liens on the equity interests of joint venture arrangements securing financing arrangements for the benefit of the applicable joint venture arrangement that are not otherwise prohibited under this Indenture and Liens on equity interests of Unrestricted Subsidiaries; and
|
(28) |
Liens on cash collateral granted in favor of any lender under the Credit Facilities created as a result of any requirement or option to cash collateralize pursuant to the Credit Facilities.
|
(1) |
a Securitization Entity or to Holdings which subsequently transfers to a Securitization Entity (in the case of a transfer by Holdings or any of its Subsidiaries) and
|
(2) |
any other Person (in the case of transfer by a Securitization Entity),
|
(1) |
no portion of the indebtedness or any other obligations (contingent or otherwise) of which
|
(a) |
is guaranteed by Holdings or any Subsidiary of Holdings (other than the Securitization Entity) (excluding guarantees of obligations (other than the principal of, and interest on, indebtedness)) pursuant to Standard Securitization Undertakings,
|
(b) |
is recourse to or obligates Holdings or any Subsidiary of Holdings (other than the Securitization Entity) in any way other than pursuant to Standard Securitization Undertakings, or
|
(c) |
subjects any property or asset of Holdings or any Subsidiary of Holdings (other than the Securitization Entity), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings and other than any interest in the accounts receivable and related assets being financed (whether in the form of an equity interest in such assets or subordinated indebtedness payable primarily from such financed assets), which equity interest or subordinated indebtedness is retained or acquired by Holdings or any Subsidiary of Holdings,
|
(2) |
with which neither Holdings nor any Subsidiary of Holdings has any material contract, agreement, arrangement or understanding other than on terms no less favorable to Holdings or such Subsidiary than those that might be obtained at the time from Persons that are not affiliates of the Issuer, other than fees payable in the ordinary course of business in connection with servicing receivables of such entity, and
|
(3) |
to which neither Holdings nor any Subsidiary of Holdings has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results.
|
(1) |
any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election of managers or directors, as applicable, under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or
|
(2) |
any other Person of which at least a majority of the voting interests under ordinary circumstances is at the time, directly or indirectly, owned by such Person.
|
(1) |
any Subsidiary of such Person that at the time of determination will be or continue to be designated an Unrestricted Subsidiary; and
|
(2) |
any Subsidiary of an Unrestricted Subsidiary.
|
(1) |
such Subsidiary does not own any Capital Stock of, or does not own or hold any mortgage on any property of, Holdings or any other Subsidiary of Holdings that is not a Subsidiary of the Subsidiary to be so designated; and
|
(2) |
each Subsidiary to be designated as an Unrestricted Subsidiary and each of its Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any indebtedness for borrowed money under which the creditor has direct recourse to any of the assets of Holdings or any of its Restricted Subsidiaries (other than obligations in respect of representations and warranties, indemnities and performance and completion guaranties and similar contingent liabilities).
|
Term
|
Defined in
Section
|
|||
“
Additional Amounts
”
|
2.14
|
|||
“
Alternate Offer
”
|
4.10
|
|||
“
Authentication Order
”
|
2.02
|
|||
“
Change of Control Offer
”
|
4.10
|
|||
“
Change of Control Payment
”
|
4.10
|
|||
“
Change of Control Payment Date
”
|
4.10
|
|||
“
Code
”
|
2.14
|
|||
“
Covenant Defeasance
”
|
8.03
|
|||
“
DTC
”
|
2.03
|
|||
“
Event of Default
”
|
6.01
|
|||
“
Future Parent Entity
”
|
4.03
|
|||
“
Legal Defeasance
”
|
8.02
|
|||
“
Limitation
”
|
10.02
|
|||
“
mortgage
”
|
4.06
|
|||
“
Non-U.S. Guarantors
”
|
12.17
|
|||
“
Obligation
”
|
10.02
|
|||
“
Paying Agent
”
|
2.03
|
|||
“
Payor
”
|
2.14
|
|||
“
Process Agent
”
|
12.17
|
|||
“
Registrar
”
|
2.03
|
|||
“
Relevant Taxing Jurisdiction
”
|
2.14
|
|||
“
Security
”
|
10.02
|
|||
“
Successor Guarantor
”
|
10.04
|
|||
“
Swiss Guarantor
”
|
10.02
|
|||
“
Up- and Cross-stream Obligation
”
|
10.02
|
(1) |
a term has the meaning assigned to it;
|
(2) |
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
|
(3) |
“or” is not exclusive;
|
(4) |
“including” is not limiting;
|
(5) |
words in the singular include the plural, and in the plural include the singular;
|
(6) |
“will” shall be interpreted to express a command;
|
(7) |
provisions apply to successive events and transactions; and
|
(8) |
references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time.
|
(1) |
the Issuer delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary and a successor Depositary is not appointed by the Issuer within 90 days after the date of such notice from the Depositary;
|
(2) |
the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and deliver an Officer’s Certificate to such effect to the Trustee; or
|
(3) |
there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Registrar has received a written request from DTC or 30% of the Holders.
|
(1) |
Transfer of Beneficial Interests in the Same Global Note
. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)
(1)
.
|
(2) |
All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)
(1)
above, the transferor of such beneficial interest must deliver to the Registrar either:
|
(i) |
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and
|
(ii) |
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or
|
(i) |
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and
|
(ii) |
instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above.
|
(3) |
Transfer of Beneficial Interests to Another Restricted Global Note.
A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)
(2)
above and the Registrar receives the following:
|
(A) |
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and
|
(B) |
if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.
|
(4) |
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note
. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)
(2)
above and the Registrar receives the following:
|
(A) |
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or
|
(B) |
if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
|
(1) |
Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.
If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:
|
(a) |
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;
|
(b) |
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;
|
(c) |
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;
|
(d) |
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;
|
(e) |
if such beneficial interest is being transferred to an Issuer or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or
|
(f) |
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,
|
(2) |
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.
A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following:
|
(a) |
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or
|
(b) |
if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
|
(3) |
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.
If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)
(2)
hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced accordingly pursuant to
Section 2.06(h)
hereof, and the Issuer will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)
(3)
will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)
(3)
will not bear the Private Placement Legend.
|
(1) |
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.
If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:
|
(a) |
if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;
|
(b) |
if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;
|
(c) |
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;
|
(d) |
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;
|
(e) |
if such Restricted Definitive Note is being transferred to an Issuer or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or
|
(f) |
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,
|
(2) |
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:
|
(a) |
if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or
|
(b) |
if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
|
(3) |
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.
|
(1) |
Restricted Definitive Notes to Restricted Definitive Notes.
Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:
|
(a) |
if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;
|
(b) |
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and
|
(c) |
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable.
|
(2) |
Restricted Definitive Notes to Unrestricted Definitive Notes.
Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following:
|
(a) |
if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or
|
(b) |
if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
|
(3) |
Unrestricted Definitive Notes to Unrestricted Definitive Notes.
A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.
|
(1) |
Private Placement Legend.
|
(A) |
Except as permitted by subparagraph (b) below, each Rule 144A Global Note and each Definitive Note issued in exchange for a beneficial interest in a Rule 144A Global Note (and all Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form:
|
(B) |
Except as permitted by subparagraph (b) below, in the case of any Notes offered in reliance on Regulation S, each Regulation S Global Note and each Definitive Note issued in exchange for a beneficial interest in a Regulation S Global Note (and all Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form:
|
(b) |
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend.
|
(2) |
Global Note Legend
. Each Global Note will bear a legend in substantially the following form:
|
(3) |
ERISA Legend
. Each Global Note and each Definitive Note issued in exchange for a beneficial interest in a Global Note (and all Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form:
|
(1) |
To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with
Section 2.02
hereof or at the Registrar’s request.
|
(2) |
No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charges payable upon exchange or transfer pursuant to
Section 2.10
, 3.06, 4.10 and 9.05 hereof).
|
(3) |
The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.
|
(4) |
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.
|
(5) |
Neither the Registrar nor the Issuer will be required:
|
(a) |
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection;
|
(b) |
to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or
|
(c) |
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.
|
(6) |
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.
|
(7) |
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.02
hereof.
|
(8) |
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile.
