UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

March 14, 2019

 

 

Aptiv PLC

(Exact name of registrant as specified in its charter)

 

 

 

Jersey   001-35346   98-1029562

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

5 Hanover Quay

Grand Canal Dock

Dublin 2, Ireland

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s Telephone Number, Including Area Code) 351-1-259-7013

(Former Name or Former Address, if Changed Since Last Report) N/A

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐.

 

 

 


Item 1.01. Entry into a Material Definitive Agreement

Pursuant to the previously announced offering of $300,000,000 aggregate principal amount of 4.350% Senior Notes due 2029 (the “2029 Notes”) and $350,000,000 aggregate principal amount of 5.400% Senior Notes due 2049 (the “2049 Notes” and, together with the 2029 Notes, the “Notes”) to be issued by Aptiv PLC (the “Issuer”), the Issuer, certain Guarantors (as defined below), Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as registrar, paying agent and authenticating agent, entered into a fifth supplemental indenture, dated as of March 14, 2019 (the “Supplemental Indenture”) to the Senior Notes Indenture dated as of March 10, 2015 (as previously amended, supplemented or otherwise modified from time to time, the “Base Indenture” and together with the Supplemental Indenture, the “Indenture”), providing for the issuance of the Notes. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis (the “Guarantees” and, together with the Notes, the “Securities”) by certain of the Issuer’s subsidiaries (collectively, the “Guarantors”).

The 2029 Notes will bear interest at a fixed rate of 4.350% per annum, and interest will be payable on March 15 and September 15 of each year, beginning September 15, 2019, until the maturity date of March 15, 2029. The 2049 Notes will bear interest at a fixed rate of 5.400% per annum, and interest will be payable on March 15 and September 15 of each year, beginning September 15, 2019, until the maturity date of March 15, 2049. The Issuer may redeem the Notes at such times and at the redemption prices as provided for in the Indenture. The Indenture also contains certain covenants as set forth in the Indenture and requires the Issuer to offer to repurchase the Notes upon certain change of control events.

The Base Indenture and the Supplemental Indenture (including the form of Notes) are filed as Exhibits 4.1 and 4.2 to this Current Report on Form 8-K, respectively, and are incorporated herein by reference.

Item 8.01 Other Events.

The above-mentioned offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-228021) filed by the Issuer and the Guarantors. Opinions of counsel for the Issuer and the Guarantors are filed as Exhibits 5.1, 5.2, and 5.3 to this Current Report on Form 8-K, respectively.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

4.1    Senior Notes Indenture, dated as of March  10, 2015, among Aptiv PLC, the guarantors named therein, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to the Current Report on Form 8-K filed on March 10, 2015).
4.2    Fifth Supplemental Indenture, dated as of March  14, 2019, among Aptiv PLC, the guarantors named therein, Wilmington Trust, National Association, as Trustee, and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent.
5.1    Opinion of Davis Polk & Wardwell LLP with respect to the Securities.
5.2    Opinion of Carey Olsen with respect to certain matters of Jersey law.
5.3    Opinion of Davis Polk & Wardwell London LLP with respect to certain matters of English law.
23.1    Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1).
23.2    Consent of Carey Olsen (included in Exhibit 5.2).
23.3    Consent of Davis Polk & Wardwell London LLP (included in Exhibit 5.3).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 14, 2019     APTIV PLC
    By:   /s/ David M. Sherbin
      David M. Sherbin
      Senior Vice President, General Counsel, Chief Compliance Officer and Secretary

Exhibit 4.2

4.350% SENIOR NOTES DUE 2029

5.400% SENIOR NOTES DUE 2049

FIFTH SUPPLEMENTAL INDENTURE

among

APTIV PLC,

as Issuer

THE GUARANTORS FROM TIME TO TIME PARTY HERETO,

as Guarantors

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Registrar, Paying Agent and Authenticating Agent

Dated as of March 14, 2019


TABLE OF CONTENTS

 

 

     PAGE  

ARTICLE 1

DEFINITIONS

  

Section 1.01. Definition of Terms

     1  

Section 1.02. Other Definitions

     6  

ARTICLE 2

TERMS AND CONDITIONS OF THE NOTES

  

Section 2.01. Terms of the Notes

     7  

Section 2.02. Execution and Authentication

     10  

ARTICLE 3

REDEMPTION OF THE NOTES

  

Section 3.01. Optional Redemption.

     10  

Section 3.02. Tax Redemption.

     12  

ARTICLE 4

NOTE GUARANTEES

  

Section 4.01. Note Guarantees

     13  

Section 4.02. Future Guarantees

     14  

Section 4.03. Abandonment and Waiver Rights

     14  

ARTICLE 5

COVENANTS

  

Section 5.01. Limitation on Liens

     14  

Section 5.02. Limitation on Sale/Leaseback Transactions

     17  

Section 5.03. Payments of Additional Amounts.

     17  

Section 5.04. Change of Control Triggering Event

     19  

ARTICLE 6

CONSOLIDATION, MERGER AND SALE OF ASSETS

  

Section 6.01. Consolidation, Merger and Sale of Assets of Guarantors

     21  

Section 6.02. Successor Company

     22  

ARTICLE 7

EVENTS OF DEFAULT

  

Section 7.01. Events of Default

     22  

Section 7.02. Limitations on Suits

     23  

 

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ARTICLE 8

AMENDMENTS AND WAIVERS

  

Section 8.01. Without Consent of Holder

   23

ARTICLE 9

MISCELLANEOUS

  

Section 9.01. Ratification of Base Indenture

   23

Section 9.02. Governing Law

   23

Section 9.03. Separability

   23

Section 9.04. Counterparts

   23

Section 9.05. Trustee Disclaimer

   23
EXHIBITS   
Exhibit A     Form of 2029 Note   
Exhibit B     Form of 2049 Note   

 

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FIFTH SUPPLEMENTAL INDENTURE, dated as of March 14, 2019 (this “ Fifth Supplemental Indenture ”), among Aptiv PLC, a public limited company formed under the laws of Jersey (the “ Issuer ”), the guarantors from time to time party hereto, Wilmington Trust, National Association, a national banking association, as trustee (together with its successors and assigns in such capacity, the “ Trustee ”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Registrar, Paying Agent and Authenticating Agent under the Senior Indenture, dated as of March 10, 2015, among the Issuer, the guarantors from time to time party thereto, Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent, and the Trustee (the “ Base Indenture ” and, together with this Fifth Supplemental Indenture, the “ Indenture ”).

WHEREAS, the Issuer executed and delivered the Base Indenture to the Trustee to provide, among other things, for the future issuance of the Issuer’s Notes to be issued from time to time in one or more series as might be determined by the Issuer under the Base Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in the Indenture;

WHEREAS, Section 2.03 of the Base Indenture provides for various matters with respect to any series of Notes issued under the Base Indenture to be established in an indenture supplemental to the Base Indenture;

WHEREAS, Section 9.01 of the Base Indenture provides for the Issuer and the Trustee to enter into a supplemental indenture to the Base Indenture to establish the form or terms of Notes of any series as permitted by Section 2.03 of the Base Indenture;

WHEREAS, pursuant to the terms of the Base Indenture, the Issuer desires to provide for the establishment of two new series of Notes to be known as its 4.350% Senior Notes due 2029 (the “ 2029 Notes ”) and its 5.400% Senior Notes due 2049 (the “ 2049 Notes ” and, together with the 2029 Notes, the “ Notes ”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Fifth Supplemental Indenture; and

WHEREAS, the Issuer has requested that the Trustee execute and deliver this Fifth Supplemental Indenture and all requirements necessary to make (i) this Fifth Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Issuer and authenticated and delivered by the Authenticating Agent, the valid obligations of the Issuer, have been performed, and the execution and delivery of this Fifth Supplemental Indenture has been duly authorized in all respects.

NOW THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the form 2029 Note and the form 2049 Note, and substance of the 2029 Notes and the 2049 Notes, and the terms, provisions and conditions thereof, the Issuer and the Guarantors covenant and agree with the Trustee as follows:

ARTICLE 1

DEFINITIONS

Section 1.01.     Definition of Terms . Unless the context otherwise requires:

(a)    a term defined in the Base Indenture has the same meaning when used in this Fifth Supplemental Indenture unless the definition of such term is otherwise provided pursuant to this Fifth Supplemental Indenture, in which case the definition in this Fifth Supplemental Indenture shall govern solely with respect to the Notes;


(b)    a term defined anywhere in this Fifth Supplemental Indenture has the same meaning throughout;

(c)    the singular includes the plural and vice versa;

(d)    unless stated otherwise, a reference to a Section or Article is to a Section or Article in this Fifth Supplemental Indenture;

(e)    headings are for convenience of reference only and do not affect interpretation; and

(f)    the following terms have the meanings given to them in this Section 1.01(f):

Additional 2029 Notes ” means additional 2029 Notes constituting part of the same series as the 2029 Notes issued on the Issue Date having identical terms and conditions to the 2029 Notes, except with respect to issue date, issue price and interest prior to the first Interest Payment Date.

Additional 2049 Notes ” means additional 2049 Notes constituting part of the same series as the 2049 Notes issued on the Issue Date having identical terms and conditions to the 2049 Notes, except with respect to issue date, issue price and interest prior to the first Interest Payment Date.

Attributable Debt ” means, with respect to any Sale and Leaseback Transaction that does not result in a Capitalized Lease Obligation, the present value (computed in accordance with GAAP) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any period for which such lease has been extended). In the case of any lease which is terminable by the lessee upon payment of a penalty, the Attributable Debt shall be the lesser of:

(1)    the Attributable Debt determined assuming termination upon the first date such lease may be terminated (in which case the Attributable Debt shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated); and

(2)    the Attributable Debt determined assuming no such termination.

Board of Directors ” means the board of directors of the Issuer or any committee thereof duly authorized to act on behalf of the board of directors of the Issuer.

Business Day ” means each day which is not a Legal Holiday.

Capital Stock ” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity.

Capitalized Lease Obligations ” means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP.

Cash Management Obligations ” means obligations in respect of overdraft and related liabilities arising from treasury, depositary and cash management services or any automated clearing house transfers of funds or participating in commercial (or purchasing) card programs.

 

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Code ” means the U.S. Internal Revenue Code of 1986, as amended.

Company ” means Aptiv International Holdings (UK) LLP, a limited liability partnership organized under the laws of England and Wales (and its successors).

Consolidated Total Assets ” means, at any time, the total consolidated assets of the Company and its Subsidiaries, as shown on the most recent balance sheet of the Company at such time calculated on a pro forma basis to give effect to any acquisition or disposition of any Person or line of business after the date thereof.

Credit Agreement ” means, the Amended and Restated Credit Agreement, dated as of August 17, 2016 by and among the Issuer, the Company, Aptiv Holdings US Limited, Aptiv Corporation, the several lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (including, without limitation, any guarantee agreements and security documents), in each case as such agreements may be further amended (including any amendment and restatement thereof), supplemented, extended or otherwise modified from time to time.

Credit Facilities ” means (1) the Credit Agreement and (2) one or more debt facilities, indentures or other agreements refinancing, replacing, amending, restating or supplementing (whether or not contemporaneously and whether or not related to the agreements specified above) or otherwise restructuring or increasing the amount of available borrowings or other credit extensions under or making Subsidiaries of the Company a borrower, additional borrower or guarantor under, all or any portion of the Indebtedness under such agreement or any successor, replacement or supplemental agreement and whether including any additional obligors or with the same or any other agent, lender or group of lenders or with other financial institutions or lenders.

Domestic Subsidiary ” means any Subsidiary that was formed under the laws of the United States, any state of the United States or the District of Columbia.

Equity Interests ” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

GAAP ” means generally accepted accounting principles in the United States of America as in effect as of the Issue Date set forth in:

(1)    the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants,

(2)    statements and pronouncements of the Financial Accounting Standards Board,

(3)    such other statements by such other entities as approved by a significant segment of the accounting profession, and

(4)    the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC.

