BP » Topics » Changes Requiring Your Approval

These excerpts taken from the BP 424B5 filed Aug 7, 2009.

Changes Requiring Your Approval

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified approval in order to:

 

   

change the stated maturity of the principal or interest on a debt security;

 

   

reduce any amounts due on a debt security;

 

   

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

 

   

change the place or currency of payment on a debt security;

 

   

impair your right to sue for payment;

 

   

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

 

   

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various defaults;

 

   

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

 

   

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

Changes Requiring Your Approval

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified
approval in order to:

 







  

change the stated maturity of the principal or interest on a debt security;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

reduce any amounts due on a debt security;

 







  

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

change the place or currency of payment on a debt security;

 







  

impair your right to sue for payment;

 







  

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various
defaults;

 







  

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%">Changes Requiring a Majority Vote

SIZE="2">The second type of change to the indentures and the debt securities is the kind that requires a vote in favor by holders of debt securities owning a majority of the principal amount of the particular series affected. Most changes fall into
this category, except for clarifying changes and other changes that would not adversely affect holders of the debt securities in any material respect. The same vote would be required for us to obtain a waiver of all or part of the covenants
described in this summary or a waiver of a past default. However, we cannot obtain a waiver of a payment default or any other aspect of the indentures or the debt securities listed in the first category described above under “Changes Requiring
Your Approval” unless we obtain your individual consent to the waiver. (Section 513)

 


16







Table of Contents


These excerpts taken from the BP 424B5 filed May 5, 2009.

Changes Requiring Your Approval

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified approval in order to:

 

   

change the stated maturity of the principal or interest on a debt security;

 

   

reduce any amounts due on a debt security;

 

   

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

 

   

change the place or currency of payment on a debt security;

 

   

impair your right to sue for payment;

 

   

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

 

   

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various defaults;

 

   

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

 

   

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

Changes Requiring Your Approval

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified
approval in order to:

 







  

change the stated maturity of the principal or interest on a debt security;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

reduce any amounts due on a debt security;

 







  

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

change the place or currency of payment on a debt security;

 







  

impair your right to sue for payment;

 







  

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various
defaults;

 







  

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%">Changes Requiring a Majority Vote

SIZE="2">The second type of change to the indentures and the debt securities is the kind that requires a vote in favor by holders of debt securities owning a majority of the principal amount of the particular series affected. Most changes fall into
this category, except for clarifying changes and other changes that would not adversely affect holders of the debt securities in any material respect. The same vote would be required for us to obtain a waiver of all or part of the covenants
described in this summary or a waiver of a past default. However, we cannot obtain a waiver of a payment default or any other aspect of the indentures or the debt securities listed in the first category described above under “Changes Requiring
Your Approval” unless we obtain your individual consent to the waiver. (Section 513)

 


16







Table of Contents


These excerpts taken from the BP F-3ASR filed Mar 13, 2009.

Changes Requiring Your Approval

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified approval in order to:

 

   

change the stated maturity of the principal or interest on a debt security;

 

   

reduce any amounts due on a debt security;

 

   

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

 

   

change the place or currency of payment on a debt security;

 

   

impair your right to sue for payment;

 

   

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

 

   

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various defaults;

 

   

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

 

   

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

Changes Requiring Your Approval

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified
approval in order to:

 







  

change the stated maturity of the principal or interest on a debt security;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

reduce any amounts due on a debt security;

 







  

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

change the place or currency of payment on a debt security;

 







  

impair your right to sue for payment;

 







  

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various
defaults;

 







  

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%">Changes Requiring a Majority Vote

SIZE="2">The second type of change to the indentures and the debt securities is the kind that requires a vote in favor by holders of debt securities owning a majority of the principal amount of the particular series affected. Most changes fall into
this category, except for clarifying changes and other changes that would not adversely affect holders of the debt securities in any material respect. The same vote would be required for us to obtain a waiver of all or part of the covenants
described in this summary or a waiver of a past default. However, we cannot obtain a waiver of a payment default or any other aspect of the indentures or the debt securities listed in the first category described above under “Changes Requiring
Your Approval” unless we obtain your individual consent to the waiver. (Section 513)

 


16







Table of Contents


This excerpt taken from the BP 424B5 filed Mar 13, 2009.

Changes Requiring Your Approval

 

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified approval in order to:

 

   

change the stated maturity of the principal or interest on a debt security;

 

   

reduce any amounts due on a debt security;

 

   

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

 

   

change the place or currency of payment on a debt security;

 

   

impair your right to sue for payment;

 

   

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

 

   

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various defaults;

 

   

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

 

   

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

 

This excerpt taken from the BP 424B5 filed Mar 6, 2009.

Changes Requiring Your Approval

 

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified approval in order to:

 

   

change the stated maturity of the principal or interest on a debt security;

 

   

reduce any amounts due on a debt security;

 

   

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

 

   

change the place or currency of payment on a debt security;

 

   

impair your right to sue for payment;

 

   

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

 

   

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various defaults;

 

   

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

 

   

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

 

This excerpt taken from the BP 424B5 filed Nov 5, 2008.

Changes Requiring Your Approval

 

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified approval in order to:

 

   

change the stated maturity of the principal or interest on a debt security;

 

   

reduce any amounts due on a debt security;

 

   

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

 

   

change the place or currency of payment on a debt security;

 

   

impair your right to sue for payment;

 

   

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

 

   

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various defaults;

 

   

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

 

   

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

 

This excerpt taken from the BP 424B5 filed Mar 13, 2008.

Changes Requiring Your Approval

 

First, there are changes that cannot be made to your debt securities without your specific approval. We must obtain your specified approval in order to:

 

   

change the stated maturity of the principal or interest on a debt security;

 

   

reduce any amounts due on a debt security;

 

   

reduce the amount of principal payable upon acceleration of the maturity of a debt security following a default;

 

   

change the place or currency of payment on a debt security;

 

   

impair your right to sue for payment;

 

   

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indentures;

 

   

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various provisions of the indentures or to waive various defaults;

 

   

modify any other aspect of the provisions dealing with modification and waiver of the indentures; and

 

   

change the obligations of BP to pay any principal, premium or interest under the guarantees. (Section 902)

 

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