Document:

EXHIBIT
10.1

EXECUTION
COPY

LETTER AMENDMENT

                                                                Dated
as of September 8, 2006

To the banks, financial institutions

and other institutional lenders

(collectively, the “Lenders”) parties

to the Credit Agreement referred to

below and to Citicorp USA, Inc., as agent

(the “Agent”) for the Lenders

Ladies and Gentlemen:

We refer to the Credit
Agreement dated as of dated as of February 23, 2005, amended by Amendment No. 1
dated as of May 25, 2005 and Amendment No. 2 dated as of May 26, 2006 (the “Credit
Agreement”) among the undersigned and you. 
Capitalized terms not otherwise defined in this Letter Amendment have
the same meanings as specified in the Credit Agreement.

It is hereby agreed by you
and us that Section 5.02(e) of the Credit Agreement is, effective as of the
date of this Letter Amendment, hereby amended by restating clause (iii) in full
and by adding at the end thereof a new clause (iv) to read collectively as
follows:

(iii) declare
and pay cash dividends to its stockholders and purchase, redeem, retire or
otherwise acquire shares of its own outstanding capital stock for cash if after
giving effect thereto the aggregate amount of such dividends, purchases,
redemptions, retirements and acquisitions paid or made would not exceed for the
fiscal year ended September 30, 2005, $250,000,000 and (iv) declare and pay
cash dividends to its stockholders and purchase, redeem, retire or otherwise
acquire shares of its own outstanding capital stock for cash if after giving
effect thereto the aggregate amount of such dividends, purchases, redemptions,
retirements and acquisitions paid or made would not exceed (x) for the period
from October 1, 2006 through September 30, 2008, an aggregate amount not to
exceed $500,000,000 plus 50% of Consolidated net income of the Company for the
fiscal year immediately preceding the fiscal year in which such dividend,
purchase, redemption, retirement or acquisition is paid or made and (y)
thereafter, 50% of Consolidated net income of the Company for the fiscal year
immediately preceding the fiscal year in which such dividend, purchase,
redemption, retirement or acquisition is paid or made.

The Borrower hereby
certifies that, as of the date of this Letter Amendment, the representations
and warranties contained in Section 4.01 of the Credit Agreement are correct on
and as of such date and no event has occurred and is continuing that
constitutes a Default.

This Letter Amendment shall
become effective as of the date first above written when, and only when, the
Agent shall have received counterparts of this Letter Amendment executed by the
undersigned and the Required Lenders or, as to any of the Lenders, advice
satisfactory to the Agent that

 1
 

 

such Lender has executed this Letter Amendment.  This Letter Amendment is subject to the
provisions of Section 8.01 of the Credit Agreement.

On and after the
effectiveness of this Letter Amendment, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof” or words of like import referring to
the Credit Agreement, and each reference in the Notes to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit
Agreement, shall mean and be a reference to the Credit Agreement, as amended by
this Letter Amendment.

The Credit Agreement and the
Notes, as specifically amended by this Letter Amendment, are and shall continue
to be in full force and effect and are hereby in all respects ratified and
confirmed.  The execution, delivery and
effectiveness of this Letter Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any Lender or the
Agent under the Credit Agreement, nor constitute a waiver of any provision of
the Credit Agreement.

If you agree to the terms
and provisions hereof, please evidence such agreement by executing and
returning at least two counterparts of this Letter Amendment to Susan L.
Hobart, Shearman & Sterling LLP, 599 Lexington Avenue, New York, New
York  10022.

This Letter Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement.  Delivery of an executed
counterpart of a signature page to this Letter Amendment by telecopier shall be
effective as delivery of a manually executed counterpart of this Letter
Amendment.

This Letter Amendment shall
be governed by, and construed in accordance with, the laws of the State of
New York.

