UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of June 2015
Commission File Number: 001-15102
Embraer S.A.
Av. Brigadeiro Faria Lima, 2170
12227-901 São José dos Campos, São Paulo, Brazil
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7): ¨
INCORPORATION BY REFERENCE
This report on Form 6-K shall be deemed to be filed and incorporated by reference in the registration statement on Form F-3 (File
No. 333-204470 and 333-204470-01) filed with the Securities and Exchange Commission on May 27, 2015 and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently
filed or furnished.
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Exhibit No. |
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Description |
4.1 |
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Indenture, dated June 15, 2015, between Embraer S.A. and The Bank of New York Mellon, as trustee, paying agent, registrar and transfer
agent. |
4.3 |
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Indenture, dated June 15, 2015, among Embraer Netherlands Finance B.V., Embraer S.A., as guarantor, and The Bank of New York Mellon, as
trustee, paying agent, registrar and transfer agent. |
4.4 |
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First Supplemental Indenture, dated June 15, 2015, among Embraer Netherlands Finance B.V., Embraer S.A., as guarantor, and The Bank of
New York Mellon, as trustee, paying agent, registrar and transfer agent. |
4.5 |
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Form of 5.050% notes due 2025 (included in exhibit 4.4). |
5.1 |
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Opinion of Marcia Sato Davoli de Araújo, Associate General Counsel of Embraer S.A., as to matters of Brazilian law.
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5.2 |
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Opinion of Milbank, Tweed, Hadley & McCloy LLP, as to matters of New York law.
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5.3 |
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Opinion of Baker & McKenzie Amsterdam N.V., as to matters of Dutch law.
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23.1 |
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Consent of Marcia Sato Davoli de Araújo, Associate General Counsel of Embraer S.A. (included in Exhibit 5.1).
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23.2 |
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Consent of Milbank, Tweed, Hadley & McCloy LLP (included in Exhibit 5.2).
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23.3 |
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Consent of Baker & McKenzie Amsterdam N.V. (included in Exhibit 5.3).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Date: June 15, 2015
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Embraer S.A. |
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By: |
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/s/ José Antonio de Almeida Filippo |
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Name: |
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José Antonio de Almeida Filippo |
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Title: |
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Executive Vice-President and Chief Financial and Investor Relations Officer |
EXHIBIT INDEX
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Exhibit No. |
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Description |
4.1 |
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Indenture, dated June 15, 2015, between Embraer S.A. and The Bank of New York Mellon, as trustee, paying agent, registrar and transfer
agent. |
4.3 |
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Indenture, dated June 15, 2015, among Embraer Netherlands Finance B.V., Embraer S.A., as guarantor, and The Bank of New York Mellon, as
trustee, paying agent, registrar and transfer agent. |
4.4 |
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First Supplemental Indenture, dated June 15, 2015, among Embraer Netherlands Finance B.V., Embraer S.A., as guarantor, and The Bank of
New York Mellon, as trustee, paying agent, registrar and transfer agent. |
4.5 |
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Form of 5.050% notes due 2025 (included in exhibit 4.4). |
5.1 |
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Opinion of Marcia Sato Davoli de Araújo, Associate General Counsel of Embraer S.A., as to matters of Brazilian law.
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5.2 |
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Opinion of Milbank, Tweed, Hadley & McCloy LLP, as to matters of New York law.
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5.3 |
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Opinion of Baker & McKenzie Amsterdam N.V., as to matters of Dutch law.
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23.1 |
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Consent of Marcia Sato Davoli de Araújo, Associate General Counsel of Embraer S.A. (included in Exhibit 5.1).
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23.2 |
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Consent of Milbank, Tweed, Hadley & McCloy LLP (included in Exhibit 5.2).
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23.3 |
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Consent of Baker & McKenzie Amsterdam N.V. (included in Exhibit 5.3). |
Exhibit 4.1
Dated as of June 15, 2015
INDENTURE
between
EMBRAER S.A.,
as Company
and
THE BANK OF NEW YORK MELLON,
as Trustee, Paying Agent, Registrar and Transfer Agent
Table of Contents
(i)
Table of Contents
(continued)
(ii)
(iii)
Certain Sections of this Indenture relating to Section 310 through 318, inclusive, of the
U.S. Trust Indenture Act of 1939:
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Trust Indenture Act Section |
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Indenture Section |
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§310(a)(1) |
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6.9 |
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(a)(2) |
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6.9 |
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(a)(3) |
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Not Applicable |
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(a)(4) |
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Not Applicable |
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(a)(5) |
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6.9 |
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(b) |
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6.8 |
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6.10 |
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§311(a) |
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6.13 |
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(b) |
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6.13 |
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§312(a) |
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7.1 |
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7.2 |
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(b) |
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7.2 |
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(c) |
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7.2 |
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§313(a) |
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7.3 |
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(b) |
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7.3 |
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(c)(1) |
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7.3 |
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(c)(2) |
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7.3 |
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(c)(3) |
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7.3 |
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(d) |
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7.3 |
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§314(a) |
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10.5 |
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(b) |
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10.5 |
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(c) |
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10.5 |
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(d) |
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10.5 |
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§315(a) |
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6.1 |
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(b) |
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6.2 |
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(c) |
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6.1 |
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(d) |
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6.1 |
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(e) |
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5.14 |
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§316(a)(1)(A) |
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5.12 |
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(a)(1)(B) |
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5.13 |
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(a)(2) |
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Not Applicable |
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(b) |
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5.8 |
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(c) |
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1.4 |
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§317(a)(1) |
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5.3 |
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(a)(2) |
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5.4 |
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(b) |
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10.3 |
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§318(a) |
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1.7 |
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Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of this Indenture.
INDENTURE, dated as of June 15, 2015 (the Indenture), among EMBRAER S.A.,
a company (sociedade anônima) duly organized and existing under the laws of the Federative Republic of Brazil (herein called the Company), having its principal office at Avenida Brigadeiro Faria Lima, 2170, 12227-901
São José dos Campos, São Paulo State, Brazil, and THE BANK OF NEW YORK MELLON, a banking corporation duly organized and existing under the laws of the State of New York, having its principal corporate trust office at 101 Barclay
Street, New York, New York 10286, as Trustee (herein called the Trustee).
W I T N E S S E T H:
WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for the sale in one or more offerings of debt
securities of the Company (herein called collectively the Securities), to be issued in one or more tranches of one or more series as in this Indenture provided; and
WHEREAS, all things necessary to make this Indenture a valid and binding legal obligation of the Company according to its terms have been
done.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
It is hereby covenanted and agreed that the terms and conditions upon which the Securities are issued, authenticated, delivered and accepted
by all Persons who shall from time to time be or become the Holders thereof (each as defined below), which said terms and conditions the Trustee hereby accepts and agrees to discharge pursuant to the terms hereof, are as follows:
ARTICLE I
Definitions and Other Provisions of General Application
Section 1.1 Definitions. For all purposes of this Indenture, except as otherwise expressly provided or
unless the context otherwise requires:
1.1.1 the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular;
1.1.2 terms used herein which are defined in the Trust Indenture Act (as defined below),
either directly or by reference therein, have the meanings assigned to them therein;
1.1.3 all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with international financial reporting standards, and, except as otherwise herein expressly provided, the terms generally accepted accounting principles or IFRS with
respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted under IFRS at the date of such computation;
1.1.4 unless the context otherwise requires, any reference to an Article or a Section refers to an Article or Section,
as the case may be, of this Indenture;
1.1.5 unless the context otherwise requires, any reference to a statute, rule or regulation refers
to the same (including any successor statute, rule or regulation thereto) as it may be amended from time to time; and
1.1.6 the words herein, hereof and hereunder and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
Act, when used with respect to any Holder, has the meaning specified in Section 1.4.1.
Additional Amounts has the meaning specified in Section 10.7.1.
Affiliate means, with respect to any specified Person, (i) any other Person which, directly or indirectly, is in
control of, is controlled by or is under common control with such specified Person or (ii) any other Person who is a director or officer (a) of such specified Person, (b) of any subsidiary of such specified Person or (c) of any
Person described in clause (i) above. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise and
the terms controlling and controlled have meanings correlative to the foregoing.
Agent
Members has the meaning specified in Section 3.4.5.
Applicable Procedures means, with respect to
the Depositary, at any matter at any time, the policies and procedures of the Depositary, if any, that are applicable to such matter at such time.
Authenticating Agent means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of
the Trustee to authenticate Securities of one or more series.
Bankruptcy Law means (i) Title 11, United States
Code or any similar U.S. federal or state law for the relief of debtors or the administration or liquidation of debtors estates for the benefit of their creditors and (ii) the Brazilian Bankruptcy Law or any similar Brazilian federal or
state law for the relief of debtors or the administration or liquidation of debtors estates for the benefit of their creditors.
Board of Directors means, as the case may be, the Board of Directors of the Company (Conselho de
Administração) or any committee thereof duly authorized to act on behalf of such Board of Directors.
Board
Resolution means a copy of a resolution certified by the Secretary, the Assistant Secretary or another director or Officer performing corporate secretarial functions of the Company, to have been duly adopted by the Board of Directors and
to be in full force and effect on the date of such certification and delivered to the Trustee.
Brazil means the
Federative Republic of Brazil.
Brazilian Bankruptcy Law means Brazilian Federal Law No. 11,101.
Brazilian Taxes has the meaning specified in Section 10.7.1.
Business Day means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
the City of New York or the City of São Paulo, Brazil, are authorized or obligated by law or executive order to close.
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Capitalized Lease Obligation means, with respect to any Person, any obligation
which is required to be classified and accounted for as a capital lease on the face of a balance sheet of such Person prepared in accordance with IFRS; the amount of such obligation shall be the capitalized amount thereof, determined in accordance
with IFRS; and the Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty.
Clearstream Luxembourg has the meaning specified in Section 3.4.5.
Company means the Person named as the Company in the first paragraph of this Indenture until a Person shall
have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter Company shall mean such successor Person.
Company Request or Company Order means a written request or order signed on behalf of the Company by any
two of its Officers or attorneys-in-fact in accordance with its bylaws (estatuto social) and delivered to the Trustee.
Corporate Trust Office means the office of the Trustee at which at any particular time its corporate trust business shall
be principally administered which office as of the date hereof is located at 101 Barclay Street, 7E, New York, New York 10286, Attention: Global Finance Americas, Fax: (212) 815-5603, Tel: (212) 815-5782.
Custodian means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.
Default means any event which is, or after notice or passage of time or both would be, an Event of Default.
Defaulted Interest has the meaning specified in Section 3.6.
Depositary means The Depository Trust Company, or such other depository institution hereafter appointed by the Company,
until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter Depositary shall mean such successor Depositary.
Dollar and US$ mean a U.S. dollar or other equivalent unit in such coin or currency of the United States
as at the time shall be legal tender for the payment of public and private debts.
Euroclear has the meaning specified
in Section 3.4.5.
Event of Default has the meaning specified in Section 5.1.
Exchange Act means the U.S. Securities Exchange Act of 1934, as amended, and any successor statute thereto.
Expiration Date has the meaning specified in Section 1.4.7.
Foreign Taxes has the meaning specified in Section 10.7.1.
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Global Security means a Security that evidences all or part of the Securities
of any series and is authenticated and delivered to, and registered in the name of, the Depositary for Securities of such series or a nominee thereof.
Hedging Agreement means (i) any interest rate swap agreement, interest rate cap agreement or other agreement designed
to protect against fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates.
Holder means, with respect to any Security, a Person in whose name such Security is registered in the Security Register.
IFRS has the meaning specified in Section 1.1.3.
Illegality Event means an event as a result of which it becomes and continues to be unlawful for the Company to perform or
comply with any one or more of its obligations under this Indenture.
Indebtedness means with respect to any Person,
any amount payable (whether as a direct obligation or indirectly through a guaranty by such Person) pursuant to (i) an agreement or instrument involving or evidencing money borrowed, (ii) a conditional sale or a transfer with recourse or
with an obligation to repurchase or (iii) a Capitalized Lease Obligation, provided, however, that as used in Section 5.1.4, Indebtedness shall not include any payment made by the Company on behalf of
an Affiliate, upon any Indebtedness of such Affiliate becoming immediately due and payable as a result of a default by such Affiliate, pursuant to a guarantee or similar instrument provided by the Company in connection with such Indebtedness,
provided that such payment made by the Company is made within five Business Days of notice being provided to the Company that payment is due under such guarantee or similar instrument.
Indenture means this instrument as originally executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part
of and govern this instrument and any such supplemental indenture, respectively. The term Indenture shall also include the terms of the particular series of Securities established as contemplated by Section 3.1.
Interest Payment Date means, when used with respect to any Security, the Stated Maturity of an installment of interest on
such Security.
Investment Company Act means the U.S. Investment Company Act of 1940, as amended.
Judgment Currency has the meaning specified in Section 10.8.
Lien means any mortgage, charge, pledge, lien, hypothecation, security interest or other encumbrance, including, without
limitation, any equivalent of the foregoing created under the laws of Brazil or any other jurisdiction.
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Maturity means, when used with respect to any Security, the date on which the
principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, exercise of repurchase right or otherwise.
Moodys means Moodys Investors Service, Inc. and its successors.
Notice of Default means a written notice of the kind specified in Section 6.2.
Officer means, with respect to any Person, the president, vice-president, chief executive officer, chief financial officer
or any other executive officer performing decision-making functions for such Person (including, in the case of the Company, any member of its Board of Executive Officers (Diretoria)).
Officers Certificate means a certificate signed by any two Officers or representatives of the Company in accordance
with its bylaws (estatuto social), and in each case delivered to the Trustee; provided, however, that one of the Officers signing the Officers Certificate of the Company pursuant to Section 10.4 shall be the
chief executive officer, the chief financial officer or the principal accounting officer of the Company.
Opinion of
Counsel means a written opinion of counsel, who, unless otherwise indicated, may be an employee of or counsel for the Company, and who shall be reasonably acceptable to the Trustee.
Outstanding means, when used with respect to the Securities, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except:
(i) Securities theretofore canceled by the Trustee or delivered
to the Trustee for cancellation;
(ii) Securities for whose payment, redemption or repurchase money in the necessary amount
has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities;
provided that, if such Securities are to be redeemed, notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; and
(iii) Securities (except to the extent provided in Section 12.2) with respect to which the Company has effected
legal defeasance and/or covenant defeasance as provided in Article XII.
(iv) Securities which have been paid
pursuant to Section 3.5 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company;
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provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgees right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such
other obligor.
Paying Agent means any Person (i) having a combined capital and surplus of not less than
US$50,000,000 and (ii) subject to supervision or examination by U.S. federal or state authority, that is authorized by the Company to pay the principal of or premium, if any, or interest on any Securities on behalf of the Company.
Permitted Lien means, with respect to any series of Securities issued hereunder, any Lien:
(i) granted upon or with regard to any property acquired after the date of this Indenture by the Company, to secure the
purchase price of such property or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such property; provided, however, that the maximum amount secured thereby shall not exceed the purchase price of
such property or the Indebtedness incurred solely for the purpose of financing the acquisition of such property;
(ii) in
existence on the date of this Indenture and any extension, renewal or replacement thereof; provided, however, that the total amount of Indebtedness so secured shall not exceed the amount so secured on the date of this Indenture;
(iii) arising in the ordinary course of business of the Company in connection with the financing of any aircraft owned by the
Company that is leased to another Person; provided, however, that such Lien is limited to such aircraft;
(iv) arising by operation of law, such as tax, merchants, maritime or other similar Liens arising in the ordinary course
of business of the Company;
(v) arising in the ordinary course of the business of the Company in connection with the
financing of export, import or other trade related transactions of the Company;
(vi) granted upon or with regard to any
present or future asset or property of in respect of Indebtedness of the Company which is owed to (a) any Brazilian governmental credit agency (including, but not limited to the Brazilian National Treasury, Banco Nacional de Desenvolvimento
Econômico e Social, BNDES Participações S.A., Financiadora de Estudos e Projetos and Agência Especial de Financiamento Industrial); (b) any international official export import bank or official export import credit
insurer; or (c) the International Finance Corporation or any international multilateral or government sponsored agency;
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(vii) (a) existing with respect to any assets of a Person at the time such Person
is merged or consolidated with or into the Company (and such Lien is not incurred in anticipation of such transaction), provided that such Lien is not extended to any asset of the Company other than the assets of such Person affected thereby
prior to giving effect to such merger or consolidation, (b) existing on any assets at the time of the acquisition thereof (and not incurred in anticipation of such transaction), and (c) to secure any extension, renewal, refinancing,
refunding or exchange (or successive extensions, renewals, refinancing, refunding or exchanges), in whole or in part, of or for any Indebtedness secured by Liens referred to above, provided that such Liens do not extend to any other property;
(viii) created pursuant to any order of attachment or similar legal process arising in connection with court proceedings
which are being contested by the Company in good faith and by appropriate proceedings;
(ix) on any property or assets in
connection with Indebtedness related to any regulated program for industrial or defense development related to the activities performed by the Company imposed or entered into as a result of the regulations or requirements of an applicable
governmental authority; provided, however, that such Lien is limited to such property or assets associated with such regulated program;
(x) existing on any asset prior to the acquisition thereof by the Company and not created in contemplation of such acquisition;
(xi) created over funds reserved for the payment of principal, interest and premium, if any, and any Additional Amounts,
due in respect of the Securities of any series issued by the Company;
(xii) arising from Capitalized Lease Obligations
entered into in the ordinary course of business; or
(xiii) granted after the date of this Indenture upon or in respect of
any asset of the Company other than those referred to above, provided that the aggregate amount of Indebtedness secured pursuant to this exception shall not, on the date any such Indebtedness is incurred, exceed an amount equal to 10% of the
Companys shareholders equity (calculated on the basis of the Companys latest quarterly unaudited or annual audited consolidated financial statements whichever is the most recently prepared in accordance with IFRS and currency
exchange rates prevailing on the last day of the period covered by such financial statements).
Person means any
individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof.
Place of Payment means, when used with respect to the Securities of any series and subject to Section 10.2, the
place or places where the principal of and premium, if any, and interest on the Securities of such series are payable as specified as contemplated by Section 3.1.6.
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Predecessor Security means, with respect to any particular Security, every
previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.5 in exchange for or in lieu
of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.
Redemption Date means, when used with respect to any Security to be redeemed, the date fixed for such redemption by or
pursuant to this Indenture.
Redemption Price means, when used with respect to any Security to be redeemed, the price
at which it is to be redeemed pursuant to this Indenture as set forth in such Security, such calculation to be made by the Company.
Regular Record Date means, for the interest payable on any Interest Payment Date on the Securities of any series, the date
specified for that purpose as contemplated by Section 3.1.5.
Relevant Taxing Jurisdiction has the meaning
specified in Section 10.7.1.
Repurchase Date means, when used with respect to any Security to be
repurchased, the date fixed for such repurchase by or pursuant to this Indenture.
Repurchase Price means, when used
with respect to any Security to be repurchased, the price at which it is to be repurchased pursuant to this Indenture as set forth in such Security.
Responsible Officer means, when used with respect to the Trustee, any officer of the Trustee having direct responsibility
for the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.
SEC means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act,
or, if at any time after the execution of this Indenture such commission is not existing and performing the duties now assigned to it under applicable law, then the body performing such duties at such time.
Securities has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture.
Securities Act means the U.S. Securities Act of 1933, as amended,
and any successor statute thereto.
Security Register and Security Registrar have the respective
meanings specified in Section 3.4.
Significant Subsidiary means any Subsidiary of the Company which at the
time of determination either (i) had assets which, as of the date of the Companys most recent unaudited quarterly or audited annual consolidated balance sheet, constituted at least 10% of the Companys total assets on a consolidated
basis as of such date or (ii) had revenues for the 12-month period ending on the date of the Companys most recent unaudited quarterly or audited annual consolidated statement of income which constituted at least 10% of the Companys
total revenues on a consolidated basis for such period.
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Special Record Date means, for the payment of any Defaulted Interest, a date
fixed by the Trustee pursuant to Section 3.6.1.
Specified Currency has the meaning specified in
Section 10.8.
S&P means Standard & Poors Rating Services, a division of McGraw Hill,
Inc., and its successors.
Stated Maturity means, when used with respect to any Security or any installment of interest
thereon, the date specified in such Security as the fixed date on which the principal of such Security or such installment of interest is due and payable.
Subsidiary means any corporation, association, partnership or other business entity of which more than 50% of the total
voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees, as applicable, thereof is at the
time owned or controlled, directly or indirectly, by (i) the Company, (ii) the Company and one or more of its Subsidiaries or (iii) one or more Subsidiaries of the Company.
Successor Jurisdiction means the jurisdiction, other than Brazil, in which a Successor Person is incorporated or considered
to be resident.
Successor Person has the meaning specified in Section 8.1.1.
Transfer of any Security means any sale, pledge, transfer, hypothecation or other disposition of such Security or any
interest therein.
Trust Indenture Act means the U.S. Trust Indenture Act of 1939, as amended, and any successor
statute thereto.
Trustee means the Person named as the Trustee in the first paragraph of this Indenture
until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter Trustee shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than
one Person, Trustee as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of such series. Each Trustee shall be a Person that (i) is eligible pursuant to the Trust Indenture Act to
act as such, (ii) has a combined capital and surplus of at least US$50,000,000, (iii) is subject to supervision or examination by U.S. federal or state authority and (v) has its Corporate Trust Office in the United States.
United States or U.S. means the United States of America (including the states thereof and the District
of Columbia), its territories, its possessions and other areas subject to its jurisdiction.
Section 1.2
Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be
required hereunder and under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers Certificate or an Opinion of Counsel, respectively, and shall comply with the requirements of the Trust Indenture
Act and any other requirements set forth in this Indenture.
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Every certificate or opinion with respect to compliance with a condition or covenant provided for
in this Indenture shall include:
1.2.1 a statement that each individual signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto;
1.2.2 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;
1.2.3 a statement that, in the
opinion of each such individual, such individual has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with; and
1.2.4 a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.
Section 1.3 Form of Documents Delivered to Trustee. In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.
Any certificate of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by,
counsel, unless such officers or directors know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which the certificate or opinion is based are erroneous. Any such
certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.
Section 1.4 Acts of Holders; Record Dates
1.4.1 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the Act of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.4.1.
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1.4.2 The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him
the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.
1.4.3 The ownership of Securities shall be proved by the Security Register.
1.4.4 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.
1.4.5 The Company may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to
be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in Section 1.4.6. If any record date is set pursuant to this Section 1.4.5, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.4.5 shall be construed to prevent the Company from setting a new record date for any action for which a record date has
previously been set pursuant to this Section 1.4.5 (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this Section 1.4.5 shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this
Section 1.4.5, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6.
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1.4.6 The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings
referred to in Section 5.7.2 or (iv) any direction referred to in Section 5.12, in each case with respect to the Securities of such series. If any record date is set pursuant to this Section 1.4.6, the
Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this
Section 1.4.6 shall be construed to prevent the Trustee from setting a new record date for any action (whereupon the record date previously set shall automatically and without any action by any Person be canceled and of no effect), nor
shall anything in this Section 1.4.6 be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this Section 1.4.6, the Trustee, at the Companys expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in
writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.
1.4.7 With respect to
any record date set pursuant to this Section 1.4, the party hereto that sets such record date may designate any day as the Expiration Date and from time to time may change the Expiration Date to any earlier or later
day, provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 1.4.7, the party hereto that set such record date shall be deemed
to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this Section 1.4.7. Notwithstanding the foregoing, no
Expiration Date shall be later than the 180th day after the applicable record date.
Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount.
Section 1.5 Notices, Etc., to
Trustee and the Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,
1.5.1 the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing, which may be by facsimile or other electronic transmission, to or with the Trustee at its Corporate Trust Office, or
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1.5.2(i) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to the Company at the address specified below or at any other address
previously furnished in writing to the Trustee by the Company:
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To the Company: |
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Embraer S.A. |
Avenida Brigadeiro Faria Lima, 2170 |
12227-901 São José dos Campos, São Paulo |
Brazil |
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Attention: |
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José Antonio de Almeida Filippo |
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Chief Financial and Investor Relations Officer |
Telephone: |
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55-12-3040-9517 |
Facsimile: |
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N/A |
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With a copy (which shall not constitute notice) to: |
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Tobias Stirnberg |
Milbank, Tweed, Hadley & McCloy LLP |
Rua Colombia, 325 |
Jardin América |
01438-000 São Paulo, São Paulo |
Brazil |
The Trustee may rely upon and comply with instructions or directions sent by an authorized representative of
the Company via unsecured facsimile or email transmission and the Trustee shall not be liable for any loss, liability or expense of any kind incurred by the Company due to the Trustees reliance upon and compliance with instructions or
directions given by unsecured facsimile or email transmission, provided, however, that such losses have not arisen from the negligence or willful misconduct of the Trustee. The Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.
Section 1.6 Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to each Holder affected by such event,
at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver.
In case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
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Notwithstanding the provisions of this Section 1.6, in case any series of Securities
are listed on any securities exchange, a notice to holders of such Securities given in accordance with the rules and procedures of such securities exchange shall be regarded as a valid notice under this section 1.6. In addition, if any series
of Securities are held as a Global Security, notices will be delivered in accordance with the Applicable Procedures.
Section 1.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this
Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as
so modified or excluded, as the case may be.
Section 1.8 Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.
Section 1.9 Successors and Assigns. All covenants and agreements in this Indenture by the
Company shall bind its successors and assigns, whether so expressed or not.
Section 1.10
Separability Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.
Section 1.11 Benefits of Indenture. Nothing in this Indenture or in the
Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture.
Section 1.12 Legal Holidays. Except as otherwise provided pursuant to Section 2.1 or
Section 3.1, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Securities) payment of
interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption Date or at the Stated Maturity, as the
case may be; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to the next Business Day.
Section 1.13 Consent to Service; Jurisdiction. The Company and the Trustee agree that any legal
suit, action or proceeding arising out of or relating to this Indenture, and the Company agrees that any legal suit, action or proceeding arising out of or relating to the Securities may be instituted in any federal or state court in the Borough of
Manhattan, The City of New York, in respect of actions brought against each such party as a defendant, and each waives any objection which it may now or hereafter have to the laying of the venue of any such legal suit, action or proceeding, waives
any immunity, to the extent permitted by law, from jurisdiction or to service of process in respect of any such suit, action or proceeding, waives any right to which it may be entitled on account of place of residence or domicile and irrevocably
submits to the jurisdiction of any such court in any such suit, action or proceeding. The Company further submits to the
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jurisdiction of the courts of its own corporate domicile in any legal suit, action or proceeding arising out of or relating to this Indenture or the Securities. The Company hereby designates and
appoints National Corporate Research, Ltd., located at 10 East 40th Street, 10th Floor, New York, New York 10016, as its authorized agent upon
which process may be served in any legal suit, action or proceeding arising out of or relating to this Indenture or the Securities, which may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, New York,
and agree that service of process upon such agent, and written notice of said service to the Company by the Person serving the same, shall be deemed in every respect effective service of process upon the Company in any such suit, action or
proceeding. If for any reason National Corporate Research, Ltd. (or any successor agent for this purpose) shall cease to act as agent for service of process as provided above, the Company will promptly appoint a successor agent for this purpose
reasonably acceptable to the Trustee. The Company agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect.
Section 1.14 Language of Notices, Etc. Any request, demand, authorization, direction, notice,
consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication.
ARTICLE II
Security Forms
Section 2.1 Forms Generally. The Securities of each series shall be in substantially such form as shall be approved by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or Depositary thereof or as may, consistently herewith, be determined by the Officers or, in the case of the Company, its directors or Officers executing such Securities, as evidenced by
their execution of the Securities. If the form of Securities of any series is approved by a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary, the Assistant Secretary or another Officer or, in the
case of the Company, a director, performing corporate secretarial functions, and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such
Securities.
The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officers, or, in the case of the Company, directors or Officers executing such Securities, as evidenced by their execution of such Securities.
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Section 2.2 Form of Legend for Global Security. The
following legend shall appear on the face of each Global Security:
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN SECTION 3.4.2. OF THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.
The following legend shall appear on the face of each Global Security for which The Depository Trust Company is to be
the Depositary:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (DTC), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
Section 2.3 Form of Trustees Certificate of Authentication. This is one of the Securities
referred to in the within-mentioned Indenture.
Dated: [ ]
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THE BANK OF NEW YORK MELLON, as
Trustee |
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By: |
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Authorized Officer |
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ARTICLE III
The Securities
Section 3.1 Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more tranches of one or more series. The issuance of Securities shall be approved in in or pursuant to
a Board Resolution of the Company or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:
3.1.1 the title of the Securities, including CUSIP Numbers, of such series (which shall distinguish the Securities of such series from
Securities of any other series);
3.1.2 any limit upon the aggregate principal amount of the Securities which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.4, 3.5, 9.6 or
11.5 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder);
3.1.3 the Person to whom any interest on a Security of such series shall be payable, if other than the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;
3.1.4 the date
or dates on which the principal of the Securities of such series is payable;
3.1.5 the rate or rates at which the Securities of such
series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable, the Regular Record Date for any interest payable on any Interest Payment Date;
3.1.6 the place or places where the principal of and premium, if any, and interest on Securities of such series shall be payable and the
manner in which any payment may be made;
3.1.7 the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of such series may be redeemed, in whole or in part, at the option of the Company;
3.1.8 the obligation,
if any, of the Company to redeem or purchase Securities of such series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of such series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
3.1.9
the rights, if any, of the Holders of the series to demand exchange of their Securities for Securities subject to a registration statement under the Securities Act declared effective by the SEC;
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3.1.10 if other than denominations of US$2,000 and any integral multiple of US$1,000 in excess
thereof, the denominations in which Securities of such series shall be issuable;
3.1.11 if the amount of payments of principal of or
premium, if any, or interest on any Securities of such series may be determined with reference to an index, the manner in which such amounts shall be determined;
3.1.12 if the principal of or premium, if any, or interest on any Securities of such series is to be payable, at the election of the Company
or a Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and premium, if any, and
interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made;
3.1.13 if other than the principal amount thereof, the portion of the principal amount of Securities of such series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;
3.1.14 any collateral or other security
pledged against payment of principal, interest or premium, if any, on the Securities;
3.1.15 the applicability, non-applicability, or
variation, of Section 10.7 with respect to the Securities of such series;
3.1.16 if and as applicable, that the Securities of
such series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in
Section 3.4 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any
such transfer may be registered;
3.1.17 the terms and conditions, if any, pursuant to which the Securities are convertible into or
exchangeable for any other securities;
3.1.18 any addition to or change in the covenants set forth in Article 10 which apply to
the Securities of such series;
3.1.19 the applicability of Article 13 with respect to the Securities of such series; and
3.1.20 any other terms of such series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1.5).
If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of
an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers Certificate setting forth the terms of the series.
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All Securities of any one series shall be substantially identical except as to issue date, issue
price and first payment of interest.
Notwithstanding Section 3.1.2 herein and unless otherwise expressly provided with
respect to a series of Securities, the aggregate principal amount of a series of Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series
as increased.