Notwithstanding the foregoing, any lease of the Company or its Subsidiaries that would have been classified and accounted for as an operating lease under GAAP prior to the change in GAAP pursuant to the Financial Accounting Standards Board’s Accounting Standards Update Topic 842 shall be treated as an operating lease for purposes of the Indenture.

 

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Guarantor ” means the Company, Aptiv Holdings US Limited, Aptiv Corporation and any Person that provides a Note Guarantee of the 2029 Notes or the 2049 Notes under the Indenture (as applicable), until released in respect of the applicable series of Notes as provided in Section 10.05 of the Base Indenture or Section 4.02 of this Fifth Supplemental Indenture.

Indebtedness ” means the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money.

Notwithstanding the foregoing, (i) in connection with the purchase by the Company or any Subsidiary of any business, the term “Indebtedness” will exclude bona fide post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided , however , that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter and (ii) Cash Management Obligations and other obligations in respect of card obligations, netting services, overdraft protections, cash management services and similar arrangements shall not constitute Indebtedness.

The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above; provided , however , that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value thereof at such time.

interest ” means, with respect to the Notes, interest on the Notes and any Additional Amounts in respect thereof.

Investment Grade Rating ” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB– (or the equivalent) by Standard & Poor’s, or if Moody’s or Standard & Poor’s shall cease to provide a rating of the Notes, an equivalent rating by any other Ratings Agency.

Issue Date ” means March 14, 2019.

Lien ” means any mortgage, pledge, security interest, encumbrance, lien or charge in the nature of an encumbrance of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof); provided that any obligation in respect of an operating lease shall not be deemed a lien.

Moody’s ” means Moody’s Investors Service, Inc. and any successor to its rating business.

Note Guarantee ” means each guarantee of the obligations with respect to the Notes of a series issued by a Guarantor pursuant to the terms of the Indenture.

principal ”, with respect to a 2029 Note, means the principal of the 2029 Note plus the premium, if any, payable on the 2029 Note which is due or overdue or is to become due at the relevant time and any Additional Amounts in respect thereof and, with respect to a 2049 Note, means the principal of the 2049 Note plus the premium, if any, payable on the 2049 Note which is due or overdue or is to become due at the relevant time and any Additional Amounts in respect thereof.

 

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Principal Property ” means any manufacturing or production plant located in the United States of America (including fixtures but excluding leases and other contract rights which might otherwise be deemed real property) owned by the Company or any Restricted Subsidiary, whether owned on the date hereof or thereafter, provided each such plant has a net book value at the date as of which the determination is being made of in excess of 1% of the Consolidated Total Assets of the Company and its Subsidiaries, other than any such plant which, in the opinion of the Board of Directors (evidenced by a certified board resolution thereof delivered to the Trustee), is not of material importance to the business conducted by the Company and its Subsidiaries taken as a whole.

Ratings Agency ” means (a) Standard & Poor’s and Moody’s or (b) if Standard & Poor’s or Moody’s or either or both of them shall not make a rating on the Notes of the applicable series publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for Standard & Poor’s or Moody’s or either or both of them, as the case may be.

Refinance ” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness, including, in any such case from time to time, after the discharge of the Indebtedness being Refinanced. “ Refinanced ” and “ Refinancing ” shall have correlative meanings.

Refinancing Indebtedness ” means Indebtedness that is incurred to Refinance (including pursuant to any defeasance or discharge mechanism) any Indebtedness of the Company or any Subsidiary existing on the Issue Date or incurred in compliance with the Indenture (including Indebtedness that Refinances Refinancing Indebtedness); provided , however , such Refinancing Indebtedness is incurred in an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount of the Indebtedness being refinanced (or if issued with original issue discount, the aggregate accreted value) then outstanding (or that would be outstanding if the entire committed amount of any credit facility being Refinanced were fully drawn) (plus fees and expenses, including any premium and defeasance costs and accrued interest).

Restricted Subsidiary ” means any Domestic Subsidiary of the Company that directly owns any Principal Property.

Sale and Leaseback Transaction ” means an arrangement relating to property, plant or equipment now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or such Restricted Subsidiary leases it from such Person, other than (i) leases between the Company and a Subsidiary or between Subsidiaries or (ii) any such transaction entered into with respect to any property, plant or equipment or any improvements thereto at the time of, or within 180 days after, the acquisition or completion of construction of such property, plant or equipment or such improvements (or, if later, the commencement of commercial operation of any such property, plant or equipment), as the case may be, to finance the cost of such property, plant or equipment or such improvements, as the case may be.

Significant Subsidiary ” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02(w)(1) or (2) under Regulation S-X promulgated by the SEC as in effect on the Issue Date.

Standard  & Poor’s ” means Standard & Poor’s Ratings Services, a division of S&P Global Inc., and any successor to its rating business.

 

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Subsidiary ” of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by:

(1)    such Person,

(2)    such Person and one or more Subsidiaries of such Person or

(3)    one or more Subsidiaries of such Person.

Unless otherwise specified herein or context otherwise requires, all references to any Subsidiary shall be to a Subsidiary of the Company.

Voting Stock ” of a Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

Section 1.02.     Other Definitions .

 

Term

   Defined in Section

Additional Amounts

   5.03

Base Indenture

   Preamble

Calculation Date

   3.01

Change in Tax Law

   3.02

Change of Control

   5.04

Change of Control Offer

   5.04

Change of Control Triggering Event

   5.04

Comparable Treasury Issue

   3.01

Comparable Treasury Price

   3.01

DTC

   2.01

Event of Default

   7.01

Fifth Supplemental Indenture

   Preamble

Global Note

   2.01

Indenture

   Preamble

Independent Investment Banker

   3.01

Initial Lien

   5.01

Interest Payment Date

   2.01

Issuer

   Preamble

Permitted Liens

   5.01

Primary Treasury Dealer

   3.01

Reference Treasury Dealer

   3.01

Reference Treasury Dealer Quotations

   3.01

Relevant Jurisdiction

   5.03

Remaining Life

   3.01(d)

Successor Guarantor

   6.01

Tax Redemption Date

   3.02

Taxes

   5.03

Treasury Rate

   3.01

Trigger Period

   5.04

Trustee

   Preamble

2029 Notes

   Preamble

2049 Notes

   Preamble

 

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ARTICLE 2

TERMS AND CONDITIONS OF THE NOTES

Section 2.01.     Terms of the Notes . The following terms relating to the Notes are hereby established:

(a)     Designation, Maturity and Principal Amount . There is hereby authorized (i) a series of Notes designated the “4.350% Senior Notes due 2029” initially offered in the aggregate principal amount of $300,000,000, which amount shall be as set forth in an Authentication Order for the authentication and delivery of such 2029 Notes pursuant to Section 2.02 of the Base Indenture and (ii) a series of Notes designated the “5.400% Senior Notes due 2049” initially offered in the aggregate principal amount of $350,000,000, which amount shall be as set forth in an Authentication Order for the authentication and delivery of such 2049 Notes pursuant to Section 2.02 of the Base Indenture.

(b)     Form of the Notes .

(i)     The 2029 Notes are to be substantially in the form of Exhibit  A hereto. The 2029 Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officer of the Issuer executing the same may determine with the approval of the Trustee.

(ii)    The 2049 Notes are to be substantially in the form of Exhibit  B hereto. The 2049 Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officer of the Issuer executing the same may determine with the approval of the Trustee.

(c)     Note Guarantees . The Notes of each series shall have the benefit of the Note Guarantees by the Guarantors executing this Fifth Supplemental Indenture and future Guarantors pursuant to Section 4.02 hereof.

(d)     Additional Notes .

(i)    The Issuer may, without notice to or the consent of the Holders of the 2029 Notes, issue Additional 2029 Notes having identical terms and conditions as the 2029 Notes, except for the issue date, issue price and first Interest Payment Date, in an unlimited aggregate principal amount. Any such additional notes will be part of the same series as the 2029 Notes, and will be treated as one class with such series of 2029 Notes, including, without limitation, for purposes of voting and redemptions; provided , however , that if such Additional 2029 Notes are not fungible with the other 2029 Notes for U.S. federal income tax purposes, such Additional 2029 Notes shall not have the same “ISIN” or “CUSIP” number or other applicable identification number as the other 2029 Notes.

 

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(ii)    The Issuer may, without notice to or the consent of the Holders of the 2049 Notes, issue Additional 2049 Notes having identical terms and conditions as the 2049 Notes, except for the issue date, issue price and first Interest Payment Date, in an unlimited aggregate principal amount. Any such additional notes will be part of the same series as the 2049 Notes, and will be treated as one class with such series of 2049 Notes, including, without limitation, for purposes of voting and redemptions; provided , however , that if such Additional 2049 Notes are not fungible with the other 2049 Notes for U.S. federal income tax purposes, such Additional 2049 Notes shall not have the same “ISIN” or “CUSIP” number or other applicable identification number as the other 2049 Notes.

(e)     Principal Payment. (i) The 2029 Notes will mature on March 15, 2029 and (ii) the 2049 Notes will mature on March 15, 2049.

(f)     Interest Rate; Interest Payment Date; Computation of Interest .

(i)     The 2029 Notes.

(A)    The 2029 Notes will bear interest at the rate of 4.350% per annum from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date (or, in the case of Additional 2029 Notes, from date of issuance thereof) until the principal thereof becomes due and payable. The amount of interest payable for any period will be computed on the basis of a 360-day year comprised of twelve 30-day months.

(B)    Interest on the 2029 Notes is payable semi-annually in arrears on March 15 and September 15 of each year (each, an “ Interest Payment Date ”), commencing on September 15, 2019 (or such later first Interest Payment Date, in the case of Additional 2029 Notes), to the Person in whose name such 2029 Note is registered, at the close of business on the Regular Record Date for such interest installment, which shall be the close of business on March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and at the foregoing respective rates on overdue principal. In the event that any Interest Payment Date is not a Business Day, then payment of the interest payable on such Interest Payment Date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the Interest Payment Date such payment was originally payable.

(ii)     The 2049 Notes.

(A)    The 2049 Notes will bear interest at the rate of 5.400% per annum from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date (or, in the case of Additional 2049 Notes, from date of issuance thereof) until the principal thereof becomes due and payable. The amount of interest payable for any period will be computed on the basis of a 360-day year comprised of twelve 30-day months.

(B)    Interest on the 2049 Notes is payable semi-annually in arrears on March 15 and September 15 of each year (each, an “ Interest Payment Date ”), commencing on September 15, 2019 (or such later first Interest Payment Date, in the case of Additional 2049 Notes), to the Person in whose name such 2049 Note is registered, at

 

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the close of business on the Regular Record Date for such interest installment, which shall be the close of business on March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and at the foregoing respective rates on overdue principal. In the event that any Interest Payment Date is not a Business Day, then payment of the interest payable on such Interest Payment Date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the Interest Payment Date such payment was originally payable.

(g)     Place of Payment of Principal and Interest . Section 4.02 of the Base Indenture shall apply to the Notes of each series.

(h)     Optional Redemption . The Notes of each series shall be redeemable as specified in Article 3 of this Fifth Supplemental Indenture and Article 3 of the Base Indenture.

(i)     Mandatory Redemption . Except as set forth in Section 5.04 hereof, the Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes of each series.

(j)     Denominations . The Notes of each series shall be issuable only in registered form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess of thereof.

(k)     Acceleration . 100% of the principal amount of the Notes of the applicable series shall be payable upon declaration of acceleration of the Stated Maturity thereof.

(l)     Currency of the Notes . The Notes of each series shall be denominated, and payment of principal and interest of the Notes of each series shall be payable in the currency of the United States of America.

(m)     Currency of Payment . The principal of and interest on the Notes of each series shall be payable in U.S. dollars.

(n)     Exchange or Conversion . The Notes of each series shall not be exchangeable for or convertible into the ordinary shares of the Issuer or any other security.

(o)     Additional Amounts. The Issuer will pay any additional amounts on the Notes of each series as set forth in Section 5.03.

