DOVER CORPORATION And Original Trustee And THE BANK OF NEW YORK, Series Trustee FIRST SUPPLEMENTAL INDENTURE Dated as of October 13, 2005 $300,000,000 aggregate principal amount of 4.875% Notes due October 15, 2015 $300,000,000 aggregate principal...
Exhibit 4.1
DOVER CORPORATION
And
X.X. XXXXXX TRUST COMPANY,
National Association,
National Association,
Original Trustee
And
THE BANK OF NEW YORK,
Series Trustee
Dated as of October 13, 2005
$300,000,000 aggregate principal amount of 4.875% Notes due October 15, 2015
$300,000,000 aggregate principal amount of 5.375% Debentures due October 15, 2035
FIRST SUPPLEMENTAL INDENTURE, dated as of October 13, 2005, among DOVER CORPORATION, a
Delaware corporation (the “Company”), X.X. XXXXXX TRUST COMPANY, National Association (formerly
known as BANK ONE TRUST COMPANY, N.A.), as Trustee (the “Original Trustee”), and THE BANK OF NEW
YORK, a New York banking corporation, as trustee with respect to the 2005 Securities (as
hereinafter defined) (the “Series Trustee”).
W I T N E S S E T H:
WHEREAS, the Company and the Original Trustee executed and delivered an Indenture, dated as of
February 8, 2001 (the “Indenture”), to provide for the issuance by the Company from time to time of
unsecured debentures, notes or other evidences of indebtedness, to be issued in one or more series
as provided in the Indenture;
WHEREAS, on February 12, 2001, pursuant to a Board Resolution, the Company issued a series of
its debt securities under the Indenture designated as the “6.50% Notes due February 15, 2011” in
the aggregate principal amount of $400,000,000 for which the Original Trustee is the trustee;
WHEREAS, pursuant to a Board Resolution, the Company has authorized the creation and issuance
of two additional series of its debt securities under the Indenture, to wit, $300,000,000 aggregate
principal amount of 4.875% Notes due October 15, 2015 (the “Notes due 2015”) and $300,000,000
aggregate principal amount of 5.375% Debentures due October 15, 2035 (the “Debentures due 2035” and
together with the Notes due 2015, the “2005 Securities”);
WHEREAS, pursuant to the Board Resolution authorizing the issuance of the 2005 Securities, The
Bank of New York has been designated as the Series Trustee under the Indenture in respect of each
of the series of Notes due 2015 and Debentures due 2035;
WHEREAS, Section 901 of the Indenture provides that the Indenture may be amended without the
consent of any Holder (i) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to add to or change any
of the provisions of the Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 611 of the Indenture or (ii) to make any other provisions with respect to matters or
questions arising under the Indenture, provided that such action shall not adversely affect the
interests of the Holders of Securities of any series;
WHEREAS, the Company has requested that the Original Trustee enter into this First
Supplemental Indenture for the purpose of appointing the Series Trustee with all the rights,
powers, trusts and duties of the Original Trustee with respect to, and only with respect to, the
2005 Securities (expected to be issued on or about the date hereof) and for the purpose of amending
the Indenture pursuant to Sections 901 and 611 thereof to permit such appointment;
WHEREAS, the Company has determined that this First Supplemental Indenture is authorized or
permitted by Sections 901 and 611 of the Indenture and has delivered to the Original Trustee and
the Series Trustee an Opinion of Counsel to that effect and an Opinion of Counsel and an Officers’
Certificate pursuant to Section 102 of the Indenture to the effect that all conditions precedent
provided for in the Indenture to the Original Trustee’s and the Series Trustee’s execution and
delivery of this First Supplemental Indenture have been complied with;
WHEREAS, the entering into this First Supplemental Indenture by the parties hereto is in all
respects authorized by the provisions of the Indenture;
WHEREAS, the Company desires to establish the terms of each of the Notes due 2015 and the
Debentures due 2035 in accordance with Sections 201 and 301 of the Indenture and to establish the
form of
each of the Notes due 2015 and the Debentures due 2035 in accordance with Sections 202 and 203
of the Indenture; and
WHEREAS, all things necessary to make this First Supplemental Indenture a valid indenture and
agreement according to its terms have been done.
