Exhibit 4(b)
This Note is a global security and is registered in the name of CEDE & CO.,
as nominee of the Depositary, The Depository Trust Company. Unless and until
this Note is exchanged for Notes in definitive form, this Note may not be
transferred except as a whole by the Depositary or a nominee of the Depositary
to the Depositary or another depositary or by the Depositary or any such nominee
to a successor depositary or a nominee of such successor depositary.
Unless this Note 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.
WAL-MART STORES, INC.
4.375% NOTES DUE 2007
Number A-o CUSIP No.: 000000XX0
$o ISIN No.: US931142BR37
Common Code: 015150769
WAL-MART STORES, INC., a corporation duly organized and existing under the
laws of the State of Delaware, and any successor corporation pursuant to the
Indenture (herein referred to as the "Company"), for value received, hereby
promises to pay to CEDE & CO. or registered assigns, the principal sum of o on
July 12, 2007 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 interest, computed on the basis of a 360-day year of twelve
30-day months, semi-annually in arrears on January 12 and July 12 of each year,
or if any such day is not a Business Day, on the next succeeding Business Day
(each, an "Interest Payment Date"), commencing on January 12, 2003, on said
principal sum in like coin or currency, at the rate per annum specified in the
title of this Note from July 12, 2002 or from the most recent January 12 or July
12 to which interest has been paid or duly provided for. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will be paid to the person in whose name this Note is registered (the "holder")
at the close of business on the preceding January 1, in the case of an Interest
Payment Date of January 12, and on the preceding July 1, in the case of an
Interest Payment Date of July 12 (each, a "Record Date").
Reference is made to the further provisions of this Note set forth on the
succeeding sections 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 in Section 1 hereof.
IN WITNESS WHEREOF, the Company has caused this instrument to be signed by
its Chairman of the Board, its Vice Chairman, its President or one of its Vice
Presidents by manual or facsimile signature under its corporate seal, attested
by its Secretary, one of its Assistant Secretaries, its
Treasurer or one of its Assistant Treasurers by manual or facsimile signature.
Wal-Mart Stores, Inc.
By:_______________________________
Name:
Title:
[SEAL] Attest:____________________________
Name:
Title:
Dated: September 20, 2002
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.
BANK ONE TRUST COMPANY, NA,
as Trustee
By:_______________________________
Authorized Signatory
WAL-MART STORES, INC.
4.375% NOTES DUE 2007
1. Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the "4.375% Notes due 2007" (the
"Notes"), initially issued in an aggregate principal amount of $1,000,000,000 on
July 12, 2002 and, as a result of the further issuance of $500,000,000 aggregate
principal amount of Notes on September 20, 2002, now issued in an aggregate
principal amount of $1,500,000,000. Such series of Securities has been
established pursuant to, and is one of an indefinite number of series of debt
securities of the Company, issued or issuable under and pursuant to, the
Indenture, dated as of July 5, 2001 (the "Indenture"), duly executed and
delivered by the Company, Wal-Mart Cayman (Euro) Finance Co., Wal-Mart Cayman
(Canadian) Finance Co. and Wal-Mart Cayman (Sterling) Finance Co. as Issuers,
the Company as Guarantor and Bank One Trust Company, NA, as Trustee (the
"Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
the holders of the Notes and of the terms upon which this Note is, and is to be,
authenticated and delivered. The terms, conditions and provisions of the Notes
are those stated in the Indenture, those made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"), and
those set forth in this Note. To the extent that the terms, conditions and other
provisions of this Note modify, supplement or are inconsistent with those of the
Indenture, then the terms, conditions and other provisions of this Note shall
govern.
All capitalized terms which are used but not defined in this Note shall
have the meanings assigned to them in the Indenture.
The Company may, without the consent of the holders, issue and sell
additional Securities ranking equally with the Notes and otherwise identical in
all respects (except for their date of issue, issue price and the date from
which interest payments thereon shall accrue) so that such additional Securities
shall be consolidated and form a single series with the Notes; provided,
however, that no additional Securities of any existing or new series may be
issued under the Indenture if an Event of Default has occurred and remains
uncured thereunder.
2. Ranking. The Notes shall constitute the senior unsecured debt
obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior, unsecured and
unsubordinated debt obligations of the Company.
3. Payment of Overdue Amounts. The Company shall pay interest, calculated
on the basis of a 360-day year of twelve 30-day months, on overdue principal and
overdue installments of interest, if any, from time to time on demand at the
interest rate borne by the Notes to the extent lawful.