Section 3.2 Denominations. The Securities shall be issuable only in
registered form without coupons and, unless otherwise specified as contemplated by Section 3.1.10, only in denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof.
Section 3.3 Execution, Authentication, Delivery and Dating. The Securities shall be executed on
behalf of the Company by any two of its Officers or directors in accordance with its bylaws (estatuto social). The signature of any of these Officers or directors on such Securities may be manual or facsimile.
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper Officers or directors of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.
If a facsimile signature will be used for the Securities, each signatory should approve such use of his signature and evidence of such
approval may be required for the enforcement of the Securities in the Netherlands. If any of the Securities were executed by attaching thereto the facsimile signature of any person who does not hold office at the issue date of such Securities, or if
such Securities will be issued on a date on which the person whose facsimile signature is attached thereto no longer holds office, it may be necessary for the enforcement of such Securities in the Netherlands that the holder of such Securities shall
present both such Securities and evidence of such approval.
At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such
Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of such series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an
Opinion of Counsel stating:
3.3.1 if the form of such Securities has been established by or pursuant to Board Resolution as permitted by
Section 2.1, that such form has been established in conformity with the provisions of this Indenture;
3.3.2 if the terms of
such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been established in conformity with the provisions of this Indenture; and
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3.3.3 that such Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors rights and to general equity principles.
If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if, in the opinion of
counsel to the Trustee, the issue of such Securities pursuant to this Indenture will affect the Trustees own rights, duties or immunities under the Securities and this Indenture.
Notwithstanding the provisions of Section 3.1. and of the preceding paragraph, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver the Officers Certificate otherwise required pursuant to Section 2.1 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued and in that case the Trustee may
rely, as to the authorization by the Company of any of such Securities, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to
Sections 2.1 and 3.1 and this Section, as applicable, in connection with the first authentication of Securities of such series.
Each Security shall be dated the date of its authentication.
No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder.
Section 3.4
Registration, Registration of Transfer and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register for each series of Securities (the registers maintained in such office and in any other office or
agency of the Company in a Place of Payment being herein sometimes collectively referred to as the Security Register) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers and exchanges of Securities. The Trustee is hereby appointed Security Registrar for the purpose of registering Securities and registering transfers and exchanges of Securities as herein
provided. Such Security Register shall be in written form or in any other form capable of being converted into written form within a reasonable period of time. At all reasonable times the Security Register shall be open for inspection by the
Company.
Upon surrender for registration of transfer of any Security of any series at the office or agency of the Company maintained for
such purpose, the Company shall execute and the Trustee shall authenticate and deliver, provided that the Security has been duly surrendered and all relevant conditions precedent have been satisfied, in the name of the designated transferee,
one or more new Securities of the same series of any authorized denomination or denominations of like tenor and aggregate principal amount.
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Notwithstanding any other provision of this Section 3.4, unless and until it is
exchanged in whole or in part for the individual Securities represented thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of
such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.
At the option of the Holder and subject to the other provisions of this Section 3.4, Securities of any series (other than a Global
Security, except as set forth below) may be exchanged for other Securities of the same series of any authorized denomination or denominations of like tenor and aggregate principal amount, upon surrender of such Securities to be exchanged at the
office or agency of the Company maintained for such purpose.
Whenever any Securities are so surrendered for exchange, the Company shall
execute and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive.
No
service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 9.6 or Section 11.5 not involving any registration of transfer.
Every Security presented or surrendered for registration of transfer or exchange shall (if so required by the Company, the Trustee or the
Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee and the Security Registrar, duly executed, by the Holder thereof or his attorney duly authorized in writing.
If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required
(i) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice
of redemption of any such Securities selected for redemption under Section 11.2 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption
in whole or in part, except the unredeemed portion of any Security being redeemed in part.
All Securities issued upon any registration of
transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered for such registration of transfer or exchange.
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The provisions of Sections 3.4.1, 3.4.2, 3.4.3, 3.4.4, 3.4.5
and 3.4.6 below shall apply only to Global Securities:
3.4.1 each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture;
3.4.2 notwithstanding any other provision in this Indenture or the Securities, no Global Security of a series may be exchanged in whole or in
part for Securities registered, and no transfer of a Global Security of a series in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (i) the Depositary for the Securities of a
series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or if at any time the Depositary for the Securities of such series ceases to be a clearing agency registered under the Exchange
Act, at a time when such Depositary is required to be so registered in order to act as depositary, and in each case, a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such ineligibility, (ii) the Company in its sole discretion determines that individual Securities of any series issued in the form of one or more Global Securities shall no longer be represented by such Global
Security or Securities or (iii) there shall have occurred and be continuing an Event of Default with respect to such Global Security. In such event the Company will execute and the Trustee, upon receipt of a Company Order for the authentication
and delivery of individual Securities of such series, will authenticate and deliver, individual Securities of such series in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing Securities of
such series in exchange for such Global Security or Securities. Any Global Security exchanged pursuant to clause (i) above shall be so exchanged in whole and not in part and any Global Security exchanged pursuant to clauses (ii) or
(iii) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion thereof shall be a Global Security, provided that any such Security so
issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security;
3.4.3 in
any exchange pursuant to Section 3.4.2 above, the Company will execute and the Trustee will authenticate and deliver individual Securities in registered form in authorized denominations. Upon the exchange of a Global Security for
individual Securities, such Global Security shall be canceled by the Trustee. Individual Securities issued in exchange for a Global Security pursuant to this Section 3.4 shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such
Securities are so registered.
If specified by the Company pursuant to clause (ii) of Section 3.4.2 with respect to a
series of Securities, the Depositary for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for individual Securities of such series on such terms as are acceptable to the Company
and such Depositary. Thereupon, the Company shall execute and the Trustee shall authenticate and deliver, without service charge, (i) to each Person specified by such Depositary a new individual Security or Securities of the same series, of any
authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Persons beneficial interest in the Global Security; and (ii) to such Depositary a new Global Security in a denomination
equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof;
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3.4.4 in the event of the occurrence of any of the events specified in Section 3.4.2
above, the Company will promptly make available to the Trustee a reasonable supply of certificated Securities in definitive, fully registered form, without interest coupons;
3.4.5 neither any members of, or participants in, the Depositary (Agent Members) nor any other Persons on whose behalf
Agent Members may act (including Euroclear Bank S.A./N.V., as operator of the Euroclear System (Euroclear) and Clearstream Banking, société anonyme (Clearstream Luxembourg) and account holders and
participants therein) shall have any rights under this Indenture with respect to any Global Security, or under any Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of
the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from
giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other person on whose behalf an Agent Member
may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security; and
3.4.6
none of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or
for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
Section 3.5 Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is
surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.
If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss
or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a protected purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security upon compliance with the foregoing provisions.
Upon the issuance of any new Security under this Section 3.5, the Company or the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
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Every new Security of any series issued pursuant to this Section 3.5 in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.
The
provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Section 3.6 Payment of Interest; Interest Rights Preserved. Interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest.
Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called Defaulted Interest) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in Section 3.6.1 or Section 3.6.2 below:
3.6.1 the Company may
elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at
the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this Section 3.6.1. Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent in
writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so sent, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Section 3.6.2; or
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3.6.2 the Company may make payment of any Defaulted Interest on the Securities of any series to
the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Section 3.6.2, such manner of payment shall be deemed practicable by the Trustee.
Subject to the foregoing provisions of this Section 3.6, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
Section 3.7 Persons Deemed Owners. Prior to due surrender of a Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any)
and (subject to Section 3.6) interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company, or the Trustee shall be affected by
notice to the contrary.
Section 3.8 Cancellation. All Securities surrendered for payment,
redemption, repurchase, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section 3.8, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures, unless otherwise directed by a
Company Order.
Section 3.9 Computation of Interest. Unless otherwise specified under
Section 3.1 with respect to the Securities of a particular series, interest on such Securities shall be computed on the basis of a 360-day year of twelve 30-day months.
Section 3.10 CUSIP or ISIN Numbers. The Company, in issuing the Securities, may use
CUSIP or ISIN numbers (if then generally in use), and, if so, the Trustee shall use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers.
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ARTICLE IV
Satisfaction and Discharge
Section 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further
effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when
4.1.1 either
(i) all Securities theretofore authenticated and delivered (other than (a) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.5 and (b) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or
(ii) all such Securities not theretofore delivered to the Trustee for cancellation
(a) have become due and payable, or
(b) will become due and payable at their Stated Maturity within one year, or
(c) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,
and the Company, in the case of (i) or (ii) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity, Redemption Date or Repurchase Date, as the case may be;
4.1.2 the Company has paid or caused to be paid all other sums payable hereunder by the Company; and
4.1.3 the Company has delivered to the Trustee an Officers Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.
Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations of the Company to any Authenticating Agent under Section 6.14 and, if money shall have been
deposited with the Trustee pursuant to clause (ii) of Section 4.1.1 or this Section 4.1.3, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive
such satisfaction and discharge.
Section 4.2 Application of Trust Money. Subject to the
provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee.
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ARTICLE V
Remedies
Section 5.1 Events of Default. Event of Default means, wherever used herein with respect to Securities of any series, any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing:
5.1.1 the Company defaults in any payment of interest (including any Additional Amounts) on the Securities of such series when the same
becomes due and payable at its Stated Maturity, and such Default continues for a period of 30 calendar days;
5.1.2 the Company defaults
in the payment of the principal (including premium, if any, and any Additional Amounts) of the Securities of such series when the same becomes due and payable at its Stated Maturity;
5.1.3 the Company fails to comply with any of its covenants or agreements in respect of the Securities of such series (other than those
referred to in Sections 5.1.1 and 5.1.2), and such failure continues for 60 calendar days after the notice specified below;
5.1.4 the maturity of any Indebtedness of the Company or any Subsidiary in a total aggregate principal amount of US$50,000,000 (or the
equivalent thereof at the time of determination) or more is accelerated in accordance with the terms of such Indebtedness, or the failure by the Company or any Subsidiary to make payment at maturity of such Indebtedness (after giving effect to any
grace period provided in the terms of such Indebtedness), it being understood that prepayment or redemption by the Company or any Subsidiary of any Indebtedness is not an acceleration for this purpose;
5.1.5 one or more final judgments or decrees for the payment of money in excess of US$50,000,000 (or the equivalent thereof at the time of
determination) in the aggregate are rendered against the Company or any Subsidiary and are not paid (whether in full or in installments in accordance with the terms of the judgment) or otherwise discharged and, in the case of each such judgment or
decree, either (i) an enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 60 days following commencement of such enforcement proceedings or (ii) there is a period of 60 days
following such judgment during which such judgment or decree is not discharged, waived or the execution thereof stayed;
5.1.6 the Company
or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: (a) commences a voluntary case or files a request or petition for a writ of execution to initiate bankruptcy proceedings or have itself adjudicated as
bankrupt; (b) applies for or consents to the entry of an order for relief against it in an involuntary case; (c) applies for or consents to the appointment of a Custodian of it or for any substantial part of its property; (d) makes a
general assignment for the benefit of its creditors; (e) proposes or agrees to an accord or composition in bankruptcy between itself and its creditors; or (f) files for a reorganization of its debts (judicial or extrajudicial recovery);
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5.1.7 A court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(a) is for relief against the Company or any Significant Subsidiary in an involuntary case; (b) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of the property of the Company or any Significant
Subsidiary; (c) orders the winding up or liquidation of the Company or any Significant Subsidiary; (d) adjudicates the Company or a Significant Subsidiary as bankrupt or insolvent; (e) ratifies an accord or composition in bankruptcy
between the Company or a Significant Subsidiary and the respective creditors thereof; or (f) grants a judicial or extrajudicial recovery to the Company or a Significant Subsidiary; and the order or decree remains unstayed and in effect for 60
days; and
5.1.8 an Illegality Event shall have occurred and be continuing.
A Default under Section 5.1.3 is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of
the Outstanding Securities notify the Company (and the Trustee, if the notice is given by the Holders) of the Default and the Company does not cure, or cause to be cured such Default within the time specified after receipt of such notice.
Section 5.2 Acceleration of Maturity; Rescission and Annulment. If an Event of Default (other than an
Event of Default specified in Section 5.1.7) occurs and is continuing with respect to any series of Securities, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare
all unpaid principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee, if the notice is given
by the Holders), stating that such notice is an acceleration notice, and upon any such declaration such amounts shall become due and payable immediately. If an Event of Default specified in Section 5.1.7 occurs and is
continuing, then the principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder.
At any time after a declaration of acceleration with respect to Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article 5, the Holders of a majority in principal amount of the Outstanding Securities of that series by written notice to the Company and
the Trustee may rescind or annul such declaration if:
5.2.1 the Company has paid or deposited with the Trustee a sum sufficient to pay
(i) all overdue interest on Securities of that series, (ii) all unpaid principal of any Securities of that series that has become due otherwise than by such declaration of acceleration, (iii) to the extent that payment of such
interest on the Securities of that series is lawful, interest on such overdue interest, as provided herein (iv) any Additional Amounts due with respect to the Securities of that series and (v) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and
5.2.2 all
Events of Default have been cured or waived as provided in Section 5.13 other than the nonpayment of principal that has become due solely because of acceleration.
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No such rescission shall affect any subsequent Default or Event of Default or impair any right
consequent thereto.
Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.
If an Event of Default specified in Section 5.1.1 or Section 5.1.2 occurs, the Trustee, in its own name as trustee of an express trust, (i) may institute a judicial proceeding for the collection of the whole amount then
due and payable on such Securities for principal and interest, interest on any overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the rate borne by the
Securities, any Additional Amounts due with respect to the Securities and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, (ii) may prosecute such proceeding to judgment or final decree and (iii) may enforce the same against the Company or any other obligor upon the Securities and collect the moneys adjudged
or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Securities, wherever situated.
If an Event of Default occurs and is continuing with respect to Securities of any series, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of that series by any available proceeding at law or in equity, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy.
Section 5.4 Trustee May File Proofs of
Claim. In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take
any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.
No provision of this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be
a member of a creditors or other similar committee.
Section 5.5 Trustee May Enforce Claims
Without Possession of Securities. All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any such Securities or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
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Section 5.6 Application of Money Collected. Any money
collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or premium, if any, or interest, upon
presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
FIRST: To the payment of all amounts due to the Trustee under Section 6.7;
SECOND: To the payment of the amounts then due and unpaid for principal of and premium, if any, and interest on the Securities in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and premium, if any, and interest, respectively; and
THIRD: Any remaining amounts shall be repaid to the Company.
Section 5.7 Limitation on Suits. No Holder of any Securities of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless
5.7.1 such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series;
5.7.2 the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
5.7.3 such
Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;
5.7.4 the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and
5.7.5 no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Securities of that series;
it being understood and intended that no one or more of such Holders shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.
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Section 5.8 Unconditional Right of Holders to Receive
Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and
(subject to Section 3.6) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repurchase, on the Redemption Date or Repurchase Date, as the case may be), and to
institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.
Section 5.9 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Section 5.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.5, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of
any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
Section 5.12 Control by Holders. The Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Securities of such
series, provided that
5.12.1 such direction shall not be in conflict with any rule of law or with this Indenture;
5.12.2 the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and
5.12.3 subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability against which indemnity would not be satisfactory.
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Section 5.13 Waiver of Past Defaults. Subject to
Section 5.2, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past Event of Default hereunder with respect
to such series and its consequences, except a default
5.13.1 in the payment of the principal of or premium, if any, or interest on any
Security of such series, or
5.13.2 in respect of a covenant or provision hereof which under Article 10 cannot be modified or
amended without the consent of the Holder of each Security of such series affected.
Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
Section 5.14 Undertaking for Costs. In any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs, including
reasonable attorneys fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section 5.14 nor the Trust Indenture Act shall be
deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company or the Trustee or in any suit to require the Company to repurchase any Security of a series in accordance with its
terms.
Section 5.15 Waiver of Usury, Stay or Extension Laws. The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
ARTICLE VI
The Trustee
Section 6.1 Certain Duties and Responsibilities. The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, 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 6.1.
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Section 6.2 Notice of Default; Potential Default. If a
default occurs hereunder with respect to Securities of any series, upon receipt of written notification thereof by a Responsible Officer, the Trustee shall give the Holders of Securities of such series notice of such Default as and to the extent
provided by the Trust Indenture Act (a Notice of Default). Specifically, the Trustee shall provide Notice of Default to each Holder promptly, but in no event later than within 15 days of occurrence, and in the manner provided by
Section 313(c) of the Trust Indenture Act or any successor section thereto, of any Default of which the Trustee is aware. The Trustee shall also provide a notice to each Holder of any claim of Default within 30 days of a Responsible Officer
receiving a written assertion of such claim from Holders of no less than 10% of the aggregate principal amount of Securities of such series then Outstanding. For the purpose of this Section 6.2, the term Default means
any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. If on the Business Day prior to an Interest Payment Date the Company has not deposited with the Trustee funds
sufficient to pay the interest due on the next Interest Payment Date, then the Trustee shall provide written notice to the Company of such failure.
Section 6.3 Certain Rights of Trustee. Subject to the provisions of Section 6.1:
6.3.1 the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have
been signed or presented by the proper party or parties;
6.3.2 any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;
6.3.3 whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers Certificate;
6.3.4 the Trustee may consult with counsel of its own choice and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
6.3.5 the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;
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6.3.6 the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document in connection with this Indenture, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;
6.3.7 the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
6.3.8 the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities unless a written
notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by the Company, the Guarantor or any Holder, and such notice references the Securities and this
Indenture;
6.3.9 the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder;
6.3.10 the
Trustee may request that the Company delivers an Officers Certificate setting forth the names of individuals and/or titles of officers or directors authorized at such time to take specified actions pursuant to this Indenture, which
Officers Certificate may be signed by any person authorized to sign an Officers Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded;
6.3.11 the permissive rights of the Trustee enumerated herein shall not be construed as duties;
6.3.12 in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
6.3.13 the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption,
loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to
resume performance as soon as practicable under the circumstances.
Section 6.4 Not Responsible for
Recitals or Issuance of Securities. Neither the Trustee nor any Authenticating Agent assume any responsibility for the correctness of the recitals contained herein and in the Securities, except the Trustees certificates of authentication.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of such Securities or the
proceeds thereof.
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Section 6.5 May Hold Securities. The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of the Securities and, subject to Sections 6.8 and 6.13, may otherwise
deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.
Section 6.6 Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.
Section 6.7 Compensation and Reimbursement.
6.7.1 The Company agrees to pay to the Trustee from time to time such compensation as shall be agreed in writing between the parties for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust).
6.7.2 Except as otherwise expressly provided herein, the Company agrees to reimburse the Trustee upon its request for all reasonable and
documented expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or willful misconduct.
6.7.3 The Company agrees to fully
indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all losses, liabilities, damages, claims or expenses incurred without negligence or willful misconduct on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder.
When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.1.7, the expenses (including the reasonable and documented charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable Bankruptcy Law.
As security for the performance of the obligations of the Company under this
Section 6.7.3, the Trustee shall have a claim prior to the Securities of a series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (premium, if any) or
interest on such Securities.
The provisions of this Section 6.7.3 shall survive the resignation or removal of the Trustee and
the satisfaction and discharge of this Indenture.
Section 6.8 Conflicting Interests. If the
Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one
series.
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Section 6.9 Corporate Trustee Required; Eligibility.
There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be a Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that (i) is eligible
pursuant to the Trust Indenture Act to act as such, (ii) has a combined capital and surplus of at least US$50,000,000, (iii) is subject to supervision or examination by U.S. federal or state authority and (v) has its Corporate Trust
Office in the United States. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 6.9 and to the
extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with
respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section 6.9, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6.
Section 6.10 Resignation and Removal; Appointment of Successor. No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If
the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 45 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the
Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of
the Outstanding Securities of such series, delivered to the Trustee and to the Company.
If at any time:
6.10.1 the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has
been a bona fide Holder of a Security for at least six months;
6.10.2 the Trustee shall cease to be eligible under
Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder; or
6.10.3 the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (i) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
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If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it
being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and
shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, or the Trustee, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.
The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall include the
name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.
Section 6.11 Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.
In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates.
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Upon request of any such successor Trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.
Section 6.12 Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to
all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. In case any of the Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.
Section 6.13 Preferential Collection of Claims Against Company. If and when the Trustee shall be or
become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).
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Section 6.14 Appointment of Authenticating Agent. The
Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer, or partial redemption or pursuant to
Section 3.5, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the Trustees certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the
United States, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, have a combined capital and surplus of at least US$50,000,000 and be subject to supervision or examination by U.S. federal or
state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 6.14, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 6.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 6.14.
Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided that such corporation shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.14.
The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this
Section 6.14.
If an appointment is made pursuant to this Section 6.14, the Securities may have endorsed thereon,
in addition to the Trustees certificate of authentication, an alternative certificate of authentication in the following form:
This is one of the Securities referred to in the within-mentioned Indenture.
|
|
|
THE BANK OF NEW YORK MELLON, as
Trustee |
|
|
By: |
|
|
|
|
as Authenticating Agent |
Section 6.15 Trustees Application for Instructions from
the Company. Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or
after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than five Business Days after the date any officer or director of the Company actually receives such application, unless any such officer or director shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.
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ARTICLE VII
Holders Lists and Reports by Trustee and Company
Section 7.1 Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish
or cause to be furnished to the Trustee:
7.1.1 semi-annually, not more than 15 days after each Regular Record Date with respect to each
series of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date; and
7.1.2 at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished.
Section 7.2 Preservation of Information; Communications to Holders.
7.2.1 The Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.
7.2.2 The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and
the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.
7.2.3 Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of
Holders made pursuant to the Trust Indenture Act.
Section 7.3 Reports by Trustee. The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15th following the date of this Indenture deliver to Holders a brief report, dated as of such May 15th, which complies with the
provisions of such Section 313(a).
A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange upon which any of the Securities are listed, with the SEC (unless at the time no Outstanding Securities have been registered with the SEC pursuant to the Securities Act) and with the Company. The Company
will promptly notify the Trustee in writing when any of the Securities are listed on any securities exchange.
Delivery of such reports to
the Trustee is for informational purposes only and the Trustees receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Companys compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers Certificates).
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ARTICLE VIII
Consolidation, Merger, Conveyance, Transfer or Lease
Section 8.1 Company May Consolidate, Etc. Only on Certain Terms. The Company shall not, without
the consent of the Holders of a majority in aggregate principal amount of each series the Securities in accordance with this Indenture, consolidate with or merge into any other corporation or convey or transfer all or substantially all of its
properties or assets to any other Person, unless:
8.1.1 the Person formed by such consolidation or into which the Company is merged or
the Person which acquires by conveyance or transfer all or substantially all of its properties or assets (the Successor Person) shall expressly assume (via a supplemental indenture), pursuant to this Indenture, the due and
punctual repayment of the principal and interest on all the Securities and all other obligations of the Company under the Indenture and the Securities;
8.1.2 immediately after giving effect to such transaction, no Event of Default with respect to any Security shall have occurred and be
continuing;
8.1.3 the Company has delivered to the Trustee (i) Officers Certificates of the Company stating that such
consolidation, merger, conveyance or transfer and supplemental indenture complies with this Article and that all conditions precedent herein provided, which relate to such transaction, have been complied with and (ii) an Opinion of Counsel
issued by external counsel of recognized standing stating that such consolidation, merger, conveyance or transfer complies with this Article and that all conditions herein provided, which relate to such transaction, have been complied with; and
8.1.4 the Successor Person shall expressly agree to withhold against any tax, duty, assessment or other governmental charge thereafter imposed
or levied by Brazil or a Relevant Taxing Jurisdiction as a consequence of such consolidation, merger, conveyance or transfer with respect to the payment of principal of or interest or premium, if any, on the Securities, and to pay such Additional
Amounts as may be necessary to ensure that the net amounts receivable by Holders after any withholding or deduction of any such tax, assessment, duty or other governmental charge shall equal the respective amounts of principal, premium, if any, and
interest which would have been receivable in respect of the Securities in the absence of such consolidation, merger, conveyance or transfer; provided, however, that Holders will not be subject to the exceptions and limitations
contained in Section 10.7 in relation to the Successor Jurisdiction.
Section 8.2
Successor Substituted. Upon any consolidation, merger, conveyance, or transfer in accordance with this Article, the Successor Person shall succeed to, and be substituted for, and may exercise every right and power of the Company under the
Securities with the same effect as if the Successor Person had been named as the issuer of the Securities herein.
Section 8.3 Right to Redemption. No Successor Person shall have the right to redeem the Securities unless the Company would have been entitled to redeem such Securities in similar circumstances.
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ARTICLE IX
Supplemental Indentures
Section 9.1 Supplemental Indentures without Consent of Holders. Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:
9.1.1 to evidence the succession
of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities;
9.1.2 to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to
be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;
9.1.3 to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events
of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series);
9.1.4 to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form;
9.1.5 to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (i) shall neither (a) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (b) modify the
rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding;
9.1.6 to secure the Securities pursuant to the requirements of Section 10.6 or otherwise;
9.1.7 to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1;
9.1.8 to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11;
or
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9.1.9 to cure any ambiguity, to correct or supplement any provision herein which may be defective
or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Section 9.1.9 shall not adversely
affect the interests of the Holders of Securities of any series in any material respect.
Section 9.2 Supplemental Indentures or Waiver with Consent of Holders. With the written consent
of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture or waiver, by Act of said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may (i) enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of such series under this Indenture or (ii) waive the application of any provision of this Indenture; provided, however, that no such supplemental indenture or
waiver shall, without the consent of the Holder of each Outstanding Security affected thereby:
9.2.1 change the Stated Maturity of the
principal of, or any installment of principal of or interest on, any Security;
9.2.2 reduce the principal amount, the interest rate, the
redemption price for any Security or the principal amount that would be due and payable upon acceleration of the Maturity thereof pursuant to Section 5.2;
9.2.3 change or modify in any way the Companys or the Guarantors obligation to pay Additional Amounts pursuant to
Section 10.7;
9.2.4 change the coin or currency in which, any Security or premium, if any, or interest thereon is payable;
9.2.5 change the Place of Payment of any Security;
9.2.6 impair the Holders right to institute suit for the enforcement of any payment due with respect to any Security;
9.2.7 change the terms of payment from, or control over, or release or reduce any collateral or security interest that may be created or
provided pursuant to Section 10.6;
9.2.8 change any provision of the Guarantees by the Guarantor in a manner which would
materially and adversely affect the Holders; and
9.2.9 modify any of the provisions of this Section 9.2,
Section 5.13 or Section 10.9, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to the Trustee and concomitant changes in this
Section 9.2 and Section 10.9, or the deletion of this proviso, in accordance with the requirements of Section 6.11.
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A supplemental indenture or waiver which changes or eliminates any covenant or other provision of
this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall
be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.
It shall not be necessary for
any Act of Holders under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such Act shall approve the substance thereof.
Section 9.3 Execution of Supplemental Indentures. In executing, or accepting the additional
trusts created by, any supplemental indenture or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon, in addition to the documents required by Section 1.2, an Officers Certificate and an Opinion of Counsel, each stating that the execution of such supplemental indenture or waiver is authorized or permitted
by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture or waiver which affects the Trustees own rights, duties or immunities under this Indenture or otherwise.
Section 9.4 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.
Section 9.5 Conformity with Trust Indenture Act. Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.
Section 9.6 Reference in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.
Section 9.7 Effect of Waiver. A waiver shall be effective to waive compliance with the
particular provision and for the particular instance for which the waiver was made and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such provision shall remain in full
force and effect.
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ARTICLE X
Covenants
Section 10.1 Payment of Principal, Premium and Interest. The Company will duly and punctually pay the principal of and premium, if any, and interest (together with any Additional Amounts payable thereon) on the Securities in accordance
with the terms of the Securities and this Indenture.
Section 10.2 Maintenance of Office or
Agency. With respect to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 3.1, the Corporate Trust Office of the Trustee shall be the Place of Payment where such Global
Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any such payment, presentation, surrender or
delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture.
With respect to any Securities that are not in the form of a Global Security, the Company will maintain in the Borough of Manhattan, The City
of New York, New York, an office or agency where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of
the Securities (in this case, without regard to the form of the Securities) and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
The Company may also from time to time designate one or more other offices or agencies (in or outside the Borough of Manhattan, The City of
New York, New York) where the Securities of one or more series, notices and other items may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York, New York, for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
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Section 10.3 Money for Security Payments To Be Held in
Trust. If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or premium, if any, or interest on any of the Securities of such series,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and premium, if any, and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act.
Whenever the Company shall have one or more Paying
Agents for any series of Securities, it will, on the business day prior to each due date of the principal of or premium, if any, or interest on any Securities of such series, deposit in Dollars with a Paying Agent in New York, New York a sum
sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.
The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying
Agent and (ii) during the continuance of any default by the Company (or any other obligor upon the Securities of such series) in the making of any payment in respect of the Securities of such series, upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of such series.
The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from
all further liability with respect to such money.
Any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of or premium, if any, or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, may, at the expense of the Company, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, New York, notice that
such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.
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Section 10.4 Statement by Officers as to Default. The
Company will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company ending after the date hereof, an Officers Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in
default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which they may have knowledge.
The Company will deliver to the Trustee, as soon as
possible and in any event within 30 days after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers Certificate
setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto.
Section 10.5 Reports by Company. The Company (unless at the time no Outstanding Securities have been registered with the SEC pursuant to the Securities Act) shall file with the Trustee and the SEC, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act.
Notwithstanding that the Company may not be required to remain subject to the reporting requirements of Section 12, 13 or
15(d) of the Exchange Act, the Company will continue to file with the SEC and provide the Trustee with such annual reports and such information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) which are specified in Sections 12, 13 and 15(d) of the Exchange Act.
Delivery of
such reports, information and documents to the Trustee is for informational purposes only and the Trustees receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Companys compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers Certificates).
Section 10.6 Limitation on Liens. The Company will not create, incur, issue or assume any
Indebtedness secured by any Lien, other than a Permitted Lien, without in any such case effectively providing that the Securities shall be secured equally and ratably with or prior to such secured Indebtedness. The (i) giving of a guarantee
that is secured by a Lien upon or in respect of any asset of the Company, and (ii) creation of a Lien upon or in respect of any of the Companys assets to secure Indebtedness that existed prior to the creation of such Lien, shall be deemed
to involve the incurrence of Indebtedness in an amount equal to the principal amount of such Indebtedness secured by such Lien.
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Section 10.7 Payment of Additional Amounts.