NOW, THEREFORE, the Company, the Original Trustee and the Series Trustee agree as follows:
ARTICLE 1
APPOINTMENT OF AND ACCEPTANCE
BY SERIES TRUSTEE
BY SERIES TRUSTEE
Section 1.1. Appointment of Successor Trustee. Pursuant to Section 301(19) of the Indenture,
the Company hereby appoints the Series Trustee as successor Trustee under the Indenture with
respect to, and only with respect to, the Notes due 2015 and the Debentures due 2035. Pursuant to
Section 611 of the Indenture, all the rights, powers, trusts and duties of the Trustee under the
Indenture shall be vested in the Series Trustee with respect to the Notes due 2015 and the
Debentures due 2035 and there shall continue to be vested in the Original Trustee all of its
rights, powers, trusts and duties as Trustee under the Indenture with respect to all of the series
of Securities as to which it has served and continues to serve as Trustee under the Indenture.
Section 1.2. Eligibililty of Series Trustee. The Series Trustee hereby represents that it
is qualified and eligible under the provisions of Section 609 of the Indenture and the provisions
of the Trust Indenture Act to accept its appointment as Trustee with respect to the Notes due 2015
and the Debentures due 2035 under the Indenture and hereby accepts the appointment as such Trustee.
ARTICLE 2
THE 2005 SECURITIES
Section 2.1. Terms of 2005 Securities. The following terms relating to the 2005 Securities
are hereby established:
(a) Title: The Notes due 2015 shall constitute a series of Securities having the
title “4.875% Notes due October 15, 2015” and the Debentures due 2035 shall constitute a series of
Securities having the title “5.375% Debentures due October 15, 2035.”
(b) Principal Amount: The initial aggregate principal amount of the Notes due 2015
that may be authenticated and delivered under the Indenture (except for Notes due 2015
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes due 2015 pursuant to Sections 304, 305, 306, 906 or 1107 and except for Notes due 2015
which, pursuant to Section 303, are deemed never to have been authenticated and delivered
hereunder) shall be $300,000,000. The initial aggregate principal amount of the Debentures due
2035 that may be authenticated and delivered under the Indenture (except for Debentures due 2035
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Debentures due 2035 pursuant to Sections 304, 305, 306, 906 or 1107 and except for Debentures
due 2035 which, pursuant to Section 303, are deemed never to have been authenticated and delivered
hereunder) shall be $300,000,000.
(c) Stated Maturity: The entire outstanding principal of the Notes due 2015 shall be
payable on October 15, 2015 plus any unpaid interest accrued to such date and the entire
outstanding principal of the Debentures due 2035 shall be payable on October 15, 2035 plus any
unpaid interest accrued to such date.
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(d) Interest Rate; Payment: The rate at which the Notes due 2015 shall bear interest
shall be 4.875% per annum; the rate at which the Debentures due 2035 shall bear interest shall be
5.375% per annum; the date from which interest shall accrue on the 2005 Securities shall be October
13, 2005; the Interest Payment Dates for the Notes due 2015 on which interest will be payable shall
be April 15 and October 15 in each year, beginning April 15, 2006; the Regular Record Dates for the
interest payable on the Notes due 2015 on any Interest Payment Date shall be the April 1 and
October 1 preceding the applicable Interest Payment Date; the Interest Payment Dates for the
Debentures due 2035 on which interest will be payable shall be April 15 and October 15 in each
year, beginning April 15, 2006; the Regular Record Dates for the interest payable on the Debentures
due 2035 on any Interest Payment Date shall be the April 1 and October 1 preceding the applicable
Interest Payment Date; and the basis upon which interest on the 2005 Securities shall be calculated
shall be that of a 360-day year consisting of twelve 30-day months.
(e) Place of Payment: The initial place of payment of the principal of (and premium,
if any) and any interest on the Notes due 2015 and the Debentures due 2035 shall be New York, New
York; provided, however, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Securities
Register.
(f) Redemption:
(i) Either or both of the Notes due 2015 and the Debentures due 2035 may be redeemed in whole
at any time or in part from time to time, at the option of the Company, at a redemption price equal
to the greater of (1) 100% of the principal amount of the 2005 Securities then outstanding to be
redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the 2005 Securities to be redeemed (not including any portion of such payments of
interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate
(as hereinafter defined) plus (x) 12.5 basis points in the case of the Notes due 2015 and (y) 15
basis points in the case of the Debentures due 2035, plus, in each case, accrued and unpaid
interest on the principal amount being redeemed to the redemption date (the “Redemption Price”).
The Company shall set forth the Redemption Price in an Officers’ Certificate delivered to the
Series Trustee on or before the Redemption Date. The Series Trustee shall be under no duty to
inquire into, may conclusively presume the correctness of, and shall be fully protected in relying
upon the Redemption Price set forth in any such Officers’ Certificate.
(ii) For purposes of this provision,
“Treasury Rate” means, with respect to any redemption date: (i) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three months before or after the remaining life (as defined below), yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue will
be determined and the treasury rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or (ii) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date.
