LDK SOLAR CO., LTD.
REGISTRATION RIGHTS AGREEMENT
April 15, 2008
REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into as of April 15, 2008, by and among LDK Solar Co., Ltd., an exempted
company with limited liability under the laws of the Cayman Islands (the
"Company") and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. International plc, UBS AG, ▇.▇. ▇▇▇▇▇▇
Securities Inc., ▇▇▇▇▇▇▇ & Company, LLC, ▇▇▇▇▇ and Company, LLC and Lazard
Capital Markets LLC (collectively, the "Initial Purchasers") pursuant to the
Purchase Agreement, dated April 9, 2008 (the "Purchase Agreement"), among the
Company and the Initial Purchasers.
In order to induce the Initial Purchasers to enter into the Purchase
Agreement, the Company has agreed to provide the registration rights set forth
in this Agreement. The execution and delivery of this Agreement is a condition
to the closing under the Purchase Agreement. The terms "herein," "hereof,"
"hereto," "hereinafter" and similar terms, as used in this Agreement, shall in
each case refer to this Agreement as a whole and not to any particular section,
paragraph, sentence or other subdivision of this Agreement.
The Company agrees with the Initial Purchasers (i) for their benefit
as Initial Purchasers and (ii) for the benefit of the beneficial owners
(including the Initial Purchasers) from time to time of the Covered Securities
(as defined herein) (each of the foregoing a "Holder" and, together, the
"Holders"), as follows:
1. Definitions. Capitalized terms used herein without definition shall have
the respective meanings set forth in the Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:
(a) "Additional Filing Deadline Date" has the meaning set forth in
Section 2(e) hereof.
(b) "additional interest" has the meaning set forth in Section 2(e)
hereof.
(c) "Additional Interest Accrual Period" has the meaning set forth in
Section 2(e) hereof.
(d) "Additional Interest Amount" has the meaning set forth in Section
2(e) hereof.
(e) "Additional Interest Payment Date" means April 15 and October 15
of each year.
(f) "ADSs" means American depositary shares of the Company, each
representing one Ordinary Share.
(g) "Affiliate" means, with respect to any specified person, an
"affiliate," as defined in Rule 144, of such person.
(h) "Amendment Effectiveness Deadline Date" has the meaning set forth
in Section 2(d) hereof.
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(i) "Automatic Shelf Registration Statement" has the meaning ascribed
to it in Rule 405.
(j) "Business Day" means any weekday that is not a day on which
banking institutions in the City of New York are authorized or obligated to
close.
(k) "Claim" has the meaning set forth in Section 9(o) hereof.
(l) "Conversion Rate" has the meaning ascribed to it in the Indenture.
(m) "Covered Security" has the meaning set forth in Section 1(tt)
hereof.
(n) "Depositary" shall mean JPMorgan Chase Bank N.A. or any other
depositary appointed by the Company, provided, however, that such
depositary must have an address in the Borough of Manhattan, in the City of
New York.
(o) "Designated Counsel" means one (1) counsel, if any, for the
Holders in connection with the Shelf Registration Statement, which
Designated Counsel shall be designated in writing to the Company by Holders
of a majority of the Registrable Securities.
(p) "Effectiveness Deadline Date" has the meaning set forth in Section
2(a) hereof.
(q) "Effectiveness Period" means a period that terminates when there
are no Registrable Securities outstanding.
(r) "Event" has the meaning set forth in Section 2(e) hereof.
(s) "Event Date" has the meaning set forth in Section 2(e) hereof.
(t) "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder.
(u) "Form F-1" means Form F-1 under the Securities Act.
(v) "Form F-3" means Form F-3 under the Securities Act.
(w) "Holder" has the meaning set forth in the preamble hereto.
(x) "Holder Information" has the meaning set forth in Section 6(b)
hereof.
(y) "Indemnified Party" has the meaning set forth in Section 6(c)
hereof.
(z) "Indemnifying Party" has the meaning set forth in Section 6(c)
hereof.
(aa) "Indenture" means the Indenture, dated as of April 15, 2008,
between the Company and the Trustee, pursuant to which the Notes are being
issued.
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(bb) "Initial Purchasers" has the meaning set forth in the preamble
hereto.
(cc) "Initial Shelf Registration Statement" has the meaning set forth
in Section 2(a) hereof.
(dd) "Issue Date" means April 15, 2008.
(ee) "Issuer Free Writing Prospectus" shall have the meaning set forth
in Section 2(g) herein.
(ff) "judgment currency" has the meaning set forth in Section 9(p)
hereof.
(gg) "Material Event" has the meaning set forth in Section 3(j)
hereof.
(hh) "Notes" means the 4.75% Convertible Senior Notes due 2013 of the
Company to be purchased pursuant to the Purchase Agreement.
(ii) "Notice and Questionnaire" means a written notice and
questionnaire delivered to the Company and containing substantially the
information called for by the Selling Securityholder Notice and
Questionnaire attached as Annex A to the Offering Memorandum of the
Company, dated April 9, 2008, relating to the Notes.
(jj) "Notice Holder" means, on a given date, any Holder that has
delivered a Notice and Questionnaire to the Company on or prior to such
date, provided not all of such Holder's Registrable Securities that have
been registered for resales pursuant to a Notice and Questionnaire have
been sold in accordance with a Shelf Registration Statement.
(kk) "Option Repurchase Date" has the meaning ascribed to it in the
Indenture.
(ll) "Ordinary Shares" means the ordinary shares, $0.10 par value per
share, of the Company, including the Underlying Ordinary Shares, or such
other shares or equity interests in the Company's share capital into which
such ordinary shares is reclassified or changed.
(mm) "Proceeding" has the meaning set forth in Section 6(c) hereof.
(nn) "Prospectus" means each prospectus included in any Shelf
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of
an effective registration statement in reliance upon Rule 415 under the
Securities Act), and each amendment or prospectus supplement relating
thereto, including post-effective amendments, and all materials
incorporated by reference or deemed to be incorporated by reference in the
foregoing.
(oo) "Purchase Agreement" has the meaning set forth in the preamble
hereof.
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(pp) "Record Date" means, (i) April 1, with respect to an Additional
Interest Payment Date that occurs on April 15 and (ii) October 1, with
respect to an Additional Interest Payment Date that occurs on October 15.
(qq) "Record Holder" means, with respect to an Additional Interest
Payment Date relating to a Registrable Security for which any Additional
Interest Amount has accrued, a Notice Holder that was the holder of record
of such Registrable Security at the close of business on the Record Date
relating to such Additional Interest Payment Date.
(rr) "Redemption" has the meaning ascribed to it in the Indenture.
(ss) "Redemption Date" has the meaning ascribed to it in the
Indenture.
(tt) "Registrable Securities" means (a) the Notes, until such Notes
have been converted, (b) at all times, the Underlying Ordinary Shares and
any security issued with respect thereto upon any share dividend, split or
similar event, (c) at all times, any Underlying ADSs issued upon conversion
of the Notes if such issuance is not made pursuant to an effective
registration statement on Form F-6, and (d) at all times, any securities
(other than the Company's ADSs or Ordinary Shares) which the Notes become
convertible into in accordance with the terms of the Indenture (each of the
foregoing, a "Covered Security") until, in the case of any such security,
the earliest of:
(i) the date on which such security has been effectively
registered under the Securities Act and disposed of in accordance with
the Registration Statement relating thereto (including, in the case of
Underlying Ordinary Shares, the disposal thereof in the form of ADSs
issued pursuant to an effective registration statement on Form F-6);
(ii) the first anniversary of the Issue Date; or
(iii) the date on which such security has been publicly sold
pursuant to Rule 144 or any successor provision thereto (including, in
the case of Underlying Ordinary Shares, the sale thereof in the form
of ADSs issued pursuant to an effective registration statement on Form
F-6).
(uu) "Registration Expenses" has the meaning set forth in Section 5
hereof.
(vv) "Registration Statement" means each registration statement,
including each Shelf Registration Statement, under the Securities Act, of
the Company that covers any of the Registrable Securities pursuant to this
Agreement, including any information deemed to be part of and included in
such registration statement pursuant to the rules of the SEC and all
amendments and supplements to such registration statement and including all
post-effective amendments to, all exhibits of, and all materials
incorporated by reference or deemed to be incorporated by reference in,
such registration statement, amendment or supplement.
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(ww) "Repurchase Date" means an Option Repurchase Date or a
Fundamental Change Repurchase Date, as the case may be, each as defined in
the Indenture.
(xx) "Repurchase Upon Repurchase Event" means a Repurchase At Holder's
Option or a Repurchase Upon Fundamental Change, as the case may be, each as
defined in the Indenture.
(yy) "Rule 144" means Rule 144 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(zz) "Rule 144A" means Rule 144A under the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(aaa) "Rule 405" means Rule 405 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(bbb) "Rule 415" means Rule 415 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(ccc) "Rule 424" means Rule 424 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(ddd) "Rule 430B" means Rule 430B under the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(eee) "Rule 456" means Rule 456 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(fff) "Rule 457" means Rule 457 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.
