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Exhibit 4(x)
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AMERICAN STANDARD INC., as Issuer
AMERICAN STANDARD COMPANIES INC., as Guarantor
and
THE BANK OF NEW YORK, as Trustee
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First Supplemental Indenture
Dated as of January 15, 1998
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7.375% Senior Notes due 2008
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FIRST SUPPLEMENTAL INDENTURE, dated as of January 15, 1998 (the
"First Supplemental Indenture"), to the Indenture, dated as of January 15, 1998
(as amended, modified or supplemented from time to time in accordance therewith,
the "Indenture"), among AMERICAN STANDARD INC., a Delaware corporation
(hereinafter called the "Issuer"), having its principal office at Xxx Xxxxxxxxxx
Xxxxxx, X.X. Xxx 0000, Xxxxxxxxxx, Xxx Xxxxxx 00000-0000, and AMERICAN STANDARD
COMPANIES INC., a Delaware corporation (hereinafter called the "Guarantor"),
having its principal office at Xxx Xxxxxxxxxx Xxxxxx, X.X. Xxx 0000, Xxxxxxxxxx,
Xxx Xxxxxx 00000-0000, and THE BANK OF NEW YORK, a New York banking corporation,
as Trustee hereunder (hereafter called the "Trustee"), having its principal
office at 000 Xxxxxxx Xxxxxx, Xxxxx 00 Xxxx, Xxx Xxxx, Xxx Xxxx 00000.
RECITALS
WHEREAS, the Issuer, the Guarantor and the Trustee have each duly
authorized the execution and delivery of the Indenture to provide for the
issuance from time to time of one or more series of its senior debt securities
(the "Securities") to be issued in one or more series as in the Indenture
provided;
WHEREAS, the Issuer and the Guarantor desire and have requested the
Trustee to join them in the execution and delivery of this First Supplemental
Indenture in order to establish and provide for the issuance by the Issuer and
the Guarantor of a series of Securities designated as its 7.375% Senior Notes
due 2008 (the "7.375% Notes") in the aggregate principal amount of $350,000,000,
substantially in the form attached hereto as Exhibit A, on the terms set forth
herein;
WHEREAS, Section 9.01 of the Indenture provides that a supplemental
indenture may be entered into by the Issuer and the Guarantor and the Trustee
for such purpose provided certain conditions are met;
WHEREAS, the conditions set forth in the Indenture for the execution
and delivery of this First Supplemental Indenture have been complied with; and
WHEREAS, all things necessary to make this First Supplemental
Indenture a valid agreement of the Issuer, the Guarantor and the Trustee, in
accordance with its terms, and a valid amendment of, and supplement to, the
Indenture have been done;
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NOW, THEREFORE:
In consideration of the premises and the purchase and acceptance of
the 7.375% Notes by the Holders thereof the Company mutually covenants and
agrees with the Trustee, for the equal and proportionate benefit of all Holders
of the 7.375% Notes, that the Indenture is supplemented and amended, to the
extent and for the purposes expressed herein, as follows:
Section 1. SCOPE OF THIS FIRST
SUPPLEMENTAL INDENTURE
(a) The changes, modifications and supplements to the Indenture
effected by this First Supplemental Indenture in Section 2 hereof shall only be
applicable with respect to, and govern the terms of, the 7.375% Notes issued by
the Issuer and the Guarantor, which shall be limited in original aggregate
principal amount to $350,000,000, and shall not apply to any other Securities
which may be issued under the Indenture unless a supplemental indenture with
respect to such other Securities specifically incorporates such changes,
modifications and supplements.
(b) Pursuant to this First Supplemental Indenture, there is hereby
created and designated a series of Securities under the Indenture entitled
"7.375% Senior Notes due 2008." The 7.375% Notes shall be in the form of Exhibit
A hereto. The Guarantee to be endorsed on the 7.375% Notes shall be in
substantially the form set forth in exhibit B.