“Comparable Treasury Issue” means mean the U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term (“remaining life”) of the
2005 Securities to be redeemed that would be utilized, at the time of selection and in accordance
with
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customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such 2005 Securities.
“Comparable Treasury Price” means (1) the average of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.
“Independent Investment Banker” means either X.X. Xxxxxx Securities Inc., Bank of America
Securities LLC, Deutsche Bank Securities Inc., Greenwich Capital Markets, Inc. or Wachovia Capital
Markets, LLC, as specified by the Company, or, if these firms are unwilling or unable to select the
Comparable Treasury Issue, an independent investment banking institution of national standing
appointed by the Company.
“Reference Treasury Dealer” means (1) X.X. Xxxxxx Securities Inc., Bank of America Securities
LLC, Deutsche Bank Securities Inc., Greenwich Capital Markets, Inc. and at least one other primary
U.S. Government securities dealer in New York City selected by Wachovia Capital Markets, LLC, and
their respective successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the
Company will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury
Dealer selected by the Company after consultation with the Independent Investment Banker.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Independent Investment Banker, of the
bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York
City time, on the third business day preceding such redemption date.
(iii) In the event of redemption of either of the Notes due 2015 or the Debentures due 2035 in
part only, a new Security or Securities of such series and of like tenor for the unredeemed portion
thereof will be issued in the name of the Holder thereof upon the cancellation thereof.
(g) Defeasance: Sections 1302 and 1303 in the Indenture with respect to defeasance
of the indebtedness of securities or certain restrictive covenants and Events of Default shall
apply to each of the Notes due 2015 and the Debentures due 2035.
(h) Denominations: Each of the Notes due 2015 and the Debentures due 2035 shall be
issuable in denominations of $1,000 and any integral multiple in excess thereof.
(i) Paying Agent and Security Registrar, Office or Agency of Company: The Series
Trustee in respect of each of the series of Notes due 2015 and Debentures due 2035 shall be The
Bank of New York. The Company hereby appoints The Bank of New York as the Security Registrar and
Paying Agent in respect of each of the series of Notes due 2015 and Debentures due 2035. The
Series Trustee’s Corporate Trust Office initially shall be located at 000 Xxxxxxx Xxxxxx, Xxxxx 0X,
Xxx Xxxx, Xxx Xxxx 00000, Attention: Corporate Trust Division — Corporate Finance Unit. Pursuant
to Section 1002 of the Indenture, the Company hereby appoints the Corporate Trust Office of the
Series Trustee as the office or agency of the Company in The City of New York where 2005 Securities
may be presented or surrender for payment, where 2005 Securities may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the 2005 Securities and the Indenture may be served.
(j) Global Security: Each of the Notes due 2015 and the Debentures due 2035 shall
be issued in the form of one or more Global Securities for which The Depository Trust Company, New
York, New York shall be the initial Depositary. Each of the Notes due 2015 and the Debentures due
2035 shall, in
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addition to any applicable legend set forth in the Indenture, contain a legend in substantially the
following form:
“Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the
Company 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.”
Members of, or participants in, the Depositary (“Participants”) shall have no rights under
this Indenture with respect to any Global Securities of the 2005 Securities held on their behalf of
the Depositary, or the Series Trustee as its custodian, or under the Global Securities of the 2005
Securities, and the Depositary may be treated by the Company, the Series Trustee and any agent of
the Company or the Series Trustee as the absolute owner of a Global Security of the 2005 Securities
for all purposes whatsoever. None of the Company, the Series Trustee, any Paying Agent, any
Security Registrar or any other agent of the Company or any agent of the Series Trustee shall have
any responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a 2005 Security in the form of a Global Security or
for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. The Company, the Series Trustee, any Paying Agent and any Security Registrar and any
other agent of the Company and any agent of the Series Trustee shall be entitled to deal with any
depositary (including any Depositary), and any nominee thereof, that is the Holder of any such
Global Security for all purposes of this Indenture relating to such Global Security (including the
payment of principal, premium, if any, and interest and Additional Amounts, if any, and the giving
of instructions or directions by or to the owner or holder of a beneficial ownership interest in
such Global Security) as the sole Holder of such Global Security and shall have no obligations to
the beneficial owners thereof. None of the Company, the Series Trustee, any Paying Agent, any
Security Registrar or any other agent of the Company or any agent of the Series Trustee shall have
any responsibility or liability for any acts or omissions of any such depositary with respect to
such Global Security, for the records of any such depositary, including records in respect of
beneficial ownership interests in respect of any such Global Security, for any transactions between
such depositary and any participant in such depositary or between or among any such depositary, any
such participant and/or any holder or owner of a beneficial interest in such Global Security or for
any transfers of beneficial interests in any such Global Security.