	
  

  	
  Very truly yours,

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  AVAYA INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Peter Hong

  
	
   

  	
   

  	
  Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  AVAYA INTERNATIONAL SALES LIMITED

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Peter Hong

  
	
   

  	
   

  	
  Title:

  	
  Director

  
						

 

Agreed as of the date first
above written:

CITICORP
USA, INC., as Agent and as Lender

	
  By

  	
  /s/ Carolyn Kee

  
	
   

  	
  Title: Vice President

  

 

[LENDER SIGNATURES
OMITTED]

 2Exhibit 4.1

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  

 

 

	
  NO. FXR-

  	
   

  	
  MEDIUM-TERM
  NOTE, SERIES C

  	
   

  	
  PRINCIPAL AMOUNT:

  
	
   

  	
   

  	
  (Fixed
  Rate)

  	
   

  	
  U.S.$

  
	
   

  	
   

  	
   

  	
   

  	
  CUSIP:25468PCE4

  

 

Unless and until it is exchanged in whole or in part for
Notes in definitive form, this Note may not be transferred except as a
whole 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 by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. Unless this certificate is presented by an authorized
representative of The Depository Trust Company, New York, New York (“DTC”), to
the issuer or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede & Co. or such
other name as requested by an authorized representative of DTC and any payment
is made to Cede & Co. or such other entity 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 as interest herein.

 

 

	
  ORIGINAL ISSUE DATE: September 11, 2006

  	
  INTEREST RATE: 
  5.625% per annum

  
	
  MATURITY DATE: September 15, 2016

  	
  EARLIEST REDEMPTION DATE:  September 11, 2006

  
	
  ORIGINAL ISSUE PRICE: 99.621%

  	
  INTEREST PAYMENT DATES:  March 15 and September 15, commencing March
  15, 2007

  
	
   

  	
  REDEMPTION PRICE: See paragraph 10 below 

  

 

 

Date:

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the Notes of the series designated
herein referred to in the within-mentioned Indenture.

 

	
  WELLS FARGO BANK, N.A., as
  Trustee

  
	
   

  
	
   

  
	
  By:

  
	
  Authorized
  Signatory

  

 

1

 

THE WALT DISNEY COMPANY, a corporation duly organized
and existing under the laws of the State of Delaware (herein referred to as the
“Company”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the Principal Amount specified above on the Maturity
Date specified above and to pay interest thereon from the Original Issue Date
specified above or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semiannually in arrears as specified in the
Pricing Supplement, in each year, commencing with the first Interest Payment
Date next succeeding the Original Issue Date, at the rate per annum set forth
above, until the principal hereof is paid or made available for payment; provided, however, that if the Original Issue Date of this
Note is between a Regular Record Date and the related Interest Payment Date,
the first payment of interest on this Note will be made on the Interest Payment
Date immediately following the next succeeding Regular Record Date to the
registered Holder on such next succeeding Regular Record Date. Interest
payments for this Note will include interest accrued to but excluding the
Interest Payment Date. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture (as
defined below), be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date, as specified in the Pricing Supplement (whether or not a
Business Day), as the case may be, next preceding such Interest Payment
Date; provided, however, that interest payable
at Maturity shall be payable to the Person to whom principal shall be payable.
If any Interest Payment Date or Maturity with respect to this Note falls on a
day that is not a Business Day, the payment due on such Interest Payment Date
or at Maturity will be made on the following day that is a Business Day as if
it were made 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 Maturity, as the case may be. Interest on this Note will be computed on
the basis of a 360-day year of twelve 30-day months. Except as otherwise
provided in the Indenture, any interest not punctually paid or duly provided
for on any Interest Payment Date (herein called “Defaulted Interest”) will
forthwith cease to be payable to the Holder on the Regular Record Date with
respect to such Interest Payment Date and may either be paid to the Person
in whose name this Note (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 (as defined below), notice of
which shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. Payment of the principal
of and interest on this Note will be made at the office or agency of the
Company maintained for that purpose, initially designated to be the Corporate
Trust Office of the Trustee in Los Angeles, California, and at such additional
offices or agencies as the Company may designate, 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; provided, however,
that at the option of the Company, payments of principal of and interest on
this Note may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the register of Securities or
by wire transfer of immediately available funds to the account of the Holder of
this Note if appropriate wire transfer instructions have been received in
writing by the Trustee not less than 15 days prior to the applicable payment
date. Notwithstanding the foregoing, the Company will make payments of interest
on any Interest Payment Date other than the Maturity Date to each registered
Holder of $10,000,000 (or, if the payment currency is other than United States
dollars, the equivalent thereof in the particular payment currency) or more in
aggregate principal amount of definitive Notes (whether having identical or
different terms and provisions) by wire transfer of immediately available funds
if the applicable registered Holder has delivered appropriate wire transfer
instructions in writing to the Trustee not less than 15 days prior to the
particular Interest Payment Date. Any wire transfer instructions received by
the Trustee shall remain in effect until revoked by the applicable registered
Holder.