(ggg) "SEC" means the Securities and Exchange Commission.
(hhh) "Securities Act" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated by the SEC thereunder.
(iii) "Shelf Registration Statement" means the Initial Shelf
Registration Statement and any Subsequent Shelf Registration Statement.
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(jjj) "Subsequent Shelf Registration Statement" has the meaning set
forth in Section 2(b) hereof.
(kkk) "Subsequent Shelf Registration Statement Effectiveness Deadline
Date" has the meaning set forth in Section 2(d) hereof.
(lll) "Suspension Notice" has the meaning set forth in Section 3(j)
hereof.
(mmm) "Suspension Period" has the meaning set forth in Section 3(j)
hereof.
(nnn) "TIA" means the Trust Indenture Act of 1939, as amended.
(ooo) "Trustee" means The Bank of New York, the trustee under the
Indenture.
(ppp) "Underlying ADSs" means the ADSs issuable upon conversion of the
Notes.
(qqq) "Underlying Ordinary Shares" means the Ordinary Shares
represented by the Underlying ADSs.
2. Shelf Registration.
(a) The Company shall prepare and file, or cause to be prepared and
filed, with the SEC, a Registration Statement (the "Initial Shelf
Registration Statement") for an offering to be made on a delayed or
continuous basis pursuant to Rule 415 registering the resales from time to
time by Holders thereof of all of the Registrable Securities (or, if
registration of Registrable Securities not held by Notice Holders is not
permitted by the rules and regulations of the SEC, then registering the
resales from time to time by Notice Holders of their Registrable
Securities). The Initial Shelf Registration Statement shall provide for the
registration of such Registrable Securities for resales by such Holders in
accordance with the reasonable methods of distribution indicated in their
Notice and Questionnaires (provided, however, that in no event will such
methods of distribution take the form of an underwritten offering of
Registrable Securities without the Company's prior written consent, which
the Company may withhold in its sole discretion). In no event shall the
Initial Shelf Registration Statement be filed with the SEC prior to
completion of the offering of the Notes contemplated by the Purchase
Agreement. The Company shall use its reasonable best efforts to (i) cause
the Initial Shelf Registration Statement to become effective under the
Securities Act by the date (the "Effectiveness Deadline Date") that is one
hundred and eighty (180) days after the Issue Date and (ii) keep the
Initial Shelf Registration Statement (and any Subsequent Shelf Registration
Statement) continuously effective under the Securities Act until the
expiration of the Effectiveness Period (except to the extent permitted
under Section 3(j)). At the time the Initial Shelf Registration Statement
becomes effective under the Securities Act, each Holder that became a
Notice Holder on or before the fifth (5th) Business Day before the date of
such effectiveness shall be named as a selling securityholder in the
Initial Shelf Registration Statement and the related Prospectus in
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such a manner as to permit such Notice Holder to deliver such Prospectus to
purchasers of Registrable Securities in accordance with the Securities Act,
assuming the accuracy of the information in such Notice Holder's Notice and
Questionnaire.
(b) If, for any reason, at any time during the Effectiveness Period
any Shelf Registration Statement ceases to be effective under the
Securities Act, or ceases to be usable for the purposes contemplated
hereunder, in each case except to the extent permitted under Section 3(j),
the Company shall use its reasonable best efforts to promptly cause such
Shelf Registration Statement to become effective under the Securities Act
(including obtaining the prompt withdrawal of any order suspending the
effectiveness of such Shelf Registration Statement) or promptly cause such
Shelf Registration Statement to be useable for purposes contemplated
hereunder, and in any event shall, within thirty (30) days, (i) amend such
Shelf Registration Statement in a manner reasonably expected to cause the
same to become usable for the purposes contemplated hereunder or obtain the
withdrawal of any order suspending the effectiveness of such Shelf
Registration Statement, as applicable, or (ii) file an additional
Registration Statement (a "Subsequent Shelf Registration Statement") for an
offering to be made on a delayed or continuous basis pursuant to Rule 415
registering the resales from time to time by Holders thereof of all
securities that are Registrable Securities as of the time of such filing
(or, if registration of Registrable Securities not held by Notice Holders
is not permitted by the rules and regulations of the SEC, then registering
the resales from time to time by Notice Holders of their securities that
are Registrable Securities as of the time of such filing). If a Subsequent
Shelf Registration Statement is filed, the Company shall use its reasonable
best efforts to (A) cause such Subsequent Shelf Registration Statement to
become effective under the Securities Act as promptly as practicable after
such filing, but in no event later than the Subsequent Shelf Registration
Statement Effectiveness Deadline Date and (B) keep such Subsequent Shelf
Registration Statement (or another Subsequent Shelf Registration Statement)
continuously effective until the end of the Effectiveness Period (except to
the extent permitted under Section 3(j)). Each such Subsequent Shelf
Registration Statement, if any, shall provide for the registration of such
Registrable Securities for resales by such Holders in accordance with the
reasonable methods of distribution indicated in their Notice and
Questionnaires (provided, however, that in no event will such methods of
distribution take the form of an underwritten offering of Registrable
Securities without the Company's prior written consent, which the Company
may withhold in its sole discretion).
(c) Subject to Section 2(d)(i)(A), the Company shall supplement and
amend any Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used by the
Company for such Shelf Registration Statement, if required by the
Securities Act or, to the extent the Company does not reasonably object, as
reasonably requested by the Initial Purchasers or by the Trustee on behalf
of the Holders of the Registrable Securities covered by such Shelf
Registration Statement.
(d)
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(i) Each Holder of Registrable Securities agrees that, if such
Holder wishes to sell Registrable Securities pursuant to a Shelf
Registration Statement and related Prospectus, it will do so only in
accordance with this Section 2(d) and Section 3(j). Each Holder of
Registrable Securities wishing to sell Registrable Securities pursuant
to a Shelf Registration Statement and related Prospectus agrees to
deliver a completed and executed Notice and Questionnaire to the
Company prior to any attempted or actual distribution of Registrable
Securities under a Shelf Registration Statement. If a Holder becomes a
Notice Holder after the fifth (5th) Business Day before the date the
Initial Shelf Registration Statement becomes effective under the
Securities Act, the Company shall, within thirty (30) days after the
date such Holder became a Notice Holder (or, if a Suspension Period
either is in effect when such Holder became a Notice Holder or is put
into effect within five (5) Business Days after the date such Holder
became a Notice Holder, then within thirty (30) days after the
expiration of such Suspension Period),
(A) file with the SEC a supplement to the related Prospectus
(or, if required by applicable law, a post-effective amendment to
the Shelf Registration Statement or a Subsequent Shelf
Registration Statement), and all other document(s), in each case
as is required so that such Notice Holder is named as a selling
securityholder in a Shelf Registration Statement and the related
Prospectus in such a manner as to permit such Notice Holder to
deliver a Prospectus to purchasers of the Registrable Securities
in accordance with the Securities Act; provided, however, that,
if a post-effective amendment or a Subsequent Shelf Registration
Statement is required by the rules and regulations of the SEC in
order to permit resales by such Notice Holder, the Company shall
not be required to file more than one (1) post-effective
amendment or Subsequent Shelf Registration Statement for such
purpose in any ninety (90) day period; provided further, that in
no event shall the Company be obligated to file more than one (1)
such supplement in any thirty (30) day period;
(B) if, pursuant to Section 2(d)(i)(A), the Company shall
have filed a post-effective amendment to the Shelf Registration
Statement or filed a Subsequent Shelf Registration Statement, the
Company shall use its reasonable best efforts to cause such
post-effective amendment or Subsequent Shelf Registration
Statement, as the case may be, to become effective under the
Securities Act as promptly as practicable, but in any event by
the date (the "Amendment Effectiveness Deadline Date," in the
case of a post-effective amendment, and the "Subsequent Shelf
Registration Statement Effectiveness Deadline Date," in the case
of a Subsequent Shelf Registration Statement) that is forty five
(45) days after the date such post-effective amendment or
Subsequent Shelf Registration Statement, as the case may be, is
required by this Section 2(d) to be filed with the SEC;
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(C) the Company shall provide such Notice Holder, upon
request, with a reasonable number of copies of any documents
filed pursuant to clause (A) above;
(D) the Company shall notify such Notice Holder as promptly
as practicable after the effectiveness under the Securities Act
of any post-effective amendment or Subsequent Shelf Registration
Statement filed pursuant to clause (A) above;
(E) if such Holder became a Notice Holder during a
Suspension Period, or a Suspension Period is put into effect
within five (5) Business Days after the date such Holder became a
Notice Holder, the Company shall so inform such Notice Holder and
shall, subject to the limitations of this Section 2(d), take the
actions set forth in clauses (A), (B) and (C) above within thirty
(30) days after expiration of such Suspension Period in
accordance with Section 3(j); and
(F) if, under the Securities Act, the Company has more than
one option as to the type or manner of making any such filing,
the Company shall make the required filing or filings in the
manner or of a type that the Company reasonably expects to result
in the earliest availability of a Prospectus for effecting
resales of Registrable Securities.
