EXHIBIT 4(a)
THIS SECURITY IS A BOOK-ENTRY SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A U.S. DEPOSITORY OR A
NOMINEE OF A U.S. DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE U.S. DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE U.S.
DEPOSITORY TO A NOMINEE OF THE U.S. DEPOSITORY OR BY A NOMINEE OF THE U.S.
DEPOSITORY TO THE U.S. DEPOSITORY OR ANOTHER NOMINEE OF THE U.S. DEPOSITORY) MAY
BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.
NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS PERMANENT GLOBAL SECURITY
SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE
PROVISIONS HEREOF.
Unless this Certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("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 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.
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UNIVERSAL CORPORATION
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PERMANENT GLOBAL SECURITY
$100,000,000
6-1/2% Note Due February 15, 2006
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No. 1 CUSIP No. 913456AB5
This permanent global Security is one of a duly authorized issue of
securities (herein called the "Securities") of Universal Corporation, a Virginia
corporation (hereinafter called the "Company", which term includes any successor
corporation under the Indenture hereinafter referred to), unlimited as to
aggregate principal amount, issued and to be issued in one or more series under
an indenture, dated as of February 1, 1991, between the Company and Chemical
Bank, as Trustee (herein called the "Trustee", which term includes any successor
trustee under the Indenture (as hereinafter defined)), to which indenture and
all indentures supplemental hereto (the indenture as supplemented being herein
called the "Indenture") reference is hereby made for a statement of the
respective rights thereunder of the Company, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This permanent global Security is one of the series
of Securities designated on the face hereof, which series has been issued in an
aggregate initial principal amount of One Hundred Million United States Dollars.
This permanent global Security represents an aggregate initial principal amount
of One Hundred Million United States Dollars (as adjusted from time to time in
accordance with the terms and provisions hereof and as set forth on Schedule A
hereto, the "Principal Amount") of the Securities of such series, with the
Interest Payment Dates, date of original issuance, and Maturity specified herein
and bearing interest on said Principal Amount at the interest rate specified
herein.
The Company, for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the Principal Amount hereof on February 15, 2006 and to
pay interest (computed on the basis of a 360-day year of twelve 30-day months)
thereon, from February 20, 1996 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, or, if the date of this
permanent global Security is an Interest Payment Date to which interest has been
paid or duly provided for, then from the date hereof semi-annually in arrears on
February 15 and August 15, in each year commencing August 15, 1996, and at
Maturity, at the rate of 6.50% per annum, until the principal hereof is paid or
duly 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 permanent global Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the February 1 or
August 1 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date and shall be paid either to the Person in whose name this permanent
global Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date to be fixed by the Trustee for the
payment of such Defaulted Interest, notice whereof shall be given to the Holder
of this permanent global Security not less than 10 days prior to such Special
Record Date, or at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in such Indenture. Notwithstanding the foregoing, interest
payable on this Security at Maturity will be payable to the person to whom
principal is payable.
2
This permanent global Security is exchangeable for definitive
Registered Securities of this series and of like tenor and of an equal aggregate
principal amount, registered in the name of, and a transfer of this permanent
global Security may be registered to, any Person other than the U.S. Depository
or its nominee, only if (x) the U.S. Depository with respect to the Securities
of this series (the "U.S. Depository") notifies the Company that it is unwilling
or unable to continue as U.S. Depository for this permanent global Security or
if at any time the U.S. Depository ceases to be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, (y) the Company in its
sole discretion determines that this permanent global Security shall be so
exchangeable and executes and delivers to the Trustee a Company Order providing
that this permanent global Security shall be so exchangeable and the transfer
thereof so registrable or (z) there shall have happened and be continuing an
Event of Default or any event which, after notice or lapse of time, or both,
would become an Event of Default with respect to the Securities of the series of
which this permanent global Security is a part. In the event this permanent
global Security is exchangeable pursuant to the preceding sentence, it shall be
exchanged in whole for definitive Registered Securities of this series, of like
tenor and of an equal aggregate principal amount in denominations of $1,000 and
integral multiples of $1,000 in excess thereof, provided that, in the case of
clauses (y) and (z) above, definitive Registered Securities of this series will
be issued in exchange for this permanent global Security only if such definitive
Registered Securities were requested by written notice to the Security Registrar
by or on behalf of a Person who is a beneficial owner of an interest herein
given through the Holder hereof. Any definitive Registered Security of this
series issued in exchange for this permanent global Security shall be registered
in the name of or names of, and the transfer of such Securities may be
registered to such Person or Persons as the Holder hereof shall instruct the
Security Registrar. Except as provided above, owners of beneficial interests in
this permanent global Security will not be entitled to receive physical delivery
of Securities in definitive form and will not be considered the Holders thereof
for any purpose under Indenture.
