364-DAY SENIOR BRIDGE LOAN AGREEMENTBridge Loan Agreement |
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TYCO INTERNATIONAL LTD., | TYCO ELECTRONICS LTD., | DEUTSCHE BANK SECURITIES, INC. | CITIGROUP GLOBAL MARKETS INC.. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Search Bridge Loan Agreement by:
Exhibit 10.3
CONFORMED COPY
Published CUSIP Number:
364-DAY
SENIOR BRIDGE LOAN AGREEMENT
(Electronics Businesses)
dated as of
April 25, 2007
among
TYCO
INTERNATIONAL GROUP S.A.,
Initial Borrower
TYCO
INTERNATIONAL LTD.,
Initial Guarantor
TYCO
ELECTRONICS GROUP S.A.,
E Borrower
TYCO
ELECTRONICS LTD.,
E Guarantor
The Lenders Party Hereto
and
BANK OF
AMERICA, N.A.
as Administrative Agent
BANC OF
AMERICA SECURITIES LLC and DEUTSCHE BANK SECURITIES, INC.
as Joint Bookrunners and Joint Lead Arrangers
CITIGROUP
GLOBAL MARKETS INC.
BANC OF AMERICA SECURITIES LLC
as Global Coordinators
TABLE OF CONTENTS
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ARTICLE I |
Definitions |
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1 |
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Section 1.01 |
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Defined Terms |
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1 |
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Section 1.02 |
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Classification of Loans and Borrowings |
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19 |
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Section 1.03 |
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Terms Generally |
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19 |
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Section 1.04 |
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Accounting Terms; GAAP |
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20 |
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ARTICLE II |
The Credits |
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20 |
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Section 2.01 |
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Commitments |
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20 |
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Section 2.02 |
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Loans and Borrowings |
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20 |
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Section 2.03 |
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Requests for Borrowings |
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21 |
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Section 2.04 |
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[Intentionally omitted] |
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22 |
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Section 2.05 |
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Funding of Borrowings |
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22 |
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Section 2.06 |
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Interest Elections |
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23 |
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Section 2.07 |
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Termination and Reduction of Commitments |
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24 |
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Section 2.08 |
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Repayment of Loans; Evidence of Debt |
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25 |
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Section 2.09 |
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Prepayment of Loans; Mandatory Reduction of Commitments |
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26 |
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Section 2.10 |
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Fees |
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27 |
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Section 2.11 |
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Interest |
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27 |
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Section 2.12 |
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Calculation of Interest and Fees |
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28 |
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Section 2.13 |
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Payments Generally; Pro Rata Treatment; Sharing of Set-offs |
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28 |
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ARTICLE III |
Representations and Warranties |
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30 |
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Section 3.01 |
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Organization; Powers |
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30 |
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Section 3.02 |
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Authorization; Enforceability |
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30 |
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Section 3.03 |
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Governmental Approvals; No Conflicts |
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30 |
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Section 3.04 |
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Financial Condition; No Material Adverse Change |
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30 |
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Section 3.05 |
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Litigation and Environmental Matters |
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31 |
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Section 3.06 |
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Investment Company Status |
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32 |
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Section 3.07 |
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Taxes |
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32 |
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Section 3.08 |
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ERISA |
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32 |
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Section 3.09 |
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Disclosure |
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32 |
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Section 3.10 |
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Subsidiaries |
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33 |
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Section 3.11 |
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Margin Regulations |
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33 |
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ARTICLE IV |
Conditions |
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33 |
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Section 4.01 |
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Effective Date |
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33 |
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Section 4.02 |
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Each Borrowing |
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34 |
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ARTICLE V |
Covenants |
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35 |
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Section 5.01 |
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Financial Statements and Other Information |
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35 |
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Section 5.02 |
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Existence; Conduct of Business |
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37 |
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Section 5.03 |
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Maintenance of Properties; Insurance |
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37 |
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Section
5.04 |
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Books and Records; Inspection Rights |
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37 |
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Section 5.05 |
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Compliance with Laws |
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38 |
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Section 5.06 |
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Use of Proceeds |
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38 |
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Section 5.07 |
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Liens |
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38 |
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Section 5.08 |
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Fundamental Changes |
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40 |
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Section 5.09 |
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Financial Covenant |
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41 |
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Section 5.10 |
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Limitation on Restrictions on Subsidiary Dividends and Other Distributions |
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42 |
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Section 5.11 |
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Transactions with Affiliates |
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43 |
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Section 5.12 |
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Subsidiary Guarantors |
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44 |
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Section 5.13 |
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Subsidiary Debt |
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45 |
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ARTICLE VI |
Events of Default |
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45 |
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ARTICLE VII |