|
(a) |
All payments required to be made by or on behalf of the Issuer under or with respect to the Notes or by any Guarantor under or with respect to a Note Guarantee (the Issuer or such Guarantor and, in each case, any successor thereof, making such payment, the “
Payor
”), will be made free and clear of, and without withholding or deduction for or on account of, any taxes imposed or levied by or on behalf of any authority or agency having power to tax within any jurisdiction in which any Payor is incorporated, organized or otherwise resident for tax purposes, or engaged in business for tax purposes, or any jurisdiction from or through which payment is made by or on behalf of such Payor (each a “
Relevant Taxing Jurisdiction
”), unless such Payor is required to withhold or deduct such taxes by law or regulation.
|
(b) |
If a Payor is so required to withhold or deduct any amount for or on account of taxes imposed or levied by or on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or a Note Guarantee, as applicable, such Payor will be required to pay such additional amounts (“
Additional Amounts
”) as may be necessary so that the net amount received by any Holder (including Additional Amounts) after such withholding or deduction will not be less than the amount the Holder or beneficial owner would have received if such taxes had not been withheld or deducted;
provided
,
however
, that the foregoing obligation to pay Additional Amounts does not apply to:
|
(1) |
any taxes that would not have been (or would not be required to be) so imposed, withheld, deducted or levied but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership, company or corporation) and the Relevant Taxing Jurisdiction, including, without limitation, such Holder or beneficial owner being or having been a citizen, domiciliary, national or resident thereof, or being or having been present or engaged in a trade or business therein or having or having had a permanent establishment therein (other than any connection arising solely from the acquisition or holding of any Note, the receipt of any payments in respect of such Note or Note Guarantee or the exercise or enforcement of rights under a Note Guarantee);
|
(2) |
any estate, inheritance, gift, sales transfer, personal property or similar tax or assessment;
|
(3) |
any taxes which are payable other than by withholding or deduction from payments made under or with respect to the Notes or any Note Guarantee;
|
(4) |
any taxes that would not have been (or would not be required to be) imposed, withheld, deducted or levied if such Holder or the beneficial owner of any Note or interest therein (i) complied with all reasonable written requests by the Payor (made at a time that would enable the Holder or beneficial owner acting reasonably to comply with such request) to provide timely and accurate information or documentation concerning the nationality, residence or identity of such Holder or beneficial owner or (ii) made any declaration or similar claim or satisfy any certification, information or reporting requirement, which in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of withholding or deduction of, all or part of such taxes;
|
(5) |
any taxes imposed or withheld on or with respect to a payment which could have been made without deduction or withholding if the beneficiary of the payment had presented the Note for payment (where presentation is required) within 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder or beneficial owner would have been entitled to Additional Amounts had the Note been presented on any day during the 30-day period);
|
(6) |
any taxes imposed on or with respect to any payment made under or with respect to such Note or Note Guarantee to any Holder who is a fiduciary or partnership or any Person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the sole beneficial owner of such Note;
|
(7) |
any taxes payable under Sections 1471-1474 of the U.S. Internal Revenue Code of 1986, as amended (the “
Code
”), as of the issue date of the Notes (or any amended or successor version), any regulations or official interpretations thereof, any intergovernmental agreement entered into in connection therewith, or any law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code;
|
(8) |
any United States withholding taxes;
|
(9) |
any taxes, duties, assessments or other governmental charges imposed on a payment in respect of the Notes or Note Guarantee required to be made pursuant to laws enacted by Switzerland providing for the taxation of payments according to principles similar to those laid down in the draft legislation of the Swiss Federal Council of December 17, 2014, or otherwise changing the Swiss federal withholding tax system from an issuer-based system to a paying agent based system pursuant to which a person other than the Issuer is required to withhold tax on any interest payments; or
|
(10) |
any taxes imposed or levied by reason of any combination of clauses (1) through (7) of this Section 2.14(b).
|
(c) |
The Issuer and the Guarantors (as the case may be) will pay any present or future stamp, issue, registration, excise, property, court or documentary taxes, or similar taxes, charges or levies (referred to in this
Section 2.14(c)
as “
stamp taxes
”) for which the Issuer, any guarantor or a holder of Notes is accountable and interest, penalties and other reasonable expenses related thereto that arise in or are levied by any Relevant Taxing Jurisdiction on the execution, issuance, delivery, enforcement or registration of, or in connection with the payment under, the Notes, this Indenture, the Note Guarantees or any other document or instrument in relation thereto (other than on a transfer or assignment of the Notes) except for stamp taxes due as a result of registration or other action by the Holder where such registration or action is not necessary to maintain, preserve, establish, enforce, perfect or protect the rights of the Holder.
|
(d) |
The Payor will make or cause to be made any withholding or deduction required in respect of taxes, and remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction, in accordance with applicable law. Upon request from Holders, the Payor will use reasonable efforts to provide the Trustee, within a reasonable time after the date the payment of any such taxes so deducted or withheld is made, with official receipts or other documentation evidencing the payment of the taxes so deducted or withheld.
|
(e) |
If any Payor will be obligated to pay Additional Amounts under or with respect to any payment made on the Notes, the Payor will deliver to the paying agent with a copy to the Trustee on a date that is at least 10 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 10th day prior to that payment date, in which case the Payor shall notify the paying agent and the Trustee promptly thereafter) a certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable and such other information reasonably necessary to enable the paying agent to pay Additional Amounts to Holders on the relevant payment date. The Payor shall also deliver a form of Additional Amounts notice that can be delivered to the registered Holders.
|
(f) |
Whenever in this Indenture there is mentioned, in any context:
|
(g) |
The obligations described in this
Section 2.14
will survive any termination, defeasance or discharge of this Indenture or any Note Guarantee and will apply
mutatis mutandis
to any jurisdiction in which any successor Person to the Payor is incorporated, organized or otherwise resident for tax purposes or any political subdivision or taxing authority or agency thereof or therein.
|
(a) |
At any time prior to April 15, 2021, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the applicable date of redemption, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date occurring prior to or on the date of redemption.
|
(b) |
At any time prior to April 15, 2021, the Issuer may, at its option on any one or more occasions following any Equity Offering, redeem Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes), upon not less than 30 nor more than 60 days’ notice, at a redemption price of 106.500% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, thereon up to, but excluding, the redemption date (subject to the rights of holders of Notes on a relevant record date to receive interest due on an interest payment date that occurs prior to the redemption date), and any amount payable in any such redemption can be funded from any source; provided that: (1) at least 50% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuer or its affiliates); and (2) the redemption must occur within 180 days of the date of the closing of such Equity Offering.
|
(c) |
Except pursuant to Sections 3.07(a), 3.07(b), 3.08 and 4.10(e) hereof, the Notes will not be redeemable at the Issuer’s option prior to April 15, 2021.
|
(d) |
On or after April 15, 2021, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest on the Notes, if any, to the applicable date of redemption, if redeemed during the twelve-month period beginning on April 15 of each of the years indicated below:
|
Year
|
Percentage
|
|||
2021
|
103.250
|
%
|
||
2022
|
101.625
|
%
|
||
2023 and thereafter
|
100.000
|
%
|
(e) |
Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date.
|
(f) |
Any redemption pursuant to this
Section 3.07
shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.
|
(a) |
The Issuer is entitled to redeem Notes, at their option, at any time in whole but not in part, upon not less than 30 nor more than 60 days’ notice to the Holders of the Notes, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in the event any Payor has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts (but, in the case of a Guarantor, only if such amount could not be paid by the Issuer or another Guarantor who can pay such amount without the obligation to pay Additional Amounts), in each case, as a result of:
|
(1) |
a change in, or an amendment to, the laws (including any regulations or rulings promulgated thereunder) or treaties of any Relevant Taxing Jurisdiction; or
|
(2) |
any change in, amendment to, or introduction of any official published position regarding the application, administration or interpretation of such laws or treaties (including any regulations or rulings promulgated thereunder and including the decision of any court, governmental agency or tribunal),
|
(b) |
Prior to the giving of any notice of redemption described in
Section 3.08(a)
hereof, the Issuer will deliver to the Trustee an Officer’s Certificate to the effect that the Payor cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it. The Issuer will also deliver to the Trustee an Opinion of Counsel of recognized standing to the effect that the Payor would be obligated to pay Additional Amounts as a result of a change, amendment, or introduction described above. Absent manifest error, the Trustee will accept such Opinion of Counsel and Officer’s Certificate as sufficient evidence of the Payor’s obligations, to pay such Additional Amounts, and it will be conclusive and binding on the Holders of the Notes.