(ii) Notwithstanding anything contained herein to the contrary,
the Company shall be under no obligation to name any Holder that is
not a Notice Holder as a selling securityholder in any Shelf
Registration Statement or related Prospectus; provided, however, that
any Holder that becomes a Notice Holder (regardless of when such
Holder became a Notice Holder) shall be named as a selling
securityholder in a Shelf Registration Statement or related Prospectus
in accordance with the requirements of this Section 2(d) or Section
2(a), as applicable.
(e) The parties hereto agree that the Holders of Registrable
Securities will suffer damages, and that it would not be feasible to
ascertain the extent of such damages with precision, if:
(i) the Initial Shelf Registration Statement has not become
effective under the Securities Act on or prior to the Effectiveness
Deadline Date;
(ii) either a supplement to a Prospectus, a post-effective
amendment or a Subsequent Shelf Registration Statement is required to
be filed with the SEC and fails to be filed with the SEC within the
prescribed period and in the manner set forth in Section 2(d) (the
date such filing is required to be made being an "Additional Filing
Deadline Date") or, in the case of a post-effective amendment or a
Subsequent Shelf Registration Statement, such post-effective amendment
or Subsequent Shelf Registration Statement does not become effective
under the
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Securities Act by the Amendment Effectiveness Deadline Date or the
Subsequent Shelf Registration Statement Effectiveness Deadline Date,
as the case may be;
(iii) the Initial Shelf Registration Statement or any Subsequent
Registration Statement is filed with the SEC and becomes effective
under the Securities Act but shall thereafter cease to be effective
(without being succeeded immediately by a new Registration Statement
that is filed and immediately becomes effective under the Securities
Act) or usable under the Securities Act for the offer and sale of
Registrable Securities in the manner contemplated by this Agreement
for a period of time (including any Suspension Period) which shall
exceed forty five (45) days in the aggregate in any six (6) month
period; or
(iv) any Registration Statement or amendment thereto, at the time
it becomes effective under the Securities Act, or any Prospectus
relating thereto, at the time it is filed with the SEC or, if later,
at the time the Registration Statement to which such Prospectus
relates becomes effective under the Securities Act, shall fail to name
each Notice Holder as a selling securityholder in such a manner as to
permit such Notice Holder to sell its Registrable Securities pursuant
to such Registration Statement and Prospectus in accordance with the
Securities Act, which Notice Holder was required, pursuant to the
terms of this Agreement, to be so named (it being understood that,
without limitation, naming such Notice Holder in a manner that permits
such Notice Holder to sell only a portion of such Notice Holder's
Registrable Securities referenced in such Notice Holder's Notice and
Questionnaire shall be deemed to be an "Event" (as defined below) for
purposes of this clause (iv)).
Each of the events of a type described in any of the foregoing clauses (i)
through (iv) are individually referred to herein as an "Event," and
(W) the Effectiveness Deadline Date, in the case of clause
(i) above,
(X) the Additional Filing Deadline Date, the Amendment
Effectiveness Deadline Date or the Subsequent Shelf Registration
Statement Effectiveness Deadline Date, as the case may be, in the
case of clause (ii) above,
(Y) the date on which the duration of the ineffectiveness or
unusability of the Shelf Registration Statement exceeds the
number of days permitted by clause (iii) above, in the case of
clause (iii) above, and
(Z) the date the applicable Registration Statement or
amendment thereto shall become effective under the Securities
Act, or the date the applicable Prospectus is filed with the SEC
or, if later, the time the Registration Statement to which such
Prospectus relates becomes effective under the Securities Act, as
the case may be, in the case of clause (iv) above,
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are each herein referred to as an "Event Date." Events shall be deemed to
continue until the following dates with respect to the respective types of
Events:
(A) the date the Initial Shelf Registration Statement
becomes effective under the Securities Act, in the case of an
Event of the type described in clause (i) above;
(B) the date a supplement to a Prospectus, a post-effective
amendment or a Subsequent Shelf Registration Statement, whichever
is required, is filed with the SEC (in the case of a supplement)
or becomes effective under the Securities Act (in the case of a
post-effective amendment or a Subsequent Shelf Registration
Statement), in the case of an Event of the type described in
clause (ii) above;
(C) the date the Initial Shelf Registration Statement or the
Subsequent Shelf Registration Statement, as the case may be,
becomes effective and usable under the Securities Act again, or
the date another Subsequent Shelf Registration Statement is filed
with the SEC pursuant to Section 2(b) and becomes effective, in
the case of an Event of the type described in clause (iii) above;
or
(D) the date a supplement to the Prospectus is filed with
the SEC, or the date a post-effective amendment to the
Registration Statement becomes effective under the Securities
Act, or the date a Subsequent Shelf Registration Statement
becomes effective under the Securities Act, which supplement,
post-effective amendment or Subsequent Shelf Registration
Statement, as the case may be, names as selling securityholders,
in such a manner as to permit them to deliver the related
Prospectus to purchasers of Registrable Securities in the manner
contemplated by, and in accordance with, the Securities Act, all
Notice Holders required as herein provided to be so named, in the
case of an Event of the type described in clause (iv) above.
Notwithstanding anything herein to the contrary, Events described in
clauses (i), (ii) and (iv) above will be deemed to be suspended during any
Suspension Period unless the duration of such Suspension Period exceeds
forty five (45) days in the aggregate in any six (6) month period.
Accordingly, commencing on (and including) any Event Date and ending on
(but excluding) the next date on which there are no Events that have
occurred and are continuing (an "Additional Interest Accrual Period"), the
Company agrees to pay, as additional interest ("additional interest") and
not as a penalty, an amount (the "Additional Interest Amount") at the rate
described below, payable semi-annually on each Additional Interest Payment
Date to Record Holders, to the extent of, for each such Additional Interest
Payment Date, the unpaid Additional Interest Amount that has accrued to
(but excluding) such Additional interest Payment Date (or, if the
Additional Interest Accrual Period shall have ended prior to such
Additional Interest Payment Date, to, but excluding,
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the day immediately after the last day of such Additional Interest Accrual
Period); provided, however, that any unpaid Additional Interest Amount that
has accrued with respect to any Note, or portion thereof, to be redeemed by
the Company on a Redemption Date, or repurchased by the Company pursuant to
a Repurchase at Holder's Option or Repurchase Upon a Fundamental Change on
a Repurchase Date that is after the close of business on the Record Date
relating to such Additional Interest Payment Date and before such
Additional Interest Payment Date, shall, in each case, be instead paid, on
such Redemption Date or Repurchase Date, as the case may be, to the Holder
who submitted such Note or portion thereof for Redemption or Repurchase
Upon Repurchase Event, as the case may be.
The Additional Interest Amount shall accrue at a rate per annum equal to
one quarter of one percent (0.25%) for the ninety (90) day period beginning
on, and including, the Event Date, and thereafter at a rate per annum equal
to one half of one percent (0.50%), of the aggregate principal amount of
the Notes of which such Record Holders were holders of record at the close
of business on the applicable Record Date; provided, however, that:
(I) no Additional Interest Amounts shall accrue as to any
Covered Security from and after the earlier of (x) the date such
Covered Security is no longer a Registrable Security, (y) in the
case of a Covered Security that is a Note, the date, and to the
extent, such Note is converted in accordance with the Indenture
and (z) the expiration of the Effectiveness Period;
(II) only those Holders (or their subsequent transferees)
that were failed to be named as selling securityholders in the
manner prescribed in Section 2(e)(iv) above shall be entitled to
receive any Additional Interest Amounts that have accrued solely
with respect to an Event of the type described in Section
2(e)(iv) above (it being understood that this clause (II) shall
not impair any right of any Holder to receive Additional Interest
Amounts that have accrued with respect to an Event other than an
Event of the type described in Section 2(e)(iv) above);
(III) only those Holders (or their subsequent transferees)
whose delivery of a Notice and Questionnaire gave rise to the
obligation of the Company, pursuant to Section 2(d)(i), to file
and, if applicable, make effective under the Securities Act the
supplement, post-effective amendment or Subsequent Shelf
Registration Statement referred to in Section 2(e)(ii) above
shall be entitled to receive any Additional Interest Amounts that
have accrued solely with respect to an Event of the type
described in Section 2(e)(ii) above (it being understood that
this clause (Ill) shall not impair any right of any Holder to
receive Additional Interest Amounts that have accrued with
respect to an Event other than an Event of the type described in
Section 2(e)(ii) above); and
(IV) if a Covered Security ceases to be outstanding during
an Additional Interest Accrual Period for which an Additional
Interest
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Amount would be payable with respect to such Covered Security,
then the Additional Interest Amount payable hereunder with
respect to such Covered Security shall be prorated on the basis
of the number of full days such Covered Security is outstanding
during such Additional Interest Accrual Period.
