Exhibit 4.4
TYCO INTERNATIONAL GROUP S.A.
TYCO INTERNATIONAL LTD.
SUPPLEMENTAL INDENTURE NO. 17
$500,000,000
Floating Rate Notes due 2003
THIS SUPPLEMENTAL INDENTURE NO. 17, dated as of July 30, 2001, among
TYCO INTERNATIONAL GROUP S.A., a Luxembourg company (the "COMPANY"), TYCO
INTERNATIONAL LTD., a Bermuda company ("TYCO"), and THE BANK OF NEW YORK, a New
York banking corporation, as trustee (the "TRUSTEE").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Company and Tyco have heretofore executed and delivered to
the Trustee an Indenture, dated as of June 9, 1998 (the "INDENTURE"), providing
for the issuance from time to time of one or more series of the Company's
Securities;
WHEREAS, Article Seven of the Indenture provides for various matters
with respect to any series of Securities issued under the Indenture to be
established in an indenture supplemental to the Indenture; and
WHEREAS, Section 7.1(e) of the Indenture provides that the Company,
Tyco and the Trustee may enter into an indenture supplemental to the Indenture
to establish the form or terms of Securities of any series as permitted by
Sections 2.1 and 2.4 of the Indenture;
NOW, THEREFORE, in consideration of the premises and the issuance of
the series of Securities provided for herein, the Company, Tyco and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the
respective Holders of the Securities of such series as follows:
ARTICLE 1
RELATION TO INDENTURE; DEFINITIONS
SECTION 1.1. INTEGRAL PART. This Supplemental Indenture No. 17
constitutes an integral part of the Indenture.
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SECTION 1.2. GENERAL DEFINITIONS. For all purposes of this Supplemental
Indenture No. 17:
(a) capitalized terms used herein without definition shall have the
meanings specified in the Indenture;
(b) all references herein to Articles and Sections, unless otherwise
specified, refer to the corresponding Articles and Sections of this Supplemental
Indenture No. 17;
(c) the terms "herein", "hereof", "hereunder" and other words of
similar import refer to this Supplemental Indenture No. 17; and
(d) in the event of a conflict between any definition set forth in the
Indenture and any definition set forth in this Supplemental Indenture No. 17,
the definition set forth in this Supplemental Indenture No. 17 shall control.
SECTION 1.3. DEFINITIONS. The following definitions shall apply to this
Supplemental Indenture No. 17:
"BUSINESS DAY" means any day other than a Saturday, a Sunday or a day
on which banking institutions in The City of New York are authorized or
obligated by law, executive order or governmental decree to be closed.
"CALCULATION AGENT" means The Bank of New York as Calculation Agent or
its successor in this capacity pursuant to the Calculation Agency Agreement
dated as of July 30, 2001 between the Company and The Bank of New York.
"NOTES" means the Floating Rate Notes due 2003 of the Company to which
this Supplemental Indenture No. 17 relates.
ARTICLE 2
THE SERIES OF NOTES
SECTION 2.1. TITLE OF THE SECURITIES. There shall be a series of
Securities designated as the "Floating Rate Notes due 2003" (the "NOTES").
SECTION 2.2. LIMITATION ON AGGREGATE PRINCIPAL AMOUNT; DATE OF NOTES.
The aggregate principal amount of the Notes shall not initially exceed
$500,000,000 (unless the issue of such series of Notes is "reopened" pursuant to
Section 7.1(h) of the Indenture (as set forth herein) by issuing additional
Notes of such series, in an amount or amounts and registered in the names of
such Persons as shall be set forth in any written order of the Issuer for the
authentication and delivery of Notes pursuant to Section 2.5 of the Indenture).
Each Note shall be dated the date of its authentication.
SECTION 2.3. PRINCIPAL PAYMENT DATE. Subject to the provisions of
Section 2.6 hereof and Articles Four and Twelve of the Indenture, the principal
of the Notes shall be due and payable in a single installment on July 30, 2003.
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SECTION 2.4. INTEREST AND INTEREST RATE. Interest on the Notes shall be
payable quarterly in arrears on January 30, April 30, July 30 and October 30 of
each year beginning on October 30, 2001 (each, an "INTEREST PAYMENT DATE");
PROVIDED, HOWEVER, that if an Interest Payment Date would otherwise be a day
that is not a Business Day, such Interest Payment Date shall be the next
succeeding Business Day, and no additional interest shall be paid in respect of
such intervening period.
The interest payable on each Interest Payment Date shall be the amount
of interest accrued from July 30, 2001 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, as the case may be,
until the principal amount of the Notes has been paid or duly provided for.
The interest payable on any Note which is punctually paid or duly
provided for on any Interest Payment Date shall be paid to the Person in whose
name such Note is registered at the close of business on January 15, April 15,
July 15 or October 15 (in each case, whether or not a Business Day),
respectively, immediately preceding such Interest Payment Date (each, a "REGULAR
RECORD DATE"). Interest payable on any Note which is not punctually paid or duly
provided for on any Interest Payment Date therefor shall forthwith cease to be
payable to the Person in whose name such Note is registered at the close of
business on the Regular Record Date immediately preceding such Interest Payment
Date, and such interest shall instead be paid to the Person in whose name such
Note is registered at the close of business on the record date established for
such payment by notice by or on behalf of the Company to the Holders of the
Notes mailed by first-class mail not less than 15 days prior to such record date
to their last addresses as they shall appear upon the Security register, such
record date to be not less than five days preceding the date of payment of such
defaulted interest.
