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EXHIBIT 4.2
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THE MONY GROUP INC.
TO
THE CHASE MANHATTAN BANK,
TRUSTEE
FIRST SUPPLEMENTAL INDENTURE
DATED AS OF MARCH 8, 2000
$300,000,000
8.35% SENIOR NOTES
DUE MARCH 15, 2010
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TABLE OF CONTENTS(1)
PAGE
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ARTICLE I 8.35% Senior Notes.................................................................3
Section 1.01. Establishment...............................................................3
Section 1.02. Definitions.................................................................4
Section 1.03. Payment of Principal and Interest...........................................4
Section 1.04. Denominations...............................................................5
Section 1.05. Global Securities...........................................................5
Section 1.06. Transfer....................................................................5
Section 1.07. Defeasance..................................................................5
Section 1.08. Redemption at the Option of the Company.....................................5
ARTICLE II Miscellaneous Provisions..........................................................7
Section 2.01. Recitals by Company.........................................................7
Section 2.02. Ratification and Incorporation of Original Indenture........................7
Section 2.03. Executed in Counterparts....................................................7
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(1) This Table of Contents does not constitute part of the
Indenture or have any bearing upon the interpretation of any of its terms and
provisions.
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THIS FIRST SUPPLEMENTAL INDENTURE is made as of the 8th day of
March, 2000, by and between THE MONY GROUP INC., a Delaware corporation, 0000
Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Company"), and THE CHASE MANHATTAN
BANK, a New York banking corporation, 000 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx
00000 (the "Trustee").
WITNESSETH:
WHEREAS, the Company has heretofore entered into an Amended and
Restated Senior Note Indenture, dated as of February 15, 2000 (the "Original
Indenture"), with The Chase Manhattan Bank;
WHEREAS, the Original Indenture is incorporated herein by this
reference and the Original Indenture, as supplemented by this First Supplemental
Indenture, is herein called the "Indenture";
WHEREAS, under the Original Indenture, a new series of senior
notes may at any time be established by the Board of Directors of the Company in
accordance with the provisions of the Original Indenture and the terms of such
series may be described by a supplemental indenture executed by the Company and
the Trustee;
WHEREAS, the Company proposes to create under the Indenture a new
series of senior notes;
WHEREAS, additional senior notes of other series hereafter
established, except as may be limited in the Original Indenture as at the time
supplemented and modified, may be issued from time to time pursuant to the
Indenture as at the time supplemented and modified; and
WHEREAS, all conditions necessary to authorize the execution and
delivery of this First Supplemental Indenture and to make it a valid and binding
obligation of the Company have been done or performed.
NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:
ARTICLE I
8.35% Senior Notes
Section 1.01. Establishment. There is hereby established a new
series of senior notes to be issued under the Indenture, to be designated as the
Company's 8.35% Senior Notes due March 15, 2010 (the "8.35% Senior Notes").
There are to be authenticated and delivered $300,000,000
principal amount of 8.35% Senior Notes, and no further 8.35% Senior Notes shall
be authenticated and delivered
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except as provided by Section 2.03, 3.03, 3.04, 9.07 or 11.07 of the Original
Indenture. The 8.35% Senior Notes shall be issued in definitive fully registered
form.
The 8.35% Senior Notes shall be issued in the form of one Global
Security in substantially the form set out in Exhibit A hereto. The Depositary
with respect to the 8.35% Senior Notes shall be The Depository Trust Company.
The form of the Trustee's Certificate of Authentication for the
8.35% Senior Notes shall be in substantially the form set forth in Exhibit B
hereto.
Each 8.35% Senior Note shall be dated the date of authentication
thereof and shall bear interest from the date of original issuance thereof or
from the most recent Interest Payment Date to which interest has been paid or
duty provided for.
Section 1.02. Definitions. The following defined terms used
herein shall, unless the context otherwise requires, have the meanings specified
below. Capitalized terms used herein for which no definition is provided herein
shall have the meanings set forth in the Original Indenture.
"Interest Payment Date" means March 15 and September 15 of each
year.
"Original Issue Date" means March 8, 2000.
"Regular Record Date" means, with respect to each Interest
Payment Date, the close of business on the 15th calendar day preceding such
Interest Payment Date.
"Stated Maturity" means March 15, 2010.
Section 1.03. Payment of Principal and Interest. The principal of
the 8.35% Senior Notes shall be due at Stated Maturity. The unpaid principal
amount of the 8.35% Senior Notes shall bear interest at the rate of 8.35% per
annum until paid or duly provided for. Interest shall be paid semi-annually in
arrears on each Interest Payment Date to the Person in whose name the 8.35%
Senior Notes are registered on the Regular Record Date for such Interest Payment
Date, provided that interest payable at the Stated Maturity of principal will be
paid to the Person to whom principal is payable. Any such interest that is not
so punctually paid or duly provided for will forthwith cease to be payable to
the Holders on such Regular Record Date and may be paid as provided in Section
3.05 of the Original Indenture.
