As filed with the Securities and Exchange Commission
on August 10, 2023.
Registration No. 333–
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
INTERNATIONAL TOWER HILL MINES LTD.
(Exact name of registrant as specified in its charter)
| British Columbia, Canada |
98-0668474 |
(State or other jurisdiction of incorporation or
organization) |
(I.R.S. Employer Identification No.) |
2710-200 Granville Street,
Vancouver, British Columbia, Canada V6C 1S4
(604) 683-6332
(Address, including zip code, and telephone number,
including area code, of registrant’s principal executive offices)
Karl L. Hanneman
Chief Executive Officer
506 Gaffney Road, Suite 200
Fairbanks, Alaska 99701
(907) 328-2800
(Name, address, including zip
code, and telephone number, including area code, of agent for service)
Copy to:
|
David R. Crandall
Brandon Kinnard
Hogan Lovells US LLP
1601 Wewatta Street, Suite 900
Denver, Colorado 80202
(303) 899-7300 |
Robin Mahood
McCarthy Tétrault LLP
745 Thurlow Street, Suite 2400
Vancouver, British Columbia, Canada V6E 0C5
(604) 643-7100 |
APPROXIMATE DATE
OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time to time after the effective date of this registration statement as determined
by market and other conditions.
If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ¨
If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following box. x
If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ¨
If this Form is a registration statement pursuant
to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box. ¨
If this Form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. ¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer |
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¨ |
|
Accelerated filer |
|
¨ |
| Non-accelerated filer |
|
x |
|
Smaller reporting company |
|
x |
| |
|
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Emerging growth company |
|
¨ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨
The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may
determine.
The information in this prospectus
is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any state or jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED AUGUST
10, 2023
PROSPECTUS
$100,000,000
Common Shares
Debt Securities
Warrants
Rights
Subscription Receipts
Units
International Tower Hill Mines
Ltd. (the “Company,” “we,” “us,” or “our”) may offer and sell from time to time, in one
or more offerings, in amounts, at prices and on terms determined at the time of any such offering, up to an aggregate initial offering
price of $100,000,000 of any combination of the securities described in this prospectus (the foregoing, the “Securities”),
either individually or in units. We may also offer common shares of the Company, no par value (the “Common Shares”), upon
conversion of debt securities, upon the exercise of warrants or upon the exchange of subscription receipts.
We may sell the Securities
directly to you, through agents we select, or through underwriters and dealers we select, on a continuous or delayed basis. If we use
agents, underwriters or dealers to sell the Securities, we will name them and describe their compensation in a prospectus supplement.
The price to the public of such Securities and the net proceeds we expect to receive from such sale will also be set forth in a prospectus
supplement.
This prospectus describes
some of the general terms that may apply to the Securities and the general manner in which they may be offered. Each time we sell Securities
we will provide a prospectus supplement that will contain specific information about the terms of the Securities we are offering and the
specific manner in which we will offer the Securities. The prospectus supplement may add to, update or change the information in this
prospectus. You should read this prospectus and any prospectus supplement carefully before you invest in our Securities. This prospectus
may not be used to sell Securities unless accompanied by a prospectus supplement.
Our Common Shares are traded
on the Toronto Stock Exchange (“TSX”) under the symbol “ITH” and on the NYSE American (“NYSE American”)
under the symbol “THM.” On August 9, 2023, the last reported sale price of the Common Shares on the NYSE American was
$0.40 per Common Share and on the TSX was C$0.56 per Common Share.
Investing in our Securities
involves a high degree of risk. You should read “Risk Factors” beginning on page 1 of this prospectus and the reports we
file with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, incorporated by reference
in this prospectus, to read about factors to consider before purchasing our securities.
Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is ,
2023.
TABLE OF CONTENTS
We have not authorized
anyone to provide you with information different from that contained or incorporated by reference in this prospectus or any accompanying
prospectus supplement or free writing prospectus, and we take no responsibility for any other information that others may give you. This
prospectus is not an offer to sell, nor is it a solicitation of an offer to buy, the securities in any jurisdiction where the offer or
sale is not permitted. You should not assume that the information contained in this prospectus or any prospectus supplement or free writing
prospectus is accurate as of any date other than the date on the front cover of those documents, or that the information contained in
any document incorporated by reference is accurate as of any date other than the date of the document incorporated by reference, regardless
of the time of delivery of this prospectus or any sale of a security. Our business, financial condition, results of operations and prospects
may have changed since those dates.
As permitted by the rules
and regulations of the United States Securities and Exchange Commission (the “SEC”), the registration statement of which this
prospectus forms a part includes additional information not contained in this prospectus. You may read the registration statement and
the other reports we file with the SEC at the SEC’s website described below under the heading “Where You Can Find More Information.”
Before investing in the Securities, you should read this prospectus and any accompanying prospectus supplement or free writing prospectus,
as well as the additional information described under “Where You Can Find More Information” and “Information Incorporated
by Reference.”
In this prospectus and in
any prospectus supplement, unless the context otherwise requires, references to “International Tower Hill Mines Ltd.,” “ITH,”
the “Company,” “we,” “us” and “our” refer to International Tower Hill Mines Ltd., either
alone or together with our subsidiaries as the context requires. When we refer to “shares” throughout this prospectus, we
include all rights attaching to our Common Shares under any shareholder rights plan then in effect.
References in this prospectus
to “$” are to United States dollars. Canadian dollars are indicated by the symbol “C$”.
ABOUT THIS PROSPECTUS
This prospectus is a part
of a registration statement that the Company filed with the SEC utilizing a “shelf” registration process. Under this shelf
registration process, the Company may sell the Securities described in this prospectus in one or more offerings up to a total dollar amount
of initial aggregate offering price of $100,000,000. This prospectus provides you with a general description of the Securities that we
may offer. The specific terms of the Securities in respect of which this prospectus is being delivered will be set forth in a prospectus
supplement and may include, where applicable, the number of Securities offered, the offering price and any other specific terms of the
offering. A prospectus supplement may include specific variable terms pertaining to the Securities that are not within the alternatives
and parameters set forth in this prospectus.
A prospectus supplement or
free writing prospectus may include a discussion of risks or other special considerations applicable to the Company or the Securities.
A prospectus supplement or free writing prospectus may also add, update or change information contained in this prospectus. If there is
any inconsistency between the information in this prospectus and any related prospectus supplement or free writing prospectus, you must
rely on the information in the prospectus supplement or free writing prospectus. Please carefully read both this prospectus and the related
prospectus supplement or free writing prospectus in their entirety together with additional information described under the heading “Where
You Can Find More Information” in this prospectus. This prospectus may not be used to offer or sell any Securities unless accompanied
by a prospectus supplement or free writing prospectus.
Owning securities may subject
you to tax consequences both in Canada and the United States. This prospectus or any applicable prospectus supplement may not describe
these tax consequences fully. You should read the tax discussion in any prospectus supplement with respect to a particular offering and
consult your own tax advisor with respect to your own particular circumstances.
WHERE YOU CAN FIND MORE INFORMATION
This prospectus forms part
of a registration statement on Form S-3 filed by us with the SEC under the Securities Act. As permitted by the SEC, this prospectus does
not contain all the information set forth in the registration statement filed with the SEC. For a more complete understanding of this
offering, you should refer to the complete registration statement, including the exhibits thereto, on Form S-3 that may be obtained as
described below. Statements contained or incorporated by reference in this prospectus or any prospectus supplement about the contents
of any contract or other document are not necessarily complete. If we have filed any contract or other document as an exhibit to the registration
statement or any other document incorporated by reference in the registration statement of which this prospectus forms a part, you should
read the exhibit for a more complete understanding of the document or matter involved. Each statement regarding a contract or other document
is qualified in its entirety by reference to the actual document.
We file annual, quarterly
and special reports, proxy statements and other information with the SEC. Our SEC filings are available to the public from commercial
retrieval services and at the website maintained by the SEC at www.sec.gov. The reports and other information filed by us with
the SEC are also available at our website. The address of the Company’s website is www.ithmines.com. Information contained
on our website or that can be accessed through our website is not incorporated by reference into this prospectus.
INFORMATION INCORPORATED BY REFERENCE
The SEC allows us to incorporate
information into this prospectus “by reference,” which means that we can disclose important information to you by referring
you to another document that we file separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus,
except for any information superseded by information contained directly in this prospectus. These documents contain important information
about the Company and its financial condition, business and results.
We are incorporating by
reference the Company’s filings listed below and any additional documents that we may file with the SEC pursuant to Section
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on or after the date
hereof and prior to the termination of any offering, including all such documents we may file with the SEC after the date of the
initial registration statement of which this prospectus forms a part and prior to the effectiveness of the registration statement,
except we are not incorporating by reference any information furnished (but not filed) under Item 2.02 or Item 7.01 of any Current
Report on Form 8-K and corresponding information furnished under Item 9.01 as an exhibit thereto:
| · | our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023 and June 30, 2023, filed
with the SEC on May 5, 2023 and August 7, 2023, respectively; |
| · | our Current Reports on Form 8-K as filed with the SEC on May 25, 2023 and June 22, 2023, to the extent
“filed” and not “furnished” pursuant to Section 13(a) of the Exchange Act; and |
We will provide, without charge,
to each person, including any beneficial owner, to whom a copy of this prospectus has been delivered a copy of any and all of the documents
referred to herein that are summarized in this prospectus, if such person makes a written or oral request directed to:
International Tower Hill Mines Ltd.
Attention: Corporate Secretary
2710-200 Granville Street,
Vancouver, British Columbia, Canada V6C 1S4
(604) 683-6332
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This prospectus, any accompanying
prospectus supplement or free writing prospectus, and the documents we have incorporated by reference contain forward-looking statements
within the meaning of the federal securities laws that involve risks and uncertainties that could cause actual results to differ materially
from projections or estimates contained herein. Forward-looking statements convey our current expectations or forecasts of future events.
We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements
are generally identifiable by use of the words “estimate,” “project,” “believe,” “intend,”
“plan,” “anticipate,” “expect” and similar expressions. Such forward-looking statements may include,
but are not limited to, statements concerning:
| · | the Company’s future cash requirements, the Company’s ability to meet its financial obligations
as they come due, and the Company’s ability to raise the necessary funds to continue operations on acceptable terms, if at all; |
| · | the Company’s ability to carry forward and incorporate into future engineering studies of the Livengood
Gold Project updated mine design, production schedule and recovery concepts identified during the optimization process; |
| · | the Company's potential to carry out an engineering phase that will evaluate and optimize the Livengood
Gold Project’s configuration and capital and operating expenses, including determining the optimum scale for the Livengood Gold
Project; |
| · | the Company’s strategies and objectives, both generally and specifically in respect of the Livengood
Gold Project; |
| · | the Company’s belief that there are no known environmental issues that are anticipated to materially
impact the Company’s ability to conduct mining operations at the Livengood Gold Project; |
| · | the potential for the expansion of the estimated mineral resources at the Livengood Gold Project; |
| · | the potential for a production decision concerning, and any production at, the Livengood Gold Project; |
| · | the sequence of decisions regarding the timing and costs of development programs with respect to, and
the issuance of the necessary permits and authorizations required for, the Livengood Gold Project; |
| · | the Company’s estimates of the quality and quantity of the mineral resources at the Livengood Gold
Project; |
| · | the timing and cost of any future exploration programs at the Livengood Gold Project, and the timing of
the receipt of results therefrom; |
| · | the expected levels of overhead expenses at the Livengood Gold Project; and |
| · | future general business and economic conditions, including changes in the price of gold and the overall
sentiment of the markets for public equity. |
Such
forward-looking statements reflect the Company’s current views with respect to future events and are subject to certain known and
unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different
from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among
others:
| · | the demand for, and level and volatility of the price of, gold; |
| · | conditions in the financial markets generally, the overall sentiment of the markets for public equity,
interest rates, currency rates, and the rate of inflation; |
| · | general business and economic conditions; |
| · | government regulation and proposed legislation (and changes thereto or interpretations thereof); |
| · | defects in title to claims, or the ability to obtain surface rights, either of which could affect the
Company’s property rights and claims; |
| · | the Company’s ability to secure the necessary services and supplies on favorable terms in connection
with its programs at the Livengood Gold Project and other activities; |
| · | the Company’s ability to attract and retain key staff, particularly in connection with the permitting
and development of any mine at the Livengood Gold Project; |
| · | the accuracy of the Company’s resource estimates (including with respect to size and grade) and
the geological, operational and price assumptions on which these are based; |
| · | the timing of the Company's ability to commence and complete planned work programs at the Livengood Gold
Project; |
| · | the timing of the receipt of and the terms of the consents, permits and authorizations necessary to carry
out exploration and development programs at the Livengood Gold Project and the Company’s ability to comply with such terms on a
safe and cost-effective basis; |
| · | the ongoing relations of the Company with the lessors of its property interests and applicable regulatory
agencies; |
| · | the metallurgy and recovery characteristics of samples from certain of the Company’s mineral properties
and whether such characteristics are reflective of the deposit as a whole; |
| · | the continued development of and potential construction of any mine at the Livengood Gold Project property
not requiring consents, approvals, authorizations or permits that are materially different from those identified by the Company; and |
| · | the risks set forth under the caption “Risk Factors” herein and in our most recent Annual
Report on Form 10-K and our other filings with the SEC. |
Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described
herein. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-looking
statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events
or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and
other factors, including without limitation those discussed in Part I, Item 1A, Risk Factors of our most recent Annual Report on Form
10-K, which are incorporated herein by reference, as well as other factors described elsewhere in this prospectus and the Company’s
other reports filed with the SEC.
The Company’s forward-looking
statements contained in this prospectus are based on the beliefs, expectations and opinions of management as of the date of this prospectus.
The Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations
or opinions should change, except as required by law. For the reasons set forth above, investors should not attribute undue certainty
to or place undue reliance on forward-looking statements discussed in or incorporated by reference in this prospectus or any accompanying
prospectus supplement or free writing prospectus.
RISK FACTORS
An investment in our Securities
involves a high degree of risk. In addition to all of the other information contained or incorporated by reference into this prospectus
and the accompanying prospectus supplement, you should carefully consider the risk factors incorporated by reference from our Annual Report
on Form 10-K for the year ended December 31, 2022, as updated by our subsequent filings under the Exchange Act, including Forms 10-Q and
8-K, and the risk factors contained or incorporated by reference into the accompanying prospectus supplement before acquiring any of the
Securities. The risks described in these documents are not the only ones we face, but those that we consider to be material. There may
be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects
on our future results. If any of these risks actually occur, our business, financial condition or results of operations could be harmed.
This could cause the trading price of our Securities to decline, resulting in a loss of all or part of your investment. Please also read
carefully the section above titled “Cautionary Statement Regarding Forward-Looking Statements.”
ABOUT INTERNATIONAL TOWER HILL MINES LTD.
International Tower Hill Mines
Ltd. is a mineral exploration company engaged in the acquisition and development of mineral properties. The Company currently holds or
has the right to acquire interests in a development stage project in Alaska referred to as the “Livengood Gold Project” or
the “Project”. The Company has not yet begun extraction of mineralization from the deposit or reached commercial production.
The Company has a 100% interest in the Livengood Gold Project, which as of December 31, 2022, has a measured and indicated mineral resource
of 704.5 million tonnes at an average grade of 0.60 g/tonne (13.62 million ounces). As reported in the Technical Report Summary (the “TRS”)
attached as Exhibit 96.1 to our most recent Annual Report on Form 10-K, a portion of the mineral resources at the Project have been converted
into proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne (9.0 million ounces) based on a gold price
of $1,680 per ounce. A more complete description of the Livengood Gold Project, including detailed presentation of resources and reserves,
and the current activities is set forth in Part I, Item 2, Properties and Part II, Item 7, Management’s Discussion and Analysis
of Financial Condition and Results of Operations of our most recent Annual Report on Form 10-K, which is incorporated herein by reference.
Since early 2008, the Company’s
primary focus has been the exploration and advancement of the Livengood Gold Project and the majority of its resources have been directed
to that end. In August 2010, the Company undertook a corporate spin-out arrangement transaction whereby all of its mineral property interests
other than the Project were spun out as an independent and separate company. Since the completion of that transaction, the sole mineral
property held by the Company has been the Livengood Gold Project and the Company has focused exclusively on the ongoing exploration and
potential development of the Livengood Gold Project.
The head office and principal
executive address of ITH is located at 200 Granville Street, Suite 2710, Vancouver, British Columbia, Canada V6C 1S4, and its registered
and records office is located at 745 Thurlow Street, Suite 2400, Vancouver, British Columbia, Canada V6E 0C5, and our telephone number
is (604) 683-6332. Our website is located at www.ithmines.com. Information contained on our website or that can be accessed through
our website is not incorporated by reference into this prospectus.
For additional information
as to our business, properties and financial condition, please refer to the documents cited in “Where You Can Find More Information.”
USE OF PROCEEDS
Unless otherwise specified
in a prospectus supplement, the net proceeds from the sale of the Securities will be used for general corporate purposes and working capital.
Each prospectus supplement will contain specific information concerning the use of proceeds from that sale of the Securities.
We will bear all of the expenses
of the offering of the Securities, and such expenses will be paid out of our general funds, unless otherwise stated in the applicable
prospectus supplement.
DILUTION
We will set forth in a prospectus
supplement and/or free writing prospectus the following information, as required, regarding any dilution of the equity interests of investors
purchasing Securities in an offering under this prospectus:
| · | the net tangible book value per share of our equity securities before and after the offering; |
| · | the amount of the change in such net tangible book value per share attributable to the cash payments made by purchasers in the offering;
and |
| · | the amount of the immediate dilution from the public offering price which will be absorbed by such purchasers. |
DESCRIPTION OF SECURITIES
Common Shares
The following description
of our Common Shares is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to
our Articles of the Company, as amended and restated (the “Articles”), which are an exhibit to the registration statement
of which this prospectus forms a part. We are incorporated in the Province of British Columbia, Canada and are subject to the Business
Corporations Act (British Columbia).
Authorized Capital Shares
The Company’s share
capital consists of an unlimited number of authorized Common Shares of which 195,885,531 are issued and outstanding as of August 8, 2023.
The outstanding Common Shares are fully paid and nonassessable. No other classes of shares are currently authorized.
Voting Rights
Holders of Common Shares are
entitled to receive notice of and to attend any meetings of shareholders of the Company and at any meetings of shareholders to cast one
vote for each Common Share held. Holders of Common Shares do not have cumulative voting rights. A simple majority of votes cast on a resolution
is required to pass an ordinary resolution; however, if the resolution is a special resolution two-thirds of the votes cast on the special
resolution are required to pass it.
Dividend Rights and Liquidation Rights
Holders of Common Shares are
entitled to receive dividends as and when declared by the board of directors of the Company at its discretion from funds legally available
therefor and to receive a pro rata share of the assets of the Company available for distribution to the shareholders in the event of the
liquidation, dissolution or winding-up of the Company after payment of debts and other liabilities, in each case subject to the rights,
privileges, restrictions and conditions attached to any other series or class of shares ranking senior in priority to or on a pro-rata
basis with the holders of Common Shares with respect to dividends or liquidation.
Other Rights and Preferences
There are no pre-emptive,
subscription, conversion or redemption rights attached to the Common Shares nor do they contain any sinking or purchase fund provisions.
Debt Securities
The debt securities will be
our direct unsecured general obligations. The debt securities will be issued under an indenture which may be amended or supplemented from
time to time, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part.
The applicable prospectus
supplement and/or other offering materials will describe the material terms of the debt securities offered through that prospectus supplement
as well as any general terms described in this section that will not apply to those debt securities. To the extent the applicable prospectus
supplement or other offering materials relating to an offering of debt securities are inconsistent with this prospectus, the terms of
that prospectus supplement or other offering materials will supersede the information in this prospectus.