The rate of interest on the Notes shall be determined in accordance
with the following provisions:
(a) At approximately 11:00 a.m. (London time) on the second day on
which commercial banks are open for business, including dealings in deposits in
U.S. dollars in London (or, for purposes of paragraph (c) below, New York),
prior to the commencement of the Interest Period (as defined below) for which
such rate will apply (each such day an "INTEREST DETERMINATION DATE") the
Calculation Agent will calculate the rate of interest (the "RATE OF INTEREST")
for such Interest Period at, subject to the provisions described below, the rate
per annum equal to 0.45% above the rate appearing on the Bridge's Telerate Page
3750 (or such other page as may replace that page on the Bridge's Telerate
Service or, if such service is not available, such other service as may be
selected by the Calculation Agent as the information vendor for the purpose of
displaying the official British Bankers Association LIBOR Fixing) for
three-month U.S. dollar deposits in the London inter-bank market on such
Interest Determination Date. The period beginning on, and including, July 30,
2001, and ending on, but excluding, the first Interest Payment Date and each
successive period beginning on, and including, an Interest Payment Date and
ending on, but excluding, the next succeeding Interest Payment Date is herein
called an "INTEREST PERIOD." All percentages resulting from any calculation on
the Notes shall be rounded to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upwards. All
dollar amounts used in or resulting from such calculation on the Notes shall be
rounded to the nearest cent, with one-half cent being rounded upward.
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(b) If on any Interest Determination Date an appropriate rate cannot be
determined from the Bridge's Telerate Service or such other service as specified
in (a) above, the Rate of Interest for the next Interest Period shall, subject
to the provisions described below, be the rate per annum that the Calculation
Agent certifies to be 0.45% per annum above the arithmetic mean of the offered
quotations, as communicated to and at the request of the Calculation Agent by
not less than two major banks in London, after requesting such quotations from
not less than four major banks in London, selected by the Calculation Agent (the
"Reference Banks," which term shall include any successors nominated by the
Calculation Agent), to leading banks in London by the principal London offices
of the Reference Banks for three-month U.S. dollar deposits, in amounts of not
less than $1,000,000, in the London inter-bank market as at 11:00 a.m. (London
time) on such Interest Determination Date.
(c) If on any Interest Determination Date fewer than two of such
offered rates are available, the Rate of Interest for the next Interest Period
shall be the Reserve Interest Rate. The "Reserve Interest Rate" refers to the
rate per annum which the Calculation Agent determines to be 0.45% per annum
above either:
(i) The arithmetic mean of the U.S. dollar offered rates which at
least two New York City banks selected by the Calculation Agent are or
were quoting, on the relevant Interest Determination Date, for three-month
deposits in amounts of not less than $1,000,000 to the Reference Banks or
those of them (being at least two in number) to which such quotations are
or were, in the opinion of the Calculation Agent, being so made; or
(ii) In the event that the Calculation Agent can determine no such
arithmetic mean, the arithmetic mean of the U.S. dollar offered rates
which at least two New York City banks selected by the Calculation Agent
are or were quoting on such Interest Determination Date to leading
European banks for a period of three months in amounts of not less than
$1,000,000;
PROVIDED, HOWEVER, that if the banks selected as aforesaid by the Calculation
Agent are not quoting as mentioned above, the Rate of Interest shall be the Rate
of Interest in effect for the last preceding Interest Period to which (a) or (b)
above shall have applied.
(d) The Calculation Agent shall, as soon as practicable after 11:00
a.m. (London time) on each Interest Determination Date, determine the Rate of
Interest and calculate the amount of interest payable in respect of the
following Interest Period (the "INTEREST AMOUNT"). The Interest Amount shall be
calculated by applying the Rate of Interest to the principal amount of each Note
outstanding at the commencement of the Interest Period, multiplying each such
amount by the actual number of days in the Interest Period concerned (which
actual number of days shall include the first day but exclude the last day of
such Interest Period) divided by 360 and rounding the resultant figure upwards
to the nearest cent. The determination of the Rate of Interest and the Interest
Amount by the Calculation Agent shall (in the absence of willful misconduct, bad
faith or gross negligence) be final and binding on all parties. Notwithstanding
anything herein to the contrary, the rate of interest on the Notes shall in no
event be higher than
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the maximum rate permitted by New York law, as the same may be modified by
United States law of general application.
The Company shall provide that, so long as any of the Notes remain
outstanding, there shall at all times be a Calculation Agent for the purpose of
the Notes. In the event of the Calculation Agent being unable or unwilling to
continue to act as the Calculation Agent or in the case of the Calculation Agent
failing duly to establish the Rate of Interest for any Interest Period, the
Company shall appoint another leading bank engaged in the London inter-bank
market to act as such in its place. The Calculation Agent may not resign its
duties without a successor having been appointed as aforesaid. If a successor
has not been appointed 30 days after the Calculation Agent has given to the
Company written notice of its desire to resign, the Calculation Agent may at the
sole cost of the Company petition a court of competent jurisdiction to appoint a
successor.
