Direct or Indirect Participants through which such Beneficial Owner
entered into the action. Transfers of ownership interests in debt
securities are accomplished by entries made on the books of
Participants acting on behalf of Beneficial Owners. Beneficial
Owners do not receive certificates representing their ownership
interests in debt securities, except as described above.
To facilitate subsequent transfers, the debt securities are
registered in the name of DTC’s partnership nominee, Cede & Co.
The deposit of the debt securities with DTC and their registration
in the name of Cede & Co. will effect no change in
beneficial ownership. DTC has no knowledge of the actual Beneficial
Owners of the debt securities; DTC records reflect only the
identity of the Direct Participants to whose accounts debt
securities are credited, which may or may not be the Beneficial
Owners. The Participants remain responsible for keeping account of
their holdings on behalf of their customers.
Delivery of notice and other communications by DTC to Direct
Participants, by Direct Participants to Indirect Participants, and
by Direct Participants and Indirect Participants to Beneficial
Owners are governed by arrangements among them, subject to any
statutory or regulatory requirements as may be in effect from time
to time.
Neither DTC nor Cede & Co. consents or votes with respect to
the debt securities. Under its usual procedures, DTC mails a proxy
(an “Omnibus Proxy”) to the issuer as soon as possible after the
record date. The Omnibus Proxy assigns Cede & Co.’s consenting
or voting rights to those Direct Participants to whose accounts the
debt securities are credited on the record date (identified on a
list attached to the Omnibus Proxy).
Principal and interest payments, if any, on the debt securities
will be made to DTC. DTC’s practice is to credit Direct
Participants’ accounts on the payment date in accordance with their
respective holdings as shown on DTC’s records, unless DTC has
reason to believe that it will not receive payment on the payment
date. Payments by Participants to Beneficial Owners are governed by
standing instructions and customary practices, as is the case with
securities held for the accounts of customers in bearer form or
registered in “street name,” and are the responsibility of such
Participant and not of DTC, the trustee or us, subject to any
statutory or regulatory requirements as may be in effect from time
to time. Payment of principal and interest, if any, to DTC is our
or the trustee’s responsibility, disbursement of such payments to
Direct Participants is DTC’s responsibility, and disbursement of
such payments to the Beneficial Owners is the responsibility of
Direct and Indirect Participants.
DTC may discontinue providing its services as securities depository
with respect to the debt securities at any time by giving
reasonable notice to us or the trustee. Under such circumstances,
in the event that a successor securities depository is not
appointed, debt security certificates are required to be printed
and delivered.
We may decide to discontinue use of the system of book-entry
transfers through DTC (or a successor securities depository). In
that event, debt security certificates will be printed and
delivered.
We have obtained the information in this section concerning DTC and
DTC’s book-entry system from sources that we believe to be
reliable, but we take no responsibility for the accuracy of this
information.
None of us, any underwriter or agent, the trustee or any applicable
paying agent will have any responsibility or liability for any
aspect of the records relating to or payments made on account of
beneficial interests in a global security, or for maintaining,
supervising or reviewing any records relating to such beneficial
interest.
Trustee
The Bank of New York Mellon is to be the trustee under the
indentures. The Company and its subsidiaries may maintain accounts
and conduct other banking transactions with affiliates of the
trustee.
No Personal Liability of Directors, Officers, Employees and
Stockholders
No director, officer, employee, incorporator, stockholder, member,
manager or partner of the Company, as such, will have any liability
for any obligations of the Company under the debt securities of any
series or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each holder of debt securities
of any series by accepting such debt securities waives and releases
all such liability. The waiver and release are part of the
consideration for issuance of such securities. The waiver may not
be effective to waive liabilities under the federal securities
laws.
Governing Law
The indentures and the debt securities will be governed by, and
construed in accordance with, the laws of the State of New
York.