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364-DAY SENIOR BRIDGE LOAN AGREEMENT

Bridge Loan Agreement

364-DAY SENIOR BRIDGE LOAN AGREEMENT You are currently viewing:
This Bridge Loan Agreement involves

TYCO INTERNATIONAL LTD., | TYCO INTERNATIONAL FINANCE S.A., | CITIGROUP GLOBAL MARKETS INC. | BANC OF AMERICA SECURITIES LLC

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Title: 364-DAY SENIOR BRIDGE LOAN AGREEMENT
Governing Law: New York     Date: 4/27/2007
Industry: CONGLM    

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Exhibit 10

Exhibit 10.1

CONFORMED COPY


 

Published CUSIP Number:                       

364-DAY SENIOR BRIDGE LOAN AGREEMENT
(Fire & Safety and Engineered Products Businesses)

dated as of

April 25, 2007

among

TYCO INTERNATIONAL GROUP S.A.,
Initial Borrower

TYCO INTERNATIONAL LTD.,
Guarantor

TYCO INTERNATIONAL FINANCE S.A.,
T Borrower

The Lenders Party Hereto

and

CITIBANK, N.A.
as Administrative Agent

CITIGROUP GLOBAL MARKETS INC. and BANC OF AMERICA SECURITIES LLC

as Joint Bookrunners and Joint Lead Arrangers


 

CITIGROUP GLOBAL MARKETS INC.
BANC OF AMERICA SECURITIES LLC
as Global Coordinators

 

 



TABLE OF CONTENTS

 

 

 

 

Page

ARTICLE I

Definitions

 

  1

Section 1.01

 

Defined Terms

 

  1

Section 1.02

 

Classification of Loans and Borrowings

 

20

Section 1.03

 

Terms Generally

 

20

Section 1.04

 

Accounting Terms; GAAP

 

20

 

 

 

 

 

ARTICLE II

The Credits

 

21

Section 2.01

 

Commitments

 

21

Section 2.02

 

Loans and Borrowings

 

21

Section 2.03

 

Requests for Borrowings

 

21

Section 2.04

 

Fundings to and Disbursements from Special Payment Account

 

23

Section 2.05

 

Funding of Borrowings

 

24

Section 2.06

 

Interest Elections

 

24

Section 2.07

 

Termination and Reduction of Commitments

 

26

Section 2.08

 

Repayment of Loans; Evidence of Debt

 

26

Section 2.09

 

Prepayment of Loans; Mandatory Reduction of Commitments

 

27

Section 2.10

 

Fees

 

28

Section 2.11

 

Interest

 

29

Section 2.12

 

Calculation of Interest and Fees

 

29

Section 2.13

 

Payments Generally; Pro Rata Treatment; Sharing of Set-offs

 

29

 

 

 

 

 

ARTICLE III

Representations and Warranties

 

31

Section 3.01

 

Organization; Powers

 

31

Section 3.02

 

Authorization; Enforceability

 

31

Section 3.03

 

Governmental Approvals; No Conflicts

 

32

Section 3.04

 

Financial Condition; No Material Adverse Change

 

32

Section 3.05

 

Litigation and Environmental Matters

 

32

Section 3.06

 

Investment Company Status

 

33

Section 3.07

 

Taxes

 

33

Section 3.08

 

ERISA

 

33

Section 3.09

 

Disclosure

 

34

Section 3.10

 

Subsidiaries

 

34

Section 3.11

 

Margin Regulations

 

34

 

 

 

 

 

ARTICLE IV

Conditions

 

34

Section 4.01

 

Effective Date

 

34

Section 4.02

 

Each Borrowing

 

35

 

 

 

 

 

ARTICLE V

Covenants

 

37

Section 5.01

 

Financial Statements and Other Information

 

37

Section 5.02

 

Existence; Conduct of Business

 

38

 

 

 



 

Section 5.03

 

Maintenance of Properties; Insurance

 

38

Section 5.04

 

Books and Records; Inspection Rights

 

39

Section 5.05

 

Compliance with Laws

 

39

Section 5.06

 

Use of Proceeds

 

39

Section 5.07

 

Liens

 

39

Section 5.08

 

Fundamental Changes.

 

41

Section 5.09

 

Financial Covenant.