10.7.1 All payments in respect of the Securities shall be made without withholding or deduction for or on account of any present or future
taxes, duties, assessments or other governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Brazil (Brazilian Taxes) or any other jurisdiction or political subdivision thereof
having power to tax in which the Company or any successor thereto is organized or incorporated or is a resident for tax purposes (Foreign Taxes), as applicable (each such jurisdiction, a Relevant Taxing
Jurisdiction), unless the Company is compelled by law to deduct or withhold such taxes, duties, assessments or governmental charges. In the event of any such withholding or deduction, the Company shall make such deduction or withholding,
will make payment of the amount so withheld to the appropriate governmental authority and will pay to each Holder such additional amounts (Additional Amounts) as may be necessary in order that every net payment made by the Company
on the Securities after such withholding or deduction for or on account of any Brazilian Taxes or Foreign Taxes will equal the respective amounts of principal, premium, if any, and interest which would have been receivable in respect of such
Securities had no such withholding or deduction (including for any Foreign Taxes payable in respect of Additional Amounts) been required, except that no such Additional Amounts shall be payable with respect to any payment on a Security:
(i) to, or to a third party on behalf of, a Holder who is liable for any such taxes, duties, assessments or other governmental
charges in respect of such Security by reason of (a) a connection between the Holder and a Relevant Taxing Jurisdiction other than the mere holding of such Security and the receipt of payments with respect to such Security or (b) failure
by the Holder to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a Relevant Taxing Jurisdiction, of such Holder, if such compliance is required or
imposed by law as a precondition to exemption from all or a part of such tax, duty, assessment or other governmental charge and the Company has given the Holders at least 30 days notice that Holders will be required to comply with such
requirement;
(ii) in respect of any such taxes, duties, assessments or other governmental charges with respect to a
Security surrendered (if surrender is required) more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later,
except to the extent that the Holder of such Security would have been entitled to such Additional Amounts on surrender of such Security for payment on the last day of such 30-day period;
(iii) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any
European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such directive;
(iv) in respect of any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or governmental
charge imposed with respect to a Security;
(v) in respect of any tax, assessment or other governmental charge payable
otherwise than by deduction or withholding from payments of principal of or interest or premium, if any, on any series of Securities or by direct payment by the Company in respect of claims made against the Company; or
(vi) in respect of any combination of the above.
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For purposes of the provisions described in this Section 10.7.1, the term
Holder of any Security means the direct nominee of any beneficial owner of such Security, which holds such beneficial owners interest in such Security. Notwithstanding the foregoing, the limitations on the Companys
obligation to pay Additional Amounts set forth in clause (i)(b) above shall not apply if the provision of information, documentation or other evidence described in such clause (i)(b) would be materially more onerous, in form, in procedure or in the
substance of information disclosed, to a Holder or beneficial owner of a Security (taking into account any relevant differences between U.S. and Brazilian law, regulation or administrative practice) than comparable information or other reporting
requirements imposed under U.S. tax law (including tax treaties between the United States and Brazil), regulations (including proposed regulations) and administrative practice.
The Company shall promptly provide the Trustee with documentation, if any, (which may consist of certified copies of such documentation)
reasonably satisfactory to the Trustee evidencing the payment of Foreign Taxes in respect of which the Company has paid any Additional Amounts. Copies of such documentation shall be made available to the Holders of the Securities or the Paying
Agent, as applicable, upon request therefor.
In respect of the Securities issued hereunder, at least 10 days prior to the first date of
payment of interest on the Securities and at least 10 days prior to each date, if any, of payment of principal or interest thereafter if there has been any change with respect to the matters set forth in the below-mentioned Officers
Certificate, the Company shall furnish the Trustee and each Paying Agent with an Officers Certificate instructing the Trustee and such Paying Agent as to whether such payment of principal of or interest or premium, if any, on such Securities
shall be made without deduction or withholding for or on account of any tax, duty, assessment or other governmental charge. If any such deduction or withholding shall be required by Brazil or any Successor Jurisdiction or any political subdivision
or authority therein or thereof having power to tax, then such certificate shall specify, by country, the amount, if any, required to be deducted or withheld on such payment to Holders of such Securities, and the Company shall pay or cause to be
paid to the Trustee or such Paying Agent Additional Amounts, if any, required by this Section 10.7. The Company agrees to indemnify the Trustee and each Paying Agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance on any Officers Certificate furnished pursuant to this Section 10.7.
10.7.2 The Company shall pay all present or future stamp, issue, registration, documentary or other similar duties, if any, which may be
imposed by Brazil or any other governmental entity or political subdivision therein or thereof, or any taxing authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Securities.
10.7.3 The Company shall provide each Paying Agent and any withholding agent under relevant tax regulations with copies of each certificate
received by the Company from a Holder of a Security pursuant to the text of such Security. Each such Paying Agent and withholding agent shall retain each such certificate received by it for as long as any Security is outstanding and in no event for
less than four years after its receipt, and for such additional period thereafter, as set forth in an Officers Certificate, as such certificate may become material in the administration of applicable tax laws.
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10.7.4 In the event that Additional Amounts actually paid with respect to the Securities pursuant
to the preceding paragraphs are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Securities, and, as a result thereof, such Holder is entitled to make claim for a
refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Securities, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or
credit of such excess to the Company. However, by making such assignment, the Holder makes no representation or warranty that the Company will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect
thereto.
10.7.5 All references in this Indenture and the Securities to principal, premium, if any, or interest in respect of any Security
shall be deemed to mean and include all Additional Amounts, if any, payable in respect of such principal, premium, if any, or interest, unless the context otherwise requires, and express mention of the payment of Additional Amounts in any provision
hereof shall not be construed as excluding reference to Additional Amounts in those provisions hereof where such express mention is not made. All references in this Indenture and the Securities to principal in respect of any Security shall be deemed
to mean and include any Redemption Price or Repurchase Price payable in respect of such Security pursuant to any redemption or repurchase right hereunder (and all such references to the Stated Maturity of the principal in respect of any Security
shall be deemed to mean and include the Redemption Date or Repurchase Date with respect to any such Redemption Price or Repurchase Price), and all such references to principal, premium, if any, interest or Additional Amounts shall be deemed to mean
and include any amount payable in respect hereof pursuant to Section 10.7, and express mention of the payment of any Redemption Price or Repurchase Price, or any such other amount in any provision hereof shall not be construed as
excluding reference to the payment of any Redemption Price or Repurchase Price, or any such other amounts in those provisions hereof where such express reference is not made.
Section 10.8 Indemnification of Judgment Currency. The Company shall indemnify the Trustee and any
Holder of a Security against any loss incurred by the Trustee or such Holder, as the case may be, as a result of any judgment or order being given or made for any amount due under this Indenture or such Security and being expressed and paid in a
currency (the Judgment Currency) other than Dollars (the Specified Currency), and as a result of any variation between (i) the rate of exchange at which the Specified Currency amount is converted into the
Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York, New York, at which the Trustee or such Holder, as the case may be, on the date of payment of such judgment or order is able
to purchase the Specified Currency with the amount of the Judgment Currency actually received by the Trustee or such Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company and shall continue in full
force and effect notwithstanding any such judgment or order as aforesaid. The term spot rate of exchange shall include premiums, if any, and costs of exchange payable in connection with the purchase of, or conversion into, the Specified
Currency.
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Section 10.9 Further Acts. The Company will take any
action, satisfy any condition or do any thing (including the obtaining or effecting of any necessary consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required in accordance with the
applicable laws and regulations to be taken, fulfilled or done in order (i) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under the Securities, this Indenture and any supplemental
indenture, as the case may be, (ii) to ensure that those obligations are legally binding and enforceable, (iii) to make the Securities, this Indenture and any supplemental indenture admissible in evidence in the courts of the State of New
York and Brazil and (iv) to enable the Trustee to exercise and enforce its respective rights under this Indenture and any supplemental indenture and to carry out the terms, provisions and purposes of this Indenture and any supplemental
indenture.
Section 10.10 Securities held by the Company, Etc.. So long as any Security is
Outstanding, the Company will send to the Trustee, as soon as practicable after being so requested by the Trustee, an Officers Certificate of the Company stating the aggregate principal amount of Securities held or beneficially owned, at the
date of such certificate by or on behalf of the Company or any of its Subsidiaries. The Company will promptly notify the Trustee when it or any of its Subsidiaries holds or beneficially owns Securities.
Section 10.11 Status of Securities. The Company will ensure that the Securities will rank at least
pari passu with any current and future unsecured and unsubordinated Indebtedness of the Company, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to
or affecting creditors rights, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) certain statutory preferred claims for wages, salaries, social security and taxes as provided by
Brazilian law.
Section 10.12 Maintenance of Corporate Existence. The Company shall, and shall
cause each of its Subsidiaries to, (i) maintain in effect its corporate existence and all registrations necessary therefor, provided that these restrictions shall not prohibit any transactions permitted by Article 8 or the merger
of any Subsidiary with or into the Company or with or into any other Subsidiary of the Company; (ii) take all reasonable actions to maintain all rights, privileges, titles to property, franchises and the like necessary or desirable in the
normal conduct of its business, activities or operations; and (iii) maintain or cause to be maintained in good repair, working order and condition (normal wear and tear excepted) all properties used or useful in their business; provided,
however, that neither the Company, nor its Subsidiaries shall be prevented from discontinuing those operations or suspending the maintenance of those properties which, in the reasonable judgment of the Company as evidenced by a Board
Resolution, are no longer necessary or useful in the conduct of the Companys business, or that of its Subsidiaries; and provided, further, that such discontinuation of operations or maintenance would not have a material adverse
effect on the ability of the Company to comply with its obligations under this Indenture.
Section 10.13
Maintenance of Insurance. The Company shall, and shall cause each of its Subsidiaries to, maintain insurance with respect to its general business and its properties, with financially sound, responsible and reputable insurance companies in
such amounts and covering such risks as are usually carried by companies of good repute engaged in similar businesses and owning and/or operating properties similar to those owned and/or operated by the Company or such Subsidiary, as the case may
be, in the jurisdictions in which the Company or such Subsidiary owns and/or operates its properties, including policies covering property losses wherein settlement is on a replacement value basis, resultant business interruption and general
liability.
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Section 10.14 Payment of Taxes. The Company will pay or
discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company (the
Taxes) which, if unpaid, might by law become a Lien upon the property of the Company; provided, however, that (i) the Company shall not be required to pay or discharge or cause to be paid or discharged any such
tax, assessment, charge or claim whose amount, applicability or validity is then-currently being contested in good faith by appropriate proceedings and (ii) the Company shall be in compliance with this Section 10.14 if the
individual or the aggregate amount of the Taxes not paid would not have a material adverse effect on the ability of the Company to comply with its obligations under this Indenture.
ARTICLE XI
Redemption of Securities
Section 11.1 Right of Redemption.
11.1.1 The Securities of any series which are redeemable before their Stated Maturity may
not be redeemed at the election of the Company except in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1 for such Securities) in accordance with the provisions of this Article 11.
11.1.2 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of
the tenor of the Securities specified therefor in the Securities of a series to be redeemed.
11.1.3 The Company will have the option to
redeem, in whole but not in part, the Securities of the applicable series, at any time, on giving not less than 30 nor more than 60 days notice to the Holders of such Securities, at a Redemption Price equal to 100% of the principal amount
thereof and premium, if any, applicable thereto, together with accrued interest up to but not including the Redemption Date and any Additional Amounts which would otherwise be payable up to but not including the Redemption Date, if, as a result of
any amendment to, or change in, the laws (or rules and regulation thereunder) of a Relevant Taxing Jurisdiction or any amendment to or change in an official interpretation, administration or application of such laws, rules or regulations (including
a holding by a court of competent jurisdiction), which amendment or change of such laws, rules or regulations or the interpretation, administration or application thereof, in the case of Brazil, becomes effective on or after June 15, 2015, or
in the case of any other Relevant Taxing Jurisdiction is first publicly announced and becomes effective after the date it first becomes a Relevant Jurisdiction, (x) the Company or any successor has or will become obligated to pay Additional
Amounts with respect to the Securities other than Additional Amounts attributable to Brazilian Taxes imposed at a rate of equal to or less than (A) 15% generally in case of any taxes imposed by Brazil or (B) 25% in case of taxes imposed by
Brazil on amounts paid to residents of countries that do not impose any income tax or which impose it at a maximum rate lower than 17% or where the laws of that country or location impose restrictions on the disclosure of (1) shareholding
composition; (2) the ownership of the investment; or (3) the beneficial ownership of income paid to non-resident persons, pursuant to Law No. 9,779, dated January 19, 1999, and (y) such obligation cannot be avoided by the
Company, after the use of reasonable measures available to the Company; provided, however, that (i) no notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company would but for such
redemption be obligated to pay such Additional Amounts were a payment on such Securities then due, and (ii) at the time such notice is given, such obligation to pay such Additional Amounts remains in effect.
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11.1.4 Before any notice of redemption pursuant to Section 11.1.3 is given to the
Trustee or the Holders of Securities of the relevant series, the Company shall deliver to the Trustee (i) an Officers Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts
showing that the condition or conditions precedent to the right of the Company so to redeem have occurred or been satisfied and that the Company cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it and
(ii) an opinion of an independent legal counsel of recognized standing to the effect that the Company has or shall become obligated to pay such Additional Amounts as a result of such change or amendment. Such notice, once given to the Trustee,
shall be irrevocable.
Section 11.2 Notice of Redemption. Notice of redemption shall be given by
the Company in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at
such Holders address appearing in the Security Register.
All notices of redemption shall state:
11.2.1 the Redemption Date;
11.2.2 the Redemption Price and amount of accrued interest, if any;
11.2.3 that on the Redemption Date the Redemption Price and any accrued interest shall become due and payable upon each Security to be
redeemed and that interest thereon shall cease to accrue on and after said date;
11.2.4 the conversion rate (if applicable), the date on
which the right to convert the Securities to be redeemed shall terminate and the place or places where such Securities may be surrendered for conversion;
11.2.5 the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest; and
11.2.6 applicable CUSIP or ISIN Numbers.
Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Companys
request, by the Trustee in the name and at the expense of the Company, and such notice, when given to the Holders, shall be irrevocable.
Section 11.3 Deposit of Redemption Price. On the Business Day prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the Securities which are to be redeemed on that date.
53
Section 11.4 Securities Payable on Redemption Date.
Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in
the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company to the Person in
whose name such Security is registered at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date
shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.6.
If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear
interest from the Redemption Date at the rate borne by (or prescribed therefor in) the Security.
Section 11.5 Securities Redeemed in Part. Any Security of a series which is to be redeemed only in
part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by the Holder
thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like
tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.
If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected less than 61 days
prior to the Redemption Date by the Trustee in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which Securities of that series are listed or if such securities exchange has no requirement
governing redemption or the Securities of that series are not then listed on a securities exchange, on a pro rata basis or by lot (or, in the event that the Securities of that series are represented by Global Securities as of the Redemption
Date, subject to the then-current rules and procedures of the applicable Depositary).
If Securities of any series are redeemed in
part, the remaining outstanding amount of any Security of that series must be at least equal to U.S.$2,000 and be an integral multiple of U.S.$1,000.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.
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Article XII
Defeasance and Covenant Defeasance
Section 12.1 Companys Option to Effect Defeasance or Covenant Defeasance. The Company may
elect, at its option at any time, to have Section 12.2 or Section 12.3 applied to any Securities or any series of Securities designated pursuant to Section 3.1 as being defeasible pursuant to such
Section 12.2 or 12.3, in accordance with any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article 12. Any such election shall be
evidenced by a Board Resolution or in another manner specified as contemplated by Section
3.1 for such Securities.
Section 12.2 Defeasance and Discharge. Upon the Companys
exercise of its option to have this Section 12.2 applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities or
series of Securities as provided in this Section 12.2 on and after the date the conditions set forth in Section 12.4 are satisfied (hereinafter called Defeasance). For this purpose, such Defeasance means
that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such
Securities to receive, solely from the trust fund described in Section 12.4 and as more fully set forth in such Section, payments in respect of the principal of and premium, if any, and interest on such Securities when payments are due,
(ii) the obligations of the Company with respect to such Securities under Sections 3.4, 3.5, 10.2 and 10.3, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) the provisions
set forth in this Article 12. Subject to compliance with this Article, the Company may exercise its option to have this Section 12.2 applied to any Securities notwithstanding the prior exercise of its option to have
Section 12.3 applied to such Securities.
Section 12.3 Covenant Defeasance. Upon the
Companys exercise of its option to have this Section applied to any Securities or any series of Securities, as the case may be, (i) the Company shall be released from any covenants provided pursuant to Section 3.1.8,
8.1, 9.1.2, 9.1.7, 10.5, 10.6, 10.12, 10.13 and 10.14 for the benefit of the Holders of such Securities, and (ii) the occurrence of any event specified in Section 5.1.3 shall
be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section 12.3 on and after the date the conditions set forth in Section 12.4 are satisfied (hereinafter
called Covenant Defeasance). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such specified Section (to the extent so specified in the case of Section 5.13), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such
Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.
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Section 12.4 Conditions to Defeasance or Covenant
Defeasance. The following shall be the conditions to the application of Section 12.2 or Section 12.3 to any Securities or any series of Securities, as the case may be:
12.4.1 The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, the principal of and any
premium, if any, interest and Additional Amounts on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, U.S. Government Obligation means (a) any
security which is (1) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (2) an obligation of a Person controlled or supervised by and acting
as any agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (1) or (2), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause
(a) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that
(except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principle or interest evidenced by such depositary receipt.
12.4.2 In the event of any election to have
Section 12.2 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion
shall confirm that, the Holders of such Securities will not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to
federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.
12.4.3 In the event of an election to have Section 12.3 apply to any Securities or any series of Securities, as the case may be,
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to the
effected with respect to such Security and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.
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12.4.4 No event which is, or after notice or lapse of time both would become, an Event of Default
with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.1.6 and 5.1.7, at any time on or prior to the day which
is 90 days after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such day which is 90 days after the date of such deposit).
12.4.5 Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of the Trust Indenture Act).
12.4.6 Such Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound.
12.4.7 Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company
within the meaning of the Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder.
12.4.8 The Company shall have delivered to the Trustee an Officers Certificate and an Opinion of Counsel, each stating that all
conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with.
Section 12.5 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions. Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.4 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and premium, if any, and interest, but money so held in trust need not be segregated from other funds except to
the extent required by law.
The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed
against the U.S. Government Obligations deposited pursuant to Section 12.4, or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of
Outstanding Securities.
Anything in this Article 12 to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon the Companys order any money or U.S. Government Obligations held by it as provided in Section 12.4 with respect to any Securities which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with
respect to such Securities.
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Section 12.6 Reinstatement. If the Trustee or the
Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then
the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 12.2 or 12.3 shall be revived and reinstated as though no deposit had occurred pursuant to this
Article with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or premium, if any, or interest on any such Security following such reinstatement of its
obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.
ARTICLE XIII
Governing Law
THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO (BUT, FOR THE AVOIDANCE OF DOUBT, NOT INCLUDING THE HOLDERS OF THE
NOTES) ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
The transactions
contemplated by this Indenture have been proposed by the Trustee to the Company for the purposes of paragraph 2 of Article 9 of Brazilian Decree-Law No. 4,657 dated September 4, 1942 and for no other purpose or reason whatsoever.
This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the
day and year first above written.
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Embraer S.A.
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By: |
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/s/ Frederico Pinheiro Fleury Curado |
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Name: |
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Frederico Pinheiro Fleury Curado |
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Title: |
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President and Chief Executive Officer |
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By: |
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/s/ José Antonio de Almeida Filippo |
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Name: |
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José Antonio de Almeida Filippo |
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Title: |
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Executive Vice-President and Chief Financial and Investor Relations Officer |
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THE BANK OF NEW YORK MELLON, |
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as Trustee, Paying Agent, Registrar and
Transfer Agent |
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By: |
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/s/ Catherine F. Donohue |
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Name: |
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Catherine F. Donohue |
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Title: |
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Vice President |
STATE OF NEW YORK )
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COUNTY OF NEW YORK )
On this 15th day of June, 2015, before me, a notary public within and for said county, personally
appeared Catherine Donohue, to me personally known who being duly sworn, did say that he is Vice President of THE BANK OF NEW YORK MELLON, one of persons described in and which executed the foregoing instrument, and acknowledges said instrument to
be the free act and deed of said corporation.
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BY: |
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/s/ Christopher J. Traina |
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Title: Notary Public, State of New York |
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No. 01TR6297825 |
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Qualified in Queens County |
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Commission Expires March 03, 2018 |
Exhibit 4.3
Dated as of June 15, 2015
INDENTURE
between
EMBRAER NETHERLANDS FINANCE B.V.,
as Company
and
EMBRAER S.A.,
as Guarantor
and
THE BANK OF NEW YORK MELLON,
as Trustee, Paying Agent, Registrar and Transfer Agent
(i)
(ii)
(iii)
Certain Sections of this Indenture relating to Section 310
through 318, inclusive, of the U.S. Trust Indenture Act of 1939:
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TRUST INDENTURE ACT SECTION |
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INDENTURE SECTION |
§310(a)(1) |
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6.9 |
(a)(2) |
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6.9 |
(a)(3) |
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Not Applicable |
(a)(4) |
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Not Applicable |
(a)(5) |
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6.9 |
(b) |
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6.8 |
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6.10 |
§311(a) |
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6.13 |
(b) |
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6.13 |
§312(a) |
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7.1 |
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7.2 |
(b) |
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7.2 |
(c) |
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7.2 |
§313(a) |
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7.3 |
(b) |
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7.3 |
(c)(1) |
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7.3 |
(c)(2) |
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7.3 |
(c)(3) |
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7.3 |
(d) |
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7.3 |
§314(a) |
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10.5 |
(b) |
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10.5 |
(c) |
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10.5 |
(d) |
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10.5 |
§315(a) |
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6.1 |
(b) |
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6.2 |
(c) |
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6.1 |
(d) |
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6.1 |
(e) |
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5.14 |
§316(a)(1)(A) |
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5.12 |
(a)(1)(B) |
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5.13 |
(a)(2) |
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Not Applicable |
(b) |
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5.8 |
(c) |
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1.4 |
§317(a)(1) |
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5.3 |
(a)(2) |
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5.4 |
(b) |
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10.3 |
§318(a) |
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1.7 |
Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of this Indenture.
INDENTURE, dated as of June 15, 2015, (the Indenture) among EMBRAER
NETHERLANDS FINANCE B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (herein called the Company), having its principal
office at Evert van de Beekstraat, 47, 1118CL, Schiphol, The Netherlands, EMBRAER S.A., a company (sociedade anônima) duly organized and existing under the laws of the Federative Republic of Brazil (herein called the
Guarantor), having its principal office at Avenida Brigadeiro Faria Lima, 2170, 12227-901 São José dos Campos, São Paulo State, Brazil, and THE BANK OF NEW YORK MELLON, a banking corporation duly organized and
existing under the laws of the State of New York, having its principal corporate trust office at 101 Barclay Street, New York, New York 10286, as Trustee (herein called the Trustee).
W I T N E S S E T H:
WHEREAS,
the Company and the Guarantor have duly authorized the execution and delivery of this Indenture to provide for the sale in one or more offerings of debt securities of the Company guaranteed by the Guarantor (herein called collectively the
Securities), to be issued in one or more tranches of one or more series as in this Indenture provided; and
WHEREAS,
all things necessary to make this Indenture a valid and binding legal obligation of the Company and the Guarantor according to its terms have been done.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
It is hereby covenanted and agreed that the terms and conditions upon which the Securities are issued, authenticated, delivered and accepted
by all Persons who shall from time to time be or become the Holders thereof (each as defined below), which said terms and conditions the Trustee hereby accepts and agrees to discharge pursuant to the terms hereof, are as follows:
ARTICLE I
Definitions and Other Provisions of General Application
Section 1.1 Definitions. For all purposes of this Indenture, except as otherwise expressly provided or
unless the context otherwise requires:
1.1.1 the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular;
1.1.2 terms used herein which are defined in the Trust Indenture Act (as defined below),
either directly or by reference therein, have the meanings assigned to them therein;
1.1.3 all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with international financial reporting standards, and, except as otherwise herein expressly provided, the terms generally accepted accounting principles or IFRS with
respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted under IFRS at the date of such computation;
1.1.4 unless the context otherwise requires, any reference to an Article or a
Section refers to an Article or Section, as the case may be, of this Indenture;
1.1.5 unless the context otherwise
requires, any reference to a statute, rule or regulation refers to the same (including any successor statute, rule or regulation thereto) as it may be amended from time to time; and
1.1.6 the words herein, hereof and hereunder and other words of similar import refer to this Indenture as
a whole and not to any particular Article, Section or other subdivision.
Act means, when used with respect to any
Holder, has the meaning specified in Section 1.4.
Additional Amounts has the meaning specified in
Section 10.7.1.
Affiliate means, with respect to any specified Person, (i) any other Person which,
directly or indirectly, is in control of, is controlled by or is under common control with such specified Person or (ii) any other Person who is a director or officer (a) of such specified Person, (b) of any subsidiary of such
specified Person or (c) of any Person described in clause (i) above. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person
whether by contract or otherwise and the terms controlling and controlled have meanings correlative to the foregoing.
Agent Members has the meaning specified in Section 3.4.5.
Applicable Procedures means, with respect to the Depositary, at any matter at any time, the policies and procedures of the
Depositary, if any, that are applicable to such matter at such time.
Authenticating Agent means any Person authorized
by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series.
Bankruptcy Law means (i) Title 11, United States Code or any similar U.S. federal or state law for the relief of
debtors or the administration or liquidation of debtors estates for the benefit of their creditors, (ii) the Brazilian Bankruptcy Law or any similar Brazilian federal or state law for the relief of debtors or the administration or
liquidation of debtors estates for the benefit of their creditors and (iii) the Dutch bankruptcy law or any other similar Dutch or other law for the relief of debtors or the administration or liquidation of debtors estates for the
benefit of their creditors.
Board of Directors means, as the case may be, the Board of Directors of the Company or the
Board of Directors of the Guarantor (Conselho de Administração) or any committee thereof duly authorized to act on behalf of such Board of Directors.
2
Board Resolution means a copy of a resolution certified by the Secretary, the
Assistant Secretary or another director or Officer performing corporate secretarial functions of the Company or the Guarantor, as applicable, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such
certification and delivered to the Trustee.
Brazil means the Federative Republic of Brazil.
Brazilian Bankruptcy Law means Brazilian Federal Law No. 11,101.
Brazilian Taxes has the meaning specified in Section 10.7.1.
Business Day means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
the City of New York, the City of São Paulo, Brazil or the Netherlands are authorized or obligated by law or executive order to close.
Capitalized Lease Obligation means, with respect to any Person, any obligation which is required to be classified and
accounted for as a capital lease on the face of a balance sheet of such Person prepared in accordance with IFRS; the amount of such obligation shall be the capitalized amount thereof, determined in accordance with IFRS; and the Maturity thereof
shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty.
Clearstream Luxembourg has the meaning specified in Section 3.4.5.
Company means the Person named as the Company in the first paragraph of this Indenture until a Person
shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter Company shall mean such successor Person.
Company Request or Company Order means a written request or order signed on behalf of the Company by any
two of its directors or officers in accordance with its Articles of Association and delivered to the Trustee.
Corporate Trust
Office means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered which office as of the date hereof is located at 101 Barclay Street, 7E, New York, New York 10286,
Attention: Global Finance Americas, Fax: (212) 815-5603, Tel: (212) 815-5782.
Custodian means any receiver,
trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.
Default means any event which
is, or after notice or passage of time or both would be, an Event of Default.
Defaulted Interest has the meaning
specified in Section 3.6.
Depositary means The Depository Trust Company, or such other depository
institution hereafter appointed by the Company, until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter Depositary shall mean such successor Depositary.
3
Dollar and US$ mean a U.S. dollar or other equivalent
unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debts.
Dutch Taxes has the meaning specified in Section 10.7.1.
Euroclear has the meaning specified in Section 3.4.5.
Event of Default has the meaning specified in Section 5.1.
Exchange Act means the U.S. Securities Exchange Act of 1934, as amended, and any successor statute thereto.
Expiration Date has the meaning specified in Section 1.4.7.
Foreign Taxes has the meaning specified in Section 10.7.1.
Global Security means a Security that evidences all or part of the Securities of any series and is authenticated and
delivered to, and registered in the name of, the Depositary for Securities of such series or a nominee thereof.
Guarantor means the Person named as the Guarantor in the first paragraph of this Indenture until a
Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter Guarantor shall mean such Person.
Guarantees means the unconditional and irrevocable guarantee of the Securities by the Guarantor pursuant to this Indenture.
Hedging Agreement means (i) any interest rate swap agreement, interest rate cap agreement or other agreement
designed to protect against fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates.
Holder means, with respect to any Security, a Person in whose name such Security is registered in the Security Register.
IFRS has the meaning specified in Section 1.1.3.
Illegality Event means an event as a result of which it becomes and continues to be unlawful for the Company or the
Guarantor to perform or comply with any one or more of its obligations under this Indenture.
Indebtedness means with
respect to any Person, any amount payable (whether as a direct obligation or indirectly through a guaranty by such Person) pursuant to (i) an agreement or instrument involving or evidencing money borrowed, (ii) a conditional sale or a
transfer with recourse or with an obligation to repurchase or (iii) a Capitalized Lease Obligation, provided, however, that as used in Section 5.1.4, Indebtedness shall not include any payment made
by the Guarantor on behalf of an Affiliate, upon any Indebtedness of such Affiliate
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becoming immediately due and payable as a result of a default by such Affiliate, pursuant to a guarantee or similar instrument provided by the Guarantor in connection with such Indebtedness,
provided that such payment made by the Guarantor is made within five Business Days of notice being provided to the Guarantor that payment is due under such guarantee or similar instrument.
Indenture means this instrument as originally executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part
of and govern this instrument and any such supplemental indenture, respectively. The term Indenture shall also include the terms of the particular series of Securities established as contemplated by Section 3.
Interest Payment Date means, when used with respect to any Security, the Stated Maturity of an installment of interest on
such Security.
Investment Company Act has the meaning specified in Section 10.16.3.
Judgment Currency has the meaning specified in Section 10.8.
Lien means any mortgage, charge, pledge, lien, hypothecation, security interest or other encumbrance, including, without
limitation, any equivalent of the foregoing created under the laws of the Netherlands, Brazil or any other jurisdiction.
Maturity means, when used with respect to any Security, the date on which the principal of such Security becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, exercise of repurchase right or otherwise.
Moodys means Moodys Investors Service, Inc. and its successors.
Notice of Default means a written notice of the kind specified in Section 6.2.
Officer means, with respect to any Person, the president, vice-president, chief executive officer, chief financial officer
or any other executive officer performing decision-making functions for such Person (including, in the case of the Guarantor, any member of its Board of Executive Officers (Diretoria)).
Officers Certificate means a certificate signed by any two Officers, directors or representatives of the Company in
accordance with its Articles of Association and any two Officers or representatives of the Guarantor in accordance with its bylaws (estatuto social), and in each case delivered to the Trustee; provided, however, that one of the
Officers signing the Officers Certificate of the Guarantor pursuant to Section 10.4 shall be the chief executive officer, the principal financial officer or the principal accounting officer of the Guarantor.
Opinion of Counsel means a written opinion of counsel, who, unless otherwise indicated, may be an employee of or counsel
for the Company or the Guarantor, and who shall be reasonably acceptable to the Trustee.
5
Outstanding means, when used with respect to the Securities, as of the date of
determination, all Securities theretofore authenticated and delivered under this Indenture, except:
(i) Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;
(ii) Securities for whose payment,
redemption or repurchase money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall
have been made; and
(iii) Securities (except to the extent provided in Section 13.2) with respect to which the
Company has effected legal defeasance and/or covenant defeasance as provided in Article XIII.
