CITIGROUP INC., as Issuer and THE BANK OF NEW YORK MELLON, as Trustee Tenth Supplemental Indenture Dated as of May 1, 2011 Supplement to Indenture of Citigroup Inc. dated as of July 23, 2004
Exhibit 4.02
CITIGROUP INC.,
as Issuer
as Issuer
and
THE BANK OF NEW YORK MELLON,
as Trustee
as Trustee
Dated as of May 1, 2011
Supplement to Indenture of Citigroup Inc.
dated as of July 23, 2004
dated as of July 23, 2004
TENTH SUPPLEMENTAL INDENTURE, dated as of May 1, 2011 (this “Tenth Supplemental
Indenture”), between CITIGROUP INC., a Delaware corporation (the “Company”), and THE BANK OF NEW
YORK MELLON, a New York banking corporation, not in its individual capacity but solely as trustee
(the “Trustee”) under the Indenture, dated as of July 23, 2004 (the “Base Indenture”), supplemented
by a Fourth Supplemental Indenture, dated as of December 3, 2007 (the “Fourth Supplemental
Indenture,” and the Base Indenture, as supplemented by the Fourth Supplemental Indenture, the
“Indenture”).
RECITALS:
WHEREAS, the Company and the Trustee entered into the Indenture to establish the terms
of the 6.935% Junior Subordinated Deferrable Interest Debentures due September 15, 2042 (the
“Debentures”);
WHEREAS, in accordance with Section 2.5(a) of the Fourth Supplemental Indenture, as of
May 1, 2011, the Stated Maturity of the Debentures is June 15, 2016;
WHEREAS, in accordance with Section 2.5(c) of the Fourth Supplemental Indenture, as of May 1,
2011, the subordination provisions in Article XIV of the Indenture become inapplicable to the
Debentures and, as a consequence, the Debentures became Senior
Indebtedness;
WHEREAS, the Indenture may be amended without the consent of any Holder in accordance with
Sections 9.1(2) and 9.1(8) of the Base Indenture;
WHEREAS, the Company has sent notice of the exercise of its right under Section 8.1(a)(v) of
the Declaration of Citigroup Capital XXXII, a Delaware statutory trust (the “Trust”) to dissolve
the Trust and distribute all of the Debentures to the holders of the Trust Securities on May 23,
2011;
WHEREAS, the amendments contained herein shall not adversely affect the interests of the
holders of the Trust Securities in any material respect;
WHEREAS, in accordance with Sections 1.2 and 9.3 of the Base Indenture, the Company has
delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate to the effect that all
conditions precedent provided for in the Indenture to the Trustee’s execution and delivery of this
Tenth Supplemental Indenture have been complied with and that the execution and delivery of this
Tenth Supplemental Indenture is authorized and permitted under the Indenture; and
WHEREAS, the Company has requested that the Trustee execute and deliver this Tenth
Supplemental Indenture and has satisfied all requirements necessary to make this Tenth Supplemental
Indenture a valid and legally binding instrument in accordance with its terms, and all acts and
things necessary have been done and performed to make this Tenth Supplemental Indenture enforceable
in accordance with its terms, and the execution and delivery of this Tenth Supplemental Indenture
has been duly authorized in all respects:
NOW, THEREFORE, the Company and the Trustee agree as follows:
ARTICLE I
DEFINITIONS; GENERAL
Section 1.1 Definition of Terms.
Unless the context otherwise requires (including for purposes of the Recitals):
(a) a term defined in the Indenture has the same meaning when used in this
Tenth Supplemental Indenture unless otherwise specified herein;
(b) a term defined anywhere in this Tenth Supplemental Indenture has the
same meaning throughout;
(c) the definition of any term in this Tenth Supplemental Indenture that is also
defined in the Indenture, shall for the purposes of this Tenth Supplemental Indenture
supersede the definition of such term in the Indenture;
(d) the definition of a term in this Tenth Supplemental Indenture is not
intended to have any effect on the meaning or definition of an identical term that is defined
in the Indenture insofar as the use or effect of such term in the Indenture, as previously defined,
is concerned;
(e) the singular includes the plural and vice versa;
(f) headings are for convenience of reference only and do not affect
interpretation; and
(g) the following terms have the meanings given to them in this
Section 1.1(g):
“Base Indenture” has the meaning set forth in the recitals hereto.
“Company Request” or “Company Order” means a written request or order signed in the name of
the Company by its Chairman or a Vice Chairman of the Board, its President, a Vice President, its
Chief Financial Officer, its Chief Accounting Officer, its Treasurer, or an Assistant Treasurer and
by its Secretary or an Assistant Secretary, and delivered to the Trustee.