Except as provided in the final paragraph of this Section 2(e), (i) the
rate of accrual of the Additional Interest Amount with respect to any
period shall not exceed the rate provided for in this Section 2(e)
notwithstanding the occurrence of multiple concurrent Events and (ii)
following the cure of all Events requiring the payment by the Company of
Additional Interest Amounts to the Holders pursuant to this Section, the
accrual of Additional Interest Amounts shall cease (without in any way
limiting the effect of any subsequent Event requiring the payment of
Additional Interest Amounts by the Company). All installments of additional
interest shall be paid by wire transfer of immediately available funds to
the account specified by the Notice Holder or, if no such account is
specified, by mailing a check to such Notice Holder's address shown in the
register of the registrar for the Notes or, with respect to any Notes that
have been converted, such Notice Holder's mailing address as shown on its
Notice and Questionnaire. Subject to any rights that may arise under
Section 6, the parties hereto agree that the additional interest provided
for hereunder shall constitute the sole and exclusive remedy for an Event
that occurs with respect to any Note or with respect to any ADSs (or
Ordinary Shares represented by such ADSs) that both underlie such Note and
are not outstanding, provided, however, that nothing in this sentence shall
affect the rights hereunder of a holder of outstanding Underlying ADSs.
All of the Company's obligations set forth in this Section 2(e) that are
outstanding with respect to any Registrable Security at the time such
Registrable Security ceases to be a Registrable Security shall survive
until such time as all such obligations with respect to such security have
been satisfied in full (notwithstanding termination of this Agreement
pursuant to Section 9(n)).
The parties hereto agree that the additional interest provided for in this
Section 2(e) constitutes a reasonable estimate of the damages in respect of
the Notes that may be incurred by Holders of the Notes by reason of an
Event relating to such Notes, including, without limitation, the failure of
a Shelf Registration Statement to be filed, become effective under the
Securities Act, amended or replaced to include the names of all Notice
Holders or available for effecting resales of Registrable Securities in
accordance with the provisions hereof.
If any Additional Interest Amounts are not paid when due, then, to the
extent permitted by law, such overdue Additional Interest Amounts, if any,
shall bear interest, compounded semi-annually, until paid at the rate of
interest payable with respect to overdue amounts on the Notes pursuant to
Section 2.12 of the Indenture.
(f) The Trustee shall be entitled, on behalf of Holders, to seek any
available remedy for the enforcement of this Agreement, including for the
payment of any Additional Interest Amount.
13
(g) The Company agrees that it will not, unless it obtains the prior
consent of the Holders of a majority of the Registrable Securities that are
registered under the Shelf Registration Statement at such time or the
consent of the managing underwriter in connection with any underwritten
offering of Registrable Securities, and each Holder agrees that it will
not, unless it obtains the prior written consent of the Company and any
such managing underwriter, make any offer relating to the Covered
Securities that would constitute, as the case may be, an "issuer free
writing prospectus," as defined in Rule 433 under the 1933 Act (an "Issuer
Free Writing Prospectus"), or a "free writing prospectus," as defined in
Rule 405, required to be filed with the SEC. The Company represents that
any Issuer Free Writing Prospectus will not include any information that
conflicts with the information contained in any Shelf Registration
Statement or Prospectus and that any Issuer Free Writing Prospectus, when
taken together with the information in the Shelf Registration Statements
and the Prospectuses, will not include any untrue statement of a material
fact or omit to state any material fact necessary in order to make the
statements therein, in light of the circumstances under which they were
made, not misleading.
3. Registration Procedures. In connection with the registration obligations
of the Company under Section 2 hereof, the Company shall:
(a) Prepare and file with the SEC a Shelf Registration Statement or
Shelf Registration Statements in the manner provided in this Agreement and
use its reasonable best efforts to cause each such Shelf Registration
Statement to become effective under the Securities Act and remain effective
under the Securities Act as provided herein; provided, that, before filing
any Shelf Registration Statement or Prospectus or any amendments or
supplements thereto with the SEC, the Company shall furnish to the Initial
Purchasers and Designated Counsel, if any, copies of all such documents
proposed to be filed and give reasonable consideration to any comments as
the Initial Purchasers, Designated Counsel, if any, or such counsel shall
propose within two (2) Business Days of the delivery of such copies to the
Initial Purchasers, Designated Counsel, if any, and such counsel. Each
Registration Statement that is or is required by this Agreement to be filed
with the SEC shall be filed on Form F-3 if the Company is then eligible to
use Form F-3 for the purposes contemplated by this Agreement, or, if the
Company is not then so eligible to use Form F-3, shall be on Form F-1 or
another appropriate form that is then available to the Company for the
purposes contemplated by this Agreement. Each such Registration Statement
that is filed on Form F-3 shall constitute an Automatic Shelf Registration
Statement if the Company is then eligible to file an Automatic Registration
Statement on Form F-3 for the purposes contemplated by this Agreement. If,
at the time any Registration Statement is filed with the SEC, the Company
is eligible, pursuant to Rule 430B(b), to omit, from the prospectus that is
filed as part of such Registration Statement, the identities of selling
securityholders and amounts of securities to be registered on their behalf,
then the Company shall prepare and file such Shelf Registration Statement
in a manner as to permit such omission and to allow for the subsequent
filing of such information in a prospectus pursuant to Rule 424(b) in the
manner contemplated by Rule 430B(d).
14
(b) Prepare and file with the SEC such amendments and post-effective
amendments to each Shelf Registration Statement as may be necessary to keep
such Shelf Registration Statement or Subsequent Shelf Registration
Statement continuously effective until the expiration of the Effectiveness
Period (except to the extent permitted under Section 3(j)); cause the
related Prospectus to be supplemented by any required Prospectus supplement
and, as so supplemented, to be filed with the SEC pursuant to Rule 424; and
comply with the provisions of the Securities Act applicable to it with
respect to the disposition of all securities covered by each Shelf
Registration Statement during the Effectiveness Period (except to the
extent permitted under Section 3(j)) in accordance with the intended
methods of disposition by the sellers thereof set forth in such Shelf
Registration Statement as so amended or such Prospectus as so supplemented.
(c) If, at any time during the Effectiveness Period, any Registration
Statement shall cease to comply with the requirements of the Securities Act
with respect to eligibility for the use of the form on which such
Registration Statement was filed with the SEC (or if such Registration
Statement constituted an Automatic Shelf Registration Statement at the time
it was filed with the SEC and shall thereafter cease to constitute an
Automatic Shelf Registration Statement, or if the Company shall have
received, from the SEC, a notice, pursuant to Rule 401(g)(2) under the
Securities Act, of objection to the use of the form on which such
Registration Statement was filed with the SEC), (i) promptly give notice to
the Notice Holders, Designated Counsel, if any, and to the Initial
Purchasers and (ii) promptly file with the SEC a new Registration Statement
under the Securities Act, or a post-effective amendment to such
Registration Statement, to effect compliance with the Securities Act. The
Company shall use its reasonable best efforts to cause such new
Registration Statement or post-effective amendment to become effective
under the Securities Act as soon as practicable and shall promptly give
notice of such effectiveness to the Notice Holders, Designated Counsel, if
any, and to the Initial Purchasers. Each such new Registration Statement,
if any, shall be deemed, for purposes of this Agreement, to be a Subsequent
Shelf Registration Statement.
(d) During the Effectiveness Period, as promptly as practicable, give
notice to the Notice Holders, the Initial Purchasers, and Designated
Counsel, if any:
(i) when any Prospectus, Prospectus supplement, Registration
Statement or post-effective amendment to a Registration Statement has
been filed with the SEC and, with respect to any Registration
Statement or any post-effective amendment, when the same has become
effective under the Securities Act,
(ii) of any request, following the effectiveness of a Shelf
Registration Statement under the Securities Act, by the SEC or any
other governmental authority for amendments or supplements to such
Shelf Registration Statement or the related Prospectus or for
additional information,
(iii) of the issuance by the SEC or any other governmental
authority of any stop order suspending the effectiveness of any Shelf
Registration Statement or the initiation or threatening of any
proceedings for that purpose,
15
(iv) of the receipt by the Company or its legal counsel of any
notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose,
(v) after the effective date of any Shelf Registration Statement
filed with the SEC pursuant to this Agreement, of the occurrence of
(but not the nature of or details concerning) a Material Event, and
(vi) of the determination by the Company that a post-effective
amendment to a Shelf Registration Statement (including Subsequent
Shelf Registration Statement) will be filed with the SEC, which notice
may, at the discretion of the Company (or as required pursuant to
Section 3(j)), state that it constitutes a Suspension Notice, in which
event the provisions of Section 3(j) shall apply.