(iv) Securities which
have been paid pursuant to Section 3.5 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company;
provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken
any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Securities owned by the Company, the Guarantor or any other obligor upon the Securities or any Affiliate of the Company, the Guarantor
or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other
action, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgees right so to act with respect to such Securities and that the pledgee is not the Company, the Guarantor or any other obligor upon the Securities or any Affiliate of the Company, the Guarantor or of such
other obligor.
Paying Agent means any Person (i) having a combined capital and surplus of not less than
US$50,000,000 and (ii) subject to supervision or examination by U.S. federal or state authority, that is authorized by the Company to pay the principal of or premium, if any, or interest on any Securities on behalf of the Company.
Permitted Lien means, with respect to any series of Securities issued hereunder, any Lien:
(i) granted upon or with regard to any property acquired after the date of this Indenture by the Guarantor, to secure the
purchase price of such property or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such property; provided, however, that the maximum amount secured thereby shall not exceed the purchase price of such
property or the Indebtedness incurred solely for the purpose of financing the acquisition of such property;
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(ii) in existence on the date of this Indenture and any extension, renewal or
replacement thereof; provided, however, that the total amount of Indebtedness so secured shall not exceed the amount so secured on the date of this Indenture;
(iii) arising in the ordinary course of business of the Guarantor in connection with the financing of any aircraft owned by the
Guarantor that is leased to another Person; provided, however, that such Lien is limited to such aircraft;
(iv) arising by operation of law, such as tax, merchants, maritime or other similar Liens arising in the ordinary course
of business of the Company or the Guarantor;
(v) arising in the ordinary course of the business of the Company or the
Guarantor in connection with the financing of export, import or other trade related transactions of the Company or the Guarantor;
(vi) granted upon or with regard to any present or future asset or property of in respect of Indebtedness of the Guarantor
which is owed to (a) any Brazilian governmental credit agency (including, but not limited to the Brazilian National Treasury, Banco Nacional de Desenvolvimento Econômico e Social, BNDES Participações S.A., Financiadora de
Estudos e Projetos and Agência Especial de Financiamento Industrial); (b) any international official export import bank or official export import credit insurer; or (c) the International Finance Corporation or any international
multilateral or government sponsored agency;
(vii)(a) existing with respect to any assets of a Person at the time such
Person is merged or consolidated with or into the Company or the Guarantor (and such Lien is not incurred in anticipation of such transaction), provided that such Lien is not extended to any asset of the Company or the Guarantor other than
the assets of such Person affected thereby prior to giving effect to such merger or consolidation, (b) existing on any assets at the time of the acquisition thereof (and not incurred in anticipation of such transaction), and (c) to secure
any extension, renewal, refinancing, refunding or exchange (or successive extensions, renewals, refinancing, refunding or exchanges), in whole or in part, of or for any Indebtedness secured by Liens referred to above, provided that such Liens
do not extend to any other property;
(viii) created pursuant to any order of attachment or similar legal process arising
in connection with court proceedings which are being contested by the Company or the Guarantor in good faith and by appropriate proceedings;
(ix) on any property or assets in connection with Indebtedness related to any regulated program for industrial or defense
development related to the activities performed by Guarantor imposed or entered into as a result of the regulations or requirements of an applicable governmental authority; provided, however,that such Lien is limited to such property or
assets associated with such regulated program;
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(x) existing on any asset prior to the acquisition thereof by the Company or the
Guarantor and not created in contemplation of such acquisition;
(xi) created over funds reserved for the payment of
principal, interest and premium, if any, and any Additional Amounts, due in respect of the Securities of any series issued by the Company or the Guarantor;
(xii) arising from Capitalized Lease Obligations entered into in the ordinary course of business; or
(xiii) granted after the date of this Indenture upon or in respect of any asset of the Guarantor other than those referred to
above, provided that the aggregate amount of Indebtedness secured pursuant to this exception shall not, on the date any such Indebtedness is incurred, exceed an amount equal to 10% of the Guarantors shareholders equity (calculated
on the basis of the Guarantors latest quarterly unaudited or annual audited consolidated financial statements whichever is the most recently prepared in accordance with IFRS and currency exchange rates prevailing on the last day of the period
covered by such financial statements).
Person means any individual, corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof.
Place of Payment means, when used with respect to the Securities of any series and subject to Section 10.2, the
place or places where the principal of and premium, if any, and interest on the Securities of such series are payable as specified as contemplated by Section 3.1.6.
Predecessor Security means, with respect to any particular Security, every previous Security evidencing all or a portion of
the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.5 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.
Redemption
Date means, when used with respect to any Security to be redeemed, the date fixed for such redemption by or pursuant to this Indenture.
Redemption Price means, when used with respect to any Security to be redeemed, the price at which it is to be redeemed
pursuant to this Indenture as set forth in such Security, such calculation to be made by the Company.
Regular Record
Date means, for the interest payable on any Interest Payment Date on the Securities of any series, the date specified for that purpose as contemplated by Section 3.1.5.
Relevant Taxing Jurisdiction has the meaning specified in Section 10.7.1.
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Repurchase Date means, when used with respect to any Security to be
repurchased, the date fixed for such repurchase by or pursuant to this Indenture.
Repurchase Price means, when used
with respect to any Security to be repurchased, the price at which it is to be repurchased pursuant to this Indenture as set forth in such Security.
Responsible Officer means, when used with respect to the Trustee, any officer of the Trustee having direct responsibility
for the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.
SEC means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act,
or, if at any time after the execution of this Indenture such commission is not existing and performing the duties now assigned to it under applicable law, then the body performing such duties at such time.
Securities has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. All references herein to the Securities shall be deemed to include the Guarantees of the Securities, which is an integral part thereof.
Securities Act means the U.S. Securities Act of 1933, as amended, and any successor statute thereto.
Security Register and Security Registrar have the respective meanings specified in
Section 3.4.
Significant Subsidiary means any Subsidiary of the Guarantor which at the time of
determination either (i) had assets which, as of the date of the Guarantors most recent unaudited quarterly or audited annual consolidated balance sheet, constituted at least 10% of the Guarantors total assets on a consolidated
basis as of such date or (ii) had revenues for the 12 month period ending on the date of the Guarantors most recent unaudited quarterly or audited annual consolidated statement of income which constituted at least 10% of the
Guarantors total revenues on a consolidated basis for such period.
Special Record Date means, for the payment of
any Defaulted Interest, a date fixed by the Trustee pursuant to Section 3.6.1.
Specified Currency has the
meaning specified in Section 10.8.
S&P means Standard & Poors Rating Services, a
division of McGraw Hill, Inc., and its successors.
Stated Maturity means, when used with respect to any Security or
any installment of interest thereon, the date specified in such Security as the fixed date on which the principal of such Security or such installment of interest is due and payable.
9
Subsidiary means any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees, as applicable, thereof is at the time owned or controlled, directly or indirectly, by (i) the Guarantor, (ii) the Guarantor and one or more Subsidiaries of the Guarantor or (iii) one or more Subsidiaries of the Guarantor.
Successor Jurisdiction means the jurisdiction, other than Brazil or the Netherlands, in which a Successor Person is
incorporated or considered to be resident.
Successor Person has the meaning specified in Section 8.1.1.
Transfer of any Security means any sale, pledge, transfer, hypothecation or other disposition of such Security or any
interest therein.
Trust Indenture Act means the U.S. Trust Indenture Act of 1939, as amended, and any successor
statute thereto.
Trustee means the Person named as the Trustee in the first paragraph of this Indenture
until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter Trustee shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than
one Person, Trustee as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of such series. Each Trustee shall be a Person that (i) is eligible pursuant to the Trust Indenture Act to
act as such, (ii) has a combined capital and surplus of at least US$50,000,000, (iii) is subject to supervision or examination by U.S. federal or state authority and (v) has its Corporate Trust Office in the United States.
United States or U.S. means the United States of America (including the States thereof and the District
of Columbia), its territories, its possessions and other areas subject to its jurisdiction.
Section 1.2
Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company and the Guarantor shall furnish to the Trustee such certificates and
opinions as may be required hereunder and under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers Certificate, or an Opinion of Counsel, respectively, and shall comply with the requirements of
the Trust Indenture Act and any other requirements set forth in this Indenture.
Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include,
1.2.1 a statement that each individual signing such
certificate or opinion has read such covenant or condition and the definitions herein relating thereto;
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1.2.2 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;
1.2.3 a statement that, in the opinion of each such
individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and
1.2.4 a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.
Section 1.3 Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.
Any certificate of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officers or directors know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which the certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate of the Company or the Guarantor, as the case may be, stating that the information with respect to such factual matters
is in the possession of the Company or the Guarantor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.
Section 1.4 Acts of Holders; Record Dates
1.4.1 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company and the Guarantor. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the Act of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee, the Company and the Guarantor, if made in the manner provided in this Section 1.4.1.
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1.4.2 The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him
the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.
1.4.3 The ownership of Securities shall be proved by the Security Register.
1.4.4 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company
or the Guarantor in reliance thereon, whether or not notation of such action is made upon such Security.
1.4.5 The Company may set any
day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any
notice, declaration, request or direction referred to in Section 1.4.6. If any record date is set pursuant to this Section 1.4.5, the Holders of Outstanding Securities of the relevant series on such record date, and no other
Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.4.5 shall be construed to prevent the Company from setting a new record date for any action for which a
record date has previously been set pursuant to this Section 1.4.5 (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this
Section 1.4.5 shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set
pursuant to this Section 1.4.5, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.6.
1.4.6 The Trustee may set any day as a record date
for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2,
(iii) any request to institute proceedings referred to in Section 5.7.2 or (iv) any direction referred to in Section 5.12, in each case with respect to the Securities of such series. If any record date is set
pursuant to this Section 1.4.6, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration
12
Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.4.6 shall be construed to prevent the Trustee
from setting a new record date for any action (whereupon the record date previously set shall automatically and without any action by any Person be canceled and of no effect), nor shall anything in this Section 1.4.6 be construed to
render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this Section 1.4.6, the
Trustee, at the Companys expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 1.6.
1.4.7 With respect to any record date set pursuant to this Section 1.4, the
party hereto that sets such record date may designate any day as the Expiration Date and from time to time may change the Expiration Date to any earlier or later day, provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an
Expiration Date is not designated with respect to any record date set pursuant to this Section 1.4.7, the party hereto that set such record date shall be deemed to have initially designated the 180th day after such record date as the
Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this Section 1.4.7. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record
date.
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may
do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.
Section 1.5 Notices, Etc., to Trustee, Company and Guarantor. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,
1.5.1 the Trustee by any Holder or by the Company or Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing, which may be by facsimile or other electronic transmission, to or with the Trustee at its Corporate Trust Office, or
1.5.2(i) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, or other electronic transmission to both the Company and the Guarantor and (ii) the Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or other electronic transmission to both the Guarantor and the Company, in either case addressed to it at the address specified below or at any other
address previously furnished in writing to the Trustee by the Company or the Guarantor:
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To the Company and the Guarantor:
Embraer S.A.
Avenida Brigadeiro
Faria Lima, 2170
12227-901 São José dos Campos, São Paulo
Brazil
Attention: José
Antonio de Almeida Filippo
Chief Financial and Investor Relations Officer
Telephone: 55-12-3040-9517
Facsimile: N/A
With a copy
(which shall not constitute notice) to:
Tobias Stirnberg
Milbank, Tweed, Hadley & McCloy LLP
Rua Colombia, 325
Jardin
América
01438-000 São Paulo, São Paulo
Brazil
The Trustee may rely
upon and comply with instructions or directions sent by an authorized representative of the Company or the Guarantor via unsecured facsimile or email transmission and the Trustee shall not be liable for any loss, liability or expense of any kind
incurred by the Company or the Guarantor due to the Trustees reliance upon and compliance with instructions or directions given by unsecured facsimile or email transmission, provided, however, that such losses have not arisen
from the negligence or willful misconduct of the Trustee. The Trustee may request that the Company or the Guarantor deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture.
Section 1.6 Notice to Holders; Waiver. Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice
to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
In case by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.
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Notwithstanding the provisions of this Section 1.6, in case any series of Securities
are listed on any securities exchange, a notice to holders of such Securities given in accordance with the rules and procedures of such securities exchange shall be regarded as a valid notice under this section 1.6. In addition, if any series
of Securities are held as a Global Security, notices will be delivered in accordance with the Applicable Procedures.
Section 1.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture,
the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified
or excluded, as the case may be.
Section 1.8 Effect of Headings and Table of Contents. The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.
Section 1.9 Successors and Assigns. All covenants and agreements in this Indenture by the Company or the Guarantor shall bind its respective successors and assigns, whether so expressed or not.
Section 1.10 Separability Clause. In case any provision in this Indenture or in the Securities shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 1.11 Benefits of Indenture. Nothing in this Indenture or in the Securities, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture.
Section 1.12 Governing Law. THIS INDENTURE AND THE SECURITIES (AND THE GUARANTEES FORMING AN INTEGRAL
PART THEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO (BUT, FOR THE AVOIDANCE OF DOUBT, NOT INCLUDING THE HOLDERS OF THE NOTES) ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 1.13
Legal Holidays. Except as otherwise provided pursuant to Section 2.1 or Section 3.1, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day, then
(notwithstanding any other
15
provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date, Redemption Date or at the Stated Maturity, as the case may be; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date
or Stated Maturity, as the case may be, to the next Business Day.
Section 1.14 Consent to Service;
Jurisdiction. The Company, the Guarantor and the Trustee agree that any legal suit, action or proceeding arising out of or relating to this Indenture, and the Company and the Guarantor agree that any legal suit, action or proceeding arising out
of or relating to the Securities may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, in respect of actions brought against each such party as a defendant, and each waives any objection which it may now
or hereafter have to the laying of the venue of any such legal suit, action or proceeding, waives any immunity, to the extent permitted by law, from jurisdiction or to service of process in respect of any such suit, action or proceeding, waives any
right to which it may be entitled on account of place of residence or domicile and irrevocably submits to the jurisdiction of any such court in any such suit, action or proceeding. The Company and the Guarantor further submit to the jurisdiction of
the courts of their own corporate domiciles in any legal suit, action or proceeding arising out of or relating to this Indenture or the Securities. The Company and the Guarantor hereby designate and appoint National Corporate Research, Ltd., located
at 10 East 40th Street, 10th Floor, New York, New York 10016, as their authorized agent upon which process may be served in any legal suit,
action or proceeding arising out of or relating to this Indenture or the Securities, which may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, New York, and agree that service of process upon such
agent, and written notice of said service to the Company or the Guarantor, as the case may be, by the Person serving the same, shall be deemed in every respect effective service of process upon the Company or the Guarantor in any such suit, action
or proceeding. If for any reason National Corporate Research, Ltd. (or any successor agent for this purpose) shall cease to act as agent for service of process as provided above, the Company and the Guarantor will promptly appoint a successor agent
for this purpose reasonably acceptable to the Trustee. The Company and the Guarantor agree to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect.
Section 1.15 Language of Notices, Etc.. Any request, demand, authorization, direction, notice,
consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication.
ARTICLE II
Security Forms
Section 2.1 Forms Generally. The Securities of each series shall be in substantially such form as shall be approved by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as
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may be required to comply with the rules of any securities exchange or Depositary thereof or as may, consistently herewith, be determined by the Officers or, in the case of the Company, its
directors or Officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is approved by a Board Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary, the Assistant Secretary or another Officer or, in the case of the Company, a director, performing corporate secretarial functions, and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by
Section 3.3 for the authentication and delivery of such Securities.
The definitive Securities shall be printed, lithographed
or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officers, or, in the case of the Company, directors or Officers executing such Securities, as evidenced by their execution of such Securities.
Section 2.2 Form of Legend for Global Security. The following legends shall appear on the face
of each Global Security:
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR REGISTERED SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN SECTION 3.4.2. OF THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
The following legend shall appear on the face of each Global Security for which The Depository Trust Company is to be the Depositary:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(DTC), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
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Section 2.3 Form of Trustees Certificate of
Authentication. This is one of the Securities referred to in the within-mentioned Indenture.
Dated: [ ]
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THE BANK OF NEW YORK MELLON,
as Trustee |
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By: |
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Authorized Officer |
ARTICLE III
The Securities
Section 3.1 Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more tranches of one or more series. The issuance of Securities shall be approved in or pursuant to a
Board Resolution of the Company or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,
3.1.1 the title of the Securities, including CUSIP Numbers, of such series (which shall distinguish the Securities of such series from
Securities of any other series);
3.1.2 any limit upon the aggregate principal amount of the Securities which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.4, 3.5, 9.6 or
11.5 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder);
3.1.3 the Person to whom any interest on a Security of such series shall be payable, if other than the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;
3.1.4 the date or
dates on which the principal of the Securities of such series is payable;
3.1.5 the rate or rates at which the Securities of such series
shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable, the Regular Record Date for any interest payable on any Interest Payment Date;
3.1.6 the place or places where the principal of and any premium and interest on Securities of such series shall be payable and the manner in
which any payment may be made;
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3.1.7 the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of such series may be redeemed, in whole or in part, at the option of the Company;
3.1.8 the obligation,
if any, of the Company to redeem or purchase Securities of such series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of such series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
3.1.9
the rights, if any, of the Holders of the series to demand exchange of their Securities for Securities subject to a registration statement under the Securities Act declared effective by the SEC;
3.1.10 if other than denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof, the denominations in which Securities
of such series shall be issuable;
3.1.11 if the amount of payments of principal of or premium, if any, or interest on any Securities of
such series may be determined with reference to an index, the manner in which such amounts shall be determined;
3.1.12 if the principal
of or premium, if any, or interest on any Securities of such series is to be payable, at the election of the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be
payable, the currency, currencies or currency units in which payment of the principal of and premium, if any, and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms
and conditions upon which such election is to be made;
3.1.13 if other than the principal amount thereof, the portion of the principal
amount of Securities of such series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;
3.1.14 any collateral or other security pledged against payment of principal, interest or premium, if any, on the Securities;
3.1.15 the applicability, non-applicability, or variation, of Section 10.7 with respect to the Securities of such series;
3.1.16 if and as applicable, that the Securities of such series shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 3.4 in which any such Global Security may be transferred to, and
registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered;
3.1.17 the terms and conditions, if any, pursuant to which the Securities are convertible into or exchangeable for any other securities;
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3.1.18 any addition to or change in the covenants set forth in Article 10 which applies to
the Securities of such series;
3.1.19 the applicability of Article 13 with respect to the Securities of such series; and
3.1.20 any other terms of such series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1.5).
If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of
an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers Certificate setting forth the terms of the series.
All Securities of any one series shall be substantially identical except as to issue date, issue price and first payment of interest.
Notwithstanding Section 3.1.2 herein and unless otherwise expressly provided with respect to a series of Securities, the aggregate
principal amount of a series of Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased.
Section 3.2 Denominations. The Securities shall be issuable only in registered form without coupons
and, unless otherwise specified as contemplated by Section 3.1.10, only in minimum denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof.
Section 3.3 Execution, Authentication, Delivery and Dating. The Securities shall be executed on
behalf of the Company by any two of its Officers or directors in accordance with the Companys Articles of Association. The Guarantees on the Securities shall be endorsed on behalf of the Guarantor by any two of its Officers or its
attorneys-in-fact in accordance with its bylaws (estatuto social). The signature of any of these directors, Officers or attorneys-in-fact on such Securities or such Guarantees may be manual or facsimile.
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper Officers or directors of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. Guarantees bearing
the manual or facsimile endorsement of individuals who were at any time the proper Officers of the Guarantor shall bind the Guarantor, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of Securities bearing such endorsement or did not hold such offices at the date of such Securities.
If a facsimile signature
will be used for the Securities, each signatory should approve such use of his signature and evidence of such approval may be required for the enforcement of the Securities in the Netherlands. If any of the Securities were executed by attaching
thereto the facsimile signature of any person who does not hold office at the issue date of such Securities, or if such Securities will be issued on a date on which the person whose facsimile signature is attached thereto no longer holds office, it
may be necessary for the enforcement of such Securities in the Netherlands that the holder of such Securities shall present both such Securities and evidence of such approval.
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At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any series executed by the Company and properly endorsed by the Guarantor to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in
accordance with such Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of such series have been approved by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and
3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon, an Opinion of Counsel stating:
3.3.1 if the form of such Securities has been approved by or pursuant to Board
Resolution as permitted by Section 2.1, that such form has been approved in conformity with the provisions of this Indenture;
3.3.2 if the terms of such Securities have been approved by or pursuant to Board Resolution as permitted by Section 3.1, that such
terms have been approved in conformity with the provisions of this Indenture;
3.3.3 that such Securities, when authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors rights and to general equity principles; and
3.3.4 that the Guarantees, when the Securities upon which it shall have been endorsed shall have been authenticated and delivered by the
Trustee and when properly endorsed by the Guarantor in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Guarantor enforceable in accordance with their terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors rights and to general equity principles.
If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if, in the opinion of
counsel to the Trustee, the issue of such Securities pursuant to this Indenture will affect the Trustees own rights, duties or immunities under the Securities and this Indenture.
Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver the Officers Certificate otherwise required pursuant to Section 2.1 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or
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prior to the authentication upon original issuance of the first Security of such series to be issued and in that case the Trustee may rely, as to the authorization by the Company and the
Guarantor of any of such Securities and the Guarantees, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Sections 2.1
and 3.1 and this Section, as applicable, in connection with the first authentication of Securities of such series.
Each Security
shall be dated the date of its authentication.
No Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.
Section 3.4 Registration, Registration of Transfer and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register for each series of Securities (the registers maintained in such office and in any
other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the Security Register) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Securities and of transfers and exchanges of Securities. The Trustee is hereby appointed Security Registrar for the purpose of registering Securities and registering transfers and exchanges of Securities as
herein provided. Such Security Register shall be in written form or in any other form capable of being converted into written form within a reasonable period of time. At all reasonable times the Security Register shall be open for inspection by the
Company.
Upon surrender for registration of transfer of any Security of any series at the office or agency of the Company maintained for
such purpose, the Company shall execute and the Guarantor shall endorse, and the Trustee shall authenticate and deliver, provided that the Security has been duly surrendered and all relevant conditions precedent have been satisfied, in the name of
the designated transferee, one or more new Securities of the same series of any authorized denomination or denominations of like tenor and aggregate principal amount.
Notwithstanding any other provision of this Section 3.4, unless and until it is exchanged in whole or in part for the individual
Securities represented thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.
At the option of the Holder and subject to the other provisions of this Section 3.4, Securities of any series (other than a Global
Security, except as set forth below) may be exchanged for other Securities of the same series of any authorized denomination or denominations of like tenor and aggregate principal amount, upon surrender of such Securities to be exchanged at the
office or agency of the Company maintained for such purpose.
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Whenever any Securities are so surrendered for exchange, the Company shall execute and the
Guarantor shall endorse, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive.
No service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 9.6 or Section 11.5 not
involving any registration of transfer.
Every Security presented or surrendered for registration of transfer or exchange shall (if so
required by the Company, the Trustee or the Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee and the Security Registrar, duly executed, by the Holder thereof
or his attorney duly authorized in writing.
If the Securities of any series (or of any series and specified tenor) are to be redeemed in
part, the Company shall not be required (i) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 11.2 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or
exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.
All Securities issued upon any registration of transfer or exchange of Securities shall be valid obligations of the Company and the Guarantor,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered for such registration of transfer or exchange.
The provisions of Sections 3.4.1, 3.4.2, 3.4.3, 3.4.4, 3.4.5 and 3.4.6 below shall apply only to
Global Securities:
3.4.1 Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary or a
nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture.
3.4.2 Notwithstanding any other provision in this Indenture or the Securities, no Global Security of a series may be exchanged in whole or in
part for Securities registered, and no transfer of a Global Security of a series in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (i) the Depositary for the Securities of a
series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or if at any time the Depositary for the Securities of such series ceases to be a clearing agency registered under the Exchange
Act, at a time when such Depositary is required to be so registered in order to act as depositary, and in each case, a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such ineligibility, (ii) the
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Company in its sole discretion determines that individual Securities of any series issued in the form of one or more Global Securities shall no longer be represented by such Global Security or
Securities or (iii) there shall have occurred and be continuing an Event of Default with respect to such Global Security. In such event the Company will execute and the Guarantor will endorse, and the Trustee, upon receipt of a Company Order
for the authentication and delivery of individual Securities of such series, will authenticate and deliver, individual Securities of such series in an aggregate principal amount equal to the principal amount of the Global Security or Securities
representing Securities of such series in exchange for such Global Security or Securities. Any Global Security exchanged pursuant to clause (i) above shall be so exchanged in whole and not in part and any Global Security exchanged pursuant to
clauses (ii) or (iii) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion thereof shall be a Global Security, provided that
any such Security so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security.
3.4.3 In any exchange pursuant to Section 3.4.2 above, the Company will execute and the Guarantor will endorse and the Trustee
will authenticate and deliver individual Securities in registered form in authorized denominations. Upon the exchange of a Global Security for individual Securities, such Global Security shall be canceled by the Trustee. Individual Securities issued
in exchange for a Global Security pursuant to this Section 3.4 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.
If specified by the Company pursuant to clause (ii) of Section 3.4.2 with respect to a series of Securities, the Depositary
for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for individual Securities of such series on such terms as are acceptable to the Company and such Depositary. Thereupon, the
Company shall execute, and the Guarantor shall endorse, and the Trustee shall authenticate and deliver, without service charge, (i) to each Person specified by such Depositary a new individual Security or Securities of the same series, of any
authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Persons beneficial interest in the Global Security; and (ii) to such Depositary a new Global Security in a denomination
equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof.
3.4.4 In the event of the occurrence of any of the events specified in Section 3.4.2 above, the Company will promptly make
available to the Trustee a reasonable supply of certificated Securities in definitive, fully registered form, without interest coupons.
3.4.5 Neither any members of, or participants in, the Depositary (Agent Members) nor any other Persons on whose behalf
Agent Members may act (including Euroclear Bank S.A./N.V., as operator of the Euroclear System (Euroclear) and Clearstream Banking, société anonyme (Clearstream Luxembourg) and account holders and
participants therein) shall have any rights under this Indenture with respect to any Global Security, or under any Global Security, and the Depositary or such nominee, as the case may be, may be treated by the
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Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as
between the Depositary, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security.
3.4.6 None of the Company, the Guarantor, the Trustee or any agent of the Company, the Guarantor or the Trustee shall have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
Section 3.5 Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is
surrendered to the Trustee, the Company shall execute, the Guarantor shall endorse and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.
If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the
destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a protected purchaser, the Company shall execute, the Guarantor shall endorse and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security upon compliance with the foregoing provisions.
Upon the issuance of any new Security under this Section 3.5, the Company or the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any series issued pursuant to this Section 3.5 in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder.
The provisions of this Section 3.5
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
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Section 3.6 Payment of Interest; Interest Rights
Preserved. Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest.
Any interest on any Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called Defaulted Interest) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Section 3.6.1 or Section 3.6.2 below:
3.6.1 The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as provided in this Section 3.6.1. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date
of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to each Holder of
Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following Section 3.6.2.
3.6.2 The Company may make payment of any Defaulted Interest on the Securities of
any series to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities
may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Section 3.6.2, such manner of payment shall be deemed practicable by
the Trustee.
Subject to the foregoing provisions of this Section 3.6, each Security delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
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Section 3.7 Persons Deemed Owners. Prior to due
surrender of a Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for
the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.6) interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the
Guarantor, the Trustee nor any agent of the Company, the Guarantor or the Trustee shall be affected by notice to the contrary.
Section 3.8 Cancellation. All Securities surrendered for payment, redemption, repurchase, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly
canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to
any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section 3.8, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance
with its customary procedures, unless otherwise directed by a Company Order.
Section 3.9 Computation
of Interest. Unless otherwise specified under Section 3.1 with respect to the Securities of a particular series, interest on such Securities shall be computed on the basis of a 360-day year of twelve 30-day months.
Section 3.10 CUSIP or ISIN Numbers. The Company, in issuing the Securities, may use
CUSIP or ISIN numbers (if then generally in use), and, if so, the Trustee shall use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers.
ARTICLE IV
Satisfaction and Discharge
Section 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further
effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when
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4.1.1 either
(i) all Securities theretofore authenticated and delivered (other than (a) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.5 and (b) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or
(ii) all such Securities not theretofore delivered to the Trustee for cancellation
(a) have become due and payable, or
(b) will become due and payable at their Stated Maturity within one year, or
(c) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,
and the Company, in the case of (i) or (ii) above, has deposited or
caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and
premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity, Redemption Date or Repurchase Date, as the case may be;
4.1.2 the Company has paid or caused to be paid all other sums payable hereunder by the Company; and
4.1.3 the Company has delivered to the Trustee an Officers Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.
Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company and the Guarantor to the Trustee under Section 6.7, the obligations of the Company and the Guarantor to any Authenticating Agent under Section 6.14
and, if money shall have been deposited with the Trustee pursuant to clause (ii) of Section 4.1.1 or this Section 4.1.3, the obligations of the Trustee under Section 4.2 and the last paragraph of
Section 10.3 shall survive such satisfaction and discharge.
Section 4.2 Application of
Trust Money. Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the
Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any)
and interest for whose payment such money has been deposited with the Trustee.
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ARTICLE V
Remedies
Section 5.1 Events of Default. Event of Default means, wherever used herein with respect to Securities of any series, any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing:
5.1.1 The Company or the Guarantor defaults in any payment of interest (including any Additional Amounts) on the Securities of such series
when the same becomes due and payable at its Stated Maturity, and such Default continues for a period of 30 calendar days;
5.1.2 The
Company or the Guarantor defaults in the payment of the principal (including premium, if any, and any Additional Amounts) of the Securities of such series when the same becomes due and payable at its Stated Maturity;
5.1.3 The Company or the Guarantor fails to comply with any of its covenants or agreements in respect of the Securities of such series (other
than those referred to in Sections 5.1.1 and 5.1.2), and such failure continues for 60 calendar days after the notice specified below;
5.1.4 The maturity of any Indebtedness of the Company, the Guarantor or any Subsidiary in a total aggregate principal amount of US$50,000,000
(or the equivalent thereof at the time of determination) or more is accelerated in accordance with the terms of such Indebtedness, or the failure by the Company, the Guarantor or any Subsidiary to make payment at maturity of such Indebtedness (after
giving effect to any grace period provided in the terms of such Indebtedness), it being understood that prepayment or redemption by the Company, the Guarantor or any Subsidiary of any Indebtedness is not an acceleration for this purpose;
5.1.5 One or more final judgments or decrees for the payment of money in excess of US$50,000,000 (or the equivalent thereof at the time of
determination) in the aggregate are rendered against the Company, the Guarantor or any Subsidiary and are not paid (whether in full or in installments in accordance with the terms of the judgment) or otherwise discharged and, in the case of each
such judgment or decree, either (i) an enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 60 days following commencement of such enforcement proceedings or (ii) there is a
period of 60 days following such judgment during which such judgment or decree is not discharged, waived or the execution thereof stayed;
5.1.6 The Company, the Guarantor or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: (a) commences a
voluntary case or files a request or petition for a writ of execution to initiate bankruptcy proceedings or have itself adjudicated as bankrupt; (b) applies for or consents to the entry of an order for relief against it in an involuntary case;
(c) applies for or consents to the appointment of a Custodian of it or for any substantial part of its property; (d) makes a general assignment for the benefit of its creditors; (e) proposes or agrees to an accord or composition in
bankruptcy between itself and its creditors; or (f) files for a reorganization of its debts (judicial or extrajudicial recovery);
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5.1.7 A court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(a) is for relief against the Company, the Guarantor or any Significant Subsidiary in an involuntary case; (b) appoints a Custodian of the Company, the Guarantor or any Significant Subsidiary or for any substantial part of the property of
the Company, the Guarantor or any Significant Subsidiary; (c) orders the winding up or liquidation of the Company, the Guarantor or any Significant Subsidiary; (d) adjudicates the Company, the Guarantor or a Significant Subsidiary as
bankrupt or insolvent; (e) ratifies an accord or composition in bankruptcy between the Company, the Guarantor or a Significant Subsidiary and the respective creditors thereof; or (f) grants a judicial or extrajudicial recovery to the
Company, the Guarantor or a Significant Subsidiary; and the order or decree remains unstayed and in effect for 60 days;
5.1.8 A final
judgment or judgments (not subject to appeal) determines the Guarantees of the Securities of such series to be unenforceable or invalid, such Guarantees cease for any reason to be valid and binding or enforceable against the Guarantor, or any person
acting on its behalf denies or disaffirms its obligations under such Guarantees; and
5.1.9 An Illegality Event shall have occurred and be
continuing;
A Default under Section 5.1.3 is not an Event of Default until the Trustee or the Holders of at least 25% in
principal amount of the Outstanding Securities notify the Guarantor and the Company (and the Trustee, if the notice is given by the Holders) of the Default and the Guarantor or the Company does not cure, or cause to be cured such Default within the
time specified after receipt of such notice.