Any exchange of this permanent global Security or portion hereof for
one or more definitive Registered Securities of this series will be made at the
New York office of the Security Registrar. Upon exchange of any portion of this
permanent global Security for one or more definitive Registered Securities of
this series, the Security Registrar shall endorse Schedule A of this permanent
global Security to reflect the reduction of its Principal Amount by an amount
equal to the aggregate principal amount of the definitive Registered Securities
of this series so issued in exchange, whereupon the Principal Amount hereof
shall be reduced for all purposes by the amount so exchanged and noted. Except
as otherwise provided herein or in the Indenture, until exchanged in full for
one or more definitive Registered Securities of this series, this permanent
global Security shall in all respects be subject to and entitled to the same
benefits and conditions under the Indenture as a duly authenticated and
delivered definitive Registered Security of this series.
The principal and any interest in respect of any portion of this
permanent global Security payable in respect of an Interest Payment Date or at
the Stated Maturity thereof, in each case occurring prior to the exchange of
such portion for a definitive Registered Security or Securities of this series,
will be paid, as provided herein, to the Holder hereof. If a definitive
Registered
3
Security or Registered Securities of this series are issued in exchange for any
portion of this permanent global Security after the close of business at the
office or agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of Defaulted
Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such
Interest Payment Date or proposed date for payment, as the case may be, only to
the Holder hereof.
Payment of the principal of and any such interest on this permanent
global Security will be made at the offices of Chemical Bank, as Paying Agent,
in the Borough of Manhattan, The City of New York, or at such other office or
agency of the Company as may be designated by it for such purpose in the Borough
of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the
payment of public and private debts; provided, however, that payment of interest
may be made at the option of the Company by United States dollar check mailed to
the addresses of the Persons entitled thereto as such addresses shall appear in
the Security Register or by transfer to a United States dollar account
maintained by the payee with, a bank in The City of New York (so long as the
applicable Paying Agent has received proper transfer instructions in writing).
This permanent global Security is not subject to redemption prior to
Maturity.
If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series
(including this permanent global Security) may be declared due and payable in
the manner and with the effect provided in the Indenture. Upon payment (i) of
the amount of principal so declared due and payable and (ii) of interest on any
overdue principal and overdue interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Company's
obligations in respect of the payment of the principal of and any interest on
the Securities of this series (including this permanent global Security) shall
terminate.
The Indenture contains provisions for defeasance at any time of (a) the
entire obligations of the Company under this permanent global Security and (b)
certain restrictive covenants and the related defaults and Events of Default,
upon compliance with certain conditions set forth therein, which provisions
shall apply to this permanent global Security.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the 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 not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding on behalf
4
of the Holders of all 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 permanent global Security shall be conclusive and binding upon such
Holder and upon all future Holders of this permanent global Security, and of any
Security issued in exchange herefor or in lieu hereof whether or not notation of
such consent or waiver is made upon this permanent global Security.
As set forth in, and subject to, the provisions of the Indenture, no
Holder of any Security of this series will have any right to institute any
proceeding with respect to the Indenture or for any remedy thereunder, unless
such Holder shall have previously given to the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the
Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of this series shall have made written request, and offered
reasonable indemnity, to the Trustee to institute such proceeding as trustee,
and the Trustee shall not have received from the Holders of a majority in
aggregate principal amount of the Outstanding Securities of this series a
direction inconsistent with such request and shall have failed to institute such
proceeding within 60 days; provided, however, that such limitations do not apply
to a suit instituted by the Holder hereof for the enforcement of payment of the
principal of or any interest on this permanent global Security on or after the
respective due dates expressed herein.
No reference herein to the Indenture and no provision of this permanent
global Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any
interest on this permanent global Security at the times, places, and rate, and
in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein
and herein set forth, the transfer of Registered Securities of the series of
which this permanent global Security is a part may be registered on the Security
Register of the Company, upon surrender of such Securities for registration of
transfer at the office of the Security Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by the Holder thereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and 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 for any such registration of transfer
or exchange of Securities as provided above, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.
Prior to due presentment of a Registered Security (including this
permanent global Security) for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name such Security is registered as the owner thereof for all purposes,
whether or not such Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary.
5
The Securities of this series of which this permanent global Security
is a part are issuable only in registered form without coupons, in denominations
of $1,000.00 and any integral multiple thereof. As provided in the Indenture and
the Officers' Certificate setting forth the terms of the Securities of this
series and subject to certain limitations therein set forth, the Securities of
this series are exchangeable for a like aggregate principal amount of Securities
of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.
The Securities of this series (including this permanent global
Security) shall be dated the date of their authentication.
All terms used in this permanent global Security and not defined herein
shall have the meanings assigned to them in the Indenture.
Unless the certificate of authentication hereon has been executed by or
on behalf of Chemical Bank, the Trustee under the Indenture, or its successors
thereunder, by the manual signature of one of its authorized officers, this
permanent global Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.
Dated: February 20, 1996 UNIVERSAL CORPORATION
[Seal]
By: /s/ Hartwell H. Roper
Title: Vice President and Chief
Financial Officer
Attest:
/s/ James M. White, III
Secretary
6
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of a series issued under the Indenture described
herein.
CHEMICAL BANK, as Trustee
By:
Authorized Officer
7
SCHEDULE A
SCHEDULE OF EXCHANGES
Principal amount Remaining Notation made on
exchanged for one principal amount behalf of
or more definitive following such the [Trustee]
Date exchange made Securities exchange [Security Registrar]
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