“Indenture” has the meaning set forth in the recitals hereto.
“Reset Cap” as of any Remarketing Date, means the prevailing market yield, as determined by
the Remarketing Agent, of the benchmark U.S. treasury security having a remaining maturity that
most closely corresponds to the period from such date until the Stated Maturity of the Debentures,
plus 7.0% per annum.
Section 1.2 General. The terms of this Tenth Supplemental Indenture shall apply to the
Debentures issued under the Indenture only and shall not apply to any other series of Securities.
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ARTICLE II
AMENDMENTS TO THE TERMS AND CONDITIONS OF THE DEBENTURES
Section 2.1 Title of Debentures. As a consequence of the elections made by the Company
in accordance with Section 2.5 of the Fourth Supplemental Indenture, the title of the Debentures is
hereby amended and restated in its entirety as follows: “6.935% Notes due June 15, 2016.”
Section 2.2 Payment of Interest. The Company hereby surrenders its right to defer
payments of interest on the Debentures as provided for in Article XIII of the Base Indenture and
Section 2.1(a)(12) of the Fourth Supplemental Indenture, with the effect that the Company shall no
longer have this right with respect to the Debentures.
Section 2.3 Denomination. The Debentures as modified by this Tenth Supplemental Indenture
shall be issued in denominations of $1,000 or any amount in excess thereof that is an integral
multiple of $1,000.
Section 2.4 Surrender of Company’s Right to Add Optional Early Redemption. The Company
hereby surrenders its right to elect to change the terms of the Debentures to specify a date for
early redemption of the Debentures at the Company’s option, as provided for in Section 2.5(b) of
the Fourth Supplemental Indenture, with the effect that the Company shall no longer have this right
with respect to the Debentures.
ARTICLE III
AMENDMENTS TO THE INDENTURE
Section 3.1 Events of Default. Section 5.1 of the Base Indenture is hereby amended with
respect to the Debentures, by deleting the existing paragraph (a) in its entirety, and inserting
the following paragraph:
“(a) the failure of the Company to pay any installment of interest on any of the Debentures,
when and as the same shall become payable, which failure shall have continued unremedied for a
period of 30 days;”
Section 3.2 Remarketing. The provisions of Sections 5(a), (b) and (c) of Annex I to the
Declaration, along with all associated defined terms not otherwise defined in the Indenture or this
Tenth Supplemental Indenture, shall be deemed to apply, mutatis mutandis, to a Remarketing of the
Debentures.
Section 3.3 Final Terms. In accordance with the final sentence of Section 9.6 of the Base
Indenture, on the Remarketing Settlement Date associated with a Successful Remarketing, the final
terms of the Debentures shall be reflected in the security certificate or certificates evidencing
the Debentures.
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ARTICLE IV
MISCELLANEOUS
Section 4.1 Effectiveness. This Tenth Supplemental Indenture will become effective
upon its execution and delivery.
Section 4.2 Trustee. The Trustee accepts the trusts created by this Tenth Supplemental
Indenture upon the terms and conditions set forth in the Indenture. The Trustee shall not be
responsible or accountable in any manner whatsoever for or in respect of, and makes no
representation with respect to, the validity or sufficiency of this Tenth Supplemental Indenture or
the due execution hereof by the Company and shall not be responsible in any manner whatsoever for
or in respect of the correctness of the recitals and statements contained herein, all of which
recitals and statements are made solely by the Company.
Section 4.3 Ratification. The Indenture as supplemented by this Tenth Supplemental Indenture
is in all respects ratified and confirmed, and this Tenth Supplemental Indenture shall be deemed
part of the Indenture in the manner and to the extent herein and therein provided.
Section 4.4 Governing Law.
This Tenth Supplemental Indenture shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York, and all rights and remedies shall be governed
by such laws without regard for the principles in its conflicts of laws.
| Section 4.5 Counterparts. |
This Tenth Supplemental Indenture may be executed in any number of separate counterparts
each of which shall be an original for all purposes; but such separate counterparts shall
together constitute but one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Tenth Supplemental Indenture to be
duly executed by their respective officers thereunto duly authorized, on the day and year first
above written.
| CITIGROUP INC. | ||||||
| By | /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
|
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| Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||
| Title: Chief Financial Officer | ||||||
| THE BANK OF NEW YORK MELLON, as Trustee |
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| By | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
|
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| Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | ||||||
| Title: Senior Associate | ||||||
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