Exhibit 4.4
EXECUTION COPY
TYCO INTERNATIONAL FINANCE
S.A.
TYCO INTERNATIONAL
LTD.
SUPPLEMENTAL INDENTURE
2008-3
$421,961,000
7.0% Notes due
2019
THIS SUPPLEMENTAL
INDENTURE 2008-3, dated and effective as of 10:15 a.m. New
York City time on June 3, 2008, among TYCO INTERNATIONAL
FINANCE S.A., a Luxembourg company (the “Company”),
TYCO INTERNATIONAL LTD., a Bermuda company (“Tyco”),
and WILMINGTON TRUST COMPANY, as successor trustee (the
“Trustee”).
WITNESSETH :
WHEREAS, the
Company, Tyco and the Trustee are parties to an Indenture, dated as
of June 9, 1998 (as amended and supplemented, including by
Supplemental Indenture 2008-1 which has become effective in
accordance with its terms as of 10:00 a.m. New York City time
on June 3, 2008, the “Indenture”), providing for
the issuance from time to time of one or more series of
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 ONE
RELATION TO INDENTURE;
DEFINITIONS
SECTION 1.1
INTEGRAL PART.
This Supplemental Indenture 2008-3 constitutes an integral part of
the Indenture.
SECTION 1.2
GENERAL
DEFINITIONS. For all purposes of this Supplemental
Indenture 2008-3:
(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 2008-3; and
(c)
the terms “HEREIN”, “HEREOF”,
“HEREUNDER” and other words of similar import refer to
this Supplemental Indenture 2008-3.
SECTION 1.3
DEFINITIONS.
The following definitions shall apply to this Supplemental
Indenture 2008-3:
“144A GLOBAL
NOTE” means a Global Note bearing the Private Placement
Legend that will be issued in an aggregate principal amount equal
to the principal amount of Notes issued in global form in reliance
on Rule 144A.
“ADDITIONAL
INTEREST” means additional interest then owing pursuant to
the Registration Rights Agreement.
“ADJUSTED
REDEMPTION TREASURY RATE” means, with respect to any
redemption date, the annual rate equal to the semiannual equivalent
yield to maturity or interpolated (on a 30/360 day count basis)
yield to maturity of the Comparable Redemption Treasury Issue,
assuming a price for the Comparable Redemption Treasury Issue
(expressed as a percentage of its principal amount) equal to the
Comparable Redemption Treasury Price for such redemption
date.
“APPLICABLE
PROCEDURES”, with respect to any transfer or exchange of or
for beneficial interests in any Global Note, means the
rules and procedures of the Depositary, Euroclear and
Clearstream that apply to such transfer or exchange at the relevant
time.
“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.
“CLEARSTREAM” means Clearstream
Banking S.A., or its successors.
“COMPARABLE
REDEMPTION TREASURY ISSUE” means the United States Treasury
security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed that
will be utilized at the time of selection and in accordance with
customary financial practice in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of
such Notes.
“COMPARABLE
REDEMPTION TREASURY PRICE” means, with respect to any
redemption date, (i) the average of the Redemption Reference
Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest such Redemption Reference Treasury
Dealer Quotations (unless there is more than one highest or lowest
quotation, in which case only one such highest and/or lowest
quotation shall be excluded), or (ii) if the
Quotation
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Agent obtains
fewer than four such Redemption Reference Treasury Dealer
Quotations, the average of all such Redemption Reference Treasury
Dealer Quotations.
“DEFINITIVE
NOTE” means a certificated Note registered in the name of the
Holder thereof.
“DISTRIBUTION COMPLIANCE PERIOD”
means the restricted period as defined in
Rule 903(b)(3) under the Securities Act.
“EUROCLEAR” means Euroclear Bank
S.A./N.V., or its successor, as operator of the Euroclear
System.
“INDIRECT
PARTICIPANT” means any entity that, with respect to the
Depositary, clears through or maintains a direct or indirect
custodial relationship with a Participant.
