EX-99.4 9 a2050395zex-99_4.txt EXHIBIT 99.4 Exhibit 99.4 FORM OF TYCO VE AGREEMENT 1. FOR VALUE RECEIVED, Tyco International Ltd. ("TYCO") irrevocably covenants and agrees with Tyco Acquisition Corp. XIX (NV) ("CIT HOLDINGS"), CIT Exchangeco Inc. ("EXCHANGECO") and Montreal Trust Company of Canada (the "TRUSTEE") that each and every: (a) representation and warranty of CIT Holdings contained in that certain voting and exchange trust agreement made as of November 15, 1999 among Exchangeco, The CIT Group, Inc. ("CIT") and the Trustee (the "VETA") as supplemented by agreement in writing made as of the date hereof among CIT Holdings, CIT, Exchangeco and the Trustee (the "SUPPLEMENTAL VETA"): (i) contains no untrue statement; and (ii) does not omit to state a fact that is required to be stated or that is necessary to make such representation or warranty not misleading in the light of the circumstances; and (b) covenant, agreement or other obligation of CIT Holdings contained in the VETA shall be fully performed in the manner and at the time required for payment or performance thereof. 2. Tyco acknowledges and agrees that: (a) its obligations hereunder are full and unconditional; and (b) no release or extinguishment of the obligations or liabilities of CIT Holdings (other than in accordance with the terms of the VETA), whether by decree in any bankruptcy proceeding or otherwise, shall affect the continuing validity and enforceability of this Agreement, as well as any provision requiring or contemplating performance by Tyco. 3. Tyco hereby waives, for the benefit of CIT Holdings, Exchangeco and the Trustee: (a) any right to require Exchangeco or the Trustee, as a condition of payment or performance by Tyco, to proceed against CIT Holdings or pursue any other remedy whatsoever; and (b) to the fullest extent permitted by law, any defences or benefits that may be derived from or afforded by law which limit the liability of or exonerate sureties, except to the extent that any such defence is available to CIT Holdings. 4. Without limiting in any way the foregoing, Tyco covenants and agrees to take all action to enable CIT Holdings to adhere to each of the provisions of the VETA and the Supplemental VETA which requires an act or omission on the part of Tyco or any of its subsidiaries to enable CIT Holdings to comply with its obligations under the VETA and the Supplemental VETA. -2- 5. The provisions of Articles 1 and 12 and Sections 14.1, 14.2, 14.3, 14.6 and 14.7 of the VETA are incorporated herein, MUTATIS MUTANDIS, except that notices and other communications hereunder to Tyco shall be delivered to: Tyco International Ltd. The Zurich Centre, Second Floor 90 Pitts Bay Road Pembroke, HM08 Bermuda Attention: Chief Corporate Counsel Fax: (441) 295 - 9647 Confirm No.: (441) 292 - 8674 with a copy (which shall not constitute notice) to: McMillan Binch Suite 3800 South Tower, Royal Bank Plaza Toronto, Ontario M5J 2J7 Canada Attention: David Dunlop Fax: (416) 865-7048 6. Tyco understands that CIT Holdings, Exchangeco and the Trustee are relying on this Agreement in entering into the Supplemental VETA and may enforce this Agreement as if Tyco were a party thereto. 7. Notwithstanding the date of execution and delivery of this Agreement, it shall only come into force and become effective as of the Effective Time as defined in Section 1.02 of the agreement and plan of merger made as of March 12, 2001 between CIT Holdings and CIT (the "TYCO PLAN OF MERGER"). If the Tyco Plan of Merger is terminated and the transactions contemplated herein have been abandoned pursuant to Section 7.01 of the Tyco Plan of Merger, then this Agreement shall be terminated and shall be of no further force and effect. Tyco has executed this Agreement as of the ___ day of _____, 2001. TYCO INTERNATIONAL LTD. By: ------------------------------- Name: Title: TVCO SUPPORT AGREEMENT