(1) the title of the Securities of such series shall be "7.375%
Senior Notes due 2008" and the 7.375% Notes are endorsed to the benefit of
Article XII of the Indenture;
(2) the 7.375% Notes shall be initially authenticated and delivered
from time to time in aggregate principal amount limited to $350,000,000;
(3) the Notes will be issued at a price of 99.889%;
(4) the principal of each 7.375% Note shall be payable on February
1, 2008;
(5) the 7.375% Notes shall bear interest at the rate of seven and
three hundred seventy five thousandths per centum (7.375%) per annum;
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(6) interest shall accrue on the 7.375% Notes from January 15, 1998,
or the most recent date to which interest has been paid or duly provided
for; the Interest Payment Dates for such Notes shall be February 1 and
August 1 in each year, commencing August 1, 1998, and the Regular Record
Dates with respect to the Interest Payment Dates for such Notes shall be
January 15 and July 15 in each year, respectively (whether or not a
Business Day);
(7) the Corporate Trust Office of The Bank of New York, in New York,
New York shall be the place at which (i) the principal of, premium, if
any, and interest, if any, on the 7.375% Notes shall be payable, (ii)
registration of transfer of such Notes may be effected, (iii) exchanges of
such Notes may be effected and (iv) notices and demands to or upon the
Issuer in respect of such Notes and the Indenture may be served; and The
Bank of New York shall be the Security Registrar for the 7.375% Notes;
(8) the 7.375% Notes shall not be redeemable by the Issuer prior to
Maturity;
(9) not applicable;
(10) not applicable;
(11) not applicable;
(12) not applicable;
(13) not applicable;
(14) not applicable;
(15) see Section 2 of this First Supplemental Indenture;
(16) not applicable;
(17) the 7.375%% Notes are to be issued as Registered Securities;
each 7.375% Note is to be initially registered in the name of Cede & Co.,
as nominee for The Depository Trust Company (the "Depositary"). The 7.375%
Notes shall not be transferable or exchangeable, nor shall any purported
transfer be registered, except as follows:
(i) a 7.375% Note may be transferred in whole, and appropriate
registration of transfer effected,
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if such transfer is by such nominee to the Depositary, or by
the Depositary to another nominee thereof, or by any nominee
of the Depositary to any other nominee thereof, or by the
Depositary or any nominee thereof to any successor securities
depositary or any nominee thereof; and
(ii) a 7.375% Note may be exchanged for certificated notes
registered in the respective names of the beneficial holders
thereof, and thereafter shall be transferable without
restriction, if:
(A) The Depositary, or any successor securities
depositary, shall have notified the Issuer and the Trustee
that it is unwilling or unable to continue to act as
securities depositary with respect to such 7.375% Note or the
Issuer becomes aware that the Depositary has ceased to be a
clearing agency registered under the Securities Exchange Act
of 1934, as amended, and, in any such case, the Trustee shall
not have been notified by the Issuer within ninety (90) days
of the identity of a successor securities depositary with
respect to such 7.375% Note;
(B) The Issuer shall have delivered to the Trustee an
Issuer's Order to the effect that such 7.375% Note shall be so
exchangeable on and after a date specified therein; or
(C) (1) an Event of Default shall have occurred and be
continuing, (2) the Trustee shall have given notice of such
Event of Default pursuant to Section 5.02 of the Indenture and
(3) there shall have been delivered to the Issuer and the
Trustee an Opinion of Counsel to the effect that the interests
of the beneficial owners of such Security in respect thereof
will be materially impaired unless such owners become Holders
of certificated notes.
(18) not applicable;
(19) not applicable;
(20) the 7.375% Notes will be issued in book entry form;
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(21) the 7.375% Notes are subject to the defeasance and covenant
defeasance provisions of the Indenture;
(22) not applicable;
(23) not applicable; and
(24) not applicable.
Section 2. ADDITIONAL PROVISIONS
(a) ADDITIONAL DEFINITIONS Each of the following definitions, which
constitute part of this First Supplemental Indenture, shall be inserted in
proper alphabetical order in Article I of the Indenture. Any definition set
forth in the Indenture which is also set forth below shall have the meaning set
forth below for purposes of terms of the Indenture and this First Supplemental
Indenture. Capitalized terms used in this First Supplemental Indenture but not
defined herein shall have the meaning ascribed to such terms in the Indenture.