(e) Subject to the terms hereof, use its reasonable best efforts to
(i) prevent the issuance of, and, if issued, to obtain the withdrawal of,
any order suspending the effectiveness of a Shelf Registration Statement
and (ii) obtain the lifting of any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction in which they have been qualified for sale, in either
case at the earliest possible moment, and provide prompt notice to each
Notice Holder, the Initial Purchasers and Designated Counsel, if any, of
the withdrawal or lining of any such order or suspension.
(f) Give reasonable consideration to any written request by the
Initial Purchasers or any Notice Holder, to incorporate in a Prospectus
supplement or a post-effective amendment to a Shelf Registration Statement
such information as the Initial Purchasers, such Notice Holder or
Designated Counsel, if any, shall have determined to be required to be
included therein by applicable U.S. law and, if the Company determines
pursuant hereto to give effect to such request, to make any required
filings of such Prospectus supplement or such post-effective amendment as
promptly as practicable.
(g) As promptly as practicable, furnish, upon request, to each Notice
Holder, Designated Counsel, if any, and the Initial Purchasers, without
charge, at least one (1) conformed copy of each Shelf Registration
Statement and each amendment thereto, including financial statements but
excluding schedules, all documents incorporated or deemed to be
incorporated therein by reference and all exhibits (unless requested in
writing to the Company by such Notice Holder, Designated Counsel or the
Initial Purchasers).
(h) During the Effectiveness Period, deliver to each Notice Holder,
Designated Counsel, if any, and the Initial Purchasers, in connection with
any sale of Registrable Securities pursuant to a Shelf Registration
Statement, without charge, as many copies of the Prospectus or Prospectuses
relating to such Registrable Securities and any amendment or supplement
thereto as such Notice Holder or the Initial Purchasers may reasonably
request; and the Company hereby consents (except during such periods
16
that a Suspension Notice is outstanding and has not been revoked) to the
use of such Prospectus and each amendment or supplement thereto by each
Notice Holder, in connection with any offering and sale of the Registrable
Securities covered by such Prospectus or any amendment or supplement
thereto in the manner set forth therein.
(i) Prior to any public offering of the Registrable Securities
pursuant to a Shelf Registration Statement, use its reasonable best efforts
to register or qualify or cooperate with the Notice Holders in connection
with the registration or qualification (or exemption from such registration
or qualification) of such Registrable Securities for offer and sale under
the securities or, if required, Blue Sky laws of such jurisdictions within
the United States as any Notice Holder reasonably requests in writing
(which request may be included in the Notice and Questionnaire); use its
reasonable best efforts to keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period in
connection with such Notice Holder's offer and sale of Registrable
Securities pursuant to such registration or qualification (or exemption
therefrom) and do any and all other acts or things reasonably necessary or
advisable to enable the disposition in such jurisdictions of such
Registrable Securities in the manner set forth in the relevant Shelf
Registration Statement and the related Prospectus; provided, however, that
the Company will not be required to (i) qualify generally to do business in
any jurisdiction where it is not then so qualified or (ii) take any action
that would subject it to general service of process in suits, other than
those arising out of and limited solely to the offering or sale of
Registrable Securities, in any jurisdiction where it is not now so subject.
(j) Upon: (A) the occurrence or existence of any pending or
prospective corporate development (a "Material Event") that, in the
reasonable discretion of the Company, makes it appropriate to suspend the
availability of any Shelf Registration Statement and the related
Prospectus; (B) the issuance by the SEC of a stop order suspending the
effectiveness of any Shelf Registration Statement or the initiation of
proceedings with respect to any Shelf Registration Statement under Section
8(d) or 8(e) of the Securities Act; or (C) the occurrence of any event or
the existence of any fact as a result of which any Shelf Registration
Statement shall contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make
the statements therein not misleading, or any Prospectus shall contain any
untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading,
(i) in the case of clause (A) or (C) above, subject to the next
sentence, as promptly as practicable, prepare and file, if necessary
pursuant to the Securities Act, a post-effective amendment to such
Shelf Registration Statement or a supplement to such Prospectus or any
document incorporated therein by reference or file any other required
document that would be incorporated by reference into such Shelf
Registration Statement and Prospectus so that such Shelf Registration
Statement does not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or
necessary to make the statements
17
therein not misleading, and so that such Prospectus does not contain
any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, as
thereafter delivered to the purchasers of the Registrable Securities
being sold thereunder (it being understood that the Company may rely
on information with respect to a Notice Holder provided by such Notice
Holder to the Company for use in such Prospectus, including, without
limitation, the Holder Information), and, in the case of a
post-effective amendment to a Registration Statement, subject to the
next sentence, use its reasonable best efforts to cause it to become
effective under the Securities Act as promptly as practicable, and
(ii) give notice to the Notice Holders, the Initial Purchasers
and Designated Counsel, if any, that the availability of the Shelf
Registration Statement is suspended (a "Suspension Notice") (and, upon
receipt of any Suspension Notice, each Notice Holder agrees not to
sell any Registrable Securities pursuant to such Shelf Registration
Statement until such Notice Holder's receipt of copies of the
supplemented or amended Prospectus provided for in clause (i) above or
until such Notice Holder is advised in writing by the Company that the
Prospectus may be used).
The Company will use its reasonable best efforts to ensure that the use of
the Prospectus may be resumed (x) in the case of clause (A) above, as soon
as, in the reasonable discretion of the Company, such suspension is no
longer appropriate, (y) in the case of clause (B) above, as promptly as is
practicable, and (z) in the case of clause (C) above, as soon as, in the
reasonable judgment of the Company, the Shelf Registration Statement does
not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the
statements therein not misleading and the Prospectus does not contain any
untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The period during
which the availability of the Shelf Registration Statement and any
Prospectus may be suspended (the "Suspension Period") without the Company
incurring any obligation to pay additional interest pursuant to Section
2(e) shall not exceed forty five (45) days in the aggregate in any six-(6)
month period.
(k) Make available for inspection during normal business hours by
representatives for the Notice Holders (and any underwriters participating
in any disposition pursuant to any Shelf Registration Statement to the
extent permitted hereunder) and any broker-dealers, attorneys and
accountants retained by such Notice Holders (or any such underwriters, if
applicable), all relevant financial and other records and pertinent
corporate documents and properties of the Company and its subsidiaries, and
cause the appropriate officers, directors and employees of the Company and
its subsidiaries to make available for inspection during normal business
hours all relevant information reasonably requested by such representatives
for the Notice Holders, or any such underwriters, broker-dealers, attorneys
or accountants in connection with such
18
disposition, in each case as is customary for similar "due diligence"
examinations; provided, however, that such persons shall first agree in
writing with the Company that such person will not engage in any
transaction involving Company securities in violation of applicable law
(including without limitation federal securities laws prohibiting trading
on the basis of material non-public information) and that any information
that is confidential at the time of delivery of such information shall be
kept confidential by such persons and shall be used solely for the purposes
of exercising rights under this Agreement, unless (i) disclosure of such
information is required by court or administrative order or is necessary to
respond to inquiries of governmental or regulatory authorities, (ii)
disclosure of such information is required by law (including any disclosure
requirements pursuant to federal securities laws in connection with the
filing of any Shelf Registration Statement or the use of any Prospectus
referred to in this Agreement) or necessary to defend or prosecute a claim
brought against or by any such persons (e.g., to establish a "due
diligence" defense), (iii) such information becomes generally available to
the public other than as a result of a disclosure or failure to safeguard
by any such person or (iv) such information becomes available to any such
person from a source other than the Company and such source is not bound by
a confidentiality agreement or is not otherwise under a duty of trust to
the Company; provided further, that the foregoing inspection and
information gathering shall, to the greatest extent possible, be
coordinated on behalf of all the Notice Holders and the other parties
entitled thereto by Designated Counsel.
(l) Comply with all applicable rules and regulations of the SEC to the
extent and so long as they are applicable to any Shelf Registration
Statement; and make generally available to its securityholders earnings
statements covering a period of twelve (12) months (which need not be
audited) satisfying the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder (or any similar rule promulgated under the
Securities Act).
(m) If electronic global certificates for the Registrable Securities
are not then available, cooperate with each Notice Holder to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities sold pursuant to a Shelf Registration Statement, which
certificates shall not bear any restrictive legends, and cause such
Registrable Securities to be in such denominations as are permitted by the
Indenture and registered in such names as such Notice Holder may request in
writing at least two (2) Business Days prior to any sale of such
Registrable Securities.
(n) Provide a CUSIP number for all Registrable Securities covered by a
Shelf Registration Statement not later than the effective date of the
Initial Shelf Registration Statement and provide the Trustee and the
Depository with certificates, if required, for the Registrable Securities
that are in a form eligible for deposit with The Depository Trust Company.
(o) Cooperate and assist in any filings required to be made with the
Financial Industry Regulatory Authority, Inc.