Section 2.2. Form of Security. The form of the Notes due 2015 is attached hereto as Exhibit A
and the form of the Debentures due 2035 is attached hereto as Exhibit B.
Section 2.3. Additional Securities. Subject to the terms and conditions contained herein, the
Company may from time to time, without the consent of the existing holders of Notes due 2015 create
and issue additional notes (the “Additional Notes”) having the same terms and conditions as the
Notes due 2015 in all respects, expect for issue date, issue price and the first payment of
interest thereon. Such Additional Notes, at the Company’s determination and in accordance with the
provisions of the Indenture, will be consolidated with and form a single series with the previously
outstanding Notes due 2015 for all purposes of the Indenture, including, without limitation,
amendments, waivers, and redemptions. The aggregate principal amount of the Additional Notes, if
any, shall be unlimited. Subject to the terms and conditions contained herein, the Company may
from time to time, without the consent of the existing holders of Debentures due 2035 create and
issue additional debentures (the “Additional Debentures”) having the same terms and conditions as
the Debentures due 2035 in all respects, expect for issue date, issue price and the first payment
of interest thereon. Such Additional Debentures, at the Company ‘s determination and in accordance
with the provisions of the Indenture, will be consolidated with and form a single series with the
previously outstanding Debentures due 2035 for all purposes of the Indenture,
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including, without limitation, amendments, waivers and redemptions. The aggregate principal
amount of the Additional Debentures, if any, shall be unlimited.
ARTICLE 3
MISCELLANEOUS
Section 3.1. Definitions. For all purposes of the Indenture, except as otherwise expressly
provided or unless the context requires otherwise:
(a) a term defined in the Indenture and not otherwise defined herein has the same meaning when
used in this First Supplemental Indenture;
(b) the following terms have the meanings given to them in this Section 201(b) and shall have
the meanings set forth below for purposes of this First Supplemental Indenture and the Indenture as
it relates to the Notes due 2015 and the Debentures due 2035 created hereby:
“Corporate Trust Office” means, as used with respect to a series of Securities issued under
this Indenture, the office of the Series Trustee of that series at which at any particular
time this Indenture shall be administered with respect to that series;
Section 3.2. Confirmation of Indenture. The Indenture, as supplemented and amended by this
First Supplemental Indenture, is in all respects ratified and confirmed, and this First
Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein
and therein provided.
Section 3.3. Responsibility for Recitals, Etc. The recitals herein and in the 2005 Securities
(except in the Series Trustee’s certificate of authentication) shall be taken as the statements of
the Company, and the Original Trustee and Series Trustee assume no responsibility for the
correctness thereof. The Original Trustee and the Series Trustee make no representations as to the
validity or sufficiency of this First Supplemental Indenture or of the 2005 Securities. The
Original Trustee and the Series Trustee shall not be accountable for the use or application by the
Company of the 2005 Securities or of the proceeds thereof.
Section 3.4. Concerning the Trustees. Neither the Original Trustee nor the Series Trustee
assumes any duties, responsibilities or liabilities by reason of this First Supplemental Indenture
other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, each
shall have all of the rights, powers, privileges, protections and immunities which it possesses
under the Indenture.
Section 3.5. Governing Law. This First Supplemental Indenture, the Indenture, the Notes due
2015 and the Debentures due 2035 shall be governed by and construed and enforced in accordance with
the law of the State of New York.
Section 3.6. Separability. In case any provision in this First Supplemental Indenture or in
the 2005 Securities shall for any reason be held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions of the First Supplemental
Indenture or the 2005 Securities, as the case may be, shall not in any way be affected or impaired
thereby.
Section 3.7. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part
of and govern this First Supplemental Indenture, the latter provision shall control. If any
provision of this First Supplemental Indenture modifies or excludes any provision of the Trust
Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply
to this First Supplemental Indenture as so modified or excluded, as the case may be.
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Section 3.8. Effect of Headings and Table of Contents. The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.
Section 3.9. Counterparts. This First Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.
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IN WITNESS WHEREOF, this First Supplemental Indenture has been duly executed by the Company
and the Trustees as of the day and year first written above.
| DOVER CORPORATION |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
Attest:
| JPMORGAN TRUST COMPANY, National Association (as successor to Bank One Trust Company, N.A.), as Original Trustee |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| THE BANK OF NEW YORK, as Series Trustee |
||||
| By: | ||||
| Name: | Xxxx X. Xxxxx | |||
| Title: | Vice President | |||
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