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Title: |
Trust Indenture |
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Date: |
2007 |
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Preview shows 22KB of 369KB total |
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$99 |
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#2764443 |
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================================================================================ TRUST INDENTURE DATED AS OF THE 20TH DAY OF JULY, 2004 BETWEEN ALGONQUIN POWER INCOME FUND AND CIBC MELLON TRUST COMPANY PROVIDING FOR THE ISSUE OF DEBENTURES ================================================================================ TABLE OF CONTENTS PAGE ---- ARTICLE 1 INTERPRETATION .............................................. 1 1.1 Definitions ................................................. 1 1.2 Meaning of "Outstanding" .................................... 9 1.3 Interpretation .............................................. 10 1.4 Headings Etc ................................................ 10 1.5 Day not a Business Day ...................................... 10 1.6 Applicable Law .............................................. 10 1.7 Monetary References ......................................... 11 1.8 Invalidity, Etc ............................................. 11 1.9 Language .................................................... 11 1.10 Successors and Assigns ...................................... 11 1.11 Benefits of Indenture ....................................... 11 1.12 References to Acts of the Trust ............................. 11 1.13 No Recourse ................................................. 12 1.14 Schedules ................................................... 12 ARTICLE 2 THE DEBENTURES .............................................. 12 2.1 Limit of Debentures ......................................... 12 2.2 Terms of Debentures of any Series ........................... 12 2.3 Form of Debentures .......................................... 14 2.4 Form and Terms of Initial Debentures ........................ 15 2.5 Certification and Delivery of Additional Debentures ......... 21 2.6 Issue of Global Debentures .................................. 23 2.7 Execution of Debentures ..................................... 23 2.8 Certification ............................................... 24 2.9 Interim Debentures or Certificates .......................... 24 2.10 Mutilation, Loss, Theft or Destruction ...................... 25 2.11 Concerning Interest ......................................... 25 2.12 Debentures to Rank Pari Passu ............................... 26 2.13 Payments of Amounts Due on Maturity ......................... 26 2.14 U.S. 1993 Act Legend on the Debentures ...................... 26 -i- TABLE OF CONTENTS (continued) PAGE ---- 2.15 Payment of Interest ......................................... 28 ARTICLE 3 REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP .............. 29 3.1 Fully Registered Debentures ................................. 29 3.2 Global Debentures ........................................... 29 3.3 Transferee Entitled to Registration ......................... 31 3.4 No Notice of Trusts ......................................... 32 3.5 Registers Open for Inspection ............................... 32 3.6 Exchanges of Debentures ..................................... 32 3.7 Closing of Registers ........................................ 32 3.8 Charges for Registration, Transfer and Exchange ............. 33 3.9 Ownership of Debentures ..................................... 33 ARTICLE 4 REDEMPTION AND PURCHASE OF DEBENTURES ....................... 34 4.1 Applicability of Article .................................... 34 4.2 Partial Redemption .......................................... 34 4.3 Notice of Redemption ........................................ 35 4.4 Debentures Due on Redemption Dates .......................... 36 4.5 Deposit of Redemption Moneys or Trust Units ................. 36 4.6 Right to Repay Redemption Price in Trust Units .............. 36 4.7 Failure to Surrender Debentures Called for Redemption ....... 40 4.8 Cancellation of Debentures Redeemed ......................... 40 4.9 Purchase of Debentures by the Trust ......................... 40 4.10 Right to Repay Principal Amount in Trust Units .............. 41 4.11 Right to Pay All Amounts in Trust Units ..................... 44 ARTICLE 5 SUBORDINATION OF DEBENTURES ................................. 44 5.1 Applicability of Article .................................... 44 5.2 Order of Payment ............................................ 45 5.3 Subrogation to Rights of Holders of Senior Indebtedness ..... 46 5.4 Obligation to Pay Not Impaired .............................. 46 5.5 No Payment if Senior Indebtedness in Default ................ 47 5.6 Payment on Debentures Permitted ............................. 47 -ii- TABLE OF CONTENTS (continued) PAGE ---- 5.7 Confirmation of Subordination ............................... 48 5.8 Knowledge of Trustee ........................................ 48 5.9 Trustee May Hold Senior Indebtedness ........................ 48 5.10 Rights of Holders of Senior Indebtedness Not Impaired ....... 48 5.11 Altering the Senior Indebtedness ............................ 49 5.12 Additional Indebtedness ..................................... 49 5.13 Right of Debentureholder to Convert Not Impaired ............ 49 ARTICLE 6 CONVERSION OF DEBENTURES .................................... 49 6.1 Applicability of Article .................................... 49 6.2 Notice of Expiry of Conversion Privilege .................... 50 6.3 Revival of Right to Convert ................................. 50 6.4 Manner of Exercise of Right to Convert ...................... 