“NOTES” means the 7.0% Notes due
2019 of the Company to which this Supplemental Indenture 2008-3
relates.
“PARTICIPANT”, with respect to the
Depositary, Euroclear or Clearstream, means a Person who has an
account with the Depositary, Euroclear or Clearstream, respectively
(and, with respect to Depositary, shall include Euroclear and
Clearstream).
“PRIVATE
PLACEMENT LEGEND” means the legend set forth in the form of
Note to be placed on all Restricted Notes, except as otherwise
provided in Section 2.10 hereof.
“QIB”
means a “qualified institutional buyer” as defined in
Rule 144A.
“QUOTATION
AGENT” means a Redemption Reference Treasury Dealer appointed
as such agent by the Company or Tyco.
“REDEMPTION
REFERENCE TREASURY DEALER” means each of J.P. Morgan
Securities Inc. and four other primary U.S. Government securities
dealers in The City of New York selected by the Company or
Tyco.
“REDEMPTION
REFERENCE TREASURY DEALER QUOTATIONS” means, with respect to
each Redemption Reference Treasury Dealer and any redemption date,
the offer price for the Comparable Redemption Treasury Issue
(expressed in each case as a percentage of its principal amount)
for settlement on the redemption date quoted in writing to the
Quotation Agent by such Redemption Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day
preceding such redemption date.
“REGISTRATION RIGHTS AGREEMENT”
means the Registration Rights Agreement, dated as of June 3,
2008, executed by the Company and Tyco for the benefit of the
Holders (as defined therein), relating to the Notes, as such
agreement may be amended from time to time.
“REGULATION
S GLOBAL NOTE” means a permanent Global Note bearing the
Private Placement Legend that will be issued in an aggregate
principal amount equal to the principal amount of Notes issued in
global form in reliance on Regulations.
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“REGULATION
S” means Regulation S promulgated under the Securities Act,
as it may be amended from time to time, and any successor provision
thereto.
“RESTRICTED
DEFINITIVE NOTE” means a Definitive Note bearing the Private
Placement Legend.
“RESTRICTED
GLOBAL NOTE” means a Global Note bearing the Private
Placement Legend.
“RESTRICTED
NOTE” means each Note unless or until it has been
(i) effectively registered under the Securities Act and
disposed of in accordance with a registration statement with
respect to such series or (ii) distributed to the public
pursuant to Rule 144 under the Securities Act (or any similar
provision then in force).
“RULE
144A” means Rule 144A promulgated under the Securities
Act, as it may be amended from time to time, and any successor
provision thereto.
“SECURITIES
ACT” means the Securities Act of 1933, as amended.
“SECURITY
REGISTRAR” means the office or agency where the Notes may be
presented for registration of transfer and exchange.
“UNRESTRICTED DEFINITIVE NOTE”
means a Definitive Note that does not bear and is not required to
bear the Private Placement Legend.
“UNRESTRICTED GLOBAL NOTE” means a
permanent Global Note that does not bear and is not required to
bear the Private Placement Legend.
“UNRESTRICTED NOTE” means a Note
(i) effectively registered under the Securities Act and
disposed of in accordance with a registration statement with
respect to such series or (ii) distributed to the public
pursuant to Rule 144 under the Securities Act (or any similar
provision then in force).
ARTICLE TWO
THE SERIES OF NOTES
SECTION 2.1
TITLE OF THE
SECURITIES. There shall be a series of Securities
designated as the “7.0% Notes due 2019” (the
“NOTES”).
SECTION 2.2
LIMITATION ON AGGREGATE
PRINCIPAL AMOUNT; DATE OF NOTES. The aggregate
principal amount of the Notes shall not initially exceed
$421,961,000. 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 become due and payable
in a single installment on December 15, 2019.
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SECTION 2.4
INTEREST AND INTEREST
RATES. Interest on the Notes shall be payable
semiannually on June 15 and December 15 of each year
beginning on June 15, 2008 (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 December 15, 2007 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. Interest shall be
computed on the basis of a 360-day year consisting of twelve 30-day
months.
