Document:

exv4w1

 

Exhibit
4.1

(FACE OF NOTE)

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS
OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

AT&T INC.

6.125% Global Notes due 2015

COMMON CODE 035604464

ISIN NO. XS0356044643

No. I-1

     AT&T Inc., a corporation duly organized and existing under the laws of the State of Delaware
(herein called “AT&T”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to The Bank of New York (Nominees)
Limited, or registered assigns, the principal sum of euro appearing on the attached Schedule of
Increases and Decreases on April 2, 2015 (the “Maturity Date”), and to pay interest on said
principal sum from April 3, 2008 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, annually in arrears on April 2 in each year, commencing on
April 2, 2009 (each an “Interest Payment Date”) and on the Maturity Date, at the interest rate of
6.125% per annum, until the principal hereof is paid or made available for payment. 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 Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on the Regular Record Date for such
interest, which shall be the close of business on March 18 (the “Regular Record Date”) next
preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Note (or one or more Predecessor Notes) 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 Notes not less than 15 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 said Indenture.

     Any money that AT&T deposits with the Trustee or any Paying Agent for the payment of principal
or any interest on this Note that remains unclaimed for two years after the date upon which the
principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless
otherwise required by mandatory provisions of any applicable unclaimed property law. After that
time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder
of this Note will be able to seek any payment to which such Holder may be entitled to collect only
from AT&T.

     If the Notes are issued in definitive form, payment of the principal and interest on this Note
due at the Maturity Date or upon redemption will be made at the Maturity Date or upon redemption,
as the case may be, upon presentation of this Note, in immediately available funds, at the office
of The Bank of New York, the Paying and Transfer Agent and Registrar for the Notes, currently
located at 101 Barclay Street, New York, New York 10286.

     Payment of interest on this Note due on an Interest Payment Date, other than interest at
maturity or upon redemption, may be paid by check mailed to the address of the Holder entitled
thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the
Depository as Holder of the Notes or (2) a Holder of more than €5,000,000 in aggregate principal
amount of Notes in definitive form is entitled to require the Paying Agent to make payments of
interest, other than interest due at maturity or upon redemption, by wire transfer of immediately
available funds into an account maintained by the Holder, by sending appropriate wire transfer
instructions as long as the Paying Agent receives the instructions not less than ten days prior to
the applicable Interest Payment Date. The principal and interest payable in such coin or currency
of the member states of the European Monetary Union that have adopted or that adopt the single
currency in accordance with the treaty establishing the European Community, as amended by the
Treaty on European Union as at the time of payment is legal tender for payment of public and
private debts, on any of the Notes at maturity, or upon redemption, will be paid by wire transfer
of immediately available funds against presentation of a Note at the office of the Paying Agent.

     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 referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

2

 

     IN WITNESS WHEREOF, AT&T INC. has caused this instrument to be signed in its corporate name,
manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be
imprinted hereon.

	 	 	 	 	 
	Dated:  April 3, 2008 

[SEAL]

 	AT&T INC.	 
	 	By:  	/s/
Richard G. Lindner	 
	 	 	Richard G. Lindner 	 
	 	 	Senior Executive Vice President
and Chief Financial Officer 	 
	 
	 	 	 
	 	By:  	/s/
Jonathan P. Klug
 	 
	 	 	Jonathan P. Klug 	 
	 	 	Senior Vice President
and Treasurer 	 
	 

Trustee’s Certificate of Authentication

This is one of the 6.125% Global Notes due 2015

of the series designated herein referred to

in the within-mentioned Indenture.

THE BANK OF NEW YORK, as Trustee

	 	 	 	 	 
	By:
	 	/s/ Beata Hryniewicka	 	 
	 

	 	 

Authorized Signatory
	 	 

 

 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of debt securities of AT&T issued under and
pursuant to an Indenture, dated as of November 1, 1994, between AT&T and The Bank of New York, as
Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which
indenture and all indentures supplemental thereto (collectively, the “Indenture”) reference is
hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, AT&T and the Holders of the Notes and of the terms upon which
the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully
registered form only and in denominations of €50,000 and integral
multiples of €50,000 in
excess thereof. This Note is one of the series designated on the face hereof initially limited in
aggregate principal amount to €1,250,000,000.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes
under the Indenture at any time by AT&T and the Trustee with the consent of the Holders of a
majority in principal amount of the Notes at the time outstanding. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Notes at the
time outstanding to waive compliance by AT&T 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 of the Indenture shall
alter or impair the obligation of AT&T, 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.