All certificates, communications, opinions, determinations,
calculations, quotations and decisions given, expressed, made or obtained for
the purposes of the provisions relating to the payment and calculation of
interest on the Notes, whether by the Reference Banks (or any of them) or the
Calculation Agent, shall (in the absence of willful misconduct, bad faith or
gross negligence) be binding on the Company, the Calculation Agent and all of
the Holders and no liability shall (in the absence of willful misconduct, bad
faith or gross negligence) attach to the Calculation Agent in connection with
the exercise or non-exercise by it of its powers, duties and discretions.
SECTION 2.5. PLACE OF PAYMENT. The place of payment where the Notes may
be presented or surrendered for payment, where the principal of and interest and
any other payments due on the Notes are payable, where the Notes may be
surrendered for registration of transfer or exchange and where notices and
demands to and upon the Company in respect of the Notes and the Indenture may be
served shall be in the Borough of Manhattan, The City of New York, and the
office or agency maintained by the Company for such purpose shall initially be
the Corporate Trust Office of the Trustee.
At the option of the Company, interest on the Notes may be paid (i) by
check mailed to the address of the Person entitled thereto as such address shall
appear in the register of Holders of the Notes or (ii) at the expense of the
Company, by wire transfer to an account maintained by the Person entitled
thereto as specified in writing to the Trustee by such Person by the applicable
record date.
SECTION 2.6. REDEMPTION. Subject to Section 12.1 of the Indenture, the
Notes shall not be redeemable by the Company prior to maturity.
The Company shall have no obligation to redeem or purchase the Notes
pursuant to any sinking fund or analogous provisions or upon the happening of
any specified event or at the option of any Holder of the Notes.
SECTION 2.7. ADDITIONAL AMOUNTS; CERTAIN TAX PROVISIONS. For purposes
of the Notes, Sections 12.1 and 12.2 of the Indenture are amended in their
entirety to read as follows:
SECTION 12.1. REDEMPTION UPON CHANGES IN WITHHOLDING TAXES. The Notes
may be redeemed, as a whole but not in part, at the option of the Company, upon
not less than 30
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nor more than 60 days' notice (which notice shall be irrevocable), at a
redemption price equal to 100% of the principal amount thereof, together with
accrued interest, if any, to the redemption date and Additional Amounts (as
defined in Section 12.2), if any, if as a result of any amendment to, or change
in, the laws or regulations of Luxembourg or Bermuda or any political
subdivision or taxing authority thereof or therein having power to tax (a
"TAXING AUTHORITY"), or any change in the application or official interpretation
of such laws or regulations which amendment or change is announced or becomes
effective after the date the Notes are issued, the Company or Tyco has become or
will become obligated to pay Additional Amounts, on the next date on which any
amount would be payable with respect to the Notes, and such obligation cannot be
avoided by the use of reasonable measures available to the Company or Tyco, as
the case may be, provided, however, that (a) no such notice of redemption may be
given earlier than 60 days prior to the earliest date on which the Company or
Tyco, as the case may be, would be obligated to pay such Additional Amounts, and
(b) at the time such notice of redemption is given, such obligation to pay such
Additional Amounts remains in effect. Prior to the giving of any notice of
redemption described in this paragraph, the Company shall deliver to the Trustee
(i)(I) a certificate signed by two directors of the Company stating that the
obligation to pay Additional Amounts cannot be avoided by the Company taking
reasonable measures available to it or (II) a certificate signed by two
executive officers of Tyco stating that the obligation to pay Additional Amounts
cannot be avoided by Tyco taking reasonable measures available to it, as the
case may be, and (ii) a written opinion of independent legal counsel to the
Company or Tyco, as the case may be, of recognized standing to the effect that
the Company or Tyco, as the case may be, has or will become obligated to pay
Additional Amounts as a result of a change, amendment, official interpretation
or application described above and that the Company or Tyco, as the case may be,
cannot avoid the payment of such Additional Amounts by taking reasonable
measures available to it.
