“Qualified Institutional Buyer”
means:
(1) Any of the following entities, acting for its own account or the accounts of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary
basis at least $100 million in securities of issuers that are not affiliated with the entity:
(a) Any insurance company as defined in Section 2(a)(13) of the Securities Act;
(b)
Any investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”)
or any business development company as defined in Section 2(a)(48) of the Investment Company Act;
(c) Any Small Business Investment Company licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958 or any Rural Business
Investment Company as defined in section 384A of the Consolidated
Farm and Rural Development Act;
(d) Any
plan established and maintained by a state, its political subdivisions, or any
agency or instrumentality of a state or its political subdivisions, for the
benefit of its employees;
(e) Any
employee benefit plan within the meaning of Title I of the Employee Retirement
Income Security Act of 1974;
(f) Any
trust fund whose trustee is a bank or trust company and whose participants are
exclusively plans of the types identified in subparagraph (1)(D) or (E) above,
except trust funds that include as participants individual retirement accounts
or H.R. 10 plans;
(g) Any
business development company as defined in Section 202(a)(22) of the Investment
Advisers Act of 1940 (the “Investment Advisers
Act”);
(h)
Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation (other than a bank as defined in Section 3(a)(2)
of the Securities Act or a savings and loan association or other institution referenced in Section 3(a)(5)(A) of the Securities Act or a foreign bank or savings
and loan association or equivalent institution), partnership, limited liability company, or Massachusetts or similar business trust;
and
(i)
Any investment adviser registered under the Investment
Advisers Act.
(2) Any dealer registered pursuant to Section 15 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) acting for its own
account or the accounts of other qualified institutional buyers, that in the
aggregate owns and invests on a discretionary basis at least $10 million of
securities of issuers that are not affiliated with the dealer, provided that securities
constituting the whole or a part of an unsold allotment to or subscription by a
dealer as a participant in a public offering shall not be deemed to be owned by
such dealer;
(3)
Any dealer registered pursuant to Section 15 of the Exchange Act
acting in a riskless principal transaction (as defined below) on behalf of a
qualified institutional buyer;
(4)
Any investment company registered under the Investment Company Act, acting for its own account or for the accounts of other qualified institutional buyers,
that is part of a family of investment companies which own in the aggregate at least US$100 million in securities of issuers, other than issuers that are
affiliated with the investment company or are part of such family of investment companies. “Family of investment companies” means any two or more investment
companies registered under the Investment Company Act, except for a unit investment trust whose assets consist solely of shares of one or more registered
investment companies, that have the same investment adviser (or, in the case of unit investment trusts, the same depositor), provided that, for purposes
of this subparagraph:
(a)
Each series of a series company (as defined in Rule 18f-2 under the Investment Company Act) shall be deemed to be a separate investment company; and
(b)
Investment companies shall be deemed to have the same adviser (or depositor) if their advisers (or depositors) are majority-owned subsidiaries of the same parent,
or if one investment company’s adviser (or depositor) is a majority-owned subsidiary of the other investment company’s adviser (or depositor);
(5) Any entity, all of the equity owners of which are qualified institutional buyers, acting for its
own account or the accounts of other qualified institutional buyers; and
(6)
Any bank as defined in Section 3(a)(2) of the Securities Act, any savings and loan association or other institution as referenced in Section 3(a)(5)(A)
of the Securities Act, or any foreign bank or savings and loan association or equivalent institution, acting for its own account or the accounts of other
qualified institutional buyers, that in the aggregate owns and invests on a discretionary basis at least US$100 million in securities of issuers that are
not affiliated with it and that has an audited net worth of at least US$25 million as demonstrated in its latest annual financial statements, as of a date not
more than 16 months preceding the date of sale under the rule in the case of a U.S. bank or savings and loan association, and not more than 18 months preceding
such date of sale for a foreign bank or savings and loan association or equivalent institution.
For purposes of the foregoing definition:
(1)
In determining the
aggregate amount of securities owned and invested on a discretionary basis by an
entity, the following instruments and interests shall be excluded: bank deposit
notes and certificates of deposit; loan participations; repurchase agreements;
securities owned but subject to a repurchase agreement; and currency, interest
rate and commodity swaps.
(2)
The aggregate value of securities owned and invested on a discretionary basis by an entity shall be the cost of such securities, except where the entity reports
its securities holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities
has been published. In the latter event, the securities may be valued at market for purposes of the foregoing definition.
(3)
In determining the
aggregate amount of securities owned by an entity and invested on a
discretionary basis, securities owned by subsidiaries of the entity that are
consolidated with the entity in its financial statements prepared in accordance
with generally accepted accounting principles may be included if the investments
of such subsidiaries are managed under the direction of the entity, except that,
unless the entity is a reporting company under Section 13 or 15(d) of the
Exchange Act, securities owned by such subsidiaries may not be included if the
entity itself is a majority-owned subsidiary that would be included in the
consolidated financial statements of another enterprise.
(4)
“Riskless principal
transaction” means a transaction in which
a dealer buys a security from any person and makes a simultaneous offsetting
sale of such security to a qualified institutional buyer, including another
dealer acting as riskless principal for a qualified institutional buyer.