19
(p) Upon the filing of the Initial Shelf Registration Statement, and
upon the effectiveness under the Securities Act of the Initial Shelf
Registration Statement, if the effective date is different from the filing
date, announce the same, in each case by release through a reputable
national newswire service in the United States.
(q) Except as otherwise provided herein, take all actions as are
necessary, or reasonably requested by the Holders of a majority of the
Registrable Securities being sold, in order to expedite or facilitate
disposition of the Registrable Securities.
(r) Cause the Indenture to be qualified under the TIA not later than
the effective date of the Initial Shelf Registration Statement; and, in
connection therewith, cooperate with the Trustee to effect such changes to
the Indenture as may be required for the Indenture to be so qualified in
accordance with the terms of the TIA and execute, and use its reasonable
best efforts to cause the Trustee to execute, all documents as may be
required to effect such changes, and all other forms and documents required
to be filed with the SEC to enable the Indenture to be so qualified in a
timely manner.
(s) Use its reasonable best efforts to cause the Underlying ADSs to be
listed on The New York Stock Exchange.
4. Holder's Obligations. Each Holder agrees, by acquisition of the
Registrable Securities, that no Holder of Registrable Securities shall be
entitled to sell any of such Registrable Securities pursuant to a Shelf
Registration Statement or to receive a Prospectus relating thereto, unless such
Holder has furnished the Company with a Notice and Questionnaire as required
pursuant to Section 2(d) hereof (including the information required to be
included in such Notice and Questionnaire) and the information set forth in the
next sentence. Each Notice Holder agrees promptly to furnish to the Company all
information required to be disclosed in order to make the information previously
furnished to the Company by such Notice Holder not misleading and any other
information regarding such Notice Holder and the distribution of such
Registrable Securities as the Company may from time to time reasonably request.
Any sale of any Registrable Securities by any Holder shall constitute a
representation and warranty by such Holder that, as of the time of such sale,
the Holder Information of such Holder furnished in writing by or on behalf of
such Holder to the Company does not include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
in such Holder Information, in the light of the circumstances under which they
were made, not misleading. Each Holder agrees to keep confidential the receipt
of any Suspension Notice and the contents thereof, except as required pursuant
to applicable law.
5. Registration Expenses. The Company shall bear all fees and expenses
incurred in connection with the performance by the Company of its obligations
under Section 2 and Section 3 of this Agreement whether or not any of the Shelf
Registration Statements are filed or declared effective under the Securities
Act. Such fees and expenses ("Registration Expenses") shall include, without
limitation, (i) all registration and filing fees and expenses (including,
without limitation, fees and expenses (x) with respect to filings required to be
made with the National Association of Securities Dealers, Inc. and (y) of
compliance with federal securities laws and state securities or Blue Sky laws,
if any (including, without limitation, reasonable fees
20
and disbursements of Designated Counsel, if any, in connection with Blue Sky
qualifications of the Registrable Securities under the laws of such
jurisdictions), (ii) all expenses of the Company in preparing or assisting in
preparing, word processing, printing and distributing any Shelf Registration
Statement, any Prospectus, any amendments or supplements thereto, any securities
sales agreements and other documents relating to the performance of and
compliance with this Agreement, (iii) all fees and disbursements of counsel for
the Company, (iv) all fees and disbursements of Designated Counsel, the
selection of whom shall be reasonably agreed by the Company, (v) all fees and
disbursements of the Trustee and its counsel and of the registrar and transfer
agent for the Ordinary Shares, and (vi) Securities Act liability insurance
obtained by the Company in its sole discretion. In addition, the Company shall
pay the internal expenses of the Company, the expense of any annual audit or
quarterly review, the fees and expenses incurred in connection with the listing
by the Company of the Registrable Securities on any securities exchange or
quotation system on which similar securities of the Company are then listed and
the fees and expenses of any person, including, without limitation, special
experts, retained by the Company. If the Company shall, pursuant to Rule 456(b),
defer payment of any registration fees due under the Securities Act with respect
to any Registration Statement, the Company agrees that it shall pay the fees
applicable to such Registration Statement within the time required by Rule
456(b)(1)(i) (without reliance on the proviso to Rule 456(b)(1)(i)) and in
compliance with Rule 456(b) and Rule 457(r). Each Holder shall pay all brokerage
fees and commissions incurred by it, all transfer taxes incurred by it, the fees
and expenses of any advisors the Holder engages and all similar fees and costs
incurred by such Holder relating to such Holder's disposition of Registrable
Securities.
6. Indemnification, Contribution.
(a) The Company agrees to indemnify, defend and hold harmless each
Initial Purchaser, each Holder, each person (a "Controlling Person"), if
any, who controls, is controlled by or is under common control with any
Initial Purchaser or Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act and the respective
Affiliates (including joint venture counterparts), officers, directors,
partners, employees, representatives and agents of any Initial Purchaser,
the Holders or any Controlling Person (each, an "Indemnified Party"), from
and against any loss, damage, expense, liability, claim or any actions in
respect thereof (including the reasonable cost of investigation) which such
Indemnified Party may incur or become subject to under the Securities Act,
the Exchange Act or otherwise, insofar as such loss, damage, expense,
liability, claim or action arises out of or is based upon any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement, Prospectus or Issuer Free Writing Prospectus,
including any document incorporated by reference therein, or in any
amendment or supplement thereto or in any preliminary prospectus, or arises
out of or is based upon any omission or alleged omission to state a
material fact required to be stated in any Registration Statement or in any
amendment or supplement thereto or necessary to make the statements therein
not misleading, or arises out of or is based upon any omission or alleged
omission to state a material fact necessary in order to make the statements
made in any Prospectus, Issuer Free Writing Prospectus or in any amendment
or supplement thereto or in any preliminary prospectus, in the light of the
circumstances under which such statements were made, not misleading, and
the
21
Company shall reimburse, as incurred, the Indemnified Parties for any legal
or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, damage, expense, liability, claim
or action in respect thereof; provided, however, that the Company shall not
be required to provide any indemnification pursuant to this Section 6(a) in
any such case insofar as any such loss, damage, expense, liability, claim
or action arises out of or is based upon any untrue statement or omission
or alleged untrue statement or omission of a material fact contained in, or
omitted from, and in conformity with information furnished in writing by or
on behalf of an Initial Purchaser or a Holder to the Company expressly for
use in, any Registration Statement, Prospectus or Issuer Free Writing
Prospectus, including, without limitation, information provided to the
Company by such Holder in a Notice and Questionnaire; provided further,
however, that this indemnity agreement will be in addition to any liability
which the Company may otherwise have to such Indemnified Party; provided
further, however, that no Initial Purchaser or Holder shall be entitled to
this indemnity to the extent, and only to the extent, such loss, damage,
expense, liability, claim or action arises out of a disposition, pursuant
to a Registration Statement, of Registrable Securities by such Initial
Purchaser or Holder, as the case may be, during a Suspension Period,
provided such Initial Purchaser or Holder, as the case may be, received,
prior to such disposition, a Suspension Notice with respect to such
Suspension Period.
(b) Each Holder, severally and not jointly, agrees to indemnify,
defend and hold harmless the Company, its directors, officers, employees,
representatives and agents and any person who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each, a "Company Indemnified Party") from and against any
loss, damage, expense, liability, claim or any actions in respect thereof
(including the reasonable cost of investigation) which such Company
Indemnified Party may incur or become subject to under the Securities Act,
the Exchange Act or otherwise, insofar as such loss, damage, expense,
liability, claim or action arises out of or is based upon (A) any untrue
statement or alleged untrue statement of a material fact contained in, and
in conformity with information (the "Holder Information") furnished in
writing by or on behalf of such Holder to the Company expressly for use in,
any Registration Statement or Prospectus, or arises out of or is based upon
any omission or alleged omission to state a material fact in connection
with such Holder Information, which material fact was not contained in such
Holder Information, and which material fact was either required to be
stated in any Registration Statement or Prospectus, or any amendment or
supplement thereto, or necessary to make such Holder Information not
misleading; (B) a sale, by such Holder, pursuant to a Registration
Statement, of Registrable Securities during a Suspension Period, provided
that the Company shall have theretofore provided such Holder with a
Suspension Notice with respect to such Suspension Period; or (C) a public
sale of Registrable Securities by such Holder without delivery, if required
by the Securities Act, of the most recent applicable Prospectus provided to
such Holder by the Company pursuant to Section 3(h) or Section 2(d)(i)(C);
and, subject to the limitation set forth in the immediately preceding
clause, each Holder shall reimburse, as incurred, the Company for any legal
or other expenses reasonably incurred by the Company or any such
controlling person in connection with investigating or defending any loss,
damage, expense, liability, claim or action in respect thereof. This
22
indemnity agreement will be in addition to any liability which such Holder
may otherwise have to the Company or any of its controlling persons. In no
event shall the liability of any selling Holder of Registrable Securities
hereunder be greater in amount than the dollar amount of the proceeds
received by such Holder upon the sale, pursuant to the Registration
Statement, of the Registrable Securities giving rise to such
indemnification obligation.