(p)     Global Form; Definitive Form . The 2029 Notes and the 2049 Notes shall each be issued initially in the form of one or more permanent Global Notes in registered form, without coupons, substantially in the form herein below recited (each, a “ Global Note ” and collectively, the “ Global Notes ”), deposited with the Registrar, as custodian for the Depositary, duly executed by the Issuer and authenticated by the Authenticating Agent as herein provided. The 2029 Notes and the 2049 Notes may each be issued in definitive form pursuant to the terms of the Base Indenture. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Registrar as provided in Section 2.01(b) of the Base Indenture.

(q)     Trustee; Registrar ; Paying Agent ; Authenticating Agent . Wilmington Trust, National Association shall initially act as Trustee. Deutsche Bank Trust Company Americas, a New York banking corporation, shall initially act as Registrar, Paying Agent and Authenticating Agent for each series of Notes.

 

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(r)     Defeasance . Article 8 of the Base Indenture shall apply to the Notes of each series.

(s)     Depositary . The Depositary for any Notes issued as Global Notes shall initially be The Depository Trust Company in The City of New York (“ DTC ”) (or any successor to DTC).

(t)     Events of Default; Covenants . The Events of Default in Section 6.01 of the Base Indenture and the additional Events of Default set forth in Section 7.01 of this Fifth Supplemental Indenture and the covenants set forth in Article 4 of the Base Indenture and Article 5 of this Fifth Supplemental Indenture shall apply to the Notes of each series.

(u)     Additional Terms . Other terms applicable to the Notes of each series are as otherwise provided for below.

Section 2.02.     Execution and Authentication . The 2029 Notes having an aggregate principal amount of $300,000,000 and the 2049 Notes having an aggregate principal amount of $350,000,000 may, upon execution of this Fifth Supplemental Indenture, be executed by the Issuer and delivered to the Authenticating Agent for authentication, and the Authenticating Agent shall thereupon authenticate and deliver said Notes, upon receipt of an Authentication Order, signed by an Officer of the Issuer, without any further action by the Issuer, except as otherwise required by the Base Indenture.

ARTICLE 3

REDEMPTION OF THE NOTES

Section 3.01.     Optional Redemption .

(a)     The 2029 Notes .

(i)    At any time prior to December 15, 2028, the Issuer may at its option redeem the 2029 Notes, in whole or in part, at a redemption price equal to the greater of:

(A)    100% of the principal amount of the 2029 Notes to be redeemed; and

(B)    the sum of the present value of (i) the redemption price (100% of the principal amount of the 2029 Notes to be redeemed) on December 15, 2028 and (ii) all required remaining scheduled interest payments due on the 2029 Notes to be redeemed through December 15, 2028 (not including any portion of such payments of interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points,

plus accrued and unpaid interest on the principal amount of the 2029 Notes to be redeemed to, but not including, the Redemption Date. The Treasury Rate will be calculated on the third Business Day next preceding the Redemption Date (the “ Calculation Date ”).

(ii)    If the 2029 Notes are redeemed at any time on or after December 15, 2028, the 2029 Notes may be redeemed at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.

 

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(b)     The 2049 Notes .

(i)    At any time prior to September 15, 2048, the Issuer may at its option redeem the 2049 Notes, in whole or in part, at a redemption price equal to the greater of:

(A)    100% of the principal amount of the 2049 Notes to be redeemed; and

(B)    the sum of the present value of (i) the redemption price (100% of the principal amount of the 2049 Notes to be redeemed) on September 15, 2048 and (ii) all required remaining scheduled interest payments due on the 2049 Notes to be redeemed through September 15, 2048 (not including any portion of such payments of interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 37.5 basis points,

plus accrued and unpaid interest on the principal amount of the 2049 Notes to be redeemed to, but not including, the Redemption Date. The Treasury Rate will be calculated on the Calculation Date.

(ii)    If the 2049 Notes are redeemed at any time on or after September 15, 2048, the 2049 Notes may be redeemed at a redemption price equal to 100% of the principal amount of the 2049 Notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.

(c)    Notice of any such redemption must be mailed by first-class mail to each Holder’s registered address, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, not less than 10 nor more than 60 days prior to the Redemption Date.

(d)    The following terms have the meanings given to them in this Section 3.01(d):

Comparable Treasury Issue ” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of the applicable series to be redeemed from the redemption date to December 15, 2028 (in the case of the 2029 Notes) or September 15, 2048 (in the case of the 2049 Notes) (“ Remaining Life ”) 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 Life of such Notes of the applicable series.

Comparable Treasury Price ” means, with respect to any redemption date, (1) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

Independent Investment Banker ” means one of the Reference Treasury Dealers as specified by the Issuer, or, if those firms are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Issuer.

 

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Reference Treasury Dealer ” means each of (1) Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC or their respective successors, provided, however, that if any of the foregoing ceases to be a primary U.S. government securities dealer in the United States (a “ Primary Treasury Dealer ”), the Issuer will substitute therefor another Primary Treasury Dealer and (2) any two other Primary Treasury Dealers selected by the Issuer after consultation with an Independent Investment Banker.

Reference Treasury Dealer Quotations ” 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 at 5:00 p.m., New York City time, on the Calculation Date.

Treasury Rate ” means, with respect to any Redemption Date for each of the 2029 Notes and the 2049 Notes, (1) the weekly average of the yields in each statistical release for the immediately preceding week designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life (as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or; (2) if such release (or any successor release) is not published during the week preceding the Calculation Date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

(e)    If the Issuer partially redeems either series of Notes, such Notes to be redeemed shall be selected in accordance with the applicable procedures of the Depositary, although no Notes less than $2,000 in original principal amount will be redeemed in part.

(f)    Any redemption of Notes of either series pursuant to this Section 3.01 shall be conducted in accordance with the applicable procedures set forth in Article 3 of the Base Indenture to the extent not otherwise set forth herein.

Section 3.02.     Tax Redemption .

(a)    The Issuer may redeem the Notes of a series as a whole but not in part, at its option at any time prior to maturity, upon the giving of a written notice of redemption to the holders, with a copy to the Trustee, if it determines that, as a result of:

(i)    any change in or amendment to the laws, or any regulations or rulings promulgated under the laws, of a Relevant Jurisdiction (as defined in Section 5.03) affecting taxation, or

(ii)    any change in or amendment to an official position regarding the application or interpretation of the laws, regulations or rulings referred to above,

(b)    which change or amendment is announced and becomes effective after the Issue Date (or, if the Relevant Jurisdiction becomes a Relevant Jurisdiction on a date after the Issue Date, after such later date) (each of the foregoing, a “ Change in Tax Law ”), the Issuer or any Guarantor is or will become

 

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obligated to pay Additional Amounts with respect to the Notes of such series or the Note Guarantees on the next succeeding interest payment date, pursuant to Section 5.03 (but in the case of a Guarantor, only if the payments giving rise to such obligation cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts) and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available to the Issuer or the Guarantor. The redemption price will be equal to 100% of the principal amount of the Notes of such series plus accrued and unpaid interest to but excluding the date fixed for redemption (a “ Tax Redemption Date ”), and all Additional Amounts (if any) then due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders of the Notes of such series on any record date occurring prior to the Tax Redemption Date to receive interest due on the relevant interest payment date and Additional Amounts (if any) in respect thereof). The date and the applicable redemption price will be specified in the notice of tax redemption. Notice of such redemption will be irrevocable, and must be mailed by first-class mail to each Holder’s registered address, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, not less than 15 nor more than 60 days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment in respect of the Notes of a series were actually due on such date. No such notice of redemption will be given unless, at the time such notification of redemption is given, such obligation to pay such Additional Amounts remains in effect.

(c)    Prior to giving the notice of tax redemption, the Issuer will deliver to the Trustee:

(i)    a certificate signed by a duly authorized officer stating that the Issuer is entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer to so redeem have occurred; and

(ii)    an opinion of independent tax counsel of recognized standing qualified under the laws of the Relevant Jurisdiction, selected by the Issuer, to the effect that the Issuer is or would be obligated to pay Additional Amounts as a result of a Change in Tax Law.

(d)    The foregoing provisions shall apply mutatis mutandis to any successor to the Issuer.

 

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ARTICLE 4

NOTE GUARANTEES

Section 4.01.     Note Guarantees . Each Guarantor hereby unconditionally and irrevocably expressly assumes, confirms and agrees to perform and observe each and any of the covenants, agreements, terms, conditions, obligations, appointments, duties, promises and liabilities of a Guarantor under the Base Indenture with respect to the Notes of each series as if it were an original signatory thereto. The Note Guarantee of any Guarantor in respect of a series of Notes will be released without any further action required on the part of the Trustee or any holder: (1) upon (i) the sale or other disposition (including by way of consolidation, merger, dissolution or otherwise) of the Capital Stock of such Guarantor such that it is no longer a Subsidiary of the Issuer or (ii) the sale or other disposition of all or substantially all of the assets of such Guarantor; (2) when such Guarantor is no longer an obligor (whether as an issuer or guarantor) on any of Aptiv Corporation’s senior notes outstanding on the Issue Date; or (3) upon legal or covenant defeasance or satisfaction and discharge of the Notes of the applicable series.

Section 4.02.     Future Guarantees . The Issuer, at its option, may cause any Subsidiary of the Issuer to become a Guarantor of the Notes of a series and if such Subsidiary is not otherwise required under the Indenture to provide a Note Guarantee to the Notes, the Issuer, at its option, may cause any such Note Guarantee to be released, subject to applicable law.

Section 4.03.     Abandonment and Waiver Rights . Each Guarantor incorporated under the laws of Jersey abandons and waives any right it may have at any time under the droit de discussion or division or any other customary law rights available to it under Jersey law.

ARTICLE 5

COVENANTS

The following covenants will apply to the Notes in addition to the covenants in Article 4 of the Base Indenture:

Section 5.01.     Limitation on Liens .

(a)    The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur or permit to exist any Lien (the “ Initial Lien ”) of any nature whatsoever on any Principal Property or Capital Stock of a Restricted Subsidiary, whether owned at the Issue Date or thereafter acquired, which Initial Lien secures any Indebtedness, without effectively providing that the Notes of the applicable series shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured other than the following (“ Permitted Liens ”):

(1)    Liens securing Indebtedness under Credit Facilities in an aggregate principal amount not to exceed $2,075 million;

(2)    pledges or deposits by such Person under workers’ compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases, subleases, licenses or sublicenses to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States government bonds to secure surety, stay, customs, replevin or appeal bonds to which such Person is a party, or deposits as security or for the payment of rent, in each case incurred in the ordinary course of business;

 

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(3)    Liens imposed by law, such as carriers’, warehousemen’s and mechanics’, materialman’s, repairman’s, landlord’s, workman’s, supplier’s and other like Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review;

(4)    Liens for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings;

(5)    Liens in favor of issuers of surety or performance bonds or letters of credit, bank guarantees, bankers’ acceptances or similar credit transactions issued pursuant to the request of and for the account of such Person in the ordinary course of its business;

(6)    survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;

(7)    Liens securing Indebtedness incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property of such Person; provided , however , that the Lien may not extend to any other property (other than accessions thereto, proceeds and products thereof and property related to the property being financed or through cross-collateralization of individual financings of equipment provided by the same lender) owned by such Person or any of its Subsidiaries at the time the Lien is incurred, and the Indebtedness (other than any interest thereon) secured by the Lien may not be incurred more than 270 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien;

(8)    Liens existing on the Issue Date and extensions, renewals, refinancings and replacements of any such Liens (including any future Liens securing Indebtedness that the Company designates as a “replacement” of such Liens for purposes of this clause, even if such new Indebtedness is not issued concurrently with the repayment of the indebtedness so secured, the proceeds thereof are not used to repay such Indebtedness secured by such Liens or such Indebtedness is incurred for different purposes and by a different borrower) so long as the principal amount of Indebtedness (including for this purpose, revolving commitments under the Credit Agreement as in effect on the Issue Date immediately before the issuance of the Notes, which shall be deemed to be outstanding for these purposes even if undrawn) or other obligations secured thereby is not increased (other than to cover premiums, fees, accrued interest and any expenses of such extension, renewal, refinancing or replacement) and so long as such Liens are not extended to any other property of the Company or any of its Subsidiaries (other than pursuant to blanket lien or after acquired property clauses existing in the applicable agreements (including any obligation to have new guarantors provide Liens on the same assets owned by it));