* * * * * *
“Non-U.S. qualified offeree” means:
(1)
in relation to each member state of the EEA (each a “Member State”) with effect from and including the date on which Regulation (EU) 2017/1129 (the “Prospectus Regulation”) applies in that Member State:
(a) any legal entity which is a qualified investor as defined in Article 2 of the Prospectus Regulation; or
(b) any other entity in any other circumstances falling within Article 1(4) of the Prospectus Regulation,
provided that no such offer of the New Notes shall require the Issuer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation; or
(2) in relation to each Member State, a person that is not a retail investor. For the purposes of this provision: (i) the expression “retail investor” means a person who is one (or more) of the following: (A) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (B) a customer within the meaning of Directive (EU) 2016/97/EU (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (C) not a qualified investor as defined in the
Prospectus Regulation;
(3) in relation to the United Kingdom, a person that is not a retail investor. For these purposes, a retail investor means a person who is one (or more) of: (A) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United Kingdom by virtue of the United Kingdom European Union (Withdrawal Act) 2018 (“Withdrawal Act”); or (B) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the Withdrawal Act; or (C) not a qualified investor as defined in the UK Prospectus Regulation; or
(4) any entity outside of the United States and the EEA to whom the offers related to the New Notes may be made in compliance with all other applicable laws and regulations of any applicable jurisdiction.
* * * * * *
“Accredited Investor” (as defined in Rule 501(a) of Regulation D under the Securities Act) means:
(1)
Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A)
of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act
of 1934; any investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state;
any investment adviser relying on the exemption from registering with the Commission under section 203(l) or (m) of the Investment Advisers Act of 1940;
any insurance company as defined in section 2(a)(13) of the Securities Act; any investment company registered under the Investment Company Act of 1940
or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; Small Business Investment Act of 1958; any Rural Business
Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act; any plan established and maintained by a state, its
political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total
assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment
decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company,
or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment
decisions made solely by persons that are accredited investors;
(2) Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;
(3) Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust,
partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess
of $5,000,000;
(4) Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer,
or general partner of a general partner of that issuer;
(5) Any natural person whose individual net worth, or joint net worth with that person’s spouse or spousal equivalent, exceeds $1,000,000.
i. Except as provided in paragraph (5)(ii) of this section, for purposes of calculating net worth under this paragraph (5):
A. The person’s primary residence shall not be included as an asset;
B.
Indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale of
securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the
amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall
be included as a liability); and
C. Indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence at the time of the sale
of securities shall be included as a liability;
ii. Paragraph (5)(i) of this section will not apply to any calculation of a person’s net worth made in
connection with a purchase of securities in accordance with a right to purchase such securities, provided that:
A. Such right was held by the person on July 20, 2010;
B. The person qualified as an accredited investor on the basis of net worth at the time the person acquired such right;
and
C. The person held securities of the same issuer, other than such right, on July 20, 2010.
(6) Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse
spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in
the current year;
(7) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii); and
(8) Any entity in which all of the equity owners are accredited investors.
“U.S. person” means:
(1) Any
natural person resident in the United States;
(2) Any
partnership or corporation organized or incorporated under the laws of the United
States;
(3) Any
estate of which any executor or administrator is a U.S. person;
(4) Any
trust of which any trustee is a U.S. person;
(5) Any
agency or branch of a foreign entity located in the United States;
(6) Any
non-discretionary account or similar account (other than an estate or trust) held
by a dealer or other fiduciary for the benefit or account of a U.S. person;
(7) Any
discretionary account or similar account (other than an estate or trust) held
by a dealer or other fiduciary organized, incorporated, or (if an individual)
resident in the United States; and
(8) Any
partnership or corporation if:
(a) Organized or incorporated under the laws of any foreign
jurisdiction; and
(b) Formed by a U.S. person principally for the purpose of
investing in securities not registered under the Securities Act, unless it is
organized or incorporated, and owned, by accredited investors (as defined in
Rule 501(a) under the Securities Act) who are not natural persons, estates or
trusts.
* * * * * *
“Eligible Canadian Holder” is an Eligible Holder who certifies that it is:
(a) entitled under applicable provincial or territorial securities laws to acquire securities without the benefit of a prospectus qualified under such securities
laws;
(b) an “accredited investor,” as such term is defined in National Instrument 45-106-Prospectus Exemptions (“NI 45-106”) or Section 73.3(1) of the Securities Act
(Ontario), as applicable, and a “permitted client,” as such term is defined in National Instrument 31-103-Registration Requirements, Exemptions and Ongoing
Registrant Obligations (“NI 31-103”);
(c) is either (i) acquiring securities as principal, (ii) a trust company or trust corporation registered or authorized to carry on business under the Trust and
Loan Companies Act (Canada) or under comparable legislation of a jurisdiction of Canada (other than a trust company or trust corporation registered solely under
the laws of the Province of Prince Edward Island) or a foreign jurisdiction acting on behalf of a fully managed account managed by the trust company or trust
corporation, as the case may be, or (iii) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized
to carry on business as an advisor or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; and
(d) was not created or used solely to purchase or hold securities as an accredited investor as described in paragraph (m) of the definition
of “accredited investor” in NI 45-106. The definitions of “accredited investor” and “permitted client” are set forth below.