Payments of interest on the 8.35% Senior Notes will include
interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for the 8.35% Senior Notes shall be computed and paid on the
basis of a 360-day year of twelve 30-day months. In the event that any date on
which interest is payable on the 8.35% Senior Notes is not a Business Day, then
a payment of the interest payable on such date will be made on the next
succeeding day that is a Business Day, except that, if such Business Day is in
the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on the date the payment was originally payable.
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Payment of the principal and interest due at the Stated Maturity
of the 8.35%Senior Notes shall be made upon surrender of the 8.35%Senior Notes
at the Corporate Trust Office of the Trustee. The principal of and interest on
the 8.35% Senior Notes shall be paid in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts. Payments of interest (including interest on any
Interest Payment Date) will be made, subject to such surrender where applicable,
at the option of the Company, (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or (ii)
by wire transfer at such place and to such account at a banking institution in
the United States as may be designated in writing to the Trustee at least 15
days prior to the date for payment by the Person entitled thereto.
Section 1.04. Denominations. The 8.35% Senior Notes may be issued
in the denominations of $1,000, or any integral multiple thereof.
Section 1.05. Global Securities. The 8.35% Senior Notes will be
issued in the form of one or more Global Securities registered in the name of
the Depositary or its nominee. Except under the limited circumstances described
below, 8.35% Senior Notes represented by the Global Security will not be
exchangeable for, and will not otherwise be issuable as, 8.35% Senior Notes in
definitive form. The Global Securities described above may not be transferred
except 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 to a
successor Depositary or its nominee.
Owners of beneficial interests in such a Global Security will not
be considered the Holders thereof for any purpose under the Indenture, and no
Global Security representing a 8.35% Senior Note shall be exchangeable, except
for another Global Security of like denomination and tenor to be registered in
the name of the Depositary or its nominee or to a successor Depositary or its
nominee. The rights of Holders of such Global Security shall be exercised only
through the Depositary.
A Global Security shall be exchangeable for 8.35% Senior Notes
registered in the names of Persons other than the Depositary or its nominee only
as provided by Sections 2.03(c)(1) and (2) of the Original Indenture or if there
shall have occurred an Event of Default with respect to the 8.35% Senior Notes
and the Depositary has requested such exchange. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for 8.35%
Senior Notes registered in such names as the Depositary shall direct.
Section 1.06. Transfer. No service charge will be made for any
registration of transfer or exchange of 8.35% Senior Notes, but payment will be
required of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith.
Section 1.07. Defeasance. The provisions of Sections 13.02 and
13.03 of the Original Indenture will apply to the 8.35% Senior Notes.
Section 1.08. Redemption at the Option of the Company. The 8.35%
Senior Notes shall be redeemable, in whole or from time to time in part, at the
option of the Company on any date (a "Redemption Date"), at a price (the
"Redemption Price") equal to the greater of (i) 100% of the principal amount of
the 8.35% Senior Notes to be redeemed or (ii) the sum of the
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present values of the remaining scheduled payments of principal and interest
thereon (exclusive of interest accrued to such Redemption Date) discounted to
such Redemption Date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in
either case, accrued and unpaid interest on the principal amount being redeemed
to such Redemption Date.
"Treasury Rate" means the rate per annum equal to the semi-annual
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. The Treasury Rate shall be calculated on the third Business Day preceding
the Redemption Date.
"Comparable Treasury Issue" means the United States Treasury
security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the 8.35% Senior Notes to be redeemed that
would 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 the 8.35% Senior Notes.
"Independent Investment Banker" means Xxxxxxx, Xxxxx & Co. and
any successor firm or, if such firm is unwilling or unable to select the
Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee after consultation with the Company.
"Comparable Treasury Price" means with respect to any Redemption
Date for the 8.35% Senior Notes (i) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than
three such Reference Treasury Dealer Quotations, the average of all such
quotations.
"Reference Treasury Dealer" means each of Xxxxxxx, Sachs & Co.
and any three of the following: Xxxxxxxxx Xxxxxx & Xxxxxxxx Securities
Corporation, Chase Securities Inc., First Union Securities, Inc., Xxxxxx Xxxxxxx
& Co. Incorporated and ABN AMRO Incorporated (each, a "Primary Treasury
Dealer"); provided, that (i) if any of the foregoing shall cease to be a Primary
Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer and (ii) if the Company fails to select a substitute within a reasonable
period of time, then any other primary treasury dealer selected by the Trustee
after consultation with the Company.
"Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.
Notwithstanding Section 11.04 of the Original Indenture, the
notice of redemption with respect to the foregoing redemption need not set forth
the Redemption Price but only the manner of calculation thereof.
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The Company shall notify the Trustee of the Redemption Price with
respect to the foregoing redemption promptly after the calculation thereof. The
Trustee shall not be responsible for calculating said Redemption Price.
If less than all of the 8.35% Senior Notes are to be redeemed,
the Trustee shall select the 8.35% Senior Notes or portions of 8.35% Senior
Notes to be redeemed by such method as the Trustee shall deem fair and
appropriate. The Trustee may select for redemption 8.35% Senior Notes and
portions of 8.35% Senior Notes in amounts of whole multiples of $1,000.
ARTICLE II
Miscellaneous Provisions
Section 2.01. Recitals by Company. The recitals in this First
Supplemental Indenture are made by the Company only and not by the Trustee, and
all of the provisions contained in the Original Indenture in respect of the
rights, privileges, immunities, powers and duties of the Trustee shall be
applicable in respect of 8.35% Senior Notes and of this First Supplemental
Indenture as fully and with like effect as if set forth herein in full.
Section 2.02. Ratification and Incorporation of Original
Indenture. As supplemented hereby, the Original Indenture is in all respects
ratified and confirmed, and the Original Indenture and this First Supplemental
Indenture shall be read, taken and construed as one and the same instrument.
Section 2.03. Executed in Counterparts. This First Supplemental
Indenture may be simultaneously executed in several counterparts, each of which
shall be deemed to be an original, and such counterparts shall together
constitute but one and the same instrument.
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IN WITNESS WHEREOF, each party hereto has caused this instrument
to be signed in its name and behalf by its duly authorized officers, all as of
the day and year first above written.
THE MONY GROUP INC.
By: /s/ Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx
Executive Vice President and
Chief Financial Officer
THE CHASE MANHATTAN BANK, as Trustee
By: /s/ Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx
Assistant Vice President
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EXHIBIT A
FORM OF 8.35% SENIOR NOTE
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Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation, to The MONY Group Inc. 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 The Depository Trust Company (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of The Depository Trust Company), 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.
No. __ CUSIP NO. -
THE MONY GROUP INC.
8.35% SENIOR NOTE
DUE MARCH 15, 2010
Principal Amount: $300,000,000
Regular Record Date: 15th calendar day prior to Interest Payment
Date
Original Issue Date: March 8, 2000
Stated Maturity: March 15, 2010
Interest Payment Dates: March 15 and September 15
Interest Rate: 8.35% per annum
Authorized Denomination: $1,000
The MONY Group Inc., a Delaware corporation (the "Company", which
term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of THREE HUNDRED MILLION DOLLARS
($300,000,000) on the Stated Maturity shown above, and to pay interest thereon
from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually
in arrears on each Interest Payment Date as specified above, commencing on the
Interest Payment Date next succeeding the Original Issue Date shown above, and
on the Stated Maturity at the rate per annum shown above until the principal
hereof is paid or made available for payment and on any overdue principal and on
any overdue installment of interest to the extent permitted by law. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment
Date (other than an Interest Payment Date that is the Stated Maturity) will, as
provided in the Indenture, be paid to the Person in whose name this Note is
registered at the close of business on the Regular Record Date as specified
above next preceding such Interest Payment Date, provided that any interest
payable at Stated Maturity will be paid to the Person to whom principal is
payable. Any such interest that is not so punctually paid or duly provided for
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will forthwith cease to be payable to the Holders on such Regular Record Date
and may be paid as provided in Section 3.05 of the Indenture.
Payments of interest on this Note will include interest accrued
to but excluding the respective Interest Payment Dates. Interest payments for
this Note shall be computed and paid on the basis of a 360-day year of twelve
30-day months. In the event that any date on which interest is payable on this
Note is not a Business Day, then payment of the interest payable on such date
will be made on the next succeeding day that is a Business Day, except that, if
such Business Day is in the next succeeding calendar year, payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on the date the payment was originally payable.
Payment of the principal of and interest due at the Stated
Maturity of this Note shall be made upon surrender of this Note at the Corporate
Trust Office of the Trustee. The principal of and interest on this Note shall be
paid in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. Payment of
interest (including interest on an Interest Payment Date) will be made, subject
to such surrender where applicable, at the option of the Company, (i) by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or (ii) by wire transfer at such place and to
such account at a banking institution in the United States as may be designated
in writing to the Trustee at least 15 days prior to the date for payment by the
Person entitled thereto.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE
SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.