 

Reference is hereby made to
the further provisions of this Note set forth below, 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 or its duly appointed co-authenticating agent by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

This Note is one of a duly
authorized issue of securities (herein called the “Securities”) of the Company
(which term includes any successor corporation under the Indenture hereinafter
referred to) issued and to be issued pursuant to such Indenture. This Security
is one of a series designated by the Company as its Medium-Term Notes, Series C.
The Indenture does not limit the aggregate principal amount of the Securities.

 

The Company issued this Note
pursuant to an Indenture, dated as of September 24, 2001 (herein called
the “Indenture”), between the Company and Wells Fargo Bank, N.A., a national
banking association, as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), 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 Company, the Trustee and Holders of the Notes and of the terms upon which
the Notes are, and are to be, authenticated and delivered.

 

The Notes are issuable as
Registered Securities, without coupons, in denominations of $2,000 and any
amount in excess thereof which is an integral multiple of $1,000. 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 like tenor
of any authorized denomination, as requested by the Holder surrendering the
same, upon surrender of the Note or Notes to be exchanged at any office or
agency described below where Notes may be presented for registration of
transfer.

 

The
Company may from time to time, without the consent of existing Note
Holders, issue additional Notes having the same terms and conditions (including
maturity and interest payment terms) as previously issued Notes in all
respects, except for issue date, issue price and the first payment of interest.
Additional Notes issued in this manner will be fungible with the previously
issued Notes to the extent specified in the applicable Pricing Supplement.

 

This Note may not be
redeemed prior to the Earliest Redemption Date set forth above. If no Earliest
Redemption Date is so set forth, this Note is not redeemable prior to the
Maturity Date. This Note is redeemable at any time on or after the Earliest
Redemption Date set forth above at the option of the Company, in whole or from
time to time in part, upon not less than 30 nor more than 60 days’ notice
mailed to the registered Holder hereof, at the Redemption Price equal to the
amount set forth below, together in each case with accrued interest to but
excluding the Redemption Date.

 

Notwithstanding the
preceding paragraph, installments of interest whose Stated Maturity is prior to
the Redemption Date of any Note will be payable to the Holder of such Note, or
one or more Predecessor Securities, of record at the close of business on the relevant
Regular Record Dates referred to above, all as provided in the Indenture.

 

The Redemption Price shall
be equal to the greater of the following amounts: (1) 100% of the
principal amount of the Notes to be redeemed; or (2) as determined by the
Independent Investment Banker (as defined below), the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to
be redeemed (not including any portion of any payments of interest accrued as
of the Redemption Date) discounted to the Redemption Date on a semiannual basis
at the Treasury Rate (as defined below) plus 15 basis points. The Redemption
Price will be calculated assuming a 360-day year consisting of twelve 30-day
months.

 

For purposes of calculating
the Redemption Price, the terms below shall have the following meanings:

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable

 

3

 

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.

 

“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 those
Notes.

 

“Comparable Treasury Price”
means, with respect to any Redemption Date, (i) the average of five
Reference Treasury Dealer Quotations for that redemption date, after excluding
the highest and lowest of those Reference Treasury Dealer Quotations, or (ii) if
the Independent Investment Banker obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all of those quotations.

 

“Independent Investment
Banker” means one of Citigroup Global Markets Inc., Deutsche Bank Securities
Inc.,  Merrill Lynch, Pierce, Fenner &
Smith Incorporated and UBS Securities LLC and their respective successors
appointed by the Company to act as the Independent Investment Banker, from time
to time, or if any such firm is unwilling or unable to serve in that capacity,
an independent investment and banking institution of national standing
appointed by the Company.