"Attributable Liens" means in connection with a sale and lease-back
transaction, the lesser of (a) the fair market value of the assets subject to
such transaction and (b) the present value (discounted at a rate per annum equal
to the average interest borne by all outstanding securities issued under the
Indenture (which may include securities in addition to the 7.375% Notes)
determined on a weighted average basis and compounded semiannually) of the
obligations of the lessee for rental payments during the term of the related
lease.
"Capital Lease" means any Indebtedness represented by a lease
obligation of a person incurred with respect to real property or equipment
acquired or leased by such person and used in its business that is required to
be recorded as a capital lease in accordance with GAAP.
"Closing Date" means January 15, 1998.
"Exempted Debt" means the sum of the following as of the date of
determination: (i) Indebtedness of the Issuer and Guarantor incurred after the
Closing Date and secured by Liens not otherwise permitted by the first sentence
under Limitation on Liens below (Section 10.11), and (ii) Attributable Liens of
the Issuer and Guarantor and their Subsidiaries in respect of sale and
lease-back transactions entered into after the Closing Date, other than sale and
lease-back transactions permitted by the limitation on sale and lease-back
transactions set forth
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under Section 10.12. For purposes of determining whether or not a sale and
lease-back transaction is "permitted" by Section 10.12, Limitation on Sale and
Lease-Back Transactions, the last paragraph under Section 10.11, Limitation on
Liens (creating an exception for Exempted Debt), will be disregarded.
"Lien" means any lien, security interest, charge or encumbrance of
any kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof, and any agreement to give any security interest).
"Permitted Liens" means (i) Liens securing Indebtedness under the
Facility and any initial or subsequent renewal, extension, refinancing,
replacement or refunding thereof; (ii) Liens on accounts receivable, merchandise
inventory, equipment, and patents, trademarks, trade names and other
intangibles, securing Indebtedness; (iii) Liens on any asset of the Issuer and
Guarantor, any Subsidiary, or any joint venture to which the Issuer or the
Guarantor or any of their Subsidiaries is a party, created solely to secure
obligations incurred to finance the refurbishment, improvement or construction
of such asset, which obligations are incurred no later than 24 months after
completion of such refurbishment, improvement or construction, and all renewals,
extensions, refinancings, replacements or refundings of such obligations;
(iv)(a) Liens given to secure the payment of the purchase price incurred in
connection with the acquisition (including acquisition through merger or
consolidation) of property (including shares of stock), including Capital Lease
transactions in connection with any such acquisition, and (b) Liens existing on
property at the time of acquisition thereof or at the time of acquisition by the
Issuer or Guarantor or a Subsidiary or any person then owning such property
whether or not such existing Liens were given to secure the payment of the
purchase price of the property to which they attach; provided that, with respect
to clause (a), the Liens shall be given within 24 months after such acquisition
and shall attach solely to the property acquired or purchased and any
improvements then or thereafter placed thereon; (v) Liens in favor of customs
and revenue authorities arising as a matter of law to secure payment of customs
duties in connection with the importation of goods; (vi) Liens upon specific
items of inventory or other goods and proceeds of any person securing such
person's obligations in respect of bankers' acceptances issued or created for
the account of such person to facilitate the purchase, shipment or storage of
such inventory or other goods; (vii) Liens securing reimbursement obligations
with respect to letters of credit that encumber documents and other property
relating to such letters of credit and the prod-
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ucts and proceeds thereof; (viii) Liens on key-man life insurance policies
granted to secure Indebtedness of the Issuer or Guarantor against the cash
surrender value thereof; (ix) Liens encumbering customary initial deposits and
margin deposits and other Liens in the ordinary course of business, in each case
securing Indebtedness of the Company under interest swap obligations and
currency agreements and forward contract, option, futures contracts, futures
options or similar agreements or arrangements designed to protect the Issuer or
the Guarantor or any of their Subsidiaries from fluctuations in interest rates,
currencies or the price of commodities; (x) Liens arising out of conditional
sale, title retention, consignment or similar arrangements for the sale of goods
entered into by the Issuer or Guarantor or any of their Subsidiaries in the
ordinary course of business and (xi) Liens in favor of the Issuer or Guarantor
or any Subsidiary.