Unless the certificate of authentication hereon has been executed
by the Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.
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IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed under its corporate seal.
Dated:
THE MONY GROUP INC.
By:
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Title:
Attest:
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Title:
(Seal of THE MONY GROUP INC. appears here)
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CERTIFICATE OF AUTHENTICATION
This is one of the Senior Notes referred to in the
within-mentioned Indenture.
THE CHASE MANHATTAN BANK,
as Trustee
By:
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Authorized Officer
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(Reverse Side of Note)
This Note is one of a duly authorized issue of senior notes of
the Company (the "Senior Notes"), issued and issuable in one or more series
under an Amended and Restated Senior Note Indenture, dated as of February 15,
2000, as supplemented by the First Supplemental Indenture, dated as of March 8,
2000 (the "First Supplemental Indenture" and together with the Original
Indenture, the "Indenture"), between the Company and The Chase Manhattan Bank,
Trustee (the "Trustee", which term includes any successor trustee under the
Indenture), to which Indenture and all indentures incidental thereto reference
is hereby made for a statement of the respective rights, limitation of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Notes issued thereunder and of the terms upon which said Notes are, and are
to be, authenticated and delivered. This Note is one of the series designated on
the face hereof as 8.35% Senior Notes due March 15, 2010 (the "Notes") in the
aggregate principal amount of up to $300,000,000. Capitalized terms used herein
for which no definition is provided herein shall have the meanings set forth in
the Indenture.
This permanent global Note is exchangeable in whole or from time
to time in part for Notes of this series in definitive registered form only as
provided herein and in the Indenture. If (i) the Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for this permanent
global Note or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and the
Company does not appoint a successor Depository within 90 days, (ii) the Company
in its sole discretion determines that this permanent global Note shall be
exchangeable for Notes of this series in definitive registered form and executes
and delivers to the Notes registrar a written order of the Company providing
that this permanent global Note shall be so exchangeable, or (iii) any event
shall have occurred and be continuing which, after notice or lapse of time, or
both, would become an Event of Default with respect to the Notes of the series
of which this permanent global Note is a part, this permanent global Note shall
be exchangeable for Notes of this series in definitive registered form, provided
that the definitive Notes so issues in exchange for this permanent global Note
shall be in denominations of $1,000 and any integral multiples, without coupons,
and be of like aggregate principal amount and tenor as the portion of this
permanent global Note to be exchanged. Except as provided above, owners of
beneficial interests in this permanent global Note will not be entitled to have
Notes registered in their names, will not receive or be entitled to physical
delivery of Notes in definitive registered form and will not be considered the
Holders thereof for any purpose under the Indenture. Neither the Company, the
Trustee, any Paying Agent nor the Securities Registrar shall have any
responsibility or liability for any aspect of records relating to or payments
made on account of beneficial ownership interests in this permanent global Note,
or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.
Any exchange of this permanent global Note or portion hereof for
one or more Notes of this series in definitive registered form will be made at
the New York office of the Trustee or the Security Registrar, upon request by or
on behalf of the Person who is the beneficial owner of an interest herein given
through the Holder hereof and in accordance with instructions given by the
Company to the Trustee, the Security Registrar and the Depositary. Upon exchange
of any portion of this permanent global Note for one or more Notes of this
series
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in definitive registered form, the Trustee or the Security Registrar, as the
case may be, shall cancel this permanent global Note and issue a new permanent
global Note or Notes of this series and of like tenor for the remaining
principal amount. Except as otherwise provided herein or in the Indenture, until
exchanged in full for one or more Note of this series in definitive registered
form, this permanent global Note shall in all respects be subject to and
entitled to the same benefits and conditions under the Indenture as a duly
authenticated and delivered Note of this series in definitive registered form.
If an Event of Default with respect to the Notes shall occur and
be continuing, the principal of the Notes may be declared due and payable in the
manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Senior Notes of
each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in
principal amount of the Senior Notes at the time Outstanding of each series to
be affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Senior Notes of each series at
the time Outstanding, on behalf of the Holders of all Senior Notes of such
series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.
The Indenture contains provisions for defeasance at any time of
(a) the entire indebtedness of the Company pursuant to this permanent global
Note and (b) restrictive covenants and the related Events of Default, upon
compliance by the Company with certain conditions set forth therein, which
provisions apply to this permanent global Security.