4. Payment of Additional Amounts; Redemption Upon a Tax Event. (a) Payment
of Additional Amounts. The Company shall pay to the holder of this Note who is a
United States Alien (as defined below) such additional amounts as may be
necessary so that every net payment of principal of and interest on this Note to
such holder, after deduction or withholding for or on account of any present or
future tax, assessment or other governmental charge imposed upon such holder by
the United States of America or any taxing authority thereof or therein, will
not be less than the amount provided in the Notes to be then due and payable
(such amounts, the "Additional Amounts"); provided, however, that the Company
shall not be required to make any payment of Additional Amounts for or on
account of:
(i) any tax, assessment or other governmental charge that would not
have been imposed but for (A) the existence of any present or former
connection between such holder, or between a fiduciary, settlor,
beneficiary of, member or shareholder of, or possessor of a power over,
such holder, if such holder is an estate, trust, partnership or
corporation, and the United States including, without limitation, such
holder, or such fiduciary, settlor, beneficiary, member, shareholder or
possessor, being or having been a citizen or resident of the United States
of America or treated as a resident thereof or being or having been engaged
in trade or business or present in the United States of America, or (B) the
presentation of this Note for payment on a date more than 30 days after the
later of (x) the date on which such payment becomes due and payable and (y)
the date on which payment thereof is duly provided for;
(ii) any estate, inheritance, gift, sales, transfer, excise, personal
property or similar tax, assessment or other governmental charge;
(iii) any tax, assessment or other governmental charge imposed by
reason of such holder's past or present status as a passive foreign
investment company, a controlled foreign corporation, a personal holding
company or foreign personal holding company with respect to the United
States of America, or as a corporation which accumulates earnings to avoid
United States federal income tax;
(iv) any tax, assessment or other governmental charge which is payable
otherwise than by withholding from payment of principal of or interest on
this Note;
(v) any tax, assessment or other governmental charge required to be
withheld by any paying agent from any payment of principal of or interest
on this Note if such payment can be made without withholding by any other
paying agent;
(vi) any tax, assessment or other governmental charge which would not
have been imposed but for the failure to comply with certification,
information, documentation or other reporting requirements concerning the
nationality, residence, identity or connections with the United States of
America of the holder or beneficial owner of this Note, if such compliance
is required by statute or by regulation of the United States Treasury
Department as a precondition to relief or exemption from such tax,
assessment or other governmental charge;
(vii) any tax, assessment or other governmental charge imposed on
interest received by (A) a 10% shareholder (as defined in Section
871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended
(the "Code"), and the regulations that may be promulgated thereunder) of
the Company or (B) a controlled foreign corporation with respect to the
Company within the meaning of the Code; or
(viii) any combination of items (i), (ii), (iii), (iv), (v), (vi) and
(vii) in this Section 4(a);
nor shall any Additional Amounts be paid to any holder who is a fiduciary
partnership or other than the sole beneficial owner of this Note to the extent
that a beneficiary or settlor with respect to such fiduciary, or a member of
such partnership or a beneficial owner thereof would not have been entitled to
the payment of such Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the holder.
"United States Alien" means any corporation, partnership, individual or
fiduciary that is, as to the United States of America, a foreign corporation, a
non-resident alien individual who has not made a valid election to be treated as
a United States resident, a non-resident fiduciary of a foreign estate or trust,
or a foreign partnership one or more of the members of which is, as to the
United States
of America, a foreign corporation, a non-resident alien individual or a
non-resident fiduciary of a foreign estate or trust.
(b) Redemption Upon a Tax Event. The Notes may be redeemed at the option of
the Company in whole, but not in part, on a date (such date, the "Tax Redemption
Date") to be fixed by the Company on not more than 60 days' and not less than 30
days' notice, at a redemption price equal to 100% of the principal amount of the
Notes (the "Redemption Price") plus accrued but unpaid interest, if any,
thereon, if the Company determines that as a result of any change in or
amendment to the laws, treaties, regulations or rulings of the United States of
America or any political subdivision or taxing authority thereof, or any
proposed change in such laws, treaties, regulations or rulings, or any change in
the official application, enforcement or interpretation of such laws, treaties,
regulations or rulings, including a holding by a court of competent jurisdiction
in the United States of America, or any other action, other than an action
predicated on laws generally known on or before July 9, 2002 except for
proposals before the U.S. Congress before such date, taken by any taxing
authority or a court of competent jurisdiction in the United States of America,
or the official proposal of any such action, whether or not such action or
proposal was taken or made with respect to the Company, (A) the Company has or
will become obligated to pay Additional Amounts or (B) there is a substantial
possibility that the Company will be required to pay such Additional Amounts.
Prior to the publication of any notice of redemption pursuant to Section 15
hereof, the Company shall deliver to the Trustee (1) an Officers' Certificate
stating that the Company is entitled to effect such redemption and setting forth
a statement of facts showing that the conditions precedent to the rights of the
Company to so redeem have occurred and (2) an Opinion of Counsel to such effect
based on such statement of facts.