50 6.5 Adjustment of Conversion Price .............................. 51 6.6 No Requirement to Issue Fractional Units .................... 56 6.7 Trust to Reserve Units ...................................... 56 6.8 Cancellation of Converted Debentures ........................ 56 6.9 Certificate as to Adjustment ................................ 56 6.10 Notice of Special Matters ................................... 57 6.11 Protection of Trustee ....................................... 57 6.12 U.S. 1933 Act Legend on Trust Units ......................... 57 ARTICLE 7 LIMITATIONS ON OWNERSHIP .................................... 58 7.1 Limitations on Ownership .................................... 58 7.2 Prohibition Against Ownership by Certain U.S. Retirement Plans ......................................... 59 ARTICLE 8 COVENANTS OF THE TRUST ...................................... 60 8.1 To Pay Principal and Interest ............................... 60 8.2 To Pay Trustee's Remuneration ............................... 60 8.3 To Give Notice of Default ................................... 61 8.4 Preservation of Existence, etc .............................. 61 8.5 Additional Covenants ........................................ 61 8.6 Reporting Requirements ...................................... 62 -iii- TABLE OF CONTENTS (continued) PAGE ---- 8.7 No Distributions on Trust Units if Event of Default ......... 62 8.8 Performance of Covenants of Trustee ......................... 62 ARTICLE 9 DEFAULT ..................................................... 63 9.1 Events of Default ........................................... 63 9.2 Notice of Events of Default ................................. 64 9.3 Waiver of Default ........................................... 64 9.4 Waiver of Declaration ....................................... 65 9.5 Enforcement by the Trustee .................................. 66 9.6 No Suits by Debentureholders ................................ 67 9.7 Application of Moneys by Trustee ............................ 68 9.8 Notice of Payment by Trustee ................................ 69 9.9 Trustee May Demand Production of Debentures ................. 69 9.10 Remedies Cumulative ......................................... 69 9.11 Judgement Against the Trust ................................. 69 9.12 Immunity of Trustees and Others ............................. 69 9.13 Control by Debentureholders ................................. 70 9.14 Rights of Debentureholders to Receive Payment ............... 70 9.15 Delay or Omission Not Waiver ................................ 70 ARTICLE 10 SATISFACTION AND DISCHARGE .................................. 70 10.1 Cancellation and Destruction ................................ 70 10.2 Non-Presentation of Debentures .............................. 71 10.3 Repayment of Unclaimed Moneys or Trust Units ................ 71 10.4 Discharge ................................................... 71 10.5 Satisfaction ................................................ 72 10.6 Continuance of Rights, Duties and Obligations ............... 74 ARTICLE 11 TRUST UNIT INTEREST PAYMENT ELECTION ........................ 74 11.1 Trust Unit Interest Payment Election ........................ 74 ARTICLE 12 SUCCESSORS .................................................. 77 12.1 Restrictions on Amalgamation, Merger and Sale of Certain Assets, etc ...................................... 77 12.2 Vesting of Powers in Successor .............................. 78 -iv- TABLE OF CONTENTS (continued) PAGE ---- ARTICLE 13 COMPULSORY ACQUISITION ...................................... 78 13.1 Definitions ................................................. 78 13.2 Offer for Debentures ........................................ 79 13.3 Offeror's Notice to Dissenting Debentureholders ............. 79 13.4 Delivery of Debenture(s) .................................... 80 13.5 Payment of Consideration to Trustee ......................... 80 13.6 Consideration to be held in Trust ........................... 80 13.7 Completion of Transfer of Debentures to Offeror ............. 80 13.8 Communication of Offer to Trust ............................. 81 ARTICLE 14 MEETINGS OF DEBENTUREHOLDERS ................................ 81 14.1 Right to Convene Meeting .................................... 81 14.2 Notice of Meetings .......................................... 81 14.3 Chair ....................................................... 83 14.4 Quorum ...................................................... 83 14.5 Power to Adjourn ............................................ 84 14.6 Show of Hands ............................................... 84 14.7 Poll ........................................................ 84 14.8 Voting ...................................................... 84 14.9 Proxies ..................................................... 85 14.10 Persons Entitled to Attend Meetings ......................... 85 14.11 Powers Exercisable by Extraordinary Resolution .............. 86 14.12 Meaning of "Extraordinary Resolution" ....................... 88 14.13 Powers Cumulative ........................................... 89 14.14 Minutes ..................................................... 89 14.15 Instruments in Writing ...................................... 89 14.16 Binding Effect of Resolutions ............................... 89 14.17 Evidence of Rights Of Debentureholders ...................... 90 14.18 Concerning Serial Meetings .................................. 90 ARTICLE 15 NOTICES ..................................................... 90 15.1 Notice to Trust and Trustee ................................. 90 -v- TABLE OF CONTENTS (continued) PAGE ---- 15.2 Notice to Debentureholders .................................. 91 15.3 Mail Service Interruption ................................... 92 ARTICLE 16 CONCERNING THE TRUSTEE ...................................... 