SECTION 12.2. PAYMENT OF ADDITIONAL AMOUNTS. All payments made by the
Company, Tyco and any other Guarantor under or with respect to the Notes and the
Guarantees will be made free and clear of and without withholding or deduction
for or on account of any present or future taxes, duties, levies, imposts,
assessments or governmental charges of whatever nature imposed or levied by or
on behalf of any Taxing Authority ("TAXES"), unless the Company, Tyco or such
Guarantor, as the case may be, is required to withhold or deduct Taxes by law or
by the interpretation or administration thereof. In the event that the Company,
Tyco or such Guarantor is required to so withhold or deduct any amount for or on
account of any Taxes from any payment made under or with respect to the Notes or
the Guarantees, as the case may be, the Company, Tyco or such Guarantor, as the
case may be, will pay such additional amounts ("ADDITIONAL AMOUNTS") as may be
necessary so that the net amount received by each Holder of Notes (including
Additional Amounts) after such withholding or deduction will equal the amount
that such Holder would have received if such Taxes had not been required to be
withheld or deducted; provided that no Additional Amounts will be payable with
respect to a payment made to a Holder of Notes to the extent:
(a) that any such Taxes would not have been so imposed but for the
existence of any present or former connection between such Holder and the Taxing
Authority imposing such Taxes (other than the mere receipt of such payment,
acquisition, ownership or disposition of such Notes or the exercise or
enforcement of rights under such Notes, the Guarantees or this Indenture);
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(b) of any estate, inheritance, gift, sales, transfer, or personal
property Taxes imposed with respect to such Notes, except as otherwise provided
herein;
(c) that any such Taxes would not have been so imposed but for the
presentation of such Notes or Guarantees (where presentation is required) for
payment on a date more than 30 days after the date on which such payment became
due and payable or the date on which payment thereof is duly provided for,
whichever is later, except to the extent that the beneficiary or Holder thereof
would have been entitled to Additional Amounts had the Notes or Guarantees been
presented for payment on any date during such 30-day period; or
(d) that such Holder would not be liable or subject to such withholding
or deduction of Taxes but for the failure to make a valid declaration of
non-residence or other similar claim for exemption, if (x) the making of such
declaration or claim is required or imposed by statute, treaty, regulation,
ruling or administrative practice of the relevant Taxing Authority as a
precondition to an exemption from, or reduction in, the relevant Taxes, and (y)
at least 60 days prior to the first payment date with respect to which the
Company, Tyco or such Guarantor shall apply this clause (d), the Company, Tyco
or such Guarantor shall have notified all Holders of Notes in writing that they
shall be required to provide such declaration or claim.
The Company, Tyco or such Guarantor, as the case may be, will also (i)
make such withholding or deduction of Taxes and (ii) remit the full amount of
Taxes so deducted or withheld to the relevant Taxing Authority in accordance
with all applicable laws. The Company, Tyco or such Guarantor, as the case may
be, will use its reasonable best efforts to obtain certified copies of tax
receipts evidencing the payment of any Taxes so deducted or withheld from each
Taxing Authority imposing such Taxes. The Company, Tyco or such Guarantor, as
the case may be, will, upon request, make available to the Holders of the Notes,
within 60 days after the date the payment of any Taxes so deducted or withheld
is due pursuant to applicable law, certified copies of tax receipts evidencing
such payment by the Company, Tyco or such Guarantor or if, notwithstanding the
Company's, Tyco's or such Guarantor's efforts to obtain such receipts, the same
are not obtainable, other evidence of such payments by the Company, Tyco or such
Guarantor.
At least 30 days prior to each date on which any payment under or with
respect to the Notes or Guarantees is due and payable, if the Company, Tyco or
such Guarantor will be obligated to pay Additional Amounts with respect to such
payment, the Company, Tyco or such Guarantor will deliver to the Trustee an
Officers' Certificate stating the fact that such Additional Amounts will be
payable, the amounts so payable and will set forth such other information as is
necessary to enable such Trustee to pay such Additional Amounts to Holders of
Notes on the payment date.
In addition, the Company, Tyco or such Guarantor, as the case may be,
will pay any stamp, issue, registration, documentary or other similar taxes and
duties, including interest, penalties and Additional Amounts with respect
thereto, payable in Luxembourg, Bermuda or the United States or any political
subdivision or taxing authority of or in the foregoing in respect of the
creation, issue, offering, enforcement, redemption or retirement of the Notes or
the Guarantees.
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The foregoing provisions shall survive any termination or the discharge
of the Indenture and shall apply MUTATIS MUTANDIS to any jurisdiction in which
any successor Person to the Company, Tyco or such Guarantor, as the case may be,
is organized or is engaged in business for tax purposes or any political
subdivisions or taxing authority or agency thereof or therein; provided,
however, the date on which such Person becomes a successor to the Company, Tyco
or such Guarantor, as the case may be, shall be substituted for the date on
which the series of Notes was issued.
Whenever in the Indenture, the Notes or the Guarantees there is
mentioned, in any context, the payment of principal (and premium, if any),
redemption price, interest or any other amount payable under or with respect to
any Notes or Guarantees, such mention shall be deemed to include mention of the
payment of Additional Amounts to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.
SECTION 2.8. DENOMINATION. The Notes shall be issued in denominations
of $1,000 and integral multiples thereof.
SECTION 2.9. CURRENCY. Principal and interest on the Notes shall be
payable in United States dollars.
SECTION 2.10. NOTES TO BE ISSUED IN GLOBAL FORM; EXCHANGE FOR
CERTIFICATED NOTES. The Notes will be initially represented by one or more Notes
in global form (the "GLOBAL NOTE"). The Company hereby designates The Depository
Trust Company as the initial Depositary for the Global Note. The Global Note
will be deposited with the Trustee, as custodian for the Depositary. Unless and
until it is exchanged in whole or in part for Notes in certificated form, the
Global Note may not be transferred except as a whole by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary or
another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary for the Notes or a nominee of such successor Depositary.
The Depositary may surrender the Global Note in exchange in whole or in part for
Notes in certificated form on such terms as are acceptable to the Company and
Depositary.