     Principal and interest payments in respect of the Notes are payable by AT&T in euro, but
holders of beneficial interests in Global Notes held through The Depository Trust Company (“DTC”),
other than Euroclear and Clearstream, will receive payments in U.S. dollars unless they elect to
receive payments in euro. If a Holder through DTC has not made such an election, payments to the
Holder will be converted to U.S. dollars by the exchange agent. All costs of conversion will be
borne by the Holder by deduction from the payments. The U.S. dollar amount of any payment in
respect of principal or interest received by a Holder not electing payment in euro will be the
amount of euro otherwise payable exchanged into U.S. dollars at the euro/ U.S.$ rate of exchange
prevailing as at 11:00 a.m. (New York City time) on the day which is two Business Days prior to the
relevant payment date, less any costs incurred by the exchange agent for the conversion (to be
shared pro rata among the holders of beneficial interests in the Global Notes accepting U.S. dollar
payments in proportion to their respective holdings), all in accordance with the Indenture and the
Notes.

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     If an exchange rate bid quotation is not available, the Trustee will obtain a bid quotation
from a leading foreign exchange bank in The City of New York, which may be the Trustee or selected
by the Trustee for that purpose after consultation with AT&T. If no bid quotation from a leading
foreign exchange bank is available, payment will be made in euro to the account or accounts
specified by DTC to the Trustee unless euro is unavailable due to the imposition of exchange
controls or other circumstances beyond AT&T’s control. If payment in respect of the Notes is
required to be made in a currency other than U.S. dollars and such currency is unavailable to AT&T
due to the imposition of exchange controls or other circumstances beyond AT&T’s control or is no
longer used by the government of the relevant country or for the settlement or transactions by
public institutions of or within the international banking community, then all payments in respect
of the Notes will be made in U.S. dollars until such currency is again available to AT&T or so
used. The amount payable on any date in such currency will be converted into U.S. dollars on the
basis of the most recently available market exchange rate for such currency. Any payment in
respect of the Notes so made in U.S. dollars will not constitute an event of default under the
Indenture.

     The holder of a beneficial interest in the Global Notes held through a participant of DTC
(other than Euroclear or Clearstream) may elect to receive payment or payments under a Global Note
in euro by notifying the DTC participant through which its Notes are held on or prior to the
applicable Regular Record Date or (1) the investor’s election to receive all or a portion of the
payment in euro and (2) wire transfer instructions to a euro account located outside of the United
States. DTC must be notified of an election and wire transfer instructions (1) on or prior to the
third New York Business Day (as defined below) after the Record Date for any payment of interest
and (2) on or prior to the fifth New York Business Day prior to the date for any payment of
principal. DTC will notify the Trustee of an election and wire transfer instructions (1) on or
prior to 5:00 p.m., New York City time, on the fifth New York Business Day after the Record Date
for any payment of interest and (2) on or prior 5:00 p.m., New York City time, on the third New
York Business Day prior to the date for any payment of principal. If complete instructions are
forwarded to and received by DTC through DTC participants and forwarded by DTC to the Trustee and
received on or prior to such dates, such investor will receive payment in euro outside DTC;
otherwise, only U.S. dollar payments will be made by the Trustee to DTC. All costs of conversion
will be borne by holders of beneficial interests in the Global Notes receiving U.S. dollars by
deduction from those payments.

     Interest will be computed on the basis of the actual number of days in the period for which
interest is being calculated and the actual number of days from and including the last date on
which interest was paid on the Notes (or April 3, 2008 if no interest has been paid on the Notes),
to but excluding the next scheduled interest payment date. This payment convention is referred to
as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

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     Payment Without Withholding

     All payments in respect of the Notes by or on behalf of AT&T shall be made without withholding
or deduction for, or on account of, any present or future taxes, duties, assessments or
governmental charges of whatever nature (“Taxes”) imposed, collected, withheld, assessed or levied
by or on behalf of the Relevant Jurisdiction (as defined herein), unless the withholding or
deduction of the Taxes is required by law. In that event, AT&T will pay such additional amounts to
a Holder who is a United States Alien (as defined herein) as may be necessary in order that the net
amounts received by the Holder after the withholding or deduction shall equal the respective
amounts which would have been receivable in respect of the Notes in the absence of the withholding
or deduction; except that no such additional amounts shall be payable in relation to any payment in
respect of any Note:

     (a) where such withholding or deduction would not have been so imposed but for:

(i) in the case of payment by AT&T, the existence of any present or former
connection between the Holder (or between a fiduciary, settlor, shareholder,
beneficiary or member of the Holder , if such Holder is an estate, a trust, a
corporation or a partnership) and the United States, including, without limitation,
such Holder (or such fiduciary, settlor, shareholder, beneficiary or member) being
or having been a citizen or resident or treated as a resident thereof, or being or
having been engaged in trade or business or presence therein, or having or having
had a permanent establishment therein;