|
(a) |
Whether or not required by the SEC, so long as any Notes are outstanding, Holdings will furnish to the Trustee and to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations including any extension periods available under such rules and regulations and excluding any requirement and time periods applicable to “accelerated filers” (as defined in Rule 12b-2 under the Exchange Act) under such rules and regulations, and make available to securities analysts and potential investors upon request:
|
(1) |
all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if Holdings were required to file such Forms, including a “Narrative Analysis of Results of Operations” or “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as applicable, and, with respect to the annual information only, a report on the annual financial statements by Holdings’ certified independent accountants; and
|
(2) |
all current reports that would be required to be filed with the SEC on Form 8-K if Holdings were required to file such reports;
|
(b) |
If Holdings has designated as an Unrestricted Subsidiary any of its Subsidiaries that would constitute a Significant Subsidiary, then the quarterly and annual financial information required by
Section 4.03(a)
will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes or schedules thereto, or in Narrative Analysis of Results of Operations or Management’s Discussion and Analysis of Financial Condition and Results of Operations, as applicable, of the financial condition and results of operations of Holdings and its Restricted Subsidiaries separate from the financial condition and results of operations of any such Unrestricted Subsidiaries of Holdings.
|
(c) |
In the event that any direct or indirect parent company of Holdings is or becomes a Guarantor of the Notes, Holdings may satisfy the requirements of this
Section 4.03
with respect to financial information relating to the direct or indirect parent of Holdings as may exist at any time in the future (any such entity the “
Future
Parent Entity
”) instead of Holdings; provided that to the extent either (x) such Future Parent Entity holds assets (other than its direct or indirect interest in Holdings) that exceed 2.5% of the assets of Holdings and its Subsidiaries as of such fiscal period end or (y) such Future Parent Entity has revenues (other than revenue of Holdings and its Subsidiaries) that exceed 2.5% of the total revenue of Holdings and its Subsidiaries for the immediately preceding fiscal period, then such information related to such Future Parent Entity shall be accompanied by consolidating information that explains in reasonable detail the differences between the information of such Future Parent Entity, on the one hand, and the information relating to Holdings and its Subsidiaries on a stand-alone basis, on the other hand.
|
(d) |
For so long as any Notes remain outstanding, if at any time they are not required to file with the SEC the reports required by Section 4.03(a) and (b), the Issuer and the Guarantors will furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.
|
(e) |
Delivery of the reports and documents described above to the Trustee is for informational purposes only, and the Trustee’s receipt of such reports and documents shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely on an Officer’s Certificate).
|
(f) |
For purposes of this
Section 4.03
, Holdings will be deemed to have furnished such reports referred to above to the Trustee and the Holders if Holdings has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available;
provided
,
however
, that the Trustee shall have no obligation to determine whether or not Holdings shall have made such filings.
|
(a) |
Holdings or the Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officer’s Certificate stating that as to each such Officer signing such certificate, that to the best of his or her knowledge Holdings and its Restricted Subsidiaries have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action Holdings or the Issuer is taking or proposes to take with respect thereto).
|
(b) |
So long as any of the Notes are outstanding, Holdings or the Issuer will deliver to the Trustee, promptly upon any Officer obtaining knowledge of any Event of Default, an Officer’s Certificate specifying such Event of Default, the status thereof and what action it has taken or proposes to take to remedy such Event of Default.
|
(a) |
Holdings will not, and will not permit any of its Restricted Subsidiaries to create, incur, issue, assume or guarantee any indebtedness for borrowed money secured by a mortgage security interest, pledge, encumbrance, lien or charge of any kind and including any conditional sale or title retention agreement (collectively, a “
mortgage
”), whether owned at the date of this Indenture or acquired after the date of this Indenture, without ensuring that the Notes (together, at Holdings’ option, with any other indebtedness created, issued, assumed or guaranteed by Holdings or any of its Restricted Subsidiaries then existing or thereafter created) will be secured by such mortgage equally and ratably with (or, at Holdings’ option, prior to) such indebtedness for so long as such indebtedness is so secured.
|
(b) |
The provisions of
Section 4.06(a)
hereof will not apply to indebtedness secured by any of the following:
|
(1) |
mortgages securing indebtedness in an amount equal to (x) the amount incurred under the Credit Facilities as of the Issue Date, plus (y) the greater of (i) $700 million and (ii) an amount equal to 100% of Consolidated EBITDA for the four most recently ended fiscal quarters (including letters of credit or bankers’ acceptances issued or created under the Credit Facilities and any guarantees in respect thereof, plus in the case of any refinancing of any such indebtedness or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such refinancing);
|
(2) |
mortgages on any property acquired, leased, constructed or improved by Holdings or any of its Restricted Subsidiaries after the date of the Indenture to secure indebtedness incurred for the purpose of financing or refinancing all or any part of the purchase price of such property or of the cost of any construction or improvements on such property, in each case, to the extent that the original indebtedness is incurred prior to or within one year after the applicable acquisition, lease, completion of construction or beginning of commercial operation of such property, as the case may be;
|
(3) |
mortgages any property existing at the time Holdings or any Restricted Subsidiary acquires any of the same;
|
(4) |
mortgages on property of a Person existing at the time Holdings or any Restricted Subsidiary merges or consolidates with such Person or at the time Holdings or any Restricted Subsidiary acquires all or substantially all of the properties of such Person;
|
(5) |
mortgages to secure indebtedness of any Restricted Subsidiary of Holdings to Holdings or another Restricted Subsidiary;
|
(6) |
mortgages in favor of governmental bodies to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure indebtedness incurred or guaranteed to finance or refinance all or any part of the purchase price of the property, shares of Capital Stock or indebtedness subject to such mortgages, or the cost of constructing or improving the property subject to such mortgages;
|
(7) |
mortgages to secure indebtedness, together with all other indebtedness incurred under this clause (7) not to exceed, at the time of incurrence and after application of the proceeds therefrom, an aggregate amount not to exceed the greater of (i) $125 million (including any refinancing indebtedness incurred pursuant to clause (8) below) and (ii) an amount that, after giving pro forma effect to the incurrence of such indebtedness, would cause the Total Net Secured Leverage Ratio to exceed 4.5 to 1.00;
|
(8) |
extensions, renewals or replacements of any mortgage existing on, or contractually obligated to be granted within a period of time following, the Issue Date (other than mortgages securing indebtedness under the Credit Facilities) or any mortgage referred to above; provided that the principal amount of indebtedness secured thereby may not exceed the principal amount of indebtedness so secured at the time of such extension, renewal or replacement (plus the amount of all fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection therewith), and such extension, renewal or replacement will be limited to all or a part of the property (plus improvements and construction on such property), shares of Capital Stock or indebtedness that was subject to the mortgage so extended, renewed or replaced;
|
(9) |
mortgages on accounts receivable and related assets of Holdings and its Restricted Subsidiaries pursuant to a Qualified Securitization Transaction; and
|
(10) |
Permitted Liens.
|
(c) |
Notwithstanding the restrictions in Sections 4.06(a) and 4.06(b), Holdings and its Restricted Subsidiaries may, without having to equally and ratably secure the Notes issue, assume or guarantee indebtedness secured by a mortgage, if at the time of such issuance, assumption or guarantee, after giving effect thereto and to the retirement of any indebtedness that is concurrently being retired, the aggregate amount of all such indebtedness secured by mortgages that would otherwise be subject to the restrictions in
Section 4.06(a)
(other than any indebtedness secured by mortgages described in clauses (1) through (10) of
Section 4.06(b)
) plus the aggregate amount (without duplication) of (x) all Non-Guarantor Subsidiary Debt (as defined below) (other than Non-Guarantor Subsidiary Debt described in clauses (1) through (6) of
Section 4.07(b)
) and (y) all Attributable Debt of Holdings and any of its Restricted Subsidiaries in respect of Sale and Lease-Back Transactions (with the exception of any such transactions that are permitted under clauses (1) and (2) of
Section 4.08
) does not exceed the greater of (x) $175 million and (y) 25% of Consolidated EBITDA for the most recent four quarters for which statements are available (trailing the date on which any indebtedness is incurred).
|
(a) |
Holdings will not permit any of its Restricted Subsidiaries that is not a Guarantor to create, assume, incur, issue or guarantee any indebtedness for borrowed money (any such indebtedness of a non-guarantor Subsidiary, “
Non-Guarantor Subsidiary Debt
”), unless such Restricted Subsidiary guarantees the payment of the principal of, premium, if any, and interest on the Notes on an unsecured unsubordinated basis.