The Notes are redeemable, in whole or from time to time in part,
at the option of the Company on any date (a "Redemption Date"), at a price (the
"Redemption Price") equal to the greater of (i) 100% of the principal amount of
the Notes to be redeemed or (ii) the sum of the present values of the remaining
scheduled payments of principal and interest thereon (exclusive of interest
accrued to such Redemption Date) discounted to such Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 25 basis points, plus, in either case, accrued and
unpaid interest on the principal amount being redeemed to such Redemption Date.
"Treasury Rate" means the rate per annum equal to the semi-annual
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. The Treasury Rate will be calculated on the third Business Day preceding
the Redemption Date.
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"Comparable Treasury Issue" means the United States Treasury
security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed that would 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 the Notes.
"Independent Investment Banker" means Xxxxxxx, Xxxxx & Co. and
any successor firm or, if such firm is unwilling or unable to select the
Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee after consultation with the Company.
"Comparable Treasury Price" means with respect to any Redemption
Date for the Notes (i) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than three such
Reference Treasury Dealer Quotations, the average of all such quotations.
"Reference Treasury Dealer" means each of Xxxxxxx, Xxxxx & Co.
and any three of the following: Xxxxxxxxx Lufkin & Xxxxxxxx Securities
Corporation, Chase Securities Inc., First Union Securities, Inc., Xxxxxx Xxxxxxx
& Co. Incorporated and ABN AMRO Incorporated (each, a "Primary Treasury
Dealer"); provided, that (i) if any of the foregoing shall cease to be a Primary
Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer and (ii) if the Company fails to select a substitute within a reasonable
period of time, then any other primary treasury dealer selected by the Trustee
after consultation with the Company.
"Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.
Notwithstanding Section 11.04 of the Original Indenture, the
notice of redemption with respect to the foregoing redemption need not set forth
the Redemption Price but only the manner of calculation thereof.
The Company will notify the Trustee of the Redemption Price with
respect to the foregoing redemption promptly after the calculation thereof. The
Trustee will not be responsible for calculating said Redemption Price.
If less than all of the Notes are to be redeemed, the Trustee
will select the Notes or portions of Notes to be redeemed by such method as the
Trustee shall deem fair and appropriate. The Trustee may select for redemption
Notes and portions of Notes in amounts of whole multiples of $1,000.
Nothing in the Indenture prohibits the consolidation or merger of
the Company with or into any corporation or corporations, or the sale or
conveyance of all or substantially all of the Company's properties and assets to
any other person, without the consent of the Holders, provided that, in the case
of any consolidation of the Company with, or merger of the Company
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into, any corporation or corporations, or any sale or conveyance of the
properties and assets of the Company as an entirety or substantially as an
entirety, the successor corporation, or the person which acquired by sale or
conveyance all or substantially all of the Company's properties and assets, as
the case may be, assumes all of the obligations of the Company under the
Indenture and certain other conditions are met. Upon such assumption the Company
will be released from its liability as obligor on this permanent global Security
and all other obligations and covenants under the Indenture.
No reference herein to the Indenture and no provision of this
Note 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 times, place and rate, and in the coin or currency, herein
prescribed.
As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office
or agency of the Company for such purpose, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Security Registrar and duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of authorized
denominations and of like tenor and for the same aggregate principal amount,
will be issued to the designated transferee or transferees. No service charge
shall be made for any such registration of transfer or change, but the Company
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.
Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and none of the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.
The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the same upon
surrender of the Note or Notes to be exchanged at the office or agency of the
Company.
All terms used in this permanent global Note which are defined in
the Indenture and not herein otherwise defined shall have the meanings assigned
to them in the Indenture.
Unless the certificate of authentication hereon has been executed
by the Trustee by manual signature, this permanent global Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.
This Note shall be governed by, and construed in accordance with,
the internal laws of the State of New York.
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ABBREVIATIONS
The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:
TEN COM- as tenants in UNIF GIFT MIN ACT- ____ Custodian _____
common (Cust) (Minor)
TEN ENT- as tenants by the
entireties under Uniform Gifts to
JT TEN- as joint tenants Minors Act
with right of
survivorship and -----------------------
not as tenants (State)
in common
Additional abbreviations may also be used
though not on the above list.
FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE
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(please insert Social Security or other identifying number of assignee)
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing
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agent to transfer said Note on the books of the Company, with full power of
substitution in the premises.
Dated:
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NOTICE: The signature to this
assignment must correspond with the
name as written upon the face of the
within instrument in every
particular without alteration or
enlargement, or any change whatever.
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EXHIBIT B
CERTIFICATE OF AUTHENTICATION
This is one of the Senior Notes referred to in the
within-mentioned Indenture.
THE CHASE MANHATTAN BANK,
as Trustee
By:
--------------------------------
Authorized Officer
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