The Company may at any time in its sole discretion determine that all
or any portion of the Notes shall no longer be represented by a Note or Notes in
global form. In such event the Company shall execute, and the Trustee, upon
receipt of a written Company order (pursuant to Section 2.5 of the Indenture)
for the authentication and delivery of certificated Notes of like tenor, shall
authenticate and deliver Notes of like tenor in certificated form, in authorized
denominations and in an aggregate principal amount equal to the applicable
principal amount of the Global Note, in exchange for such Global Note (or the
applicable portion thereof).
SECTION 2.11. FORM OF NOTES. The Notes shall be substantially in the
form attached as Exhibit A hereto.
SECTION 2.12. DEFEASANCE AND COVENANT DEFEASANCE. The provisions of
Article Nine of the Indenture shall apply to the Notes.
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SECTION 2.13. ISSUANCE OF ADDITIONAL NOTES. For purposes of the Notes,
Section 7.1 of the Indenture is hereby amended by inserting therein a new
Section 7.1(h) to read as follows:
"(h) to issue additional Securities of any series in the future
pursuant to Section 2.5 of this Indenture; PROVIDED that such additional
Securities have the same terms as, and be deemed part of the same series as, the
applicable series of Securities issued hereunder."
SECTION 2.14. DEFINITION OF PERMITTED SUBSIDIARY INDEBTEDNESS. Clause
(vi) of the definition of "Permitted Subsidiary Indebtedness" in Section 1.1 of
the Indenture is amended by inserting after the phrase "Acquired Indebtedness
that by its terms is not" the following phrase:
", at the time it becomes Acquired Indebtedness or within 180 days
thereafter,".
SECTION 2.15. DEFINITION OF RESTRICTED SUBSIDIARY. The definition of
"Restricted Subsidiary" in Section 1.1 of the Indenture is amended in its
entirety to read as follows:
""RESTRICTED SUBSIDIARY" means any Subsidiary of the Company which owns
or leases a Principal Property."
ARTICLE 3
MISCELLANEOUS PROVISIONS
SECTION 3.1. ADOPTION, RATIFICATION AND CONFIRMATION. The Indenture, as
supplemented and amended by this Supplemental Indenture No. 17, is in all
respects hereby adopted, ratified and confirmed.
SECTION 3.2. COUNTERPARTS. This Supplemental Indenture No. 17 may be
executed in any number of counterparts, each of which when so executed shall be
deemed an original; and all such counterparts shall together constitute but one
and the same instrument.
SECTION 3.3. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE NO. 17, EACH
NOTE AND EACH GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CHOICE OF LAW PRINCIPLES
THEREOF.
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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture No. 17 to be duly executed as of the day and year first written above.
TYCO INTERNATIONAL GROUP S.A.
By: _______________________________
Name: Xxxxxxxxxxxx Xxxxxxx
Title: Managing Director
TYCO INTERNATIONAL LTD.
By: _______________________________
Name: Xxxx X. Xxxxxx
Title: Executive Vice President and
Chief Financial Officer
THE BANK OF NEW YORK, as Trustee
By: _______________________
Name:
Title:
EXHIBIT A
---------
[FORM OF FACE OF GLOBAL NOTE]
Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made
to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.
Unless and until it is exchanged in whole or in part for Notes in
definitive registered form, this Note may not be transferred except as a whole
by the Depositary to the nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary.
TYCO INTERNATIONAL GROUP S.A.
Floating Rate Note due 2003
No.
$ CUSIP:
TYCO INTERNATIONAL GROUP S.A., a Luxembourg company (the "ISSUER"), for
value received, hereby promises to pay to CEDE & CO. or registered assigns, the
principal sum of $ on July 30, 2003 (the "STATED MATURITY"), at the office or
agency of the Issuer in the Borough of Manhattan, The City of New York, in such
coin or currency of the United States of America as at the time of payment shall
be legal tender for the payment of public and private debts, and to pay
quarterly in arrears on January 30, April 30, July 30 and October 30 of each
year (each, an "INTEREST PAYMENT DATE"; provided, however, that if an Interest
Payment Date would otherwise be a day that is not a Business Day, such Interest
Payment Date shall be the next succeeding Business Day but no additional
interest shall be paid in respect of such intervening period), commencing
October 30, 2001, the amount of interest on said principal sum at said office or
agency, in like coin or currency, at a floating rate subject to adjustment on a
quarterly basis and determined by reference to LIBOR for three-month U.S. dollar
deposits, determined as described below and in the Indenture, plus 0.45% per
annum, from July 30, 2001 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for until said principal sum has been
paid or duly provided for. For purposes of this Note, "BUSINESS DAY" means any
day other than a Saturday, a Sunday or a day on which banking institutions in
The City of New York are authorized or obligated by law, regulation or executive
order to be closed.