|
(b) |
The provisions of
Section 4.07(a)
hereof will not apply to Non-Guarantor Subsidiary Debt constituting:
|
(1) |
indebtedness of a Person existing at the time such Person is merged into or consolidated with Holdings or any of its Restricted Subsidiaries or at the time of a sale, lease or other disposition of the properties and assets of such Person (or a division thereof) as an entirety or substantially as an entirety to any Restricted Subsidiary of Holdings that is assumed by any Restricted Subsidiary of Holdings;
provided
that such indebtedness was not incurred in contemplation thereof;
|
(2) |
indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of Holdings;
provided
that such indebtedness was not incurred in contemplation thereof;
|
(3) |
indebtedness owed to or among Holdings or any of its Restricted Subsidiaries;
|
(4) |
indebtedness of any Restricted Subsidiary of Holdings secured by mortgages on assets of such Restricted Subsidiary permitted under any of clauses (1) through (10) of
Section 4.06(b)
;
|
(5) |
indebtedness outstanding on the Issue Date or any extension, renewal, replacement or refunding of any indebtedness existing on the Issue Date or referred to in clauses (1), (2), (3) or (4) ;
provided
that the principal amount of the indebtedness incurred pursuant to this clause (5) shall not exceed the principal amount of the original indebtedness plus all premiums, fees and expenses (including accrued interest) payable in connection with any such extension, renewal, replacement or refunding; and
|
(6) |
indebtedness in respect of a Qualified Securitization Transaction.
|
(c) |
Notwithstanding the restrictions described in this
Section 4.07
, Holdings and any of its Restricted Subsidiaries may create, incur, issue, assume or guarantee Non-Guarantor Subsidiary Debt, without guaranteeing the Notes, if at the time of such creation, incurrence, issuance, assumption or guarantee, after giving effect thereto and to the retirement of any indebtedness that is concurrently being retired, the aggregate amount of all such Non-Guarantor Subsidiary Debt that would otherwise be subject to the restrictions in
Section 4.07(a)
(other than Non-Guarantor Subsidiary Debt described in clauses (1) through (6) of
Section 4.07(b)
); plus the aggregate amount (without duplication) of (x) all indebtedness secured by mortgages (not including any such indebtedness secured by mortgages described in clauses (1) through (10) of
Section 4.06(b)
) and all Attributable Debt of Holdings and any of its Restricted Subsidiaries in respect of Sale and Lease-Back Transactions (with the exception of any such transactions that are permitted under clauses (1) and (2) of
Section 4.08
) does not exceed the greater of (x) $175 million and (y) 25% of Consolidated EBITDA for the most recent four quarters for which statements are available (trailing the date on which any indebtedness is incurred).
|
(1) |
Holdings or such Subsidiary would be entitled under the provisions described in clauses (1) through (10) of
Section 4.06(b)
to create, issue, assume or guarantee indebtedness secured by a mortgage on the property to be leased without having to equally and ratably secure the Notes;
|
(2) |
Holdings or any of its Restricted Subsidiaries applies an amount equal to the amount of the net cash proceeds from the sale of the Sale and Lease-Back Transaction within 545 days after the consummation thereof to make non-mandatory prepayments on long-term indebtedness, retire long-term indebtedness or to be otherwise reinvested in the business of Holdings and its Restricted Subsidiaries (or, solely in the case of reinvestments (but not prepayments or retirements of indebtedness), committed to be so reinvested within 545 days and so reinvested within 180 days thereafter in the business of Holdings or its Restricted Subsidiaries); or
|
(3) |
the sum of:
|
(a) |
the Attributable Debt of Holdings and its Restricted Subsidiaries in respect of such Sale and Lease‑Back Transaction and all other Sale and Lease-Back Transactions entered into after the Issue Date (other than any such Sale and Lease-Back Transaction as would be permitted pursuant to clauses (1) or (2) of this sentence), plus
|
(b) |
the aggregate principal amount (without duplication) of:
|
(A) |
indebtedness secured by mortgages then outstanding (not including any such indebtedness secured by mortgages described in clauses (1) through (10) of Section 4.06(b)) that do not equally and ratably secure the Notes (or secure Notes on a basis that is prior to other indebtedness secured thereby) and
|
(B) |
Non-Guarantor Subsidiary Debt (not including any such Non-Guarantor Subsidiary Debt described in clauses (1) through (6) of Section 4.07(b))
|
(1) |
its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of Holdings, the Issuer or any such Restricted Subsidiary; and
|
(2) |
the rights (charter and statutory), licenses and franchises of Holdings, the Issuer and its Restricted Subsidiaries;
provided
,
however
, that Holdings shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if Holdings shall determine that the preservation thereof is no longer desirable in the conduct of the business of Holdings and its Subsidiaries, taken as a whole.
|
(a) |
Upon the occurrence of a Change of Control Repurchase Event, each Holder will have the right to require the Issuer to make an offer (a “
Change of Control Offer
”) to each Holder to repurchase all or any part (equal to a minimum of $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of purchase, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date occurring on or prior to the repurchase date (the “
Change of Control Payment
”). Within 30 days following any Change of Control Repurchase Event, the Issuer will send a notice to the Trustee and each Holder stating:
|
(1) |
that a Change of Control Repurchase Event has occurred and that such Holder has the right to require the Issuer to repurchase such Holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of repurchase (subject to the right of Holders of record on a record date to receive interest on the relevant interest payment date occurring on or prior to the repurchase date);
|
(2) |
the circumstances and relevant facts and financial information regarding such Change of Control Repurchase Event;
|
(3) |
the repurchase date (the “
Change of Control Payment Date
”) (which will be no earlier than 30 days nor later than 60 days from the date such notice is sent, except that such notice may be delivered more than 60 days prior to the repurchase date in connection with a Change of Control Offer or Alternate Offer made in advance of the occurrence of a Change of Control, if such repurchase date is delayed or changed to conform to the actual closing date of the Change of Control); and
|
(4) |
if such notice is delivered in advance of the occurrence of a Change of Control, that the Change of Control Offer is conditioned upon the occurrence of such Change of Control and setting forth a brief description of the definitive agreement for the Change of Control; and
|
(5) |
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the applicable Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date.
|
(b) |
On the Change of Control Payment Date, the Issuer will, to the extent lawful:
|
(1) |
accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;
|
(2) |
deposit with the applicable Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and
|
(3) |
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer.
|
(c) |
Notwithstanding anything to the contrary in this
Section 4.10
, the Issuer will not be required to make a Change of Control Offer with respect to the Notes upon the consummation of a Change of Control Repurchase Event if (i) a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this
Section 4.10
and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, (ii) notice of redemption of all outstanding notes has been given pursuant to
Section 3.03
of this Indenture, unless and until there is a default in payment of the applicable redemption price or (iii) in connection with or in contemplation of any Change of Control, the Issuer has made an offer to purchase (an “
Alternate Offer
”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date occurring on or prior to the repurchase date), and has purchased all notes properly tendered and not properly withdrawn in accordance with the terms of such Alternate Offer. Any Alternate Offer shall specify a repurchase date which shall be no earlier than 30 days nor later than 60 days from the date such Alternate Offer is made.
|
(d) |
Notwithstanding anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be made in advance of the occurrence of a Change of Control, and conditioned upon the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer or Alternate Offer. The closing date of any such Change of Control Offer or Alternate Offer made in advance of a Change of Control may be delayed or changed to conform to the actual closing date of the Change of Control; provided that such closing date is not earlier than 30 days nor later than 60 days from the date the Change of Control Offer or Alternate Offer notice is sent, except that such notice may be delivered more than 60 days prior to the repurchase date in connection with a Change of Control Offer or Alternate Offer made in advance of the occurrence of a Change of Control, if such repurchase date is delayed or changed to conform to the actual closing date of the Change of Control.
|
(e) |
In the event that Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer (or any other Person making such tender offer) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer will have the right, upon notice given not more than 30 days following such purchase pursuant to such tender offer, to redeem all of the Notes that remain outstanding following such purchase at a price in cash equal to the price offered to each Holder in such tender offer, plus, to the extent not included in the tender offer payment, accrued and unpaid interest, to but excluding the redemption date (subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).