(b) ADDITIONAL SECTIONS Each of the following provisions, which
constitutes part of this First Supplemental Indenture, is numbered to conform
with the format of the Indenture:
Section 10.11 Limitation on Liens
The Issuer and the Guarantor will not, and will not permit any of
their Subsidiaries to, create, incur, or permit to exist, any Lien on any of
their respective properties or assets, whether now owned or hereafter acquired,
or upon any income or profits therefrom, in order to secure any Indebtedness of
either of the Issuer or the Guarantor, without effectively providing that the
7.375% Notes shall be equally and ratably secured until such time as such
Indebtedness is no longer secured by such Lien, except: (i) Liens existing as of
the Closing Date; (ii) Liens granted after the Closing Date on any assets or
properties of the Issuer or the Guarantor or any of their Subsidiaries securing
Indebtedness of the Issuer or the Guarantor created in favor of the Holders of
the 7.375% Notes; (iii) Liens securing Indebtedness of the Issuer or the
Guarantor which is incurred to extend, renew or refinance Indebtedness which is
secured by Liens permitted to be incurred under the Indenture; provided that
such Liens do not extend to or cover any property or assets of the Issuer or the
Guarantor or any of their Subsidiaries other than the property or assets
securing the Indebtedness being refinanced and that the principal amount of such
Indebtedness does not exceed the principal amount of the Indebtedness being
refinanced; (iv) Permitted Liens; and (v) Liens created in substitution of or as
replacements for any Liens permitted by the preceding clauses (i)
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through (iv), provided that, based on a good faith determination of an officer
each of the Issuer and the Guarantor, the property or asset encumbered under any
such substitute or replacement Lien is substantially similar in nature to the
property or asset encumbered by the otherwise permitted Lien which is being
replaced.
Notwithstanding the foregoing, the Issuer and the Guarantor and any
Subsidiary may, without securing the 7.375% Notes, create, incur or permit to
exist Liens which would otherwise be subject to the restrictions set forth in
the preceding paragraph, if after giving effect thereto and at the time of
determination, Exempted Debt does not exceed the greater of (i) 10% of
Consolidated Net Assets or (ii) $250,000,000.
Section 10.12 Limitation on Sale and Lease-Back Transactions
The Issuer and Guarantor will not, and will not permit any of their
Subsidiaries to, enter into any sale and lease-back transaction for the sale and
leasing back of any property or asset, whether now owned or hereafter acquired,
of the Issuer or Guarantor or any of their Subsidiaries (except such
transactions (i) entered into prior to the Closing Date or (ii) for the sale and
leasing back of any property or asset by a Subsidiary of the Issuer or Guarantor
to the Issuer or Guarantor or (iii) involving leases for less than three years
or (iv) in which the lease for the property or asset is entered into within 120
days after the later of the date of acquisition, completion of construction or
commencement or full operations of such property or asset) unless (a) the Issuer
or Guarantor or such Subsidiary would be entitled under the Limitation on Liens
covenant above to create, incur or permit to exist a Lien on the assets to be
leased in an amount at least equal to the Attributable Liens in respect of such
transaction without equally and ratably securing the 7.375% Notes, or (b) the
proceeds of the sale of the assets to be leased are at least equal to their fair
market value and the proceeds are applied to the purchase or acquisition (or in
the case of real property, the construction) of assets or to the repayment of
Indebtedness of the Issuer or Guarantor or a Subsidiary of the Issuer or
Guarantor which by its terms matures not earlier than one year after the date of
such repayment.
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IN WITNESS WHEREOF, the parties hereto have caused this First
Supplemental Indenture to be duly executed as of the day and year first above
written.
AMERICAN STANDARD INC.