The interest rate
borne by the Notes will be 7.0% per annum until the Notes are paid
in full, plus Additional Interest, if any, payable pursuant to the
Registration Rights Agreement and as set forth in the
Notes.
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 the
June 1 or December 1 (in each case, whether or not a
Business Day), respectively, immediately preceding such Interest
Payment Date (each, a “Regular Record Date”); provided
that if such June 1 or December 1 is prior to the
date of issuance of such Note, interest will be paid to the Person
in whose name such Note is registered at the close of business on
such date of issuance. 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 or date of issuance, as the case may be,
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.
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 or Tyco 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 and Tyco for such purpose shall
initially be the office of the Trustee at
[ ].
At the option of
the Company and Tyco, 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 and Tyco, 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.
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SECTION 2.6
REDEMPTION.
The Notes are redeemable, in whole or in part, at the option of the
Company and Tyco at any time at a redemption price equal to the
greater of (i) 100% of the principal amount of such Notes, and
(ii) as determined by the Quotation Agent, the sum of the
present values of the remaining scheduled payments of principal and
interest thereon (not including any portion of such payments of
interest accrued as of the date of redemption) discounted to the
date of redemption on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Redemption
Treasury Rate plus 15 basis points plus, in each case, accrued
interest thereon to the date of redemption. The Notes are
also subject to redemption to the extent described in
Article Twelve of the Indenture.
Except as
otherwise provided herein, the Company and Tyco 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
DENOMINATION.
The Notes shall be issued in denominations of $1,000 and integral
multiples thereof.
SECTION 2.8
CURRENCY .
Principal and interest on the Notes shall be payable in
United States dollars.
SECTION 2.9
NOTES TO BE ISSUED IN GLOBAL
FORM; EXCHANGE FOR CERTIFICATED NOTES .
(a)
The Notes will be initially represented by one or more Restricted
Global Notes. The Company hereby designates The Depository
Trust Company as the initial Depositary for the Global Notes.
Each 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 Definitive Notes, such 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 a
Global Note in exchange in whole or in part for Definitive Notes on
such terms as are acceptable to the Company, Tyco and the
Depositary.
(b)
The Company or Tyco may at any time in its sole discretion
determine that all or any portion of the Notes shall no longer be
represented by a Global Note or Global Notes. In such event
the Company and Tyco shall execute, and the Trustee, upon receipt
of a written Company order or Tyco order (pursuant to
Section 2.5 of the Indenture) for the authentication and
delivery of Definitive Notes of like tenor, shall authenticate and
deliver Definitive Notes of like tenor, 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).
(d)
Transfer and Exchange of Beneficial Interests in the Global
Notes . The transfer and exchange of beneficial interests
in the Global Notes shall be effected through the Depositary, in
accordance with the provisions of the Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global
Notes shall be subject to restrictions on transfer set forth
herein
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and to the extent
required by the Securities Act. Transfers of beneficial
interests in the Global Notes also shall require compliance with
either subparagraph (1) or (2) below, as applicable, as
well as one or more of the other following subparagraphs, as
applicable:
(1)
Transfer of Beneficial Interests in the Same Global Note
. Beneficial interests in any Restricted Global Note may be
transferred to Persons who take delivery thereof in the form of a
beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private
Placement Legend. Beneficial interests in any Unrestricted
Global Note may be transferred to Persons who take delivery thereof
in the form of a beneficial interest in an Unrestricted Global
Note. No written orders or instructions shall be required to
be delivered to the Security Registrar to effect the transfers
described in this Section 2.9(d)(1).