(9)    Liens on property or shares of stock of another Person at the time such other Person becomes a Subsidiary of such Person; provided , however , that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided further , however , that such Liens do not extend to any other property

 

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owned by such Person or any of its Subsidiaries, except proceeds and products thereof and improvements thereon or pursuant to after acquired property clauses existing in the applicable agreements at the time such Person becomes a Subsidiary which do not extend to property transferred to such Person by the Company or a Restricted Subsidiary;

(10)    Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by means of a merger or consolidation with or into such Person or any Subsidiary of such Person; provided , however , that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such acquisition; provided further, however , that the Liens do not extend to any other property owned by such Person or any of its Subsidiaries other than proceeds or products thereof and accessions thereto;

(11)    Liens securing Indebtedness or other obligations of the Company or a Subsidiary owing to the Company or a Subsidiary of the Company;

(12)    Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (7), (9) and (10); provided , however , that:

(A)    such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements, accessions, proceeds, dividends or distributions in respect thereof) and

(B)    the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of:

(i)    the outstanding principal amount or, if greater, committed amount of the indebtedness secured by Liens described under clauses (7), (9) or (10) at the time the original Lien became a Permitted Lien under the Indenture; and

(ii)    an amount necessary to pay any fees and expenses, including premiums, related to such Refinancings;

(13)    judgment Liens not giving rise to an Event of Default;

(14)    Liens securing Indebtedness consisting of (A) the financing of insurance premiums with the providers of such insurance or their affiliates and (B) take-or-pay obligations contained in supply arrangements in the ordinary course of business; and

(15)    other Liens to secure Indebtedness as long as the amount of outstanding Indebtedness secured by Liens incurred pursuant to this clause (15), when aggregated with the amount of Attributable Debt outstanding and incurred in reliance on Section 5.02(e), does not exceed 15.0% of Consolidated Total Assets at the time any such Lien is granted; provided , however , notwithstanding whether this clause (15) would otherwise be available to secure Indebtedness, Liens securing Indebtedness originally secured pursuant to this clause (15) may secure Refinancing Indebtedness in respect of such Indebtedness and such Refinancing Indebtedness shall be deemed to have been secured pursuant to this clause (15).

 

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(b)    Any Lien created for the benefit of the Holders of the Notes pursuant to Section 5.01(a) shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien.

(c)    For purposes of determining compliance with this Section 5.01, (A) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens described in the definition of “Permitted Liens” but may be permitted in part under any combination thereof and (B) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens described in the definition of “Permitted Liens,” the Company shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant and will only be required to include the amount and type of such Lien or such item of Indebtedness secured by such Lien in one of the clauses of the definition of “Permitted Liens” and such Lien securing such item of Indebtedness will be treated as being incurred or existing pursuant to only one of such clauses.

Section 5.02.     Limitation on Sale/Leaseback Transactions . The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any Principal Property unless:

(a)    the Sale and Leaseback Transaction is solely with the Company or a Subsidiary of the Company;

(b)    the lease is for a period not in excess of 24 months, including renewals;

(c)    the Company or such Restricted Subsidiary would (at the time of entering into such arrangement) be entitled as described in clauses (1) through (14) of the definition of “Permitted Liens,” without equally and ratably securing the Notes then outstanding under the Indenture, to create, incur, issue, assume or guarantee Indebtedness secured by a Lien on such property in the amount of the Attributable Debt arising from such Sale and Leaseback Transaction;

(d)    the Company or such Restricted Subsidiary within 360 days after the sale of such Principal Property in connection with such Sale and Leaseback Transaction is completed, applies an amount equal to the net proceeds of the sale of such Principal Property to (i) the permanent retirement of Notes, other Indebtedness of the Issuer ranking on a parity with the Notes or Indebtedness of the Company or a Subsidiary of the Company or (ii) the purchase of property; or

(e)    the Attributable Debt of the Company and its Restricted Subsidiaries in respect of such Sale and Leaseback Transaction and all other Sale and Leaseback Transactions entered into after the Issue Date with respect to Principal Property (other than any such Sale and Leaseback Transaction as would be permitted as described in clauses (a) through (d) above), plus the aggregate principal amount of Indebtedness secured by Liens on Principal Properties then outstanding (not including any such Indebtedness secured by Liens described in clauses (1) through (14) of the definition of “Permitted Liens”) which do not equally and ratably secure such outstanding Notes (or secure such outstanding Notes on a basis that is prior to other Indebtedness secured thereby), would not exceed 15% of Consolidated Total Assets.

 

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Section 5.03.     Payments of Additional Amounts .

(a)    Payments made by the Issuer, a Guarantor or a Paying Agent, as applicable, on the Notes of each series or in respect of a Note Guarantee will be made free and clear of, and without withholding or deduction for or on account of, any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever (“ Taxes ”), unless the Issuer, a Guarantor or a Paying Agent is required to withhold or deduct Taxes by law.

(b)    If any withholding or deduction for or on account of Taxes imposed or levied by or on behalf of the United States, Jersey, Ireland, any other jurisdiction in which the Issuer or any Guarantor is incorporated, organized, engaged in business or otherwise resident for tax purposes, or any other jurisdiction from or through which such payment is made, or in each case any political subdivision or taxing authority or agency thereof or therein (each, a “ Relevant Jurisdiction ”) is at any time required by law to be made from any payment made with respect to the Notes of a series or the Note Guarantee, the Issuer or the applicable Guarantor, as applicable, will pay such additional amounts (“ Additional Amounts ”) on the Notes of such series or in respect of the applicable Note Guarantee as may be necessary so that the net amount received by each holder of the Notes of such series (including Additional Amounts) after such withholding or deduction will not be less than the amount the holder would have received if such Taxes had not been withheld or deducted; provided that no Additional Amounts will be payable with respect to Taxes:

 

  (i)

that would not have been imposed but for the Holder or the beneficial owner of such Note (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) being considered as having a present or former connection with a Relevant Jurisdiction (other than a connection arising solely as a result of the acquisition, ownership or disposition of the Notes, the receipt of any payment under or with respect to the Notes or any Note Guarantee, or the exercise or enforcement of any rights under or with respect to the Notes, the Indenture or any Note Guarantee), including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled therein or a national thereof or being or having been engaged in a trade or business therein or having or having had a permanent establishment therein;

 

  (ii)

that would not have been imposed but for the failure of the Holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the Relevant Jurisdiction of the Holder or beneficial owner, if compliance is required by statute, by regulation of the Relevant Jurisdiction or by an applicable income tax treaty to which the Relevant Jurisdiction is a party as a precondition to exemption from such Tax;

 

  (iii)

payable other than by withholding from payments of principal of or interest on the Notes or from payments in respect of a Note Guarantee;

 

  (iv)

that would not have been imposed but for a change in law, regulation or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

 

  (v)

that are estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property or similar Taxes;

 

  (vi)

required to be withheld by any Paying Agent from any payment of principal of or interest on any Note, if such payment can be made without such withholding by at least one other Paying Agent;

 

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  (vii)

that would not have been imposed but for the presentation by the holder of any Note, where presentation is required, for payment on a date 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 (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period);

 

  (viii)

that are imposed under Sections 1471 through 1474 of the Code as of the Issue Date (or any amended or successor provision that is substantively comparable), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code as of the Issue Date (or any amended or successor provision that is substantively comparable) or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; or

 

  (ix)

in the case of any combination of clauses (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii);

nor shall Additional Amounts be paid with respect to any payment of the principal of or interest, if any, on any Note or any payment in respect of a Note Guarantee to any such holder who is a fiduciary or a partnership that is not 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 the beneficial owner would not have been entitled to such Additional Amounts had it been the holder of the Note.

(c)    The Issuer, a Guarantor or the Paying Agent, as applicable, will (i) make any required withholding or deduction, and (ii) remit the full amount deducted or withheld by it to the Relevant Jurisdiction in accordance with applicable law.

(d)    All references in this Indenture, other than in Section 2.01(r) of this Fifth Supplemental Indenture and Sections 8.02, 8.03 and 8.06 of the Base Indenture, to the payment of the principal or interest, if any, on or the net proceeds received on the sale or exchange of, any Notes or any payment made under the Note Guarantee shall be deemed to include Additional Amounts to the extent that, in that context, Additional Amounts are, were or would be payable.

(e)    In addition, the Issuer shall pay any present or future stamp, issue, registration, court, documentary, excise, property, or similar Taxes (i) imposed by any Relevant Jurisdiction in respect of the execution, issuance, delivery, or registration of the Notes, any Note Guarantee, the Indenture, or any other document or instrument referred to therein, or the receipt of any payments with respect to the Notes, or (ii) imposed by any jurisdiction in respect of the enforcement of the Notes, any Note Guarantee, the Indenture, or any other document or instrument referred to therein.

(f)    The Issuer’s and a Guarantor’s obligations to pay Additional Amounts if and when due will survive the termination of the Indenture and the payment of all other amounts in respect of the Notes and shall apply mutatis mutandis to any successor of the Issuer or any Guarantor, and to any jurisdiction in which such successor is incorporated, organized, engaged in business or otherwise resident for tax purposes, and any political subdivision or governmental authority thereof or therein.

 

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Section 5.04.     Change of Control Triggering Event . Upon the occurrence of a Change of Control Triggering Event, in respect of Notes of a series, each Holder of Notes of such series will have the right to require the Issuer to purchase all or any part of such Holder’s Notes of such series at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

Change of Control means the occurrence of any of the following:

(1)    any transaction occurs (including a merger or consolidation of the Issuer) following which any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Issuer; or

(2)    sale, lease or transfer (for the avoidance of doubt, other than a transfer to the Issuer or one of its Subsidiaries), in one or a series of related transactions, of all or substantially all the assets of the Issuer and its Subsidiaries, taken as a whole, to a Person in which any person (as defined above) holds or acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of 50% or more of the total voting power of the Voting Stock of such transferee Person.

Change of Control Triggering Event ” means, with respect to the Notes of a series, the occurrence of both a (1) Change of Control and (2) (i) the ratings of the Notes of the applicable series are downgraded by each of the Ratings Agencies during the 60-day period (the “ Trigger Period ”) commencing on the earlier of (x) the occurrence of such Change of Control or (y) the first public announcement of the occurrence of such Change of Control or the Issuer’s intention to effect such Change of Control (which Trigger Period will be extended so long as the ratings of the Notes of such series are under publicly announced consideration for possible downgrade by any of the Ratings Agencies) and (ii) the Notes of such series are rated below an Investment Grade Rating by each of the Ratings Agencies on any date during the Trigger Period; provided that (x) a Change of Control Triggering Event will not be deemed to have occurred in respect of a particular Change of Control if each Ratings Agency does not publicly announce or confirm or inform the Trustee in writing at the Issuer’s request that the reduction was the result of the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Change of Control Triggering Event) and (y) the Trigger Period will terminate with respect to each Ratings Agency when such Ratings Agency takes action (including affirming its existing ratings) with respect to such Change of Control. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or indirect Subsidiary of a holding company and (2) no person (as defined above) (other than a holding company) owns, directly or indirectly, a majority of the voting power of the Equity Interests of such holding company.

 

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Within 30 days following any Change of Control Triggering Event, with respect to a series of Notes, the Issuer shall (unless prior to such date such Change of Control Triggering Event ceases to exist) deliver by mail or electronic means a notice to each Holder of Notes of such series with a copy to the Trustee (the “ Change of Control Offer ”), stating:

(1)    that a Change of Control Triggering Event has occurred and that such Holder has the right to require the Issuer to purchase all or a portion of such Holder’s Notes of such series at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date);

(2)    the circumstances and relevant facts and financial information regarding such Change of Control Triggering Event;

(3)    the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is delivered); and

(4)    the instructions determined by the Issuer, consistent with this covenant, that a Holder must follow in order to have its Notes of such series purchased.

The Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event with respect to the Notes of the applicable series if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 5.04 and purchases all Notes of such series validly tendered and not withdrawn under such Change of Control Offer. In addition, the Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if the Notes of the applicable series have been or are called for redemption by the Issuer prior to it being required to deliver notice of the Change of Control Offer, and thereafter redeems all Notes of such series called for redemption in accordance with the terms set forth in such redemption notice. Notwithstanding anything to the contrary contained herein, a revocable Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditioned upon the consummation of the relevant Change of Control, if a definitive agreement is in place for such Change of Control at the time the Change of Control Offer is made.

The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the purchase of Notes pursuant to this Section 5.04. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 5.04, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 5.04 by virtue thereof.

Notwithstanding any provisions in the Base Indenture to the contrary, but subject to Section 6.07 of the Base Indenture, the Issuer’s obligations to make a Change of Control Offer as a result of a Change of Control Triggering Event with respect to the Notes of a series may be waived or modified with the written consent of the Holders of a majority in principal amount of the then outstanding Notes of such series.

 

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ARTICLE 6

CONSOLIDATION, MERGER AND SALE OF ASSETS

Section 6.01.     Consolidation, Merger and Sale of Assets of Guarantors .

(a)    The Company will not and will not permit any other Guarantor to, directly or indirectly, consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its assets in one or a series of related transactions to, any Person unless:

(1)(A)    the resulting, surviving or transferee Person (the “ Successor Guarantor ”) will be a corporation, limited liability partnership, limited liability company, limited company, or other similar organization (and in the case of any such transaction involving the Company, such Successor Guarantor shall be organized under the laws of the jurisdiction of organization of the United States of America (or any state thereof or the District of Columbia), the United Kingdom, Jersey and any other jurisdiction in the Channel Islands, any member state of the European Union as in effect on the Issue Date, Switzerland, Bermuda, The Cayman Islands or Singapore), and such Person (if not such Guarantor) will expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all the obligations of such Guarantor under its Note Guarantee;

(B)    immediately after giving effect to such transaction, no Default shall have occurred and be continuing; and

(C)    the Issuer will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with the Indenture; or

(2)    such Guarantor will be released from its Note Guarantee in connection therewith as provided in the Indenture.

(b)    Notwithstanding Section 5.02 of the Base Indenture or clause (a) of this Section 6.01:

(A)    any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties and assets to the Issuer, any Guarantor or any Subsidiary of the Company; and

(B)    the Issuer and any Guarantor may merge with an Affiliate organized solely for the purpose of reorganizing the Issuer or such Guarantor in another jurisdiction.

Section 6.02.     Successor Company . In addition to the jurisdictions set forth in Section 5.01(a) of the Base Indenture in which a Successor Company may be organized, such list of jurisdictions shall also include Singapore.

ARTICLE 7

EVENTS OF DEFAULT

Section 7.01.     Events of Default . In addition to the Events of Default set forth in Section 6.01 of the Base Indenture, the following is an “ Event of Default ” with respect to the Notes of a series:

(1)    the failure by the Issuer or any Guarantor to comply with its obligations under Section 6.01 of this Fifth Supplemental Indenture in respect of the Notes of such series;

(2)    the failure by the Issuer or any Restricted Subsidiary to comply for 60 days after notice with any of its obligations under Section 5.04 of this Fifth Supplemental Indenture in respect of the Notes of such series (in each case, other than a failure to purchase Notes of such series); and

(3)    any Note Guarantee of the Notes of such series of the Company or any Significant Subsidiary (or group of Subsidiaries that together would constitute a Significant Subsidiary) ceases to be in full force and effect in all material respects (except as contemplated by the terms thereof) or any Guarantor denies or disaffirms such Guarantor’s obligations under the Indenture or any Note Guarantee of the Notes and such Default continues for 10 days after receipt of the notice as specified in the Indenture.

 

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However, a default under clauses (2) or (3) will not constitute an Event of Default with respect to any Notes until the Trustee notifies the Issuer, or the Holders of at least 25% in principal amount of the outstanding Notes of a series and notes of all series affected thereby notify the Issuer and the Trustee, of the default and the Issuer or the Guarantor, as applicable, does not cure such default within the time specified in clauses (2) or (3) hereof after receipt of such notice.

Section 7.02.     Limitations on Suits . With respect to the Notes, the first sentence of Section 6.06 of the Base Indenture shall be amended by deleting the “A” at the beginning of the sentence and replacing it with the following: “Except to enforce the right to receive payment of principal, premium (if any) or interest when due, a”.

ARTICLE 8

AMENDMENTS AND WAIVERS

Section 8.01.     Without Consent of Holder . In addition to the provisions of Section 9.01 of the Base Indenture, the Issuer, the Guarantors and the Trustee may, as applicable, amend or supplement this Fifth Supplemental Indenture, the Note Guarantees or the Notes of a series, without the consent of any Holder of a Note of such series to:

(a)    convey, transfer, assign, mortgage or pledge as security for the Notes of such series any property or assets in accordance with Section 5.01 of this Fifth Supplemental Indenture and confirm or evidence any release thereof permitted by the Indenture.

ARTICLE 9

MISCELLANEOUS

Section 9.01.     Ratification of Base Indenture . The Base Indenture, as supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.

Section 9.02.     Governing Law . This Fifth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws.

Section 9.03.     Separability . In case any one or more of the provisions contained in this Fifth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Fifth Supplemental Indenture or of the Notes, but this Fifth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

Section 9.04.     Counterparts . This Fifth Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.

 

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Section 9.05.     Trustee Disclaimer . Neither the Trustee nor Deutsche Bank Trust Company Americas shall be responsible in any manner whatsoever for or in respect of the validity, sufficiency or adequacy of this Fifth Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Issuer and the Guarantors, and neither the Trustee nor Deutsche Bank Trust Company Americas assumes any responsibility for their correctness.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed as of the day and year first above written.

 

ISSUER:

 

APTIV PLC

By:   /s/ David M. Sherbin
 

Name: David M. Sherbin

Title:   Senior Vice President, General Counsel, Chief Compliance Officer and Secretary

GUARANTORS:

 

APTIV CORPORATION

By:   /s/ David M. Sherbin
 

Name: David M. Sherbin

Title:   Senior Vice President, General Counsel, Chief Compliance Officer and Secretary

APTIV INTERNATIONAL HOLDINGS (UK) LLP
By:   /s/ David M. Sherbin
 

Name: David M. Sherbin

Title:   Authorized Signatory

APTIV HOLDINGS US LIMITED
By:   /s/ David M. Sherbin
 

Name: David M. Sherbin

Title:   “A” Director

 

[Signature Page to Fifth Supplemental Indenture]


TRUSTEE:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

By:   /s/ Shawn Goffinet
 

Name: Shawn Goffinet

Title:   Assistant Vice President

 

[Signature Page to Fifth Supplemental Indenture]


REGISTRAR, PAYING AGENT AND AUTHENTICATING AGENT:

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Registrar, Paying Agent, and Authenticating Agent

By:   Deutsche Bank National Trust Company
By:   /s/ Irina Golovashchuk
 

Name: Irina Golovashchuk

Title: Vice President

By:   /s/ Chris Niesz
 

Name: Chris Niesz

Title: Vice President

 

[Signature Page to Fifth Supplemental Indenture]


EXHIBIT A

[FORM OF FACE OF NOTE]

[Global Note Legend]

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS 2029 NOTE) OR ITS NOMINEE. THIS GLOBAL NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND 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 DEPOSITARY TRUST COMPANY (55 WATER STREET, 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.

 

A-1


CUSIP: 03835V AG1

ISIN: US03835VAG14

GLOBAL NOTE

4.350% Senior Notes due 2029

 

No.             $[                      ]

APTIV PLC

promises to pay to Cede & Co., or registered assigns, the principal sum of                                                                                     U.S. DOLLARS on March 15, 2029, as such amount may be changed from time to time pursuant to the Schedule of Exchanges of Interests attached hereto.

Interest Payment Dates: March 15 and September 15

Record Dates: March 1 and September 1

 

A-2


APTIV PLC
By:    
  Name:
  Title:

 

A-3


This is one of the 2029 Notes referred to in the within-mentioned Fifth Supplemental Indenture:

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Authenticating Agent

By:   Deutsche Bank National Trust Company
By:    
  Name:
  Title:

Dated:                      , 20       

 

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[Form of reverse side of 2029 Note]

4.350% Senior Note due 2029

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

1.    INTEREST. Aptiv PLC (the “ Issuer ”) promises to pay interest on the principal amount of this 2029 Note at a rate per annum of 4.350% from March 14, 2019 until maturity or pursuant to Section  7.02 of the Fifth Supplemental Indenture. The Issuer will pay interest on this 2029 Note semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2019, or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “ Interest Payment Date ”). The Issuer will make each interest payment to the Holder of record of this 2029 Note on the immediately preceding March 1 or September 1 (the “ Regular Record Date ”), as the case may be. Interest on this 2029 Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including March 14, 2019. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate borne by this 2029 Note; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the rate borne by this 2029 Note. Interest will be computed on the basis of a 360-day year comprise of twelve 30-day months.

2.    METHOD OF PAYMENT. The Issuer will pay interest on this 2029 Note to the Person who is the registered Holder of this 2029 Note at the close of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this 2029 Note is cancelled after such record date and on or before such Interest Payment Date, except as provided in Section  2.13 of the Base Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the Note Register of Holders, provided that (a) all payments of principal, premium, if any, and interest on, 2029 Notes represented by Global Notes registered in the name of or held by the DTC or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof and (b) all payments of principal, premium, if any, and interest with respect to Certificated Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee or the Paying Agent may accept in its discretion). Such payment shall be 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 debt.

3.    AUTHENTICATING AGENT, PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas will act as Authenticating Agent, Paying Agent and Registrar. The Issuer may change any Authenticating Agent, Paying Agent or Registrar without notice to the Holders. Aptiv International Holdings (UK) LLP or any of its Subsidiaries may act in any such capacity.

4.    INDENTURE. The Issuer issued the 2029 Notes under the Senior Indenture (the “ Base Indenture ”), dated as of March 10, 2015, among the Issuer, the Guarantors party thereto, Wilmington Trust, National Association, as trustee (the “ Trustee ”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as Registrar, Paying Agent and Authenticating Agent. The Issuer shall be entitled to issue Additional 2029 Notes pursuant to the Base Indenture. The terms of the 2029 Notes include those stated in the Base Indenture and those made part of the Base Indenture by reference to the fifth supplemental indenture, among the Issuer, the Guarantors party thereto, the Trustee and the Registrar

 

A-5


and Paying Agent, dated as of March 14, 2019 (the “ Fifth Supplemental Indenture ” and together with the Base Indenture, the “ Indenture ”), setting forth the additional terms of the 2029 Notes pursuant to Section  2.03 of the Base Indenture and the provisions of the Trust Indenture Act of 1939, as amended (the “ Trust Indenture Act ”). The 2029 Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this 2029 Note conflicts with the express provisions of the Indenture and those other provisions forming a part thereof with respect to the 2029 Notes, the provisions of the Indenture and such other provisions with respect to the 2029 Notes shall govern and be controlling.

5.    OPTIONAL REDEMPTION. At any time prior to December 15, 2028, the Issuer may at its option redeem the 2029 Notes, in whole or in part, at a redemption price equal to the greater of:

(i)    100% of the principal amount of the 2029 Notes to be redeemed; and

(ii)    the sum of the present value of (i) the redemption price (100% of the principal amount of the 2029 Notes to be redeemed) on December 15, 2028 and (ii) all required remaining scheduled interest payments due on the 2029 Notes to be redeemed through December 15, 2028 (not including any portion of such payments of interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points.

plus accrued and unpaid interest on the principal amount of the 2029 Notes to be redeemed to, but not including, the Redemption Date. The Treasury Rate will be calculated on the Calculation Date.