(c) If any action, suit or proceeding (each, a "Proceeding") is
brought against any person in respect of which indemnity may be sought
pursuant to either Section 6(a) or Section 6(b), such person (the
"Indemnified Party") shall promptly notify the person against whom such
indemnity may be sought (the "Indemnifying Party") in writing of the
institution of such Proceeding and the Indemnifying Party shall assume the
defense of such Proceeding, including the employment of counsel reasonably
satisfactory to the Indemnified Party and payment of all fees and expense;
provided, however, that the omission to so notify such Indemnifying Party
shall not relieve such Indemnifying Party from any liability which it may
have to such Indemnified Party or otherwise. Such Indemnified Party shall
have the right to employ its own counsel in any such case, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party
unless the employment of such counsel shall have been authorized in writing
by such Indemnifying Party in connection with the defense of such
Proceeding or such Indemnifying Party shall not have, within a reasonable
period of time in light of the circumstances, employed counsel to defend
such Proceeding or such Indemnified Party shall have reasonably concluded
that there may be one or more defenses available to it that are different
from, additional to or in conflict with those available to such
Indemnifying Party (in which case such Indemnifying Party shall not have
the right to direct the defense of such Proceeding on behalf of the
Indemnified Party, in any of which events such fees and expenses shall be
borne by such Indemnifying Party and paid as incurred (it being understood,
however, that such Indemnifying Party shall not be liable for the expenses
of more than one separate counsel in any one Proceeding or series of
related Proceedings (in additional to any local counsel) representing the
Indemnified Parties who are parties to such action). An Indemnifying Party
shall not be liable for any settlement of such Proceeding effected without
the written consent of such Indemnifying Party, but if settled with the
written consent of such Indemnifying Party, such Indemnifying Party agrees
to indemnify and hold harmless an Indemnified Party from and against any
loss or liability by reason of such settlement. Notwithstanding the
foregoing sentence, if at any time an Indemnified Party shall have
requested an Indemnifying Party to reimburse such Indemnified Party for
fees and expenses of counsel as contemplated by the second sentence of this
paragraph, then such Indemnifying Party agrees that it shall be liable for
any settlement of any Proceeding effected without its written consent if
(i) such settlement is entered into more than sixty (60) Business Days
after receipt by such Indemnifying Party of the aforesaid request, (ii)
such Indemnifying Party shall not have fully reimbursed such Indemnified
Party in accordance with such request prior to the date of such settlement
and (iii) such Indemnified Party shall have given such Indemnifying Party
at least thirty (30) days' prior notice of its intention to settle. No
Indemnifying Party shall, without the prior written consent of any
Indemnified Party, effect any settlement of any pending or threatened
Proceeding in respect of which
23
such Indemnified Party is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Party, unless such
settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding and
does not include an admission of fault or culpability or a failure to act
by or on behalf of such Indemnified Party.
(d) If the indemnification provided for in this Section 6 is
unavailable to an Indemnified Party under Section 6(a) or Section 6(b), or
insufficient to hold such Indemnified Party harmless, in respect of any
losses, damages, expenses, liabilities, claims or actions referred to
therein, then each applicable Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such losses, damages, expenses,
liabilities, claims or actions (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company, on the one hand, and
by the Holders or the Initial Purchasers, on the other hand, from the
offering of the Registrable Securities or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the Company, on the one
hand, and of the Holders or the Initial Purchasers, on the other hand, in
connection with the statements or omissions which resulted in such losses,
damages, expenses, liabilities, claims or actions, as well as any other
relevant equitable considerations. The relative fault of the Company, on
the one hand, and of the Holders or the Initial Purchasers, on the other
hand, shall be determined by reference to, among other things, whether the
untrue statement or alleged untrue statement of a material fact or omission
or alleged omission relates to information supplied by the Company or by
the Holders or the Initial Purchasers and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of
the losses, damages, expenses, liabilities, claims and actions referred to
above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with investigating or
defending any Proceeding.
(e) The Company, the Holders and the Initial Purchasers agree that it
would not be just and equitable if contribution pursuant to this Section 6
were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in
Section 6(d) above. Notwithstanding the provisions of this Section 6, no
Holder shall be required to contribute any amount in excess of the amount
by which the total price at which the Registrable Securities giving rise to
such contribution obligation and sold by such Holder were offered to the
public exceeds the amount of any damages which it has otherwise been
required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The Holders' respective obligations
to contribute pursuant to this Section 6 are several in proportion to the
respective amount of Registrable Securities they have sold pursuant to a
Registration Statement, and not joint. The remedies provided for in this
Section 6 are not exclusive and shall not limit any
24
rights or remedies which may otherwise be available to any indemnified
party at law or in equity.
(f) The indemnity and contribution provisions contained in this
Section 6 shall remain operative and in full force and effect regardless of
(i) any termination of this Agreement, (ii) any investigation made by or on
behalf of any Holder or the Initial Purchasers or any person controlling
any Holder or Initial Purchaser, or the Company, or the Company's officers
or directors or any person controlling the Company and (iii) the sale of
any Registrable Security by any Holder.
7. Information Requirements.
(a) The Company covenants that, if at any time before the end of the
Effectiveness Period it is not subject to the reporting requirements of the
Exchange Act, it will cooperate with any Holder of Registrable Securities
and take such further action as any Holder of Registrable Securities may
reasonably request in writing (including, without limitation, making such
representations as any such Holder may reasonably request), all to the
extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the
limitations of the exemptions provided by Rule 144, Rule 144A or Regulation
S under the Securities Act and customarily taken in connection with sales
pursuant to such exemptions. Upon the written request of any Holder, the
Company shall deliver to such Holder a written statement as to whether the
Company has duly filed all reports required to be filed by it under Section
13 or 15(d) of the Exchange Act during the preceding twelve (12) months,
unless such a statement has been included in the Company's most recent
report filed with the SEC pursuant to Section 13 or Section 15(d) of the
Exchange Act.
(b) During the Effectiveness Period, the Company shall use its
commercially reasonable efforts to comply with all requirements set forth
in the instructions to Form F-3 in order to allow the Company to be
eligible to file registration statements on Form F-3. The Company shall use
its commercially reasonable efforts to remain eligible, pursuant to Rule
430B(b), to omit, from the prospectus that is filed as part of a Shelf
Registration Statement, the identities of selling securityholders and
amounts of securities to be registered on their behalf.
8. Underwritten Registrations.
Notwithstanding anything herein to the contrary, in no event shall
Registrable Securities be offered and sold pursuant hereto through a Shelf
Registration Statement pursuant to an underwritten offering without the prior
written agreement of the Company. No person may participate in any underwritten
registration hereunder unless such person (i) agrees to sell such person's
Registrable Securities on the basis reasonably provided in any underwriting
arrangements approved by the Company and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements. The Holders participating in any underwritten offering shall be
responsible for any underwriting discounts and commissions and fees and, subject
to Section 5 hereof, expenses of their own counsel. The Company shall pay all
25
expenses customarily borne by issuers in an underwritten offering, including but
not limited to filing fees, the fees and disbursements of its counsel and
independent public accountants and any printing expenses incurred in connection
with such underwritten offering.
9. Miscellaneous.
(a) Remedies. The Company acknowledges and agrees that any failure by
the Company to comply with its obligations under this Agreement may result
in material irreparable injury to the Initial Purchasers and the Holders
for which there is no adequate remedy at law, that it will not be possible
to measure damages for such injuries precisely and that, in the event of
any such failure, any Initial Purchaser or Holder may obtain such relief as
may be required to specifically enforce the Company's obligations under
this Agreement. The Company further agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.
Notwithstanding the foregoing two sentences, this Section 9(a) shall not
apply to the subject matter referred to in and contemplated by Section
2(e).
(b) No Conflicting Agreements. The Company will not, on or after the
date of this Agreement, enter into any agreement with respect to the
Company's securities that conflicts with the rights granted to the Holders
in this Agreement. The Company represents and warrants that the rights
granted to the Holders hereunder are not in conflict with the rights
granted to the holders of the Company's securities under any other
agreements.
(c) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions
hereof may not be given, unless the Company has obtained the written
consent of Holders of a majority of outstanding Registrable Securities;
provided, however, that, no consent is necessary from any of the Holders in
the event that this Agreement is amended, modified or supplemented for the
purpose of curing any ambiguity, defect or inconsistency that does not
adversely affect the rights of any Holders. Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders of Registrable
Securities whose securities are being sold pursuant to a Shelf Registration
Statement and that does not directly or indirectly affect the rights of
other Holders of Registrable Securities may be given by Holders of at least
a majority of the Registrable Securities being sold by such Holders
pursuant to such Shelf Registration Statement; provided, however, that the
provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the immediately preceding
sentence. Each Holder of Registrable Securities outstanding at the time of
any such amendment, modification, supplement, waiver or consent or
thereafter shall be bound by any such amendment, modification, supplement,
waiver or consent effected pursuant to this Section 9(c), whether or not
any notice, writing or marking indicating such amendment, modification,
supplement, waiver or consent appears on the Registrable Securities or is
delivered to such Holder.