The prospectus supplement
relating to any series of debt securities that we may offer will contain the specific terms of the debt securities. These terms may include
the following:
| · | the title and principal aggregate amount of the debt securities; |
| · | whether the debt securities will be secured or unsecured; |
| · | whether the debt securities are convertible or exchangeable into other securities; |
| · | the percentage or percentages of principal amount at which such debt securities will be issued; |
| · | the interest rate(s) or the method for determining the interest rate(s); |
| · | the dates on which interest will accrue or the method for determining dates on which interest will accrue
and dates on which interest will be payable; |
| · | the person to whom any interest on the debt securities will be payable; |
| · | the places where payments on the debt securities will be payable; |
| · | redemption or early repayment provisions; |
| · | authorized denominations; |
| · | amount of discount or premium, if any, with which such debt securities will be issued; |
| · | whether such debt securities will be issued in whole or in part in the form of one or more global securities; |
| · | the identity of the depositary for global securities; |
| · | whether a temporary security is to be issued with respect to such series and whether any interest payable
prior to the issuance of definitive securities of the series will be credited to the account of the persons entitled thereto; |
| · | the terms upon which the beneficial interests in a temporary global security may be exchanged in whole
or in part for beneficial interests in a definitive global security or for individual definitive securities; |
| · | any covenants applicable to the particular debt securities being issued; |
| · | any defaults and events of default applicable to the particular debt securities being issued; |
| · | the guarantors of each series, if any, and the extent of the guarantees, if any; |
| · | any restriction or condition on the transferability of the debt securities; |
| · | the currency, currencies, or currency units in which the purchase price for, the principal of and any
premium and any interest on, such debt securities will be payable; |
| · | the time period within which, the manner in which and the terms and conditions upon which we or the purchaser
of the debt securities can select the payment currency; |
| · | the securities exchange(s) on which the securities will be listed, if any; |
| · | whether any underwriter(s) will act as market maker(s) for the securities; |
| · | the extent to which a secondary market for the securities is expected to develop; |
| · | our obligations or right to redeem, purchase or repay debt securities under a sinking fund, amortization
or analogous provision; |
| · | provisions relating to covenant defeasance and legal defeasance; |
| · | provisions relating to satisfaction and discharge of the indenture; |
| · | provisions relating to the modification of the indenture both with and without consent of holders of debt
securities issued under the indenture; |
| · | the law that will govern the indenture and debt securities; and |
| · | additional terms not inconsistent with the provisions of the indenture. |
General
We may sell the debt securities,
including original issue discount securities, at par or at a substantial discount below their stated principal amount. Unless we inform
you otherwise in a prospectus supplement, we may issue additional debt securities of a particular series without the consent of the holders
of the debt securities of such series outstanding at the time of issuance. Any such additional debt securities, together with all other
outstanding debt securities of that series, will constitute a single series of securities under the applicable indenture. In addition,
we will describe in the applicable prospectus supplement material Canadian and U.S. federal income tax considerations and any other special
considerations for any debt securities we sell which are denominated in a currency or currency unit other than U.S. dollars. Unless we
inform you otherwise in the applicable prospectus supplement, the debt securities will not be listed on any securities exchange.
We expect most debt securities
to be issued in fully registered form without coupons and in denominations of $1,000 and integral multiples thereof. Subject to the limitations
provided in the indenture and in the prospectus supplement, debt securities that are issued in registered form may be transferred or exchanged
at the corporate office of the trustee or the principal corporate trust office of the trustee, without the payment of any service charge,
other than any tax or other governmental charge payable in connection therewith.
If specified in the applicable
prospectus supplement, certain of our subsidiaries will guarantee the debt securities. The particular terms of any guarantee will be described
in the related prospectus supplement.
Governing Law
We anticipate that any indenture
and supplemental indenture will be governed by and construed in accordance with the laws of the State of New York, except to the extent
that the Trust Indenture Act is applicable.
Warrants
We may issue warrants for
the purchase of Common Shares or debt securities in one or more series. We may issue warrants independently or together with other securities
registered hereunder, and the warrants may be attached to or separate from these securities. While the terms summarized below will apply
generally to any warrants that we may offer, we will describe the particular terms of any series of warrants in more detail in the applicable
prospectus supplement. The terms of any warrants offered under a prospectus supplement may differ from the terms described below.
We will file as exhibits to
the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC,
the form of warrant agreement, including a form of warrant certificate, that describes the terms of the particular series of warrants
we are offering before the issuance of the related series of warrants. The following summaries of material provisions of the warrants
and the warrant agreements are subject to, and qualified in their entirety by reference to, all the provisions of the warrant agreement
and warrant certificate applicable to the particular series of warrants that we may offer under this prospectus. We urge you to read the
applicable prospectus supplements related to the particular series of warrants that we may offer under this prospectus, as well as any
related free writing prospectuses, and the complete warrant agreements and warrant certificates that contain the terms of the warrants.
General
We will describe in the applicable
prospectus supplement the terms of the series of warrants being offered, including:
| · | the offering price and aggregate number of warrants offered; |
| · | the currency for which the warrants may be purchased; |
| · | if applicable, the designation and terms of the securities with which the warrants are issued and the
number of warrants issued with each such security or each principal amount of such security; |
| · | if applicable, the date on and after which the warrants and the related securities will be separately
transferable; |
| · | the number of Common Shares or debt securities
purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise; |
| · | the effect of any merger, consolidation, sale
or other disposition of our business on the warrant agreements and the warrants; |
| · | the terms of any rights to redeem or call the
warrants; |
| · | any provisions for changes to or adjustments
in the exercise price or number of securities issuable upon exercise of the warrants; |
| · | the dates on which the right to exercise the
warrants will commence and expire; |
| · | the manner in which the warrant agreements and
warrants may be modified; |
| · | a discussion of any material or special United
States federal income tax consequences of holding or exercising the warrants; |
| · | the terms of the securities issuable upon exercise
of the warrants; and |
| · | any other specific terms, preferences, rights
or limitations of or restrictions on the warrants. |
Before exercising their warrants,
holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including the right to
receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights, if any.
Exercise of Warrants
Each warrant will entitle
the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in
the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may
exercise the warrants at any time up to the specified time on the expiration date that we set forth in the applicable prospectus supplement.
After the close of business on the expiration date, unexercised warrants will become void.
Holders of the warrants may
exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together with specified information,
and paying the required amount to the warrant agent or the Company in immediately available funds, as provided in the applicable prospectus
supplement. We will set forth on the reverse side of the warrant certificate and in the applicable prospectus supplement the information
that the holder of the warrant will be required to deliver to the warrant agent.
Upon receipt of the required
payment and the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other
office indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If
fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate for
the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities
as all or part of the exercise price for warrants.
Governing Law
Unless we provide otherwise
in the applicable prospectus supplement, the warrants and warrant agreements will be governed by and construed in accordance with the
laws of the State of New York.
Enforceability of Rights by Holders of Warrants
Each warrant agent will act
solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with
any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent
will have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty
or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without
the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise,
and receive the securities purchasable upon exercise of, its warrants.
Rights
We may issue rights to
purchase our debt securities or Common Shares. These rights may be issued independently or together with any other
security offered hereby and may or may not be transferable by the shareholder receiving the rights in such offering. In connection with
any offering of such rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which
the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.
Each series of rights will
be issued under a separate rights agreement which we will enter into with a bank or trust company, as rights agent, all which will be
set forth in the relevant prospectus supplement. The rights agent will act solely as our agent in connection with the certificates relating
to the rights and will not assume any obligation or relationship of agency or trust with any holders of rights certificates or beneficial
owners of rights.
The following
description is a summary of selected provisions relating to rights that we may offer. The summary is not complete. When rights are
offered in the future, a prospectus supplement, information incorporated by reference or related free writing prospectus, as
applicable, will explain the particular terms of those rights and the extent to which these general provisions may apply. The
specific terms of the rights as described in a prospectus supplement, information incorporated by reference, or related free writing
prospectus will supplement and, if applicable, may modify or replace the general terms described in this section.
This summary and any description
of rights in the applicable prospectus supplement, information incorporated by reference or related free writing prospectus is subject
to and is qualified in its entirety by reference to the rights agreement and the rights certificates. We will file each of these documents,
as applicable, with the SEC and incorporate them by reference as an exhibit to the registration statement of which this prospectus is
a part on or before the time we issue a series of rights. See “Where You Can Find More Information” and “Information
Incorporated By Reference” above for information on how to obtain a copy of a document when it is filed.
The applicable prospectus
supplement, information incorporated by reference or related free writing prospectus may describe:
| · | in the case of a distribution of rights to our shareholders, the date of determining the shareholders
entitled to the rights distribution; |
| · | in the case of a distribution of rights to our stockholders, the number of rights issued or to be issued
to each shareholder; |
| · | the exercise price payable for the underlying debt securities or Common Shares upon the exercise of the
rights; |
| · | the number and terms of the underlying debt securities or Common Shares which may be purchased per each
right; |
| · | the extent to which the rights are transferable; |
| · | the date on which the holder’s ability to exercise the rights shall commence, and the date on which
the rights shall expire; |
| · | the extent to which the rights may include an over-subscription privilege with respect to unsubscribed
securities; |
| · | if applicable, the material terms of any standby underwriting or purchase arrangement entered into by
us in connection with the offering of such rights; and |
| · | any other terms of the rights, including, but not limited to, the terms, procedures, conditions and limitations
relating to the exchange and exercise of the rights. |
The provisions described in
this section, as well as those described under “Common Shares” and “Debt Securities” above, will apply, as applicable,
to any rights we offer.
Subscription Receipts
The Company may issue
subscription receipts that may be exchanged for debt securities, Common Shares, or warrants, which may be offered separately or
together with any other securities offered by means of this prospectus, as the case may be, all as set forth in the prospectus
supplement relating to the particular issue of subscription receipts. Each series of subscription receipts will be issued under a
separate subscription receipts agreement or indenture to be entered into between the Company and a transfer agent, as subscription
receipts agent, all as set forth in the prospectus supplement relating to the particular issue of subscription receipts. The
subscription receipts agent will act solely as an agent of the Company in connection with the certificates relating to the
subscription receipts of such series and will not assume any obligation or relationship of agency or trust for or with any holders
of subscription receipts certificates or beneficial owners of subscription receipts. The subscription receipts agreement or
indenture and the subscription receipts certificates relating to each series of subscription receipts will be filed with the SEC and
incorporated by reference as an exhibit to the registration statement of which this prospectus is a part.
The applicable prospectus
supplement will describe the terms of the subscription receipts to be issued, including the following:
| · | the number of subscription receipts; |
| · | the price at which the subscription receipts will be offered; |
| · | the procedures for the exchange of the subscription receipts into debt securities, Common Shares or warrants; |
| · | the number of debt securities, Common Shares or warrants that may be exchanged upon exercise of each subscription
receipt; |
| · | the designation and terms of any other securities with which the subscription receipts will be offered,
if any, and the number of subscription receipts that will be offered with each security; |
| · | terms applicable to the gross proceeds from the sale of the subscription receipts plus any interest earned
thereon; |
| · | a discussion of material U.S. and Canadian federal income tax considerations; and |
| · | any other material terms of such subscription receipts, including terms, procedures and limitations relating
to the distribution, exchange and exercise of such subscription receipts. |
Units
The Company may issue units
consisting of any combination of the other types of securities offered under this prospectus in one or more series. The Company may evidence
each series of units by unit certificates that it will issue under a separate agreement. The Company may enter into unit agreements with
a unit agent. Each unit agent will be a bank or trust company that the Company selects. The Company will indicate the name and address
of the unit agent in the applicable prospectus supplement relating to a particular series of units.
The
following description, together with the additional information included in any applicable prospectus supplement, summarizes the general
features of the units that the Company may offer under this prospectus. You should read any prospectus supplement and any free writing
prospectus that the Company may authorize to be provided to you related to the series of units being offered, as well as the complete
unit agreements that contain the terms of the units. Specific unit agreements will contain additional important terms and provisions and
the Company will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference
from another report that the Company files with the SEC, the form of each unit agreement relating to units offered under this prospectus.
If
the Company offers any units, certain terms of that series of units will be described in the applicable prospectus supplement, including,
without limitation, the following, as applicable:
| · | the title of the series of units; |
| · | identification and description of the separate constituent securities comprising the units; |
| · | the price or prices at which the units will be issued; |
| · | the date, if any, on and after which the constituent securities comprising the units will be separately
transferable; |
| · | a discussion of certain U.S. and Canadian federal income tax considerations applicable to the units; and |
| · | any other terms of the units and their constituent securities. |
Limitations to Control due to Certain Provisions
of Canadian and British Columbian Law and our Articles
Unless such offer is exempt
from the take-over provisions under Canadian securities laws, an offer made by a person, or an offeror, to acquire outstanding shares
of a Canadian entity that, when aggregated with the offeror’s holdings (and those of persons or companies acting jointly with the
offeror), would constitute 20% or more of the outstanding shares (taking into account any securities owned by the offeror and its joint
actors that are convertible into or exchangeable for shares within 60 days), would be subject to the take-over provisions of Canadian
securities laws. The foregoing is a limited and general summary of certain aspects of applicable securities law in the provinces and territories
of Canada, all in effect as of the date hereof.
In addition to the take-over
bid requirements noted above, the acquisition of shares may trigger the application of additional statutory regimes including, amongst
others, the Investment Canada Act (Canada) and the Competition Act (Canada).
This summary is not a comprehensive
description of relevant or applicable considerations regarding such requirements and, accordingly, is not intended to be, and should not
be interpreted as, legal advice to any prospective purchaser and no representation with respect to such requirements to any prospective
purchaser is made. Prospective investors should consult their own Canadian legal advisors with respect to any questions regarding securities
law in the provinces and territories of Canada and other applicable statutory regimes.
As well, under the Business
Corporations Act (British Columbia), unless otherwise stated in the Articles, certain corporate actions require the approval of a
special majority of shareholders, meaning holders of shares representing 66 2∕3% of those votes cast in respect of a shareholder
vote addressing such matter. Those items requiring the approval of a special majority generally relate to fundamental changes with respect
to our business, and include amongst others, resolutions: (i) removing a director prior to the expiry of his or her term; (ii) altering
the Articles, (iii) approving an amalgamation; (iv) approving a plan of arrangement; and (v) providing for a sale of all or substantially
all of our assets.
Considerations for Non-Resident Holders
There are no limitations under
the laws of Canada or in the organizing documents of the Company on the right of foreigners to hold or vote securities of the Company
or affecting the remittance of dividends, interest and other payments to non-residents, except that the Investment Canada Act (Canada)
may require review and approval by the Minister of Industry (Canada) of certain acquisitions of “control” of the Company by
a “non-Canadian.” See “Certain Canadian Federal Income Tax Considerations for U.S. Holders” and “Certain
U.S. Federal Income Tax Considerations for U.S. Holders” in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022 under Part II. Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities for additional information.
DENOMINATIONS, REGISTRATION AND TRANSFER
Other than in the case
of book-entry-only Securities, Securities may be presented for registration of transfer (with the form of transfer endorsed thereon
duly executed) in the city specified for such purpose at the office of the registrar or transfer agent designated by us for such
purpose with respect to any issue of Securities referred to in a prospectus supplement. No service charge will be made for any
transfer, conversion or exchange of the Securities but we may require payment of a sum to cover any transfer tax or other
governmental charge payable in connection therewith. Such transfer, conversion or exchange will be effected upon such registrar or
transfer agent being satisfied with the documents of title and the identity of the person making the request. If a prospectus
supplement refers to any registrar or transfer agent designated by us with respect to any issue of Securities, we may at any time
rescind the designation of any such registrar or transfer agent and appoint another in its place or approve any change in the
location through which such registrar or transfer agent acts.
In the case of book-entry-only
Securities, a global certificate or certificates representing the Securities will be held by a designated depository for its participants.
The Securities must be purchased or transferred through such participants, which includes securities brokers and dealers, banks and trust
companies. The depository will establish and maintain book-entry accounts for its participants acting on behalf of holders of the Securities.
The interests of such holders of Securities will be represented by entries in the records maintained by the participants. Holders of Securities
issued in book-entry-only form will not be entitled to receive a certificate or other instrument evidencing their ownership thereof, except
in limited circumstances. Each holder will receive a customer confirmation of purchase from the participants from which the Securities
are purchased in accordance with the practices and procedures of that participant.
CERTAIN INCOME TAX CONSIDERATIONS
The applicable prospectus
supplement will describe certain Canadian federal income tax consequences to investors described therein of acquiring Securities including,
in the case of investors who are not residents of Canada for purposes of the Income Tax Act (Canada), whether payment of any amount in
respect of a security will be subject to Canadian non-resident withholding tax.
The applicable prospectus
supplement will also describe certain U.S. federal income tax consequences of the acquisition, ownership and disposition of Securities
by an initial investor who is a U.S. person (within the meaning of the U.S. Internal Revenue Code), if applicable, including, to the extent
applicable, any such consequences relating to Securities payable in a currency other than the U.S. dollar, issued at an original issue
discount for U.S. federal income tax purposes or containing early redemption provisions or other special terms.
PLAN OF DISTRIBUTION
We are registering the Securities
with an aggregate offering price not to exceed $100,000,000, to be sold by the Company under a “shelf” registration process.
If we offer any of the Securities under this prospectus we will amend or supplement this prospectus by means of an accompanying prospectus
supplement setting forth the specific terms and conditions and other information about that offering as is required or necessary.
We may offer and sell all
or a portion of the Securities covered by this prospectus from time to time, in one or more or any combination of the following transactions:
| · | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| · | block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and
resell a portion of the block as principal to facilitate the transaction; |
| · | purchases by a broker-dealer as principal and resale by the broker-dealer for its account; |
| · | an exchange distribution in accordance with the rules of the applicable exchange; |
| · | privately negotiated transactions; |
| · | short sales effected after the date the registration statement of which this prospectus is a part is declared
effective by the SEC; |
| · | through the writing or settlement of options or other hedging transactions, whether through an options
exchange or otherwise; |
| · | broker-dealers may agree to sell a specified number of such shares at a stipulated price per share; |
| · | sales “at the market” to or through a market maker or into an existing trading market, on
an exchange or otherwise; |
| · | a combination of any such methods of sale; and |
| · | any other method permitted by applicable law. |
We may sell the Securities
at prices then prevailing or related to the then current market price or at negotiated prices. The offering price of the Securities from
time to time will be determined by us, and, at the time of the determination, may be higher or lower than the market price of our Securities
on the TSX, NYSE American, or any other exchange or market.
In connection with the sale
of the Securities or interests therein, we may enter into hedging transactions with broker-dealers or other financial institutions, which
may in turn engage in short sales of the Securities in the course of hedging the positions they assume. We may also sell the Securities
short and deliver these Securities to close out their short positions, or loan or pledge the Securities to broker-dealers that in turn
may sell these Securities. We may also enter into option or other transactions with broker-dealers or other financial institutions or
the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares
offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as
supplemented or amended to reflect such transaction).
In connection with an underwritten
offering, underwriters or agents may receive compensation in the form of discounts, concessions or commissions from us or from purchasers
of the offered shares for whom they may act as agents. In addition, underwriters may sell the shares to or through dealers, and those
dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the
purchasers for whom they may act as agents. Any underwriters, broker-dealers or agents that participate in the sale of the Securities
or interests therein may be “underwriters” within the meaning of Section 2(a)(11) of the Securities Act. Any discounts, commissions,
concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. We
will bear all of the expenses of the offering of Securities.
We may agree to indemnify
an underwriter, broker-dealer or agent against certain liabilities related to the selling of the Securities, including liabilities arising
under the Securities Act.
We have not entered into any
agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of the Securities. Upon entering
into any material arrangement with an underwriter or broker-dealer for the sale of the Securities through a block trade, special offering,
exchange distribution, secondary distribution or a purchase by an underwriter or broker-dealer, we will file a prospectus supplement,
if required, pursuant to Rule 424(b) under the Securities Act, disclosing certain material information, including:
| · | the name of the applicable seller; |
| · | the Securities being offered; |
| · | the terms of the offering; |
| · | the names of the participating underwriters, broker-dealers or agents; |
| · | any discounts, commissions or other compensation paid to underwriters or broker-dealers and any discounts,
commissions or concessions allowed or reallowed or paid by any underwriters to dealers; |
| · | the purchase price of the Securities and the proceeds to be received from the sale; and |
| · | other material terms of the offering. |
We are subject to the applicable
provisions of the Exchange Act and the rules and regulations under the Exchange Act, including Regulation M. This regulation may limit
the timing of purchases and sales of any of the Securities offered in this prospectus. The anti-manipulation rules under the Exchange
Act may apply to sales of Securities in the market and to our activities.
To the extent required, this
prospectus may be amended and/or supplemented from time to time to describe a specific plan of distribution. Instead of selling the Securities
under this prospectus, we may sell the Securities in compliance with the provisions of Regulation D under the Securities Act, if available,
or pursuant to other available exemptions from the registration requirements of the Securities Act.
With respect to the sale of
any Securities under this prospectus, the maximum commission or discount to be received by any member of the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or any independent broker or dealer will comply with the rules promulgated by FINRA.
LEGAL MATTERS
Certain legal matters in connection
with this offering will be passed upon for us by McCarthy Tétrault LLP, Vancouver, British Columbia, Canada, with respect to Canadian
law. Certain legal matters in connection with this offering will be passed upon for us by Hogan Lovells US LLP, Denver, Colorado, with
respect to U.S. law. Any underwriters will be advised about other issues relating to any offering by their own legal counsel.
EXPERTS
The
consolidated financial statements of the Company included in the Annual Report on Form 10-K incorporated by
reference in this prospectus have been so incorporated in reliance on the report of Davidson & Company LLP, Chartered Professional
Accountants, Vancouver, British Columbia, Canada, an independent registered public accounting firm, given on the authority of said firm
as experts in auditing and accounting.