A-1
The interest payable on any Interest Payment Date which is punctually
paid or duly provided for on such Interest Payment Date will be paid to the
Person in whose name this Note is registered at the close of business on January
15, April 15, July 15 or October 15 (in each case, whether or not a Business
Day), as the case may be (each, a "REGULAR RECORD DATE"), immediately preceding
such Interest Payment Date. Interest payable on this Note which is not
punctually paid or duly provided for on any Interest Payment Date therefor shall
forthwith cease to be payable to the Person in whose name this Note is
registered at the close of business on the Regular Record Date immediately
preceding such Interest Payment Date, and such interest shall instead be paid to
the Person in whose name this Note is registered at the close of business on the
record date established for such payment by notice by or on behalf of the Issuer
to the Holders of the Notes mailed by first-class mail not less than 15 days
prior to such record date to their last addresses as they shall appear upon the
Security register, such record date to be not less than five days preceding the
date of payment of such defaulted interest. At the option of the Issuer,
interest on the Notes may be paid (i) by check mailed to the address of the
Person entitled thereto as such address shall appear in the register of Holders
of the Notes or (ii) at the expense of the Issuer, by wire transfer to an
account maintained by the Person entitled thereto as specified in writing to the
Trustee by such Person by the applicable record date of the Notes.
Reference is made to the further provisions of this Note set forth on
the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.
This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
under the Indenture referred to on the reverse hereof.
IN WITNESS WHEREOF, TYCO INTERNATIONAL GROUP S.A. has caused this
instrument to be signed by its duly authorized Managing Directors.
Dated:
TYCO INTERNATIONAL GROUP S.A.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
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TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.
Dated:
THE BANK OF NEW YORK,
as Trustee
By:_________________________________
Authorized Signatory
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GUARANTEE
For value received, TYCO INTERNATIONAL LTD. hereby absolutely,
unconditionally and irrevocably guarantees to the holder of this Note the
payment of principal of, and interest on, the Note upon which this Guarantee is
endorsed in the amounts and at the time when due and payable whether by
declaration thereof, or otherwise, and interest on the overdue principal and
interest, if any, of such Note, if lawful, and the payment or performance of all
other obligations of the Issuer under the Indenture or the Notes, to the holder
of such Note and the Trustee, all in accordance with and subject to the terms
and limitations of such Note and Article Thirteen of the Indenture. This
Guarantee will not become effective until the Trustee duly executes the
certificate of authentication on this Note. This Guarantee shall be governed by
and construed in accordance with the laws of the State of New York, without
regard to conflict of law principles thereof. All references in this Guarantee
to interest shall include any Additional Amounts.
Dated:
TYCO INTERNATIONAL LTD.
By:_________________________________
Name:
Title:
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TYCO INTERNATIONAL GROUP S.A.
Floating Rate Note due 2003
1. INDENTURE. (a) This Note is one of a duly authorized issue of notes
of the Issuer (hereinafter called the "NOTES") of a series designated as the
Floating Rate Notes due 2003 of the Issuer, initially limited in aggregate
principal amount to $500,000,000, all issued or to be issued under and pursuant
to an indenture, dated as of June 9, 1998, as amended and supplemented by
Supplemental Indenture No. 17, dated as of July 30, 2001 (as so amended and
supplemented, the "INDENTURE"), among the Issuer, Tyco International Ltd.
("TYCO") and The Bank of New York, as Trustee (herein called the "Trustee"), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Issuer, Tyco, the Trustee and the Holders of the
Notes.
(b) Other debentures, notes, bonds or other evidences of indebtedness
(together with the Notes, hereinafter called the "SECURITIES") may be issued
under the Indenture in one or more series, which different series may be issued
in various aggregate principal amounts, may mature at different times, may bear
interest (if any) at different rates, may be subject to different redemption
provisions (if any), may be subject to different sinking, purchase or analogous
funds (if any) and may otherwise vary from the Notes and each other, as in the
Indenture provided.
(c) All capitalized terms used in this Note which are defined in the
Indenture and not otherwise defined herein shall have the meanings assigned to
them in the Indenture.
2. RATE OF INTEREST. The rate of interest shall be determined in
accordance with the following provisions:
(a) At approximately 11:00 a.m. (London time) on the second day on
which commercial banks are open for business, including dealings in deposits in
U.S. dollars in London (or, for purposes of paragraph (c) below, New York),
prior to the commencement of the Interest Period (as defined below) for which
such rate will apply (each such day an "INTEREST DETERMINATION DATE") The Bank
of New York, as the calculation agent, or its successors in this capacity (the
"CALCULATION AGENT") will calculate the rate of interest (the "RATE OF
INTEREST") for such Interest Period at, subject to the provisions described
below, the rate per annum equal to 0.45% above the rate appearing on the
Bridge's Telerate Page 3750 (or such other page as may replace that page on the
Bridge's Telerate Service or, if such service is not available, such other
service as may be selected by the Calculation Agent as the information vendor
for the purpose of displaying the official British Bankers Association LIBOR
Fixing) for three-month U.S. dollar deposits in the London inter-bank market on
such Interest Determination Date. The period beginning on, and including, July
30, 2001, and ending on, but excluding, the first Interest Payment Date and each
successive period beginning on, and including, an Interest Payment Date and
ending on, but excluding, the next succeeding Interest Payment Date is herein
called an "INTEREST PERIOD." All percentages
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resulting from any calculation on the Notes shall be rounded to the nearest one
hundred-thousandth of a percentage point, with five one-millionths of a
percentage point rounded upwards. All dollar amounts used in or resulting from
such calculation on the Notes shall be rounded to the nearest cent, with
one-half cent being rounded upward.
