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Title: |
Pledge Agreement [Form] |
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Entities: |
Albertson’s, Inc.; Bank of New York; U.S. Bank Trust National Association |
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Date: |
2004 |
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Size: |
Preview shows 16KB of 143KB total |
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Price: |
$58 |
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ID: |
#330655 |
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ALBERTSON'S, INC.
and
U.S. BANK TRUST NATIONAL ASSOCIATION, as Collateral Agent, Custodial Agent and
Securities Intermediary
and
U.S. BANK TRUST NATIONAL ASSOCIATION, as Purchase Contract Agent
FORM OF PLEDGE AGREEMENT
Dated as of [ ], 2004
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C} {C}
ARTICLE 1
Definitions
Section 1.01 Definitions........................................................................1
ARTICLE 2
Pledge
Section 2.01 Pledge.............................................................................5
Section 2.02 Control............................................................................5
Section 2.03 Termination........................................................................5
ARTICLE 3
Distributions on Pledged Collateral
Section 3.01 Income and Distributions...........................................................6
Section 3.02 Principal Payments Following Termination Event.....................................6
Section 3.03 Principal Payments Prior to or on Purchase Contract Settlement Date................6
Section 3.04 Payments to Purchase Contract Agent................................................7
Section 3.05 Assets Not Properly Released.......................................................7
ARTICLE 4
Control
Section 4.01 Establishment of Collateral Account................................................7
Section 4.02 Treatment as Financial Assets......................................................8
Section 4.03 Sole Control by Collateral Agent...................................................8
Section 4.04 Securities Intermediary's Location.................................................8
Section 4.05 No Other Claims....................................................................8
Section 4.06 Investment and Release.............................................................8
Section 4.07 Statements and Confirmations.......................................................8
Section 4.08 Tax Allocations....................................................................9
Section 4.09 No Other Agreements................................................................9
Section 4.10 Powers Coupled with an Interest....................................................9
Section 4.11 Waiver of Lien; Waiver of Set-off..................................................9
ARTICLE 5
Initial Deposit; Creation Of Treasury Units And Recreation Of
Corporate Units
Section 5.01 Initial Deposit of Senior Notes....................................................9
Section 5.02 Creation of Treasury Units........................................................10
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C} {C}
Section 5.03 Recreation of Corporate Units.....................................................11
Section 5.04 Termination Event.................................................................12
Section 5.05 Cash Settlement...................................................................13
Section 5.06 Early Settlement and Cash Merger Early Settlement.................................14
Section 5.07 Application of Proceeds in Settlement of Purchase Contracts.......................15
Section 5.08 Special Event Redemption..........................................................17
ARTICLE 6
Voting Rights -- Pledged Senior Notes
Section 6.01 Voting Rights.....................................................................17
ARTICLE 7
Rights and Remedies
Section 7.01 Rights and Remedies of the Collateral Agent.......................................18
Section 7.02 Special Event Redemption..........................................................19
Section 7.03 Initial Remarketing...............................................................19
Section 7.04 Final Remarketing.................................................................19
Section 7.05 Successful Initial Remarketing....................................................19
Section 7.06 Substitutions.....................................................................20
ARTICLE 8
Representations and Warranties; Covenants
Section 8.01 Representations and Warranties....................................................20
Section 8.02 Covenants.........................................................................21
ARTICLE 9
The Collateral Agent, the Custodial Agent and the Securities
Intermediary
Section 9.01 Appointment, Powers and Immunities................................................21
Section 9.02 Instructions of the Company.......................................................22
Section 9.03 Reliance by Collateral Agent, Custodial Agent and Securities Intermediary.........22
Section 9.04 Certain Rights....................................................................23
Section 9.05 Merger, Conversion, Consolidation or Succession to Business.......................23
Section 9.06 Rights in Other Capacities........................................................23
Section 9.07 Non-reliance on Collateral Agent, the Custodial Agent and Securities Intermediary.24
Section 9.08 Compensation and Indemnity........................................................24
Section 9.09 Failure to Act....................................................................25
Section 9.10 Resignation of Collateral Agent, the Custodial Agent and Securities Intermediary..25
Section 9.11 Right to Appoint Agent or Advisor.................................................27
Section 9.12 Survival..........................................................................27