Information relating to the
Company’s Livengood Gold Project contained herein and incorporated herein by reference is derived from the technical report
entitled “S-K 1300 Technical Report Summary Pre-feasibility Study of the Livengood Gold Project” with an effective date of
October 29, 2021 and a signing date of February 23, 2022 prepared by BBA USA Inc., NewFields Mining Design & Technical Services,
LLC, JDS Energy & Mining Inc., and Resource Development Associates Inc., each a qualified person under S-K 1300 (of the United States
Securities and Exchange Commission) pursuant to the consent of such author.
INTERNATIONAL TOWER HILL MINES LTD.
$100,000,000
Common Shares
Debt Securities
Warrants
Rights
Subscription Receipts
Units
PROSPECTUS
,
2023
PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
| |
Item 14. |
Other Expenses of Issuance and Distribution |
The following sets forth the
expenses in connection with the issuance and distribution of the securities being registered hereby, other than underwriting discounts
and commissions. All amounts set forth below, other than the SEC registration fee are estimates.
| SEC Registration Fee | |
$ | 9,951.06 | |
| FINRA Fee | |
| * | |
| Legal Fees and Expenses | |
| * | |
| Accountants Fees and Expenses | |
| * | |
| Listing Fee | |
| * | |
| Transfer and Disbursement Agent Fees | |
| * | |
| Printing Costs | |
| * | |
| Miscellaneous | |
| * | |
| Total | |
| * | |
| * |
These fees and expenses will be determined based on the number of issuances and amount and type of securities issued. Accordingly, they cannot be estimated at this time. An estimate of the aggregate amount of these expenses will be reflected in the applicable prospectus supplement. |
| |
Item 15. |
Indemnification of Officers and Directors |
Under the Business
Corporations Act (British Columbia) (the “BCBCA”) the Company may indemnify a director or officer, a former director or officer,
or an individual who acts or acted as a director or officer of an affiliate of the Company, or at the Company’s request as a director
or officer (or in a similar capacity) of another corporation or other legal entity, against all judgments, penalties or fines awarded
or imposed in, or amounts paid in settlement of, any legal proceeding or investigative action, whether current, threatened, pending or
completed, in which such individual or any of his or her heirs and personal or other legal representatives is or may be joined as a party,
or is or may liable for in respect of a judgment, penalty or fine in, or expenses related to such legal proceeding or investigative action
because of serving in such capacity, on condition that (i) the individual acted honestly and in good faith with a view to the best interests
of the Company or such other corporation or legal entity, and (ii) in the case of such a proceeding or investigative action other than
a civil proceeding, the individual had reasonable grounds for believing that his or her conduct was lawful. The Company may also indemnify
a person described above in respect of all costs, charges and expenses, including legal and other fees, actually and reasonably incurred
by such person in respect of such a legal proceeding or investigative action, providing such person complies with (i) and (ii) above.
The Company may provide indemnification in respect of such costs, charges and expenses after the final disposition of such legal proceeding
or investigative action, and may pay such costs, charges and expenses as they are incurred in advance of such final disposition, provided
it obtains a written undertaking that such person will repay the amounts advanced if it is ultimately determined that the individual did
not comply with (i) and (ii) above. Under the BCBCA, an individual described above is entitled to indemnification from the Company in
respect of such costs, charges and expenses after the final disposition of such legal proceeding or investigative action as a matter of
right if the individual has not been reimbursed for such costs, charges and expenses and is wholly successful in the outcome of such legal
proceeding or investigative action, or is substantially successful on the merits thereof, providing such individual complies with (i)
and (ii) above. On application of the Company or an individual described above, the Supreme Court of British Columbia may order the Company
to indemnify a person described above in respect of any liability incurred by such person in respect of such a legal proceeding or investigative
action, and to pay some or all of the expenses incurred by such individual in respect of such legal proceeding or investigative action.
In
accordance with the BCBCA, the Articles of the Company provide that the Company must indemnify a director, former director or
alternate director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which
such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses
actually and reasonably incurred by such person in respect of that proceeding. Subject to any restrictions in the BCBCA, the Company
may indemnify any other person. The Articles also provide that the Company may purchase and maintain insurance for the benefit of
any person (or his or her heirs or legal personal representatives) who: (i) is or was a director, alternate director, officer,
employee or agent of the Company; (ii) is or was a director, alternate director, officer, employee or agent of a corporation at a
time when the corporation is or was an affiliate of the Company; (iii) at the request of the Company, is or was a director,
alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated
entity; or (iv) at the request of the Company, holds or held a position equivalent to that of a director, alternate director or
officer of a partnership, trust, joint venture or other unincorporated entity; in each case against any liability incurred by him or
her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.
A policy of directors’ and officers’ liability insurance is maintained by the Company which insures
directors and officers for losses as a result of claims against the directors and officers of the Company in their capacity as
directors and officers and also reimburses the Company for payments made pursuant to the indemnity provisions under the Articles of
the Company and the BCBCA.
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to
the foregoing provisions, the Company has been informed that in the opinion of the Commission such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
| |
Item 16. |
Exhibits and Financial Statement Schedules |
| * |
Filed herewith. |
| (1) |
To be filed by amendment or as an exhibit to a report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and incorporated herein by reference. |
| (2) |
To be filed in accordance with the Trust Indenture Act of 1939, as amended. |
(a) The
undersigned registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration
Fee” table in the effective registration statement; and
(iii) To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided, however, that
paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the registration statement is on Form S-3 and the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2) That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(4) That,
for the purpose of determining liability under the Securities Act to any purchaser:
(i) Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date
the filed prospectus was deemed part of and included in the registration statement; and
(ii) Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section
10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such
form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date; or
(5) That,
for the purpose of determining liability of the registrant under the Securities Act, to any purchaser in the initial distribution of the
securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this
registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered
or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:
| (i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424 (§230.424 of this chapter); |
| (ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant; |
| (iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and |
| (iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(b) The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
registrant’s annual reports pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.
(d) The undersigned registrant
hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of
section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under section 305(b)(2)
of the Act.
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized
in the City of Fairbanks, Alaska, USA, on this 10th day of August, 2023.
| |
International Tower Hill Mines Ltd. |
| |
|
| |
By: |
/s/ Karl L. Hanneman |
| |
Name: |
Karl L. Hanneman |
| |
Title: |
Chief Executive Officer |
Power of Attorney
Each of the undersigned hereby
constitutes and appoints Karl L. Hanneman the undersigned’s true and lawful attorney-in-fact and agent, with full power of substitution,
for the undersigned and in his name, place and stead, in any and all capacities, to sign any or all amendments or post-effective amendments
to this Registration Statement, and any other instruments or documents that said attorneys-in-fact and agents may deem necessary or advisable,
to enable International Tower Hill Mines Ltd. to comply with the Securities Act of 1933, as amended, and any requirements of the Securities
and Exchange Commission in respect thereof, and to file the same, with all exhibits thereto, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents and each of them full power and authority to do and perform each and every act and thing
requisite and necessary to be done, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying
and confirming all that each such attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated below
on the dates indicated.
| Signature |
|
Title |
|
Date |
| |
|
|
|
|
| /s/ Karl L. Hanneman |
|
Chief Executive Officer and Director |
|
August 10, 2023 |
| Karl L. Hanneman |
|
(Principal Executive Officer) |
|
|
| |
|
|
|
|
| /s/ David Cross |
|
Chief Financial Officer |
|
August 10, 2023 |
| David Cross |
|
(Principal Financial and Principal Accounting Officer) |
|
|
| |
|
|
|
|
| /s/ Marcelo Kim |
|
Chairman |
|
August 10, 2023 |
| Marcelo Kim |
|
|
|
|
| |
|
|
|
|
| /s/ Edel Tully |
|
Director |
|
August 10, 2023 |
| Edel Tully |
|
|
|
|
| |
|
|
|
|
| /s/ Christopher Papagianis |
|
Director |
|
August 10, 2023 |
| Christopher Papagianis |
|
|
|
|
| |
|
|
|
|
| /s/ Anton J. Drescher |
|
Director |
|
August 10, 2023 |
| Anton J. Drescher |
|
|
|
|
|
/s/ Stuart Harshaw |
|
Director |
|
August 10, 2023 |
| Stuart Harshaw |
|
|
|
|
| |
|
|
|
|
| /s/ Thomas S. Weng |
|
Director |
|
August 10, 2023 |
| Thomas S. Weng |
|
|
|
|
Exhibit 4.2
INTERNATIONAL TOWER HILL MINES LTD.
to
[
]
Trustee
INDENTURE
Dated as of [
] [ ], 20[ ]
INTERNATIONAL TOWER HILL
MINES LTD.
Certain Sections of this Indenture relating to
Section 310
through 318, inclusive, of the Trust Indenture Act of 1939, as amended
Trust
Indenture Act Section |
|
Indenture
Section |
| Section 310(a)(1) |
|
609 |
| (a)(2) |
|
609 |
| (a)(3) |
|
Not Applicable |
| (a)(4) |
|
Not Applicable |
| (b) |
|
608 |
| Section 311(a) |
|
613 |
| (b) |
|
613 |
| Section 312(a) |
|
701 |
| |
|
702 |
| 702 |
|
|
| (c) |
|
702 |
| Section 313(a) |
|
703 |
| (b) |
|
703 |
| (c) |
|
703 |
| (d) |
|
703 |
| Section 314(a) |
|
704 |
| (a)(4) |
|
101 |
| (b) |
|
Not Applicable |
| (c)(1) |
|
102 |
| (c)(2) |
|
102 |
| (c)(3) |
|
Not Applicable |
| (d) |
|
Not Applicable |
| (e) |
|
102 |
| Section 315(a) |
|
601 |
| (b) |
|
602 |
| (c) |
|
601 |
| (d) |
|
601 |
| (e) |
|
514 |
| Section 316(a) |
|
101 |
| (a)(1)(A) |
|
502 |
| |
|
512 |
| (a)(1)(B) |
|
513 |
| (a)(2) |
|
Not Applicable |
| (b) |
|
508 |
| (c) |
|
104 |
| Section 317(a)(1) |
|
503 |
| (a)(2) |
|
504 |
| (b) |
|
1003 |
| Section 318(a) |
|
107 |
Note: This reconciliation and tie shall not,
for any purpose, be deemed to be a part of the Indenture.
TABLE OF CONTENTS
| |
|
Page |
| |
|
|
| Article I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION |
1 |
| |
|
|
| Section 101 |
Definitions |
1 |
| Section 102 |
Compliance Certificates and Opinions |
6 |
| Section 103 |
Form of Documents Delivered to Trustee |
6 |
| Section 104 |
Acts of Holders; Record Dates |
7 |
| Section 105 |
Notices, Etc., to Trustee, Company |
8 |
| Section 106 |
Notice to Holders; Waiver |
9 |
| Section 107 |
Effect of Headings and Table of Contents |
9 |
| |
|
|
| Article II SECURITY FORMS |
9 |
| |
|
|
| Section 201 |
Forms Generally |
9 |
| Section 202 |
Form of Face of Security |
10 |
| Section 203 |
Form of Reverse of Security |
11 |
| Section 204 |
Form of Legend for Global Securities |
14 |
| Section 205 |
Form of Trustee’s Certificate of Authentication |
14 |
| |
|
|
| Article III THE SECURITIES |
15 |
| |
|
|
| Section 301 |
Amount Unlimited; Issuable in Series |
15 |
| Section 302 |
Denominations |
17 |
| Section 303 |
Execution, Authentication, Delivery and Dating |
17 |
| Section 304 |
Temporary Securities |
18 |
| Section 305 |
Registration, Registration of Transfer and Exchange |
18 |
| Section 306 |
Mutilated, Destroyed, Lost and Wrongfully Taken Securities |
20 |
| Section 307 |
Payment of Interest; Interest Rights Preserved |
21 |
| Section 308 |
Persons Deemed Owners |
22 |
| Section 309 |
Cancellation |
22 |
| Section 310 |
Computation of Interest |
22 |
| Section 311 |
CUSIP Numbers |
22 |
| |
|
|
| Article IV SATISFACTION AND DISCHARGE |
23 |
| |
|
|
| Section 401 |
Satisfaction and Discharge of Indenture |
23 |
| Section 402 |
Application of Trust Money |
24 |
| |
|
|
| Article V REMEDIES |
24 |
| |
|
|
| Section 501 |
Events of Default |
24 |
| Section 502 |
Acceleration of Maturity; Rescission and Annulment |
25 |
| Section 503 |
Collection of Indebtedness and Suits for Enforcement by Trustee |
26 |
| Section 504 |
Trustee May File Proofs of Claim |
26 |
| Section 505 |
Trustee May Enforce Claims Without Possession of Securities |
27 |
| Section 506 |
Application of Money Collected |
27 |
| Section 507 |
Limitation on Suits |
27 |
| Section 508 |
Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert |
27 |
| Section 509 |
Restoration of Rights and Remedies |
28 |
| Section 510 |
Rights and Remedies Cumulative |
28 |
| Section 511 |
Delay or Omission Not Waiver |
28 |
| Section 512 |
Control by Holders |
28 |
| Section 513 |
Waiver of Past Defaults |
28 |
| Section 514 |
Undertaking for Costs |
29 |
| Section 515 |
Waiver of Usury, Stay or Extension Laws |
29 |
| Article VI THE TRUSTEE |
29 |
| |
|
|
| Section 601 |
Certain Duties and Responsibilities |
29 |
| Section 602 |
Notice of Defaults |
30 |
| Section 603 |
Certain Rights of Trustee |
30 |
| Section 604 |
Not Responsible for Recitals or Issuance of Securities |
32 |
| Section 605 |
May Hold Securities |
32 |
| Section 606 |
Money Held in Trust |
32 |
| Section 607 |
Compensation and Reimbursement |
32 |
| Section 608 |
Conflicting Interests |
33 |
| Section 609 |
Corporate Trustee Required; Eligibility |
33 |
| Section 610 |
Resignation and Removal; Appointment of Successor |
33 |
| Section 611 |
Acceptance of Appointment by Successor |
34 |
| Section 612 |
Merger, Conversion, Consolidation or Succession to Business |
35 |
| Section 613 |
Preferential Collection of Claims Against Company |
35 |
| Section 614 |
Appointment of Authenticating Agent |
35 |
| |
|
|
| Article VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY |
36 |
| |
|
|
| Section 701 |
Company to Furnish Trustee Names and Addresses of Holders |
36 |
| Section 702 |
Preservation of Information; Communications to Holders |
36 |
| Section 703 |
Reports by Trustee |
36 |
| Section 704 |
Reports by Company |
37 |
| |
|
|
| Article VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE |
37 |
| |
|
|
| Section 801 |
Company May Consolidate, Etc., Only on Certain Terms |
37 |
| Section 802 |
Successor Substituted |
37 |
| |
|
|
| Article IX SUPPLEMENTAL INDENTURES |
38 |
| |
|
|
| Section 901 |
Supplemental Indentures Without Consent of Holders |
38 |
| Section 902 |
Supplemental Indentures With Consent of Holders |
39 |
| Section 903 |
Execution of Supplemental Indentures |
40 |
| Section 904 |
Effect of Supplemental Indentures |
40 |
| Section 905 |
Conformity with Trust Indenture Act |
40 |
| Section 906 |
Reference in Securities to Supplemental Indentures |
40 |
| |
|
|
| Article X COVENANTS |
40 |
| |
|
|
| Section 1001 |
Payment of Principal, Premium and Interest |
40 |
| Section 1002 |
Maintenance of Office or Agency |
40 |
| Section 1003 |
Money for Securities Payments to Be Held in Trust |
41 |
| Section 1004 |
Corporate Existence |
41 |
| Section 1005 |
Statement by Officers as to Default |
42 |
| Section 1006 |
Waiver of Certain Covenants |
42 |
| |
|
| Article XI REDEMPTION OF SECURITIES |
42 |
| |
|
|
| Section 1101 |
Applicability of Article |
42 |
| Section 1102 |
Election to Redeem; Notice to Trustee |
42 |
| Section 1103 |
Selection by Trustee of Securities to Be Redeemed |
42 |
| Section 1104 |
Notice of Redemption |
43 |
| Section 1105 |
Deposit of Redemption Price |
44 |
| Section 1106 |
Securities Payable on Redemption Date |
44 |
| Section 1107 |
Securities Redeemed in Part |
45 |
| Section 1108 |
No Limit on Repurchases |
45 |
| Article XII SINKING FUNDS |
45 |
| |
|
|
| Section 1201 |
Applicability of Article |
45 |
| Section 1202 |
Satisfaction of Sinking Fund Payments with Securities |
45 |
| Section 1203 |
Redemption of Securities for Sinking Fund |
45 |
| |
|
|
| Article XIII DEFEASANCE AND COVENANT DEFEASANCE |
46 |
| |
|
|
| Section 1301 |
Company’s Option to Effect Defeasance or Covenant Defeasance |
46 |
| Section 1302 |
Defeasance and Discharge |
46 |
| Section 1303 |
Covenant Defeasance |
46 |
| Section 1304 |
Conditions to Defeasance or Covenant Defeasance |
46 |
| Section 1305 |
Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions |
48 |
| Section 1306 |
Reinstatement |
48 |
| |
|
|
| Article XIV MISCELLANEOUS PROVISIONS |
49 |
| |
|
|
| Section 1401 |
Consent to Jurisdiction and Service of Process |
49 |
| Section 1402 |
Trust Indenture Act Matters |
49 |
| Section 1403 |
Successors and Assigns |
49 |
| Section 1404 |
Separability Clause |
49 |
| Section 1405 |
Benefits of Indenture |
50 |
| Section 1406 |
Governing Law |
50 |
| Section 1407 |
Legal Holidays |
50 |
| Section 1408 |
No Adverse Interpretation of Other Agreements |
50 |
| Section 1409 |
No Personal Liability of Directors, Officers, Employees and Stockholders |
50 |
| Section 1410 |
Language of Notices, Etc |
50 |
| Section 1411 |
Force Majeure |
50 |
| Section 1412 |
Waiver of Jury Trial |
50 |
| Section 1413 |
U.S.A. Patriot Act |
50 |
| Section 1414 |
Electronic Signature |
51 |
INDENTURE, dated
as of ,
20 between International Tower Hill Mines Ltd., a corporation existing under the laws of the Province of British
Columbia, Canada (herein called the “Company”), having its principal office at 2710-200 Granville Street, Vancouver,
British Columbia, Canada V6C 1S4, and [
], as Trustee (herein called the “Trustee”).
RECITALS OF THE COMPANY
The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other
evidences of indebtedness (herein called the “Securities”) to be issued in one or more series as in this Indenture
provided.
All things necessary to make
this Indenture a valid agreement of the Company in accordance with its terms have been done.
NOW, THEREFORE, THIS INDENTURE
WITNESSETH:
For and in consideration
of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Securities or of series thereof, as follows:
Article
I
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
Section 101 Definitions.
For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:
(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;
(2) all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned
to them therein;
(3) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;
(4) unless
the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section,
as the case may be, of this Indenture;
(5) 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;
(6) when
used with respect to any Security, the words “convert,” “converted” and “conversion” are intended
to refer to the right of the Holder or the Company to convert or exchange such Security into or for securities or other property in accordance
with such terms, if any, as may hereafter be specified for such Security as contemplated by Section 301, and these words are not
intended to refer to any right of the Holder or the Company to exchange such Security for other Securities of the same series and like
tenor pursuant to Sections 304, 305, 306, 906 or 1107 or another similar provision of this Indenture,
unless the context otherwise requires; and references herein to the terms of any Security that may be converted mean such terms as may
be specified for such Security as contemplated in Section 301;
(7) unless
the context otherwise requires, any reference to “duly provided for” and other words of similar import with respect to any
amount or property required to be paid or delivered, as applicable, shall include, without limitation, having made such amount or property
available for payment or delivery;
(8) references
to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of successor sections or rules adopted
by the Commission from time to time;
(9) when
the words “includes” or “including” are used herein, they shall be deemed to be followed by the words “without
limitation;” and
(10) “or”
is not exclusive.
“Act,”
when used with respect to any Holder, has the meaning specified in Section 104.
“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 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”
of a Depositary means, with respect to any matter at any time, the policies and procedures of such Depositary, if any, that are applicable
to such matter at such time.
“Authenticating
Agent” means, when used with respect to Securities of any series, any Person authorized by the Trustee to act on behalf
of the Trustee to authenticate the Securities of such series.
“Board of Directors”
means any of (1) the board of directors of the Company, (2) any duly authorized committee of that board or (3) any officer of the Company
duly authorized by the board of directors of the Company to take a specified action.
“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary 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. Where any provision
of this Indenture refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Securities
and the forms and terms thereof), such action may be taken by any officer or employee of the Company authorized to take such action by
the Board of Directors as evidenced by a Board Resolution.