(b) If on any Interest Determination Date an appropriate rate cannot be
determined from the Bridge's Telerate Service or such other service as specified
in (a) above, the Rate of Interest for the next Interest Period shall, subject
to the provisions described below, be the rate per annum that the Calculation
Agent certifies to be 0.45% per annum above the arithmetic mean of the offered
quotations, as communicated to and at the request of the Calculation Agent by
not less than two major banks in London, after requesting such quotations from
not less than four major banks in London, selected by the Calculation Agent (the
"Reference Banks," which term shall include any successors nominated by the
Calculation Agent), to leading banks in London by the principal London offices
of the Reference Banks for three-month U.S. dollar deposits, in amounts of not
less than $1,000,000, in the London inter-bank market as at 11:00 a.m. (London
time) on such Interest Determination Date.
(c) If on any Interest Determination Date fewer than two of such
offered rates are available, the Rate of Interest for the next Interest Period
shall be the Reserve Interest Rate. The "Reserve Interest Rate" refers to the
rate per annum which the Calculation Agent determines to be 0.45% per annum
above either:
(i) The arithmetic mean of the U.S. dollar offered rates which at
least two New York City banks selected by the Calculation Agent are or
were quoting, on the relevant Interest Determination Date, for three-month
deposits in amounts of not less than $1,000,000 to the Reference Banks or
those of them (being at least two in number) to which such quotations are
or were, in the opinion of the Calculation Agent, being so made; or
(ii) In the event that the Calculation Agent can determine no such
arithmetic mean, the arithmetic mean of the U.S. dollar offered rates
which at least two New York City banks selected by the Calculation Agent
are or were quoting on such Interest Determination Date to leading
European banks for a period of three months in amounts of not less than
$1,000,000;
PROVIDED, HOWEVER, that if the banks selected as aforesaid by the Calculation
Agent are not quoting as mentioned above, the Rate of Interest shall be the Rate
of Interest in effect for the last preceding Interest Period to which (a) or (b)
above shall have applied.
The Calculation Agent shall, as soon as practicable after 11:00 a.m.
(London time) on each Interest Determination Date, determine the Rate of
Interest and calculate the amount of interest payable in respect of the
following Interest Period (the "INTEREST AMOUNT"). The Interest Amount shall be
calculated by applying the Rate of Interest to the principal amount of each Note
outstanding at the commencement of the Interest Period, multiplying each such
amount by the actual number of days in the Interest Period concerned (which
actual number of days shall include the first day but
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exclude the last day of such Interest Period) divided by 360 and rounding the
resultant figure upwards to the nearest cent. The determination of the Rate of
Interest and the Interest Amount by the Calculation Agent shall (in the absence
of willful misconduct, bad faith or gross negligence) be final and binding on
all parties. Notwithstanding anything herein to the contrary, the rate of
interest on the Notes shall in no event be higher than the maximum rate
permitted by New York law, as the same may be modified by United States law of
general application.
The Company shall provide that, so long as any of the Notes remain
outstanding, there shall at all times be a Calculation Agent for the purpose of
the Notes. In the event of the Calculation Agent being unable or unwilling to
continue to act as the Calculation Agent or in the case of the Calculation Agent
failing duly to establish the Rate of Interest for any Interest Period, the
Company shall appoint another leading bank engaged in the London inter-bank
market to act as such in its place. The Calculation Agent may not resign its
duties without a successor having been appointed as aforesaid.
All certificates, communications, opinions, determinations,
calculations, quotations and decisions given, expressed, made or obtained for
the purposes of the provisions relating to the payment and calculation of
interest on the Notes, whether by the Reference Banks (or any of them) or the
Calculation Agent, shall (in the absence of willful misconduct, bad faith or
gross negligence) be binding on the Company, the Calculation Agent and all of
the Holders and no liability shall (in the absence of willful misconduct, bad
faith or gross negligence) attach to the Calculation Agent in connection with
the exercise or non-exercise by it of its powers, duties and discretions.
3. AMENDMENTS AND WAIVERS. (a) The Indenture contains provisions
permitting the Issuer and the Trustee, with the consent of the Holders of not
less than a majority in aggregate principal amount of the Securities at the time
Outstanding of all series to be affected (voting as one class), evidenced as in
the Indenture provided, to execute supplemental indentures adding any provisions
to or changing in any manner or eliminating any of the provisions of the
Indenture or of any supplemental indenture or modifying in any manner the rights
of the Holders of the Securities of each such series; provided, that no such
supplemental indenture shall (i) extend the final maturity of any Security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable on redemption thereof
or reduce the amount of the principal of an Original Issue Discount Security
that would be due and payable upon an acceleration of the maturity thereof
pursuant to Section 4.1 of the Indenture or the amount thereof provable in
bankruptcy pursuant to Section 4.2 of the Indenture, or impair or affect the
rights of any Holder to institute suit for the payment thereof, without the
consent of the Holder of each Security so affected, or (ii) reduce the aforesaid
percentage of Securities, the Holders of which are required to consent to any
such supplemental indenture, without the consent of the Holder of each Security
affected.