By:
-----------------------------
Name:
Title:
AMERICAN STANDARD COMPANIES INC., as
Guarantor
By:
-----------------------------
Name:
Title:
THE BANK OF NEW YORK, as Trustee
By:
-----------------------------
Name:
Title:
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EXHIBIT A
FORM OF SENIOR SECURITY
[Face of Security]
If the Holder of this Security (as indicated below) is The Depository Trust
Company ("DTC") or a nominee of DTC, this Security is a Global Security and the
following two legends apply:
Unless this Security is presented by an authorized representative of The
Depository Trust Company ("DTC"), 00 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx to the
issuer or its agent for registration of transfer, exchange or payment, and such
Security issued is registered in the name of CEDE & CO., or such other name as
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, since the
registered owner hereof, CEDE & CO., has an interest herein.
Unless and until this Security is exchanged in whole or in part for Securities
in certificated form, this Security may not be transferred except as a whole by
DTC to a nominee thereof or by a nominee thereof to DTC or another nominee of
DTC or by DTC or any such nominee to a successor of DTC or a nominee of such
successor.
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AMERICAN STANDARD INC.
7.375% Senior Notes Due 2008
No. _______ $_________
CUSIP No. ______
AMERICAN STANDARD INC., a Delaware corporation (herein referred to as the
"Issuer," which term includes any successor Person under the Indenture referred
to on the reverse hereof), for value received, hereby promises to pay to
______________________________ or registered assigns the principal sum of
_______ Dollars on February 1, 2008 (the "Stated Maturity Date") and to pay
interest thereon from January 15, 1998 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually on
February 1 and August 1 in each year (each, an "Interest Payment Date"),
commencing August 1, 1998, at the rate of 7.375% per annum, until the principal
hereof is paid or duly provided for. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Holder in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be January 15 or July 15
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date at the office or agency of the Issuer maintained for such
purpose; provided, however, that such interest may be paid, at the Issuer's
option, by mailing a check to such Holder at its registered address or by
transfer of funds to an account maintained by such Holder within the United
States. Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date, and may
be paid to the Holder in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.
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The principal of this Security payable on the Stated Maturity Date or the
principal of, premium, and interest on this Security will be paid against
presentation of this Security at the office or agency of the Issuer maintained
for that purpose in New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public and
private debts.
Interest payable on this Security on any Interest Payment Date and on the Stated
Maturity Date will include interest accrued from and including the next
preceding Interest Payment Date in respect of which interest has been paid or
duly provided for (or from and including January 15, 1998, if no interest has
been paid on this Security) to but excluding such Interest Payment Date or the
Stated Maturity Date, as the case may be. If any Interest Payment Date or the
Stated Maturity Date falls on a day that is not a Business Day, as defined
below, principal, premium, and/or interest payable with respect to such Interest
Payment Date or Stated Maturity Date, as the case may be, will be paid on the
next succeeding Business Day with the same force and effect as if it were paid
on the date such payment was due, and no interest shall accrue on the amount so
payable for the period from and after such Interest Payment Date or Stated
Maturity Date, as the case may be. "Business Day" means any day, other than a
Saturday or Sunday, on which banks in New York are not required or authorized by
law or executive order to close.
All payments of principal, premium, and interest in respect of this Security
will be made by the Issuer in immediately available funds.
Reference is hereby made to the further provisions of this Security 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 of one of its authorized signatories, this Security 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 Issuer has caused this instrument to be duly executed
under its facsimile corporate seal.
Dated: ______________ AMERICAN STANDARD INC.
By:
-----------------------------
Attest:
-------------------------
Assistant Secretary
TRUSTEE'S CERTIFICATE OF
AUTHENTICATION
-------------------------
Dated:
THE BANK OF NEW YORK
as Trustee, certifies
that this is one of
the Securities referred
to in the Indenture.
by
-------------------------
Authorized Signatory
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[Reverse of Security]
AMERICAN STANDARD INC.