 

“Reference Treasury Dealer”
means: (i) Citigroup Global Markets Inc., Deutsche Bank Securities
Inc.,  Merrill Lynch, Pierce, Fenner &
Smith Incorporated and UBS Securities LLC, and their respective successors;
provided that, if any such firm ceases to be a primary U.S. Government
securities dealer in the United States (“Primary Treasury Dealer”), the Company
will substitute another Primary Treasury Dealer; and (ii) up to two other
Primary Treasury Dealers selected by the Company.

 

“Reference Treasury Dealer
Quotation” 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 asked 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 by such Reference Treasury Dealer at 5:00 p.m.
(New York City time) on the third Business Day preceding that Redemption Date.

 

All notices of redemption
shall state the Redemption Date, the Redemption Price, if fewer than all the
outstanding Notes with the same Original Issue Date, Interest Rate and Stated
Maturity are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of Notes to be redeemed, that on the
Redemption Date the Redemption Price will become due and payable upon each
Note, or portion thereof, to be redeemed, that interest on each Note, or
portion thereof, called for redemption will cease to accrue on and including
the Redemption Date and the place or places where Notes may be surrendered
for redemption. However, payment of the Redemption Price, together with accrued
interest to but excluding the Redemption Date, for a Note for which a
redemption notice has been delivered is conditioned upon delivery of such Note
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing) to the office or agency of the Company maintained for that purpose,
initially designated to be the Corporate Trust Office of the Trustee in Los
Angeles, California, and at such additional offices or agencies as the Company may designate,
at any time (whether prior to, on or after the Redemption Date) after delivery
of the redemption notice. Payment of the Redemption Price for the Note (or
portion thereof to be redeemed), together with accrued interest to the
Redemption Date, will be made on the later of the Redemption Date or promptly
following the time of delivery of the Note. If fewer than all of the Notes with
the same Original Issue Date, Interest Rate and Stated Maturity are to be
redeemed at any time, selection of such Notes for redemption will be made by
the Trustee by such method as the Trustee shall deem fair and appropriate.

 

4

 

In the event of redemption
of this Note in part only, a new Note or Notes of like tenor for the
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Notes so surrendered will be issued in the name of the
Holder hereof upon the cancellation hereof.

 

For all purposes of this
Note and the Indenture, unless the context otherwise requires, all provisions
relating to the redemption by the Company of Notes shall relate, in the case of
any Notes redeemed or to be redeemed by the Company only in part, to the
portion of the principal amount of such Notes which has been or is to be so
redeemed.

 

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 and with the effect provided in the Indenture.

 

The Indenture permits, in certain circumstances
therein specified, the amendment thereof without the consent of the Holders of
the Securities. The Indenture also permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations under the Indenture of the Company and the rights of Holders of the
Securities 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 a majority in
aggregate principal amount of the Securities at the time Outstanding of each series to
be affected. The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all the Securities 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 herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

 

No reference herein to the Indenture and no provision
of this Note or, subject to the provisions for satisfaction and discharge in Article Eight
of the Indenture, 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 Notes is registrable in the
register of Securities, upon surrender of a Note for registration of transfer
at the office or agency of the Company maintained for that purpose, initially
designated to be the Corporate Trust Office of the Trustee in Los Angeles,
California, and at such additional offices or agencies as the Company may designate,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Notes of
like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

No service charge shall be made by the Company, the
Trustee or the Registrar for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith (other than exchanges
pursuant to Sections 2.11, 3.6, 9.5 or 10.3 of the Indenture, not involving any
transfer).

 

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 neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

 

5

 

The Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York, including
without limitation, §§ 5-1401 and 5-1402 of the New York General
Obligations Law and New York Civil Practice Law Rule 327(b).

 

All undefined terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

 

6

 

IN WITNESS WHEREOF, The Walt Disney Company has caused
this Instrument to be signed by the signature or facsimile signature of its
Chairman of the Board, one of its Vice Chairmen, its President or one of its
Vice Presidents, or its Treasurer or any Assistant Treasurer and attested by
its Secretary or one of its Assistant Secretaries by his or her signature or a
facsimile thereof, and its corporate seal or a facsimile of its corporate seal
to be affixed hereunto or imprinted hereon.