If the 2029 Notes are redeemed at any time on or after December 15, 2028, the 2029 Notes may be redeemed at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.

Notice of such redemption must be mailed by first-class mail to each Holder’s registered address, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, not less than 10 nor more than 60 days prior to the redemption date. If the Issuer partially redeems the 2029 Notes, the Registrar and Paying Agent, subject to the procedures of The Depository Trust Company, will select the 2029 Notes to be redeemed on a pro rata basis, by lot or by such other method in accordance with the procedures of The Depository Trust Company, although no 2029 Note less than $2,000 in original principal amount will be redeemed in part. If the Issuer redeems any 2029 Note in part only, the notice of redemption relating to such 2029 Note shall state the portion of the principal amount thereof to be redeemed. A new 2029 Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original 2029 Note. On and after the redemption date, interest will cease to accrue on 2029 Notes or portions of such 2029 Notes called for redemption so long as the Issuer has deposited with the Registrar and Paying Agent funds sufficient to pay the principal of the 2029 Notes to be redeemed, plus accrued and unpaid interest thereon. Any notice of redemption may be conditioned on the satisfaction of one or more conditions precedent.

6.    TAX REDEMPTION. The Issuer may redeem the 2029 Notes as a whole but not in part, at its option at any time prior to maturity, upon the giving of a written notice of redemption to the holders, with a copy to the Trustee, if it determines that, as a result of:

(i)    any change in or amendment to the laws, or any regulations or rulings promulgated under the laws, of a Relevant Jurisdiction affecting taxation, or

 

A-6


(ii)    any change in or amendment to an official position regarding the application or interpretation of the laws, regulations or rulings referred to above, which change or amendment is announced and becomes effective after the Issue Date (or, if the Relevant Jurisdiction becomes a Relevant Jurisdiction on a date after the Issue Date, after such later date) (each of the foregoing, a “ Change in Tax Law ”), the Issuer or any Guarantor is or will become obligated to pay Additional Amounts with respect to the 2029 Notes or the Note Guarantees on the next succeeding interest payment date, pursuant to Section  5.03 (but in the case of a Guarantor, only if the payments giving rise to such obligation cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts) and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available to the Issuer or the Guarantor. The redemption price will be equal to 100% of the principal amount of the 2029 Notes plus accrued and unpaid interest to but excluding the date fixed for redemption (a “ Tax Redemption Date ”), and all Additional Amounts (if any) then due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders of the 2029 Notes on any record date occurring prior to the Tax Redemption Date to receive interest due on the relevant interest payment date and Additional Amounts (if any) in respect thereof). The date and the applicable redemption price will be specified in the notice of tax redemption. Notice of such redemption will be irrevocable, and must be mailed by first-class mail to each Holder’s registered address, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, not less than 15 nor more than 60 days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment in respect of the 2029 Notes were actually due on such date. No such notice of redemption will be given unless, at the time such notification of redemption is given, such obligation to pay such Additional Amounts remains in effect.

Prior to giving the notice of tax redemption, the Issuer will deliver to the Trustee:

(i)    a certificate signed by a duly authorized officer stating that the Issuer is entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer to so redeem have occurred; and

(ii)    an opinion of independent tax counsel of recognized standing qualified under the laws of the Relevant Jurisdiction, selected by the Issuer, to the effect that the Issuer is or would be obligated to pay Additional Amounts as a result of a Change in Tax Law.

The foregoing provisions shall apply mutatis mutandis to any successor to the Issuer.

7.    MANDATORY REDEMPTION. Except as set forth in Section  5.04 of the Fifth Supplemental Indenture, the Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the 2029 Notes.

8.     NOTICE OF REDEMPTION. At least 10 days but not more than 60 days before a Redemption Date, the Issuer shall mail or cause to be mailed, by first class mail to each Holder’s registered address, or deliver electronically if held by any depositary in accordance with such depositary’s customary procedures, a notice of redemption to each Holder whose 2029 Notes are to be redeemed. Any redemption and notice thereof may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

9.     OFFERS TO REPURCHASE. Upon the occurrence of a Change of Control Triggering Event, the Issuer shall make a Change of Control Offer in accordance with Section  5.04 of the Fifth Supplemental Indenture.

 

A-7


10.    DENOMINATIONS, TRANSFER, EXCHANGE. The 2029 Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of 2029 Notes may be registered and 2029 Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require Holders to pay any transfer tax or other similar governmental charge payable in connection with such transfer and exchange that are required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer of or exchange of (a) any 2029 Note selected for redemption in whole or in part pursuant to Article 3 of the Base Indenture, except the unredeemed portion of any such 2029 Note being redeemed in part, or (b) any such 2029 Note for a period beginning 15 days before the mailing of a notice of an offer to repurchase or redeem such 2029 Notes or 15 days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the payment of interest), and ending on such mailing date or Interest Payment Date, as the case may be.

11.    PERSONS DEEMED OWNERS. The registered Holder of this 2029 Note may be treated as its owner for all purposes.

12.    AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees to the 2029 Notes or the 2029 Notes may be amended or supplemented as provided in the Indenture.

13.    DEFAULTS AND REMEDIES. The Events of Default relating to the 2029 Notes are defined in Section  6.01 of the Base Indenture, as supplemented by Section  7.01 of the Fifth Supplemental Indenture. If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding 2029 Notes and all other notes issued under the Indenture affected thereby (all such series voting as a single class) may declare the principal of and accrued but unpaid interest on all the 2029 Notes to be due and payable immediately by notice in writing to the Issuer and the Trustee (if given by the Holders) specifying the respective Event of Default and that it is a “notice of acceleration”, and the same shall become immediately due and payable. If an Event of Default arising from certain events of bankruptcy or insolvency occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all the outstanding 2029 Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture, the 2029 Notes or the Note Guarantees to the 2029 Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding 2029 Notes and all other notes of all series affected thereby may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding 2029 Notes and all other notes issued under the Indenture affected thereby (all such series voting as a single class) by written notice to the Trustee may on behalf of the Holders of all of the 2029 Notes waive any existing Default and its consequences under the Indenture with respect to the 2029 Notes except a continuing Default in payment of the principal of, premium, if any, or interest on, any of the 2029 Notes held by a non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required within 30 Business Days after becoming aware of any Default with respect to the 2029 Notes, to deliver to the Trustee a statement specifying such Default and what action the Issuer proposes to take with respect thereto.

 

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14.    AUTHENTICATION. This 2029 Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee or Authenticating Agent.

15.    GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE 2029 NOTES OF THIS SERIES AND THE NOTE GUARANTEES TO THE 2029 NOTES.

16.    CUSIP AND ISIN NUMBERS. The Issuer has caused CUSIP and ISIN numbers to be printed on the 2029 Notes of this series and the Trustee or Registrar may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the 2029 Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

Aptiv PLC

5 Hanover Quay

Grand Canal Dock

Dublin 2, Ireland

Attention: Treasurer

 

A-9


ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:                                                                                  

(Insert assignee’s legal name)

 

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint                                                                                   to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

Date:                                                              

Your Signature:                                                              

(Sign exactly as your name appears on the face of this Note)

Signature Guarantee*:                                                              

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

A-10


SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

The initial outstanding principal amount of this Global Note is $                      . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Certificated Note, or exchanges of a part of another Global or Certificated Note for an interest in this Global Note, have been made:

 

Date of Exchange

  

Amount of decrease

in Principal Amount

of this Global Note

  

Amount of increase

in Principal Amount

of this Global Note

  

Principal Amount of this
Global Note following
such decrease or increase

  

Signature of

authorized officer of
Trustee or Custodian

 

 

 

*

This schedule should be included only if the Note is issued in global form.

 

A-11


EXHIBIT B

[FORM OF FACE OF NOTE]

[Global Note Legend]

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS 2049 NOTE) OR ITS NOMINEE. THIS GLOBAL NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND 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 DEPOSITARY TRUST COMPANY (55 WATER STREET, 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.

 

B-1


CUSIP: 03835V AH9

ISIN: US03835VAH96

GLOBAL NOTE

5.400% Senior Notes due 2049

 

No.         

$[                  ]

APTIV PLC

promises to pay to Cede & Co., or registered assigns,

the principal sum of                                                   U.S. DOLLARS on March 15, 2049, as such amount may be changed from time to time pursuant to the Schedule of Exchanges of Interests attached hereto.

Interest Payment Dates: March 15 and September 15

Record Dates: March 1 and September 1

 

B-2


APTIV PLC
By:    
Name:  
Title:  

 

B-3


This is one of the 2049 Notes referred to in the within-mentioned Fifth Supplemental Indenture:

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Authenticating Agent

By: Deutsche Bank National Trust Company

 

By:    
  Name:
  Title:

Dated:                                  , 20         

 

B-4


[Form of reverse side of 2049 Note]

5.400% Senior Note due 2049

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

1.    INTEREST. Aptiv PLC (the “ Issuer ”) promises to pay interest on the principal amount of this 2049 Note at a rate per annum of 5.400% from March 14, 2019 until maturity or pursuant to Section  7.02 of the Fifth Supplemental Indenture. The Issuer will pay interest on this 2049 Note semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2019, or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “ Interest Payment Date ”). The Issuer will make each interest payment to the Holder of record of this 2049 Note on the immediately preceding March 1 or September 1 (the “ Regular Record Date ”), as the case may be. Interest on this 2049 Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including March 14, 2019. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate borne by this 2049 Note; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the rate borne by this 2049 Note. Interest will be computed on the basis of a 360-day year comprise of twelve 30-day months.

2.    METHOD OF PAYMENT. The Issuer will pay interest on this 2049 Note to the Person who is the registered Holder of this 2049 Note at the close of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this 2049 Note is cancelled after such record date and on or before such Interest Payment Date, except as provided in Section  2.13 of the Base Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the Note Register of Holders, provided that (a) all payments of principal, premium, if any, and interest on, 2049 Notes represented by Global Notes registered in the name of or held by the DTC or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof and (b) all payments of principal, premium, if any, and interest with respect to Certificated Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee or the Paying Agent may accept in its discretion). Such payment shall be 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 debt.

3.    AUTHENTICATING AGENT, PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas will act as Authenticating Agent, Paying Agent and Registrar. The Issuer may change any Authenticating Agent, Paying Agent or Registrar without notice to the Holders. Aptiv International Holdings (UK) LLP or any of its Subsidiaries may act in any such capacity.

4.    INDENTURE. The Issuer issued the 2049 Notes under the Senior Indenture (the “ Base Indenture ”), dated as of March 10, 2015, among the Issuer, the Guarantors party thereto, Wilmington Trust, National Association, as trustee (the “ Trustee ”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as Registrar, Paying Agent and Authenticating Agent. The Issuer shall be entitled to issue Additional 2049 Notes pursuant to the Base Indenture. The terms of the 2049 Notes include those stated in the Base Indenture and those made part of the Base Indenture by reference to the fifth supplemental indenture, among the Issuer, the Guarantors party thereto, the Trustee and the Registrar

 

B-5


and Paying Agent, dated as of March 14, 2019 (the “ Fifth Supplemental Indenture ” and together with the Base Indenture, the “ Indenture ”), setting forth the additional terms of the 2049 Notes pursuant to Section  2.03 of the Base Indenture and the provisions of the Trust Indenture Act of 1939, as amended (the “ Trust Indenture Act ”). The 2049 Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this 2049 Note conflicts with the express provisions of the Indenture and those other provisions forming a part thereof with respect to the 2049 Notes, the provisions of the Indenture and such other provisions with respect to the 2049 Notes shall govern and be controlling.