|
(a) |
The Issuer and Holdings may consolidate or merge with or into any other Person, or lease, sell or transfer all or substantially all of its property and assets if:
|
(1) |
the Person formed by such consolidation or into which the Issuer or Holdings, as the case may be, is merged, or the Person which acquires by lease, sale or transfer all or substantially all of the property and assets of the Issuer or Holdings, as the case may be, is a corporation organized and existing under the laws of Australia, Switzerland, any Member State of the European Union, the United Kingdom or, any state of the United States or the District of Columbia;
|
(2) |
the Person formed by such consolidation or into which the Issuer or Holdings, as the case may be, is merged, or the Person which acquires by lease, sale or transfer all or substantially all of the property and assets of the Issuer or Holdings, as the case may be, agrees (i) in the case of the Issuer, to pay the principal of, and any premium and interest on, the Notes, assume, perform and observe all obligations, covenants and conditions of the Issuer and Holdings, as the case may be, under this Indenture by executing and delivering to the Trustee a supplemental indenture, and (ii) in the case of Holdings, to guarantee the Notes pursuant to the terms of this Indenture; and
|
(3) |
immediately after giving effect to such transaction and treating indebtedness for borrowed money that becomes an obligation of the Issuer, Holdings or any of its Restricted Subsidiaries as a result of such transaction as having been incurred by the Issuer, Holdings or such Restricted Subsidiaries at the time of such transaction, no Default or Event of Default shall have occurred and be continuing.
|
(b) |
In addition, notwithstanding the foregoing, the Issuer may (a) consolidate or merge with or into, or sell, lease or transfer all or substantially all of its properties or assets to, the Issuer or any of its Restricted Subsidiaries or (b) merge or consolidate with an affiliate incorporated solely for the purpose of reincorporating or reorganizing the Issuer in another jurisdiction.
|
(c) |
Nothing in the foregoing clauses shall restrict the Issuer or Holdings from consolidating with or merging with or into or winding up into an affiliate of Holdings solely for the purpose of redomiciling the Issuer or Holdings, as applicable, in Australia, Switzerland, any Member State of the European Union, the United Kingdom or, any state of the United States or the District of Columbia, so long as the amount of indebtedness outstanding of Holdings and its Restricted Subsidiaries is not increased thereby and such action would not result in any material adverse tax consequences to Holders or otherwise adversely affect in any material respect the legal rights under the Indenture of any Holder.
|
(1) |
the failure to pay interest on any Notes when the same becomes due and payable and the default continues for a period of 30 days;
|
(2) |
the failure to pay the principal on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise;
|
(3) |
the failure of the Issuer or any other Guarantor to comply with any covenant or agreement contained in this Indenture, which default continues for a period of 90 days after the Issuer receives written notice specifying the default (or 120 days after such a notice in the event of a Default under
Section 4.03
hereof) (and demanding that such default be remedied) from the Trustee or the Holders of at least 30% of the outstanding principal amount of the Notes (including any Additional Notes subsequently issued under this Indenture) (except in the case of a default with respect to Sections 5.01 or 10.04 hereof, which will constitute an Event of Default with such notice requirement but without such passage of time requirement);
|
(4) |
the occurrence of any default under any agreement governing indebtedness of the Issuer or any of its Significant Subsidiaries if that default:
|
(a) |
is caused by the failure to pay at final maturity the principal amount of any indebtedness after giving effect to any applicable grace periods and any extensions of time for payment of such indebtedness; or
|
(b) |
results in the acceleration of the final stated maturity of any such indebtedness,
|
(5) |
Holdings or the Issuer:
|
(a) |
commences a voluntary case,
|
(b) |
consents to the entry of an order for relief against it in an involuntary case,
|
(c) |
consents to the appointment of a Custodian of it or for all or substantially all of its property,
|
(d) |
makes a general assignment for the benefit of its creditors,
|
(e) |
generally is not paying its debts as they become due and has lost its creditworthiness; or
|
(f) |
commences any bankruptcy, insolvency, liquidation, moratorium, reorganization process or other process under similar laws affecting the rights of creditors in the United Kingdom; or
|
(6) |
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
|
(a) |
is for relief against Holdings or the Issuer in an involuntary case;
|
(b) |
appoints a Custodian of Holdings or the Issuer; or
|
(c) |
orders the liquidation of Holdings or the Issuer;
|
(7) |
the failure of any Note Guarantee by Holdings or any Significant Subsidiary to be in full force and effect (other than in accordance with the terms of such Note Guarantee and this Indenture) or any of the Guarantors denies its liability under its Note Guarantee and such default continues for 10 days.
|
(a) |
if the rescission would not conflict with any judgment or decree;
|
(b) |
if all existing Events of Default have been cured or waived except non-payment of principal or interest that has become due solely because of the acceleration;
|
(c) |
to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid;
|
(d) |
if the Issuer has paid the Trustee all amounts it is owed under this Indenture; and
|
(e) |
in the event of the cure or waiver of an Event of Default specified in clause (4) of
Section 6.01
hereof;
provided
that the Trustee shall have received an Officer’s Certificate that such Event of Default has been cured or waived.
|
(1) |
such Holder has previously given the Trustee written notice that an Event of Default is continuing;
|
(2) |
Holders of at least 30% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy;
|
(3) |
such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense;
|
(4) |
the Trustee does not pursue such remedy within 60 days after receipt of the request and the offer of security or indemnity; and
|
(5) |
during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a written direction inconsistent with such request.
|
(a) |
If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.
|
(b) |
Except during the continuance of an Event of Default:
|
(1) |
the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
|
(2) |
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).
|
(c) |
The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:
|
(1) |
this paragraph does not limit the effect of paragraph (b) of this
Section 7.01
;
|
(2) |
the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and
|
(3) |
the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to
Section 6.05
hereof.
|
(d) |
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (e) of this
Section 7.01
.
|
(e) |
No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense.
|
(f) |
The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
|
(g) |
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this
Section 7.01
.
|
(a) |
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.
|
(b) |
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
|
(c) |
The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care.
|
(d) |
The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture.
|
(e) |
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer.
|
(f) |
The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction.
|
(g) |
The rights, privileges, protections, immunities and benefits given to the Trustee under this Indenture, including, without limitation, its right to be indemnified, are also given to and shall be enforceable by (i) the Trustee in each of its capacities hereunder, (ii) to each agent of the Trustee, (iii) to each Agent, (iv) Notes Custodian, and (v) each other Person, employed to act hereunder. Therefore, for the avoidance of doubt in any interpretation of a relevant section of this Indenture that relates to the rights, privileges, protections, immunities and benefits given to the Trustee, such section shall be construed as including each agent, custodian and each other Person employed to act hereunder.
|
(h) |
The Trustee shall not be deemed to have knowledge of any fact or matter unless such fact or matter is known to a Responsible Officer of the Trustee.
|
(i) |
Whenever in the administration of this Indenture or the Notes the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder or thereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith or willful misconduct on its part, conclusively rely upon an Officer’s Certificate.
|
(j) |
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of Holdings and the Restricted Subsidiaries, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.
|
(k) |
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.
|
(l) |
The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes.
|
(m) |
In no event shall the Trustee be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage.
|
(n) |
The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified herein.
|
(a) |
The Issuer will pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as mutually agreed to in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.
|
(b) |
The Issuer and the Guarantors will, in the case of a Guarantor incorporated in Switzerland subject to the limitations set forth in Section 10.02(c), jointly and severally, indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer and the Guarantors (including this
Section 7.07
) and defending itself against any claim (whether asserted by the Issuer, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be directly attributable to its negligence or willful misconduct, as determined by a final, non-appealable order of a court of competent jurisdiction. The Trustee will notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer or any of the Guarantors of their obligations hereunder. The Issuer or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuer will pay the reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld.
|
(c) |
The obligations of the Issuer and the Guarantors under this
Section 7.07
will survive the satisfaction and discharge of this Indenture and the resignation and removal of the Trustee.
|
(d) |
To secure the Issuer’s and the Guarantors’ payment obligations in this
Section 7.07
, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium on, if any, or interest on, particular Notes. Such lien will survive the satisfaction and discharge of this Indenture.
|
(e) |
When the Trustee incurs expenses or renders services after an Event of Default specified in clause (5) or (6) of
Section 6.01
hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.