Section 5.2 Acceleration of Maturity; Rescission and
Annulment. If an Event of Default (other than an Event of Default specified in Section 5.1.7) occurs and is continuing with respect to any series of Securities, the Trustee or the Holders of not less than 25% in principal amount of
the Outstanding Securities of that series may declare all unpaid principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities of that series to be due and payable immediately, by a notice in writing to the
Company or the Guarantor, as the case may be (and to the Trustee, if the notice is given by the Holders), stating that such notice is an acceleration notice, and upon any such declaration such amounts shall become due and payable
immediately. If an Event of Default specified in Section 5.1.7 occurs and is continuing, then the principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities shall become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder.
At any time after a declaration of
acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article 5, the Holders of a majority in
principal amount of the Outstanding Securities of that series by written notice to the Company, the Guarantor and the Trustee may rescind or annul such declaration if:
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5.2.1 the Company or the Guarantor has paid or deposited with the Trustee a sum sufficient to pay
(i) all overdue interest on Securities of that series, (ii) all unpaid principal of any Securities of that series that has become due otherwise than by such declaration of acceleration, (iii) to the extent that payment of such
interest on the Securities of that series is lawful, interest on such overdue interest, as provided herein (iv) any Additional Amounts due with respect to the Securities of that series and (v) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and
5.2.2 all
Events of Default have been cured or waived as provided in Section 5.13 other than the nonpayment of principal that has become due solely because of acceleration.
No such rescission shall affect any subsequent Default or Event of Default or impair any right consequent thereto.
Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. If an Event of Default
specified in Section 5.1.1 or Section 5.1.2 occurs, the Trustee, in its own name as trustee of an express trust, (i) may institute a judicial proceeding for the collection of the whole amount then due and payable on such
Securities for principal and interest, interest on any overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the rate borne by the Securities, any Additional
Amounts due with respect to the Securities and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, (ii) may prosecute such proceeding to judgment or final decree and (iii) may enforce the same against the Company, the Guarantor or any other obligor upon the Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company, the Guarantor or any other obligor upon the Securities, wherever situated.
If an Event of Default occurs and is continuing with respect to Securities of any series, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of that series by any available proceeding at law or in equity, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy.
Section 5.4 Trustee May File Proofs of Claim. In
case of any judicial proceeding relative to the Company or the Guarantor (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take
any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.
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No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors or other similar committee.
Section 5.5 Trustee May Enforce Claims Without Possession of Securities. All rights of action
and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any such Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
Section 5.6 Application of Money Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
FIRST: To the payment of all amounts due to the Trustee under Section 6.7;
SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and
THIRD: Any remaining amounts shall be repaid to the Company or the Guarantor, as the case may be.
Section 5.7 Limitation on Suits. No Holder of any Securities of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless
5.7.1 such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series;
5.7.2 the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
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5.7.3 such Holder or Holders have offered to the Trustee indemnity or security reasonably
satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;
5.7.4 the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and
5.7.5 no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series;
it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such Holders.
Section 5.8
Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the
principal of and premium, if any, and (subject to Section 3.6) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repurchase, on the Redemption Date or Repurchase
Date, as the case may be), and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.
Section 5.9 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Guarantor, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted.
Section 5.10 Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.5, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of
any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
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Section 5.12 Control by Holders. The Holders of a
majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the
Trustee, with respect to the Securities of such series, provided that
5.12.1 such direction shall not be in conflict with any rule
of law or with this Indenture,
5.12.2 the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, and
5.12.3 subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow
any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability against which indemnity would not be satisfactory.
Section 5.13 Waiver of Past Defaults. Subject to Section 5.2, the Holders of not
less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past Event of Default hereunder with respect to such series and its consequences, except
a default
5.13.1 in the payment of the principal of or premium, if any, or interest on any Security of such series, or
5.13.2 in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of the
Holder of each Security of such series affected.
Upon any such waiver, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
Section 5.14 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs, including
reasonable attorneys fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section 5.14 nor the Trust Indenture Act shall be
deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company, the Guarantor, or the Trustee or in any suit to require the Company to repurchase any Security of a series in
accordance with its terms.
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Section 5.15 Waiver of Usury, Stay or Extension Laws.
Each of the Company and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
ARTICLE VI
The Trustee
Section 6.1 Certain Duties and Responsibilities. The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, 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 6.1.
Section 6.2
Notice of Default; Potential Default. If a default occurs hereunder with respect to Securities of any series, upon receipt of written notification thereof by a Responsible Officer, the Trustee shall give the Holders of Securities of such
series notice of such Default as and to the extent provided by the Trust Indenture Act (a Notice of Default). Specifically, the Trustee shall provide Notice of Default to each Holder promptly, but in no event later than within 15
days of occurrence, and in the manner provided by Section 313(c) of the Trust Indenture Act or any successor section thereto, of any Default of which the Trustee is aware. The Trustee shall also provide a notice to each Holder of any
claim of Default within 30 days of a Responsible Officer receiving a written assertion of such claim from Holders of no less than 10% of the aggregate principal amount of Securities of such series then Outstanding. For the purpose of this
Section 6.2, the term Default means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. If on the Business Day prior to an Interest
Payment Date the Company or the Guarantor has not deposited with the Trustee funds sufficient to pay the interest due on the next Interest Payment Date, then the Trustee shall provide written notice to the Guarantor of such failure.
Section 6.3 Certain Rights of Trustee. Subject to the provisions of Section 6.1:
6.3.1 the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have
been signed or presented by the proper party or parties;
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6.3.2 any request or direction of the Company mentioned herein shall be sufficiently evidenced by
a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. Any request or direction of the Guarantor mentioned herein shall be sufficiently evidenced by a written request or
direction signed on behalf of the Guarantor by any two of its Officers or its attorneys-in-fact in accordance with its bylaws (estatuto social);
6.3.3 whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers Certificate;
6.3.4 the Trustee may consult with counsel of its own choice and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
6.3.5 the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;
6.3.6 the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document in connection with this Indenture, but the
Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company and the Guarantor, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;
6.3.7 the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
6.3.8 the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities unless a written
notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by the Company, the Guarantor or any Holder, and such notice references the Securities, the
Guarantees and this Indenture;
6.3.9 the rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder;
6.3.10 the Trustee may request that the Company or the Guarantor deliver an Officers Certificate setting forth the names of individuals
and/or titles of officers or directors authorized at such time to take specified actions pursuant to this Indenture, which Officers Certificate may be signed by any person authorized to sign an Officers Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded;
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6.3.11 the permissive rights of the Trustee enumerated herein shall not be construed as duties;
6.3.12 in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
6.3.13 the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption,
loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to
resume performance as soon as practicable under the circumstances.
Section 6.4 Not Responsible for
Recitals or Issuance of Securities. Neither the Trustee nor any Authenticating Agent assume any responsibility for the correctness of the recitals contained herein and in the Securities, except the Trustees certificates of authentication.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company or the Guarantor of such
Securities or the proceeds thereof.
Section 6.5 May Hold Securities. The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or the Guarantor, in its individual or any other capacity, may become the owner or pledgee of the Securities and, subject to Sections 6.8 and
6.13, may otherwise deal with the Company and the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.
Section 6.6 Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company and the Guarantor.
Section 6.7 Compensation and Reimbursement
6.7.1 The Company and the Guarantor, jointly and severally, agree to pay to the Trustee from time to time such compensation as shall be agreed
in writing between the parties for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust).
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6.7.2 The Company and the Guarantor, jointly and severally, agree except as otherwise expressly
provided herein, to reimburse the Trustee upon its request for all reasonable and documented expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct.
6.7.3 The Company and the Guarantor, jointly and severally, agree to fully indemnify each of the Trustee and any predecessor Trustee for, and
to hold it harmless against, any and all losses, liabilities, damages, claims or expenses incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company or the Guarantor, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder.
When the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 5.1.7, the expenses (including the reasonable and documented charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Bankruptcy Law.
As security for the performance of the obligations of the Company and the Guarantor under this Section 6.7.3, the Trustee
shall have a claim prior to the Securities of a series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (premium, if any) or interest on such Securities.
The provisions of this Section 6.7.3 shall survive the resignation or removal of the Trustee and the satisfaction and discharge of
this Indenture.
Section 6.8 Conflicting Interests. If the Trustee has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.
Section 6.9 Corporate Trustee Required; Eligibility. There shall at all times be one (and only one)
Trustee hereunder with respect to the Securities of each series, which may be a Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that (i) is eligible pursuant to the Trust Indenture Act to act as
such, (ii) has a combined capital and surplus of at least US$50,000,000, (iii) is subject to supervision or examination by U.S. federal or state authority and (v) has its Corporate Trust Office in the United States. If any such Person
publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 6.9 and to the extent permitted by the Trust Indenture Act, the
combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease
to be eligible in accordance with the provisions of this Section 6.9, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6.
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Section 6.10 Resignation and Removal; Appointment of
Successor. No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable
requirements of Section 6.11.
The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company and the Guarantor. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 45 days after the giving of such notice
of resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of
the Outstanding Securities of such series, delivered to the Trustee and to the Company.
If at any time:
6.10.1 the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has
been a bona fide Holder of a Security for at least six months;
6.10.2 the Trustee shall cease to be eligible under
Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder; or
6.10.3 the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (i) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable
requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements
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of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall include the name of the successor Trustee with respect
to the Securities of such series and the address of its Corporate Trust Office.
Section 6.11
Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all
the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.
In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the Guarantor, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates.
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Upon request of any such successor Trustee, the Company and the Guarantor shall execute any and
all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.
Section 6.12 Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to
all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. In case any of the Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.
Section 6.13 Preferential Collection of Claims Against Company. If and when the Trustee shall be or
become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).
Section 6.14 Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent or
Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer, or partial redemption or pursuant to Section 3.5, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustees certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States, any state thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent, have a combined capital and surplus of at least US$50,000,000 and be subject to supervision or examination by U.S. federal or state authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 6.14, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and
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surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section 6.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 6.14.
Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided that such corporation shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.14.
The Company and the Guarantor agree to pay to each Authenticating Agent from time to time reasonable compensation for its services under this
Section 6.14.
If an appointment is made pursuant to this Section 6.14, the Securities may have endorsed thereon,
in addition to the Trustees certificate of authentication, an alternative certificate of authentication in the following form:
This is one of the Securities referred to in the within-mentioned Indenture.
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The Bank of New York Mellon, as
Trustee |
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By: |
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as Authenticating Agent |
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By: |
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Authorized Officer |
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Section 6.15 Trustees Application for
Instructions from the Company or the Guarantor. Any application by the Trustee for written instructions from the Company or the Guarantor may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the
Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal
included in such application on or after the date specified in such application (which date shall not be less than five Business Days after the date any officer or director of the Company or the Guarantor, as the case may be, actually receives such
application, unless any such officer or director shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in
response to such application specifying the action to be taken or omitted.
ARTICLE VII
Holders Lists and Reports by Trustee and Company
Section 7.1 Company to Furnish Trustee Names and Addresses of Holders.
The Company will furnish or cause to be furnished to the Trustee:
7.1.1 semi-annually, not more than 15 days after each Regular Record Date with respect to each series of Securities, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date, and
7.1.2 at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished.
Section 7.2 Preservation of Information; Communications to Holders
7.2.1 The Trustee shall preserve, in as current a form
as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.
7.2.2 The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and
the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.
7.2.3 Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of
Holders made pursuant to the Trust Indenture Act.
Section 7.3 Reports by Trustee
The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to
the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15th following the date of this Indenture
deliver to Holders a brief report, dated as of such May 15th, which complies with the provisions of such Section 313(a).
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A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each securities exchange upon which any of the Securities are listed, with the SEC (unless at the time no Outstanding Securities have been registered with the SEC pursuant to the Securities Act) and with the Company. The Company will
promptly notify the Trustee in writing when any of the Securities are listed on any securities exchange.
Delivery of such reports to the
Trustee is for informational purposes only and the Trustees receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Companys
and the Guarantors compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers Certificates).
ARTICLE VIII
Consolidation, Merger, Conveyance, Transfer or Lease
Section 8.1 Company and Guarantor May Consolidate, Etc. Only on Certain Terms. Neither the
Company nor the Guarantor shall, without the consent of the Holders of a majority in aggregate principal amount of each series the Securities in accordance with this Indenture, consolidate with or merge into any other corporation or convey or
transfer all or substantially all of its properties or assets to any other Person, unless:
8.1.1 the Person formed by such consolidation
or into which the Company or Guarantor is merged or the Person which acquires by conveyance or transfer all or substantially all of its properties or assets (the Successor Person) shall expressly assume (via a supplemental
indenture), pursuant to this Indenture, the due and punctual repayment of the principal and interest on all the Securities and all other obligations of the Company or the Guarantor, as applicable, under the Indenture and the Securities, and, in case
such consolidation, merger, conveyance or transfer involves the Company, the Guarantor will expressly reaffirm its obligations under this Indenture;
8.1.2 immediately after giving effect to such transaction, no Event of Default with respect to any Security shall have occurred and be
continuing;
8.1.3 the Company and the Guarantor have delivered to the Trustee (i) Officers Certificates of the Company and the
Guarantor stating that such consolidation, merger, conveyance or transfer and supplemental indenture complies with this Article and that all conditions precedent herein provided, which relate to such transaction, have been complied with and
(ii) an Opinion of Counsel issued by external counsel of recognized standing stating that such consolidation, merger, conveyance or transfer complies with this Article and that all conditions herein provided, which relate to such transaction,
have been complied with;
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8.1.4 the Successor Person shall expressly agree to withhold against any tax, duty, assessment or
other governmental charge thereafter imposed or levied by a Relevant Taxing Jurisdiction as a consequence of such consolidation, merger, conveyance or transfer with respect to the payment of principal of or interest or premium on the Securities, and
to pay such Additional Amounts as may be necessary to ensure that the net amounts receivable by Holders after any withholding or deduction of any such tax, assessment, duty or other governmental charge shall equal the respective amounts of
principal, premium (if any) and interest which would have been receivable in respect of the Securities in the absence of such consolidation, merger, conveyance or transfer; provided, however, that Holders will not be subject to the
exceptions and limitations contained in Section 10.7 in relation to the Successor Jurisdiction; and
8.1.5 in the case of a
consolidation or merger of the Company or conveyance or transfer of all or substantially all of the Companys properties or assets, such transaction is permitted by Section 10.16.2.
Section 8.2 Successor Substituted. Upon any consolidation, merger, conveyance, or transfer in
accordance with this Article, the Successor Person shall succeed to, and be substituted for, and may exercise every right and power of the Company or the Guarantor, as applicable, under the Securities with the same effect as if the Successor Person
had been named as the issuer or guarantor of the Securities herein.
Section 8.3 Right to
Redemption. No Successor Person shall have the right to redeem the Securities unless the Company and the Guarantor would have been entitled to redeem such Securities in similar circumstances.
ARTICLE IX
Supplemental Indentures
Section 9.1Supplemental Indentures without Consent of Holders. Without the consent of any Holders, the Company, when authorized by a Board Resolution, the Guarantor, when authorized by a Board Resolution, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:
9.1.1 to evidence the succession of another Person to the Company or the Guarantor and the assumption by any such successor of the covenants
of the Company or the Guarantor herein and in the Securities;
9.1.2 to add to the covenants of the Company or the Guarantor for the
benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to
surrender any right or power herein conferred upon the Company or the Guarantor;
9.1.3 to add any additional Events of Default for the
benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely
for the benefit of such series);or
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9.1.4 to add to or change any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form;
9.1.5 to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (i) shall neither (a) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (b) modify the
rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or
9.1.6 to secure the Securities pursuant to the requirements of Section 10.6 or otherwise;
9.1.7 to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1;
9.1.8 to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11;
or
9.1.9 to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other
provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Section 9.1.9 shall not adversely affect the interests of the Holders
of Securities of any series in any material respect.
Section 9.2 Supplemental Indentures or
Waiver with Consent of Holders. With the written consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture or waiver, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, the Guarantor, when authorized by a Board Resolution, and the Trustee may (i) enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture or (ii) waive the
application of any provision of this Indenture; provided, however, that no such supplemental indenture or waiver shall, without the consent of each Holder of each Outstanding Security affected thereby, an amendment may not:
9.2.1 change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security;
9.2.2 reduce the principal amount, the interest rate, the redemption price for any Security or the principal amount that would be due and
payable upon acceleration of the Maturity thereof pursuant to Section 5.2;
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9.2.3 change or modify in any way the Companys or the Guarantors obligation to pay
Additional Amounts pursuant to Section 10.7;
9.2.4 change the coin or currency in which, any Security or premium, if any, or
interest thereon is payable;
9.2.5 change the Place of Payment of any Security;
9.2.6 impair the Holders right to institute suit for the enforcement of any payment due with respect to any Security;
9.2.7 change the terms of payment from, or control over, or release or reduce any collateral or security interest that may be created or
provided pursuant to Section 10.6;
9.2.8 change any provision of the Guarantees by the Guarantor in a manner which would
materially and adversely affect the Holders; and
9.2.9 modify any of the provisions of this Section 9.2,
Section 5.13 or Section 10.9, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to the Trustee and concomitant changes in this
Section 9.2 and Section 10.9, or the deletion of this proviso, in accordance with the requirements of Section 6.11.
A supplemental indenture or waiver which changes or eliminates any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.
It shall not be necessary for any Act of Holders under this
Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such Act shall approve the substance thereof.
Section 9.3 Execution of Supplemental Indentures. In executing, or accepting the additional
trusts created by, any supplemental indenture or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon, in addition to the documents required by Section 1.2, an Officers Certificate and an Opinion of Counsel, each stating that the execution of such supplemental indenture or waiver is authorized or permitted
by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture or waiver which affects the Trustees own rights, duties or immunities under this Indenture or otherwise.
Section 9.4 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.
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Section 9.5 Conformity with Trust Indenture Act.
Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.
Section 9.6 Reference in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and the Guarantor and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.
Section 9.7 Effect of Waiver. A waiver shall be effective to waive compliance with the
particular provision and for the particular instance for which the waiver was made and, until such waiver shall become effective, the obligations of the Company or the Guarantor and the duties of the Trustee in respect of any such provision shall
remain in full force and effect.
ARTICLE X
Covenants
Section 10.1 Payment of Principal, Premium and Interest. The Company will duly and punctually pay the principal of and premium, if any, and interest (together with any Additional Amounts payable thereon) on the Securities in
accordance with the terms of the Securities and this Indenture.
Section 10.2 Maintenance of
Office or Agency. With respect to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 3.1, the Corporate Trust Office of the Trustee shall be the Place of Payment where
such Global Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any such payment, presentation,
surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this
Indenture.
With respect to any Securities that are not in the form of a Global Security, the Company will maintain in the Borough of
Manhattan, The City of New York, New York, an office or agency where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the
Company in respect of the Securities (in this case, without regard to the form of the Securities) and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
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The Company may also from time to time designate one or more other offices or agencies (in or
outside the Borough of Manhattan, The City of New York, New York) where the Securities of one or more series, notices and other items may be presented or surrendered for any or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
Section 10.3 Money for Security Payments To Be Held in Trust. If the Company shall at any time
act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or premium, if any, or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal and premium, if any, and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its
action or failure so to act.
Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on the
business day prior to each due date of the principal of or premium, if any, or interest on any Securities of such series, deposit in Dollars with a Paying Agent in New York, New York a sum sufficient to pay such amount, such sum to be held as
provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.
The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying
Agent and (ii) during the continuance of any default by the Company (or any other obligor upon the Securities of such series) in the making of any payment in respect of the Securities of such series, upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of such series.
The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from
all further liability with respect to such money.
Any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of or premium, if any, or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantor for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
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provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may, at the expense of the Company, cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not
be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company or the Guarantor.
Section 10.4 Statement by Officers as to Default. The Company and the Guarantor will deliver to
the Trustee, within 90 days after the end of each fiscal year of the Company ending after the date hereof, an Officers Certificate, stating whether or not to the best knowledge of the signers thereof the Company or the Guarantor is in default
in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company or the Guarantor shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge.
The Company and the Guarantor will
deliver to the Trustee, as soon as possible and in any event within 30 days after the Company or the Guarantor becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an
Event of Default, an Officers Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto.
Section 10.5 Reports by Company and Guarantor. The Company (unless at the time no Outstanding
Securities have been registered with the SEC pursuant to the Securities Act) and the Guarantor shall file with the Trustee and the SEC, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be
required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act.
Notwithstanding
that the Guarantor may not be required to remain subject to the reporting requirements of Section 12, 13 or 15(d) of the Exchange Act, the Guarantor will continue to file with the SEC and provide the Trustee with such
annual reports and such information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which are specified in Sections 12, 13 and 15(d) of the
Exchange Act.
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustees receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Companys and the Guarantors compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers Certificates).
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Section 10.6 Limitation on Liens. Neither the
Company nor the Guarantor will create, incur, issue or assume any Indebtedness secured by any Lien, other than a Permitted Lien, without in any such case effectively providing that the Securities shall be secured equally and ratably with or prior to
such secured Indebtedness. The (i) giving of a guarantee that is secured by a Lien upon or in respect of any asset of the Company, and (ii) creation of a Lien upon or in respect of any of the Companys assets to secure Indebtedness
that existed prior to the creation of such Lien, shall be deemed to involve the incurrence of Indebtedness in an amount equal to the principal amount of such Indebtedness secured by such Lien.
Section 10.7 Payment of Additional Amounts
10.7.1 All payments in respect of the Securities shall be made without withholding or deduction for or on account of any present or future
taxes, duties, assessments or other governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Brazil (Brazilian Taxes), the Netherlands (Dutch Taxes) or any
other jurisdiction or political subdivision thereof having power to tax in which the Company or any successor thereto is organized or incorporated or is a resident for tax purposes (Foreign Taxes), as applicable (each such
jurisdiction, a Relevant Taxing Jurisdiction), unless the Company or the Guarantor, as the case may be, is compelled by law to deduct or withhold such taxes, duties, assessments or governmental charges. In the event of any such
withholding or deduction, the Company or the Guarantor, as the case may be, shall make such deduction or withholding, will make payment of the amount so withheld to the appropriate governmental authority and will pay to each Holder such additional
amounts (Additional Amounts) as may be necessary in order that every net payment made by the Company or the Guarantor, as the case may be, on the Securities after such withholding or deduction for or on account of any Brazilian
Taxes, Dutch Taxes or Foreign Taxes will equal the respective amounts of principal, premium, if any, and interest which would have been receivable in respect of such Securities had no such withholding or deduction (including for any Foreign Taxes
payable in respect of Additional Amounts) been required, except that no such Additional Amounts shall be payable with respect to any payment on a Security:
(i) to, or to a third party on behalf of, a Holder who is liable for any such taxes, duties, assessments or other governmental
charges in respect of such Security by reason of (a) a connection between the Holder and a Relevant Taxing Jurisdiction other than the mere holding of such Security and the receipt of payments with respect to such Security or (b) failure
by the Holder to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a Relevant Taxing Jurisdiction, of such Holder, if such compliance is required or
imposed by law as a precondition to exemption from all or a part of such tax, duty, assessment or other governmental charge and the Company or the Guarantor, as applicable, has given the Holders at least 30 days notice that Holders will be
required to comply with such requirement;
(ii) in respect of any such taxes, duties, assessments or other governmental
charges with respect to a Security surrendered (if surrender is required) more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders,
whichever occurs later, except to the extent that the Holder of such Security would have been entitled to such Additional Amounts on surrender of such Security for payment on the last day of such 30-day period;
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(iii) where such withholding or deduction is imposed on a payment to an
individual and is required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or
introduced in order to conform to, such directive;
(iv) in respect of any estate, inheritance, gift, sales, transfer,
personal property or similar tax, assessment or governmental charge imposed with respect to a Security;
(v) in respect of
any tax, assessment or other governmental charge payable otherwise than by deduction or withholding from payments of principal of or interest or premium, if any, on any series of Securities or by direct payment by the Company or the Guarantor in
respect of claims made against the Company or the Guarantor; or
(vi) in respect of any combination of the above.
For purposes of the provisions described in this Section 10.7.1, the term Holder of any Security means the
direct nominee of any beneficial owner of such Security, which holds such beneficial owners interest in such Security. Notwithstanding the foregoing, the limitations on the Companys or the Guarantors obligation to pay Additional
Amounts set forth in clause (i)(b) above shall not apply if the provision of information, documentation or other evidence described in such clause (i)(b) would be materially more onerous, in form, in procedure or in the substance of information
disclosed, to a Holder or beneficial owner of a Security (taking into account any relevant differences between U.S. and Dutch or Brazilian law, regulation or administrative practice) than comparable information or other reporting requirements
imposed under U.S. tax law (including tax treaties between the United States and The Netherlands or Brazil), regulations (including proposed regulations) and administrative practice.
The Company or the Guarantor, as the case may be, shall promptly provide the Trustee with documentation, if any, (which may consist of
certified copies of such documentation) reasonably satisfactory to the Trustee evidencing the payment of Foreign Taxes in respect of which the Company or the Guarantor has paid any Additional Amounts. Copies of such documentation shall be made
available to the Holders of the Securities or the Paying Agent, as applicable, upon request therefor.
In respect of the Securities issued
hereunder, at least 10 days prior to the first date of payment of interest on the Securities and at least 10 days prior to each date, if any, of payment of principal or interest thereafter if there has been any change with respect to the matters set
forth in the below-mentioned Officers Certificate, the Company and the Guarantor shall furnish the Trustee and each Paying Agent with an Officers Certificate instructing the Trustee and such Paying Agent as to whether such payment of
principal of or interest or premium, if any, on such Securities shall be made without deduction or withholding for or on account of any tax, duty, assessment or other governmental charge. If any such deduction or withholding shall be required by the
Netherlands or Brazil or any Successor Jurisdiction or any political subdivision or authority therein or thereof having power to tax, then such certificate shall specify, by country, the amount, if any, required to be deducted or withheld on such
payment to Holders of such
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Securities, and the Company or the Guarantor, as the case may be, (if payment is then due under the Guarantees) shall pay or cause to be paid to the Trustee or such Paying Agent Additional
Amounts, if any, required by this Section 10.7. The Company and the Guarantor agree to indemnify the Trustee and each Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance on any Officers Certificate furnished pursuant to this Section 10.7, the obligation of the Company and the
Guarantor to so indemnify being joint and several.
10.7.2 The Company or the Guarantor, as the case may be, shall pay all present and
future stamp, issue, registration, documentary or other similar duties, if any, which may be imposed by the Netherlands or Brazil or any other governmental entity or political subdivision therein or thereof, or any taxing authority of or in any of
the foregoing, with respect to the Indenture or the issuance of the Securities.
10.7.3 The Company or the Guarantor, as the case may be,
shall provide each Paying Agent and any withholding agent under relevant tax regulations with copies of each certificate received by the Company or the Guarantor from a Holder of a Security pursuant to the text of such Security. Each such Paying
Agent and withholding agent shall retain each such certificate received by it for as long as any Security is outstanding and in no event for less than four years after its receipt, and for such additional period thereafter, as set forth in an
Officers Certificate, as such certificate may become material in the administration of applicable tax laws.
10.7.4 In the event
that Additional Amounts actually paid with respect to the Securities pursuant to the preceding paragraphs are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such
Securities, and, as a result thereof, such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Securities, be deemed to have assigned and
transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company or the Guarantor. However, by making such assignment, the Holder makes no representation or warranty that the Company or the Guarantor
will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto.
10.7.5 All references
in this Indenture and the Securities to principal, premium, if any, or interest in respect of any Security shall be deemed to mean and include all Additional Amounts, if any, payable in respect of such principal, premium, if any, or interest, unless
the context otherwise requires, and express mention of the payment of Additional Amounts in any provision hereof shall not be construed as excluding reference to Additional Amounts in those provisions hereof where such express mention is not made.
All references in this Indenture and the Securities to principal in respect of any Security shall be deemed to mean and include any Redemption Price or Repurchase Price payable in respect of such Security pursuant to any
53
redemption or repurchase right hereunder (and all such references to the Stated Maturity of the principal in respect of any Security shall be deemed to mean and include the Redemption Date or
Repurchase Date with respect to any such Redemption Price or Repurchase Price), and all such references to principal, premium, if any, interest or Additional Amounts shall be deemed to mean and include any amount payable in respect hereof pursuant
to Section 10.7, and express mention of the payment of any Redemption Price or Repurchase Price, or any such other amount in any provision hereof shall not be construed as excluding reference to the payment of any Redemption Price or
Repurchase Price, or any such other amounts in those provisions hereof where such express reference is not made.
Section 10.8 Indemnification of Judgment Currency. The Company and the Guarantor shall jointly and severally indemnify the Trustee and any Holder of a Security against any loss incurred by the Trustee or such Holder, as the case may
be, as a result of any judgment or order being given or made for any amount due under this Indenture or such Security and being expressed and paid in a currency (the Judgment Currency) other than Dollars (the Specified
Currency), and as a result of any variation between (i) the rate of exchange at which the Specified Currency amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of
exchange in The City of New York at which the Trustee or such Holder, as the case may be, on the date of payment of such judgment or order is able to purchase the Specified Currency with the amount of the Judgment Currency actually received by the
Trustee or such Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company and the Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term
spot rate of exchange shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the Specified Currency.