If the Company elects to redeem the Notes pursuant to this Section 4(b),
then it shall give notice to the holders pursuant to Section 15 hereof.
The notice of redemption, shall specify the following:
(i) the Tax Redemption Date;
(ii) a brief statement to the effect that the Notes are being redeemed
at the option of the Company pursuant to this Section 4(b) and a brief
statement of the facts permitting such redemption;
(iii) that on the Tax Redemption Date, the Redemption Price, plus
accrued but unpaid interest on the Notes, if any, will become due and
payable;
(iv) the amount of the Redemption Price and accrued but unpaid
interest, if any, that will be due and payable on the Notes on the Tax
Redemption Date;
(v) the place or places of payment of the amounts due under clause
(iv) above;
(vi) that payment of the amounts due under clause (iv) above will be
made upon presentation and surrender of the Notes; and
(vii) that, following the redemption of the Notes pursuant to this
Section 4(b), interest shall cease to accrue thereon.
The notice of redemption regarding the Notes shall be, at the election of
the Company, given by the Company or, at the Company's request, by the Trustee
in the name and at the expense of
the Company.
On or before the opening of business on any Tax Redemption Date, the
Company shall deposit with the Trustee or with the Paying Agent or, if the
Company is acting as its own paying agent, segregate and hold in trust as
provided in Section 5.03 of the Indenture, an amount of money sufficient to pay
the Redemption Price of, and except if the Tax Redemption Date shall be an
Interest Payment Date, accrued but unpaid interest on, the Notes to be redeemed
on the Tax Redemption Date.
The notice of redemption having been given as specified above, the Notes
shall, on the Tax Redemption Date, become due and payable at the Redemption
Price, and from and after such date, unless the Company shall default in the
payment of the Redemption Price and accrued but unpaid interest, if any, the
Notes shall cease to bear interest. Upon surrender of the Notes for redemption
in accordance with such notice, the Notes shall be paid by the Company at the
Redemption Price, together with accrued but unpaid interest, if any, to the Tax
Redemption Date.
If the Notes, having been called for redemption, shall not be so paid upon
surrender thereof for redemption, the Redemption Price shall, until paid, bear
interest from the Tax Redemption Date at the interest rate borne by this Note.
5. Place and Method of Payment. The Company shall pay principal of and
interest on the Notes at the office or agency of the Paying Agent in the Borough
of Manhattan, The City of New York; provided, however, that at the option of the
Company, the Company may pay interest by check mailed to the person entitled
thereto at such person's address as it appears on the Registry for the Notes.
6. Defeasance of the Notes. Sections 11.02, 11.03 and 11.04 of the
Indenture shall apply to the Notes.
7. No Redemption; Sinking Fund. The Notes are not redeemable prior to
maturity, other than as set forth in Section 4(b) hereof, and are not subject to
a sinking fund.
8. Amendment and Modification. Article Nine of the Indenture contains
provisions for the amendment or modification of the Indenture and the Notes
without the consent of the holders in certain circumstances and requiring the
consent of holders of not less than a majority in aggregate principal amount of
the Notes and Securities of other series that would be affected in certain other
circumstances. However, the Indenture requires the consent of each holder of the
Notes and Securities of other series that would be affected for certain
specified amendments or modifications of the Indenture and the Notes. These
provisions of the Indenture, which provide for, among other things, the
execution of supplemental indentures, are applicable to the Notes.
9. Default; Waiver. If an Event of Default with respect to the Notes shall
occur and be continuing, then either the Trustee or the Holders of not less than
25% in aggregate principal amount of the Notes of this series then Outstanding
may declare the aggregate principal amount of the Notes of this series to be
immediately due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture. The Indenture provides that in the event
of such a declaration, the holders of a majority in aggregate principal amount
of all of the Notes of this series then outstanding, voting as a separate class,
in accordance with the provisions of, and in the circumstances provided by, the
Indenture, may rescind and annul the declaration and its consequences and the
related default and its consequences may be waived with respect to all of the
Notes.
10. Absolute Obligation. No reference herein to the Indenture and no
provisions of the Notes or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and
interest on this Note at the place, at the time and in the coin or
currency herein prescribed.