|
(a) |
A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08
.
|
(b) |
The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if:
|
(1) |
the Trustee fails to comply with
Section 7.10
hereof;
|
(2) |
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
|
(3) |
a custodian or public officer takes charge of the Trustee or its property; or
|
(4) |
the Trustee becomes incapable of acting.
|
(c) |
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.
|
(d) |
If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may at the expense of the Issuer, petition any court of competent jurisdiction for the appointment of a successor Trustee.
|
(e) |
If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
|
(f) |
A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee;
provided
that all sums owing to the Trustee hereunder have been paid and subject to the lien provided for in
Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08
, the Issuer’s obligations under
Section 7.07
hereof will continue for the benefit of the retiring Trustee.
|
(1) |
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, and interest, if any, on such Notes when such payments are due from the trust referred to in
Section 8.04
hereof;
|
(2) |
the Issuer’s obligations with respect to such Notes under
Article 2
and
Section 4.02
hereof;
|
(3) |
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith; and
|
(4) |
this
Article 8
, as it relates to Legal Defeasance.
|
(1) |
The Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars or non-callable U.S. government obligations, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on the Notes on the stated date for payment thereof or on an applicable redemption date;
|
(2) |
in the case of an election under
Section 8.02
hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that:
|
(a) |
the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or
|
(b) |
since the Issue Date, there has been a change in the applicable U.S. federal income tax law,
|
(3) |
in the case of an election under
Section 8.03
hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;
|
(4) |
no Event of Default shall have occurred and is continuing on the date of such deposit (other than any default arising from the substantially contemporaneous incurrence of indebtedness to fund the deposit described above in clause (1));
|
(5) |
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under this Indenture (other than any default arising from the substantially contemporaneous incurrence of indebtedness to fund the deposit described above in clause (1)) or any other material agreement or instrument to which Holdings, the Issuer or any of their Subsidiaries is a party or by which Holdings, the Issuer or any of their Subsidiaries is bound;
|
(6) |
the Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or others;
|
(7) |
the Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and
|
(8) |
the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that either (i) the Issuer has assigned all their ownership interest in the trust funds to the Trustee (or such other entity directed, designated and appointed by the Trustee as co-Trustee for this purpose) or (ii) the Trustee has a valid perfected security interest in the trust funds.
|
(1) |
cure any ambiguities, defect, inconsistency or mistake;
|
(2) |
provide for the assumption of the Issuer’s or Guarantor’s obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the Issuer’s or Guarantor’s assets in accordance with the requirements of
Article 5
hereof or
Section 10.04
hereof, as applicable;
|
(3) |
provide for uncertificated Notes in addition to or in place of certificated Notes (provided, that the uncertificated notes are issued in registered form for purposes of Section 163(f) of the Code);
|
(4) |
add any Person as a Guarantor of the Notes or secure the Notes or the Note Guarantees;
|
(5) |
comply with the rules of any applicable Depositary;
|
(6) |
evidence and provide for the acceptance of an appointment under this Indenture of a successor Trustee;
provided
that the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture;
|
(7) |
conform the text of this Indenture, the Notes or any Note Guarantees to any provision of the “Description of Notes” section of the Offering Memorandum;
|
(8) |
make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect in any material respect the legal rights under this Indenture of any such Holder; or
|
(9) |
conform this Indenture or the Notes to the descriptions thereof set forth in the “Description of Notes” section of the Offering Memorandum to the extent that the Trustee has received an Officer’s Certificate stating that such text constitutes an unintended conflict with the corresponding provision in such “Description of Notes.”
|
(1) |
reduce the amount of Notes whose Holders must consent to an amendment;
|
(2) |
reduce the rate of or change the time for payment of interest, including defaulted interest, on any Note;
|
(3) |
reduce the principal of or change the fixed maturity of any Note or change the date on which the Notes may be subject to redemption or repurchase (other than by amending the provisions of
Section 4.10
hereof), or reduce the redemption or repurchase price for such Notes;
|
(4) |
make any Note payable in money other than that stated in the Notes;
|
(5) |
impair the legal rights of Holders of Notes to receive payments of principal and interest on the Notes, or permitting Holders of a majority in principal amount of such Notes to waive Defaults or Events of Default;
|
(6) |
release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; or
|
(7) |
make the Notes or any Note Guarantee subordinated in right of payment to other obligations.
|
(a) |
Subject to this
Article 10
, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:
|
(1) |
the principal of, premium, if any, on, and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest on the Notes, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and
|
(2) |
in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
|
(b) |
The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against an Issuer, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.
|
(c) |
If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either an Issuer or a Guarantor, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.
|
(d) |
Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in
Article 6
hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in
Article 6
hereof, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.
|
(e) |
Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. Each Finnish Guarantor acknowledges that entering into this Indenture is in its best interests and is based on commercial grounds.
|
(a) |
Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this
Article 10
, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.
|
(b) |
Any Excluded Entity will not become, and will be under no obligation to become, a Guarantor on the Notes.
|
(c) |
Limitation on Note Guarantees by Swiss Guarantors
. Any guarantee, indemnity, obligation and/or liability granted, incurred, undertaken, assumed or otherwise agreed by any Guarantor incorporated in Switzerland shall be limited to the following:
|
(a) |
Any Guarantor (other than Holdings, and it being understood that Holdings may consolidate or merge with or into any other Person as provided for in Section 5.01) may consolidate or merge with or into any other Person, or sell, lease or transfer all or substantially all of the properties or assets of such Guarantor if:
|
(1) |
the Person formed by such consolidation or into which such Guarantor is merged, or the Person which acquires by lease, sale or transfer all or substantially all of the property and assets of such Guarantor is a corporation organized and existing under the laws of the United States, any state in the United States or the District of Columbia, the United Kingdom or any member state of the European Union or, if such guarantor was organized and existing under the laws of another jurisdiction immediately prior to such transaction, the laws of such other jurisdiction (such Person, the “
Successor Guarantor
”);
|
(2) |
the Successor Guarantor (if other than such Guarantor) formed by such consolidation or into which such Guarantor is merged, or the Successor Guarantor which acquires by lease, sale or transfer all or substantially all of the property and assets of such Guarantor, agrees to pay the principal of, and any premium and interest on, the notes, perform and observe all covenants and conditions of this Indenture by executing and delivering to the Trustee a Supplemental Indenture; and
|
(3) |
immediately after giving effect to such transaction and treating indebtedness for borrowed money that becomes an obligation of such Successor Guarantor or any of its Restricted Subsidiaries as a result of such transaction as having been incurred by such Successor Guarantor or such Restricted Subsidiaries at the time of such transaction, no Default or Event of Default shall have occurred and be continuing.
|
(b) |
In addition, notwithstanding the foregoing, any Guarantor may (a) consolidate or merge with or into, or sell, lease or transfer all or substantially all of its properties or assets to, Holdings or any of its Restricted Subsidiaries or (b) merge or consolidate with an affiliate incorporated solely for the purpose of reincorporating or reorganizing such Guarantor in another jurisdiction.
|
(a) |
in connection with any sale or other disposition (including by merger, liquidation or otherwise) of (i) Capital Stock of the guarantor after which such guarantor is no longer a Subsidiary of Holdings, or (ii) all or substantially all of the assets of such guarantor (other than Holdings), which sale or other disposition complies with the applicable provisions of this Indenture and all the obligations (other than contingent obligations) of such guarantor (other than Holdings) in respect of all other indebtedness of Holdings or the guarantors terminate upon consummation of such transaction;
|
(b) |
if Holdings properly designates the Guarantor (other than Holdings) as an Unrestricted Subsidiary pursuant to the terms of this Indenture;
|
(c) |
solely in the case of a Note Guarantee created pursuant to Section 4.07 hereof upon the release or discharge of the Note Guarantee or incurrence of indebtedness that resulted in the creation of such Note Guarantee pursuant to that covenant, except a discharge or release by or as a result of payment under such Guarantee or incurrence of additional indebtedness;
|
(d) |
upon Legal Defeasance or Covenant Defeasance in accordance with
Article 8
hereof or satisfaction and discharge of this Indenture in accordance with
Article 11
hereof;
|
(e) |
upon payment in full of the aggregate principal amount of all Notes then outstanding and all other obligations under this Indenture and the Notes then due and owing;
|
(f) |
pursuant to Article 9 hereof; or
|
(g) |
in the case of any guarantor (other than Holdings) which is also a guarantor under the Credit Facilities, upon the release of such guarantee under such Credit Facilities (which release under such Credit Facilities may be conditioned upon the concurrent release of the guarantee of the Note hereunder).