Section 10.9 Further Acts. The Company and the Guarantor will each take any action, satisfy any
condition or do any thing (including the obtaining or effecting of any necessary consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required in accordance with the applicable laws and
regulations to be taken, fulfilled or done in order (i) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under the Securities, this Indenture and any supplemental indenture, as the case may
be, (ii) to ensure that those obligations are legally binding and enforceable, (iii) to make the Securities, this Indenture and any supplemental indenture admissible in evidence in the courts of the State of New York, the Netherlands and
Brazil and (iv) to enable the Trustee to exercise and enforce its respective rights under this Indenture and any supplemental indenture and to carry out the terms, provisions and purposes of this Indenture and any supplemental indenture.
Section 10.10 Securities held by the Company, the Guarantor, etc.. So long as any Security is
Outstanding, the Company will send to the Trustee, as soon as practicable after being so requested by the Trustee, an Officers Certificate of the Company stating the aggregate principal amount of Securities held or beneficially owned, at the
date of such certificate by or on behalf of the Company, the Guarantor or any of its Subsidiaries. The Company will promptly notify the Trustee when it, the Guarantor or any of its Subsidiaries holds or beneficially owns Securities.
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Section 10.11 Status of Guarantees and Securities.
The Guarantor will ensure that the Guarantees will rank at least pari passu with any current and future unsecured and unsubordinated Indebtedness of the Guarantor, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting creditors rights, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) certain statutory preferred claims for
wages, salaries, social security and taxes as provided by Brazilian law. The Company will ensure that the Securities will rank at least pari passu with any current and future Indebtedness of the Company.
Section 10.12 Maintenance of Corporate Existence. The Company and the Guarantor shall, and shall
cause each of their Subsidiaries to, (i) maintain in effect its corporate existence and all registrations necessary therefor, provided that these restrictions shall not prohibit any transactions permitted by Article 8 or the
merger of any Subsidiary with or into the Guarantor or the Company or with or into any other Subsidiary of the Guarantor or the Company; (ii) take all reasonable actions to maintain all rights, privileges, titles to property, franchises and the
like necessary or desirable in the normal conduct of its business, activities or operations; and (iii) maintain or cause to be maintained in good repair, working order and condition (normal wear and tear excepted) all properties used or useful
in their business; provided, however, that neither the Guarantor, nor its Subsidiaries shall be prevented from discontinuing those operations or suspending the maintenance of those properties which, in the reasonable judgment of the
Guarantor as evidenced by a Board Resolution, are no longer necessary or useful in the conduct of the Guarantors business, or that of its Subsidiaries; and provided, further, that such discontinuation of operations or maintenance
would not have a material adverse effect on the ability of the Guarantor to comply with its obligations under this Indenture.
Section 10.13 Maintenance of Insurance. The Guarantor shall, and shall cause each of its Subsidiaries to, maintain insurance with respect to its general business and its properties, with financially sound, responsible and reputable
insurance companies in such amounts and covering such risks as are usually carried by companies of good repute engaged in similar businesses and owning and/or operating properties similar to those owned and/or operated by the Guarantor or such
Subsidiary, as the case may be, in the jurisdictions in which the Guarantor or such Subsidiary owns and/or operates its properties, including policies covering property losses wherein settlement is on a replacement value basis, resultant business
interruption and general liability.
Section 10.14 Payment of Taxes. The Company and the
Guarantor will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon the Company or the Guarantor or upon the income, profits or property
of the Company or the Guarantor (the Taxes) which, if unpaid, might by law become a Lien upon the property of the Company and the Guarantor; provided, however, that (i) the Company and the Guarantor shall not be
required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is then-currently being contested in good faith by appropriate proceedings and (ii) the Company and
the Guarantor shall be in compliance with this Section 10.14 if the individual or the aggregate amount of the Taxes not paid would not have a material adverse effect on the ability of the Guarantor to comply with its obligations under
this Indenture.
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Section 10.15 Ownership of the Company and Payment of
Expenses. The Guarantor will at all times own, either directly or indirectly, 100% of the issued shares of the Company. The Guarantor will determine and timely pay all fees, taxes, and other monies required to be paid in connection with the
establishment and maintenance of the existence of the Company under Dutch law.
Section 10.16
Additional Limitations on the Company. For so long as any of the Securities is outstanding, the Company shall not:
10.16.1 engage
in any business or enter into, or be a party to, any transaction or agreement except for:
(i) the issuance, sale and
redemption of the Securities and any other debt securities (including syndicated loans) and any activities incidentally related thereto;
(ii) the incurrence of Indebtedness to make inter-company loans to the Guarantor and its Subsidiaries to finance the
acquisition of supply materials by the Guarantor and its Subsidiaries, and activities reasonably related thereto;
(iii)
any cash management measures and short-term investments;
(iv) entering into Hedging Agreements relating to the Securities
or other Indebtedness;
(v) any transaction in the ordinary course of business of the Company; and
(vi) any other transaction required by applicable law;
10.16.2 enter into any consolidation, merger, amalgamation, joint venture, or other form of combination with any Person, or selling, leasing,
conveying or otherwise disposing of any of its assets or receivables, except, in each case, with or to the Guarantor or a Subsidiary and which is otherwise permitted pursuant to Article 8; provided, however, that if the Company
enters into such a transaction with a Subsidiary, and it results in the Successor Person becoming incorporated in or considered to be resident in a jurisdiction other than the Netherlands, then such transaction will only be permitted if such
transaction will not result in the payment of Additional Amounts pursuant to Section 10.7 (as provided by the provisions of Section 8.1.4) in connection with the next payment in respect of the Securities;
10.16.3 enter into any transaction which would cause it to be deemed an investment company as defined in the U.S. Investment
Company Act of 1940, as amended (the Investment Company Act); and
10.16.4 create any Lien in favor of any Person other
than (i) any Lien incurred in connection with the entering into any Hedging Agreement permitted under clause (iv) of Section 10.16.1 above; or (ii) any Permitted Lien.
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ARTICLE XI
Redemption of Securities
Section 11.1 Right of Redemption
11.1.1 The Securities of any series which are redeemable before their Stated Maturity may not be redeemed at the election of the Company
except in accordance with their terms and (except as otherwise specified as contemplated by Section 3 for such Securities) in accordance with the provisions of this Article 11.
11.1.2 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of
the tenor of the Securities specified therefor in the Securities of a series to be redeemed.
11.1.3 The Company or the Guarantor, as the
case may be, will have the option to redeem, in whole but not in part, the Securities of the applicable series, at any time, on giving not less than 30 nor more than 60 days notice to the Holders of such Securities, at a Redemption Price equal
to 100% of the principal amount thereof and premium, if any, applicable thereto, together with accrued interest up to but not including the Redemption Date and any Additional Amounts which would otherwise be payable up to but not including the
Redemption Date, if, as a result of any amendment to, or change in, the laws (or rules and regulation thereunder) of a Relevant Taxing Jurisdiction or any amendment to or change in an official interpretation, administration or application of such
laws, rules or regulations (including a holding by a court of competent jurisdiction), which amendment or change of such laws, rules or regulations or the interpretation, administration or application thereof, in the case of Brazil or the
Netherlands, becomes effective on or after June 15, 2015, or in the case of any other Relevant Taxing Jurisdiction is first publicly announced and becomes effective after the date it first becomes a Relevant Jurisdiction, (x) the Guarantor
or any successor has or will become obligated to pay Additional Amounts with respect to the Securities or the Guarantees other than Additional Amounts attributable to Brazilian Taxes imposed at a rate of equal to or less than (A) 15% generally
in case of any taxes imposed by Brazil or (B) 25% in case of taxes imposed by Brazil on amounts paid to residents of countries that do not impose any income tax or which impose it at a maximum rate lower than 17% or where the laws of that
country or location impose restrictions on the disclosure of (1) shareholding composition, (2) the ownership of the investment or (3) the beneficial ownership of income paid to non-resident persons, pursuant to Law No. 9,779,
dated January 19, 1999, (y) the Company or any successor has or will become obligated to pay Additional Amounts with respect to the Securities and (z) in either case, such obligation cannot be avoided by the Company or the Guarantor,
after the use of reasonable measures available to the Company or the Guarantor, as the case may be; provided, however, that (i) no notice of such redemption may be given earlier than 90 days prior to the earliest date on which the
Company or the Guarantor, as the case may be, would but for such redemption be obligated to pay such Additional Amounts were a payment on such Securities or Guarantees then due, and (ii) at the time such notice is given, such obligation to pay
such Additional Amounts remains in effect.
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11.1.4 Before any notice of redemption pursuant to Section 11.1.3 is given to the
Trustee or the Holders of Securities of the relevant series, the Company shall deliver to the Trustee (i) an Officers Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts
showing that the condition or conditions precedent to the right of the Company so to redeem have occurred or been satisfied and that the Company cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it and
(ii) an opinion of an independent legal counsel of recognized standing to the effect that the Company has or shall become obligated to pay such Additional Amounts as a result of such change or amendment. Such notice, once given to the Trustee,
shall be irrevocable.
Section 11.2 Notice of Redemption. Notice of redemption shall be
given by the Company or the Guarantor, as applicable, in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at such Holders address appearing in the Security Register.
All notices of redemption
shall state:
11.2.1 the Redemption Date,
11.2.2 the Redemption Price and amount of accrued interest, if any,
11.2.3 that on the Redemption Date the Redemption Price and any accrued interest shall become due and payable upon each Security to be
redeemed and that interest thereon shall cease to accrue on and after said date,
11.2.4 the conversion rate (if applicable), the date on
which the right to convert the Securities to be redeemed shall terminate and the place or places where such Securities may be surrendered for conversion,
11.2.5 the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest, and
11.2.6 applicable CUSIP or ISIN Numbers.
Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Companys
request, by the Trustee in the name and at the expense of the Company, and such notice, when given to the Holders, shall be irrevocable.
Section 11.3 Deposit of Redemption Price. On the Business Day prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the Securities which are to be redeemed on that date.
Section 11.4 Securities Payable on Redemption Date. Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest)
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such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company to the Person in whose
name such Security is registered at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall
be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.6.
If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear
interest from the Redemption Date at the rate borne by (or prescribed therefor in) the Security.
Section 11.5 Securities Redeemed in Part. Any Security of a series which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by the Holder
thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like
tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.
If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected less than 61 days
prior to the Redemption Date by the Trustee in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which Securities of that series are listed or if such securities exchange has no requirement
governing redemption or the Securities of that series are not then listed on a securities exchange, on a pro rata basis or by lot (or, in the event that the Securities of that series are represented by Global Securities as of the Redemption
Date, subject to the then-current rules and procedures of the applicable Depositary).
If Securities of any series are redeemed in
part, the remaining outstanding amount of any Security of that series must be at least equal to U.S.$2,000 and be an integral multiple of U.S.$1,000.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.
ARTICLE XII
Guarantees
Section 12.1 The Guarantees. Subject to the provisions of this Article 12, the Guarantor hereby irrevocably and unconditionally guarantees to each Holder of a Security of each series authenticated and delivered by the Trustee
and to the Trustee the full and punctual payment (whether at the Stated Maturity, upon redemption, purchase pursuant to an offer to
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purchase or acceleration or otherwise) of the principal, premium, interest, Additional Amounts and all other amounts that may come due and payable under each Security and the full and punctual
payment of all other amounts payable by the Company under the Indenture as they come due. Upon failure by the Company to pay punctually any such amount, the Guarantor shall forthwith pay the amount not so paid at the place and time and in the manner
specified in the Indenture.
Section 12.2 Guarantees Unconditional. The obligations of the
Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by
12.2.1 any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under the Indenture or
any Security, by operation of law or otherwise;
12.2.2 any modification or amendment of or supplement to the Indenture or any Security;
12.2.3 any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or
other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in the Indenture or any Security;
12.2.4 the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Company, the Trustee or any
other Person, whether in connection with the Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim;
12.2.5 any invalidity or unenforceability relating to or against the Company for any reason of the Indenture or any Security, or any provision
of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Security or any other amount payable by the Company under the Indenture; or
12.2.6 any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other circumstance
whatsoever which might, but for the provisions of this Section 12.2.6, constitute a legal or equitable discharge of or defense to such Guarantors obligations hereunder.
Section 12.3 Discharge; Reinstatement. The Guarantors obligations hereunder will remain
in full force and effect until the principal of, premium, if any, and interest on the Securities and all other amounts payable by the Company under the Indenture have been paid in full. If at any time any payment of the principal of, premium, if
any, or interest on any Security or any other amount payable by the Company under the Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the
Guarantors obligations hereunder with respect to such payment will be reinstated as though such payment had been due but not made at such time.
60
Section 12.4 Waiver by the Guarantor
12.4.1 The Guarantor unconditionally and irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for
herein, as well as any requirement that at any time any action be taken by any Person against the Company or any other Person. The Guarantees constitute a guaranty of payment and not of collection.
12.4.2 The Guarantor unconditionally and irrevocably waives any and all rights provided under Articles 333, sole paragraph 364, 366, 821, 827,
829, 834, 835 and 837 through 839 of the Brazilian Civil Code and Article 595 of the Brazilian Civil Procedure Code.
Section 12.5 Subrogation and Contribution. Upon making any payment with respect to any obligation of the Company under this Article, the Guarantor making such payment will be subrogated to the rights of the payee against the Company
with respect to such obligation; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the principal of (and premium, if any)
and interest on all Securities of the relevant series shall have been paid in full.
Section 12.6
Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company under the Indenture or the Securities is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise
subject to acceleration under the terms of the Indenture are nonetheless payable by the Guarantor forthwith on demand by the Trustee or the Holders.
Section 12.7 Execution and Delivery of Guarantees. The execution by the Guarantor of the
Indenture or a supplemental indenture evidences the Guarantees of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Security. The delivery of any Security by
the Trustee after authentication constitutes due delivery of the Guarantees set forth in the Indenture on behalf of the Guarantor.
ARTICLE XIII
Defeasance and Covenant Defeasance
Section 13.1 Companys Option to Effect Defeasance or Covenant Defeasance. The Company may
elect, at its option at any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities designated pursuant to Section 3.1 as being defeasible pursuant to such
Section 13.2 or 13.3, in accordance with any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article 13. Any such election shall be
evidenced by a Board Resolution or in another manner specified as contemplated by Section
3.1 for such Securities.
Section 13.2 Defeasance and Discharge. Upon the Companys
exercise of its option to have this Section 13.2 applied to any Securities or any series of Securities, as the case may be, the Company and the Guarantor shall each be deemed to have been discharged from their respective obligations with
respect to such Securities or series of Securities as provided in this Section 13.2 on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter called Defeasance). For this
purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such
61
Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Securities to receive, solely from the trust fund described
in Section 13.4 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due, (ii) the respective obligations of the Company and the
Guarantor with respect to such Securities under Sections 3.4, 3.5, 10.2 and 10.3, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) the provisions set forth in this
Article Thirteen. Subject to compliance with this Article, the Company may exercise its option to have this Section 13.2 applied to any Securities notwithstanding the prior exercise of its option to have Section 13.3 applied
to such Securities.
Section 13.3 Covenant Defeasance. Upon the Companys exercise of
its option to have this Section applied to any Securities or any series of Securities, as the case may be, (i) the Company shall be released from any covenants provided pursuant to Section 3.1.8, 8.1, 9.1.2,
9.1.7, 10.5, 10.6, 10.12, 10.13, 10.14 and 10.16 for the benefit of the Holders of such Securities, and (ii) the occurrence of any event specified in Section 5.1.3 shall be deemed not
to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section 13.3 on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter called
Covenant Defeasance). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such specified Section (to the extent so specified in the case of Section 5.13), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such
Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.
Section 13.4 Conditions to Defeasance or Covenant Defeasance. The following shall be the
conditions to the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case may be:
13.4.1 The Company or the Guarantor shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for
the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the
scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, the
principal of and premium, if any, interest and Additional Amounts on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, U.S. Government
Obligation means (a) any security which is (1) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (2) an obligation of a
Person controlled or supervised by and acting as any agency or instrumentality of the United States of America the
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payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (1) or (2), is not callable or redeemable at the
option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause
(a) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that
(except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principle or interest evidenced by such depositary receipt.
13.4.2 In the event of any election to have
Section 13.2 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion
shall confirm that, the Holders of such Securities will not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to
federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.
13.4.3 In the event of an election to have Section 13.3 apply to any Securities or any series of Securities, as the case may be,
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to the
effected with respect to such Security and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.
13.4.4 No event which is, or after notice or lapse of time both would become, an Event of Default with respect to such Securities or any other
Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.1.6 and 5.1.7, at any time on or prior to the day which is 90 days after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until after such day which is 90 days after the date of such deposit).
13.4.5 Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of the Trust Indenture Act).
13.4.6 Such Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company or the Guarantor is a party or by which either is bound.
13.4.7 Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company
within the meaning of the Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder.
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13.4.8 The Company shall have delivered to the Trustee an Officers Certificate and an
Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with.
Section 13.5 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions. Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 13.4 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the
extent required by law.
The Company and the Guarantor shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the U.S. Government Obligations deposited pursuant to Section 13.4, or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders
of Outstanding Securities.
Anything in this Article 13 to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon the Companys order any money or U.S. Government Obligations held by it as provided in Section 13.4 with respect to any Securities which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with
respect to such Securities.
Section 13.6 Reinstatement. If the Trustee or the Paying Agent
is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company and the Guarantor have been discharged or released pursuant to Section 13.2 or 13.3 shall be revived and reinstated as though no deposit had occurred
pursuant to this Article with respect to such Securities in accordance with this Article; provided, however, that if the Company or the Guarantor make any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Company or the Guarantor (as the case may be) shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.
The transactions contemplated by this Indenture have been proposed by the Trustee to the Company for the purposes of paragraph 2 of Article 9
of Brazilian Decree-Law No. 4,657 dated September 4, 1942 and for no other purpose or reason whatsoever.
This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
64
IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the
day and year first above written.
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EMBRAER NETHERLANDS FINANCE B.V., as Company |
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By: |
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/s/ José Antonio de Almeida Filippo |
Name: |
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José Antonio de Almeida Filippo |
Title: |
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Supervising Director |
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By: |
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/s/ Elaine Maria de Souza Funo |
Name: |
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Elaine Maria de Souza Funo |
Title: |
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Supervising Director |
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EMBRAER S.A., as
Guarantor |
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By: |
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/s/ Frederico Pinheiro Fleury Curado |
Name: |
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Frederico Pinheiro Fleury Curado |
Title: |
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President and Chief Executive Officer |
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By: |
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/s/ José Antonio de Almeida Filippo |
Name: |
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José Antonio de Almeida Filippo |
Title: |
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Executive Vice-President and Chief Financial and Investor Relations Officer |
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THE BANK OF NEW YORK MELLON, as
Trustee, Paying Agent, Registrar and Transfer Agent |
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By: |
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/s/ Catherine F. Donohue |
Name: |
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Catherine F. Donohue |
Title: |
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Vice President |
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STATE OF NEW YORK |
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COUNTY OF NEW YORK |
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On this
15th day of June, 2015, before me, a notary public within and for said county, personally appeared Catherine Donohue, to me personally known who being duly sworn, did say that he is Vice President
of THE BANK OF NEW YORK MELLON, one of persons described in and which executed the foregoing instrument, and acknowledges said instrument to be the free act and deed of said corporation.
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By: |
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/s/ Christopher J. Traina |
Name: |
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Christopher J. Traina |
Title: |
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Notary Public, State of New York |
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No. 01TR6297825
Qualified in Queens County
Commission Expires March 03, 2018 |
66
Exhibit 4.4
Dated June 15, 2015
First Supplemental Indenture
U.S.$1,000,000,000
5.050% Notes
due 2025
between
Embraer
Netherlands Finance B.V.,
as Company
Embraer S.A.,
as Guarantor
and
The Bank of New York
Mellon,
as Trustee, Paying Agent, Registrar and Transfer Agent
Table of Contents
(i)
This First Supplemental Indenture is made on June 15, 2015
Between:
(1) |
Embraer Netherlands Finance B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (herein called the
Company), having its principal office at Evert van de Beekstraat 47, 1118CL, Schiphol, The Netherlands, |
(2) |
Embraer S.A., a company organized under the laws of the Federative Republic of Brazil (herein called the Guarantor), having its principal office at Avenida Brigadeiro Faria Lima, 2170,
12227-901 São José dos Campos, São Paulo State, Brazil, and |
(3) |
The Bank of New York Mellon, a banking corporation duly organized and existing under the laws of the State of New York, having its principal corporate trust office at 101 Barclay Street, New York, New York 10286,
as Trustee (herein called the Trustee) to the Indenture, dated as of June 15, 2015, among the Company, the Guarantor and the Trustee (the Base Indenture). |
Whereas:
(A) |
the Base Indenture provides for the issuance from time to time thereunder, in series, of securities of the Company carrying the guarantees of the Guarantor, and Clauses 2.1 and 3.1 of the Base Indenture provides
for the establishment of the form or terms of Securities issued thereunder through one or more supplemental indentures; |
(B) |
the Company and the Guarantor desire by this First Supplemental Indenture to create a new series of securities to be issuable under the Base Indenture, as supplemented by this First Supplemental Indenture, and to be
known as the Companys 5.050% Notes due 2025 (the Notes) carrying the irrevocable and unconditional guarantees of Embraer S.A. (the Guarantees, and together with the Notes, the
Securities) the terms and provisions of which are to be as specified in this First Supplemental Indenture; |
(C) |
the Company and the Guarantor have duly authorized the execution and delivery of this First Supplemental Indenture to establish the Notes as a series of securities under the Base Indenture and to provide for, among
other things, the issuance of and the form and terms of the Notes and additional covenants for the benefit of the Holders thereof and the Trustee; and |
(D) |
all things necessary to make this First Supplemental Indenture a valid and binding legal obligation of the Company and the Guarantor according to its terms have been done. |
Now, Therefore, for and in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof and for the purpose of
setting forth, as provided in the Base Indenture, the form of the Notes and the terms, provisions and conditions thereof, the Company and the Guarantor covenant and agree with the Trustee as follows:
1. |
Ratification of the Base Indenture |
Except insofar as herein otherwise expressly
provided, all the definitions, provisions, terms and conditions of the Base Indenture shall remain in full force and effect. The Base Indenture, as amended and supplemented by this First Supplemental Indenture, is in all respects ratified and
confirmed, and the Base Indenture and this First Supplemental Indenture shall be read, taken and considered as one and the same instrument for all purposes.
2.1 |
For all purposes of this First Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the subject matter or context otherwise requires: |
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2.1.1 |
all terms used in this First Supplemental Indenture that are defined in the Base Indenture have the meanings assigned to them in the Base Indenture, except as otherwise provided in this First Supplemental Indenture;
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2.1.2 |
the term Securities as defined in the Base Indenture and as used in any definition therein or herein, shall be deemed to include or refer to, as applicable, the Notes and the Guarantees; and
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2.1.3 |
the following terms have the meanings given to them in this Clause 2.1.3. |
Comparable Treasury Issue means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the remaining term of such Notes.
Comparable Treasury Price means, with
respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if the Independent Investment
Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
Independent
Investment Banker means one of the Reference Treasury Dealers appointed by the Company.
Reference Treasury
Dealer means each of Citigroup Global Markets Inc. or its affiliates and Morgan Stanley & Co. LLC or its affiliates, which are primary United States government securities dealers and no less than two other leading primary United
States government securities dealers in New York City reasonably designated by the Company; provided, however, that, if any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a
Primary Treasury Dealer), the Company shall substitute therefor another Primary Treasury Dealer.
Reference
Treasury Dealer Quotation means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 pm New York time on the third business day preceding such Redemption Date.
Treasury Rate means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (such price expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
2
3. |
General Terms and Conditions of the Notes |
There is hereby authorized and established a new series of securities
designated the 5.050% Notes due 2025. The Notes will initially be limited to an aggregate principal amount of U.S.$1,000,000,000 (which amount does not include Notes authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Notes pursuant to Clauses 3.4, 3.5, 9.6 or 11.5 of the Base Indenture) and shall be guaranteed by Embraer S.A.
The Company may, from time to time and without the consent of the Holders, issue additional Notes on terms and conditions substantially
identical to those of the Notes, which additional Notes shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the Notes.
The Stated Maturity of the Notes shall be on June 15, 2025. The Notes shall bear interest at the rate of 5.050% per annum, from
June 15, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semi-annually on June 15 and December 15 of each
year, commencing on December 15, 2015 (each, an Interest Payment Date), until the principal and premium thereof are paid or made available for payment. To the extent interest due on any Interest Payment Date is not paid,
interest shall accrue thereon at the Default Interest to the extent permitted by law, until such unpaid interest and interest accrued thereon are paid in full.
The Notes shall be in substantially the forms set forth in this
Clause 3.2, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof.
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3.2.1 |
Form of Face of the Note |
[INCLUDE IN CASE OF A GLOBAL SECURITY THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO, AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY EMBRAER NETHERLANDS FINANCE B.V., EMBRAER S.A. AND THE
TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR REGISTERED NOTES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]
3
[INCLUDE IN CASE OF A GLOBAL SECURITY FOR WHICH THE DEPOSITORY TRUST COMPANY IS THE
DEPOSITARY UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO EMBRAER NETHERLANDS FINANCE B.V. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
4
EMBRAER NETHERLANDS FINANCE B.V.
5.050% Notes due 2025
Unconditionally and Irrevocably Guaranteed by
EMBRAER S.A.
CUSIP Number: 29082H AA0
ISIN: US29082HAA05
No.
US$
EMBRAER NETHERLANDS
FINANCE B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (herein called the Company, which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
US$ (
U.S. dollars) [IN THE CASE OF A GLOBAL SECURITY, INSERT , or such other principal amount as set forth in the Schedule of Increases or Decreases in Global Note attached hereto,] on June 15, 2025, and to pay interest
thereon semi-annually on June 15 and December 15 of each year (each an Interest Payment Date), commencing on December 15, 2015, from June 15, 2015 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, as the case may be, at the rate of 5.050% per annum, until the principal hereof is paid or made available for payment, provided that any amount of principal of or premium, if any, or interest
on this Note which is overdue shall bear interest, to the extent permitted by law, from the date such amount is due to but not including the day it is paid or made available for payment, and such overdue principal of or premium, if any, or interest
shall be paid as provided in Section 3.6 of the Base Indenture hereinafter referred to.
The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be
the June 1 or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on the
relevant Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be proposed by the Company and notified to the
Trustee, notice whereof shall be given to Holders of the Notes not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months.
5
Payment of the principal of or premium, if any, or interest on this Note will be made to
the Person entitled thereto at the office of the Trustee or agency of the Company in the Borough of Manhattan, The City of New York, New York, maintained for such purpose, and at any other office or agency maintained by the Company for such purpose,
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 upon surrender of this Note in the case of any payment due at the Maturity of the principal hereof (other than
any payment of interest payable on an Interest Payment Date); provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register; and provided, further, that all payments of the principal of and interest on this Note, the Holders of which have given wire transfer instructions to the Trustee, the Company, or its agent at least 10 Business Days prior to the
applicable payment date, will be required to be made by wire transfer of immediately available funds to the accounts with financial institutions in the United States specified by such Holders in such instructions. [IN CASE OF A GLOBAL SECURITY,
INSERT Notwithstanding the foregoing, payment of any amount payable in respect of a Global Note will be made in accordance with the Applicable Procedures of the Depositary.]
Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
6
IN WITNESS WHEREOF, the parties hereto have caused this Note to be duly executed.
Dated:
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EMBRAER NETHERLANDS FINANCE B.V. |
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By: |
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Name: |
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Title: |
Embraer S.A. (herein called the Guarantor) hereby irrevocably and unconditionally
guarantees to each Holder the full and punctual payment (whether at the Stated Maturity date, upon redemption, purchase pursuant to an offer to purchase, acceleration or otherwise) of the principal, premium, if any, interest, Additional Amounts and
all other amounts that may come due and payable under this Note and the full and punctual payment of all other amounts payable by the Company under the Indenture as they come due.
Dated:
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EMBRAER S.A. |
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By: |
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Name: |
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Title: |
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This is one of the Notes referred to in the within mentioned Indenture.
Dated:
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THE BANK OF NEW YORK MELLON, as
Trustee |
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By: |
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Authorized Officer |
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3.2.2 |
Form of Reverse of Note |
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1. |
This Note is a duly authorized issue of securities of the Company issued in one or more series guaranteed by the Guarantor (herein called collectively, the Securities) under an Indenture, dated as of
June 15, 2015 (the Base Indenture), as supplemented by a First Supplemental Indenture dated as of June 15, 2015 (collectively with the Base Indenture, the Indenture), among the Company, the Guarantor
and The Bank of New York Mellon, as Trustee, Paying Agent, Registrar and Transfer Agent (herein called the Trustee, which term includes any successor trustee under the Base Indenture). Reference is hereby made to the Indenture for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and
delivered. All capitalized terms not defined in this Note have the meanings assigned to them in the Indenture, except as otherwise provided in this Note. This Note is one of the series designated on the face hereof (herein called the
Notes). For the avoidance of doubt, all references herein to the Securities shall be deemed to include the Guarantees of the Securities, which is an integral part thereof. |
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2. |
The full and punctual payment of the principal, premium, if any, and interest and all other amounts payable under the Notes is irrevocably and unconditionally guaranteed by the Guarantor. |
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3. |
If an Event of Default with respect to the Securities shall occur and be continuing, the principal of all of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
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4. |
All payments in respect of the Securities shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed,
levied, collected, withheld or assessed by or on behalf of Brazil (Brazilian Taxes), the Netherlands (Dutch Taxes) or any other jurisdiction or political subdivision thereof having power to tax in which the
Company or any successor thereto is organized or incorporated or is a resident for tax purposes (Foreign Taxes), as applicable (each such jurisdiction, a Relevant Taxing Jurisdiction), unless the Company or the
Guarantor, as the case may be, is compelled by law to deduct or withhold such taxes, duties, assessments or governmental charges. In the event of any such withholding or deduction, the Company or the Guarantor, as the case may be, shall make such
deduction or withholding, will make payment of the amount so withheld to the appropriate governmental authority and will pay to each Holder such additional amounts (Additional Amounts) as may be necessary in order that every net
payment made by the Company or the Guarantor, as the case may be, on the Securities, after such withholding or deduction for or on account of any Brazilian Taxes, Dutch Taxes or Foreign Taxes will equal the respective amounts of principal, premium,
if any, and interest which would have been receivable in respect of such Security had no such withholding or deduction (including for any Foreign Taxes payable in respect of Additional Amounts) been required, except that no such Additional Amounts
shall be payable with respect to any payment on a Note or Guarantee: |
(i) to, or to a third party on behalf of, a Holder who
is liable for any such taxes, duties, assessments or other governmental charges in respect of such Note by reason of (a) a connection between the Holder and a Relevant Taxing Jurisdiction other than the mere holding of such Note and the receipt
of payments with respect to such Note or (b) failure by the Holder to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a Relevant Taxing
Jurisdiction, of such Holder, if such compliance is required or imposed by law as a precondition to exemption from all or a part of such tax, duty, assessment or other governmental charge and the Company or the Guarantor, as applicable, has given
the Holders at least 30 days notice that Holders will be required to comply with such requirement;
(ii) in respect of any such
taxes, duties, assessments or other governmental charges with respect to a Note surrendered (if surrender is required) more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly
provided for and notice thereof given to Holders, whichever occurs later, except to the extent that the Holder of such Note would have been entitled to such Additional Amounts on surrender of such Note for payment on the last day of such 30-day
period;
(iii) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any
European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such directive;
(iv) in respect of any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or governmental charge imposed
with respect to a Note;
(v) in respect of any tax, assessment or other governmental charge payable otherwise than by deduction or
withholding from payments of principal of or interest or premium, if any, on the Notes or by direct payment by the Company or the Guarantor in respect of claims made against the Company or the Guarantor; or
(vi) in respect of any combination of the above.