(ii) in the case of payment by AT&T, the present or former status of the Holder as a
personal holding company, a foreign personal holding company, a passive foreign
investment company, or a controlled foreign corporation for United States federal
income tax purposes or a corporation which accumulates earnings to avoid United
States federal income tax;

(iii) in the case of payment by AT&T, the past or present or future status of the
Holder as the actual or constructive owner of 10% or more of either the total
combined voting power of all classes of stock of AT&T entitled to vote if AT&T was
treated as a corporation, or the capital or profits interest in AT&T, if AT&T is
treated as a partnership for United States federal income tax purposes or as a bank
receiving interest described in Section 881(c) (3) (A) of the Internal Revenue Code
of 1986, as amended; or

(iv) the failure by the Holder to comply with any certification, identification or
other reporting requirements concerning the nationality, residence, identity or
connection with the United States (in the case of payment by AT&T) of such

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Holder, if compliance is required by statute or by regulation as a precondition to
exemption from such withholding or deduction;

(b) in the case of payment by AT&T to any United States Alien, if such person is a fiduciary
or partnership or other than the sole beneficial owner of any such payment, to the extent
that a beneficiary or settlor with respect to such fiduciary, a member of such partnership
or the beneficial owner would not have been entitled to the additional amounts had such
beneficiary, settlor, member or beneficial owner been the bearer of such Note. As used
herein, “United States Alien” means any person who, 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;

(c) to the extent that the withholding or deduction is as a result of the imposition of any
gift, inheritance, estate, sales, transfer, personal property or any similar tax, assessment
or other governmental charge;

(d) to, or to a third party on behalf of, a Holder who is liable for the Taxes in respect of
the Note by reason of his having any or some present or former connection, including but not
limited to fiscal residency, fiscal deemed residency and substantial interest shareholdings,
with the Relevant Jurisdiction, other than the mere holding of the Note;

(e) presented for payment more than 30 days after the Relevant Date except to the extent
that a Holder would have been entitled to additional amounts on presenting the relevant Note
for payment on the last day of the period of 30 days assuming that day to have been an
Interest Payment Date;

(f) any tax, assessment or other governmental charge required to be withheld by any paying
agent from any payment of principal or of interest on any Note, if such payment can be made
without withholding by any other paying agent;

(g) any tax, assessment or governmental charge that is imposed or withheld solely because
the beneficial owner or any other person failed to comply with certification, identification
or information reporting requirements concerning the nationality, residence, identity or
connection with the United States of the holder or beneficial owner of AT&T’s Notes, if
compliance is required by statute, by regulation of the United States Treasury Department or
by an applicable income tax treaty to which the United States is a party as a precondition
to exemption from such tax, assessment or other governmental charge;

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(h) any tax, assessment or governmental charge that is imposed or withheld solely because of
a change in law, regulation, or administrative or judicial interpretation that becomes
effective after the day on which the payment becomes due or is duly provided for, whichever
occurs later; or

(i) any combination of (a), (b), (c), (d), (e), (f), (g) or (h) immediately above.

     Redemption for Taxation Reasons

     If (a) as a result of any change in, or amendment to, the laws or regulations of a Relevant
Jurisdiction, or any change in the official interpretation of the laws or regulations of a Relevant
Jurisdiction, which change or amendment becomes effective after March 27, 2008, on the next
Interest Payment Date AT&T would be required to pay additional amounts as provided or referred to
above under “Payment Without Withholding” and (b) the requirement cannot be avoided by AT&T’s
taking reasonable measures available to it, AT&T may at its option, having given not less than 30
nor more than 60 calendar days’ notice to the Holders (which notice shall be irrevocable), redeem
all the Notes, but not some only, at any time at their principal amount together with interest
accrued to, but excluding, the date of redemption provided that no such notice of redemption shall
be given earlier than 90 days prior to the earliest date on which AT&T would be obliged to pay such
additional amounts were a payment in respect of the Notes then due. Prior to the publication of any
notice of redemption pursuant to this paragraph, AT&T shall deliver to the Trustee a certificate
signed by two executive officers of AT&T stating that the requirement referred to in (a) above will
apply on the next Interest Payment Date and setting forth a statement of facts showing that the
conditions precedent to the right of AT&T so to redeem have occurred cannot be avoided by AT&T
taking reasonable measures available to it and an opinion of independent legal advisers of
recognized international standing to the effect that AT&T has or will become obliged to pay such
additional amounts as a result of the change or amendment, in each case to be held by the Trustee
and made available for viewing at the offices of the Trustee on request by any Holder.