This Security is one of a duly authorized issue of securities of the Issuer
(herein called the "Securities"), issued and to be issued in one or more series
under an Indenture, dated as of January 15, 1998 (herein called the "Indenture")
among the Issuer, the Guarantor and The Bank of New York, as Trustee (herein
called the "Trustee," which term includes any successor trustee under the
Indenture with respect to the series of which this Security is a part), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Issuer, the Trustee and the Holders of the Securities, and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the duly authorized series of Securities
designated on the face hereof (collectively, the "Securities"), and the
aggregate principal amount of the Securities to be issued under such series is
limited to $350,000,000 (except for Securities authenticated and delivered upon
transfer of, or in exchange for, or in lieu of other Securities). All terms used
in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
If an Event of Default, as defined in the Indenture, shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect 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
Issuer and the Guarantor and the rights of the Holders of the Securities under
the Indenture at any time by the Issuer, the Guarantor and the Trustee with the
consent of the Holders of not less than a majority of the aggregate principal
amount of all Securities issued under the Indenture at the time Outstanding and
affected thereby. The Indenture also contains provisions permitting the Holders
of not less than a majority of the aggregate principal amount of the Outstanding
Securities, on behalf of the Holders of all such Securities, to waive compliance
by the Issuer and the Guarantor with certain provisions of the Indenture.
Furthermore, provisions in the Indenture permit the Holders of not less than a
majority of the aggregate principal amount, in certain instances, of the
Outstanding Securities of any series to waive,
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on behalf of all of the Holders of Securities of such series, certain past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and other Securities issued upon
the registration of transfer hereof or in exchange hereafter or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.
No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of (and premium) and interest on this
Security at the times, places and rate, and in the coin or currency, herein
prescribed.
As provided in the Indenture and subject to certain limitations therein and
herein set forth, the transfer of this Security is registrable in the Security
Register of the Issuer upon surrender of this Security for registration of
transfer at the office or agency of the Issuer in any place where the principal
of (and premium) and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Issuer and the Security Registrar duly executed by, the Holder hereof or by his
attorney duly authorized in writing, and thereupon one or more new Securities,
of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.
As provided in the Indenture and subject to certain limitations therein and
herein set forth, this Security is exchangeable for a like aggregate principal
amount of Securities of different authorized denominations but otherwise having
the same terms and conditions, as requested by the Holder hereof surrendering
the same.
The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof.
No service charge shall be made for any such registration of transfer or
exchange, but the Issuer and the Guarantor 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 Security for registration of transfer, the
Issuer, the Guarantor, the Trustee and any agent
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of the Issuer or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary.
No recourse shall be had for the payment of the principal of or premium, or the
interest on this Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any past, present or future stockholder, employee,
officer, director, incorporator, limited or general partner, as such, of the or
of any successor, either directly or through the Issuer or any successor,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.
The Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
and to be performed entirely in such State without regard to conflicts of law
principles thereof.
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ASSIGNMENT FORM
To assign this Securities, fill in the form below:
I or we assign and transfer this Security to
________________________________________________________________
________________________________________________________________
________________________________________________________________
(Print or type assignee's name, address and zip code)
________________________________________________________________
(Insert assignee's soc. sec. or tax I.D. No.)
and irrevocably appoint agent to transfer
this Security on the books of the Company. The agent may substitute
another to act for him.
_______________________________________________________________________
Date: ____________________ Your Signature: ____________________________
Signature Guarantee: __________________________________
(Signature must be guaranteed)
_______________________________________________________________________
Sign exactly as your name appears on the other side of this Security.
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EXHIBIT B
FORM OF NOTATION ON SECURITY
RELATING TO AMERICAN STANDARD COMPANIES INC.
The Guarantor has unconditionally guaranteed, to the extent set
forth in the Indenture and subject to the provisions in the Indenture, the due
and punctual payment and performance of the obligations of the Issuer in
connection with the Indenture and each Series of Securities issued thereunder.
In case of the failure of the Issuer punctually to perform or make any such
payment, the Guarantor hereby agrees to cause such payment and performance to be
made punctually.
The obligations of the Guarantor to the Holders and to the Trustee
pursuant to the Guarantee and the Indenture are expressly set forth in Article
Twelve of the Indenture and reference is hereby made to the Indenture for the
precise terms of the Guarantee. Capitalized terms used and not defined herein
have the meanings ascribed thereto in the Indenture.
AMERICAN STANDARD COMPANIES INC.
By:
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Name:
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Title:
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Attest:
By:
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Name:
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[Assistant] Secretary
(Seal)