“Business Day,”
when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.
“Code”
means the United States Internal Revenue Code of 1986, as amended.
“Commission”
means the 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 instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.
“Company”
means the Person named as the “Company” in the first paragraph of this instrument until a successor Person
shall have become such 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 in the name of the Company by any two Officers of
the Company.
“Corporate Trust
Office” means the designated office of the Trustee at which this Indenture is administered and which, at the date hereof,
is located at [ ] or at such other
address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor
Trustee.
“corporation”
means a corporation, association, company (including a limited liability company), joint-stock company, business trust or other business
entity (other than a partnership).
“Covenant Defeasance”
has the meaning specified in Section 1303.
“Defaulted Interest”
has the meaning specified in Section 307.
“Defeasance”
has the meaning specified in Section 1302.
“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as depositary for such Securities as contemplated by Section 301.
“DTC”
has the meaning specified in Section 104.
“Event of Default”
has the meaning specified in Section 501.
“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.
“Expiration Date”
has the meaning specified in Section 104.
“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, the
Public Company Accounting Oversight Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect from time to time. All ratio computations based on GAAP contained in this Indenture
will be computed in conformity with GAAP.
“Global Security”
means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 204 (or
such legend as may be specified as contemplated by Section 301 for such Securities).
“Holder”
means a Person in whose name a Security is, at the time of determination, registered in the Security Register.
“Indenture”
means this instrument as originally executed and 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 instrument 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 any particular series or specific Securities
within a series established as contemplated by Section 301.
“interest,”
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity.
“Interest Payment
Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.
“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption
or otherwise.
“Notice of Default”
means a written notice of the kind specified in Section 501(4).
“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person
(or, if such Person is a partnership, the general partner thereof) or any other officer or officers of such Person (or such general partner)
designated in a writing by or pursuant to authority of the Board of Directors (if such Person is the Company) or the Guarantor’s
Board of Directors with respect to such Guarantor (if such Person is a Guarantor) and delivered to the Trustee from time to time.
“Officers’
Certificate” means a certificate signed on behalf of the Company by at least two Officers of the Company, one of whom shall
be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company,
that meets the requirements of Section 102.
“Opinion of Counsel”
means a written opinion from legal counsel (who may be an employee of or counsel for the Company or any Affiliate thereof) that meets
the requirements of Section 102.
“Original Issue
Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.
“Outstanding,”
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:
(1) Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;
(2) Securities
for whose payment or redemption 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 has been duly given pursuant
to this Indenture or provision therefor satisfactory to the Trustee has been made;
(3) Securities
as to which Defeasance has been effected pursuant to Section 1302;
(4) Securities
which have been paid pursuant to Section 306 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; and
(5) Securities
as to which any property deliverable upon conversion thereof has been delivered (or such delivery has been duly provided for), or as
to which any other particular conditions have been satisfied, in each case as may be provided for such Securities as contemplated in
Section 301;
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, (a) the principal amount of an Original Issue Discount Security
which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to Section 502, (b) if, as of such date, the principal amount payable
at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding
shall be the amount as specified or determined as contemplated by Section 301, (c) the principal amount of a Security denominated
in one or more foreign currencies, composite currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such
Security (or, in the case of a Security described in Clause (a) or (b) above, of the amount determined as provided in such
Clause), and (d) 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 pledgee’s 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.
“Paying Agent”
means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.
“Person”
means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political
subdivision thereof.
“Place of Payment,”
when used with respect to the Securities of any series and subject to Section 1002, means the place or places where the principal
of and any premium and interest on the Securities of that series are payable as contemplated by Section 301.
“Predecessor
Security” of any particular Security means 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
306 in exchange for or in lieu of a mutilated, destroyed, lost or wrongfully taken Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or wrongfully taken Security.
“Redemption Date,”
when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.
“Redemption Price,”
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.
“Regular Record
Date” for the interest payable on any Interest Payment Date on the Securities of any series, means the date specified for
that purpose as contemplated by Section 301.
“Responsible
Officer,” when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee
(or any successor division of the Trustee), including any vice president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers who at the time shall be such officers and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject, and who, in each case,
has direct responsibility for the administration of this Indenture.
“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 Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.
“Security Register”
and “Security Registrar” have the respective meanings specified in Section 305.
“Special Record
Date” for the payment of any Defaulted Interest, means a date fixed by the Company pursuant to Section 307.
“Stated Maturity,”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such
Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.
“Subsidiary,”
with respect to any Person, means any (1) corporation (other than a partnership) of which the outstanding capital stock having a majority
of the votes entitled to be cast in the election of directors, managers or trustees of such corporation under ordinary circumstances
shall at the time be owned, directly or indirectly, by such Person or any other Person of which a majority of the voting interests under
ordinary circumstances is at the time, directly or indirectly, owned by such Person or (2) any partnership (a) the sole general partner
or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are
that Person or one or more Subsidiaries of that Person (or any combination thereof).
“Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means,
to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.
“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become
such 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 such Person, “Trustee” as used with respect to
the Securities of any series shall mean the Trustee with respect to Securities of that series.
“Uniform Commercial
Code” means the Uniform Commercial Code in effect in the State of Delaware or the State of New York, as applicable, in
each case as amended from time to time.
“U.S. Government
Obligation” has the meaning specified in Section 1304.
“Vice President,”
when used with respect to the Company, means any executive vice president and any senior vice president, whether or not designated by
a number or a word or words added before or after the title “executive vice president” or “senior vice president.”
Section 102 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 under the Trust Indenture
Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the
Company, or an Opinion of Counsel, if to be given by counsel, 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) a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;
(2) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;
(3) a
statement that, in the opinion of 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
(4) a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.
Section 103 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 or opinion
of an officer 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 officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of, or representation
by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer
or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless
such counsel knows 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 104 Acts
of Holders; Record Dates. 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 may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent or agents 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
601) conclusive in favor of the Trustee, the Company, if made in the manner provided in this Section 104.
Without limiting the generality
of this Section 104, unless otherwise provided in or pursuant to this Indenture, (1) a Holder, including a Depositary or its nominee
that is a Holder of a Global Security, may give, make or take, by an agent or agents duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted in or pursuant to this Indenture to be given,
made or taken by Holders, and a Depositary or its nominee that is a Holder of a Global Security may duly appoint in writing as its agent
or agents members of, or participants in, such Depositary holding interests in such Global Security in the records of such Depositary;
and (2) with respect to any Global Security the Depositary for which is The Depository Trust Company (“DTC”),
any consent or other action given, made or taken by an “agent member” of DTC by electronic means in accordance with the Automated
Tender Offer Procedures system or other Applicable Procedures of, and pursuant to authorization by, DTC shall be deemed to constitute
the “Act” of the Holder of such Global Security, and such Act shall be deemed to have been delivered to the Company, and
the Trustee upon the delivery by DTC of an “agent’s message” or other notice of such consent or other action having
been so given, made or taken in accordance with the Applicable Procedures of DTC.
The fact and date of the
execution by any Person of any 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.
The ownership of Securities
shall be proved by the Security Register.
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.
With respect to Securities
of any series, the Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of such
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
set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving, making or taking of any notice,
declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders
of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to give, make or take the
relevant action, whether or not such Holders remain Holders after such record date; provided, however, that no such action
shall be effective hereunder unless given, made or 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 paragraph 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 paragraph (whereupon the
record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action given, made or taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is given, made or taken. Promptly after any record date is set pursuant to
this paragraph, 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 Sections 105 and 106.
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, making
or taking of (A) any Notice of Default, (B) any declaration of acceleration referred to in Section 502, (C) any request to institute
proceedings referred to in Section 507(2) or (D) any direction referred to in Section 512, in each case with respect to
Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series
on such record date, and no other Holders, shall be entitled to give, make or take such notice, declaration, request or direction, whether
or not such Holders remain Holders after such record date; provided, however, that no such action shall be effective hereunder
unless given, made or 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 paragraph shall be construed to prevent the Trustee from setting a new
record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously
set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed
to render ineffective any action given, made or taken by Holders of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is given, made or taken. Promptly after any record date is set pursuant to this paragraph, the Trustee,
at the Company’s 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 Sections
105 and 106.
With respect to any record
date set pursuant to this Section 104, the party hereto which 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 106, 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 104, the party hereto which 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 to an earlier day as provided in this paragraph. 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 give, make or take any action hereunder with regard to any particular Security may do so, in person or
by an agent duly appointed in writing, with regard to all or any part of the principal amount of such Security.
Section 105 Notices,
Etc., to Trustee, 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) the Trustee by any Holder or by the
Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed
in writing and delivered in Person, mailed by first class mail (registered or certified, return receipt requested), transmitted by facsimile
or sent by overnight courier guaranteeing next Business Day delivery to or with the Trustee addressed to it at its Corporate Trust Office,
Facsimile: [ ] or (2) the Company by
the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given,
furnished or filed in writing and delivered in Person, mailed by first class mail (registered or certified, return receipt requested),
transmitted by facsimile or sent by overnight courier guaranteeing next Business Day delivery, to or with the Company addressed to it
at the address of its principal office specified in the first paragraph of this instrument, Attention: Chief Executive Officer, Facsimile:
[ ] with a copy to Hogan Lovells US
LLP, 1601 Wewatta Street, Suite 900, Denver, Colorado 80202, Facsimile: [
], Attention: David Crandall, or at any other address previously furnished in writing to the Trustee by the Company.
All requests, demands, authorizations,
directions, notices, consents, waivers or Acts of Holders or other such documents made, given, furnished or filed with or to the Company
shall be deemed to have been duly made, given, furnished or filed: (A) at the time delivered by hand, if personally delivered; (B) five
calendar days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt is acknowledged, if telecopied; and (D)
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next Business Day delivery.
Notices given by publication will be deemed given on the first date on which publication is made. Any notice or communication to the
Trustee shall be deemed delivered upon receipt by a Responsible Officer of the Trustee.
Section 106 Notice
to Holders; Waiver. Where this Indenture provides for notice or other communication to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if given in writing and mailed by first class mail (registered or certified,
return receipt requested) or sent by overnight air courier guaranteeing next Business Day delivery, to each Holder affected by such event,
at such Holder’s 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 or other communication. Any notice or other communication shall
also be so mailed or sent to any Person described in Section 313(c) of the Trust Indenture Act, to the extent required by the Trust Indenture
Act. Failure to mail or send a notice or other communication to a Holder or any defect in it shall not affect its sufficiency with respect
to other Holders.
If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.
Where this Indenture provides for notice or other communication in any manner, such notice or other communication may be waived in writing
by the Person entitled to receive such notice or other communication, either before or after the event, and such waiver shall be the
equivalent of such notice or other communication. Waivers of notice or other communication 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. If the Company mails
a notice or communication to the Holders, it shall mail a copy to the Trustee at the same time.
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 or other communication
by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder.
Where this Indenture provides
for notice or other communication with respect to any event or otherwise to a Holder of a Global Security, such notice or other communication
shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to its Applicable Procedures, not
later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice or other
communication.
Section 107 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.
Article
II
SECURITY FORMS
Section 201 Forms
Generally. As to each series of Securities, the Securities of such series shall be in substantially the form set forth in this Article,
or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto,
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 therefor or as may, consistently herewith, be determined by the officers executing
such Securities as evidenced by their execution thereof. If the form of Securities of any series is 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 Company Order contemplated by Section 303 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 of the Company executing such Securities.
Section 202 Form
of Face of Security.
[Insert any legend required
by the Internal Revenue Code and the regulations thereunder.]
CUSIP [
]
INTERNATIONAL TOWER HILL
MINES LTD.
INTERNATIONAL TOWER HILL
MINES LTD., a corporation existing under the laws of the Province of British Columbia, Canada (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
, or registered assigns, the principal
sum of Dollars on
[if the Security is to bear interest prior to Maturity, insert — , and to pay interest thereon from
(1) or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually on
and in each year, commencing
, and at the Maturity
thereof, at the rate of % per annum, until the principal hereof is paid or made
available for payment, provided that any premium, and any such installment of interest, which is overdue
shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable), from
the date such overdue amount is due until such amount is paid or duly provided for, and such interest on any overdue amount shall
be payable on demand](2). The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which shall be the
or
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest so payable, but not
punctually paid or duly provided for, will forthwith cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent with the
requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture.
[If the Security is
not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest
except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case
the overdue principal and any overdue premium shall bear interest at the rate of [ ]% per annum
(to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest on
overdue principal or premium which is not paid on demand shall bear interest at the rate of [
]% per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such
demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.]
| |
(1) |
If the Securities of the applicable series are to be sold “flat”, insert the date of
original issuance of Securities of such series. If the Securities of the applicable series are to be issued “with accrued interest”,
insert the Interest Payment Date for Securities of such series next preceding the date of original issuance of Securities of such
series. |
| |
(2) |
To remain in brackets and italicized in indenture as executed. |
Payment of the principal
of (and premium, if any) and [if applicable, insert — any such] interest on this Security will
be made at the office or agency of the Company maintained for that purpose in the continental United States, 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, against surrender
of this Security in the case of any payment due at the Maturity of the principal thereof or any payment of interest becomes payable on
a day other than an Interest Payment Date; provided, however, that if this Security is not a Global Security, (1) payment
of interest on an Interest Payment Date will be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register; and all other payments will be made by check against surrender of this Security; (2) all payments by
check will be made in next-day funds (i.e., funds that become available on the day after the check is cashed); and (3) notwithstanding
clauses (1) and (2) above, with respect to any payment of any amount due on this Security, if this Security is in a denomination
of at least $1,000,000 and the Holder hereof at the time of surrender hereof or, in the case of any payment of interest on any Interest
Payment Date, the Holder thereof on the related Regular Record Date delivers a written request to the Paying Agent to make such payment
by wire transfer at least five Business Days before the date such payment becomes due, together with appropriate wire transfer instructions
specifying an account at a bank in New York, New York, the Company shall make such payment by wire transfer of immediately available
funds to such account at such bank in New York City, any such wire instructions, once properly given by a Holder as to this Security,
remaining in effect as to such Holder and this Security unless and until new instructions are given in the manner described above and
provided further, that notwithstanding anything in the foregoing to the contrary, if this Security is a Global Security, payment
shall be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture.
Reference is hereby made
to the further provisions of this Security 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 Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company
has caused this instrument to be duly signed manually or by facsimile by its duly authorized officers.
| |
INTERNATIONAL TOWER HILL MINES LTD. |
| |
|
| |
By: |
|
| |
Name: |
|
| |
Title: |
|
Section 203
Form of Reverse of Security. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of [Insert date of indenture] (herein called the “Indenture”,
which term shall have the meaning assigned to it in such instrument), among the Company and [
], as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture),
and 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 Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert
— limited in aggregate principal amount to $ ].
This Security is the general,
unsecured, obligation of the Company and any other Person who shall become such in accordance with the Indenture (the “Guarantors”).
The Guarantee by each Guarantor is the general, unsecured, obligation of such Guarantor, subject to the release and discharge thereof
as provided in the Indenture].(4)
[If applicable,
insert — The Securities of this series are subject to redemption upon not less than 30 days’ nor more than
60 days’ notice, at any time [if applicable, insert — on or after [
], 20[ ]], as a whole or in part, at the election of the Company, at the following Redemption
Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert — on
or before [
], [ ]%, and if redeemed] during the 12-month period beginning [
] of the years indicated,
| Year |
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Redemption Price |
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Year |
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Redemption Price |
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and thereafter at a Redemption
Price equal to [ ]% of the principal amount, together in the case of any such redemption
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of
business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]](3)
[If applicable,
insert — The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’
notice by mail, (1) on [ ] in
any year commencing with the year [ ] and ending with the year [
] through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable,
insert — on or after [ ], as a whole
or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of
the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period
beginning [ ] of the years indicated,
| Year |
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Redemption Price For
Redemption Through Operation
of the Sinking Fund |
|
Redemption Price For
Redemption Otherwise Than
Through Operation |
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of the Sinking Fund and thereafter] at a Redemption
Price equal to % of the principal amount, together in the case of any such redemption
(whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments
whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all
as provided in the Indenture.](3)
[If applicable,
insert — Notwithstanding the foregoing, the Company may not, prior to [
], redeem any Securities of this series as contemplated by [if applicable, insert — clause (2)
of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly
or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial
practice) of less than [ ]% per annum.](3)
[If applicable,
insert — The sinking fund for this series provides for the redemption on [
] in each year beginning with the year [ ] and ending with the year [ ]
of [if applicable, insert — not less than $[ ]
(“mandatory sinking fund”) and not more than] $[ ]
aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than
through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent
[if applicable, insert — mandatory] sinking fund payments otherwise required to be made [if applicable,
insert — , in the inverse order in which they become due.]](3)
[If the Security is
subject to redemption of any kind, insert — In the event of redemption of this Security in part only,
a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.](3)
[If applicable,
insert — The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security
or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain
conditions set forth in the Indenture.](3)
[If the Security is
not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.](3)
[If the Security is
an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this
series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for determining the
amount. Upon payment (A) of the amount of principal so declared due and payable and (B) of interest on any overdue principal, premium
and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s
obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series
shall terminate.](3)
The Indenture permits, with
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 Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of a majority in principal amount (including consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Securities) of all Securities at the time Outstanding to be affected (considered together as one class for this purpose and
such Securities to be affected potentially being Securities of the same or different series and, with respect to any series, potentially
comprising fewer than all the Securities of such series), except as may otherwise be provided pursuant to the Indenture for all or any
specific Securities of any series. The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount
(including waivers obtained in connection with a purchase of, or tender offer or exchange offer for, Securities) of the Securities at
the time Outstanding to be affected under the Indenture (considered together as one class for this purpose and such affected Securities
potentially being Securities of the same or different series and, with respect to any particular series, potentially comprising fewer
than all the Securities of such series), on behalf of the Holders of all Securities so affected, to waive compliance by the Company with
certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount (including waivers obtained in
connection with a purchase of, or tender offer or exchange offer for, Securities) of the Securities at the time Outstanding of any series
to be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities
of such series, to waive certain past defaults under the Indenture with respect to such series and their consequences, in the case of
Clause (i) or (ii), except as may otherwise be provided pursuant to the Indenture for all or any specific Securities of
any series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security 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 Security.
As provided in and subject
to the provisions of the Indenture, the Holder of this Security 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 such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series 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 satisfactory to it, and the
Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such
notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.
As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium
and interest on this Security 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 Securities 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 Securities of this series
are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and 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 may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.
Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
[If this Security is
a Global Security, insert — This Security is a Global Security and is subject to the provisions of the
Indenture relating to Global Securities, including the limitations therein on transfers and exchanges of Global Securities.]
This Security and the Indenture
shall be governed by and construed in accordance with the law of the State of New York.
All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
Section 204
Form of Legend for Global Securities. Unless otherwise specified as contemplated by Section 301 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:
THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.
Section 205
Form of Trustee’s Certificate of Authentication. The Trustee’s certificates of authentication shall be in substantially
the following form:
This is one of the Securities
of the series designated herein and referred to in the within-mentioned Indenture.