     “Relevant Date” means the date on which the payment first becomes due but, if the full amount
of the money payable has not been received by the Trustee on or before the due date, it means the
date which is seven days after the date on which, the full amount of the money having been so
received, notice to that effect shall have been duly given to the Holders by AT&T.

     “Relevant Jurisdiction” means the State of Delaware and the United States or any political
subdivision or any authority thereof or therein having power to tax or any other jurisdiction or
any political subdivision or any authority thereof or therein having power to tax to which AT&T
becomes subject in respect of payments made by it of principal and interest on the Notes.

8

 

     Any reference in the terms of the Notes to any amounts in respect of the Notes shall be deemed
also to refer to any additional amounts which may be payable herein.

     Registrar and Paying Agent

     AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange (“Registrar”) and an office
or agency where Notes may be presented for payment or for exchange (“Paying Agent”). AT&T has
initially appointed the Trustee, The Bank of New York, as its Registrar and Paying Agent. AT&T may
vary or terminate the appointment of any of its paying or transfer agencies, and may appoint
additional paying or transfer agencies.

     Further Issues

     AT&T reserves the right from time to time, without notice to or the consent of the Holders of
the Notes, to create and issue further notes ranking equally and ratably with the Notes in all
respects, or in all respects except for the payment of interest accruing prior to the issue date or
except for the first payment of interest following the issue date of those further notes. Any
further notes will have the same terms as to status, redemption or otherwise as the Notes. Any
further notes shall be issued pursuant to a resolution of the board of directors of AT&T, a
supplement to the Indenture, or under an officers’ certificate pursuant to the Indenture.

     Notes in Definitive Form

     If (1) an Event of Default has occurred with regard to the Notes represented by this Note and
has not been cured or waived in accordance with the Indenture, or (2) the Depository is at any time
unwilling or unable to continue as depository and a successor depository is not appointed by AT&T
within 90 days, AT&T may issue notes in definitive form in exchange for this Note. In either
instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery
in definitive form in exchange for this Note, equal in principal amount to such beneficial interest
and to have such Notes registered in its name.

     Notes so issued in definitive form will be issued as registered notes in minimum denominations
of €50,000 and integral multiples of €50,000, unless otherwise specified by AT&T.

     Notes so issued in definitive form may be transferred by presentation for registration to the
Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney
duly authorized in writing, or accompanied by a written instrument or instruments of transfer in
form satisfactory to AT&T or the Trustee duly executed by the Holder or his attorney duly
authorized in writing.

9

 

     AT&T may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any exchange or registration of transfer of definitive
Notes.

     Default

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal hereof may be declared, and upon such declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

     Miscellaneous

     For purposes of the Notes, the term “Business Day” means any day other than a Saturday or
Sunday or a day on which banking institutions in The City of New York or the City of London are
authorized or required by law or executive order to close. The term “New York Business Day” means
any day other than a Saturday or Sunday or a day on which banking institutions in The City of New
York are authorized or required by law or executive order to close.

     No director, officer, employee or stockholder, as such, of AT&T shall have any liability for
any obligations of AT&T under this Note, the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder by accepting this Note waives and
releases all such liability. The waiver and release are part of the consideration for the issue of
this Note.

     The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari
passu with all other evidences of indebtedness issued in accordance with the Indenture.

     Notices to Holders of the Notes will be published in authorized newspapers in The City of New
York and in London. AT&T is deemed to have given the notice on the date of each publication or, if
published more than once, on the date of the first publication.

     Prior to due presentment of this Note for registration of transfer, AT&T, the Trustee and any
agent of AT&T 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 AT&T, the Trustee
nor any such agent shall be affected by notice to the contrary.

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

     The Indenture and this Note shall be governed by and construed in accordance with the laws of
the State of New York.

10

 

SCHEDULE OF INCREASES OR DECREASES

     The
initial principal amount of this Global Note is €1,250,000,000. The following
increases or decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Signature of	 
	 	 	 	 	Amount of	 	 	Amount of	 	 	Principal amount	 	 	authorized	 
	 	 	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	signatory of	 
	 	 	 	 	Principal	 	 	Principal	 	 	Note following	 	 	Trustee or	 
	Date of	 	 	Amount of this	 	 	Amount of this	 	 	such decrease or	 	 	Securities	 
	Exchange	 	 	Global Note	 	 	Global Note	 	 	increase	 	 	Custodian	 

11exv4w2

 

Exhibit
4.2

(FACE OF NOTE)

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS
OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO AT&T 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 DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

AT&T INC.