(b) It is also provided in the Indenture that, with respect to certain
defaults or Events of Default regarding the Securities of any series, prior to
any declaration accelerating the maturity of such Securities, the Holders of a
majority in aggregate principal amount Outstanding of the Securities of such
series (or, in the case of
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certain defaults or Events of Default, all or certain series of the Securities)
may on behalf of the Holders of all the Securities of such series (or all or
certain series of the Securities, as the case may be) waive any such past
default or Event of Default and its consequences. The preceding sentence shall
not, however, apply to a default in the payment of the principal of, premium, if
any, or interest on any of the Securities. Any such consent or waiver by the
Holder of this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of this Note and any Notes which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this
Note or such other Notes.
4. OBLIGATION TO PAY PRINCIPAL, PREMIUM, IF ANY, AND INTEREST. No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, Tyco or any other
obligor on the Notes, which is absolute and unconditional, to pay the principal
of, premium, if any, and interest on this Note in the manner, at the respective
times, at the rate, at the place and in the coin or currency herein prescribed.
5. REDEMPTION. Subject to Section 12.1 of the Indenture, the Notes
shall not be redeemable at the option of the Company prior to maturity.
6. CERTAIN COVENANTS. The Indenture restricts the Issuer's ability to
merge, consolidate or sell substantially all of its assets. In addition, the
Issuer is obliged to abide by certain covenants, including covenants limiting
the amount of liens it may incur, as well as its ability to enter into sale and
leaseback transactions, a covenant limiting the ability of its subsidiaries to
incur indebtedness, and a covenant requiring it to pay or discharge all taxes,
all as more fully described in the Indenture. All of such covenants are subject
to the covenant defeasance procedures outlined in the Indenture.
7. EFFECT OF EVENT OF DEFAULT. If an Event of Default shall have
occurred and be continuing under the Indenture, the principal hereof may be
declared, and upon such declaration shall become, due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.
8. DEFEASANCE. The Indenture contains provisions for defeasance and
covenant defeasance at any time of the indebtedness on this Note upon compliance
by the Issuer with certain conditions set forth therein.
9. DENOMINATIONS; TRANSFER. (a) The Notes are issuable in registered
form without coupons in denominations of $1,000 and any multiple of $1,000 at
the office or agency of the Issuer in the Borough of Manhattan, The City of New
York, and in the manner and subject to the limitations provided in the
Indenture.
(b) Upon due presentment for registration of transfer of this Note at
the office or agency of the Issuer in the Borough of Manhattan, The City of New
York, a new Note or Notes of authorized denominations for an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture. This Note may also be surrendered
for exchange at the aforesaid office or
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agency for Notes in other authorized denominations in an equal aggregate
principal amount. No service charge shall be made for any registration of
transfer or any exchange of the Notes, except that the Issuer may require
payment of any tax or other governmental charge imposed in connection therewith.
(c) A certificate in global form representing all of a portion of the
Notes may not be transferred except as a whole by the Depositary for such series
to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any
such nominee to a successor Depositary for such Notes or a nominee of such
successor Depositary.
10. XXXXXX AS OWNER. The Issuer, Tyco, the Trustee and any authorized
agent of the Issuer, Tyco or the Trustee may deem and treat the registered
Holder hereof as the absolute owner of this Note (whether or not this Note shall
be overdue and notwithstanding any notation of ownership or other writing
hereon), for the purpose of receiving payment of, or on account of, the
principal hereof and, subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and none of the Issuer, Tyco or the Trustee
or any authorized agent of the Issuer, Tyco or the Trustee shall be affected by
any notice to the contrary.
11. NO LIABILITY OF CERTAIN PERSONS. No recourse under or upon any
obligation, covenant or agreement of the Issuer or Tyco in the Indenture or any
indenture supplemental thereto or in any Note, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator, or any
past, present or future shareholder, officer or director, as such, of the
Issuer, Tyco or of any successor corporation of either of them, either directly
or through the Issuer, Tyco or any successor corporation, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance hereof and as part of the
consideration for the issue hereof.
12. GUARANTEES. The payment and performance of all obligations of the
Issuer under the Indenture and this Note are fully and unconditionally
guaranteed to the holder of this Note by Tyco, as provided in the related
Guarantee and the Indenture.
13. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK GOVERN THE
INDENTURE AND THIS NOTE (AND THE GUARANTEE ENDORSED HEREON).
14. ADDITIONAL AMOUNTS. The Issuer and Tyco are obligated to pay
Additional Amounts on this Note to the extent provided in Article Twelve of the
Indenture.
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FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto:
PLEASE INSERT TAXPAYER
IDENTIFICATION NUMBER OF ASSIGNEE
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PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE
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the within Note of Tyco International Group S.A. and all rights thereunder and
hereby irrevocably constitutes and appoints such person attorney to transfer
such Note on the books of Tyco International Group S.A., with full power of
substitution in the premises.
Dated:
----------------------------
Signature
NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. THE
SIGNATURE SHOULD BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY,
A MEMBER ORGANIZATION OF A NATIONAL STOCK EXCHANGE OR BY SUCH OTHER
ENTITY WHOSE SIGNATURE IS ON FILE WITH AND ACCEPTABLE TO THE TRANSFER
AGENT.
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