Dated:
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[ ], As Trustee |
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By: |
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Authorized Signatory |
Article
III
THE SECURITIES
Section 301 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 series. There shall be established in or pursuant to a Board Resolution, and, subject to Section 303, set forth,
or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series,
(1) the
title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);
(2) any
limit upon the aggregate principal amount of the Securities of the series 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 the series pursuant to Sections 304, 305, 306, 906 or 1107 and except for any Securities which,
pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder);
(3) the
Person to whom any interest on a Security of the 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;
(4) the
date or dates on which the principal of any Securities of the series is payable;
(5) the
rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall
accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable
on any Interest Payment Date;
(6) the
place or places where the principal of and any premium and interest on any Securities of the series shall be payable and the manner in
which any payment may be made;
(7) the
period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may
be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election
by the Company to redeem the Securities shall be evidenced;
(8) the
obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions
or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
(9) if
other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which any Securities of
the series shall be issuable;
(10) if
the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or
pursuant to a formula, the manner in which such amounts shall be determined;
(11) if
other than the currency of the United States of America, the currency, currencies, composite currency, composite currencies or currency
units in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining
the equivalent thereof in the currency of the United States of America for any purpose, including for the purposes of making payment
in the currency of the United States of America and applying the definition of “Outstanding” in Section 101;
(12) if
the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder
thereof, in one or more currencies, composite currencies or currency units other than that or those in which such Securities are stated
to be payable, the currency, currencies, composite currency, composite currencies or currency units in which the principal of or any
premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and
conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined);
(13) if
other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 502;
(14) if
the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates
prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for
any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than
the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the
manner in which such amount deemed to be the principal amount shall be determined);
(15) if
applicable, that the Securities of the series, in whole or any specified part, shall not be defeasible pursuant to Section 1302
or Section 1303 or both such Sections, and, if such Securities may be defeased, in whole or in part, pursuant to either or both
such Sections, any provisions to permit a pledge of obligations other than U.S. Government Obligations (or the establishment of other
arrangements) to satisfy the requirements of Section 1304(1) for defeasance of such Securities and, if other than by a Board Resolution,
the manner in which any election by the Company to defease such Securities shall be evidenced;
(16) if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 204, any addition to, elimination of or other change in
the circumstances set forth in Clause (2) of the penultimate paragraph of Section 305 in which any such Global Security
may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof and any other provisions governing
exchanges or transfers of any such Global Security;
(17) any
addition to, elimination of or other change in the Events of Default which applies to any Securities of the series and any change in
the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant
to Section 502;
(18) any
addition to, elimination of or other change in the covenants set forth in Article X which applies to Securities of the series;
(19) any
provisions necessary to permit or facilitate the issuance, payment or conversion of any Securities of the series that may be converted
into securities or other property other than Securities of the same series and of like tenor, whether in addition to, or in lieu of,
any payment of principal or other amount and whether at the option of the Company or otherwise;
(20) if
applicable, that Persons other than those specified in Section 111 shall have such benefits, rights, remedies and claims with
respect to any Securities of the series or under this Indenture with respect to such Securities, as and to the extent provided for such
Securities;
(21) any
change in the actions permitted or required under this Indenture to be taken by or on behalf of the Holders of the Securities of the
series, including any such change that permits or requires any or all such actions to be taken by or on behalf of the Holders of any
specific Securities of the series rather than or in addition to the Holders of all Securities of the series;
(22) any
provisions for subordination of any Securities of the series to other indebtedness of the Company (including Securities of other series);
(23) any
guarantees of the Securities of the series, including the terms of subordination, if any, of such guarantees;
(24) any
trustees, authenticating or paying agents, transfer agents or registrars; and
(25) any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section
901(5)).
All Securities of any one
series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board
Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the
same time and, unless otherwise provided pursuant to this Section 301 for any series, after issuance of Securities of such series,
such series may be reopened for issuances of additional Securities of that series.
The terms of any Security
of a series may differ from the terms of other Securities of the same series, if and to the extent provided pursuant to this Section
301. The matters referenced in any or all of Clauses (1) through (23) above may be established and set forth or determined
as aforesaid with respect to all or any specific Securities of a series (in each case to the extent permitted by the Trust Indenture
Act).
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.
Section 302 Denominations.
The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified
as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any series,
the Securities of such series shall be issuable in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
Section 303 Execution,
Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Company by its Chairman of the Board, Chief
Executive Officer, President or any Vice President of the Company (or any other officer of the Company designated in writing by or pursuant
to authority of the Board of Directors and delivered to the Trustee from time to time). The signature of any of these officers on the
Securities may be manual or facsimile.
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, and the Trustee in accordance with the Company Order shall authenticate
and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more
Board Resolutions, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall
be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,
(1) if
the form of such Securities has been established by or pursuant to Board Resolution, as permitted by Section 201, that such form
has been established in conformity with the provisions of this Indenture;
(2) if
the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms
have been established in conformity with the provisions of this Indenture; and
(3) that
when such Securities have been 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, such Securities 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 subject to any limitation
with respect to payments in currency other than U.S. dollars.
If such form or terms have
been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee.
Notwithstanding the provisions
of Section 301 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 301 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.
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, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.
Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the
Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309, for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled
to the benefits of this Indenture.
Section 304 Temporary
Securities. Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order, the
Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and
with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
as evidenced by their execution of such Securities.
If temporary Securities of
any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the
same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and
tenor.
Section 305 Registration,
Registration of Transfer and Exchange. The Company shall cause to be kept at each office or agency of the Company designated as a
Place of Payment pursuant to the first paragraph of Section 1002 a register (the register, maintained in each such office or agency
of the Company designated as 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 of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided.
Upon surrender for registration
of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount.
At the option of the Holder,
Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are
so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities, which the Holder
making the exchange is entitled to receive.
All Securities issued upon
any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
Every Security presented
or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or
be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the
Holder thereof or his attorney duly authorized in writing.
No service charge shall be
made for any registration of transfer or exchange of Securities, but the Company 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 Sections 304, 906, or 1107 not involving any transfer.
If the Securities of any
series (or of any series and specified tenor) are to be redeemed in whole or in part, the Company shall not be required (x) 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 selection of any such Securities for redemption under Section
1103 and ending at the close of business on the day of such selection (or during such period as otherwise specified pursuant to Section
301 for such Securities), or (y) 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.
The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Security other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.
The provisions of Clauses
(1), (2), (3) and (4) below shall apply only to Global Securities:
(1) Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security
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.
(2) Notwithstanding
any other provision in this Indenture, and subject to such applicable provisions, if any, as may be specified as contemplated by Section
301, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole
or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless
(A) such Depositary has notified the Company that it (i) is unwilling or unable to continue as Depositary for such Global Security or
(ii) has ceased to be a clearing agency registered under the Exchange Act, or (B) the Company has executed and delivered to the Trustee
a Company Order stating that such Global Security shall be exchanged in whole for Securities that are not Global Securities (in which
case such exchange shall promptly be effected by the Trustee). If the Company receives a notice of the kind specified in Clause (A)
above or has delivered a Company Order of the kind specified in Clause (B) above, it may, in its sole discretion, designate
a successor Depositary for such Global Security within 90 days after receiving such notice or delivery of such order, as the case may
be. If the Company designates a successor Depositary as aforesaid, such Global Security shall promptly be exchanged in whole for one
or more other Global Securities registered in the name of the successor Depositary, whereupon such designated successor shall be the
Depositary for such successor Global Security or Global Securities and the provisions of Clauses (1), (2), (3) and
(4) of this provision shall continue to apply thereto.
(3) Subject
to Clause (2) above and to such applicable provisions, if any, as may be specified as contemplated by Section 301, any
exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global
Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.
(4) Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Section 305, Section 304, 306, 906, or 1107 or otherwise, shall
be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person
other than the Depositary for such Global Security or a nominee thereof.
Every Person who takes or
holds any beneficial interest in a Global Security agrees that:
(5) the
Company and the Trustee may deal with the Depositary as sole owner of the Global Security and as the authorized representative of such
Person;
(6) such
Person’s rights in the Global Security shall be exercised only through the Depositary and shall be limited to those established
by law and agreement between such Person and the Depositary and/or direct and indirect participants of the Depositary;
(7) the
Depositary and its participants make book-entry transfers of beneficial ownership among, and receive and transmit distributions of principal
and interest on the Global Securities to, such Persons in accordance with the Applicable Procedures of the Depositary;
(8) none
of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests; and
(9) the
transferor of any Security shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of
the Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such
information. In connection with any proposed exchange of a Security that is not a Global Security for a Global Security, the Company
or the Depositary shall be required to provide or cause to be provided to the Trustee all information necessary to allow the Trustee
to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section
6045 of the Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy
of such information.
Section 306 Mutilated,
Destroyed, Lost and Wrongfully Taken Securities. If (1) any mutilated Security is surrendered to the Trustee or (2) both (A) there
shall be delivered to the Company and the Trustee (i) a claim by a Holder as to the destruction, loss or wrongful taking of any Security
of such Holder and a request thereby for a new replacement Security of the same series, and (ii) such indemnity bond as may be required
by them to save each of them and any agent of either of them harmless and (B) such other reasonable requirements as may be imposed by
the Company as permitted by Section 8-405 of the Uniform Commercial Code have been satisfied, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a “protected purchaser” within the meaning of Section 8-405 of the
Uniform Commercial Code, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such
mutilated, destroyed, lost or wrongfully taken 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 wrongfully taken 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 the issuance of any
new Security under this Section 306, the Company 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 306 in lieu of any destroyed, lost or wrongfully taken Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or wrongfully taken 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
306 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 wrongfully taken Securities.
Section 307 Payment
of Interest; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 301 with respect to any Securities
of a series, 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 (or, if no business is conducted by the Trustee at its Corporate Trust Office on such date, at
5:00 P.M. New York City time on such date).
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 Clause (1) or
(2) below:
(1) The
Company may elect to make payment of any Defaulted Interest payable on any Securities of a series to the Persons in whose names such
Securities (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 of such Securities 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 in this Clause provided. Thereupon the Company
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 Company shall promptly notify the Trustee of such Special Record Date and the Trustee, 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 given to
each Holder of such Securities in the manner set forth in Section 106, 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 such Securities (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 Clause (2). The Trustee
shall have no duty whatsoever to determine whether any Defaulted Interest is payable or the amount thereof.
(2) The
Company may make payment of any Defaulted Interest on any Securities of a series 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 Clause, such manner of payment shall be
deemed practicable by the Trustee.
Except as may otherwise be
provided in this Section 307 or as contemplated in Section 301 with respect to any Securities of a series, the Person to
whom interest shall be payable on any Security that first becomes payable on a day that is not an Interest Payment Date shall be the
Holder of such Security on the day such interest is paid.
Subject to the foregoing
provisions of this Section 307, 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.
In the case of any Security
which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Security
whose Maturity is prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall be payable
on such Interest Payment Date notwithstanding such conversion, and such interest (whether or not punctually paid or duly provided for)
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 such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Security
which is converted, interest whose Stated Maturity is after the date of conversion of such Security shall not be payable.
Notwithstanding the foregoing,
the terms of any Security that may be converted may provide that the provisions of the immediately preceding paragraph do not apply,
or apply with such additions, changes or omissions as may be provided thereby, to such Security.
Section 308 Persons
Deemed Owners. Prior to due presentment of a Security for registration of transfer, the Company and the Trustee and any agent of
the Company or the Trustee shall 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 any premium and (subject to Section 307) any 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 309 Cancellation.
All Securities surrendered for payment, redemption, registration of transfer or exchange or conversion or for credit against any sinking
fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled
by it in accordance with its customary procedures. 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 cancelled by the Trustee. No Securities shall
be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 309, except as expressly permitted
by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with the Trustee’s customary
procedures.
Section 310 Computation
of Interest. Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities
of each series shall be computed on the basis of a 360-day year of twelve 30-day months.
Section 311 CUSIP
Numbers. The Company, in issuing the Securities may use “CUSIP” and “ISIN” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” and “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
shall promptly notify the Trustee in writing of any change in “CUSIP” or “ISIN” numbers.
Article
IV
SATISFACTION AND DISCHARGE
Section 401
Satisfaction and Discharge of Indenture. This Indenture shall upon Company Request cease to be of further effect with respect
to the Securities of any series (except as to any surviving rights of the Trustee, and of conversion, registration of transfer or exchange
of any such Security expressly provided for herein or in the terms of such Security), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when
(1) either
(A) all
such Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or wrongfully taken
and which have been replaced or paid as provided in Section 306 and (ii) Securities for the payment of which 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 1003) have been delivered to the Trustee for cancellation; or
(B) all
such Securities not theretofore delivered to the Trustee for cancellation
(i) have
become due and payable, or
(ii) will
become due and payable at their Stated Maturity within one year, or
(iii) 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), (ii),
or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust for such purpose
money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be;
(2) the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such Securities;
(3) no
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other
Securities (other than such an event or Event of Default with respect to such Securities resulting solely from the incurrence of indebtedness
or other borrowing of funds, or the grant of liens securing such indebtedness or other borrowing, all or a portion of which are to be
applied to such deposit) shall have occurred and be continuing at the time of such deposit;
(4) such
deposit 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; and
(5) 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 with respect to such Securities have been complied with.
Notwithstanding the satisfaction
and discharge of this Indenture with respect to Securities of any series, the obligations of the Company to the Trustee under Section
607, the obligations of the Company to any Authenticating Agent under Section 614, and, if money shall have been deposited
with the Trustee pursuant to subclause (B) of Clause (1) of this Section 401 with respect to such Securities, the
obligations of the Company of such series under Section 1002 and the obligations of the Trustee under Section 402, Section
606 and the last paragraph of Section 1003 with respect to such Securities shall survive such satisfaction and discharge.
Section 402
Application of Trust Money. Subject to the provisions of the last paragraph of Section 1003, all money deposited with the
Trustee pursuant to Section 401 with respect to Securities of any series shall be held in trust and applied by it, in accordance
with the provisions of such 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 any premium
and interest for whose payment such money has been deposited with the Trustee. All moneys deposited with the Trustee pursuant to Section
401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted shall be returned to the Company upon
Company Request, to the extent originally deposited by the Company. The Company may direct by a Company Order the investment of any money
deposited with the Trustee pursuant to Section 401, without distinction between principal and income, in (1) United States Treasury
Securities with a maturity of one year or less or (2) a money market fund that invests solely in short term United States Treasury Securities
and from time to time the Company may direct the reinvestment of all or a portion of such money in other securities or funds meeting
the criteria specified in Clause (1) or (2) of this sentence.
Article
V
REMEDIES
Section 501
Events of Default. Except as may otherwise be provided pursuant to Section 301 for all or any specific Securities of any
series, “Event of Default,” wherever used herein with respect to the Securities of that series, means 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):
(1) default
in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for
a period of 30 days; or
(2) default
in the payment of the principal of or any premium on any Security of that series at its Maturity; or
(3) default
in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series and continuance of such default
for a period of 60 days; or
(4) default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default
in whose performance or whose breach is elsewhere in this Section 501 specifically dealt with or which has expressly been included
in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for
a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and
the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or
(5) the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Canadian or U.S. federal, provincial or state bankruptcy, insolvency, reorganization or other
similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Canadian or U.S. federal,
provincial or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days (provided
that, if any Person becomes the successor to the Company pursuant to Article VIII and such Person is a corporation, partnership
or trust organized and validly existing under the law of a jurisdiction outside the United States or Canada, each reference in this Clause
(5) to an applicable federal, provincial or state law of a particular kind shall be deemed to refer to such law or any applicable
comparable law of such non-U.S. and non-Canadian jurisdiction, for as long as such Person is the successor to the Company hereunder and
is so organized and existing); or
(6) the
commencement by the Company of a voluntary case or proceeding under any applicable Canadian or U.S. federal, provincial or state bankruptcy,
insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the
consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable
Canadian or U.S. federal, provincial or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any
bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under any applicable Canadian or U.S. federal, provincial or state law, or the consent by it to the filing of such petition
or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors,
or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any such action (provided that, if any Person becomes the successor to the Company pursuant to Article
VIII and such Person is a corporation, limited liability company, partnership, trust or other entity organized and validly existing
under the law of a jurisdiction outside the United States or Canada, each reference in this Clause (6) to an applicable federal,
provincial or state law of a particular kind shall be deemed to refer to such law or any applicable comparable law of such non-U.S. and
non-Canadian jurisdiction, for as long as such Person is the successor to the Company hereunder and is so organized and existing); or
(7) any
other Event of Default provided with respect to Securities of that series in accordance with Section 301.
Section 502
Acceleration of Maturity; Rescission and Annulment. Except as may otherwise be provided pursuant to Section 301 for all
or any specific Securities of any series, if an Event of Default (other than an Event of Default specified in Section 501(5) or
Section 501(6)) with respect to Securities of that series at the time Outstanding occurs and is continuing, then in every such
case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the
principal amount of all the Securities of that series (or, in the case of any Security of that series which specifies an amount to be
due and payable thereon upon acceleration of the Maturity thereof, such amount as may be specified by the terms thereof) to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount), together with any accrued and unpaid interest thereon, shall become immediately due and payable.
Except as may otherwise be provided pursuant to Section 301 for all or any specific Securities of any series, if an Event of Default
specified in Section 501(5) or Section 501(6) with respect to Securities of that series at the time Outstanding occurs,
the principal amount of all the Securities of that series (or, in the case of any Security of that series which specifies an amount to
be due and payable thereon upon acceleration of the Maturity thereof, such amount as may be specified by the terms thereof), together
with any accrued and unpaid interest thereon, shall automatically, and without any declaration or other action on the part of the Trustee
or any Holder, become immediately due and payable.
Except as may otherwise be
provided pursuant to Section 301 for all or any specific Securities of any series, at any time after such a declaration of acceleration
with respect to Securities of that series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, 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 and annul such declaration and its consequences if
(1) the
Company has paid or deposited with the Trustee a sum sufficient to pay
(A) all
overdue interest on all Securities of that series,
(B) the
principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration
and any interest thereon at the rate or rates prescribed therefor in such Securities,
(C) to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities,
and
(D) 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
(2) all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series
which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.
No such rescission shall
affect any subsequent default or impair any right consequent thereon.
Section 503
Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if
(1) default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period
of 60 days, or
(2) default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof,
the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal
and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and premium and on any overdue interest, at the rate or rates prescribed therefor in such 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.
If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, 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 504
Trustee May File Proofs of Claim. In case of any judicial proceeding relative to the Company or any other obligor upon the Securities,
their property or their 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. 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 607.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 607 out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a line on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise.
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 505
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 of the 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 506
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 the Trustee, its agents and attorneys hereunder;
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: To the payment of
the remainder, if any, to the Company, or to whomsoever may be lawfully entitled to receive the same as a court of competent jurisdiction
may direct.
Section 507
Limitation on Suits. No Holder of any Security 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
(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;
(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;
(3) such
Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs, losses, expenses and liabilities to be
incurred in compliance with such request;
(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) 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 (it being understood that the Trustee does not have an affirmative duty to ascertain or determine whether
any action or inaction disturbs or prejudices the rights of any Holder or seeks to obtain priority or preference over any Holder).
Section 508
Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert. 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 any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date), and, if the terms of such Security so provide, to convert such Security
in accordance with its terms, and to institute suit for the enforcement of any such payment and, if applicable, any such right to convert,
and such rights shall not be impaired without the consent of such Holder.
Section 509
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 510
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or wrongfully taken Securities in the last paragraph of Section 306, 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 511
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Securities 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 512
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
(1) the
Trustee may refuse to follow any direction that conflicts with any rule of law or with this Indenture or that the Trustee determines
is unduly prejudicial to the rights of other Holders (it being understood that the Trustee does not have an affirmative duty to ascertain
whether or not any such direction unduly prejudices the rights of such Holders);
(2) the
Trustee may require indemnity satisfactory to it being furnished prior to taking such action;
(3) the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and
(4) subject
to the provisions of Section 601, the Trustee shall have the right to decline to follow any such direction if the Trustee shall
determine that the proceeding so directed would involve the Trustee in personal liability.
Section 513
Waiver of Past Defaults. Except as may otherwise be provided pursuant to Section 301 for all or any specific Securities
of any series, the Holders of not less than a majority in principal amount (including waivers obtained in connection with a purchase
of, or tender offer or exchange offer for, Securities) of the Outstanding Securities of any series to be affected under this Indenture
may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its
consequences, except a default
(1) in
the payment of the principal of or any premium or interest on any Security of such series, or
(2) in
respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.
Upon any such waiver with
respect to any series, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
with respect to such series for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or
impair any right consequent thereon. A waiver of any past default and its consequences given by or on behalf of any Holder of Securities
in connection with a purchase of, or tender or exchange offer for, such Holder’s Securities will not be rendered invalid by such
purchase, tender or exchange.
Section 514
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 514 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 Trustee, or by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount
of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of (or premium, if any) or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in
the case of redemption, on or after the Redemption Date) or, if applicable, in any suit for the enforcement of the right to convert any
Security in accordance with its terms.
Section 515
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 601
Certain Duties and Responsibilities.
(1) Except
during the continuance of an Event of Default,
(A) the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and
(B) in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).
(2) In
case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.
(3) No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that
(A) this
Subsection shall not be construed to limit the effect of the first paragraph of this Section 601;
(B) the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the
Trustee was negligent in ascertaining the pertinent facts;
(C) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided in Section 512,
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and
(D) 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.
(4) 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 601.
(5) No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. 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
unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses, losses and
liabilities that might be incurred by it in compliance with such request or direction.
Section 602
Notice of Defaults. If a default or Event of Default occurs and is continuing hereunder with respect to Securities of any series,
and if it is known to the Trustee as provided in Section 603(10), the Trustee shall send to the Holders of Securities of such
series notice of such default or Event of default within 90 days after the Trustee gains knowledge of the default or Event of Default
unless such default or Event of Default shall have been cured or waived before the giving of such notice. Except in the case of a default
or Event of Default in payment of principal of, premium or interest on Securities of any series, the Trustee may withhold the notice
if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of
the Holders of the Securities of such series. For the purpose of this Section 602 and Section 1005, the term “default”
means, with respect to Securities of any series, 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.