5.    OPTIONAL REDEMPTION. At any time prior to September 15, 2048, the Issuer may at its option redeem the 2049 Notes, in whole or in part, at a redemption price equal to the greater of:

(i)    100% of the principal amount of the 2049 Notes to be redeemed; and

(ii)    the sum of the present value of (i) the redemption price (100% of the principal amount of the 2049 Notes to be redeemed) on September 15, 2048 and (ii) all required remaining scheduled interest payments due on the 2049 Notes to be redeemed through September 15, 2048 (not including any portion of such payments of interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 37.5 basis points.

plus accrued and unpaid interest on the principal amount of the 2049 Notes to be redeemed to, but not including, the Redemption Date. The Treasury Rate will be calculated on the Calculation Date.

If the 2049 Notes are redeemed at any time on or after September 15, 2048, the 2049 Notes may be redeemed at a redemption price equal to 100% of the principal amount of the 2049 Notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.

Notice of such redemption must be mailed by first-class mail to each Holder’s registered address, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, not less than 10 nor more than 60 days prior to the redemption date. If the Issuer partially redeems the 2049 Notes, the Registrar and Paying Agent, subject to the procedures of The Depository Trust Company, will select the 2049 Notes to be redeemed on a pro rata basis, by lot or by such other method in accordance with the procedures of The Depository Trust Company, although no 2049 Note less than $2,000 in original principal amount will be redeemed in part. If the Issuer redeems any 2049 Note in part only, the notice of redemption relating to such 2049 Note shall state the portion of the principal amount thereof to be redeemed. A new 2049 Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original 2049 Note. On and after the redemption date, interest will cease to accrue on 2049 Notes or portions of such 2049 Notes called for redemption so long as the Issuer has deposited with the Registrar and Paying Agent funds sufficient to pay the principal of the 2049 Notes to be redeemed, plus accrued and unpaid interest thereon. Any notice of redemption may be conditioned on the satisfaction of one or more conditions precedent.

6.    TAX REDEMPTION. The Issuer may redeem the 2049 Notes as a whole but not in part, at its option at any time prior to maturity, upon the giving of a written notice of redemption to the holders, with a copy to the Trustee, if it determines that, as a result of:

(i)    any change in or amendment to the laws, or any regulations or rulings promulgated under the laws, of a Relevant Jurisdiction affecting taxation, or

 

B-6


(ii)    any change in or amendment to an official position regarding the application or interpretation of the laws, regulations or rulings referred to above, which change or amendment is announced and becomes effective after the Issue Date (or, if the Relevant Jurisdiction becomes a Relevant Jurisdiction on a date after the Issue Date, after such later date) (each of the foregoing, a “ Change in Tax Law ”), the Issuer or any Guarantor is or will become obligated to pay Additional Amounts with respect to the 2049 Notes or the Note Guarantees on the next succeeding interest payment date, pursuant to Section  5.03 (but in the case of a Guarantor, only if the payments giving rise to such obligation cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts) and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available to the Issuer or the Guarantor. The redemption price will be equal to 100% of the principal amount of the 2049 Notes plus accrued and unpaid interest to but excluding the date fixed for redemption (a “ Tax Redemption Date ”), and all Additional Amounts (if any) then due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders of the 2049 Notes on any record date occurring prior to the Tax Redemption Date to receive interest due on the relevant interest payment date and Additional Amounts (if any) in respect thereof). The date and the applicable redemption price will be specified in the notice of tax redemption. Notice of such redemption will be irrevocable, and must be mailed by first-class mail to each Holder’s registered address, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, not less than 15 nor more than 60 days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment in respect of the 2049 Notes were actually due on such date. No such notice of redemption will be given unless, at the time such notification of redemption is given, such obligation to pay such Additional Amounts remains in effect.

Prior to giving the notice of tax redemption, the Issuer will deliver to the Trustee:

(i)    a certificate signed by a duly authorized officer stating that the Issuer is entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer to so redeem have occurred; and

(ii)    an opinion of independent tax counsel of recognized standing qualified under the laws of the Relevant Jurisdiction, selected by the Issuer, to the effect that the Issuer is or would be obligated to pay Additional Amounts as a result of a Change in Tax Law.

The foregoing provisions shall apply mutatis mutandis to any successor to the Issuer.

7.    MANDATORY REDEMPTION. Except as set forth in Section  5.04 of the Fifth Supplemental Indenture, the Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the 2049 Notes.

8.     NOTICE OF REDEMPTION. At least 10 days but not more than 60 days before a Redemption Date, the Issuer shall mail or cause to be mailed, by first class mail to each Holder’s registered address, or deliver electronically if held by any depositary in accordance with such depositary’s customary procedures, a notice of redemption to each Holder whose 2049 Notes are to be redeemed. Any redemption and notice thereof may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

9.     OFFERS TO REPURCHASE. Upon the occurrence of a Change of Control Triggering Event, the Issuer shall make a Change of Control Offer in accordance with Section  5.04 of the Fifth Supplemental Indenture.

 

B-7


10.    DENOMINATIONS, TRANSFER, EXCHANGE. The 2049 Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of 2049 Notes may be registered and 2049 Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require Holders to pay any transfer tax or other similar governmental charge payable in connection with such transfer and exchange that are required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer of or exchange of (a) any 2049 Note selected for redemption in whole or in part pursuant to Article 3 of the Base Indenture, except the unredeemed portion of any such 2049 Note being redeemed in part, or (b) any such 2049 Note for a period beginning 15 days before the mailing of a notice of an offer to repurchase or redeem such 2049 Notes or 15 days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the payment of interest), and ending on such mailing date or Interest Payment Date, as the case may be.

11.    PERSONS DEEMED OWNERS. The registered Holder of this 2049 Note may be treated as its owner for all purposes.

12.    AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees to the 2049 Notes or the 2049 Notes may be amended or supplemented as provided in the Indenture.

13.    DEFAULTS AND REMEDIES. The Events of Default relating to the 2049 Notes are defined in Section  6.01 of the Base Indenture, as supplemented by Section  7.01 of the Fifth Supplemental Indenture. If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding 2049 Notes and all other notes issued under the Indenture affected thereby (all such series voting as a single class) may declare the principal of and accrued but unpaid interest on all the 2049 Notes to be due and payable immediately by notice in writing to the Issuer and the Trustee (if given by the Holders) specifying the respective Event of Default and that it is a “notice of acceleration”, and the same shall become immediately due and payable. If an Event of Default arising from certain events of bankruptcy or insolvency occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all the outstanding 2049 Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture, the 2049 Notes or the Note Guarantees to the 2049 Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding 2049 Notes and all other notes of all series affected thereby may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding 2049 Notes and all other notes issued under the Indenture affected thereby (all such series voting as a single class) by written notice to the Trustee may on behalf of the Holders of all of the 2049 Notes waive any existing Default and its consequences under the Indenture with respect to the 2049 Notes except a continuing Default in payment of the principal of, premium, if any, or interest on, any of the 2049 Notes held by a non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required within 30 Business Days after becoming aware of any Default with respect to the 2049 Notes, to deliver to the Trustee a statement specifying such Default and what action the Issuer proposes to take with respect thereto.

 

B-8


14.    AUTHENTICATION. This 2049 Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee or Authenticating Agent.

15.    GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE 2049 NOTES OF THIS SERIES AND THE NOTE GUARANTEES TO THE 2049 NOTES.

16.    CUSIP AND ISIN NUMBERS. The Issuer has caused CUSIP and ISIN numbers to be printed on the 2049 Notes of this series and the Trustee or Registrar may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the 2049 Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

Aptiv PLC

5 Hanover Quay

Grand Canal Dock

Dublin 2, Ireland

Attention: Treasurer

 

B-9


ASSIGNMENT FORM

To assign this Note, fill in the form below:

 

(I) or (we) assign and transfer this Note to:     

(Insert assignee’s legal name)

  
      
(Insert assignee’s soc. sec. or tax I.D. no.)
      
      
      
      
(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint     

to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

Date:        

 

Your Signature:        
   (Sign exactly as your name appears on the face of this Note)   

 

Signature Guarantee*:        

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

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SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

The initial outstanding principal amount of this Global Note is $                  . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Certificated Note, or exchanges of a part of another Global or Certificated Note for an interest in this Global Note, have been made:

 

Date of Exchange

  

Amount of
decrease in
Principal
Amount of this

Global Note

  

Amount of
increase in
Principal
Amount of this

Global Note

  

Principal
Amount of this

Global Note
following such

decrease or
increase

  

Signature of
authorized
officer of Trustee
or Custodian

 

*This schedule should be included only if the Note is issued in global form.

 

B-11

Exhibit 5.1

 

  

New York

Northern California  

Washington DC

São Paulo

London

 

Paris

Madrid

Tokyo

Beijing

Hong Kong

LOGO

      

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

 

212 450 4000 tel

212 701 5800 fax

    

March 14, 2019

 

Re:

OPINION OF DAVIS POLK & WARDWELL LLP – Exhibit 5.1

Aptiv PLC

5 Hanover Quay

Grand Canal Dock, Dublin 2

Ireland

Ladies and Gentlemen:

Aptiv PLC, a Jersey public limited company (the “ Company ”), and the guarantors listed in Schedule I hereto (the “ Guarantors ”), have filed with the Securities and Exchange Commission a Registration Statement on Form S-3 (File No. 333-228021) (the “ Registration Statement ”) for the purpose of registering under the Securities Act of 1933, as amended (the “ Securities Act ”), certain securities, including $300 million aggregate principal amount of its 4.350% Senior Notes due 2029 (the “ 2029 Notes ”) and $350 million aggregate principal amount of its 5.400% Senior Notes due 2049 (the “ 2049 Notes ” and, together with the 2029 Notes, the “ Notes ”). The Notes are to be issued pursuant to the provisions of a base indenture dated as of March 10, 2015 (the “ Base Indenture ”) among the Company, the Guarantors, Wilmington Trust, National Association (the “ Trustee ”) and Deutsche Bank Trust Company Americas as registrar, paying agent and authenticating agent (the “ Agent ”), as supplemented by the fifth supplemental indenture dated as of March 14, 2019 among the Company, the Guarantors, the Trustee and the Agent (the “ Fifth Supplemental Indenture ” and, together with the Base Indenture, the “ Indenture ”) and sold pursuant to the Underwriting Agreement dated February 28, 2019 (the “ Underwriting Agreement ”) among the Company, the Guarantors and the several underwriters named therein (the “ Underwriters ”). The Notes will be guaranteed by each of the Guarantors pursuant to the terms of the Indenture (the “ Guarantees ” and, together with the Notes, the “ Securities ”).

We, as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.


Aptiv PLC   2   March 14, 2019

 

In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and officers of the Company and the Guarantors that we reviewed were and are accurate and (vi) all representations made by the Company and the Guarantors as to matters of fact in the documents that we reviewed were and are accurate.

Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion, when the Notes have been duly executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement, the Notes will constitute valid and binding obligations of the Company, and the Guarantees will constitute the valid and binding obligations of the Guarantors, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability, and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that we express no opinion as to (x) the enforceability of any waiver of rights under any usury or stay law, (y) (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision of the Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of any Guarantor’s obligation or (z) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of stated principal amount upon acceleration of the Notes to the extent determined to constitute unearned interest.

In connection with the opinion expressed above, we have assumed that the Company and each Guarantor, other than Aptiv Corporation, is validly existing as a corporation in good standing under the laws of its respective jurisdiction of incorporation. In addition, we have assumed that the Indenture is a valid, binding and enforceable agreement of each party thereto (other than as expressly covered above in respect of the Company and the Guarantors). We have also assumed that the execution, delivery and performance by each party to each of the Indenture, the Notes and the Guarantees (collectively, the “ Documents ”) to which it is a party (a) are within its corporate powers, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents of such party, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d) do not contravene, or constitute a default under, any provision of applicable law or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon such party, provided that we make no such assumption to the extent that we have specifically opined as to such matters with respect to the Company and each Guarantor.