|
(1) |
either:
|
(a) |
all the existing authenticated and delivered Notes (except lost, stolen or destroyed Notes which have been replaced or paid and notes for whose payment money has been deposited in trust or segregated and held in trust by the Issuer and repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation; or
|
(b) |
all Notes not theretofore delivered to the Trustee for cancellation have become due and payable or will become due and payable within one year (including by way of irrevocable written instructions delivered by the Issuer to the Trustee to effect the redemption of the Notes), and the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Notes, funds in amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such notes not already delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the notes to the date of deposit together with irrevocable written instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;
|
(2) |
the Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and
|
(3) |
the Issuer has, upon its request for written acknowledgment of such satisfaction and discharge of this Indenture, delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.
|
(1) |
an Officer’s Certificate in form reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 12.05
hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and
|
(2) |
an Opinion of Counsel in form reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 12.05
hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.
|
(1) |
a statement that the Person making such certificate or opinion has read such covenant or condition;
|
(2) |
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
|
(3) |
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and
|
(4) |
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.
|
(a) |
Each party hereto irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any U.S. federal or New York State court sitting in the Borough of Manhattan, New York, New York in any action or proceeding arising out of or relating to this Indenture, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Indenture shall affect any right that the parties hereto may otherwise have to bring any action or proceeding relating to this Indenture against any party hereto or its properties in the courts of any jurisdiction.
|
(b) |
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Indenture in any court referred to in paragraph (a) of this
Section 12.17
. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
|
(c) |
Each of the Issuer and each of the Guarantors listed in the signature pages to this Indenture that are not U.S. Guarantors (the “
Non-U.S. Guarantors
”) hereby irrevocably designates, appoints and empowers Tronox Incorporated (the “
Process Agent
”), in the case of any suit, action or proceeding brought in the United States of America as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents that may be served in any action or proceeding arising out of or in connection with this Indenture. Such service may be made by mailing (by registered or certified mail, postage prepaid) or delivering a copy of such process to any Issuer or Guarantor in care of the Process Agent at One Stamford Plaza, 263 Tresser Boulevard, Suite 1100, Stamford, Connecticut 06901, and the Issuer and each of the Non-U.S. Guarantors hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an alternative method of service, each of the Issuer and each of the Non-U.S. Guarantors irrevocably consents to the service of any and all process in any such action or proceeding by the mailing (by registered or certified mail, postage prepaid) of copies of such process to the Process Agent, the Issuer or any Guarantor at its address specified in Section 12.02.
|
(d) |
To the extent permitted by law, each party to this Indenture hereby irrevocably waives personal service of any and all process upon it and agrees that all such service of process may be made by registered mail (return receipt requested) directed to it at its address for notices as provided for in
Section 12.02
. Nothing in this Indenture will affect the right of any party to this Indenture to serve process in any other manner permitted by law.
|
Tronox Incorporated
|
||
By:
|
/s/ Timothy Carlson
|
|
Name: Timothy Carlson
|
||
Title: Vice President and Chief Financial Officer
|
U.S. GUARANTORS
:
|
||
Tronox LLC
|
||
By:
|
/s/ Steven A. Kaye | |
Name:
|
Steven A. Kaye | |
Title:
|
Vice President and Assistant Secretary | |
Tronox Pigments LLC
|
||
Tronox US Holdings Inc.
|
||
By:
|
/s/ Steven A. Kaye | |
Name:
|
Steven A. Kaye | |
Title:
|
Vice President and Secretary | |
Tronox Finance LLC
|
||
By:
|
/s/ Steven A. Kaye | |
Name:
|
Steven A. Kaye | |
Title:
|
Assistant Secretary |
U.K. GUARANTORS
:
|
||
Tronox UK Holdings Limited
|
||
Tronox UK Limited
|
||
Tronox Finance PLC
|
||
By:
|
/s/ Steven A. Kaye | |
Name:
|
Steven A. Kaye | |
Title:
|
Director | |
Tronox International Finance LLP
|
||
By:
|
/s/ Steven A. Kaye | |
Name:
|
Steven A. Kaye | |
Title:
|
Representative Board Member of Tronox UK Holdings Limited |
/s/ Steven Kaye
|
||
Signature of attorney
|
||
/s/ Julie A. Constantinides
|
STEVEN KAYE
|
|
Signature of witness
|
Name
|
|
Julie A. Constantinides
|
15 September 2017
|
|
Name
|
Date of power of attorney
|
|
SIGNED, SEALED
and
DELIVERED
for
TRONOX LIMITED
under power of attorney in the presence of:
|
/s/ Steven Kaye
|
|
Signature of attorney
|
||
/s/ Julie A. Constantinides
|
STEVEN KAYE
|
|
Signature of witness
|
Name
|
|
Julie A. Constantinides
|
15 September 2017
|
|
Name
|
Date of power of attorney
|
BAHAMAS GUARANTORS : | |||
Tronox Pigments Ltd.
|
|||
By:
|
/s/ Anthony Orrell
|
||
Name:
|
Anthony Orrell
|
||
Title:
|
Authorized Person
|
DUTCH GUARANTORS
:
|
|||
Tronox Holdings Coöperatief U.A.
|
|||
By:
|
/s/ Russell Austin
|
||
Name:
|
Russell Austin
|
||
Title:
|
General Manager
|
||
By:
|
/s/ Steven Kaye
|
||
Name:
|
Steven Kaye
|
||
Title:
|
Managing Director A
|
||
Tronox Worldwide Pty Limited, acting for itself, on behalf of Tronox Global holdings Pty Ltd as limited partner of Tronox Holdings Europe C.V., and in its capacity as general partner of Tronox Holdings Europe C.V.
|
|||
By:
|
/s/ Steven Kaye
|
||
Name:
|
Steven Kaye
|
||
Title:
|
Authorized Signatory
|
||
Tronox Pigments (Netherlands) B.V.
|
|||
By:
|
/s/ Steven Kaye
|
||
Name:
|
Steven Kaye
|
||
Title:
|
Managing Director
|
||
Tronox Pigments (Holland) B.V.
|
|||
By:
|
/s/ Steven Kaye
|
||
Name:
|
Steven Kaye
|
||
Title:
|
Managing Director
|
SWITZERLAND GUARANTORS
:
|
|||
Tronox International Holdings GmbH
|
|||
Tronox Finance GmbH
|
|||
By:
|
/s/ Steven Kaye
|
||
Name:
|
Steven Kaye
|
||
Title:
|
Chairman of Management Board
|
Wilmington Trust, National Association, as Trustee
|
|||
By:
|
/s/ Jane Schweiger
|
||
Name:
|
Jane Schweiger
|
||
Title:
|
Vice President
|
No. ___
|
[$____________]
|
TRONOX INCORPORATED
|
||
By:
|
||
Name:
|
||
Title:
|
By:
|
||
Authorized Signatory
|
Dated:
|
||
[Note should be dated the date of Trustee’s authentication]
|
(1) |
INTEREST
. Tronox Incorporated, a Delaware corporation (the “
Issuer
”), promises to pay or cause to be paid interest on the principal amount of this Note at 6.500% per annum from ________________, ___ until maturity. The Issuer will pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “
Interest Payment Date
”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided
that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided further
that the first Interest Payment Date shall be _____________, _____.
|
(2) |
METHOD OF PAYMENT
. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Paying Agent and Registrar, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders;
provided
that payment by wire transfer of immediately available funds will be required with respect to principal of, premium on, if any, and interest on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
|
(3) |
PAYING AGENT AND REGISTRAR
. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without prior notice to the Holders of the Notes and the Issuer or any of Holdings’ other Subsidiaries may act as Paying Agent or Registrar.
|
(4) |
INDENTURE
. The Issuer issued the Notes under an Indenture dated as of April 6, 2018 (the “
Indenture
”) among the Issuer and Wilmington Trust, National Association, as Trustee. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuer.
|
(5) |
OPTIONAL REDEMPTION.
|
(a) |
Prior to April 15, 2021, the Issuer may redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the applicable date of redemption, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date occurring prior to or on the date of redemption.
