TERMINATION OF THE REPLACEMENT CAPITAL COVENANT

 

 

TERMINATION OF THE REPLACEMENT CAPITAL COVENANT, dated as of August 22, 2011 (this “Termination”), by CVS Caremark Corporation, a Delaware corporation (the “Company”).

 

WHEREAS, on May 25, 2007, the Company granted a Replacement Capital Covenant (the “Covenant”) in favor of certain holders of the Company’s Covered Debt (as defined in the Covenant), which at all times during the effectiveness of the Covenant have been the holders of the Company’s 6.125% Senior Notes due August 15, 2016 (the “Notes”);

 

WHEREAS, pursuant to Section 4(a) of the Covenant, the Covenant may be terminated if the holders of a majority in aggregate principal amount of the Notes consent or agree in writing to the termination of the Covenant and the obligations of the Company thereunder;

 

WHEREAS, on August 9, 2011, the Company commenced a solicitation of consents (“Consent Solicitation”) from the holders of the Notes of record at 5:00 p.m. New York City time on August 8, 2011 to the proposed termination of the Covenant; and

 

WHEREAS, pursuant to the Consent Solicitation, as of 5:00 p.m. New York City time on August 22, 2011, the expiration date for the Consent Solicitation, holders of a majority in aggregate principal amount of the Notes validly delivered, and did not validly revoke, their consent to the termination of the Covenant.

 

NOW, THEREFORE, the Company hereby terminates the Covenant and the obligations of the Company thereunder, which shall be of no further force or effect.

 

IN WITNESS WHEREOF, the Company has caused this Termination to be executed by its duly authorized officer, as of the day and year first above written.

 

	CVS CAREMARK CORPORATION
	By:	/s/ Carol A. DeNale
	Name: Carol A. DeNale
	Title:Senior Vice President and Treasurer