6.125% Global Notes due 2015

CUSIP NO. 00206R AL6

No. DTC-1

     AT&T Inc., a corporation duly organized and existing under the laws of the State of Delaware
(herein called “AT&T”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of euro appearing on the attached Schedule of Increases and Decreases on April 2,
2015 (the “Maturity Date”), and to pay interest on said principal sum from April 3, 2008 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for,
annually in arrears on April 2 in each year, commencing on April 2, 2009 (each an “Interest Payment
Date”) and on the Maturity Date, at the interest rate of 6.125% per annum, until the principal
hereof is paid or made available for payment. 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
Person in whose name this Note (or one or more Predecessor Notes) is

 

 

registered at the close of business on the Regular Record Date for such interest, which shall
be the close of business on March 18 (the “Regular Record Date”) next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Note (or one or more Predecessor Notes) 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 Notes not less than 15 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 said Indenture.

     Any money that AT&T deposits with the Trustee or any Paying Agent for the payment of principal
or any interest on this Note that remains unclaimed for two years after the date upon which the
principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless
otherwise required by mandatory provisions of any applicable unclaimed property law. After that
time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder
of this Note will be able to seek any payment to which such Holder may be entitled to collect only
from AT&T.

     If the Notes are issued in definitive form, payment of the principal and interest on this Note
due at the Maturity Date or upon redemption will be made at the Maturity Date or upon redemption,
as the case may be, upon presentation of this Note, in immediately available funds, at the office
of The Bank of New York, the Paying and Transfer Agent and Registrar for the Notes, currently
located at 101 Barclay Street, New York, New York 10286.

     Payment of interest on this Note due on an Interest Payment Date, other than interest at
maturity or upon redemption, may be paid by check mailed to the address of the Holder entitled
thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the
Depository as Holder of the Notes or (2) a Holder of more than
€5,000,000 in aggregate principal
amount of Notes in definitive form is entitled to require the Paying Agent to make payments of
interest, other than interest due at maturity or upon redemption, by wire transfer of immediately
available funds into an account maintained by the Holder, by sending appropriate wire transfer
instructions as long as the Paying Agent receives the instructions not less than ten days prior to
the applicable Interest Payment Date. The principal and interest payable in such coin or currency
of the member states of the European Monetary Union that have adopted or that adopt the single
currency in accordance with the treaty establishing the European Community, as amended by the
Treaty on European Union as at the time of payment is legal tender for payment of public and
private debts, on any of the Notes at maturity, or upon redemption, will be paid by wire transfer
of immediately available funds against presentation of a Note at the office of the Paying Agent.

     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 referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

2

 

     IN WITNESS WHEREOF, AT&T INC. has caused this instrument to be signed in its corporate name,
manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be
imprinted hereon.

	 	 	 	 	 
	Dated:  April 3, 2008 

[SEAL]

 	AT&T INC.	 
	 	By:  	/s/
Richard G. Lindner	 
	 	 	Richard G. Lindner 	 
	 	 	Senior Executive Vice President
and Chief Financial Officer 	 
	 
	 	 	 
	 	By:  	/s/
Jonathan P. Klug	 
	 	 	Jonathan P. Klug 	 
	 	 	Senior Vice President
and Treasurer 	 
	 

Trustee’s Certificate of Authentication

This is one of the 6.125% Global Notes due 2015

of the series designated herein referred to

in the within-mentioned Indenture.

THE BANK OF NEW YORK, as Trustee

	 	 	 	 	 
	By:
	 	/s/ Beata Hryniewicka	 	 
	 

	 	 

Authorized Signatory
	 	 

 

 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of debt securities of AT&T issued under and
pursuant to an Indenture, dated as of November 1, 1994, between AT&T and The Bank of New York, as
Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which
indenture and all indentures supplemental thereto (collectively, the “Indenture”) reference is
hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, AT&T and the Holders of the Notes and of the terms upon which
the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully
registered form only and in denominations of €50,000 and integral multiples of €50,000 in
excess thereof. This Note is one of the series designated on the face hereof initially limited in
aggregate principal amount to €1,250,000,000.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes
under the Indenture at any time by AT&T and the Trustee with the consent of the Holders of a
majority in principal amount of the Notes at the time outstanding. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Notes at the
time outstanding to waive compliance by AT&T 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 of the Indenture shall
alter or impair the obligation of AT&T, 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.