Section 603
Certain Rights of Trustee. Subject to the provisions of Section 601:
(1) the
Trustee may conclusively rely and shall be 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 believed by it to be genuine and to have been signed or presented by the proper party or parties;
(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 shall be sufficiently evidenced by a Board Resolution;
(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) shall be entitled to receive
and may request and conclusively rely upon, and shall not be liable for any action it takes or omits to take in good faith in reliance
upon, an Officers’ Certificate or an Opinion of Counsel;
(4) the
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon;
(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 satisfactory
to it against the costs, losses, expenses and liabilities which might be incurred by it in compliance with such request or direction;
(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, 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 at the sole cost of the Company and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation;
(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 and shall not be responsible for the supervision of officers and employees of such agents or attorneys;
(8) the
Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers
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;
(9) the
Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;
(10) the
Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Securities and this Indenture;
(11) the
rights, privileges, protections, immunities and benefits given to the Trustee, including its rights to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed
to act hereunder;
(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;
(13) the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;
(14) the
right of the Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty; and
(15) under
no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities.
Section 604
Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company, and the Trustee does not assume any responsibility for
their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or in
any other document issued in connection with the sale of the Securities. The Trustee shall not be accountable for the use or application
by the Company of Securities or the proceeds thereof.
Section 605
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 Securities and, subject to Sections 608 and
613, 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 606
Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds and need not be held
in an interest-bearing account, in each case, except to the extent required by law or by any other provision of this Indenture. The Trustee
(acting in any capacity hereunder) shall be under no liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.
Section 607
Compensation and Reimbursement.
(1) The
Company shall pay to the Trustee (in each of its capacities hereunder) from time to time reasonable compensation for its acceptance of
this Indenture and services hereunder in accordance with a written schedule provided by the Trustee to the Company. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
promptly upon request for all reasonable and customary disbursements, advances and reasonable out-of-pocket expenses incurred or made
by it in addition to the compensation for its services. Such expenses shall include the reasonable and customary compensation, disbursements
and expenses of the Trustee’s agents and counsel.
(2) The
Company shall indemnify, defend, protect and hold the Trustee harmless (in its individual capacity and Trustee capacities) and its agents,
employees, officers and directors against any and all losses, liabilities, damages, costs or expenses incurred by it arising out of or
in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing
this Indenture against the Company (including this Section 607 and reasonable attorneys’ fee and expenses and court costs)
and defending itself against any claim (whether asserted by either of the Company or any Holder or any other person) or liability in
connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or
expense that is the result of its negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable
decision. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate
in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The
Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. As security for the
performance of the obligations of the Company under this Section 607 the Trustee shall have a lien prior to the Securities of
any 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 (and premium, if any) or interest on Securities of such series. Such lien shall survive satisfaction and discharge of this Indenture.
(3) Without
limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 501(5) or Section 501(6), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable
Canadian or U.S. federal, provincial or state bankruptcy, insolvency or other similar law.
(4) The
provisions of this Section 607 shall survive the termination of this Indenture and the satisfaction and discharge of this Indenture
or the earlier resignation or removal of the Trustee.
Section 608
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 609
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 Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person
that is eligible pursuant to the Trust Indenture Act to act as such, has a combined capital and surplus of at least $50,000,000 and has
its Corporate Trust Office in the continental United States of America. 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 609 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 609, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.
Section 610
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 611.
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 611 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition, at the expense of the Company, 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
upon 30 days’ prior written notice 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 the instrument of acceptance by
a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of a
notice of removal pursuant to this paragraph, the Trustee being removed may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
If at any time:
(1) the
Trustee shall fail to comply with Section 608 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, or
(2) the
Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or
by any such Holder, or
(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, (A) the Company by a
Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 514, 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 611. If an instrument of acceptance by a successor Trustee
shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being removed may
petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series. 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 611, 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 611, 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
106. 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 611
Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities,
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 (1) 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, (2) 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 (3) 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.
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 612
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 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 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 613
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 614
Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent or Agents with respect to any series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate the Securities of such Series issued upon original issue and
upon exchange, registration of transfer, partial conversion or partial redemption or pursuant to Section 306, and Securities of
such series 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
of such series by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent so appointed with respect to such series and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent so appointed with respect to such series. 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
of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $50,000,000 and 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 614, 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 614, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 614.
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 such corporation
shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any further act on the part
of the Trustee, the Company, the Authenticating Agent or such successor corporation.
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 614, the Trustee may appoint a successor Authenticating Agent with respect to any series of
Securities which shall be acceptable to the Company and shall give notice of such appointment to all Holders of Securities of such series
in the manner provided in Section 106. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all 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 614.
The Company agrees to pay
to each Authenticating Agent from time to time reasonable compensation for its services under this Section 614.
If an appointment is made
pursuant to this Section 614 with respect to Securities of any series, the Securities of such series may have endorsed thereon,
in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:
This is one of the Securities
of the series designated herein and referred to in the within-mentioned Indenture.
| |
[ ], As Trustee |
| |
|
| |
By: |
[NAME OF AUTHENTICATING AGENT], |
| |
|
As Authenticating Agent |
Article
VII
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
Section 701
Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee
(1) semi-annually,
not later than [ ] and [
] in each year, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of
each series as of the immediately preceding [
] or [ ] as the case may be, and
(2) at
such other times as the Trustee may 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;
excluding from any such list names and addresses
received by the Trustee in its capacity as Security Registrar.
Section 702
Preservation of Information; Communications to Holders. 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 701 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 701 upon receipt of a new list so furnished.
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 privileges of the Trustee, shall be as provided by the Trust Indenture Act.
Every Holder of Securities,
by receiving and holding the same, agrees with the Company and the Trustee that neither of the Company nor the Trustee nor any agent
of any 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 703
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.
Reports so required to be
transmitted at stated intervals of not more than 12 months shall be transmitted no later than [
] and shall be dated as of [
] in each calendar year, commencing in 20[ ].
A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed,
with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange and
of any delisting thereof.
Section 704
Reports by Company. The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents
and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act, if any, at the times and in the
manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act need not be filed with the Trustee until the 15th day after the same are actually
filed with the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes only and
the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable
from information contained therein, including the compliance by the Company with any of its covenants hereunder (as to which the Trustee
is entitled to rely exclusively on Officers’ Certificates). The Company will be deemed to have furnished each report required above
to the Trustee and the Holders of the Securities if it has filed such report with the SEC using the EDGAR filing system or if such report
is otherwise publicly available. The Trustee shall have no obligation to determine whether or not such reports have been filed on the
EDGAR filing system.
Article
VIII
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
Section 801
Company May Consolidate, Etc., Only on Certain Terms. The Company shall not, in a single transaction or a series of related transactions,
consolidate or amalgamate with or merge into any other Person or sell, convey, transfer or lease all or substantially all its properties
and assets to any Person, and the Company shall not permit any Person to consolidate or amalgamate with or merge into the Company, unless:
(1) in
case the Company shall consolidate or amalgamate with or merge into another Person or sell, convey, transfer or lease all or substantially
all its properties and assets to any Person, the Person formed by such consolidation or into which the Company is merged or the Person
which acquires by sale, conveyance or transfer, or which leases, all or substantially all the properties and assets of the Company shall
be a corporation, limited liability company, partnership or trust, shall be organized and validly existing under the laws of the United
States, any state thereof or the District of Columbia or the laws of Canada or any province or territory thereof and shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the
due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of
every covenant of this Indenture on the part of the Company to be performed or observed and, for each Security that by its terms provides
for conversion, shall have provided for the right to convert such Security in accordance with its terms;
(2) immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as
a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default,
and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and
(3) the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with.
Section 802
Successor Substituted. Upon any consolidation of the Company with, or merger of the Company into, any other Person or any sale,
conveyance, transfer or lease of all or substantially all the properties and assets of the Company in accordance with Section 801,
the successor Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with
the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.
Article
IX
SUPPLEMENTAL INDENTURES
Section 901
Supplemental Indentures Without Consent of Holders. Except as may otherwise be provided pursuant to Section 301 for all
or any specific Securities of any series, 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:
(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, as the case may be; or
(2) to
add to the covenants of the Company for the benefit of the Holders of all or any Securities of any series (and if such covenants are
to be for the benefit of less than all Securities of such series, stating that such covenants are expressly being included solely for
the benefit of such Securities within such series) or to surrender any right or power herein conferred upon the Company with regard to
all or any Securities of any series (and if any such surrender is to be made with regard to less than all Securities of such series,
stating that such surrender is expressly being made solely with regard to such Securities within such series); or
(3) to
add any additional Events of Default for the benefit of the Holders of all or any Securities of any series (and if such additional Events
of Default are to be for the benefit of less than all Securities of such series, stating that such additional Events of Default are expressly
being included solely for the benefit of such Securities within such series); or
(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; or
(5) to
add to, change or eliminate any of the provisions of this Indenture in respect of all or any Securities of any series (and if such addition,
change or elimination is to apply with respect to less than all Securities of such series, stating that it is expressly being made to
apply solely with respect to such Securities within such series), provided that any such addition, change or elimination (A) shall
neither (i) 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 (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective
only when there is no such Security Outstanding; or
(6) to
secure the Securities; or
(7) to
establish the form or terms of all or any Securities of any series as permitted by Sections 201 and 301; or
(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 611; or
(9) to
add to or change any of the provisions of this Indenture with respect to any Securities that by their terms may be converted into securities
or other property other than Securities of the same series and of like tenor, in order to permit or facilitate the issuance, payment
or conversion of such Securities; or
(10) to
conform the text of this Indenture or any Securities to any provision of the “Description of the Notes” (or comparable) section
in any offering memorandum, prospectus or prospectus supplement of the Company prepared from time to time after the date of this Indenture
with respect to the offer and sale of Securities of any series, to the extent that such provision was intended to be a verbatim recitation
of a provision of this Indenture, the Securities; which intention shall be established by an Officers’ Certificate; or
(11) 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 Clause (11) shall not adversely affect the interests of the Holders of Securities of any series in any material respect.
The Trustee is hereby authorized
to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but
the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise.
Section 902
Supplemental Indentures With Consent of Holders. Except as may otherwise be provided pursuant to for all or any specific Securities
of any series, with the consent of the Holders of a majority in principal amount (including consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Securities) of the Outstanding Securities of all series affected by such supplemental indenture
(considered together as one class for this purpose and such affected Securities potentially being Securities of the same or different
series and, with respect to any series, potentially comprising fewer than all the Securities of such series), by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may 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; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby
(including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities),
(1) change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount
thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of
an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 502, or permit the Company to redeem any Security if, absent such supplemental indenture, the Company
would not be permitted to do so, or change any Place of Payment where, or the coin or currency in which, any Security or any premium
or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or
(2) if
any Security provides that the Holder may require the Company to repurchase or convert such Security, impair such Holder’s right
to require repurchase or conversion of such Security on the terms provided therein, or
(3) reduce
the percentage in principal amount of the Outstanding Securities of any one or more series (considered separately or together as one
class, as applicable, and whether comprising the same or different series or less than all the Securities of a series), the consent of
whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or
(4) modify
any of the provisions of this Section 902, Section 513 or Section 1006, 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 902 and Section
1006, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(8).
A supplemental indenture
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 Securities or series of Securities, or which modifies the rights of the Holders of such Securities or series
with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of any
other Securities or of any other series, as applicable.
It shall not be necessary
for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof. A consent to any indenture supplemental hereto by or on behalf of any
Holder of Securities given in connection with a purchase of, or tender or exchange offer for, such Holder’s Securities will not
be rendered invalid by such purchase, tender or exchange.
Section 903
Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture
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 601) shall be fully protected in relying upon, an Opinion of Counsel and Officers’ Certificate stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture and constitutes the legal, valid and binding
obligation of the Company enforceable against it in accordance with its terms. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
Section 904
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 905
Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements
of the Trust Indenture Act.
Section 906
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.
Article
X
COVENANTS
Section 1001
Payment of Principal, Premium and Interest. The Company covenants and agrees for the benefit of each series of Securities that
it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the
terms of the Securities and this Indenture. With respect to physical Securities, if any, presentation is due at maturity.
Section 1002
Maintenance of Office or Agency. The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange, where Securities may be surrendered for conversion and where notices and demands to or upon
the Company in respect of the Securities of that series 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 where the Securities of one or more series 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 each Place of Payment for
Securities of any series 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.
With respect to any Global
Security, and except as otherwise may be specified for such Global Security as contemplated by Section 301, 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.
Section 1003
Money for Securities 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 any premium or interest on any of the Securities
of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and
any premium 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 or prior to 11:00 A.M., New York City time, on each due date
of the principal of or any premium or interest on any Securities of that series, deposit (or, if the Company has deposited any trust
funds with a trustee pursuant to Section 1304(1), cause such trustee to deposit) with a Paying Agent 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 1003, that such Paying Agent will (1) comply with
the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company
(or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that 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 that 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.
Subject to applicable escheat
laws, 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 any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium 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.
Section 1004
Corporate Existence. Subject to Article VIII, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence, rights (charter and statutory), licenses and franchises; provided,
however, that the Company will not be required to preserve any such right, license or franchise if it shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company.
Section 1005
Statement by Officers as to Default. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year
of the Company ending after the date hereof, an Officers’ Certificate, stating that a review of the activities of the Company during
the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company
has kept, observed, performed and fulfilled its obligations under this Indenture with respect to the Securities of each series Outstanding
and further stating, as to each such Officer signing such certificate, that to the best of such Officer’s actual knowledge, the
Company has kept, observed, performed and fulfilled its obligations under this Indenture with respect to Securities of such series and
is not in default in the performance and observance of any of the material terms, provisions and conditions of this Indenture with respect
to Securities of such series, in each case, so as not to result in any default or Event of Default with respect to Securities of such
series (or, if a default or Event of Default with respect to Securities of such series shall have occurred and be continuing, describing
all such defaults or Events of Default of which such Officer may have knowledge and what action the Company is taking or propose to take
with respect thereto).
Section 1006
Waiver of Certain Covenants. Except as otherwise provided pursuant to Section 301 for all or any Securities of any series,
the Company may, with respect to all or any Securities of any series, omit in any particular instance to comply with any term, provision
or condition set forth in Section 1004 or in any covenant provided pursuant to Sections 301(18), 901(2), 901(6)
or 901(7) for the benefit of the Holders of such series or in Article VIII if, before the time for such compliance,
the Holders of a majority in principal amount (including waivers obtained in connection with a purchase of, or tender offer or exchange
offer for, Securities) of all Outstanding Securities affected by such waiver (considered together as one class for this purpose and such
affected Securities potentially being Securities of the same or different series and, with respect to any particular series, potentially
comprising fewer than all the Securities of such series) shall, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision
or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. A waiver of
compliance given by or on behalf of any Holder of Securities in connection with a purchase of, or tender or exchange offer for, such
Holder’s Securities will not be rendered invalid by such purchase, tender or exchange.
Article
XI
REDEMPTION OF SECURITIES
Section 1101
Applicability of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance
with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this
Article.
Section 1102
Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be established in or pursuant
to a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. If the Company elects
to redeem the Securities pursuant to this Article XI, it shall notify the Trustee in writing at least 5 Business Days before the
date of giving the notice of redemption (unless a shorter notice shall be satisfactory to the Trustee) of the Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. Such
notice shall be accompanied by an Officer’s Certificate and an Opinion of Counsel from the Company to the effect that such redemption
will comply with the conditions herein. In the case of any redemption of Securities (1) prior to the expiration of any restriction on
such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (2) pursuant to an election of the Company
that is subject to a condition specified in the terms of the Securities of the series to be redeemed, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with such restriction or condition. Redemptions may be conditioned upon the
occurrence of conditions precedent with respect to the redemption.
Section 1103
Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series are to be redeemed (unless all
the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security),
the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series not previously
called for redemption, pro rata (and when the Securities are in the form of Global Securities, the Trustee shall select such Securities
in accordance with the Applicable Procedures of the Depositary), and which may provide for the selection for redemption of a portion
of the principal amount of any Security of such series, provided that the unredeemed portion of the principal amount of any Security
shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If less
than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security),
the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series and specified
tenor not previously called for redemption in accordance with the preceding sentence.
If any Security selected
for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security so
selected, the converted portion of such Security shall be deemed (so far as it may be) to be the portion selected for redemption. Securities
which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose
of such selection, subject to the Applicable Procedures of DTC.
The Trustee shall promptly
notify the Company and each Security Registrar in writing of the Securities selected for redemption as aforesaid and, in case of any
Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed.
The provisions of the two
preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be
redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security
shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.
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.
Section 1104
Notice of Redemption. Notice of redemption shall be given in the manner provided in Section 106 not less than 10 days nor
more than 60 days prior to the Redemption Date (or within such period as otherwise specified as contemplated by Section 301 for
the relevant Securities), to each Holder of Securities to be redeemed, at his address appearing in the Security Register, except that
redemption notices may be sent more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of
the Securities or a satisfaction and discharge of this Indenture pursuant to Article IV or Article XIII hereof, respectively.
All notices of redemption
shall identify the Securities to be redeemed (including CUSIP numbers, if any) and shall state:
(1) the
Redemption Date,
(2) the
Redemption Price,
(3) if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and,
if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of
the particular Security to be redeemed,
(4) that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that
interest thereon will cease to accrue on and after said date,
(5) the
place or places where each such Security is to be surrendered for payment of the Redemption Price,
(6) the
conditions precedent for the redemption, if any,
(7) if
such redemption is subject to satisfaction of one or more conditions precedent, that, in the Company’s discretion, the redemption
date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice
may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date or by the redemption
date so delayed,
(8) for
any Securities that by their terms may be converted, the terms of conversion, the date on which the right to convert the Security to
be redeemed will terminate and the place or places where such Securities may be surrendered for conversion, and
(9) that
the redemption is for a sinking fund, if such is the case.
The Company shall provide
written notice of the delay of such redemption date or the rescission of such notice of redemption (and rescission and cancellation of
the redemption of the Notes) to the Trustee no later than 10:00 A.M. New York City time, (subject to the Applicable Procedures) on the
redemption date or the redemption date as so delayed. Upon receipt of such notice of the delay of such redemption date or the rescission
of such notice of redemption, such redemption date shall be automatically delayed or such notice of redemption shall be automatically
rescinded, as applicable, and the redemption of the Notes shall be automatically delayed or rescinded and cancelled, as applicable, as
provided in such notice.
Notice of redemption of Securities
to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request at least two Business
Days prior to the date the Redemption Notice will be sent (unless a shorter notice shall be satisfactory to the Trustee), by the Trustee
in the name and at the expense of the Company; provided, however, that the Officers’ Certificate delivered to the
Trustee pursuant to Section 1102 hereof requests that the Trustee give such notice and sets forth the information to be stated
in such notice as required by this Section 1104.
Section 1105
Deposit of Redemption Price. Prior to 11:00 A.M., New York City time, on 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
1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment
Date) accrued interest on, all the Securities which are to be redeemed on that date, other than any Securities called for redemption
on that date which have been converted prior to the date of such deposit.
If any Security called for
redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption
of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as provided
in the last paragraph of Section 307 or in the terms of such Security) be paid to the Company upon Company Request or, if then
held by the Company, shall be discharged from such trust.
Section 1106
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 or unless the conditions for the redemption have not been satisfied)
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 at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity
is on or prior to the Redemption Date will 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 307.
If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest
from the Redemption Date at the rate prescribed therefor in the Security.
Section 1107
Securities Redeemed in Part. Any Security 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 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.
Section 1108
No Limit on Repurchases. Nothing in this Indenture or the Securities shall prohibit or limit the right of the Company or any Affiliate
of the Company to repurchase Securities from time to time at any price in open market purchases or private transactions at negotiated
prices, by tender offer or otherwise, in each case without any notice to or consent by Holders. Any Securities purchased by the Company
or any Affiliate of the Company may, to the extent permitted by law and at the discretion of the Company, be held, resold or delivered
to the Trustee for cancellation. Any such Securities delivered to the Trustee for cancellation may not be resold and shall be disposed
of by the Trustee in accordance with its customary procedures.
Article
XII
SINKING FUNDS
Section 1201
Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities
of any series except as otherwise specified as contemplated by Section 301 for such Securities.
The minimum amount of any
sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities as provided
for by the terms of such Securities.
Section 1202
Satisfaction of Sinking Fund Payments with Securities. The Company (1) may deliver Outstanding Securities of a series (other than
any previously called for redemption) and (2) may apply as a credit Securities of a series which have been converted in accordance with
their terms or which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all
or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have
not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the
Redemption Price, as specified in the Securities so to be redeemed (or at such other prices as may be specified for such Securities as
contemplated in Section 301), for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly.
Section 1203
Redemption of Securities for Sinking Fund. Not less than 45 days (or such shorter period as shall be satisfactory to the Trustee)
prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof,
if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days
prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 1106 and 1107.