|
(b) |
At any time prior to April 15, 2021, the Issuer may, at its option on any one or more occasions following any Equity Offering, redeem Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) upon notice as described under Section 3.03, at a redemption price equal to 106.500% of the principal amount of the Notes, plus accrued and unpaid interest, if any, thereon up to, but excluding the applicable date of redemption (subject to the rights of Holders on a relevant record date to receive interest due on an interest payment date that occurs prior to the redemption date), and any amount payable in any such redemption can be funded from any source; provided that (i) at least 50% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) remains outstanding after each such redemption (excluding Notes held by Holdings and its Subsidiaries); and (ii) such redemption occurs within 180 days after the closing of such Equity Offering. Notice of any such redemption must be given within 90 days after the date of such Equity Offering.
|
(c) |
Except pursuant to Sections (5)(a), (5)(b), (5)(e) and (5)(f) hereof, the Notes will not be redeemable at the Issuer’s option prior to April 15, 2021.
|
(d) |
On or after April 15, 2021, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest on the Notes, if any, to the applicable date of redemption, if redeemed during the twelve-month period beginning on April 15 of each of the years indicated below:
|
Year
|
Percentage
|
|||
2021
|
103.250
|
%
|
||
2022
|
101.625
|
%
|
||
2023 and thereafter
|
100.000
|
%
|
(e) |
The Issuer is entitled to redeem Notes, at its option, at any time in whole but not in part, upon not less than 30 nor more than 60 days’ notice to the Holders, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in the event any Payor has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts (but, in the case of a Guarantor, only if such amount could not be paid by the Issuer or another Guarantor who can pay such amount without the obligation to pay Additional Amounts), in each case, as a result of:
|
(A) |
a change in, or an amendment to, the laws (including any regulations or rulings promulgated thereunder) or treaties of any Relevant Taxing Jurisdiction; or
|
(B) |
any change in, amendment to, or introduction of any official published position regarding the application, administration or interpretation of such laws or treaties (including any regulations or rulings promulgated thereunder and including the decision of any court, governmental agency or tribunal),
|
(f) |
In the event that Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer (or any other Person making such tender offer) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer will have the right, upon notice given not more than 30 days following such purchase pursuant to such tender offer, to redeem all of the Notes that remain outstanding following such purchase at a price in cash equal to the price offered to each Holder in such tender offer, plus, to the extent not included in the tender offer payment, accrued and unpaid interest, to but excluding the redemption date (subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).
|
(6) |
Mandatory Redemption
.
The Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes other than as described in the immediately following sentence of this
Article 6
.
|
(7) |
REPURCHASE AT THE OPTION OF HOLDER.
Upon the occurrence of a Change of Control Repurchase Event, the Issuer will be required to make an offer (a “
Change of Control Offer
”) to each Holder to repurchase all or any part (equal to a minimum of $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date occurring prior to or on the repurchase date (the “
Change of Control Payment
”). Within 30 days following any Change of Control, the Issuer will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture.
|
(8) |
NOTICE OF REDEMPTION
. At least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail or in the case of a Global Note send electronically, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to
Article 8
or Article 11 thereof. Notes and portions of Notes selected will be in minimum amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. The Issuer may provide in any notice of redemption that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person.
|
(9) |
DENOMINATIONS, TRANSFER, EXCHANGE
. The Notes are in registered form in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date.
|
(10) |
PERSONS DEEMED OWNERS
. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders have rights under the Indenture.
|
(11) |
AMENDMENT, SUPPLEMENT AND WAIVER
. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of Notes, the Indenture, the Notes or the Note Guarantees may be amended or supplemented to (i) cure any ambiguities, defect or inconsistency, (ii) provide for the assumption of the Issuer’s or Guarantors’ obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the Issuer’s or Guarantors’ assets, (iii) provide for uncertificated Notes in addition to or in place of certificated Notes (provided, that the uncertificated notes are issued in registered form for purposes of Section 163(f) of the Code), (iv) add any Person as a Guarantor of the Notes or secure the Notes or the Note Guarantees, (v) comply with the rules of any applicable Depositary, (vi) evidence and provide for the acceptance of an appointment under this Indenture of a successor Trustee; provided that the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture, (vii) make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect in any material respect the legal rights under the Indenture of any such Holder, or (viii) conform the text of the Indenture or the Notes to the descriptions thereof set forth in the “Description of Notes” section of the Issuer’s Offering Memorandum dated March 27, 2018, relating to the initial offering of the Notes to the extent that the Trustee has received an Officer’s Certificate stating that such text constitutes an unintended conflict with the corresponding provision in such “Description of Notes.”
|
(12) |
DEFAULTS AND REMEDIES
. Events of Default include: (i) failure to pay interest on any Notes when the same becomes due and payable and the default continues for a period of 30 days; (ii) the failure to pay the principal on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise; (iii) the failure of the Issuer, Holdings or any other Guarantor to comply with any covenant or agreement contained in the Indenture, which default continues for a period of 90 days after Holdings or the Issuer receives a written notice specifying the default (or 120 days after such a notice in the event of a Default under
Section 4.03
of the Indenture) (and demanding that such default be remedied) from the Trustee or the Holders of at least 30% of the outstanding principal amount of the Notes (including any Additional Notes subsequently issued under the Indenture) (except in the case of a default with respect to
Section 5.01
or
Section 10.04
of the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); (iv) default under any agreement governing indebtedness of Holdings, the Issuer or any of their Significant Subsidiaries, if that Default (A) is caused by a failure at to pay at final maturity the principal amount of any indebtedness after giving effect to any applicable grace periods and any extensions of time for payment of such indebtedness; or (B) results in the acceleration of the final stated maturity of any such indebtedness prior to its express maturity, and in each case, the aggregate principal amount of such indebtedness unpaid or accelerated aggregates $150.0 million or more and has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such final maturity or acceleration; (v) certain events of bankruptcy affecting Holdings or the Issuer or (vi) the failure of any Note Guarantee by Holdings or any Significant Subsidiary to be in full force and effect (other than in accordance with the terms of such Note Guarantee and the Indenture) or any of the Guarantors denies its liability under its Note Guarantee and such Default continues for 10 days. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all the Holders of Notes, rescind an acceleration or waive an existing Default or Event of Default and its respective consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest on, the Notes (including in connection with an offer to purchase). The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required, upon obtaining knowledge of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.
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(13) |
TRUSTEE DEALINGS WITH ISSUER
. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its affiliates, and may otherwise deal with the Issuer or its affiliates, as if it were not the Trustee.
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(14) |
NO RECOURSE AGAINST OTHERS
. No director, manager, officer, employee, incorporator, stockholder or member of Holdings, the Issuer or any Subsidiary thereof will have any liability for any obligations of Holdings, the Issuer or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.
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(15) |
AUTHENTICATION
. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
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(16) |
ABBREVIATIONS
. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
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(17) |
CUSIP AND ISIN NUMBERS
. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and/or ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.
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(18) |
GOVERNING LAW
. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
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(I) or (we) assign and transfer this Note to:
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(Insert assignee’s legal name)
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(Insert assignee’s soc. sec. or tax I.D. no.)
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(Print or type assignee’s name, address and zip code)
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and irrevocably appoint
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to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.
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Your Signature:
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(Sign exactly as your name appears on the face of this Note)
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Your Signature:
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(Sign exactly as your name appears on the face of this Note)
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Tax Identification No.:
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Date of Exchange
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Amount of
decrease in
Principal Amount
of
this Global Note
|
Amount of
increase in
Principal Amount
of
this Global Note
|
Principal Amount
of this Global Note
following such
decrease
(or increase)
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Signature of
authorized
signatory of
Trustee or
Notes Custodian
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* |
This schedule should be included only if the Note is issued in global form
.
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[Insert Name of Transferor] |
By:
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Name:
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Title:
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[Insert Name of Transferor]
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By:
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Name:
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Title:
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[
Guaranteeing Subsidiary
]
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By:
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Name:
|
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Title:
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TRONOX INCORPORATED
|
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By:
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Name:
|
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Title:
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SIGNED, SEALED
and
DELIVERED
for
TRONOX LIMITED
under power of attorney in the presence of:
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Signature of attorney
|
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Signature of witness
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Name
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Name
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Date of power of attorney
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[
Existing Guarantors
]
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By:
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Name:
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Title:
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Wilmington Trust, National Association
,
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as Trustee
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By:
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