The Administrative Agent |
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48 |
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ARTICLE VIII |
Guarantee |
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51 |
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Section 8.01 |
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The Guarantee |
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51 |
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Section 8.02 |
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Guarantee Unconditional |
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51 |
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Section 8.03 |
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Discharge Only upon Payment in Full; Reimbursement in Certain Circumstances |
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52 |
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Section 8.04 |
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Waiver by the Guarantor |
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52 |
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Section 8.05 |
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Subrogation |
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52 |
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Section 8.06 |
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Stay of Acceleration |
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52 |
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ARTICLE IX |
Yield Protection, Illegality and Taxes |
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52 |
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Section 9.01 |
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Alternate Rate of Interest |
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52 |
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Section 9.02 |
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Illegality |
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53 |
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Section 9.03 |
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Increased Costs |
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53 |
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Section 9.04 |
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Break Funding Payments |
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54 |
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Section 9.05 |
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Taxes |
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54 |
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Section 9.06 |
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Matters Applicable to all Requests for Compensation |
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56 |
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Section 9.07 |
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Mitigation Obligations |
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56 |
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ARTICLE X |
Miscellaneous |
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56 |
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Section 10.01 |
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Notices |
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56 |
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Section 10.02 |
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Waivers; Amendments |
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58 |
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Section 10.03 |
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Expenses; Indemnity; Damage Waiver |
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59 |
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Section 10.04 |
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Successors and Assigns |
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60 |
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Section 10.05 |
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Survival |
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65 |
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Section 10.06 |
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Counterparts; Integration; Effectiveness |
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65 |
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Section 10.07 |
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Severability |
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66 |
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Section 10.08 |
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Right of Setoff |
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66 |
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Section 10.09 |
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Governing Law; Jurisdiction; Consent to Service of Process |
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66 |
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Section 10.10 |
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Waiver of Jury Trial |
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67 |
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Section 10.11 |
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Waiver of Immunities |
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67 |
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2
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Section
10.12 |
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Judgment Currency |
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68 |
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Section 10.13 |
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Headings |
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68 |
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Section 10.14 |
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Confidentiality |
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68 |
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Section 10.15 |
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Electronic Communications |
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69 |
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Section 10.16 |
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USA PATRIOT Act Notice |
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71 |
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 Guarantor Assumption Agreement
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)
Exhibit I-1 - Form of opinion of special Bermuda counsel (Guarantor Assumption
Agreement)
Exhibit I-2 - Form of opinion of special New York counsel (Guarantor Assumption
Agreement)
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364-DAY SENIOR BRIDGE LOAN AGREEMENT (Electronics 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 “Initial Guarantor”), TYCO ELECTRONICS GROUP S.A., a Luxembourg company (the “E Borrower”), TYCO ELECTRONICS LTD., a Bermuda company (the “E Guarantor”), the LENDERS party hereto, and BANK OF AMERICA, 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.
“Administrative Agent” means Bank of America, in its capacity as administrative agent for the Lenders under this Agreement and the other Loan Documents, or any successor administrative agent.
“Administrative Agent’s Office” means the office address, facsimile number, electronic mail address, telephone number and account information set forth on Schedule 10.01 with respect to the Administrative Agent or such other address, facsimile number, electronic mail address, telephone number or account information as shall be designated by the Administrative Agent in a notice to the Borrower and the Lenders.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, the term “control” (including the terms “controlling” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.
“Allocated Existing Credit Agreement Debt” means the portion of the Debt under the Existing Tyco Credit Agreements to be allocated to the E Borrower in connection with the Separation Transactions, and which may be repaid with the proceeds of the Loans.
“Allocated Existing Indenture Debt” means the portion of the Existing Indenture Debt to be allocated to the E Borrower in connection with the Separation Transactions, and which may be repaid with the proceeds of the Loans.
“Alternate Base Rate” means, for any day, a rate per annum equal to the greater of (a) the Base Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus ½ of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Base Rate or the Federal Funds Effective Rate, respectively.
“Applicable Margin” means, with respect to any Eurodollar Loan, either (i) at any time during which less than 50% of the aggregate Commitments are being utilized, the rate per annum set forth on the Pricing Grid opposite the reference to the applicable Index Debt Rating under the heading “Applicable Margin” and under the sub-heading “Less than 50% of the Commitments Utilized”, or (ii) at any time during which 50% or more of the then applicable aggregate Commitments are being utilized, the rate per annum set forth on the Pricing Grid opposite the reference to the applicable Index Debt Rating under the heading “Applicable Margin” and under the sub-heading “50% or More of the Commitments Utilized”; any change in the Applicable Margin resulting from an Index Debt Rating Change or an aggregate Commitment utilization change shall be determined in accordance with Schedule 1.01 and shall be effective on the date of such Index Debt Rating Change or utilization change, as the case may be.
“Applicable Percentage” means, with respect to any Lender, the percentage (rounded to the ninth decimal) of the total Commitments in effect at any given time represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the outstanding principal amounts of the Loans made by the respective Lenders.
“Approved Fund” has the meaning assigned to such term in Section 10.04.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit B or any other form approved by the Administrative Agent.
“Availability Period” means the period from and including the Effective Date to but excluding the earliest of (a) the Maturity Date, (b) the date of the consummation of the Electronics Spin Distribution and (c) the date of any earlier termination of the Commitments.
“Bank of America” means Bank of America, N.A.
“Base Rate” means the rate of interest per annum publicly announced from time to time by Bank of America as its base






