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Title: |
Indenture |
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Entities: |
Banc of America Securities LLC; Cede & Co.; Chase Manhattan Bank; J.P. Morgan Securities Inc.; Morgan Stanley & Co. Inc.; PacifiCare Health Systems Inc.; Salomon Smith Barney Inc.; Smith Barney Inc.; Bank of America, NA; Goldman, Sachs & Co.; Cooley Godward LLP; State Street Bank and Trust Company |
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Date: |
2003 |
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Size: |
Preview shows 25KB of 319KB total |
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Price: |
$95 |
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ID: |
#161316 |
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Start of Preview |
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INDENTURE
DATED AS OF
NOVEMBER 22, 2002
STATE STREET BANK AND TRUST COMPANY
OF CALIFORNIA, N.A.,
TRUSTEE
{PAGE}
TABLE OF CONTENTS
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ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE.......................................................... 1
Section 1.1 Definitions.......................................................... 1
Section 1.2 Other Definitions.................................................... 8
Section 1.3 Incorporation by Reference of Trust Indenture Act.................... 8
Section 1.4 Rules of construction................................................ 9
Section 1.5 Acts of Holders...................................................... 9
ARTICLE II. THE SECURITIES..................................................................................... 10
Section 2.1 Form and Dating...................................................... 10
Section 2.2 Execution and Authentication......................................... 12
Section 2.3 Registrar, Paying Agent and Conversion Agent......................... 12
Section 2.4 Paying Agent and Trustee To Hold Money in Trust...................... 13
Section 2.5 Securityholder Lists................................................. 13
Section 2.6 Transfer and Exchange................................................ 13
Section 2.7 Replacement Securities............................................... 15
Section 2.8 Outstanding Securities; Determinations of Holders' Action............ 16
Section 2.9 Temporary Securities................................................. 17
Section 2.10 Cancellation......................................................... 17
Section 2.11 Persons Deemed Owners................................................ 17
Section 2.12 Global Securities.................................................... 18
Section 2.13 CUSIP Numbers........................................................ 22
Section 2.14 Ranking.............................................................. 22
ARTICLE III. REDEMPTION AND PURCHASES.......................................................................... 23
Section 3.1 Company's Right To Redeem; Notices to Trustee........................ 23
Section 3.2 Selection of Securities To Be Redeemed............................... 23
Section 3.3 Notice of Redemption................................................. 23
Section 3.4 Effect of Notice of Redemption....................................... 24
Section 3.5 Deposit of Redemption Price.......................................... 24
Section 3.6 Securities Redeemed in Part.......................................... 24
Section 3.7 Purchase of Securities by the Company at Option of the Holder........ 25
Section 3.8 Purchase of Securities at Option of the Holder upon a
Fundamental Change................................................... 27
Section 3.9 Effect of Purchase Notice or Fundamental Change Purchase Notice...... 29
Section 3.10 Deposit of Purchase Price or Fundamental Change Purchase Price....... 30
Section 3.11 Securities Purchased in Part......................................... 30
{/TABLE}
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Section 3.12 Covenant To Comply with Securities Laws upon Purchase of
Securities........................................................... 30
Section 3.13 Repayment to the Company............................................. 31
ARTICLE IV. COVENANTS ......................................................................................... 31
Section 4.1 Payment of Securities................................................ 31
Section 4.2 SEC and Other Reports................................................ 31
Section 4.3 Compliance Certificate............................................... 32
Section 4.4 Further Instruments and Acts......................................... 32
Section 4.5 Maintenance of Office or Agency...................................... 32
Section 4.6 Delivery of Certain Information...................................... 32
Section 4.7 Notice of Liquidated Damages Amount.................................. 33
ARTICLE V. CONSOLIDATION, MERGER OR SALE....................................................................... 33
Section 5.1 Consolidation, Merger or Sale........................................ 33
Section 5.2 Securities and Indenture To Be Assumed by Successor on
Consolidation, Merger or Sale........................................ 33
ARTICLE VI. DEFAULTS AND REMEDIES.............................................................................. 34
Section 6.1 Events of Default.................................................... 34
Section 6.2 Acceleration......................................................... 35
Section 6.3 Other Remedies....................................................... 36
Section 6.4 Waiver of Past Defaults.............................................. 36
Section 6.5 Control by Majority.................................................. 36
Section 6.6 Limitation on Suits.................................................. 36
Section 6.7 Rights of Holders To Receive Payment................................. 37
Section 6.8 Collection Suit by Trustee........................................... 37
Section 6.9 Trustee May File Proofs of Claim..................................... 37
Section 6.10 Priorities........................................................... 38
Section 6.11 Undertaking for Costs................................................ 38
Section 6.12 Waiver of Stay, Extension or Usury Laws.............................. 38
ARTICLE VII. TRUSTEE .......................................................................................... 39
Section 7.1 Duties of Trustee.................................................... 39
Section 7.2 Rights of Trustee.................................................... 40
Section 7.3 Individual Rights of Trustee......................................... 41