(2)
All Other Transfers and Exchanges of Beneficial Interests in
Global Notes . In connection with all transfers and
exchanges of beneficial interests that are not subject to
Section 2.9(d)(1) above, the transferor of such
beneficial interest must deliver to the Security Registrar, as
applicable, either:
(A)(1) an order from a Participant or an
Indirect Participant given to the Depositary in accordance with the
relevant Applicable Procedures directing the Depositary to credit
or cause to be credited a beneficial interest in another Global
Note in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given in
accordance with the relevant Applicable Procedures containing
information regarding the Participant account to be credited with
such increase; or
(B)(1) an order from a Participant or an
Indirect Participant given to the Depositary in accordance with the
relevant Applicable Procedures directing the Depositary to cause to
be issued a Definitive Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions
given by the Depositary to the Security Registrar containing
information regarding the Person in whose name such Definitive Note
shall be registered to effect the transfer or exchange referred to
in (B)(1) above;
Upon
satisfaction of all the requirements for transfer and exchange of
beneficial interests in Global Notes contained herein and in the
Notes or otherwise applicable under the Securities Act, the Trustee
shall adjust the principal amount of the relevant Global Note or
Global Notes pursuant to Section 2.9(h).
(3)
Transfer of Beneficial Interests to Another Restricted Global
Note . A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in
the form of a beneficial interest in another Restricted Global Note
if the transfer complies with the requirements of
Section 2.9(d)(2) and the Security Registrar receives a
completed certificate in the form of Exhibit A.
(4)
Transfer and Exchange of Beneficial Interests in a Restricted
Global Note for Beneficial Interests in an Unrestricted Global
Note . A beneficial interest in any
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Restricted
Global Note may be exchanged by any holder thereof for a beneficial
interest in an Unrestricted Global Note or transferred to a Person
who takes delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 2.9(d)(2) above and the
Security Registrar receives a completed certificate from such
holder in the form of Exhibit A or Exhibit B, as
applicable, and an opinion of counsel in form, and from legal
counsel, reasonably acceptable to the Security Registrar and the
Company and Tyco to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the
Securities Act.
If
any such transfer is effected at a time when an Unrestricted Global
Note has not yet been issued, the Company and Tyco shall issue and,
upon receipt of a written Company order or Tyco order (pursuant to
Section 2.5 of the Indenture) for the authentication and
delivery of such Note, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to
the aggregate principal amount of beneficial interests so
transferred. Beneficial interests in an Unrestricted Global
Note cannot be exchanged for, or transferred to Persons who take
delivery thereof in the form of, a beneficial interest in a
Restricted Global Note.
(e)
Transfer or Exchange of Beneficial Interests for Definitive
Notes .
(1)
Beneficial Interests in Restricted Global Notes to Restricted
Definitive Notes . If any holder of a beneficial interest
in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the
form of a Restricted Definitive Note, then, upon receipt by the
Security Registrar of a completed certificate from such holder in
the form of Exhibit A or Exhibit B, as applicable, and
certificates and opinions of counsel, if applicable, the Trustee
shall cause the aggregate principal amount of the applicable
Restricted Global Note to be reduced accordingly pursuant to
Section 2.9(h), and the Company and Tyco shall execute a
Restricted Definitive Note in the appropriate principal amount and,
upon receipt of a written Company order or Tyco order (pursuant to
Section 2.5 of the Indenture) for the authentication and
delivery of such Note, the Trustee shall authenticate and deliver
to the Person designated in the instructions such Restricted
Definitive Note. Any Restricted Definitive Note issued in
exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.9(e) shall be registered in
such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall
instruct the Security Registrar through instructions from the
Depositary for such series and the Participant or Indirect
Participant. The Trustee shall deliver such Restricted
Definitive Notes to the Persons in whose names such Notes are so
registered. Any Restricted Definitive Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant to
this Section 2.9(e)(1) shall bear the Private Placement
Legend and shall be subject to all restrictions on transfer
contained therein.
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(2)
Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes . A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note only if the Security Registrar
receives a completed certificate from such holder in the form of
Exhibit A or Exhibit B, as applicable, and an opinion of
counsel in form, and from legal counsel, reasonably acceptable to
the Security Registrar and the Company and Tyco to the effect that
such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act.