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For purposes of the provisions described in this paragraph 4, the term
Holder of any Note means the direct nominee of any beneficial owner of such Note, which holds such beneficial owners interest in such Note. Notwithstanding the foregoing, the limitations on the Companys or the
Guarantors obligation to pay Additional Amounts set forth in clause (i)(b) above shall not apply if the provision of information, documentation or other evidence described in such clause (i)(b) would be materially more onerous, in form, in
procedure or in the substance of information disclosed, to a Holder or beneficial owner of a Note (taking into account any relevant differences between U.S. and Dutch or Brazilian law, regulation or administrative practice) than comparable
information or other reporting requirements imposed under U.S. tax law (including tax treaties between the United States and The Netherlands or Brazil), regulations (including proposed regulations) and administrative practice.
The Company or the Guarantor, as the case may be, shall promptly provide the Trustee with documentation, if any, (which may consist of
certified copies of such documentation) satisfactory to the Trustee evidencing the payment of Foreign Taxes in respect of which the Company or the Guarantor has paid any Additional Amounts. Copies of such documentation shall be made available to the
Holders of the Notes or the Paying Agent, as applicable, upon request therefor.
The Company or the Guarantor, as the case may be, shall
pay all present and future stamp, issue, registration, documentary or other similar duties, if any, which may be imposed by the Netherlands or Brazil or any other governmental entity or political subdivision therein or thereof, or any taxing
authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Notes.
All references in this Indenture and
the Notes to principal, premium, if any, or interest in respect of the Notes or the Guarantees shall be deemed to mean and include all Additional Amounts, if any, payable in respect of such principal, premium, if any, or interest, unless the context
otherwise requires, and express mention of the payment of Additional Amounts in any provision hereof shall not be construed as excluding reference to Additional Amounts in those provisions hereof where such express mention is not made.
In the event that Additional Amounts actually paid with respect to the Notes or the Guarantees pursuant to the preceding paragraphs are based
on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Securities, and, as a result thereof, such Holder is entitled to make claim for a refund or credit of such excess from the
authority imposing such withholding tax, then such Holder shall, by accepting such Securities, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company or the
Guarantor. However, by making such assignment, the Holder makes no representation or warranty that the Company or the Guarantor will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto.
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5. |
All references in this Indenture and the Notes to principal in respect of any Note shall be deemed to mean and include any Redemption Price or Repurchase Price payable in respect of such Note pursuant to any redemption
or repurchase right hereunder (and all such references to the Stated Maturity of the principal in respect of any Note shall be deemed to mean and include the Redemption Date or Repurchase Date with respect to any such Redemption Price or Repurchase
Price), and all such references to principal, premium, if any, interest or Additional Amounts shall be deemed to mean and include any amount payable in respect hereof pursuant to Section 10.7 of the Base Indenture, and express mention of
the payment of any Redemption Price or Repurchase Price, or any such other amount in any provision hereof shall not be construed as excluding reference to the payment of any Redemption Price or Repurchase Price, or any such other amounts in those
provisions hereof where such express reference is not made. |
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6. |
The Notes are subject to redemption at the Companys option, in whole or in part, at any time upon giving not less than 30 nor more than 60 days notice to the Holders of the Notes (which notice will be
irrevocable), at a Redemption Price equal to the greater of (a) 100% of the principal amount of such Notes and (b) the sum of the present values of each remaining scheduled payment of principal and interest thereon (exclusive of interest
accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points (the Make-Whole Amount), plus in each
case accrued interest (including additional interest, if any), and any Additional Amounts, on the principal amount of such Notes to (but not including) the Redemption Date. |
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7. |
The Company or the Guarantor, as the case may be, will have the option to redeem, in whole but not in part, the Notes, at any time, on giving not less than 30 nor more than 60 days notice to the Holders of such
Notes, at a Redemption Price equal to 100% of the principal amount thereof and premium, if any, applicable thereto, together with accrued interest up to but not including the Redemption Date and any Additional Amounts which would otherwise be
payable up to but not including the Redemption Date, if, as a result of any amendment to, or change in, the laws (or rules and regulation thereunder) of a Relevant Taxing Jurisdiction or any amendment to or change in an official interpretation,
administration or application of such laws, rules or regulations (including a holding by a court of competent jurisdiction), which amendment or change of such laws, rules or regulations or the interpretation, administration or application thereof,
in the case of Brazil or the Netherlands, becomes effective on or after June 15, 2015, or in the case of any other Relevant Taxing Jurisdiction is first publicly announced and becomes effective after the date it first becomes a Relevant
Jurisdiction, (x) the Guarantor or any successor has or will become obligated to pay Additional Amounts with respect to the Notes or the Guarantees other than Additional Amounts attributable to Brazilian Taxes imposed at a rate of equal to or
less than (A) 15% generally in case of any taxes imposed by Brazil or (B) 25% in case of taxes imposed by Brazil on amounts paid to residents of countries that do not impose any income tax or which impose it at a maximum rate lower than
17% or where the laws of that country or location impose restrictions on the disclosure of (1) shareholding composition, (2) the ownership of the investment or (3) the beneficial ownership of income paid to non-resident persons,
pursuant to Law No. 9,779, dated January 19, 1999, (y) the Company or any successor has or will become obligated to pay Additional Amounts with respect to the Notes and (z) in either case, such obligation cannot be avoided
by the Company or the Guarantor, after the use of reasonable measures available to the Company or the Guarantor, as the case may be; provided, however, that (i) no notice of such redemption may be given earlier than 90 days prior
to the earliest date on which the Company or the Guarantor, as the case may be, would but for such redemption be obligated to pay such Additional Amounts were a payment on such Notes or Guarantees then due, and (ii) at the time such notice is
given, such obligation to pay such Additional Amounts remains in effect. |
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8. |
On the Business Day prior to any Redemption Date, the Company will deposit with the Trustee or a Paying Agent an amount of money sufficient to pay the Redemption Price of the Notes to be redeemed on such Redemption
Date, together with accrued interest to but not including the Redemption Date and any Additional Amounts which would be payable to but not including the Redemption Date. On and after any Redemption Date, interest will cease to accrue on the Notes or
any portion of the Notes called for redemption (unless the Company defaults in the payment of the Redemption Price, accrued interest and any Additional Amounts). |
If less than all the Notes of any series are to be redeemed, the Notes to be redeemed shall be selected less than 61 days prior to the
Redemption Date by the Trustee in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which the Notes are listed or if such securities exchange has no requirement governing redemption or the Notes
are not then listed on a securities exchange, on a pro rata basis or by lot (or, in the event that the Notes are represented by Global Notes as of the Redemption Date, subject to the then-current rules and procedures of the applicable
Depositary).
If the Notes are redeemed in part, the remaining outstanding amount of any Note of that series must be at least equal to
U.S.$2,000 and be an integral multiple of U.S.$1,000.
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9. |
The Indenture permits, subject to certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the affected Notes under
the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the affected Notes at the time Outstanding. The Indenture also contains provisions (i) permitting the Holders of a
majority in principal amount of the Notes at the time Outstanding of any affected Notes under the Indenture on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and
(ii) permitting the Holders of a majority in principal amount of the affected Notes at the time Outstanding under the Indenture on behalf of the Holders of all the Notes, to waive certain past defaults under the Indenture and their
consequences. |
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
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10. |
As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee,
or for any other remedy thereunder, unless (i) such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities, (ii) the Holders of not less than 25% in principal amount of
the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have
received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with such request, and (iii) the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such
notice, request and offer of indemnity, provided that no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in
principal amount of the Holders of this Note. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any interest hereon on or after the respective due dates
expressed herein. |
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11. |
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if
any, and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. |
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12. |
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the
office of the Trustee or agency of the Company in any place where the principal of and any interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees. |
The Notes shall be issuable only in registered form without coupons and,
unless otherwise specified as contemplated by Section 3.1.10 of the Base Indenture, only in minimum denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith.
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13. |
Prior to due surrender of this Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or of the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. |
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14. |
This Note, the Guarantees and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. |
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15. |
All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. |
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Abbreviations
The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations:
TEN COM as tenants in common
TEN ENT as tenants by the entireties
JT TEN as joint tenants with right of survivorship and not as tenants in common
UNIF GIFT MIN ACT [ ]
(Cust) [ ]
Custodian [ ] under Uniform (Minor)
Gifts to Minors Act [ ]
(State)
Additional abbreviations
may also be used though not in the above list.
[To be Attached to Global Note]
Schedule of Increases or Decreases in Global Note
The initial principal amount of this Global Note is US$[].
The following increases or decreases in this Global Note have been made:
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Date of Exchange |
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Amount of Decrease in Principal Amount of this Global Note |
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Amount of Increase in Principal Amount of this Global Note |
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Principal Amount of this Global Note following such Decrease or Increase |
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Signature of Authorized Officer of Trustee of the Notes Custodian |
3.3 |
Maintenance of Office or Agency |
With respect to any Notes that are not in the form of a
Global Note, the Company will maintain an office or agency in the Borough of Manhattan, The City of New York, in accordance with Clause 10.2 of the Base Indenture.
3.4 |
New York Stock Exchange Listing |
The Company and the Guarantor will use their reasonable
best efforts to cause the Securities to be listed on the New York Stock Exchange, and shall from time to time take such other actions as shall be necessary or advisable to maintain the listing of the Securities thereon or another recognized
securities exchange.
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4. |
Miscellaneous Provisions |
4.1 |
Separability of Invalid Provisions |
In case any one or more of the provisions contained
in this First Supplemental Indenture should be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions contained in this First Supplemental Indenture, and to the extent
and only to the extent that any such provision is invalid, illegal or unenforceable, this First Supplemental Indenture shall be construed as if such provision had never been contained herein.
4.2 |
Execution in Counterparts |
This First Supplemental Indenture may be simultaneously
executed and delivered in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.
This First Supplemental Indenture, the Base Indenture, the Notes and the
Guarantees shall be governed by, and construed in accordance with, the laws of the state of New York. The transactions contemplated by this First Supplemental Indenture, the Base Indenture, the Notes and the Guarantees have been proposed by the
Trustee to the Company for the purposes of paragraph 2 of Article 9 of Brazilian Decree-Law No. 4,657 dated September 4, 1942 and for no other purpose or reason whatsoever.
The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantor.
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In witness whereof, each of the parties hereto has caused this First Supplemental Indenture to be duly
executed on its behalf, all as of the day and year first written above.
EMBRAER NETHERLANDS FINANCE B.V.
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/s/ José Antonio de Almeida Filippo |
Name: José Antonio de Almeida Filippo |
Title: Supervising Director |
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/s/ Elaine Maria de Souza Funo |
Name: Elaine Maria de Souza Funo |
Title: Supervising Director |
EMBRAER S.A.
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/s/ Frederico Pinheiro Fleury Curado |
Name: Frederico Pinheiro Fleury Curado |
Title: President and Chief Executive Officer |
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/s/ José Antonio de Almeida Filippo |
Name: José Antonio de Almeida Filippo |
Title: Executive Vice-President and Chief
Financial and Investor Relations Officer |
THE BANK OF NEW YORK MELLON,
as Trustee, Paying Agent, Registrar and Transfer Agent
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/s/ Catherine F. Donohue |
Name: Catherine F. Donohue |
Title: Vice President |
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STATE OF NEW YORK |
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COUNTY OF NEW YORK |
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On this 15th day of June, 2015, before me, a notary public
within and for said county, personally appeared Catherine Donohue, to me personally known who being duly sworn, did say that such person is Vice President of THE BANK OF NEW YORK MELLON, one of persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said corporation.
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By: |
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/s/ Christopher J. Traina |
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Title: Notary Public, State of New York |
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No. 01TR6297825 |
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Qualified in Queens County |
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Commission Expires March 03, 2018 |
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Exhibit 5.1
São José dos Campos, June 15, 2015
Ladies and Gentlemen:
I have acted as
Brazilian counsel for Embraer S.A., a corporation organized and existing under the laws of Brazil (Embraer), in connection with an offering by Embraer Netherlands Finance B.V., a private company with limited liability organized
and existing under the laws of the Netherlands (Embraer Finance and together with Embraer, the Embraer Companies) and Embraer pursuant to a registration statement on Form F-3 under the Securities Act of 1933, as
amended (the Securities Act) filed with the Securities and Exchange Commission on May 27, 2015 (File No. 333-204470 and 333-204470 -01) as amended as of its most recent effective date (the Registration
Statement), of US$1,000,000,000 aggregate principal amount of 5.050% Notes due 2025 (the Notes) to be issued under an indenture dated as of June 15, 2015 (the Base Indenture) among Embraer,
Embraer Finance and The Bank of New York Mellon (the Trustee), as supplemented by a supplemental indenture dated as of June 15, 2015 among Embraer, Embraer Finance and the Trustee (the Supplemental
Indenture and, together with the Base Indenture, the Indenture). Pursuant to the Indenture, Embraer will unconditionally guarantee Embraer Finances obligations under the Notes (the Guarantee).
Capitalized terms used but not otherwise defined herein shall have the same meaning ascribed to them in the Indenture.
This opinion is
being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.
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In rendering the opinions set forth below, I have examined copies of the documents listed below: |
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The Registration Statement; |
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(iii) |
the Supplemental Indenture; |
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(iv) |
the global certificates representing the Securities, including the Guarantee; |
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(v) |
the underwriting agreement basic terms and the terms agreement, dated June 8, 2015 (the Underwriting Agreement) among Embraer, Embraer Finance, Citigroup Global Markets Inc. and Morgan
Stanley & Co. LLC.; |
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(vi) |
the Preliminary Prospectus Supplement dated May 27, 2015, including the documents incorporated by reference therein pursuant to Item 6 of Form F-3 under the Securities Act; |
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(vii) |
the Prospectus Supplement, dated June 8, 2015, including the documents incorporated by reference therein pursuant to Item 6 of Form F-3 under the Securities Act; |
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(viii) |
The bylaws of Embraer as approved by the Special Shareholders Meeting held on March 08, 2013; |
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(ix) |
The minutes of the Annual Shareholders Meeting of Embraer dated April 15, 2015 which, among other matters, recorded the shareholders approval of the election of the current members of Embraers
Board of Directors; |
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(x) |
The minutes of the meetings of the Board of Directors held on April 15 and 16, which the current officers of Embraer were appointed; and |
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(xi) |
The minutes of the meetings of the Board of Directors held on May 25, 2015 at which the issuance of the Notes was approved. |
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2. |
I have also examined the records, agreements, instruments and documents and made such investigations of law as I have deemed relevant or necessary as the basis for the opinions hereinafter expressed. I have also assumed
that: |
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no provision of the Indenture and of the Notes conflicts with the laws of any jurisdiction (other than Brazil); and |
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the Indenture and the Notes have been duly authorized pursuant to applicable law (other than Brazilian law). |
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3. |
I have also assumed without any independent investigation or verification of any kind the validity, legality, binding effect and enforceability of the Indenture and the Notes under the laws of the State of New York.
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4. |
I have further assumed that (i) the Notes will be issued and sold in compliance with all applicable laws and in the manner stated in the Registration Statement and the Indenture; and (ii) the Underwriting
Agreement has been duly authorized and validly executed and delivered by all parties thereto (other than Embraer). Furthermore, I have assumed (i) the due organization and valid existence of all parties (other than Embraer) to the Indenture
under the laws of the countries of their respective incorporation; (ii) the Indenture and the Notes have been duly authorized and validly executed and delivered by the parties thereto (other than Embraer); and (iii) that the performance
thereof is within the capacity and powers of the parties thereto (other than Embraer). |
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5. |
Based upon the foregoing and subject to the qualifications set forth herein, I am of the opinion that: |
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Embraer is a corporation duly organized and validly existing under the laws of Brazil; and |
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(ii) |
Each of the Base Indenture and the Supplemental Indenture has been duly authorized, executed and delivered by Embraer and, assuming due authorization, execution and delivery thereof by the other parties thereto,
constitutes a legal, valid and binding obligation of Embraer, enforceable against Embraer in accordance with its terms. |
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(iii) |
The Guarantee has been duly authorized, executed and delivered by Embraer and, when the Notes are executed and authenticated as provided in the Indenture and delivered against payment therefor as provided in the
Underwriting Agreement, the Guarantee will have been duly issued and will constitute a legal, valid and binding obligation of Embraer, enforceable against Embraer in accordance with its terms. |
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6. |
The foregoing opinions are subject to the following qualifications: |
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(i) |
to ensure the enforceability or the admissibility in evidence of the Indenture, the Notes and any other document required by any Brazilian court to be furnished: (a) the signatures of the parties thereto signing
outside Brazil, must be notarized; and (b) the signature of the notary must be certified by a consular official of Brazil having jurisdiction to provide for such action; |
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(ii) |
the Indenture, the Notes and any other documents or instruments prepared in a language other than Portuguese (whether signed abroad or not) must be translated into Portuguese by a sworn translator, the signature of whom
must be notarized by a notary public, and such documents must be registered with the appropriate Registry of Deeds and Documents (for which translation and registration certain fees would apply). Such translation and registration may be effected
immediately prior to any such enforcement or presentation; |
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(iii) |
a final conclusive judicial decision for the payment of money rendered by any Federal or State Court in the City, County and State of New York in respect of the Indenture or of the Notes should be recognized in the
courts of Brazil and such courts would enforce such judicial decision without retrial or re-examination of the merits of the original decision only if such judicial decision has been previously ratified by the Superior Court of Justice (Superior
Tribunal de Justiça); such ratification is available only if: (a) the judicial decision fulfills all formalities required for its enforceability under the laws of the State of New York, (b) the judicial decision was issued by a
competent court after proper service of process on the parties, which service of process must comply with Brazilian law or, after sufficient evidence of the parties absence has been given, as established pursuant to applicable law,
(c) the judicial decision is not subject to appeal, (d) the judicial decision was authenticated by a Brazilian consulate in the State of New York, (e) the judicial decision was translated by a sworn translator registered in Brazil,
the signature of whom must be notarized by a notary public, and (f) the judicial decision is not against Brazilian national sovereignty, public policy or good morals; |
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(iv) |
in the event that any suit is brought against Embraer in Brazil, certain court costs and deposits to guarantee judgment would be due; |
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(v) |
in the event that any suit is brought against Embraer, service of process upon it, if made in Brazil, must be effected in accordance with Brazilian law; |
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(vi) |
any amounts to be paid under the Notes in excess of the amounts provided for in such Notes or the Indenture, if any, will depend on the analysis of the legality and economic grounds by the Brazilian commercial bank
chosen to implement the relevant foreign exchange control transactions or, as the case may be, pursuant to a special authorization to be obtained from the Central Bank of Brazil, which authorization will be granted at the Central Banks sole
discretion; |
3
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(vii) |
certain payments in U.S. dollars by Embraer in connection with the Indenture or the Notes may be subject to Embraer obtaining the applicable authorization of the Central Bank of Brazil for remittance thereof;
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(viii) |
the enforceability of the Indenture or of the Notes is limited by applicable bankruptcy, supervised corporate reorganization, insolvency, fraudulent conveyance, liquidation, reorganization, moratorium or other similar
laws relating to or limiting creditors rights generally or by general equitable principles, as well as by certain statutory preferred claims for wages, salaries, social security and taxes as provided by Brazilian law; |
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(ix) |
in the event of bankruptcy of a Brazilian company, creditors which also hold any direct or indirect equity interest in such Brazilian company may have their credits considered subordinated to the other debts of such
Brazilian company; |
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(x) |
the principles of Brazilian law that govern the nullity of the acts and obligations are considered principles of public policy and cannot be altered or waived by the parties thereto. Under Brazilian law, a guarantee is
considered an accessory obligation to the underlying or principal obligation and Brazilian law establishes that the nullity of the principal obligation causes the nullity of the accessory obligation. Therefore, a judgment obtained in a court outside
Brazil against a guarantor for enforcement of a guarantee in respect of obligations that have been considered null, may not be confirmed by the Superior Court of Justice of Brazil; |
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(xi) |
under Brazilian law, a person may not properly waive or be deprived of the right to submit a claim to the judiciary system or be deprived of its property without due process; therefore, any waivers by Embraer with
respect to its rights to seek recourse from any party and any waivers to assert a claim against a third party may not be enforced by a Brazilian court; and |
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(xii) |
in case of bankruptcy, all credits denominated in foreign currency shall be converted into local currency at the exchange rate prevailing on the date the judge issues a decision declaring the bankruptcy (authorization
by the Brazilian Central Bank may be required for the conversion and for the remittance of the amounts abroad) and the amount so determined shall be the amount so considered for any payments to creditors in the bankruptcy. |
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7. |
I express no opinion as to any agreement, instrument or other document other than as specified in this letter. |
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8. |
I hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to me in the prospectus constituting part of the Registration Statement under the captions
Enforcement of Civil Liabilities and Legal Matters and in any prospectus supplements related thereto under the caption Legal Matters as associate general counsel for Embraer. |
4
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9. |
I am qualified to practice law in Brazil only, and I do not express any opinion in respect of any laws of any other jurisdiction. This opinion is based upon and limited in all respects to the law applicable in Brazil as
presently published, existing and in force. |
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10. |
I expressly disclaim any responsibility to advise you or any other person who is permitted to rely on the opinions expressed herein as specified above of any development or circumstance of any kind including any change
of law or fact that may occur after the date of this letter even though such development, circumstance or change may affect the legal analysis, a legal conclusion or any other matter set forth in or relating to this letter. Accordingly, any person
relying on this letter at any time should seek advice of its counsel as to the proper application of this letter at such time. This opinion may be relied upon, as of the date rendered, only by you and no other person may rely upon this opinion
without my prior written consent. |
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Very truly yours, |
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/s/ Márcia Sato Davoli de Araújo
Márcia Sato Davoli de Araújo
Associate General Counsel |
5
Exhibit 5.2
MILBANK, TWEED, HADLEY & McCLOY LLP
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NEW YORK
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Rua Colômbia, 325 |
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BEIJING |
LOS ANGELES
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São Paulo SP |
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HONG KONG
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WASHINGTON, D.C.
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01438-000 Brazil |
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SEOUL |
LONDON
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__________________ |
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SINGAPORE |
FRANKFURT
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T 55.11.3927.7700 |
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TOKYO |
MUNICH |
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June 15, 2015
Embraer S.A.
Avenida Brigadeiro Faria Lima, 2170
12227-901 São José dos Campos, São Paulo, Brazil
Embraer Netherlands Finance B.V.
Evert van de Beekstraat, 47
1118CL, Schiphol, The Netherlands
Registration Statement on Form F-3
Ladies and Gentlemen:
We have acted as United
States counsel to Embraer S.A., a corporation (sociedade por ações) organized under the laws of Brazil (Embraer) and Embraer Netherlands Finance B.V., a private company with limited liability organized and existing
under the laws of the Netherlands (Embraer Finance and together with Embraer, the Embraer Companies), in connection with an offering pursuant to a registration statement on Form F-3 under the Securities Act of
1933, as amended (the Securities Act) filed with the Securities and Exchange Commission (the SEC) on May 27, 2015 (File Nos. 333-204470 and 333-204470 -01) as amended as of its most recent effective date
(the Registration Statement), of US$1,000,000,000 aggregate principal amount of 5.050% Notes due 2025 (the Notes) to be issued under an indenture dated as of June 15, 2015 (the Base
Indenture) among Embraer, Embraer Finance and The Bank of New York Mellon (the Trustee), as supplemented by a supplemental indenture dated as of June 15, 2015 among Embraer, Embraer Finance and the Trustee (the
Supplemental Indenture and, together with the Base Indenture, the Indenture). Pursuant to the Indenture, Embraer will unconditionally guarantee Embraer Finances obligations under the Notes (the
Guarantee, and together with the Notes, the Securities). Capitalized terms used but not otherwise defined herein shall have the same meaning ascribed to them in the Indenture.
In so acting, we have examined certificates of public officials and certificates of officers of
the Embraer Companies, and the originals (or copies thereof, certified to our satisfaction) of such corporate documents and records of the Embraer Companies, and such other documents, records and papers as we have deemed relevant in order to give
the opinions hereinafter set forth, including, without limitation, the following:
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(a) |
the Registration Statement and the documents incorporated by reference therein; |
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(b) |
the prospectus included in the Registration Statement as of its most recent effective date (the Base Prospectus); |
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(c) |
the prospectus supplement dated June 8, 2015 filed with the SEC (together with the Base Prospectus, the Prospectus); |
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(d) |
the Indenture, including the forms of the Securities included therein; |
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(e) |
the underwriting agreement basic terms and the terms agreement, dated June 8, 2015 (the Underwriting Agreement) among Embraer, Embraer Finance, Citigroup Global Markets Inc. and Morgan
Stanley & Co. LLC (collectively, the Underwriters). |
In our examination, we have assumed the
legal capacity and competency of all natural persons, the genuineness of signatures, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as electronic,
facsimile, certified, conformed or photostatic copies, and the authenticity of the originals of such copies. As to various questions of fact relevant to the opinions expressed herein, we (a) have assumed and have not independently established
or verified, the accuracy of (i) certificates of governmental officials that we have reviewed, and (ii) certificates and oral or written statements and other information of or from representatives of the Embraer Companies, and
(b) assume compliance on the part of all parties to the Indenture with their covenants and agreements contained therein.
In
rendering the opinions expressed below, we have also assumed that:
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(a) |
each of the parties to the Indenture is duly organized and validly existing under the laws of its respective jurisdiction of incorporation or organization and has the corporate power and authority to execute, deliver
and perform its obligations under the Indenture and the Securities issued under the Indenture; |
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(b) |
the execution and delivery of the Indenture and the Securities have been duly authorized by all parties thereto; |
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(c) |
all signatories to the Indenture and the Securities have been duly authorized to execute the Indenture and the Securities; |
2
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(d) |
all authorizations, approvals or consents of, and all filings or registrations with, any governmental or regulatory authority or agency required under all applicable laws (other than, and only as to, the Embraer
Companies, the laws of the State of New York and the federal laws of the United States) for the execution, delivery and performance of the Indenture and the Securities have been obtained or effected and are in full force and effect;
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(e) |
the execution, delivery and performance by each of the Embraer Companies of the Indenture and the Securities does not (x) contravene their bylaws or similar organizational documents or (y) violate, or require
any consent not obtained under, any agreement or instrument applicable to or binding upon either of the Embraer Companies; |
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(f) |
the Indenture and the Securities have been duly executed and delivered and constitute the legal, valid, binding and enforceable obligation of all of the parties thereto under all applicable law (except to the extent set
forth in the opinions below as to the Embraer Companies with regard to the laws of the State of New York and the federal laws of the United States); |
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(g) |
all authorizations, approvals or consents of, and all filings or registrations with, any governmental or regulatory authority or agency required under all applicable laws for the execution, delivery and performance of
the Indenture and the Securities has been obtained or effected and are in full force and effect; |
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(h) |
the Notes, when executed and delivered by Embraer Finance and authenticated and delivered by the Trustee in accordance with the terms of the Indenture and delivered and paid for by the Underwriters in accordance with
the terms of the Underwriting Agreement, will constitute the legal, valid, binding and enforceable obligations of Embraer Finance under all applicable law (except to the extent set forth in the opinions below as to the Embraer Companies with regard
to the laws of the State of New York); |
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(i) |
the Guarantee, upon the execution, delivery and authentication of the Notes in accordance with the terms of the Indenture and the delivery of and payment for such Notes by the Underwriters in accordance with the terms
of the Underwriting Agreement, will constitute the legal, valid, binding and enforceable obligations of Embraer under all applicable law (except to the extent set forth in the opinions below as to Embraer with regard to the laws of the State of New
York); |
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(j) |
the execution, delivery and performance by the Embraer Entities of the Indenture and the Securities are governed by the laws of the State of New York or the federal laws of the United States; |
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(k) |
with respect to each party to the Indenture, each such party is in compliance with all applicable laws and regulations pertaining to the regulation of banks, trustees, fiduciaries or other financial institutions or
affiliates of any thereof; and |
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(l) |
the offering and sale of the Securities was made in the manner contemplated in the Prospectus and the Underwriting Agreement. |
3
Based upon and subject to the foregoing and subject also to the qualifications and limitations
set forth below, and having considered such questions of law as we have deemed necessary as a basis for the opinions expressed below, we are of the opinion that:
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1. |
The Securities have been duly executed and delivered and are valid, binding and enforceable obligations of each of the Embraer Entities, entitled to the benefits of the Indenture. |
Insofar as the foregoing opinion relates to the validity, binding effect or enforceability of any agreement or obligation of either of the
Embraer Companies, (i) we have assumed that each of Embraer, Embraer Finance, and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to it to the extent necessary to make such agreement
or obligation enforceable against it (except that no such assumption is made as to Embraer and Embraer Finance regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience are
normally applicable to general business entities in relation to the transactions of the type contemplated in the Indenture and the Securities), (ii) such opinion is subject to applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer, preference and other similar laws of general applicability relating to or affecting creditors rights and to general principles of equity (regardless of whether enforcement is sought in equity or at law), (iii) such
opinion is subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors rights, and (iv) we have also assumed that insofar as any obligation under the Indenture and the Securities is
required to be performed in any jurisdiction outside the United States of America, such performance will not be ineffective or illegal under the laws of such jurisdiction.
We express no opinion as to the legality, validity, binding effect or enforceability of any provision of the Indenture or the Securities
relating to indemnification, contribution or exculpation in connection with (i) violations of federal or state securities laws, (ii) violations of any public policy or (iii) liability for the indemnified or exculpated partys own
action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct.
We express no opinion as to (i) Section 1.14 of the Base Indenture, to the extent that such provision purports to confer the subject
matter jurisdiction of any New York state or U.S. federal court sitting in the Borough of Manhattan, The City of New York to adjudicate any controversy related to such document, (ii) the enforceability of the waiver of inconvenient forum set
forth in Section 1.14 of the Base Indenture with respect to proceedings in any New York state or U.S. federal court sitting in the Borough of Manhattan, The City of New York insofar as a court may consider an objection that such court is an
inconvenient forum and (iii) the choice of governing law to the extent that the legality, validity, binding effect or enforceability of any such provision is to be determined by any court other than a New York state or U.S. federal court
sitting in the Borough of Manhattan, The City of New York and applying the law of the state of New York.
In addition, we note that the
waiver of defenses relating to the Guarantee in Article XII of the Base Indenture may be ineffective to the extent that any such defense involves a matter of public policy in New York (such as reflected in New Yorks anti-champerty statute).
