EX-4.8 4 a2062534zex-4_8.txt EXHIBIT 4.8 Exhibit 4.8 AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT AMENDMENT dated as of May 25, 2001 to the 364-Day Credit Agreement dated as of February 7, 2001 (the "CREDIT AGREEMENT") among Tyco International Group S.A. (the "BORROWER"), Tyco International Ltd. (the "Guarantor"), the Banks party thereto (the "BANKS") and The Chase Manhattan Bank, as Agent (the "AGENT"). W I T N E S S E T H : WHEREAS, the parties hereto desire to amend the Credit Agreement to modify certain of the covenants to exclude the effect of the acquisition of The CIT Group, Inc., a Delaware corporation, and its Subsidiaries by a Subsidiary of the Guarantor; NOW, THEREFORE, the parties hereto agree as follows: Section 1. DEFINED TERMS; REFERENCES. (a) Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby. (b) The following definitions are added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order: "CIT" means The CIT Group, Inc., a Delaware corporation, and its successors. "CONSOLIDATED RESTRICTED SUBSIDIARY" means, at any date, any Restricted Subsidiary or other entity the accounts of which would be consolidated with those of the Guarantor in its consolidated financial statements if such statements were prepared as of such date. "RESTRICTED SUBSIDIARY" means, at any date, a Subsidiary of the Guarantor other than CIT and its Subsidiaries. "WHOLLY-OWNED CONSOLIDATED RESTRICTED SUBSIDIARY" means any Consolidated Restricted Subsidiary all of the shares of capital stock or other ownership interests of which (except directors' qualifying shares and investments by foreign nationals mandated by applicable law) are at the time beneficially owned, directly or indirectly, by the Guarantor. (c) The definitions of "Consolidated Assets", "Consolidated Debt", "Consolidated Interest Expense", "Consolidated Net Income", "Consolidated Net Worth", "Consolidated Tangible Assets", "Intangible Assets" and "Material Adverse Effect" are amended to replace (i) each reference to "Consolidated Subsidiary" with "Consolidated Restricted Subsidiary" and (ii) each reference to "Consolidated Subsidiaries" with "Consolidated Restricted Subsidiaries". (d) The definitions of "Permitted Acquired Debt" and "Permitted Receivables Transaction" are amended to replace (i) each reference to "Subsidiary" with "Restricted Subsidiary" and (ii) each reference to "Subsidiaries" with "Restricted Subsidiaries". Section 2. AMENDMENTS TO REPRESENTATIONS AND WARRANTIES. (a) Sections 4.05, 4.07 and 4.09 of the Credit Agreement are amended to replace (i) each reference to "Subsidiary" with "Restricted Subsidiary", (ii) each reference to "Subsidiaries" with "Restricted Subsidiaries" and (iii) each reference to "Consolidated Subsidiaries" with "Consolidated Restricted Subsidiaries". (b) Section 4.06 of the Credit Agreement is amended to add "(other than CIT and its Subsidiaries)" after each reference to "ERISA Group". (c) Section 4.08 of the Credit Agreement is amended to (i) replace the reference to "Significant Subsidiaries" in the first line with "each of its Restricted Subsidiaries that is a Significant Subsidiary", (ii) add "such" before "Significant Subsidiary" in the fourth line and (iii) replace the reference to "Subsidiaries" in the sixth line with "Restricted Subsidiaries". Section 3. AMENDMENTS TO COVENANTS. Article 5 of the Credit Agreement is amended to replace (i) each reference to "Subsidiary" with "Restricted Subsidiary", (ii) each reference to "Subsidiaries" with "Restricted Subsidiaries" (except in Section 5.04(a)), (iii) each reference to "Consolidated Subsidiary" with "Consolidated Restricted Subsidiary", (iv) each reference to "Consolidated Subsidiaries" with "Consolidated Restricted Subsidiaries" (except in Section 5.01) and (v) each reference to "Wholly-Owned Consolidated Subsidiary" with "Wholly-Owned Consolidated Restricted Subsidiary". 