(3)
Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes . If any holder of a
beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for an Unrestricted Definitive
Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note,
then, upon satisfaction of the conditions set forth in
Section 2.9(d)(2), the Trustee shall cause the aggregate
principal amount of the applicable Unrestricted Global Note to be
reduced accordingly pursuant to Section 2.9(h), and the
Company and Tyco shall execute an Unrestricted Definitive Note in
the appropriate principal amount and, upon receipt of a written
Company order or Tyco order for the authentication and delivery of
such Note, the Trustee shall authenticate and deliver to the Person
designated in the instructions such Unrestricted Definitive
Note. Any Unrestricted Definitive Note issued in exchange for
a beneficial interest pursuant to this
Section 2.9(e)(3) shall be registered in such name or
names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Security
Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Trustee shall
deliver such Unrestricted Definitive Notes to the Persons in whose
names such Notes are so registered. Any Unrestricted
Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.9(e)(3) shall not bear the
Private Placement Legend.
(f)
Transfer and Exchange of Definitive Notes for Beneficial
Interests .
(1)
Restricted Definitive Notes to Beneficial Interests in
Restricted Global Notes . If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial
interest in a Restricted Global Note or to transfer such Restricted
Definitive Note to a Person who takes delivery thereof in the form
of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Trustee of the following documentation:
(A) if the Holder of such Restricted
Definitive Note proposes to exchange such Note for a beneficial
interest in a Restricted Global Note, a completed certificate from
such Holder in the form of Exhibit B; or
(B) if such Restricted Definitive Note is
being transferred to a QIB in accordance with Rule 144A under
the Securities Act or to a non-U.S. person in
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an
offshore transaction in accordance with Rule 903 or 904 under
the Securities Act, a completed certificate to that effect set
forth in Exhibit A,
the Trustee shall
cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause
(A) above, the appropriate Restricted Global Note and, in the
case of clause (B) above, the 144A Global Note or the
Regulation S Global Note as applicable.
(2)
Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes . A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in
an Unrestricted Global Note or transfer such Restricted Definitive
Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note only if the
Security Registrar receives a completed certificate from such
Holder in the form of Exhibit A or Exhibit B, as
applicable, and an opinion of counsel in form, and from legal
counsel, reasonably acceptable to the Security Registrar and the
Company and Tyco to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the
Securities Act. Upon satisfaction of the conditions of any of
the subparagraphs in this Section 2.9(f)(2), the Trustee shall
cancel the Restricted Definitive Notes so transferred or exchanged
and increase or cause to be increased the aggregate principal
amount of the Unrestricted Global Note.
(3)
Unrestricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes . A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in
an Unrestricted Global Note or transfer such Definitive Note to a
Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note at any time. Upon
receipt of a written request for such an exchange or transfer, the
Trustee shall cancel the applicable Unrestricted Definitive Note
and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes. If any such
exchange or transfer from a Definitive Note to a beneficial
interest is effected pursuant to subparagraphs (2) or
(3) of this Section 2.9(f) at a time when an
Unrestricted Global Note has not yet been issued, the Company and
Tyco shall issue and, upon receipt of a written Company order or
Tyco order for the authentication and delivery of such Note, the
Trustee shall authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.
(g)
Transfer and Exchange of Definitive Notes for Definitive
Notes . Upon written request by a Holder of Definitive
Notes and such Holder’s compliance with the provisions of
this Section 2.9(g), the Trustee shall register the transfer
or exchange of Definitive Notes pursuant to the provisions of
Section 2.9 of the Indenture. In addition to the
requirements set forth in Section 2.9 of the Indenture, the
requesting Holder shall provide any additional certifications,
documents, and information, as applicable, required pursuant to the
following provisions of this Section 2.9(g).
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(1)
Restricted Definitive Notes to Restricted Definitive Notes
. Any Restricted Definitive Note may be transferred to and
registered in the name of a Person who takes delivery thereof in
the form of a Restricted Definitive Note if the Trustee receives a
completed certificate in the form of Exhibit A, including the
certifications, certificates and opinions of counsel required by
item (3) thereof, if applicable.