     Principal and interest payments in respect of the Notes are payable by AT&T in euro, but
holders of beneficial interests in Global Notes held through The Depository Trust Company (“DTC”),
other than Euroclear and Clearstream, will receive payments in U.S. dollars unless they elect to
receive payments in euro. If a Holder through DTC has not made such an election, payments to the
Holder will be converted to U.S. dollars by the exchange agent. All costs of conversion will be
borne by the Holder by deduction from the payments. The U.S. dollar amount of any payment in
respect of principal or interest received by a Holder not electing payment in euro will be the
amount of euro otherwise payable exchanged into U.S. dollars at the euro/ U.S.$ rate of exchange
prevailing as at 11:00 a.m. (New York City time) on the day which is two Business Days prior to the
relevant payment date, less any costs incurred by the exchange agent for the conversion (to be
shared pro rata among the holders of beneficial interests in the Global Notes accepting U.S. dollar
payments in proportion to their respective holdings), all in accordance with the Indenture and the
Notes.

4

 

     If an exchange rate bid quotation is not available, the Trustee will obtain a bid quotation
from a leading foreign exchange bank in The City of New York, which may be the Trustee or selected
by the Trustee for that purpose after consultation with AT&T. If no bid quotation from a leading
foreign exchange bank is available, payment will be made in euro to the account or accounts
specified by DTC to the Trustee unless euro is unavailable due to the imposition of exchange
controls or other circumstances beyond AT&T’s control. If payment in respect of the Notes is
required to be made in a currency other than U.S. dollars and such currency is unavailable to AT&T
due to the imposition of exchange controls or other circumstances beyond AT&T’s control or is no
longer used by the government of the relevant country or for the settlement or transactions by
public institutions of or within the international banking community, then all payments in respect
of the Notes will be made in U.S. dollars until such currency is again available to AT&T or so
used. The amount payable on any date in such currency will be converted into U.S. dollars on the
basis of the most recently available market exchange rate for such currency. Any payment in
respect of the Notes so made in U.S. dollars will not constitute an event of default under the
Indenture.

     The holder of a beneficial interest in the Global Notes held through a participant of DTC
(other than Euroclear or Clearstream) may elect to receive payment or payments under a Global Note
in euro by notifying the DTC participant through which its Notes are held on or prior to the
applicable Regular Record Date or (1) the investor’s election to receive all or a portion of the
payment in euro and (2) wire transfer instructions to a euro account located outside of the United
States. DTC must be notified of an election and wire transfer instructions (1) on or prior to the
third New York Business Day (as defined below) after the Record Date for any payment of interest
and (2) on or prior to the fifth New York Business Day prior to the date for any payment of
principal. DTC will notify the Trustee of an election and wire transfer instructions (1) on or
prior to 5:00 p.m., New York City time, on the fifth New York Business Day after the Record Date
for any payment of interest and (2) on or prior 5:00 p.m., New York City time, on the third New
York Business Day prior to the date for any payment of principal. If complete instructions are
forwarded to and received by DTC through DTC participants and forwarded by DTC to the Trustee and
received on or prior to such dates, such investor will receive payment in euro outside DTC;
otherwise, only U.S. dollar payments will be made by the Trustee to DTC. All costs of conversion
will be borne by holders of beneficial interests in the Global Notes receiving U.S. dollars by
deduction from those payments.

     Interest will be computed on the basis of the actual number of days in the period for which
interest is being calculated and the actual number of days from and including the last date on
which interest was paid on the Notes (or April 3, 2008 if no interest has been paid on the Notes),
to but excluding the next scheduled interest payment date. This payment convention is referred to
as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

5

 

     Payment Without Withholding

     All payments in respect of the Notes by or on behalf of AT&T shall be made without withholding
or deduction for, or on account of, any present or future taxes, duties, assessments or
governmental charges of whatever nature (“Taxes”) imposed, collected, withheld, assessed or levied
by or on behalf of the Relevant Jurisdiction (as defined herein), unless the withholding or
deduction of the Taxes is required by law. In that event, AT&T will pay such additional amounts to
a Holder who is a United States Alien (as defined herein) as may be necessary in order that the net
amounts received by the Holder after the withholding or deduction shall equal the respective
amounts which would have been receivable in respect of the Notes in the absence of the withholding
or deduction; except that no such additional amounts shall be payable in relation to any payment in
respect of any Note:

     (a) where such withholding or deduction would not have been so imposed but for:

(i) in the case of payment by AT&T, the existence of any present or former
connection between the Holder (or between a fiduciary, settlor, shareholder,
beneficiary or member of the Holder , if such Holder is an estate, a trust, a
corporation or a partnership) and the United States, including, without limitation,
such Holder (or such fiduciary, settlor, shareholder, beneficiary or member) being
or having been a citizen or resident or treated as a resident thereof, or being or
having been engaged in trade or business or presence therein, or having or having
had a permanent establishment therein;