2 Section 4. REPRESENTATIONS OF PRINCIPAL OBLIGORS. Each Principal Obligor represents and warrants that (i) the representations and warranties of such Principal Obligor set forth in Article 4 of the Credit Agreement will be true on and as of the Amendment Effective Date and (ii) no Default will have occurred and be continuing on such date. Section 5. GOVERNING LAW. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Section 6. COUNTERPARTS. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Section 7. EFFECTIVENESS. This Amendment shall become effective on the date (the "AMENDMENT EFFECTIVE DATE") when the Agent shall have received from each Principal Obligor and the Required Banks a counterpart hereof signed by such party or facsimile or other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof. 3 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written. TYCO INTERNATIONAL GROUP S.A. By: /s/ Michelangelo Stefani -------------------------------------- Title: Managing Director TYCO INTERNATIONAL LTD By: /s/ Mark H. Swartz -------------------------------------- Title: Chief Financial Officer and Executive Vice President THE CHASE MANHATTAN BANK By: /s/ Gail Weiss -------------------------------------- Title: Vice President BANK OF AMERICA, N.A. By: /s/ John W. Pocalyko -------------------------------------- Title: Managing Director CITIBANK, N.A. By: /s/ Diane L. Pockaj -------------------------------------- Title: Vice President 4 COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES By: /s/ Robert Donohue -------------------------------------- Title: Senior Vice President By: /s/ Peter Doyle -------------------------------------- Title: Vice President ABN AMRO BANK N.V. By: /s/ Dean P. Giglio -------------------------------------- Title: Vice President By: /s/ Helen Clarke-Hepp -------------------------------------- Title: Vice President BANCA NAZIONALE DEL LAVORO S.P.A., NEW YORK BRANCH By: -------------------------------------- Title: By: -------------------------------------- Title: 5 THE BANK OF NOVA SCOTIA By: /s/ William E. Zarrett -------------------------------------- Title: Managing Director BARCLAYS BANK PLC By: /s/ L. Peter Yetman -------------------------------------- Title: Director BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH By: /s/ John T. Murphy -------------------------------------- Title: Director By: /s/ Tricia Grieve -------------------------------------- Title: Director BNP PARIBAS By: /s/ Richard Pace -------------------------------------- Title: Vice President By: /s/ Nanette Baudon -------------------------------------- Title: Vice President 6 CREDIT LYONNAIS NEW YORK BRANCH By: /s/ Rod Hurst -------------------------------------- Title: Vice President CREDIT SUISSE FIRST BOSTON By: /s/ David W. Kratovil -------------------------------------- Title: Director By: /s/ Jeffrey Bernstein -------------------------------------- Title: Vice President DEUTSCHE BANK AG, NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH By: /s/ Jean M. Hannigan -------------------------------------- Title: Director By: /s/ Stephanie Strohe -------------------------------------- Title: Vice President 7 DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES By: /s/ Joanna M. Solowski -------------------------------------- Title: Vice President By: /s/ Vincent Carotenuto -------------------------------------- Title: Assistant Vice President FIRST UNION NATIONAL BANK By: /s/ George L. Woolsey -------------------------------------- Title: Vice President HSBC BANK USA By: /s/ Rochelle Forster -------------------------------------- Title: Senior Vice President MERRILL LYNCH BANK USA By: /s/ D. Kevin Imlay -------------------------------------- Title: Senior Lending Officer 8 WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH By: /s/ Barry S. Wadler -------------------------------------- Title: Associate Director By: /s/ Lisa Walker -------------------------------------- Title: Associate Director BAYERISCHE LANDESBANK GIROZENTRALE By: /s/ Hereward Drummond -------------------------------------- Title: Senior Vice President By: /s/ James H. Boyle -------------------------------------- Title: Vice President FLEET NATIONAL BANK By: -------------------------------------- Title: MELLON BANK, N.A. By: /s/ Daniel J. Lenckos -------------------------------------- Title: Vice President 9 SAN PAOLO IMI S.P.A. By: /s/ Luca Sacchi -------------------------------------- Title: Vice President By: /s/ Carlo Persico -------------------------------------- Title: Deputy General Manager THE TORONTO-DOMINION BANK By: -------------------------------------- Title: INTESABCI S.P.A. NEW YORK BRANCH By: /s/ Frank Maffei -------------------------------------- Title: Vice President By: /s/ Charles Dougherty -------------------------------------- Title: Vice President THE BANK OF NEW YORK By: /s/ Roger Grossman -------------------------------------- Title: Vice President 10 BANK OF TOKYO-MITSUBISHI TRUST COMPANY By: /s/ Thomas Fennessey -------------------------------------- Title Vice President BBL INTERNATIONAL (U.K.) LIMITED By: -------------------------------------- Title: By: -------------------------------------- Title: KEYBANK NATIONAL ASSOCIATION By: /s/ Frank J. Jancar -------------------------------------- Title: Vice President LEHMAN COMMERCIAL PAPER INC. By: /s/ Michael E. O'Brien -------------------------------------- Title: Authorized Signatory 11 NATIONAL AUSTRALIA BANK LIMITED, A.C.N. 004044937 By: /s/ Justin F. McCarty III -------------------------------------- Title: Vice President NATIONAL WESTMINSTER BANK PLC NEW YORK BRANCH By: /s/ M. Jones -------------------------------------- Title: Senior Corporate Manager NATIONAL WESTMINSTER BANK PLC NASSAU BRANCH By: /s/ M. Jones -------------------------------------- Title: Senior Corporate Manager SOCIETE GENERALE By: /s/ Ambrish D. Thanawala -------------------------------------- Title: Director, Corporate Banking THE FUJI BANK, LIMITED By: -------------------------------------- Title: 12 THE DAI-ICHI KANGYO BANK, LTD., NEW YORK BRANCH By: -------------------------------------- Title: STANDARD CHARTERED BANK By: /s/ John Biscette -------------------------------------- Title: Vice President By: /s/ Andrew Y. Ng -------------------------------------- Title: Vice President AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED By: -------------------------------------- Title: BANK OF IRELAND By: -------------------------------------- Title: 13 NORDDEUTSCHE LANDESBANK GIROZENTRALE NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH By: -------------------------------------- Title: By: -------------------------------------- Title: THE NORTHERN TRUST COMPANY By: /s/ John A. Konstantos -------------------------------------- Title: Vice President PNC BANK, NATIONAL ASSOCIATION By: /s/ Donald V. Davis -------------------------------------- Title: Vice President By: -------------------------------------- Title: UNICREDITO ITALIANO S.P.A. By: /s/ Gianfranco Bisagni -------------------------------------- Title: First Vice President By: /s/ Charles Michael -------------------------------------- Title: Vice President 14 WESTPAC BANKING CORPORATION By: /s/ Lisa Porter -------------------------------------- Title: Relationship Manager BANCA POPOLARE DI MILANO, NEW YORK BRANCH By: -------------------------------------- Title: By: -------------------------------------- Title: ARAB BANK PLC, GRAND CAYMAN BRANCH By: /s/ Samer Tamimi -------------------------------------- Title: Vice President BANCO BILBAO VIZCAYA By: /s/ Alberto Conde -------------------------------------- Title: Vice President, Corporate Banking By: /s/ Santiago Hernandez Monsalve -------------------------------------- Title: Vice President Global Corporate Banking 15 THE BANK OF N.T. BUTTERFIELD & SON LIMITED By: /s/ J. W. Raynor -------------------------------------- Title: Manager, Corporate Banking By: /s/ M. A. McWatt -------------------------------------- Title: Senior Vice President ALLFIRST BANK By: /s/ Kellie M. Matthews -------------------------------------- Title: Senior Vice President KBC BANK N.V. By: -------------------------------------- Title: 16