4
We do not express or purport to express any opinion with respect to the laws of any jurisdiction
other than the laws of the State of New York and the federal laws of the United States. Accordingly, as to all matters governed by the laws of Brazil or The Netherlands involved in our opinions and the other matters set forth above, we have relied,
without independent investigation, upon the opinion of Embraers associate general counsel and of the law firm Baker & McKenzie, respectively, dated the date hereof, which opinions are being delivered to you concurrently herewith.
We hereby consent to the filing of this opinion with the SEC as an exhibit to the Registration Statement and to the reference to this firm in
the prospectus constituting a part of the Registration Statement and in any prospectus supplements thereto related to the offering of the Securities under the heading Legal Matters, as applicable, as counsel for Embraer and Embraer
Finance who have passed on the validity of the Securities. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the SEC thereunder. We assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.
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Very truly yours, |
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/s/ Milbank, Tweed, Hadley & McCloy LLP |
5
Asia
Pacific
Bangkok
Beijing
Hanoi
Ho Chi Minh City
Hong Kong
Jakarta
Kuala Lumpur
Manila
Melbourne
Shanghai
Singapore
Sydney
Taipei
Tokyo
Europe &
Middle East
Abu Dhabi
Almaty
Amsterdam
Antwerp
Bahrain
Baku
Barcelona
Berlin
Brussels
Budapest
Cairo
Doha
Dusseldorf
Frankfurt/ Main
Geneva
Istanbul
Kyiv
London
Luxembourg
Madrid
Milan
Moscow
Munich
Paris
Prague
Riyadh
Rome
St. Petersburg
Stockholm
Vienna
Warsaw
Zurich
North & South
America
Bogota
Brasília*
Buenos Aires
Caracas
Chicago
Dallas
Guadalajara
Houston
Juarez
Mexico City
Miami
Monterrey
New York
Palo Alto
Porto Alegre*
Rio de Janeiro*
San Diego
San Francisco
Santiago
São Paulo*
Tijuana
Toronto
Valencia
Washington, DC
*Associated Firm
Exhibit 5.3
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Embraer S.A Rua Iguatemi, 151 /21st floor
São Paulo, SP 01451-011 Brazil
Embraer Netherlands Finance B.V.
Evert van de Beekstraat 47 1118 CL,Schiphol
The Netherlands |
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Baker & McKenzie Amsterdam N.V.
Attorneys at law, Tax advisors and Civil-law notaries
P.O. Box 2720
1000 CS Amsterdam The Netherlands
Tel: +31 20 551 7555
www.bakermckenzie.nl |
15 June 2015
10023781- 50036289 2679134-v7AMSDMS/PHS/NAS/FXO
Re: Embraer
Netherlands Finance B.V. Registration Statement, Indenture and issue of U.S.$1,000,000,000, 5.050% notes due 2025
Dear Sirs,
I. Introduction
We are acting as special Dutch legal
counsel (advocaten) to Embraer Netherlands Finance B.V., a company incorporated under the laws of the Netherlands with its principal offices at Amsterdam, the Netherlands (the Issuer), for the sole purpose of rendering
a legal opinion as to certain matters of Dutch law in connection with the issuance by the Issuer of U.S.$1,000,000,000, 5.050% notes due 2025 (the Notes) and;
(A) |
a registration statement on Form F-3 under the securities act of 1933 dated 27 May 2015 of the Issuer and Embraer S.A. (the Registration Statement); |
(B) |
an indenture dated 15 June 2015 by and between the Issuer, Embraer S.A. as guarantor and The Bank of New York Mellon as trustee, paying agent, registrar and transfer agent (the Base Indenture); and
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(C) |
a supplemental indenture dated 15 June 2015 by and between the Issuer, Embraer S.A. as guarantor and The Bank of New York Mellon as trustee, paying agent, registrar and transfer agent (the Supplemental
Indenture and together with the Base Indenture, the Indenture). |
Baker & McKenzie Amsterdam N.V. has
its registered office in Amsterdam, the Netherlands, and is registered with the Trade Register under number 34208804.
Baker & McKenzie Amsterdam
N.V. is a member of Baker & McKenzie International, a Swiss Verein.
Our role in respect of the entering into of the Documents (as defined below) by
the Issuer has been limited to the issue of this opinion. We have not been involved in drafting or negotiating any documents or agreements cross-referred to in any the Documents. Accordingly, we assume no responsibility for the adequacy of any
Documents.
For the purposes of this opinion, we have examined, and relied solely upon,
originals or electronic copies of the documents as listed below, but not any documents or agreements cross-referred to in any such document (the Documents):
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a) |
a scanned copy, received by email, of the executed Registration Statement; |
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b) |
a scanned copy, received by email, of the executed Base Indenture; |
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c) |
a scanned copy, received by email, of the executed Supplemental Indenture; |
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d) |
a scanned copy, received by email, of the executed Notes; |
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e) |
a scanned copy, received by email, of the executed written resolutions of the board of managing directors (bestuur) of the Issuer, dated 27 May 2015, inter alia, authorising the execution by the
Issuer of, inter alia, the Base Indenture and Registration Statement (the First Board Resolution); |
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f) |
a scanned copy, received by email, of the executed written resolutions of the board of supervisory directors (Raad van Commissarissen) of the Issuer, dated 27 May 2015, inter alia, authorising the
execution by the Issuer of, inter alia, the Base Indenture and Registration Statement (the First Supervisory Board Resolution); |
|
g) |
a scanned copy, received by email, of the executed written resolutions of the general meeting of the Issuer, dated 27 May 2015, inter alia, authorising the execution by the Issuer of, inter alia, the
Base Indenture and Registration Statement (the First General Meeting Resolution); |
2
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h) |
a scanned copy, received by email, of the executed written resolutions of the board of managing directors (bestuur) of the Issuer, dated 12 June 2015, inter alia, authorising the execution by the Issuer
of, inter alia, the Supplemental Indenture and the issuance of the Notes (the Second Board Resolution); |
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i) |
a scanned copy, received by email, of the executed written resolutions of the board of supervisory directors (Raad van Commissarissen) of the Issuer, dated 12 June 2015, inter alia, authorising the
execution by the Issuer of, inter alia, the Supplemental Indenture and the issuance of the Notes (the Second Supervisory Board Resolution); |
|
j) |
a scanned copy, received by email, of the executed written resolutions of the general meeting of the Issuer, dated 12 June 2015, inter alia, authorising the execution by the Issuer of, inter alia, the
Supplemental Indenture and the issuance of the Notes (the Second General Meeting Resolution); |
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k) |
a scanned copy, received by email, of the excerpt, dated 27 May 2015, from the Commercial Register of the Chamber of Commerce (the Chamber of Commerce) regarding the registration of the Issuer with
the Chamber of Commerce under number 63376431, confirmed by telephone on the date hereof to be up-to-date (the Issuer Excerpt); |
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l) |
a scanned copy, received by email, of the deed of incorporation (akte van oprichting) of the Issuer dated 22 May 2015 (the Deed of Incorporation); and |
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m) |
the powers of attorney granted by the Issuer and incorporated in (i) the First Board Resolution authorising Jorge Ramos de Oliveira Junior born on 15 July 1958 in São Paulo, Brazil and Mario Seixas
Coelho Junior born on 11 July 1979 in São Paulo, Brazil (each an Attorney) acting solely to execute and deliver the documents referred to in the annex to the First Board Resolution on behalf of the Issuer and
(ii) the Second Board Resolution authorising Jorge Ramos de Oliveira Junior born on 15 July 1958 in São Paulo, Brazil, Mario Seixas Coelho Junior born on 11 July 1979 in São Paulo, Brazil, José Antonio de Almeida
Filippo born on 27 October 1960 in Rio de Janeiro, Brazil and Elaine Maria de Souza Funo born on 1 December 1974 in São José dos Campos, Brazil (each an Attorney) acting solely to execute and deliver the
documents referred to in the annex to the Second Board Resolution on behalf of the Issuer (the Power of Attorney). |
3
The documents under a) through (including) c) above are hereinafter collectively referred to as
the Opinion Documents. The documents under e) through (including) m) are hereinafter collectively referred to as the Corporate Documents. The documents under e) through (including) j) are hereinafter
collectively referred to as the Resolutions.
Words importing the plural include the singular and vice versa.
Except as stated herein, we have not examined any documents entered into by or affecting the Issuer or any corporate records of the Issuer
and have not made any other enquiries concerning the Issuer.
In examining and describing the Documents and in giving the opinions stated
below, we have, to the extent necessary to form the opinions given below, with your permission, assumed the following:
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(i) |
the genuineness of all signatures on all documents or on the originals thereof and that, in the event that any Notes are signed in facsimile, the person whose facsimile signature is used has given her or his consent
thereto; |
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(ii) |
the authenticity and completeness of all documents submitted to us as originals and the conformity to originals of all conformed, copied, faxed or specimen documents and that all documents examined by us as draft or
execution copy conform to the final and executed documents; each of the Documents accurately records all terms agreed between the parties thereto and that the documents specified in the annex to the Resolutions are congruent with and accurately
specify the Opinion Documents and the Notes; |
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(iii) |
that each party to any Document and the Notes (other than the Issuer has been duly incorporated and organised and is validly existing and in good standing (where such concept is legally relevant) under the laws of its
jurisdiction of incorporation and of the jurisdiction of its principal place of business; |
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(iv) |
the power, capacity (corporate, regulatory and other) and authority of all parties (other than the Issuer) to enter into and perform their obligations under the Documents and the Notes to which they are a party, to
subscribe for or purchase any Notes and the legal capacity (handelingsbekwaamheid) of all individuals acting on behalf of any such parties; |
4
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(v) |
without prejudice to the generality of assumption (iv) above, that all parties to the Documents are or will at the relevant times be licensed, exempt or otherwise authorised pursuant to the Dutch Financial
Supervision Act (Wet op het financieel toezicht) to offer or perform their respective services as contemplated under the Opinion Documents and the Notes in The Netherlands; |
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(vi) |
that the Notes are not offered, sold, resold, delivered or transferred to persons resident or domiciled in The Netherlands, unless to persons being qualified investors as set out in the Dutch Financial Supervision Act
(Wet op het financieel toezicht); |
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(vii) |
that under any applicable law, other than the laws of the Netherlands, the Documents and the Notes have been duly authorised and validly executed and delivered by all parties thereto (including the Issuer);
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(viii) |
that the Notes will be completed, authenticated, delivered and paid for in accordance with the terms of the Documents; |
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(ix) |
the due compliance with all matters (including without limitation the obtaining of the necessary consents, licenses, approvals and authorisations, the making of the necessary filings, lodgements, registrations and
notifications and the payment of stamp duties, if any, and other taxes) under any law other than the laws of the Netherlands as may relate to or be required in respect of (a) the Documents and any Notes issued thereunder, (b) the lawful
execution of the Documents and the Notes, (c) the parties to the Documents and the Notes (including the Issuer) or other persons affected thereby, (d) the performance or enforcement by or against the parties (including the Issuer) or such
other persons, (e) the borrowing of monies and the vesting or perfection of any security interest contemplated by the Documents and the Notes or (f) the creation of valid and legally binding obligations of all parties to the Documents and
the Notes (including the Issuer) enforceable against such parties in accordance with their respective terms; |
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(x) |
the accuracy and completeness as at the date hereof of the Corporate Documents and the factual matters stated, certified or evidenced thereby and that the Resolutions and the Power of Attorney and any other powers of
attorney used in relation to the Documents and the Notes have not been and will not be amended, superseded, repealed, rescinded or annulled; |
5
|
(xi) |
that nothing in this opinion is affected by the provisions of the laws of any jurisdiction other than the Netherlands; |
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(xii) |
that the Documents and the Notes and the transactions contemplated thereby or connected therewith (whether individually or seen as a whole) do not and will not result in a breach of the laws of any relevant jurisdiction
other than that of the Netherlands (including for the avoidance of doubt the tax laws) or are intended to avoid the applicability or the consequences of such laws in a manner that is not permitted thereunder; |
|
(xiii) |
that under the laws of the State of New York to which the Indenture and the Notes are expressed to be subject and under all other relevant laws (other than those of the Netherlands): |
|
(a) |
the choice of the laws of the State of New York as the governing law of the Indenture and the Notes is a valid and legally binding selection; |
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(b) |
the submission by the Issuer to the (non-exclusive) jurisdiction of any U.S. federal or state court in the Borough of Manhattan, The City of New York under the Indenture is valid and binding upon the Issuer; and
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(c) |
the appointment by the Issuer of a process agent pursuant Section 1.14 of the Base Indenture as its authorised agent upon whom process may be served in any proceedings before any U.S. federal or state court in the
Borough of Manhattan, The City of New York arising out of or in relation to the Indenture constitutes a valid, legally binding and effective appointment. |
|
(xiv) |
that the Dutch courts will, in giving effect to the choice of law provision of the Indenture and the Notes, apply the chosen law correctly; |
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(xv) |
that (1) the Issuer has not passed a resolution to voluntarily dissolve (ontbinden), merge (fuseren) or de-merge (splitsen) the Issuer, (2) no petition has been presented nor order made by
a court for the bankruptcy (faillissement) or moratorium of payment (surseance van betaling) of the Issuer and that the Issuer has not been made subject to comparable insolvency proceedings in other jurisdictions, (3) no receiver,
trustee, administrator (bewindvoerder) or similar officer has been appointed in respect of the Issuer or its assets, (4) the Issuer has not been subjected to emergency regulations (noodregeling) on the basis of the Dutch Financial
Supervision Act (Wet op het financieel toezicht), (5) the Issuer has not been subjected to measures on the basis of the Financial Institutions (Special Measures) Act (Wet bijzondere maatregelen financiële ondernemingen),
(6) no decision has been taken to dissolve (ontbinden) the Issuer by (a) the Chamber of Commerce under article 2:19a of the Dutch Civil Code or (b) the competent court (rechtbank) under article 2:21 of the Dutch Civil
Code. |
6
This assumption is supported by (i) certifications and confirmations to that effect in the
Resolutions, (ii) confirmations obtained as of the date hereof from (a) the Bankruptcy Clerk Office (faillissementsgriffie) (b) the EU Insolvency Register (EU Insolventieregister) and (c) the Civil Clerk Office
(civiele griffie) of the competent courts in the Netherlands confirming that the Issuer has not been declared bankrupt, that a moratorium of payments has not been granted and that it is not registered in the register of non objection
(register van non verzetten) and (iii) the confirmation obtained by telephone today from the Chamber of Commerce that the Issuer has not been declared bankrupt or dissolved nor a moratorium of payments has been granted, that no
administrator (bewindvoerder) has been appointed, and that the Chamber of Commerce does not intend to dissolve the Issuer;
|
(xvi) |
that the execution of the Documents and the Notes and the performance of the transactions contemplated thereby are in the best corporate interest of the Issuer and are not prejudicial to its creditors (present and
future); |
|
(xvii) |
that to the extent that the Documents or the Notes were or will be executed by an attorney-in-fact acting pursuant to a power of attorney issued by the Issuer, under the laws governing the existence and extent of the
powers of such attorney-in-fact as determined pursuant to the Hague Convention on the Law Applicable to Agency (other than the laws of the Netherlands), such power of attorney authorises such attorney-in-fact to bind the Issuer towards the other
party or parties thereto; |
|
(xviii) |
that none of the directors of the Issuer has a conflict of interest (in private or otherwise) which would preclude any of the directors of the Issuer from participating in the deliberations and the decision-making
process concerned in accordance with Article 2:239(6) or Article 2:250(5) (as applicable) of the Dutch Civil Code. This assumption is supported by the confirmations or certifications of the directors of the Issuer in the First Board Resolution, the
Second Board Resolution, the First Supervisory Board Resolution and the Second Supervisory Board Resolution; |
7
|
(xix) |
that the Issuer does not have a works council (ondernemingsraad) nor central works council (centrale ondernemingsraad) nor group works council (groepsondernemingsraad), nor is it in the process of
establishing a works council and the Issuer does not have the obligation to establish a works council pursuant to the mandatory rules all as referred to in the Works Councils Act (Wet op de ondernemingsraden); |
|
(xx) |
that the Notes will be issued, offered and sold in the form set out in, on the terms and in accordance with, the provisions of the Documents and the corresponding supplemental prospectus with respect to the respective
Notes; |
|
(xxi) |
that the Issuer is in compliance with all relevant provisions of the Dutch Financial Supervision Act (Wet op het financieel toezicht) and that the Issuer does not require a license to perform its obligations
under the Opinion Documents and the Notes pursuant to the Dutch Financial Supervision Act (Wet op het financieel toezicht); |
|
(xxii) |
that the Issuer and Embraer S.A. as guarantor will continuously (doorlopend) throughout the term of the Indenture and continuously during the term that any Notes are outstanding comply with the requirements as
set out in or pursuant to article 3:2 of the Dutch Financial Supervision Act (Wet op het financieel toezicht); |
|
(xxiii) |
that all parties, including in case of the Issuer the managing directors of the Issuer have entered or will enter into the Documents and the Notes for bona fide commercial reasons and at arms length terms;
|
|
(xxiv) |
that there are no supplemental terms and conditions agreed by the parties to the Documents and the Notes inter se or with third parties that could affect or qualify our opinion as set out herein;
|
|
(xxv) |
that, save as specifically referred to in this opinion, there have been no formal or informal communications with any governmental, regulatory or enforcement authorities by or on behalf of the Issuer, or any entity
related to the Issuer regarding any matter that is the subject of this opinion; |
|
(xxvi) |
that the Issuer has and will have its centre of main interests (as that term is used in Article 3(1) of the EU Regulation on Insolvency Proceedings (EC No. 1346/2000) (the EU Insolvency
Regulation) in the Netherlands; and |
8
|
(xxvii) |
that the Issuer has not nor will have an establishment (as defined in Article 2(h) of the EU Insolvency Regulation) outside of the Netherlands. |
We have not investigated or verified and we do not express an opinion on the accuracy of the facts, representations and warranties as to facts
set out in the Documents and the Notes, and in any other document on which we have relied in giving this opinion and for the purpose of this opinion, we have assumed that such facts are correct.
We do not express an opinion on enforceability of the Documents, matters of fact, matters of law of any jurisdiction other than the
Netherlands, nor on tax, anti-trust law, insider dealing, data protection, unfair trade practices, market abuse laws, sanctions or international law, including, without limitation, the laws of the European Union, except to the extent the laws of the
European Union (other than anti-trust and tax law) have direct force and effect in the Netherlands. No opinion is given on commercial, accounting, tax or non-legal matters or on the ability of the parties to meet their financial or other obligations
under the Documents.
No opinion is given on any Notes issued by the Issuer other than the Notes issued on the date of this opinion letter
or any stabilisation transactions in respect of the Notes.
Based on and subject to the foregoing (including the assumptions made above)
and subject to any matters, documents or events not disclosed to us by the parties concerned and having regard to such legal considerations as we deem relevant, and subject to the qualifications listed below, we are of the opinion that:
Corporate Status
|
1. |
The Issuer is a corporation duly incorporated and validly existing under the laws of the Netherlands as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) and has the
corporate power and capacity to enter into, to execute and to deliver the Opinion Documents and to issue the Notes. |
Due Authorisation
|
2. |
The execution of the Opinion Documents by the Issuer (i) has been duly authorised by all requisite corporate action required by its articles of association and by Dutch corporate law and (ii) does not violate
or contravene (a) any existing provision of, or regulation under, the laws of the Netherlands, applicable to companies generally, or (b) any provision of its articles of association. |
9
|
3. |
The issue of the Notes by the Issuer does not violate or contravene (a) any existing provision of, or regulation under, the laws of the Netherlands, applicable to companies generally, or (b) any provision of
its articles of association. |
Execution
|
4. |
The Opinion Documents and the Notes have been duly executed by the Issuer. |
Authorisations and Consents
|
5. |
No consent, approval, authorisation of or registration, declaration or filing with, any governmental authority in the Netherlands is required in connection with the execution and delivery by the Issuer of the Indenture
or in connection with the execution of the Registration Statement or the issue of the Notes. |
|
6. |
It is not necessary under the laws of the Netherlands to notarise, file, enroll, register or otherwise record in any public office or elsewhere the Indenture in the Netherlands in order to ensure the validity,
effectiveness, enforceability or admissibility in evidence of the Indenture. |
Choice of Law and Forum
|
7. |
The choice of the laws of the State of New York to govern the Indenture and the Notes is a valid and legally binding selection and the submission by the Issuer under the Indenture to the jurisdiction of any U.S. federal
or state court in the Borough of Manhattan, The City of New York is valid and legally binding on the Issuer and would be upheld by Dutch courts. |
|
8. |
There is no treaty regarding the recognition and enforcement of judicial decisions between the United States of America and the Netherlands. Therefore, a final judgment against the Issuer rendered by a U.S. federal or
state court in the Borough of Manhattan, The City of New York court would not automatically be enforceable in the Netherlands. However, a final judgment obtained in a U.S. federal or state court in the Borough of Manhattan, The City of New York
court and not rendered by default, which is not subject to appeal or other means of contestation and is enforceable in the United States of America with respect to the payment of obligations of the Issuer under the Indenture and the Notes expressed
to be subject to the laws of the State of New York would generally be upheld and be regarded by a Dutch Court of competent jurisdiction as conclusive evidence when asked to render a judgment in accordance with that judgment by a U.S. federal or
state court in the Borough of Manhattan, The City of New York court, without substantive re-examination or re-litigation of the merits of the subject matter thereof, if that judgment has been rendered by a court of competent jurisdiction, in
accordance with the principles of due justice, its contents and enforcement do not conflict with Dutch public policy (openbare orde) and it has not been rendered in proceedings of a penal or revenue or other public law nature.
|
10
The opinions expressed above are subject to the following
qualifications:
|
(i) |
The choice of the laws of the laws of the State of New York as the law governing the Indenture and the Notes will generally be recognised and applied by the courts in the Netherlands, provided however, that Dutch courts
may give effect to provisions which cannot be derogated from by agreement and to the overriding mandatory provisions of the laws of another country if and insofar as, under the law of the latter country, those rules must be applied regardless of the
law applicable to the contract. In considering whether to give effect to these overriding mandatory provisions of such third country, regard shall be had to their nature and purpose and the consequences of their application or non-application.
Moreover, a Dutch court may give effect to the rules of the laws of the Netherlands in a situation where they are overriding mandatory provisions of the laws of the Netherlands irrespective of the law otherwise applicable to the documents in
question. |
|
(ii) |
The application of a rule of the law of any country that otherwise would govern an obligation may be refused by the courts in the Netherlands if such application is manifestly incompatible with the public policy
(openbare orde) of the Netherlands. |
|
(iii) |
No opinion is given on the consequences of any concurrent proceedings or competing judgements resulting therefrom. |
|
(iv) |
To the extent that the laws of the Netherlands would apply to the Documents and the Notes (i) the courts in the Netherlands may deem applicable in addition to the legal consequences (rechtsgevolgen) which
have been agreed upon by the parties to any of the Documents and the Notes, upon the execution thereof, such legal consequences which, pursuant to the nature of the Documents and the Notes, would result from the law, usual practices or the
requirements of reasonableness and fairness (redelijkheid en billijkheid), (ii) the enforcement of obligations may be limited to the extent that a court may, as a result of general principles of Dutch civil law and dependent upon all
relevant circumstances of the particular case, deem enforcement unacceptable with a view to the standards of reasonableness and fairness, (iii) the courts in the Netherlands may change the effects of a contractual obligation at the request of
any one of the parties thereto, or terminate the whole or any part of such contractual obligations on the ground that unforeseen circumstances have occurred of such a nature that the other party or parties may, according to standards of
reasonableness and fairness, not expect an unchanged performance of the obligation under such contractual obligation; such a change or termination may be given retroactive force and (iv) the courts in the Netherlands may change the effects of a
contractual obligation on the basis of abuse of authority (misbruik van bevoegdheden). Moreover, enforcement of the Opinion Documents or the Notes may be capable of being rescinded (vernietigd) as a result of lack of consensus ad idem
(wilsgebreken) and the legal consequences thereof. |
11
|
(v) |
Notwithstanding the submission by the Issuer in the Indenture to the jurisdiction of any U.S. federal or state court in the Borough of Manhattan, The City of New York, application may be made to a competent court in the
Netherlands for provisional, including protective, measures available under the laws of the Netherlands. Furthermore, notwithstanding any contractual provision to the contrary, the jurisdiction of Dutch courts may arise in the context of an
attachment on any of the assets of the Issuer. |
|
(vi) |
Any enforcement of the Opinion Documents and the Notes and of any foreign judgments in the Netherlands will be subject to the rules of civil procedure as applied in the Netherlands. The courts of the Netherlands have
the authority to make an award in a foreign currency. However, enforcement against assets in the Netherlands of a judgment for a sum of money expressed in foreign currency would be executed in Netherlands legal tender and the applicable rate of
exchange prevailing at the date of payment. |
|
(vii) |
Service of process before a Dutch court must be performed in accordance with Dutch law of civil procedure. |
12
|
(viii) |
Dutch substantive law does not have a concept or doctrine identical to the Anglo-American concept of trust; nevertheless any trust validly created under its governing law by the Opinion Documents or the
Notes will be recognised by the courts of The Netherlands in accordance with, and subject to the limitations of, the rules of The Hague Convention on the Law Applicable to Trusts and on their Recognition; thus, where any of the Opinion Documents or
the Notes provides that the Issuer shall hold certain assets and rights on trusts for (or for the benefit of) other parties, then under the laws of The Netherlands such provision will be effective to create a trust in respect of such assets provided
that such assets and rights are held by the Issuer outside The Netherlands in, or governed by the laws of, a jurisdiction the domestic laws of which allow for the creation of trusts of the type contemplated by the Opinion Documents or the Notes; in
all other cases such other parties may merely have an unsecured claim against the Issuer, which claim will rank pari passu with the claims of other unsecured and unsubordinated creditors of the Issuer. |
|
(ix) |
Our opinion is subject to and limited by the provisions of any applicable bankruptcy, insolvency or moratorium laws, the Financial Transactions Emergency Act (Noodwet financieel verkeer), the emergency
regulations (noodregeling) on the basis of the Dutch Financial Supervision Act (Wet op het financieel toezicht), the Act on Special Measures for Financial Enterprises (Interventiewet) and other laws of general application
relating to or affecting generally the enforcement of creditors rights and remedies (including the doctrine of creditors prejudice (Actio Pauliana) within the meaning of article 3:45 of the Dutch Civil Code and/or article 42 et.
sec. of the Dutch Bankruptcy Act (Faillissementswet)). |
|
(x) |
The terms legal, valid, binding, obligation and enforceable mean that the obligations to which those terms relate are of a type which under the laws of the
Netherlands are generally recognised or are generally enforceable: specific performance, however, may not always be granted by Dutch courts. |
|
(xi) |
The concept of delivery of a document is not known or required under the laws of the Netherlands to render a document valid, binding and enforceable. |
|
(xii) |
Powers of attorney terminate (1) by revocation (herroeping) by the person issuing any such power of attorney (the Principal), (2) notice of termination (opzegging) given by the
attorney appointed under such power of attorney (the Attorney), or (3) upon the death of, the commencement of legal guardianship over (ondercuratelestelling), the bankruptcy (faillissement) of, or the
declaration that a debt settlement arrangement (schuldsaneringsregeling) shall apply to (a) the Attorney unless otherwise provided or (b) the Principal. |
13
Notwithstanding the generality of the previous paragraph, an Attorney maintains his powers in
certain urgent cases during one year after the death of, or the commencement of legal guardianship over the Principal or a notice of termination by the Attorney.
Powers of attorney, which are expressed to be irrevocable, are not capable of being revoked and (unless the power of attorney provides
otherwise) will not terminate upon the death of or the commencement of legal guardianship of the Principal insofar as they extend to the performance of legal acts (rechtshandelingen) which are in the interest of the Attorney or a third party.
However, at the request of the Principal, an heir or a trustee of such person, the court may amend or cancel an irrevocable power of attorney for significant reasons.
In the event the Principal is granted a moratorium of payments (surseance van betaling), a power of attorney can only be exercised with
the cooperation of the court-appointed administrator (bewindvoerder).
Any appointment of a process agent is subject to the rules
set forth in the qualifications set forth above and to the requirement that there should be a reasonable and balanced interest for each party to the appointment.
|
(xiii) |
The Dutch Central Bank (De Nederlandsche Bank N.V., the DNB) may require any Netherlands resident company to comply with certain notification and registration requirements of DNB in connection
with payments to be made or received by the Issuer to or from non residents of the Netherlands in accordance with the Reporting Instructions Balance of Payments Reports 2003 (Rapportagevoorschriften Betalingsbalansrapportages 2003) issued by
DNB pursuant to the External Financial Relations Act 1994 (Wet Financiële Betrekkingen Buitenland 1994). A failure to perform any of these formalities will not adversely affect the validity, effectiveness, enforceability or admissibility
in evidence of the Documents or any payment made or to be made thereunder. Any Netherlands resident company will have to notify DNB if it falls within the scope of the External Financial Relations Act 1994. Such notification to DNB may result in a
request from DNB to the Issuer to comply with the notification and registration requirements in the first sentence. |
14
|
VII. |
Confidentiality and Reliance |
In issuing this opinion we do not assume any obligation to
notify or to inform you of any developments subsequent to its date that might render its contents untrue or inaccurate in whole or in part at such time.
This opinion letter:
|
(a) |
expresses and describes Dutch legal concepts in English and not in their original Dutch terms. These concepts may not be identical to the concepts described by the English translations; consequently this opinion is
issued and may only be relied upon on the express condition that any issues of interpretation or liability issues arising under this opinion letter will be governed by the laws of the Netherlands and be brought before a Dutch court;
|
|
(b) |
speaks as of the date stated above; |
|
(c) |
is addressed to you and is solely for your benefit; |
|
(d) |
is strictly limited to the matters set forth herein and no opinion may be inferred or implied beyond that expressly stated herein; and |
|
(e) |
may not be disclosed to or be relied upon by any other person, company, enterprise or institution other than you. |
This opinion is addressed to you and may only be relied upon by you in connection with the filing of the Registration Statement and the
transactions to which the Indenture relates. This letter may not be supplied, and its contents or existence may not be disclosed, to any person other than as an exhibit to (and therefore together with) the Registration Statement and may not be
relied upon for any purpose other than the registration and the transactions to which the Indenture relates.
We hereby consent to the
filing of this opinion as an exhibit to the Registration Statement and to the reference to this firm in the prospectus constituting a part of the Registration Statement under the heading Legal Matters as counsel for the Issuer who has
passed on the validity of the Issuer Notes being registered by the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the U.S.
Securities Act of 1933 or the rules and regulations of the SEC thereunder.
In giving this consent, we do not imply that we are experts
under the U.S. Securities Act of 1933, as amended or the rules and registrations of the SEC issued thereunder with respect to any part of the Registration Statement, including this letter.
15
This opinion is given on behalf of Baker & McKenzie Amsterdam N.V. and not by or on
behalf of Baker & McKenzie International (a Swiss Verein) or any other member thereof. In this opinion the expressions we, us, our and like expressions should be construed accordingly.
Yours sincerely,
Baker &
McKenzie Amsterdam N.V.
16
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