(ii) in the case of payment by AT&T, the present or former status of the Holder as a
personal holding company, a foreign personal holding company, a passive foreign
investment company, or a controlled foreign corporation for United States federal
income tax purposes or a corporation which accumulates earnings to avoid United
States federal income tax;

(iii) in the case of payment by AT&T, the past or present or future status of the
Holder as the actual or constructive owner of 10% or more of either the total
combined voting power of all classes of stock of AT&T entitled to vote if AT&T was
treated as a corporation, or the capital or profits interest in AT&T, if AT&T is
treated as a partnership for United States federal income tax purposes or as a bank
receiving interest described in Section 881(c) (3) (A) of the Internal Revenue Code
of 1986, as amended; or

(iv) the failure by the Holder to comply with any certification, identification or
other reporting requirements concerning the nationality, residence, identity or
connection with the United States (in the case of payment by AT&T) of such Holder,
if compliance is required by statute or by regulation as a precondition to exemption
from such withholding or deduction;

6

 

(b) in the case of payment by AT&T to any United States Alien, if such person is a fiduciary
or partnership or other than the sole beneficial owner of any such payment, to the extent
that a beneficiary or settlor with respect to such fiduciary, a member of such partnership
or the beneficial owner would not have been entitled to the additional amounts had such
beneficiary, settlor, member or beneficial owner been the bearer of such Note. As used
herein, “United States Alien” means any person who, 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;

(c) to the extent that the withholding or deduction is as a result of the imposition of any
gift, inheritance, estate, sales, transfer, personal property or any similar tax, assessment
or other governmental charge;

(d) to, or to a third party on behalf of, a Holder who is liable for the Taxes in respect of
the Note by reason of his having any or some present or former connection, including but not
limited to fiscal residency, fiscal deemed residency and substantial interest shareholdings,
with the Relevant Jurisdiction, other than the mere holding of the Note;

(e) presented for payment more than 30 days after the Relevant Date except to the extent
that a Holder would have been entitled to additional amounts on presenting the relevant Note
for payment on the last day of the period of 30 days assuming that day to have been an
Interest Payment Date;

(f) any tax, assessment or other governmental charge required to be withheld by any paying
agent from any payment of principal or of interest on any Note, if such payment can be made
without withholding by any other paying agent;

(g) any tax, assessment or governmental charge that is imposed or withheld solely because
the beneficial owner or any other person failed to comply with certification, identification
or information reporting requirements concerning the nationality, residence, identity or
connection with the United States of the holder or beneficial owner of AT&T’s Notes, if
compliance is required by statute, by regulation of the United States Treasury Department or
by an applicable income tax treaty to which the United States is a party as a precondition
to exemption from such tax, assessment or other governmental charge;

(h) any tax, assessment or governmental charge that is imposed or withheld solely because of
a change in law, regulation, or administrative or judicial interpretation that becomes
effective after the day on which the payment becomes due or is duly provided for, whichever
occurs later; or

(i) any combination of (a), (b), (c), (d), (e), (f), (g) or (h) immediately above.

7

 

     Redemption for Taxation Reasons

     If (a) as a result of any change in, or amendment to, the laws or regulations of a Relevant
Jurisdiction, or any change in the official interpretation of the laws or regulations of a Relevant
Jurisdiction, which change or amendment becomes effective after March 27, 2008, on the next
Interest Payment Date AT&T would be required to pay additional amounts as provided or referred to
above under “Payment Without Withholding” and (b) the requirement cannot be avoided by AT&T’s
taking reasonable measures available to it, AT&T may at its option, having given not less than 30
nor more than 60 calendar days’ notice to the Holders (which notice shall be irrevocable), redeem
all the Notes, but not some only, at any time at their principal amount together with interest
accrued to, but excluding, the date of redemption provided that no such notice of redemption shall
be given earlier than 90 days prior to the earliest date on which AT&T would be obliged to pay such
additional amounts were a payment in respect of the Notes then due. Prior to the publication of any
notice of redemption pursuant to this paragraph, AT&T shall deliver to the Trustee a certificate
signed by two executive officers of AT&T stating that the requirement referred to in (a) above will
apply on the next Interest Payment Date and setting forth a statement of facts showing that the
conditions precedent to the right of AT&T so to redeem have occurred cannot be avoided by AT&T
taking reasonable measures available to it and an opinion of independent legal advisers of
recognized international standing to the effect that AT&T has or will become obliged to pay such
additional amounts as a result of the change or amendment, in each case to be held by the Trustee
and made available for viewing at the offices of the Trustee on request by any Holder.