(2)
Restricted Definitive Notes to Unrestricted Definitive Notes
. Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred
to a Person or Persons who take delivery thereof in the form of an
Unrestricted Definitive Note if the Security Registrar receives a
completed certificate from such Holder in the form of
Exhibit A or Exhibit B, as applicable and an opinion of
counsel in form, and from legal counsel, reasonably acceptable to
the Trustee and the Company and Tyco to the effect that such
exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act.
(3)
Unrestricted Definitive Notes to Unrestricted Definitive
Notes . A Holder of an Unrestricted Definitive Note may
transfer such Note to a Person who takes delivery thereof in the
form of an Unrestricted Definitive Note in accordance with
subsection 2.9 of the Indenture. Upon receipt of a request to
register such a transfer, the Security Registrar shall register the
Unrestricted Definitive Note pursuant to the instructions from the
Holder thereof.
(h)
Cancellation and/or Adjustment of Global Notes . At
such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or a particular Global
Note has been redeemed, repurchased or cancelled in whole and not
in part, each such Global Note shall be returned to or retained and
cancelled by the Trustee in accordance with Section 2.11 of
the Indenture. At any time prior to such cancellation, if any
beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form
of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global
Note shall be reduced accordingly and an endorsement may be made on
such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the
beneficial interest is being exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial
interest in another Global Note, such other Global Note shall be
increased accordingly and an endorsement may be made on such Global
Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such increase.
SECTION 2.10
FORM OF NOTES.
The Notes shall be substantially in the form attached as
Exhibit C hereto.
SECTION 2.11
DEFEASANCE AND COVENANT
DEFEASANCE. The provisions of Article Nine of
the Indenture shall apply to the Notes.
11
SECTION 2.12
CHANGE OF
CONTROL.
(a)
If a Change of Control Triggering Event occurs, unless the Company
and Tyco have exercised their option to redeem the Notes, they
shall be required to make an offer (a “ Change of Control
Offer ”) to each Holder of the Notes to repurchase, at
the Holder’s election, all or any part (equal to $1,000 or an
integral multiple of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth herein. In a Change of
Control Offer, the Company and Tyco shall be required to offer
payment in cash equal to 101% of the aggregate principal amount of
Notes repurchased, plus accrued and unpaid interest, if any, on the
Notes repurchased to the date of repurchase (a “ Change of
Control Payment ”). Within 30 days following any Change
of Control Triggering Event or, at the Company’s or
Tyco’s option, prior to any Change of Control, but after
public announcement of the transaction that constitutes or may
constitute the Change of Control, a notice shall be mailed to
Holders of the Notes describing in reasonable detail the
transaction that constitutes or may constitute the Change of
Control Triggering Event and offering to repurchase such Notes on
the date specified in the notice, which date shall be no earlier
than 30 days and no later than 60 days from the date such notice is
mailed (a “ Change of Control Payment Date ”).
The notice shall, if mailed prior to the date of consummation of
the Change of Control, state that the offer to purchase is
conditioned on the Change of Control Triggering Event occurring on
or prior to the Change of Control Payment Date.
(b)
In order to accept the Change of Control Offer, the Holder must
deliver (or otherwise comply with alternative instructions in
accordance with the procedures of the Depositary) to the paying
agent, at least five Business Days prior to the Change of Control
Payment Date, its Note together with the form entitled
“Election Form” (which form is annexed hereto as
Exhibit D) duly completed, or a telegram, telex, facsimile
transmission or a letter from a member of a national securities
exchange, or the Financial Industry Regulatory Authority, Inc.
or a commercial bank or trust company in the United States setting
forth:
(i)
the name of the Holder of such Note;
(ii)
the principal amount of such Note;
(iii)
the principal amount of such Note to be repurchased;
(iv)
the certificate number or a description of the tenor and terms of
such Note;
(v)
a statement that the Holder is accepting the Change of Control
Offer; and
(vi)
a guarantee that such Note, together with the form entitled
“Election Form” duly completed, will be received by the
paying agent at least five Business Days prior to the Change of
Control Payment Date.
(c)
Any exercise by a Holder of its election to accept the Change of
Control Offer shall be irrevocable. The Change of Control Offer may
be accepte
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