26
(d) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, by
telecopier, by courier guaranteeing overnight delivery or by first-class
mail, return receipt requested, and shall be deemed given (A) when made, if
made by hand delivery, (B) upon confirmation, if made by telecopier, (C)
one (1) Business Day after being deposited with such courier, if made by
overnight courier or (D) on the date indicated on the notice of receipt, if
made by first-class mail, to the parties as follows:
(i) if to a Holder, at the most current address given by such
Holder to the Company in a Notice and Questionnaire or any amendment
thereto;
(ii) if to the Company, to:
LDK Solar Co., Ltd.
▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
People's Republic of China
Attention: Chief Financial Officer
Telecopy No.: ▇▇-▇▇-▇▇▇▇-▇▇▇▇
(iii) if to the Initial Purchasers, to:
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. International plc
▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇ ▇▇▇
England
Attention: Head of Capital Markets
Telecopy No.: ▇▇-▇▇-▇▇▇▇-▇▇▇▇
UBS AG
52/F, Two International Finance Centre
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇
Attention: Syndicate Department
Telecopy No.: 852-2971-8888
▇.▇. ▇▇▇▇▇▇ Securities Inc.
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention: Syndicate Department
Telecopy No.: ▇▇▇-▇▇▇-▇▇▇▇
▇▇▇▇▇▇▇ & Company, LLC
c/o Bear ▇▇▇▇▇▇▇ Securities Corp
▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
27
Attention: Cashiers Departnment
Telecopy No.: ▇▇▇-▇▇▇-▇▇▇▇
▇▇▇▇▇ and Company, LLC
1221 Avenue of the ▇▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Telecopy No.: ▇▇▇-▇▇▇-▇▇▇▇
Lazard Capital Markets LLC
▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Telecopy No.: ▇▇▇-▇▇▇-▇▇▇▇
or to such other address as such person may have furnished to the other persons
identified in this Section 9(d) in writing in accordance herewith.
(e) Majority of Registrable Securities. For purposes of determining
what constitutes holders of a majority of Registrable Securities, as
referred to in this Agreement, a majority shall mean holders of a majority
of the Underlying Ordinary Shares that constitute Registrable Securities,
treating (i) each holder of Notes that constitute Registrable Securities as
the holder of the Underlying Ordinary Shares represented by the Underlying
ADSs issuable upon conversion of such Notes as if such Notes were
convertible solely into ADSs (without regard to the Company's right to
elect full or partial cash settlement upon conversion of the Notes pursuant
to the Indenture), and (ii) treating each holder of ADSs (if any) that
constitute Registrable Securities as the holder of the Underlying Ordinary
Shares represented by such ADSs.
(f) Approval of Holders. Whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or its "affiliates" (as such
terms is defined in Rule 405) (other than the Initial Purchasers or
subsequent Holders of Registrable Securities, if the Initial Purchasers or
such subsequent Holders are deemed to be such affiliates solely by reason
of their holdings of such Registrable Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of
such required percentage.
(g) Third Party Beneficiaries. Each Holder shall be third party
beneficiary to the agreements made hereunder between the Company, on the
one hand, and the Initial Purchasers, on the other hand, and shall have the
right to enforce such agreements directly to the extent it may deem such
enforcement necessary or advisable to protect its rights hereunder. The
Trustee shall be entitled to the rights granted to it pursuant to this
Agreement and shall be bound by the terms hereof.
28
(h) Successors and Assigns. Any person who purchases any Covered
Security from any Initial Purchaser or from any Holder shall be deemed, for
purposes of this Agreement, to be an assignee of such Initial Purchaser or
such Holder, as the case may be. This Agreement shall inure to the benefit
of and be binding upon the respective successors and assigns of each of the
parties hereto and shall inure to the benefit of and be binding upon each
Holder of any Covered Security.
(i) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be original and all of which
taken together shall constitute one and the same agreement.
(j) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.
(k) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(l) Severability. If any term, provision, covenant or restriction of
this Agreement is held to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be
affected, impaired or invalidated thereby, and the parties hereto shall use
their reasonable best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by
such term, provision, covenant or restriction, it being intended that all
of the rights and privileges of the parties shall be enforceable to the
fullest extent permitted by law.
(m) Entire Agreement. This Agreement is intended by the parties hereto
as a final expression of their agreement and is intended to be a complete
and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein and the
registration rights granted by the Company with respect to the Registrable
Securities. Except as provided in the Purchase Agreement, there are no
restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein, with respect to the registration rights
granted by the Company with respect to the Registrable Securities. This
Agreement supersedes all prior agreements and undertakings among the
parties with respect to such registration rights. No party hereto shall
have any rights, duties or obligations other than those specifically set
forth in this Agreement.
(n) Termination. This Agreement and the obligations of the parties
hereunder shall terminate upon the end of the Effectiveness Period, except
for any liabilities or obligations under Section 4, Section 5 or Section 6
hereof and the obligations to make payments of and provide for additional
interest under Section 2(e) hereof to the extent such additional interest
accrued prior to the end of the Effectiveness Period and to the extent any
overdue additional interest accrues in accordance with the last paragraph
of such Section 2(e), each of which shall remain in effect in accordance
with its terms.
29
(o) Submission to Jurisdiction. Except as set forth below, no
proceeding, claim, counterclaim or dispute of any kind or nature whatsoever
arising out of or in any way relating to this Agreement ("Claim") may be
commenced, prosecuted or continued in any court other than the courts of
the State of New York located in the City and County of New York or in the
United States District Court for the Southern District of New York, which
courts shall have jurisdiction over the adjudication of such matters, and
the Company hereby consents to the jurisdiction of such courts and personal
service with respect thereto. The Company hereby consents to personal
jurisdiction, service and venue in any court in which any Claim arising out
of or in any way relating to this Agreement is brought by any third party
against any Initial Purchaser. THE COMPANY, EACH INITIAL PURCHASER AND EACH
HOLDER HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER
BASED UPON CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR
RELATING TO THIS AGREEMENT. The Company, each Initial Purchaser and each
Holder agree that a final judgment in any such Proceeding brought in any
such court shall be conclusive and binding upon such party and may be
enforced in any other courts in the jurisdiction of which such party is or
may be subject, by suit upon such judgment. The Company hereby appoints,
without power of revocation, Law Debenture Corporate Services Inc. at ▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, as its agent to accept
and acknowledge on its behalf service of any and all process which may be
served in any Claim.
(p) Judgment Currency. In respect of any judgment or order given or
made for any amount due hereunder that is expressed and paid in a currency
(the "judgment currency") other than United States dollars, the Company
agrees to indemnify the Initial Purchasers against any loss incurred by
such Initial Purchasers as a result of any variation as between (a) the
rate of exchange at which the United States dollar amount is converted into
the judgment currency for the purpose of such judgment or order and (b) the
rate of exchange at which such Initial Purchaser is able to purchase United
States dollars with the amount of the judgment currency actually received
by such Initial Purchaser. If the United States dollars so purchased are
greater than the sum originally due to such Initial Purchaser hereunder,
such Initial Purchaser agrees to pay to the Company an amount equal to the
excess of the United States dollars so purchased over the sum originally
due to such Initial Purchaser hereunder. The foregoing indemnity shall
constitute a separate and independent obligation of the Company and shall
continue in full force and effect notwithstanding any such judgment or
order as aforesaid. The term "rate of exchange" shall include any premiums
and costs of exchange payable in connection with the purchase of or
conversion into United States dollars.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]
30
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.
Very truly yours,
LDK SOLAR CO., LTD.
By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇
------------------------------------
Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇
Title: Chief Executive Officer
[REGISTRATION RIGHTS AGREEMENT]
Accepted and agreed to as of the date
first above written:
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. International plc
By: /s/ ▇▇▇▇▇ ▇▇▇
------------------------------------
Name: ▇▇▇▇▇ ▇▇▇
Title: Executive Director
UBS AG
By: /s/ ▇▇▇▇ ▇▇▇▇
------------------------------------
Name: ▇▇▇▇ ▇▇▇▇
Title: Executive Director
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇
------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇
Title: Associate Director
▇.▇. ▇▇▇▇▇▇ Securities Inc.
By: /s/ ▇▇▇▇ ▇. ▇'▇▇▇▇
------------------------------------
Name: ▇▇▇▇ ▇. ▇'▇▇▇▇
Title: Managing Director
[REGISTRATION RIGHTS AGREEMENT]
▇▇▇▇▇▇▇ & Company, LLC
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Managing Director
▇▇▇▇▇ and Company, LLC
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇
Title: Managing Director
Lazard Capital Markets LLC
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
Title: Managing Director
[REGISTRATION RIGHTS AGREEMENT]