     “Relevant Date” means the date on which the payment first becomes due but, if the full amount
of the money payable has not been received by the Trustee on or before the due date, it means the
date which is seven days after the date on which, the full amount of the money having been so
received, notice to that effect shall have been duly given to the Holders by AT&T.

     “Relevant Jurisdiction” means the State of Delaware and the United States or any political
subdivision or any authority thereof or therein having power to tax or any other jurisdiction or
any political subdivision or any authority thereof or therein having power to tax to which AT&T
becomes subject in respect of payments made by it of principal and interest on the Notes.

     Any reference in the terms of the Notes to any amounts in respect of the Notes shall be deemed
also to refer to any additional amounts which may be payable herein.

     Registrar and Paying Agent

     AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange (“Registrar”) and an office
or agency where Notes may be presented for payment or for exchange (“Paying Agent”). AT&T has
initially appointed the Trustee, The Bank of New York, as its Registrar and

8

 

Paying Agent. AT&T may vary or terminate the appointment of any of its paying or transfer
agencies, and may appoint additional paying or transfer agencies.

     Further Issues

     AT&T reserves the right from time to time, without notice to or the consent of the Holders of
the Notes, to create and issue further notes ranking equally and ratably with the Notes in all
respects, or in all respects except for the payment of interest accruing prior to the issue date or
except for the first payment of interest following the issue date of those further notes. Any
further notes will have the same terms as to status, redemption or otherwise as the Notes. Any
further notes shall be issued pursuant to a resolution of the board of directors of AT&T, a
supplement to the Indenture, or under an officers’ certificate pursuant to the Indenture.

     Notes in Definitive Form

     If (1) an Event of Default has occurred with regard to the Notes represented by this Note and
has not been cured or waived in accordance with the Indenture, or (2) the Depository is at any time
unwilling or unable to continue as depository and a successor depository is not appointed by AT&T
within 90 days, AT&T may issue notes in definitive form in exchange for this Note. In either
instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery
in definitive form in exchange for this Note, equal in principal amount to such beneficial interest
and to have such Notes registered in its name.

     Notes so issued in definitive form will be issued as registered notes in minimum denominations
of €50,000 and integral multiples of €50,000, unless otherwise specified by AT&T.

     Notes so issued in definitive form may be transferred by presentation for registration to the
Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney
duly authorized in writing, or accompanied by a written instrument or instruments of transfer in
form satisfactory to AT&T or the Trustee duly executed by the Holder or his attorney duly
authorized in writing.

     AT&T may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any exchange or registration of transfer of definitive
Notes.

     Default

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal hereof may be declared, and upon such declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

9

 

     Miscellaneous

     For purposes of the Notes, the term “Business Day” means any day other than a Saturday or
Sunday or a day on which banking institutions in The City of New York or the City of London are
authorized or required by law or executive order to close. The term “New York Business Day” means
any day other than a Saturday or Sunday or a day on which banking institutions in The City of New
York are authorized or required by law or executive order to close.

     No director, officer, employee or stockholder, as such, of AT&T shall have any liability for
any obligations of AT&T under this Note, the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder by accepting this Note waives and
releases all such liability. The waiver and release are part of the consideration for the issue of
this Note.

     The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari
passu with all other evidences of indebtedness issued in accordance with the Indenture.

     Notices to Holders of the Notes will be published in authorized newspapers in The City of New
York and in London. AT&T is deemed to have given the notice on the date of each publication or, if
published more than once, on the date of the first publication.

     Prior to due presentment of this Note for registration of transfer, AT&T, the Trustee and any
agent of AT&T 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 AT&T, the Trustee
nor any such agent shall be affected by notice to the contrary.

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

     The Indenture and this Note shall be governed by and construed in accordance with the laws of
the State of New York.

10

 

SCHEDULE OF INCREASES OR DECREASES

     The initial principal amount of this Global Note is €0. The following increases or
decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Signature of	 
	 	 	 	 	Amount of	 	 	Amount of	 	 	Principal amount	 	 	authorized	 
	 	 	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	signatory of	 
	 	 	 	 	Principal	 	 	Principal	 	 	Note following	 	 	Trustee or	 
	Date of	 	 	Amount of this	 	 	Amount of this	 	 	such decrease or	 	 	Securities	 
	Exchange	 	 	Global Note	 	 	Global Note	 	 	increase	 	 	Custodian	 

11

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