Article
XIII
DEFEASANCE AND COVENANT DEFEASANCE
Section 1301
Company’s Option to Effect Defeasance or Covenant Defeasance. Unless otherwise designated pursuant to Section 301(15),
the Securities of any series of Securities shall be subject to defeasance or covenant defeasance pursuant to such Section 1302
or Section 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with
the conditions set forth below in this Article. The Company may elect, at its option, at any time, to have Section 1302 or Section
1303 applied to any Securities or any series of Securities so subject to defeasance or covenant defeasance. Any such election shall
be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.
Section 1302
Defeasance and Discharge. Upon the Company’s exercise of its option (if any) to have this Section 1302 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 as provided in this Section 1302 on and after the date the conditions set forth in Section
1304 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
their other respective 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: (1) the rights of Holders of such Securities to receive, solely from the trust fund
described in Section 1304(1) 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, or, if applicable, to convert such Securities in accordance with their terms,
(2) the obligations of the Company with respect to such Securities under Sections 304, 305, 306, 1002 and
1003 and, if applicable, their obligations with respect to the conversion of such Securities, (3) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance with this Article, the Company may exercise
its option (if any) to have this Section 1302 applied to any Securities notwithstanding the prior exercise of its option (if any)
to have Section 1303 applied to such Securities.
Section 1303
Covenant Defeasance. Upon the Company’s exercise of its option (if any) to have this Section 1303 applied to any
Securities or any series of Securities, as the case may be, (1) the Company shall be released from its obligations under Section 1004
and any covenants provided pursuant to Section 301(18), 901(2), 901(6) or 901(7) for the benefit of the
Holders of such Securities and (2) the occurrence of any event specified in Section 501(4) (with respect to Section 1004
and any such covenants provided pursuant to Sections 301(18), 901(2), 901(6) or 901(7)) and Section 501(7)
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
1303 on and after the date the conditions set forth in Section 1304 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 501(4)), 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 thereof shall be unaffected thereby.
Section 1304
Conditions to Defeasance or Covenant Defeasance. The following shall be the conditions to the application of Section 1302
or Section 1303 to any Securities or any series of Securities, as the case may be:
(1) The
Company shall irrevocably have deposited or caused to be irrevocably deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits
of the Holders of such Securities, (A) money in an amount, or (B) 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 (C) such other obligations or arrangements as may be specified as contemplated by Section 301
with respect to such Securities, or (D) a combination thereof, in each case sufficient (except in the case of clause (A),
in the opinion of a nationally recognized firm of independent public accountants or a nationally recognized investment banking firm expressed
in a written certification thereof delivered to the Trustee) to pay and discharge, and which shall be applied by the Trustee (or any
such other qualifying trustee) to pay and discharge, the principal of and any premium and interest 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 (i) any security which is (a) 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 (b) an obligation of a Person controlled or supervised by and acting as an 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 (a) or (b), is not callable or redeemable at the option of the issuer thereof,
and (ii) 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 (i) 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 principal or interest evidenced by such depositary receipt.
(2) In
the event of an election to have Section 1302 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 (A) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the applicable U.S. Federal
income tax law, in either case (A) or (B) 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 U.S. 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. In the event of an election to
have Section 1302 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 or ruling from the Canada Revenue Agency to the effect that Holders of such Securities will not recognize income,
gain or loss for Canadian federal, provincial or territorial income and other Canadian tax purposes as a result of the deposit, Defeasance
and discharge to be effected with respect to such Securities and will be subject to Canadian federal, provincial or territorial and other
Canadian income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit, Defeasance
and discharge had not occurred (and for the purposes of such Canadian Opinion of Counsel, counsel will assume that holders of such securities
include holders who are not resident in Canada).
(3) In
the event of an election to have Section 1303 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 Canadian federal, provincial or territorial income and other Canadian tax purposes or for U.S. Federal income tax purposes as
a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Canadian
federal, provincial or territorial income and other Canadian tax and U.S. 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 (and for the purposes of such Canadian
Opinion of Counsel, counsel will assume that holders of such securities include holders who are not resident in Canada).
(4) The
Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other Securities
of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.
(5) No
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other
Securities (other than such an event or Event of Default with respect to such Securities resulting solely from the incurrence of indebtedness
or other borrowing of funds, or the grant of liens securing such indebtedness or other borrowing, all or a portion of which are to be
applied to such deposit) shall have occurred and be continuing at the time of such deposit.
(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 (other than this Indenture insofar as such Securities are concerned) to which the Company is a party or by which it is bound.
(7) The
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders of such Securities over the other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding creditors of the Company.
(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 1305
Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. Subject to the provisions of the
last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section 1305 and Section 1306, the Trustee and any such
other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304 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 or any Subsidiary
or Affiliate of the Company) 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 and U.S. Government Obligations 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 1304 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
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or
U.S. Government Obligations held by it as provided in Section 1304 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 1306
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 or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the respective obligations under this Indenture and such Securities from which the Company has been discharged
or released pursuant to Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant
to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held
in trust pursuant to Section 1305 with respect to such Securities in accordance with this Article; provided, however,
that if the Company makes any payment of principal of or any premium 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.
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. Delivery of an executed counterpart of this Indenture by facsimile or electronic transmission
shall be equally as effective as delivery of an original executed counterpart of this Indenture. Any party delivering an executed counterpart
of this Indenture by facsimile or electronic transmission also shall deliver an original executed counterpart of this Indenture, but
failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Indenture.
Article
XIV
MISCELLANEOUS PROVISIONS
Section 1401
Consent to Jurisdiction and Service of Process. The Company irrevocably submits to the jurisdiction of any New York State or Federal
court sitting in The City of New York over any suit, action or proceeding arising out of or relating to this Indenture or any Security.
The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue of
any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a
court has been brought in any inconvenient forum. The Company agrees that final judgment in any such suit, action or proceeding brought
in such a court shall be conclusive and binding upon the Company and may be enforced in the courts of Canada (or any other courts to
the jurisdiction of which the Company is subject) by a suit upon such judgment, provided that service of process is effected upon
the Company in the manner specified in the following paragraph or as otherwise permitted by law; provided, however, that
the Company does not waive, and the foregoing provisions of this sentence shall not constitute or be deemed to constitute a waiver of,
(i) any right to appeal any such judgment, to seek any stay or otherwise to seek reconsideration or review of any such judgment or (ii)
any stay of execution or levy pending an appeal from, or a suit, action or proceeding for reconsideration or review of, any such judgment.
By
the execution and delivery of this Indenture, the Company (i) acknowledges that it has irrevocably designated and appointed [ ], as its
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Debt Securities or this
Indenture that may be instituted a New York state or federal court located in The Borough of Manhattan, The City of New York, or brought
by the Trustees (whether in their individual capacity or in their capacity as Trustees hereunder), and (ii) agrees that service of process
upon [ ] and written notice of said service to the Company (mailed or delivered to the Company as specified herein), shall be deemed
in every respect effective service of process upon the Company in any such suit or proceeding. The Company further agrees to take any
and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such
designation and appointment of [ ] in full force and effect so long as any of the Securities shall be Outstanding or any amounts shall
be payable in respect of any Securities.
The
Company irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service (but does not waive
any right to assert lack of subject matter jurisdiction) and agrees that such service (i) shall be deemed in every respect effective
service of process upon the Company in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by law, be
taken and held to be valid personal service upon and personal delivery to the Company so served.
Nothing
in this Section shall affect the right of the Trustee or any Holder to serve process in any manner permitted by law or limit the right
of the Trustee to bring proceedings against the Company in the courts of any jurisdiction or jurisdictions.
Section 1402
Trust Indenture Act Matters. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act
which is required under such 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 which may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. Whenever this Indenture refers to a provision
of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture.
Section 1403
Successors and Assigns. All covenants and agreements in this Indenture and the Securities by the Company and the Trustee, except
as otherwise provided in Section 802, shall bind their respective successors and assigns, whether so expressed or not.
Section 1404
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 1405
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, any benefit or any legal or equitable right, remedy or claim under
this Indenture, except as may otherwise be provided pursuant to Section 301 with respect to any Securities of a particular series
or under this Indenture with respect to such Securities.
Section 1406
Governing Law. This Indenture and the Securities and the rights and obligations of the parties hereto and thereto, including the
interpretation, construction, validity and enforceability thereof, shall be governed by and construed and interpreted in accordance with
the law of the State of New York.
Section 1407
Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Maturity of any Security, or any date on which
a Holder has the right to convert his Security, shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision
shall apply in lieu of this Section 1407)) payment of interest or principal (and premium, if any), or conversion of such Security
need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Maturity, or on such date for conversion,
as the case may be, and if payment is so made or such conversion occurs, no interest shall accrue for the period from and after such
Interest Payment Date, such Redemption Date, the Maturity, or such date for conversion, as the case may be.
Section 1408
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan or other
agreement of the Company or any Subsidiaries of the Company or of any other Person. Any such indenture, loan or other agreement may not
be used to interpret this Indenture.
Section 1409
No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee,
incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company, respectively, under
the Securities or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of Securities by accepting a Security waives and releases all such liability and claims. The waiver and release are part of the
consideration for issuance of the Securities. This Section 1409 shall not apply to any claims under the U.S. federal securities laws.
Section 1410
Language of Notices, Etc. Any request, demand, authorization, direction, notice, consent, waiver, other action or Act provided
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.
Section 1411
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, (i) any act
or provision of any future law or regulation or governmental authority, (ii) strikes, (iii) work stoppages, (iv) accidents, (v) acts
of war or terrorism, (vi) civil or military disturbances, (vii) nuclear or natural catastrophes or acts of God, (viii) disease, (ix)
epidemic or pandemic, (x) quarantine, (xi) national emergency, (xii) interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services, (xiii) communications system failure, (xiv) malware or ransomware, (xv) unavailability
of the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or (xvi) unavailability of any securities
clearing system; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.
Section 1412
Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS INDENTURE.
Section 1413
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify
and record information that identities each person or legal entity that establishes a relationship or opens an account with the Trustee.
The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee
to satisfy the requirements of the U.S.A. Patriot Act.
Section 1414
Electronic Signature. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all
purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
This Indenture and any certificate, agreement or other document to be signed in connection with this Indenture and the transactions contemplated
hereby shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf
of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) in the case
of this Indenture and any certificate, agreement or other document to be signed in connection with this Indenture and the transactions
contemplated hereby, other than any Securities, any electronic signature permitted by the federal Electronic Signatures in Global and
National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law,
including relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”). Each electronic
signature (except in the case of any Securities) or faxed, scanned, or photocopied manual signature shall for all purposes have the same
validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively
rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature
(except in the case of any Securities), of any party and shall have no duty to investigate, confirm or otherwise verify the validity
or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when
required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.
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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INTERNATIONAL TOWER HILL MINES LTD. |
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By: |
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Name: |
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Title: |
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Exhibit 5.1
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McCarthy Tétrault LLP
Suite 2400, 745 Thurlow Street
Vancouver BC V6E 0C5
Canada
Tel: 604-643-7100
Fax: 604-643-7900 |
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August 10, 2023
International Tower Hill Mines Ltd.
Suite 2710 – 200 Granville Street
Vancouver, British Columbia
V6C 1S4
Dear Sirs:
| Re: |
International Tower Hill Mines Ltd. |
| |
Registration Statement on Form S-3 |
We have acted as Canadian counsel to International
Tower Hill Mines Ltd. (the “Company”) in connection with the preparation and filing with the United States Securities
and Exchange Commission (the “Commission”) under the United States Securities Act of 1933, as amended (the “Securities
Act”), of the Company’s Registration Statement on Form S-3 to be filed on the date hereof (the “Registration
Statement”), relating to offers and sales from time to time of up to US$100,000,000 of the Company’s common shares (the “Common
Shares”), debt securities (“Debt Securities”), warrants to purchase Common Shares (“Warrants”),
warrants to purchase Debt Securities ("Debt Warrants”), rights to purchase Common Shares or Debt Securities (“Rights”),
subscription receipts that may be exchanged for Common Shares, Debt Securities, Warrants or Debt Warrants (“Subscription Receipts”)
and units comprised one or more of the foregoing (“Units”). The Common Shares, the Warrants, the Debt Warrants, the
Debt Securities, the Rights, the Subscription Receipts and the Units are collectively referred to herein as the “Securities”.
Any Debt Securities, Warrants, Debt Warrants, Rights or Subscription Receipts may be convertible, exercisable or exchangeable into or
for Common Shares or other Securities.
The Debt Securities will be issued in one or more
series and will be issued pursuant to an indenture (the “Indenture”) between the Company and a trustee to be identified
therein (the “Trustee”). The Warrants will be issued under one or more warrant agreements (each, a “Warrant
Agreement”), each to be between the Company and a financial institution identified therein as a warrant agent. The Debt Warrants
will be issued under one or more debt warrant agreements (each, a “Debt Warrant Agreement”), each to be between the
Company and a financial institution identified therein as a warrant agent. The Rights will be issued under one or more rights agreements
(each, a “Rights Agreement”). The Subscription Receipts will be issued under one or more subscription receipt agreements
(each, a “Subscription Receipts Agreement”). The units will be issued under one or more unit agreements (each, a “Unit
Agreement”), each to be between the Company and a financial institution or other party identified therein as unit agent.
 |
page 2 |
The Registration Statement includes a prospectus
(the “Prospectus”), which provides that it will be supplemented in the future by one or more prospectus supplements
(each a “Prospectus Supplement”).
In connection with this opinion, we have examined
and relied upon originals or copies, certified or otherwise identified to our satisfaction, of:
| (a) | the Registration Statement; |
| (b) | the Company’s articles (the “Articles”), as in effect on the date hereof;
and |
| (c) | a copy of the minutes of a meeting of the Company’s Board of Directors relating to the Registration
Statement and other matters. |
We have also examined originals or copies, certified
or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates of public officials, certificates
of officers, or other representatives of the Company, and such other documents as we have deemed necessary or appropriate as a basis for
the opinion set forth herein.
In our examination, we have assumed the legal
capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to us as certified, conformed, photostatic, electronic, or facsimile copies
and the authenticity of the originals of such documents. In making our examination of executed documents or documents which may be executed,
we have assumed that the parties thereto, other than the Company, had or will have the power, corporate or other, to enter into and perform
all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and execution and
delivery by such parties, of such documents and that (except to the extent we have opined on such matters below) such documents constitute
or will constitute valid and binding obligations of the parties thereto.
As to any facts material to the opinion expressed
herein which we have not independently established or verified, we have relied upon statements and representations of officers and other
representatives of the Company and others. We have also assumed that, at the time of issuance of any Securities:
| (a) | the Articles, and the Applicable Laws (defined below), shall not have been amended so as to affect the
validity of such issuance, |
| (b) | the Registration Statement, as finally amended (including all necessary post-effective amendments), has
become and remains effective under the Securities Act, |
| (c) | an appropriate amended Prospectus or Prospectus Supplement with respect to the Securities has been prepared,
delivered, and filed in compliance with the Securities Act and the applicable rules and regulations thereunder; |
| (d) | all Securities will be offered, issued and sold in compliance with applicable United States federal and
state securities laws and in the manner stated in the Registration Statement, the Prospectus and the appropriate Prospectus Supplement;
and |
|
page 3 |
| (e) | if Securities are to be sold pursuant to a brokered offering, the underwriting, purchase or agency agreement
with respect to such Securities will have been duly authorized, executed and delivered by the Company and the other parties thereto, and
is a legally valid and binding obligation of the parties thereto. |
The opinions expressed herein are limited to the
laws of the Province of British Columbia and the federal laws of Canada applicable therein (the “Applicable Laws”).
Based and relying upon and subject to the foregoing,
we are of the opinion that:
| 1. | When approved by the board of directors of the Company (the “Board”) in accordance
with the requirements of the Business Corporations Act (British Columbia) (the “BCBCA”), any Units issued
pursuant to the Registration Statement and any applicable Unit Agreement will have been duly authorized by all necessary corporate action
of the Company. |
| 2. | When approved by the Board in accordance with the requirements of the BCBCA, any Subscription Receipts
issued pursuant to the Registration Statement (including any Subscription Receipts included in any Units) and any applicable Subscription
Rights Agreement will have been duly authorized by all necessary corporate action of the Company. |
| 3. | When approved by the Board in accordance with the requirements of the BCBCA, any Rights issued pursuant
to the Registration Statement (including any Rights included in any Units or issued in exchange for or on the conversion any Subscription
Receipts) and any applicable Rights Agreement will have been duly authorized by all necessary corporate action of the Company. |
| 4. | When approved by the Board in accordance with the requirements of the BCBCA, any Indenture in respect
of Debt Securities issued pursuant to the Registration Statement will have been duly authorized by all necessary corporate action of the
Company. |
| 5. | When approved by the Board in accordance with the requirements of the BCBCA, any Debt Securities issued
pursuant to the Registration Statement (including any Debt Securities included in any Debt Warrants, Units or issued in exchange for or
on the exercise of Subscription Receipts or Rights) will have been duly authorized by all necessary corporate action on the part of the
Company and, when the final terms of the applicable Debt Securities have been duly established and approved by the Board and such Debt
Securities are issued and delivered in accordance with the terms of the applicable Indenture against payment therefor, such Debt Securities
will be validly issued. |
| 6. | When approved by the Board in accordance with the requirements of the BCBCA, any Warrants issued pursuant
to the Registration Statement (including any Warrants included in any Units or issued in exchange for or on the exercise or conversion
of Subscription Receipts or Rights) and any applicable Warrant Agreement will have been duly authorized by all necessary corporate action
of the Company. |
| 7. | When approved by the Board in accordance with the requirements of the BCBCA, any Debt Warrants issued
pursuant to the Registration Statement (including any Warrants included in any Units or issued in exchange for or on the exercise or conversion
of Subscription Receipts or Rights) and
any applicable Debt Warrant Agreement will have been duly authorized by all necessary corporate action of the Company. |
|
page 4 |
| 8. | When approved by the Board in accordance with the requirements of the BCBCA, any Common Shares issued
pursuant to the Registration Statement (including any Common Shares included in any Units or issued in exchange for or on the exercise
or conversion of any Subscription Receipts, Rights, Debt Securities or Warrants) will have been duly authorized by all necessary corporate
action of the Company and, when issued and delivered against payment therefor, will be validly issued as fully paid and non-assessable
shares in the capital of the Company. |
This opinion has been prepared for your use in
connection with the Registration Statement and is expressed as of the date hereof. Our opinion is expressly limited to the matters set
forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the Prospectus,
the Registration Statement or the Securities.
We hereby consent to the filing of this opinion
with the Commission as an exhibit to the Registration Statement. We also consent to the reference to our firm under the heading “Legal
Matters” in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose
consent is required under the Securities Act or the rules and regulations promulgated thereunder. This opinion is expressed as of the
date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes of the facts stated
or assumed herein or any subsequent changes in Applicable Laws.
Yours very truly
/s/ McCarthy Tétrault LLP
McCarthy Tétrault LLP
Exhibit 5.2
 |
Hogan Lovells US LLP
1601 Wewatta Street
Suite 900
Denver, CO 80202
T +1 303 899 7300
F +1 303 899 7333
www.hoganlovells.com |
August 10, 2023
Board
of Directors
International
Tower Hill Mines Ltd.
2710-200 Granville Street
Vancouver, British Columbia V6C 1S4
To the addressee referred to above:
We are acting as counsel
to International Tower Hill Mines Ltd., a company organized under the laws of the Province of British Columbia (the
“Company”), with respect to certain United States legal matters in connection with its registration statement on
Form S-3 (the “Registration Statement”), filed with the Securities and Exchange Commission relating to the
proposed public offering of up to $100,000,000 in aggregate amount of one or more series of the following securities of the Company:
(i) unsecured debt securities (the “Debt Securities”), (ii) common shares, no par value per share (the
“Common Shares”), (iii) warrants to purchase Debt Securities (the “Debt Warrants”); (iv)
warrants to purchase Common Shares (the “Common Share Warrants”), (v) rights to purchase Debt Securities or
Common Shares (the “Rights”), (vi) subscription receipts that may be exchanged for Debt Securities, Common
Shares, Debt Warrants or Common Share Warrants (the “Subscription Receipts”), and (vii) units consisting of any
of the Company’s other Securities (as defined below), which units may also include securities of third parties (the
“Units” and, together with the Debt Securities, Common Shares, Debt Warrants, Common Share Warrants, Rights, and
Subscription Receipts, the “Securities”), all of which may be sold from time to time and on a delayed or
continuous basis, as set forth in the prospectus which forms a part of the Registration Statement, and as to be set forth in one or
more supplements to the prospectus. This opinion letter is furnished to you at your request to enable you to fulfill the
requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the
Registration Statement.
For purposes of this opinion
letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render
the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures,
the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original
documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters
of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently
established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.