 

 

	
  (SEAL)

  	
  THE WALT DISNEY COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Christine M. McCarthy

  
	
   

  	
  Title:

  	
  Executive Vice President-Corporate Finance

  and Real Estate and Treasurer

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Marsha L. Reed

  	
   

  
	
  Title

  	
  Vice President-Governance Administration and

  Assistant Secretary

  	
   

  
						

 

7

 

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 common

  	
   

  	
  UNIF GIFT MIN
  ACT        Custodian

  
	
   

  	
   

  	
                                        (Cust.)
            (Minor)

  
	
   TEN ENT  as tenants by the entireties

  	
   

  	
   

  
	
   

  	
   

  	
  Under Uniform Gifts to Minors Act

  
	
   JT TEN  as joint tenants with right of survivorship

  	
   

  	
   

  
	
                 and
  not as tenants in common

  	
   

  	
   

  
	
   

  	
   

  	
  (State)

  

 

Additional abbreviations may also
be used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

 

Please Insert Social Security or Employer

Identification Number of Assignee

 

 

 

 

Please Print or Typewrite
Name and Address

Including Postal Zip Code
of Assignee

 

 

the within Security and all rights thereunder, hereby irrevocably
constituting and appointing             
                     
                   
                        
                                attorney
to transfer said Security on the books of the Company, with full power of
substitution in the premises. 

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature

  

 

	
  NOTICE:

  	
   

  	
  The signature to this assignment must correspond
  with the name as it appears upon the face of the within Note in every
  particular, without alteration or enlargement or any change whatever.

  

 

 

THE WALT DISNEY COMPANY

 

ADDENDUM TO MEDIUM-TERM NOTE

Fixed Rate

 

The following provisions shall be of the same force
and effect as if set forth in the Medium-Term Note of the Walt Disney Company
to which this Addendum is attached.

 

This Note constitutes a portion of the Company’s 5.625%
Global Notes due 2016, issued by the Company on the Original Issue Date
specified above in the aggregate principal amount of $750,000,000 (the “5.625%
Notes”). The Company will, subject to certain exceptions and limitations set
forth below, pay to the Holder of any 5.625% Note who is a United States Alien,
as additional interest, such amounts (“Additional Amounts”) as may be
necessary in order that every net payment on such 5.625% Note (including
payment of the principal of and interest on such 5.625% Note) by the Company or
a Paying Agent, after deduction or withholding for or on account of any present
or future tax, assessment or other governmental charge imposed upon or as a
result of such payment by the United States (or any political subdivision or
taxing authority thereof or therein), will not be less than the amount provided
in such 5.625% Note to be then due and payable; provided, however, that the
foregoing obligation to pay Additional Amounts will not apply to:

 

(a)                                  any
tax, assessment or other governmental charge that would not have been so
imposed but for (i) the existence of any present or former connection
between such Holder or beneficial owner of such 5.625% Note (or between a
fiduciary, settlor or beneficiary of, or a person holding a power over, such
Holder, if such Holder is an estate or a trust, or a member or shareholder of
such Holder, if such Holder is a partnership or corporation) and the United
States or any political subdivision or taxing authority thereof or therein,
including, without limitation, such Holder (or such fiduciary, settlor,
beneficiary, person holding a power, member or shareholder) being or having
been a citizen or resident of the United States or treated as a resident
thereof or being or having been engaged in a trade or business or present
therein or having or having had a permanent establishment therein or (ii) such
Holder’s or beneficial owner’s past or present status, as applicable (under
prior or current law), as a personal holding company, foreign personal holding
company, foreign private foundation or other foreign tax-exempt organization
with respect to the United States, controlled foreign corporation for United
States tax purposes or corporation that accumulates earnings to avoid United
States Federal income tax;

 

(b)                                 any
estate, inheritance, gift, excise, sales, transfer, wealth or personal property
tax or any similar tax, assessment or other governmental charge;

 

 

(c)                                  any
tax, assessment or other governmental charge that would not have been imposed
but for the presentation by the Holder of a 5.625% Note for payment more than
30 days after the date on which such payment became due and payable or the
date on which payment thereof was duly provided for, whichever occurred later;