11. Form and Denominations; Global Notes; Definitive Notes. The Notes are
being issued in registered form without coupons in denominations of $1,000 and
multiples of $1,000. The Notes are being issued in the form of global notes
(each, a "Global Note"), evidencing all or any portion of the Notes and
registered in the name of DTC or its nominee (including their respective
successors) as Depositary under the Indenture. The Notes shall be issued in
certificated form (each, a "Definitive Note") only in the following limited
circumstances: (1) the Depositary is at any time unwilling or unable to continue
as Depositary or ceases to be a clearing agency registered under applicable law,
and a successor depositary is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such ineligibility, (2) the
Company delivers to the Trustee a Company Order to the effect that this Note
shall be exchangeable for Definitive Notes or (3) an Event of Default has
occurred and is continuing with respect to the Notes, in each such case this
Note shall be exchangeable for Definitive Notes in an equal aggregate principal
amount. Such Definitive Notes shall be registered in such name or names as the
Depositary shall instruct the Trustee.
12. Registration, Transfer and Exchange. As provided in the Indenture and
subject to certain limitations therein set forth, the Company shall provide for
the registration of the Notes and the transfer and exchange of the Notes,
whether in global or Definitive form. At the option of the holders, at any
office or agency designated and maintained by the Company for such purpose (the
"Transfer Agent") pursuant to the provisions of the Indenture, and in the manner
and subject to the limitations provided in the Indenture, but without the
payment of any service charge, except for any transfer tax or other governmental
charges imposed in connection therewith subject to Section 4 hereof, the Notes
may be transferred or exchanged for an equal aggregate principal amount of the
Notes of like tenor and of other authorized denominations upon surrender and
cancellation of the Notes upon any such transfer.
The Company, the Trustee, and any agent of the Company or of the Trustee
may deem and treat the holder as the absolute owner of this Note (whether or not
the Notes shall be overdue and notwithstanding any notation of ownership or
other writing hereon), for the purpose of receiving payments hereon, or on
account hereof, and for all other purposes, and neither the Company nor the
Trustee nor any agent of the Company or of the Trustee shall be affected by any
notice to the contrary. All such payments made to or upon the order of such
holder shall, to the extent of the amount or amounts paid, effectually satisfy
and discharge liability for moneys payable on this Note.
Notwithstanding the preceding paragraphs of this Section 12, any
registration of transfer or exchange of a Global Note shall be subject to the
terms of the legend appearing on the initial page thereof.
13. No Recourse Against Others. No recourse under or upon any obligation,
covenant or agreement of the Company arising under or set forth in the Notes or
under the Indenture, or for any claim based thereon or otherwise in respect
thereof, shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by
the enforcement of any assessment or penalty or otherwise, any and all such
personal liability, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every such
incorporator, stockholder, officer or director, as such, being, by the
acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.
14. Appointment of Agents. Bank One Trust Company, NA is hereby appointed
the Registrar for the purpose of registering the Notes and transfers and
exchanges of the Notes pursuant to the Indenture and this Note, Paying Agent
pursuant to Section 3.04 of the Indenture and Transfer Agent
with respect to the Notes at its offices in the Borough of Manhattan, The City
of New York.
15. Notices. If the Company is required to give notice to the holders of
the Notes pursuant to the terms of the Indenture, then it shall do so by the
means and in the manner set forth in Section 1.06 of the Indenture.
In addition, the Company shall give notices to the holders of the Notes by
publication in a leading daily newspaper in The City of New York and in London.
Initially, such publication shall be made in The City of New York in The Wall
Street Journal and in London in the Financial Times. Any such notice shall be
deemed to have been given on the date of publication or, if published more than
once, on the date of the first publication.
16. Separability. In case any provision of the Indenture or the Notes
shall, for any reason, be held to be invalid, illegal or unenforceable, then the
validity, legality and enforceability of the remaining provisions thereof and
hereof shall not in any way be affected or impaired thereby.
17. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
ASSIGNMENT FORM
To assign this Note, fill in the form below:
For the value received, the undersigned hereby assigns and transfers the
within Note, and all rights thereunder, to:
--------------------------------------------------------------------------------
(Insert assignee's legal name)
--------------------------------------------------------------------------------
(Insert assignee's social security or tax identification number)
--------------------------------------------------------------------------------
(Print or type assignee's name, address and zip code)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
and irrevocably appoints
-------------------------------------------------------
to transfer this Note on the books of Wal-Mart Stores, Inc. The agent may
substitute another to act for it.
Your Signature:
-----------------------------------
(Sign exactly as your name appears on the face of this Note)
Date:
--------------------
Signature Guarantee
The signature(s) should be Guaranteed by an Eligible Guarantor Institution
pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended.
* * * * *
The following abbreviations, when used in the inscription on the
face of the within Note, shall be construed as though they were written out in
full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT ENT - as joint tenants with right
of survivorship and not as
tenants in common
UNIF GIFT MIN ACT - Custodian under the Uniform Gifts to Minors Act
----------- ------ ------ -----
(Cust) (Minor) (State)
Additional abbreviations may also be used although not in the above list.