Section 7.4 Trustee's Disclaimer................................................. 41
Section 7.5 Notice of Defaults................................................... 41
Section 7.6 Reports by Trustee to Holders........................................ 42
Section 7.7 Compensation and Indemnity........................................... 42
Section 7.8 Replacement of Trustee............................................... 43
Section 7.9 Successor Trustee by Merger.......................................... 43
Section 7.10 Eligibility; Disqualification........................................ 44
Section 7.11 Preferential Collection of Claims Against Company.................... 44
{/TABLE}
ii
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ARTICLE VIII. SATISFACTION AND DISCHARGE OF INDENTURE; DEPOSITED MONEYS AND GOVERNMENT OBLIGATIONS............ 44
Section 8.1 Satisfaction and Discharge of Indenture.............................. 44
Section 8.2 Application of Trust Moneys.......................................... 45
Section 8.3 Repayment to Company................................................. 45
Section 8.4 Reinstatement........................................................ 46
ARTICLE IX. AMENDMENTS......................................................................................... 46
Section 9.1 Without Consent of Holders........................................... 46
Section 9.2 With Consent of Holders.............................................. 47
Section 9.3 Compliance with Trust Indenture Act.................................. 48
Section 9.4 Revocation and Effect of Consents, Waivers and Actions............... 48
Section 9.5 Notation on or Exchange of Securities................................ 48
Section 9.6 Trustee To Sign Supplemental Indentures.............................. 48
Section 9.7 Effect of Supplemental Indentures.................................... 48
ARTICLE X. CONVERSIONS......................................................................................... 49
Section 10.1 Conversion Privilege................................................. 49
Section 10.2 Conversion Procedure................................................. 50
Section 10.3 Fractional Shares.................................................... 51
Section 10.4 Taxes on Conversion.................................................. 51
Section 10.5 Company To Provide Stock............................................. 51
Section 10.6 Adjustment for Change in Capital Stock............................... 52
Section 10.7 Adjustment for Rights Issue.......................................... 52
Section 10.8 Adjustment for Certain Distributions................................. 53
Section 10.9 Adjustment for Certain Quarterly Dividends........................... 55
Section 10.10 Adjustment for Tender Offers......................................... 56
Section 10.11 When Adjustment May Be Deferred...................................... 57
Section 10.12 When No Adjustment Required.......................................... 57
Section 10.13 Notice of Adjustment................................................. 58
Section 10.14 Voluntary Increase................................................... 58
Section 10.15 Notice of Certain Transactions....................................... 58
Section 10.16 Reorganization of Company; Special Distributions..................... 59
Section 10.17 Company Determination Final.......................................... 59
Section 10.18 Trustee's Adjustment Disclaimer...................................... 59
Section 10.19 Simultaneous Adjustments............................................. 60
Section 10.20 Successive Adjustments............................................... 60
Section 10.21 Restriction on Common Stock Issuable upon Conversion................. 60
ARTICLE XI. SUBORDINATION...................................................................................... 61
Section 11.1 Securities Subordinate to Senior Debt................................ 61
{/TABLE}
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Section 11.2 No Payments in Certain Circumstances; Payment Over of Proceeds
Upon Dissolution, Etc................................................ 61
Section 11.3 Trustee to Effectuate Subordination.................................. 63
Section 11.4 No Waiver of Subordination Provisions................................ 63
Section 11.5 Notice to Trustee.................................................... 64
Section 11.6 Reliance on Judicial Order of Certificate of Liquidating Agent....... 64
Section 11.7 Trustee Not Fiduciary for Holders of Senior Debt..................... 64
Section 11.8 Reliance by Holders of Senior Debt on Subordination Provisions....... 65
Section 11.9 Rights of Trustee as Holder of Senior Debt; Preservation of
Trustee's Rights..................................................... 65
Section 11.10 Article Applicable to Paying Agents.................................. 65
Section 11.11 Certain Conversions and Repurchases Deemed Payment................... 65
ARTICLE XII. MISCELLANEOUS..................................................................................... 66
Section 12.1 Trust Indenture Act Controls......................................... 66
Section 12.2 Notices.............................................................. 66
Section 12.3 Communication by Holders with Other Holders.......................... 67
Section 12.4 Certificate and Opinion as to Conditions Precedent................... 67
Section 12.5 Statements Required in Certificate or Opinion........................ 67
Section 12.6 Separability Clause.................................................. 68
Section 12.7 Rules by Trustee, Paying Agent, Conversion Agent and Registrar....... 68
Section 12.8 Legal Holidays....................................................... 68
Section 12.9 GOVERNING LAW........................................................ 68
Section 12.10 No Recourse Against Others........................................... 68
Section 12.11 Successors........................................................... 68
Section 12.12 Multiple Originals................................................... 68
{/TABLE}
Exhibits
Exhibit A-1 - Form of Global Security
Exhibit A-2 - Form of Certificated Security
Exhibit B - Transfer Certificate
Exhibit C - Form of Restricted Common Stock Legend
Exhibit D - Form of Transfer Certificate for Transfer of Restricted
Common Stock
iv
{PAGE}
INDENTURE dated as of November 22, 2002 between PacifiCare Health
Systems, Inc., a corporation incorporated and existing under the laws of the
State of Delaware (the "Company") and STATE STREET BANK AND TRUST COMPANY OF
CALIFORNIA, N.A., a national banking association (the "Trustee").
Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Company's 3% Convertible
Subordinated Debentures due 2032:
ARTICLE I.
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.1 Definitions.
"Affiliate" of any specified person means any other person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified person. For the purposes of this definition,
"control" when used with respect to any specified person means the power to
direct or cause the direction of the management and policies of such person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.
"Applicable Procedures" means, with respect to any transfer or
transaction involving a Global Security or beneficial interest therein, the
rules and procedures of the Depositary for such Global Security, in each case to
the extent applicable to such transaction and as in effect from time to time.
"Board of Directors" means either the board of directors of the Company
or any duly authorized committee of such board.
"Business Day" means any day other than a Saturday, a Sunday or a day
that in the City of New York, is a day on which banking institutions are
authorized or required by law, regulation or executive order to close.
"Capital Stock" for any entity means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) stock issued by that entity.
"Capitalized Lease" means, as applied to any person, any lease of any
property (whether real, personal or mixed) of which the discounted present value
of the rental obligations of such person as lessee, in conformity with GAAP, is
required to be capitalized on the balance sheet of such person.
"Capitalized Lease Obligations" means the discounted present value of
the rental obligations under a Capitalized Lease.
1
{PAGE}
"Certificated Securities" means Securities that are in the form of the
Securities attached hereto as Exhibit A-2.
"Common Stock" shall mean the shares of common stock, par value $0.01
per share, of the Company existing on the date of this Indenture or any other
shares of Capital Stock of the Company into which such common stock shall be
reclassified or changed.
"Company" means the party named as the "Company" in the first paragraph
of this Indenture until a successor replaces it pursuant to the applicable
provisions of this Indenture and, thereafter, shall mean such successor. The
foregoing sentence shall likewise apply to any subsequent such successor or
successors.
"Company Request" or "Company Order" means a written request or order
signed in the name of the Company by any Officer and delivered to the Trustee.
"Corporate Trust Office" means the principal office of the Trustee at
which at any time its corporate trust business shall be administered, which
office at the date hereof is located at 633 W. Fifth Street, 12th Floor, Los
Angeles, California 90071, Attention: Corporate Trust Department, or such other
address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office of any successor
Trustee (or such other address as a successor Trustee may designate from time to
time by notice to the Holders and the Company).
"Debt" of any person means, with respect to any person at any date of
determination (without duplication):
(a) all indebtedness of such person for borrowed money;
(b) all obligations of such person evidenced by bonds, debentures,
notes or other similar instruments;
(c) all obligations of such person in respect of bankers'
acceptances, letters of credit or other similar instruments (including
reimbursement obligations with respect thereto, but excluding obligations with
respect to letters of credit (including trade letters of credit and letters of
credit in respect of workers' compensation, self insurance or banker's
acceptance) securing obligations (other than obligations described in (a) or (b)
above or (e), (f) or (g) below) or accrued expense;
(d) all obligations of such person to pay the deferred and unpaid
purchase price of any property or services, except trade payables;
(e) all Capitalized Lease Obligations;
(f) all Debt of other persons secured by a Lien on any asset of
such person, whether or not such Debt is assumed by such person; provided that
the amount of such Debt shall be the lesser of (A) the fair market value of such
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