Section 9.13 Exculpation.......................................................................27
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C} {C}
ARTICLE 10
Amendment
Section 10.01 Amendment Without Consent of Holders..............................................27
Section 10.02 Amendment with Consent of Holders.................................................28
Section 10.03 Execution of Amendments...........................................................29
Section 10.04 Effect of Amendments..............................................................29
Section 10.05 Reference of Amendments...........................................................29
ARTICLE 11
Miscellaneous
Section 11.01 No Waiver.........................................................................29
Section 11.02 Governing Law; Submission to Jurisdiction.........................................30
Section 11.03 Notices...........................................................................30
Section 11.04 Successors and Assigns............................................................30
Section 11.05 Counterparts......................................................................30
Section 11.06 Severability......................................................................30
Section 11.07 Expenses, Etc.....................................................................31
Section 11.08 Security Interest Absolute........................................................31
Section 11.09 Notice of Special Event, Special Event Redemption and Termination Event...........32
{/TABLE}
EXHIBITS
Exhibit A - Instruction from Purchase Contract Agent to Collateral Agent
(Creation of Treasury Units)
Exhibit B - Instruction from Collateral Agent to Securities Intermediary
(Creation of Treasury Units)
Exhibit C - Instruction from Purchase Contract Agent to Collateral Agent
(Recreation of Corporate Units)
Exhibit D - Instruction from Collateral Agent to Securities Intermediary
(Recreation of Corporate Units)
Exhibit E - Notice of Cash Settlement from Collateral Agent to Purchase Contract
Agent
Exhibit F - Instruction to Custodial Agent Regarding Remarketing
Exhibit G - Instruction to Custodial Agent Regarding Withdrawal From Remarketing
iii
{PAGE}
PLEDGE AGREEMENT
PLEDGE AGREEMENT dated as of [ ], 2004 between ALBERTSON'S, INC., a
Delaware corporation (the "COMPANY"), and U.S. BANK TRUST NATIONAL ASSOCIATION,
as collateral agent (in such capacity, together with its successors in such
capacity, the "COLLATERAL AGENT"), as custodial agent (in such capacity,
together with its successors in such capacity, the "CUSTODIAL AGENT"), and as
securities intermediary (as defined in Section 8-102(a)(14) of the UCC) with
respect to the Collateral Account (in such capacity, together with its
successors in such capacity, the "SECURITIES INTERMEDIARY"), and as purchase
contract agent and as attorney-in-fact of the Holders from time to time of the
Units (in such capacity, together with its successors in such capacity, the
"PURCHASE CONTRACT AGENT") under the Purchase Contract Agreement.
RECITALS
WHEREAS, the Company and the Purchase Contract Agent are parties to the
Purchase Contract Agreement dated as of the date hereof (as modified and
supplemented and in effect from time to time, the "PURCHASE CONTRACT
AGREEMENT"), pursuant to which 40,000,000 Corporate Units (or 46,000,000
Corporate Units if the underwriter's over-allotment option granted to the
Underwriters pursuant to the Underwriting Agreement is exercised) will be
issued.
WHEREAS, each Corporate Unit, at issuance, consists of a unit comprised of
(a) a stock purchase contract (a "PURCHASE CONTRACT") pursuant to which the
Holder will purchase from the Company on the Purchase Contract Settlement Date,
for an amount equal to $25 (the "STATED AMOUNT"), a number of shares of the
Company's common stock, par value $1.00 per share, ("COMMON STOCK"), equal to
the Settlement Rate and (b) a 1/40, or 2.5%, beneficial ownership interest in a
Senior Note.
WHEREAS, pursuant to the terms of the Purchase Contract Agreement and the
Purchase Contracts, the Holders of the Units have irrevocably authorized the
Purchase Contract Agent, as attorney-in-fact of such Holders, among other
things, to execute and deliver this Agreement on behalf of such Holders and to
grant the pledge provided herein of the Collateral to secure the Obligations.
NOW, THEREFORE, the Company, the Collateral Agent, the Custodial Agent,
the Securities Intermediary and the Purchase Contract Agent agree as follows:
ARTICLE 1
Definitions
Section 1.01 Definitions. For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires:
(a) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular, and
nouns and pronouns of the masculine gender include the feminine and neuter
genders;
{PAGE}
(b) the words "HEREIN," "HEREOF" and "HEREUNDER" and other words of
similar import refer to this Agreement as a whole and not to any
particular Article, Section, Exhibit or other subdivision;
(c) the following terms which are defined in the UCC shall have the
meanings set forth therein: "CERTIFICATED SECURITY," "CONTROL," "FINANCIAL
ASSET," "ENTITLEMENT ORDER," "SECURITIES ACCOUNT" and "SECURITY
ENTITLEMENT";
(d) capitalized terms used herein and not defined herein have the
meanings assigned to them in the Purchase Contract Agreement; and
(e) the following terms have the meanings given to them in this
Section 1.01(e):
"AGREEMENT" means this Pledge Agreement, as the same may be amended,
modified or supplemented from time to time.
"CASH" means any coin or currency of the United States as at the
time shall be legal tender for payment of public and private debts.
"COLLATERAL" means the collective reference to:
(i) the Collateral Account and all investment property and
other financial assets from time to time credited to the Collateral
Account and all security entitlements with respect thereto,
including, without limitation, (A) the Senior Notes and security
entitlements relating thereto that are a component of the Corporate
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