 

43

Section 5.10

 

Limitation on Restrictions on Subsidiary Dividends and Other Distributions

 

43

Section 5.11

 

Transactions with Affiliates

 

44

Section 5.12

 

Subsidiary Guarantors

 

46

Section 5.13

 

Subsidiary Debt

 

46

 

 

 

 

 

ARTICLE VI

Events of Default

 

46

 

 

 

 

ARTICLE VII

The Administrative Agent

 

49

 

 

 

 

ARTICLE VIII

Guarantee

 

52

Section 8.01

 

The Guarantee

 

52

Section 8.02

 

Guarantee Unconditional

 

52

Section 8.03

 

Discharge Only upon Payment in Full; Reimbursement in Certain Circumstances

 

53

Section 8.04

 

Waiver by the Guarantor

 

53

Section 8.05

 

Subrogation

 

53

Section 8.06

 

Stay of Acceleration

 

53

 

 

 

 

 

ARTICLE IX

Yield Protection, Illegality and Taxes

 

53

Section 9.01

 

Alternate Rate of Interest

 

53

Section 9.02

 

Illegality

 

54

Section 9.03

 

Increased Costs

 

54

Section 9.04

 

Break Funding Payments

 

55

Section 9.05

 

Taxes

 

56

Section 9.06

 

Matters Applicable to all Requests for Compensation

 

57

Section 9.07

 

Mitigation Obligations

 

57

 

 

 

 

 

ARTICLE X

Miscellaneous

 

58

Section 10.01

 

Notices.

 

58

Section 10.02

 

Waivers; Amendments

 

59

Section 10.03

 

Expenses; Indemnity; Damage Waiver

 

60

Section 10.04

 

Successors and Assigns

 

62

Section 10.05

 

Survival

 

66

Section 10.06

 

Counterparts; Integration; Effectiveness

 

66

Section 10.07

 

Severability

 

67

Section 10.08

 

Right of Setoff

 

67

Section 10.09

 

Governing Law; Jurisdiction; Consent to Service of Process

 

67

Section 10.10

 

Waiver of Jury Trial

 

68

 

 

2

 



 

Section 10.11

 

Waiver of Immunities

 

69

Section 10.12

 

Judgment Currency

 

69

Section 10.13

 

Headings

 

69

Section 10.14

 

Confidentiality

 

70

Section 10.15

 

Electronic Communications

 

71

Section 10.16

 

USA PATRIOT Act Notice

 

72

SCHEDULES:

Schedule A – Existing Indenture Debt
Schedule 1.01 – Pricing Grid
Schedule 2.01 – Commitments
Schedule 5.09 – Cross Guarantees
Schedule 10.01 – Administrative Agent’s Office; Lender Notice Addresses

EXHIBITS:

Exhibit A – Form of Note
Exhibit B – Form of Assignment and Assumption
Exhibit C-1 – Form of opinion of general counsel of Guarantor
Exhibit C-2 – Form of opinion of special Luxembourg counsel
Exhibit C-3 – Form of opinion of special Bermuda counsel
Exhibit C-4 – Form of opinion of special New York counsel
Exhibit D – Form of Borrower Assumption Agreement
Exhibit E – Form of Subsidiary Guaranty
Exhibit F – Form of Borrowing Request
Exhibit G – Form of Release Request
Exhibit H-1 – Form of opinion of special Luxembourg counsel (Borrower Assumption Agreement)
Exhibit H-2 – Form of opinion of special New York counsel (Borrower Assumption Agreement)

 

3

 



 

364-DAY SENIOR BRIDGE LOAN AGREEMENT (Fire & Safety and Engineered Products Businesses) dated as of April 25, 2007 (the “Closing Date”), among TYCO INTERNATIONAL GROUP S.A., a Luxembourg company (the “Initial Borrower”), TYCO INTERNATIONAL LTD., a Bermuda company (the “Guarantor”), TYCO INTERNATIONAL FINANCE S.A. a Luxembourg company (the “T Borrower”), the LENDERS party hereto, and CITIBANK, N.A., as Administrative Agent.

The parties hereto agree as follows:

ARTICLE I

Definitions

Section 1.01         Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:

ABR”, when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bear interest at a rate per annum equal to the Alternate Base Rate.

Accumulated Other Comprehensive (Loss) Income” on any date means the amount of “Accumulated Other Comprehensive (Loss) Income” of the Guarantor and its Subsidiaries as of the end of the most recently completed fiscal quarter of the Guarantor prior to such date of determination determined on a consolidated basis in accordance with GAAP.