Hogan
Lovells US LLP is a limited liability partnership registered in the District of Columbia. “Hogan Lovells” is an international
legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam
Baltimore Beijing Birmingham Boston Brussels Colorado Springs Denver Dubai Dusseldorf
Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg London Los Angeles
Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York
Northern Virginia Paris Perth Philadelphia Rome San Francisco São Paulo Shanghai
Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C. Associated Offices: Budapest
Jakarta Riyadh Shanghai FTZ Ulaanbaatar. Business Service Centers: Johannesburg Louisville.
Legal Services Center: Berlin. For more information see www.hoganlovells.com
| International Tower Hill Mines Ltd. | - 2 - | August 10, 2023 |
For purposes of this opinion letter, we have assumed
that (i) the issuance, sale, amount and terms of any Securities of the Company to be offered from time to time will have been duly authorized
and established by proper action of the board of directors of the Company or a duly authorized committee of such board (“Board
Action”) consistent with the procedures and terms described in the Registration Statement and in accordance with the Company’s
charter and bylaws and applicable British Columbia corporate law, in a manner that does not violate any law, government or court-imposed
order or restriction or agreement or instrument then binding on the Company or otherwise impair the legal or binding nature of the obligations
represented by the applicable Securities; (ii) at the time of offer, issuance and sale of any Securities, the Registration Statement shall
have become effective under the Securities Act of 1933, as amended (the “Act”), and no stop order suspending its effectiveness
will have been issued and remain in effect; (iii) any Debt Securities will be issued pursuant to an indenture for Debt Securities substantially
in the form of such indenture filed as Exhibit 4.2 to the Registration Statement, with items shown in such exhibit as subject to completion
completed in a satisfactory manner; (iv) the indenture under which any Debt Securities are issued will be qualified under the Trust Indenture
Act of 1939, as amended; (v) any Debt Warrants will be issued under one or more debt warrant agreements, each to be between the Company
and a financial institution identified therein as a warrant agent; (vi) any Common Share Warrants will be issued under one or more equity
warrant agreements, each to be between the Company and a financial institution identified therein as a warrant agent; (vii) any Rights
will be issued under one or more rights agreements; (viii) any Subscription Receipts will be issued under one or more subscription receipts
agreements; (ix) any Units will be issued under one or more unit agreements, each to be between the Company and a financial institution
or other party identified therein as unit agent; (x) if being sold by the issuer thereof, the Securities will be delivered against payment
of valid consideration therefor and in accordance with the terms of the applicable Board Action authorizing such sale and any applicable
underwriting agreement or purchase agreement and as contemplated by the Registration Statement and/or the applicable prospectus supplement;
and (xi) the Company will remain a company organized under the laws of the Province of British Columbia.
To the extent that the obligations of the Company
with respect to the Securities may be dependent upon such matters, we assume for purposes of this opinion that the other party under the
indenture for any Debt Securities, under the warrant agreement for any Debt Warrants or Common Share Warrants, under the rights agreement
for any Rights, under the subscription receipts agreement for any Subscription Receipts, under
the unit agreement for any Units, namely, the trustee, the warrant agent, the rights agent, or the unit agent, respectively, is
duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; that such other party is duly
qualified to engage in the activities contemplated by such indenture, warrant agreement, rights agreement, subscription receipts agreement,
or unit agreement, as applicable; that such indenture, warrant agreement, rights agreement, subscription receipts agreement, or unit agreement,
as applicable, has been duly authorized, executed and delivered by the other party and constitutes the legal, valid and binding obligation
of the other party enforceable against the other party in accordance with its terms; that such other party is in compliance with respect
to performance of its obligations under such indenture, warrant agreement, rights agreement, subscription receipts agreement, or unit
agreement, as applicable, with all applicable laws, rules and regulations; and that such other party has the requisite organizational
and legal power and authority to perform its obligations under such indenture, warrant agreement, rights agreement, subscription receipts
agreement, or unit agreement, as applicable.
| International Tower Hill Mines Ltd. | - 3 - | August 10, 2023 |
This opinion letter is based
as to matters of law solely on the applicable provisions of the following, as currently in effect: as to the opinions given in paragraphs
(a), (b), (c), (d), (e) and (f), the laws of the State of New York (but not including any laws, statutes, ordinances, administrative
decisions, rules or regulations of any political subdivision below the state level). We express no opinion herein as to any other statutes,
rules or regulations (and in particular, we express no opinion as to any effect that such other statutes, rules or regulations may have
on the opinions expressed herein). We express no opinion herein as to British Columbia law.
Based upon, subject to and limited
by the foregoing, we are of the opinion that:
(a) The
Debt Securities (including any Debt Securities duly issued upon the exercise of Debt Warrants), upon due execution and delivery of an
indenture relating thereto on behalf of the Company and the trustee named therein, and upon authentication by such trustee and due execution
and delivery on behalf of the Company in accordance with the indenture and any supplemental indenture relating thereto, will constitute
valid and binding obligations of the Company.
(b) The
Debt Warrants, upon due execution and delivery of a debt warrant agreement relating thereto on behalf of the Company and the warrant agent
named therein and due authentication of the Debt Warrants by such warrant agent, and upon due execution and delivery of the Debt Warrants
on behalf of the Company, will constitute valid and binding obligations of the Company.
(c) The
Common Share Warrants, upon due execution and delivery of an equity warrant agreement relating thereto on behalf of the Company and the
warrant agent named therein and due authentication of the Common Share Warrants by such warrant agent, and upon due execution and delivery
of the Common Share Warrants on behalf of the Company, will constitute valid and binding obligations of the Company.
(d) The
Rights, upon due execution and delivery of a rights agreement relating thereto on behalf of the Company, and upon due execution and delivery
of one or more certificates bearing such terms on behalf of the Company, will constitute valid and binding obligations of the Company.
(e) The
Subscription Receipts, upon due execution and delivery of a subscription receipts agreement relating thereto on behalf of the Company,
and upon due execution and delivery of one or more certificates bearing such terms on behalf of the Company, will constitute valid and
binding obligations of the Company.
(f) The
Units, upon due execution and delivery of a unit agreement relating thereto on behalf of the Company, and upon due execution and delivery
of such Units and the underlying securities that are components of such Units in accordance with any applicable unit agreement and the
indenture (in the case of underlying Debt Securities) or warrant agreement (in the case of underlying Debt Warrants or Common Share Warrants),
and assuming that the underlying securities that are components of such Units have been duly and properly authorized for issuance and
constitute valid and binding obligations enforceable against the issuer thereof in accordance with their terms, such Units will constitute
valid and binding obligations of the Company.
The opinions expressed in
Paragraphs (a), (b), (c), (d), (e) and (f) above with respect to the valid and binding nature of obligations may be limited by
bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights and remedies
(including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential
or voidable transfers) and by the exercise of judicial discretion and the application of principles of equity, good faith, fair
dealing, reasonableness, conscionability and materiality (regardless of whether the Securities are considered in a proceeding in
equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive
relief.
| International Tower Hill Mines Ltd. | - 4 - | August 10, 2023 |
This opinion letter has been
prepared for use in connection with the Registration Statement. We assume no obligation to advise of any changes in the foregoing subsequent
to the effective date of the Registration Statement.
We hereby consent to the filing
of this opinion letter as Exhibit 5.2 to the Registration Statement and to the reference to this firm under the caption “Legal Matters”
in the prospectus constituting a part of the Registration Statement. In giving this consent, we do not thereby admit that we are an “expert”
within the meaning of the Act.
Very truly yours,
/s/ HOGAN LOVELLS US LLP
HOGAN LOVELLS US LLP
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We consent to the incorporation by reference in
this Registration Statement on Form S-3 of International Tower Hill Mines Ltd. of our report dated March 7, 2023, relating to the consolidated
financial statements appearing in the Annual Report on Form 10-K of International Tower Hill Mines Ltd. for the years ended December 31,
2022 and 2021.
We also consent to the reference to us under the
caption “Experts” in this Registration Statement.
/s/ Davidson & Company LLP
| Vancouver, Canada |
Chartered Professional Accountants |
August 10, 2023
EXHIBIT 23.4
CONSENT - BBA USA INC.
In connection with the International
Tower Hill Mines Ltd. Registration Statement on Form S-3, as filed with the Securities and Exchange Commission on August 10, 2023, and
any amendments or supplements and/or exhibits thereto (collectively, the “Registration Statement”), the undersigned consents
to:
| |
(i) |
the incorporation
by reference of Chapters 2, 3, 10 (except Section 10.5.16.7), 12 (except Section 12.3.3.1), 13, 14, 15 (except Sections 15.14, and 15.19),
16, 17, 18, 19, 21, and the relevant portions of Chapters 1, 22, 23, 24 and 25 of the technical report summary titled “Pre-feasibility
Study of the Livengood Gold Project, Alaska, USA”, with an effective date of October 29, 2021 (the “TRS”), in the Registration
Statement; |
| |
|
|
| |
(ii) |
the use of and
references to our name, including our status as an expert or “qualified person” (as defined in Subpart 1300 of Regulation
S-K promulgated by the Securities and Exchange Commission), in connection with Chapters 2, 3, 10 (except Section 10.5.16.7), 12 (except
Section 12.3.3.1), 13, 14, 15 (except Sections 15.14, and 15.19), 16, 17, 18, 19, 21, and the relevant portions of Chapters 1, 22, 23,
24 and 25 of the TRS, in connection with the Registration Statement; and |
| |
|
|
| |
(iii) |
any extracts or
summaries of Chapters 2, 3, 10 (except Section 10.5.16.7), 12 (except Section 12.3.3.1), 13, 14, 15 (except Sections 15.14, and 15.19),
16, 17, 18, 19, 21, and the relevant portions of Chapters 1, 22, 23, 24 and 25 of the TRS incorporated by reference in the Registration
Statement, and the use of any information derived, summarized, quoted or referenced from the Chapters 2, 3, 10 (except Section 10.5.16.7),
12 (except Section 12.3.3.1), 13, 14, 15 (except Sections 15.14, and 15.19), 16, 17, 18, 19, 21, and the relevant portions of Chapters
1, 22, 23, 24 and 25 of the TRS, or portions thereof, that were prepared by us, that we supervised the preparation of, and/or that were
reviewed and approved by us, that is incorporated by reference in the Registration Statement. |
Dated: August 10, 2023
| By: |
/s/ BBA USA Inc. |
|
| Name: |
BBA USA Inc. |
|
EXHIBIT 23.5
CONSENT - NEWFIELDS MINING DESIGN & TECHNICAL
SERVICES, LLC
In connection with the International
Tower Hill Mines Ltd. Registration Statement on Form S-3, as filed with the Securities and Exchange Commission on August 10, 2023, and
any amendments or supplements and/or exhibits thereto (collectively, the “Registration Statement”), the undersigned consents
to:
| |
(i) |
the incorporation
by reference of Sections 10.5.16.7, 15.14, 15.19, and the relevant portions of Chapters 1, 18, 22, 23, 24 and 25 of the technical report
summary titled “Pre-feasibility Study of the Livengood Gold Project, Alaska, USA”, with an effective date of October 29, 2021
(the “TRS”), in the Registration Statement; |
| |
|
|
| |
(ii) |
the use of and
references to our name, including our status as an expert or “qualified person” (as defined in Subpart 1300 of Regulation
S-K promulgated by the Securities and Exchange Commission), in connection with Sections 10.5.16.7, 15.14, 15.19, and the relevant portions
of Chapters 1, 18, 22, 23, 24 and 25 of the TRS, in connection with the Registration Statement; and |
| |
|
|
| |
(iii) |
any extracts or
summaries of Sections 10.5.16.7, 15.14, 15.19, and the relevant portions of Chapters 1, 18, 22, 23, 24 and 25 of the TRS incorporated
by reference in the Registration Statement, and the use of any information derived, summarized, quoted or referenced from the Sections
10.5.16.7, 15.14, 15.19, and the relevant portions of Chapters 1, 18, 22, 23, 24 and 25 of the TRS, or portions thereof, that were prepared
by us, that we supervised the preparation of, and/or that were reviewed and approved by us, that is incorporated by reference in the Registration
Statement. |
| Dated: August 10, 2023 |
|
| By: |
/s/ NewFields Mining Design & Technical Services, LLC |
|
| Name: |
NewFields Mining Design & Technical Services, LLC |
|
EXHIBIT 23.6
CONSENT - JDS ENERGY & MINING INC.
In connection with the International
Tower Hill Mines Ltd. Registration Statement on Form S-3, as filed with the Securities and Exchange Commission on August 10, 2023, and
any amendments or supplements and/or exhibits thereto (collectively, the “Registration Statement”), the undersigned consents
to:
| |
(i) |
the incorporation
by reference of Section 12.3.3.1, and the relevant portions of Chapters 1, 22, 23, 24 and 25 of the technical report summary titled “Pre-feasibility
Study of the Livengood Gold Project, Alaska, USA”, with an effective date of October 29, 2021 (the “TRS”), in the Registration
Statement; |
| |
|
|
| |
(ii) |
the use of and
references to our name, including our status as an expert or “qualified person” (as defined in Subpart 1300 of Regulation
S-K promulgated by the Securities and Exchange Commission), in connection with Section 12.3.3.1, and the relevant portions of Chapters
1, 22, 23, 24 and 25 of the TRS, in connection with the Registration Statement; and |
| |
|
|
| |
(iii) |
any extracts or
summaries of Section 12.3.3.1, and the relevant portions of Chapters 1, 22, 23, 24 and 25 of the TRS incorporated by reference in the
Registration Statement, and the use of any information derived, summarized, quoted or referenced from the Section 12.3.3.1, and the relevant
portions of Chapters 1, 22, 23, 24 and 25 of the TRS, or portions thereof, that were prepared by us, that we supervised the preparation
of, and/or that were reviewed and approved by us, that is incorporated by reference in the Registration Statement. |
| Dated: August 10, 2023 |
|
| By: |
/s/ JDS Energy & Mining Inc. |
|
| Name: |
JDS Energy & Mining Inc. |
|
EXHIBIT 23.7
CONSENT - RESOURCE DEVELOPMENT ASSOCIATES INC.
In connection with the International
Tower Hill Mines Ltd. Registration Statement on Form S-3, as filed with the Securities and Exchange Commission on August 10, 2023, and
any amendments or supplements and/or exhibits thereto (collectively, the “Registration Statement”), the undersigned consents
to:
| |
(i) |
the incorporation
by reference of Chapters 4, 5, 6 ,7 ,8, 9, 11 and 20, and the relevant portions of Chapters 1, 22, 23, 24 and 25 of the technical report
summary titled “Pre-feasibility Study of the Livengood Gold Project, Alaska, USA”, with an effective date of October 29, 2021
(the “TRS”), in the Registration Statement; |
| |
|
|
| |
(ii) |
the use of and
references to our name, including our status as an expert or “qualified person” (as defined in Subpart 1300 of Regulation
S-K promulgated by the Securities and Exchange Commission), in connection with Chapters 4, 5, 6 ,7 ,8, 9, 11 and 20, and the relevant
portions of Chapters 1, 22, 23, 24 and 25 of the TRS, in connection with the Registration Statement; and |
| |
|
|
| |
(iii) |
any extracts or
summaries of Chapters 4, 5, 6 ,7 ,8, 9, 11 and 20, and the relevant portions of Chapters 1, 22, 23, 24 and 25 of the TRS incorporated
by reference in the Registration Statement, and the use of any information derived, summarized, quoted or referenced from the Chapters
4, 5, 6 ,7 ,8, 9, 11 and 20, and the relevant portions of Chapters 1, 22, 23, 24 and 25 of the TRS, or portions thereof, that were prepared
by us, that we supervised the preparation of, and/or that were reviewed and approved by us, that is incorporated by reference in the Registration
Statement. |
| Dated: August 10, 2023 |
|
| By: |
/s/ Resource Development Associates Inc. |
|
| Name: |
Resource Development Associates Inc. |
|
Exhibit 107
Calculation of Filing
Fee Tables
Form S-3
(Form Type)
International Tower
Hill Mines Ltd.
(Exact Name of Registrant
as Specified in Its Charter)
Table 1: Newly Registered
and Carry Forward Securities
| |
|
Security
Type |
|
Security
Class
Title |
|
Fee
Calculation
or Carry Forward Rule |
|
Amount
Registered (1) |
|
Proposed
Maximum
Offering
Price per
Unit (2) |
|
Maximum
Aggregate
Offering
Price (1) |
|
Fee
Rate |
|
Amount of
Registration
Fee |
|
Carry
Forward
Form Type |
|
Carry
Forward
File
Number |
|
Carry
Forward
Initial
Effective
Date |
|
Filing Fee
Previously
Paid in
Connection
with
Unsold
Securities
to be
Carried
Forward |
| Newly Registered Securities |
| Fees to be Paid |
|
Equity |
|
Common Shares, no par value per share |
|
Rule 457(o) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
Debt |
|
Debt Securities |
|
Rule 457(o) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
Other |
|
Warrants (3) |
|
Rule 457(o) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
Other |
|
Rights |
|
Rule 457(o) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
Other |
|
Subscription Receipts |
|
Rule 457(o) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
Other |
|
Units |
|
Rule 457(o) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
Unallocated (Universal) Shelf |
|
Unallocated (Universal) Shelf |
|
Rule 457(o) |
|
(1) |
|
(2) |
|
$90,300,000 (1)(4) |
|
$110.20 per million |
|
$9,951.06 |
|
- |
|
- |
|
- |
|
- |
| |
|
TOTAL |
|
|
|
|
|
|
|
$110.20 per million |
|
$9,951.06 |
|
- |
|
- |
|
- |
|
- |
| Fees Previously Paid |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| Carry Forward Securities |
| Carry Forward Securities |
|
Equity |
|
Common Shares, no par value per share |
|
Rule 415(a)(6) |
|
(4) |
|
|
|
$9,700,000
(4) |
|
|
|
|
|
S-3 |
|
333-240276 |
|
August 11, 2020 |
|
$1,259.06 |
| |
|
Total Offering Amounts |
|
|
|
$100,000,000
(1)(4) |
|
|
|
$9,951.06 |
|
|
|
|
|
|
|
|
| |
|
Total Fees Previously Paid |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
| |
|
Total Fee Offsets |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
| |
|
Net Fee Due |
|
|
|
|
|
|
|
$9,951.06 |
|
|
|
|
|
|
|
|
| (1) |
Includes an indeterminate aggregate principal amount and number of securities of each identified class of securities up to a proposed aggregate offering price of $100,000,000, which may be offered by the registrant from time to time in unspecified numbers and at indeterminate prices, and as may be issued upon conversion, redemption, repurchase, exchange or exercise of any securities registered hereunder. Any securities registered hereunder may be sold separately or as units with other securities registered hereunder. Separate consideration may or may not be received for securities that are issuable upon conversion, exchange or exercise of other securities. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, this registration statement also covers any additional securities that may be offered, issued or become issuable in connection with any stock split, stock dividend or similar transaction or pursuant to anti-dilution provisions of any of the securities. |
| (2) |
The proposed maximum offering price per unit will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security pursuant to General Instruction II.D. of Form S-3 under the Securities Act. Such amount will be set forth in U.S. dollars or the equivalent thereof for any security denominated in one or more, or units of two or more, foreign currencies or composite currencies based on the exchange rate at the time of sale. Debt securities may be issued with original issue discount such that the aggregate initial public offering price will not exceed $100,000,000 together with the other securities issued hereunder. |
| (3) |
The warrants covered by this registration statement may be debt warrants or common share warrants. |
| (4) |
Pursuant to Rule 415(a)(6) under the Securities Act, the securities registered pursuant to this registration statement include $9,700,000 of unsold securities (the “Unsold Securities”) previously registered pursuant to the Registration Statement on Form S-3 (File No. 333-240276), which was declared effective on August 11, 2020 (the “Prior Registration Statement”). In connection with the filing of the Prior Registration Statement, the registrant paid a filing fee of $1,259.06 associated with the offering of the Unsold Securities (based on the filing fee rate in effect at the time of the filing of the Prior Registration Statement). The filing fee associated with the offering of the Unsold Securities is hereby carried forward to be applied to the Unsold Securities registered hereunder, and no additional filing fee is due with respect to the Unsold Securities in connection with the filing of this registration statement. The registrant is also registering new securities on this registration statement with an aggregate initial offering price of $90,300,000 (the “New Securities”), which aggregate offering price is not specified as to each class of securities. A filing fee of $9,951.06 with respect to the New Securities is being paid in connection with the filing of this registration statement. To the extent that, after the filing date hereof and prior to the effectiveness of this registration statement, the registrant sells any Unsold Securities pursuant to the Prior Registration Statement, the registrant will identify in a pre-effective amendment to this registration statement the updated number of Unsold Securities from the Prior Registration Statement to be included in this registration statement pursuant to Rule 415(a)(6) and the updated amount of new securities to be registered on this registration statement. Pursuant to Rule 415(a)(6), the offering of securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement. |
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