92 16.1 No Conflict of Interest ..................................... 92 16.2 Replacement of Trustee ...................................... 92 16.3 Duties of Trustee ........................................... 93 16.4 Reliance Upon Declarations, Opinions, etc ................... 93 16.5 Evidence and Authority to Trustee, Opinions, etc ............ 93 16.6 Officer's Certificates Evidence ............................. 95 16.7 Experts, Advisers and Agents ................................ 95 16.8 Trustee May Deal in Debentures .............................. 95 16.9 Investment of Moneys Held by Trustee ........................ 95 16.10 Trustee Not Ordinarily Bound ................................ 96 16.11 Trustee Not Required to Give Security ....................... 97 16.12 Trustee Not Bound to Act on Trust's Request ................. 97 16.13 Conditions Precedent to Trustee's Obligations to Act Hereunder ................................................ 97 16.14 Authority to Carry on Business .............................. 98 16.15 Compensation and Indemnity .................................. 98 16.16 Acceptance of Trust ......................................... 99 16.17 Assignment and Enurement .................................... 99 ARTICLE 17 SUPPLEMENTAL INDENTURES ..................................... 99 17.1 Supplemental Indentures ..................................... 99 ARTICLE 18 EXECUTION AND FORMAL DATE ................................... 100 18.1 Execution ................................................... 100 18.2 Formal Date ................................................. 100 -vi- THIS INDENTURE made as of the 20th day of July, 2004. BETWEEN: ALGONQUIN POWER INCOME FUND, a trust established under the laws of the Province of Ontario (hereinafter called the "TRUST") AND CIBC MELLON TRUST COMPANY, a trust company authorized to carry on business in all Provinces of Canada (hereinafter called the "TRUSTEE") WITNESSETH THAT: WHEREAS the Trust deems it necessary for its investment purposes to create and issue the Debentures to be created and issued in the manner hereinafter appearing; AND WHEREAS the Trust, under the laws relating thereto, is duly authorized to create and issue the Debentures to be issued as herein provided; AND WHEREAS, when certified by the Trustee and issued as provided in this Indenture, all necessary steps in relation to the Trust have been duly enacted, passed and/or confirmed and other proceedings taken and conditions complied with to make the creation and issue of the Debentures proposed to be issued hereunder legal, valid and binding on the Trust in accordance with the laws relating to the Trust; AND WHEREAS the foregoing recitals are made as representations and statements of fact by the Trust and not by the Trustee: NOW THEREFORE it is hereby covenanted, agreed and declared as follows: ARTICLE 1 INTERPRETATION 1.1 DEFINITIONS In this Indenture and in the Debentures, unless there is something in the subject matter or context inconsistent therewith, the expressions following shall have the following meanings, namely: "90% REDEMPTION RIGHT" has the meaning ascribed thereto in Section 2.4(i)(iv); "1933 ACT" means the United States Securities Act of 1933, as amended; -2- "ADDITIONAL DEBENTURES" means Debentures of any one or more series, other than the first series of Debentures, being the Initial Debentures, issued under this Indenture; "AFFILIATE" means, in respect of any Person, any other Person that is affiliated with such Person for the purposes of the Securities Act (Ontario), as amended from time to time; "APPLICABLE SECURITIES LEGISLATION" means applicable securities laws (including rules, regulations, policies and instruments) in each of the Provinces of Canada; "AUDITORS OF THE TRUST" means an independent firm of chartered accountants duly appointed as auditors of the Trust; "AUTHORIZED INVESTMENTS" has the meaning set forth in Section 16.9; "BENEFICIAL HOLDER" means any Person who holds a beneficial interest in a Global Debenture as shown on the books of the Depositary or a Depositary Participant; "BOARD OF DIRECTORS" means the board of directors of the Manager unless and until the trustees of the Trust revoke the duties of the Manager hereunder in which case it means the trustees of the Trust; "BUSINESS DAY" means any day other than a Saturday, Sunday or holiday in Toronto, Ontario or any other day that the Trustee in Toronto, Ontario is not generally open for business; "CHANGE OF CONTROL" means the acquisition by any Person, or group of Persons acting jointly or in concert, of voting control or direction of an aggregate of 66 2/3% or more of the outstanding Trust Units, inclusive of securities convertible into or carrying the right to acquire Trust Units; "CHANGE OF CONTROL NOTICE" has the meaning ascribed thereto in Section 2.4(i)(ii); "CONVERSION PRICE" means the dollar amount for which each Trust Unit may be issued from time to time upon the conversion of Debentures or any series of Debentures which are by their terms convertible in accordance with the provisions of Article 6, and in the case of the Initial Debentures as defined in Section 2.4(e); "COUNSEL" means a barrister or solicitor or firm of barristers or solicitors retained or employed by the Trustee or retained or employed by the Trust and acceptable to the Trustee; "CURRENT MARKET PRICE" means the weighted average trading price per Trust Unit for 20 consecutive trading days ending on the fifth trading day preceding the date of determination on the TSX (or, if the Trust Units are not listed thereon, on such stock exchange on which the Trust Units are listed as may be selected for such purpose by the Board of Directors on behalf of the Trust, or if the Trust Units are not listed on any stock
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