 

(d)                                 any
tax, assessment or other governmental charge that is payable otherwise than by
withholding from a payment on a 5.625% Note;

 

(e)                                  any
tax, assessment or other governmental charge required to be withheld by any
Paying Agent from a payment on a 5.625% Note, if such payment can be made
without such withholding by any other Paying Agent;

 

(f)                                    any
tax, assessment or other governmental charge that would not have been imposed
but for a failure to comply with applicable certification, information,
documentation, identification or other reporting requirements concerning the
nationality, residence, identity or connection with the United States of the
Holder or beneficial owner of a 5.625% Note if such compliance is required by
statute or regulation of the United States or by an applicable tax treaty to
which the United States is a party as a precondition to relief or exemption
from such tax, assessment or other governmental charge;

 

(g)                                 any
tax, assessment or other governmental charge imposed on a Holder that actually
or constructively owns 10 percent or more of the combined voting power of
all classes of the Company’s stock or that is a bank receiving interest on an
extension of credit made pursuant to a loan agreement entered into in the
ordinary course of its trade or business;

 

(h)                                 any
withholding or deduction imposed on a payment to an individual where such
withholding or deduction is required to be made pursuant to Council Directive
2003/48/EC or any other European Union Directive implementing the conclusions
of the ECOFIN Council meeting of 26th – 27th November,
2000 on the taxation of savings income or any law implementing or complying
with, or introduced in order to conform to, such Directive; or

 

(i)                                     any
combination of items (a), (b), (c), (d), (e), (f), (g) and (h);

 

nor shall Additional Amounts be paid with respect to a
payment on a 5.625% Note to a Holder that is a fiduciary or partnership or
other than the sole beneficial owner of such payment to the extent a
beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner would not have been entitled to Additional
Amounts

 

2

 

(or payment of Additional Amounts would not have been
necessary) had such beneficiary, settlor, member or beneficial owner been the
Holder of such 5.625% Note.

 

A “United States
Alien” means any person that, for United States Federal income tax purposes, is
a foreign corporation, a non-resident alien individual, a non-resident alien
fiduciary of a foreign estate or trust, or a foreign partnership one or more of
the members of which is, for United States Federal income tax purposes, a
foreign corporation, a non-resident alien individual or a non-resident alien
fiduciary of a foreign estate or trust. “United States” means the United States
of America (including the States and the District of Columbia) and its
territories, its possessions and other areas subject to its jurisdiction.

 

If (a) as a
result of any change in, or amendment to, the laws (or any regulations or
rulings promulgated thereunder) of the United States (or any political
subdivision or taxing authority thereof or therein), or any change in the
official application (including a ruling by a court of competent jurisdiction
in the United States) or interpretation of such laws, regulations or rulings,
which change or amendment is announced or becomes effective on or after the
Original Issue Date specified above, the Company becomes or will become
obligated to pay Additional Amounts as described above, or (b) any act is
taken by a taxing authority of the United States on or after the Original Issue
Date specified above, whether or not such act is taken with respect to the
Company or any affiliate, that results in a substantial likelihood that the
Company will or may be required to pay such Additional Amounts, then the
Company may, at its option, redeem, as a whole, but not in part, the 5.625%
Notes on not less than 30 nor more than 60 days’ prior notice, at a
redemption price equal to 100% of their principal amount, together with
interest accrued thereon to the date fixed for redemption; provided that the
Company determines, in its business judgment, that the obligation to pay such
Additional Amounts cannot be avoided by the use of reasonable measures
available to it, not including substitution of the obligor under the 5.625%
Notes or any action that would entail a material cost to the Company. No
redemption pursuant to (b) above may be made unless the Company shall
have received an opinion of independent counsel to the effect that an act taken
by a taxing authority of the United States results in a substantial likelihood
that it will or may be required to pay Additional Amounts described above
and the Company shall have delivered to the Trustee a certificate, signed by a
duly authorized officer, stating that based on such opinion the Company is
entitled to redeem the 5.625% Notes pursuant to their terms.

 

3

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