We are members of the Bar of the State of New York and the foregoing opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware, except that we express no opinion as to any law, rule or regulation that is applicable to the Company or the Guarantors, the Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate. Insofar as the foregoing opinion involves matters governed by the laws of Jersey and the United Kingdom, we have relied, without independent inquiry or investigation, on the opinions of Carey Olsen and Davis Polk & Wardwell London LLP, respectively, each filed as an exhibit to a report on Form 8-K and incorporated by reference into the Registration Statement.


Aptiv PLC   3   March 14, 2019

 

We hereby consent to the filing of this opinion as an exhibit to a report on Form 8-K to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement and further consent to the reference to our name under the caption “Legal Matters” in the prospectus supplement which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Davis Polk & Wardwell LLP


Aptiv PLC   4   March 14, 2019

 

Schedule I

 

    

State or Other Jurisdiction of Incorporation or Organization

Aptiv Corporation

   Delaware

Aptiv International Holdings (UK) LLP

   England and Wales

Aptiv Holdings US Limited

   Jersey

Exhibit 5.2

 

  

Carey Olsen Jersey LLP

47 Esplanade

St Helier

Jersey JE1 0BD

Channel Islands

 

T    +44 (0)1534 888900

F    +44 (0)1534 887744

E    jerseyco@careyolsen.com

   14 March 2019

To the addressee listed in Schedule 1

Dear Sirs

Aptiv PLC (the “Issuer”)

Aptiv Holdings US Limited (the “Jersey Guarantor”)

(together being the “Companies” and each a “Company”)

 

1.

BACKGROUND

We act as Jersey legal advisers to each Company in connection with (i) the offer, issue and sale by the Issuer of the Notes; and (ii) the Documents.

 

2.

DEFINITIONS AND INTERPRETATION

 

2.1

Capitalised terms used in this Opinion shall have the meanings given to them in Part A of Schedule 5 ( Definitions and Interpretation ).

 

2.2

This Opinion shall be interpreted and construed in accordance with Part B of Schedule 5 ( Definitions and Interpretation ).

 

3.

SCOPE

 

3.1

This Opinion is limited to: (a) matters of Jersey law and practice as at the date of this Opinion; and (b) matters expressly stated in this Opinion.

 

3.2

We have made no investigation and express no opinion with respect to the law or practice of any other jurisdiction.

 

Carey Olsen Jersey LLP is registered as a limited liability partnership in Jersey with registered number 80.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 2

 

3.3

This Opinion is based only on those matters of fact known to us at the date of this Opinion.

 

4.

DOCUMENTS EXAMINED AND SEARCHES

 

4.1

In giving this Opinion we have examined a copy sent to us in electronic form by email of each Document.

 

4.2

In addition, we have examined each Further Document.

 

4.3

The Documents and the Further Documents are the only documents we have seen or examined for the purposes of this Opinion.

 

4.4

The Searches are the only searches, investigations or enquiries we have carried out for the purposes of this Opinion.

 

5.

ASSUMPTIONS AND QUALIFICATIONS

 

5.1

This Opinion is given: (a) in reliance on the Assumptions; and (b) on the basis that the Assumptions (which we have not independently investigated or verified) are accurate, and have been accurate, in all respects at the date of this Opinion, and at all other relevant times.

 

5.2

This Opinion is subject to the Qualifications.

 

6.

OPINION

We are of the opinion that:

 

6.1

Incorporation, valid existence, power, capacity and authority

 

  6.1.1

Each Company is duly incorporated with limited liability and validly existing under Jersey law.

 

  6.1.2

Each Company has the corporate power and capacity to enter into, and to perform its obligations under, each Document to which it is a party (including, in the case of the Issuer, the issue of the Notes).

 

  6.1.3

Each Company has taken the corporate and other action necessary under Jersey law to authorise the acceptance and due execution of, and the performance of its obligations under, each Document to which it is a party (including, in the case of the Issuer, the issue of the Notes).


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 3

 

6.2

Execution

Each Document has been duly executed by each Company that is a party to it.

 

6.3

Search results

 

  6.3.1

The Public Records Search revealed no evidence of any current resolutions for winding up or dissolution of any Company and no evidence of the appointment of any liquidator in respect of any Company or any of its assets.

 

  6.3.2

A representative of the office of the Viscount stated in response to the Viscount Enquiry that, to the best of his/her knowledge and belief, the property of no Company had been declared to be en d é sastre .

 

7.

GOVERNING LAW, LIMITATIONS, BENEFIT, DISCLOSURE AND RELIANCE

 

7.1

This Opinion is governed by and shall be construed in accordance with Jersey law.

 

7.2

We assume no obligation to advise you or any other person, or undertake any investigations, as to any legal developments or factual matters arising after the date of this Opinion that might affect the opinions expressed in this Opinion.

 

7.3

This Opinion is addressed only to you and is solely for the benefit of you and your professional legal advisers in connection with the Documents and except with our prior written consent it may not be disclosed to, used or relied on by any other person or for any other purpose, or referred to or made public in any way.

 

7.4

We consent to the filing of a copy of this opinion as an exhibit to a current report on Form 8-K, and incorporation by reference into the Registration Statement. In giving this consent, we do not admit that we are included in the category of persons whose consent is required under Section 7 of the US Securities Act of 1933, as amended (the “ Securities Act ”) or the rules and regulations promulgated by the US Securities and Exchange Commission under the Securities Act.

Yours faithfully

/s/ Carey Olsen


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 4

 

SCHEDULE 1

ADDRESSEE

Aptiv PLC

5 Hanover Quay

Grand Canal Dock

Dublin 2

Ireland


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 5

 

SCHEDULE 2

DOCUMENTS EXAMINED

Part A

The Documents

 

1.

A fifth supplemental indenture dated 14 March 2019 between the Issuer, the Jersey Guarantor, Aptiv Corporation, Wilmington Trust, National Association (as Trustee) and Deutsche Bank Trust Company Americas (as Agent) supplementing the Base Indenture (the “ Supplemental Indenture ”).

 

2.

The global note numbered 1 representing the 2029 Notes and issued pursuant to the Indenture.

 

3.

The global note numbered 1 representing the 2049 Notes and issued pursuant to the Indenture.

Part B

Further Documents

 

1.

A copy of:

 

1.1

each Certificate of Incorporation;

 

1.2

each Memorandum and Articles of Association;

 

1.3

the Registers;

 

1.4

the Consents; and

 

1.5

the Shareholder Records.

 

2.

A copy of:

 

2.1

an extract of the minutes recording the Issuer Director Resolutions;

 

2.2

the written resolutions document including the Jersey Guarantor Director Resolutions; and

 

2.3

the written resolutions document including the Shareholder Resolutions.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 6

 

3.

A copy of the:

 

3.1

Registration Statement;

 

3.2

Prospectus Supplement; and

 

3.3

Base Indenture.

 

4.

A copy of each Opinion Certificate (as attached).

 

5.

The Public Records.

 

6.

The response received from the office of the Viscount to the Viscount Enquiry.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 7

 

SCHEDULE 3

ASSUMPTIONS

 

1.

Authenticity

 

1.1

The genuineness and authenticity of all signatures, initials, stamps, seals and markings on all documents examined by us, including, in the case of copy documents examined by us, on the originals of those copies.

 

1.2

Each person who purported to execute a Document for or on behalf of a Company was an Authorised Signatory of that Company.

 

2.

Copies

The completeness and conformity to original documents of all copies examined by us.

 

3.

Execution versions/drafts

Where we have been provided with a document (whether original or copy) in executed form or with only the signature page of an executed document, that such executed document does not differ from the latest draft or execution version of the document provided to us and/or, where a document has been reviewed by us only in draft, execution or specimen form, it has been executed in the form of that draft, execution version or specimen.

 

4.

Execution

Each party (other than each Company as a matter of Jersey law) has duly executed those documents to which it is a party.

 

5.

Dating and delivery

Each Document has been dated and has been duly and unconditionally delivered by each of the parties to it.

 

6.

Directors’ duties

 

6.1

In resolving that each Company enters into each Document to which it is a party and the transaction(s) documented or contemplated by each Document to which it is a party the directors of that Company were acting with a view to the best interests of that Company and were otherwise exercising their powers in accordance with their duties under all applicable laws.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 8

 

6.2

Each director of each Company has disclosed all interests required to be disclosed by the Companies Law and the Articles of Association of that Company in accordance with the provisions of the Companies Law and the Articles of Association of that Company.

 

7.

Solvency

Each Company remains solvent (meaning that each Company will be able to discharge its liabilities as they fall due) after entering into each Document to which it is a party and the transaction(s) documented or contemplated by each Document to which it is a party, and all statements, assessments and opinions of solvency made or expressed by the directors of each Company in the Further Documents have been properly made.

 

8.

Consents – Jersey

Each Consent is in full force and effect and has not been revoked, superseded or amended and no other consents, authorisations, registrations, approvals, filings or other requirements of any governmental, judicial or other public bodies or authorities in Jersey have been (other than any consent referred to in the Opinion Certificates) or should have been obtained, made or satisfied by any Company.

 

9.

Consents – other laws

All consents, authorisations, registrations, approvals, filings or other requirements of any governmental, judicial or other public bodies or authorities required to be obtained, made or satisfied by each Company under any law (other than Jersey law): (a) for the execution and delivery of each Document to which it is a party and the performance of its obligations under each Document to which it is a party; and (b) generally for the enforceability of each Document to which it is a party, have been obtained, made or satisfied and, where appropriate, remain in full force and effect.

 

10.

Establishment, existence, capacity and authority – other parties

Each party (other than each Company as a matter of Jersey law) is duly established and validly existing and: (a) has the necessary capacity, power, authority and intention; (b) has taken the corporate and other action necessary to authorise it; and (c) has obtained, made or satisfied all necessary consents, authorisations, registrations, approvals, filings or other requirements (i) of any governmental, judicial or other public bodies or authorities or (ii) imposed by any contractual or other obligation or restriction binding upon it; in each case to enter into, and deliver and perform, its obligations under, the documents to which it is a party.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 9

 

11.

Registers and appointments and Shareholder Records

The accuracy and completeness of:

 

11.1

the Registers and that each director, alternate director (if any) and secretary of each Company and of any corporate director of each Company stated in the Registers has been validly appointed.

 

11.2

the Shareholder Records, with there being no declarations of trust or equivalent affecting the shares in that Company.

 

12.

Capacity – each Company

Each Company is acting as principal on its own behalf in entering into each Document to which it is a party and not as an agent, trustee, nominee or in any other capacity.

 

13.

No conflict – foreign law or regulation

There is no provision of the law or regulation of any jurisdiction other than Jersey that would have any adverse implication in relation to the opinions expressed in this Opinion.

 

14.

Searches

 

14.1

All documents or information that are required to be filed or registered by or in relation to each Company with the Registrar of Companies (whether or not any time limit for such filing or registration has yet expired) have been so filed or registered and appear on the Public Records and are accurate and complete.

 

14.2

The response (construed as if the expression “to the best of my knowledge and belief” or similar did not appear in it) received from the office of the Viscount in response to the Viscount Enquiry is accurate and complete.

 

14.3

There has been no change in the public records relating to any Company available for inspection on the companies register on the web-site of the Registrar of Companies since the time we carried out the Public Records Search.

 

14.4

There has been no change in the records relating to any Company available to the office of the Viscount since the time it gave its response to the Viscount Enquiry.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 10

 

15.

Unknown facts

That there is no document or other information or matter (including, without limitation, any arrangement or understanding) that has not been provided or disclosed to us that is relevant to or that might affect the opinions expressed in this Opinion.

 

16.

Extract of directors minutes

Without prejudice to the generality of Assumption 15 ( Unknown facts ), where we are provided with an extract of the minutes recording the Issuer Director Resolutions, no other part of such minutes is relevant to or might affect the opinions expressed in this Opinion.

 

17.

Opinion certificate and other documents

The accuracy, correctness and completeness of each Opinion Certificate and of all statements, assessments and opinions as to matters of fact contained in each Document and each Further Document.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 11

 

SCHEDULE 4

QUALIFICATIONS

 

1.

Title

We offer no opinion as to the title or interest of any Company or any other person to or in, or the existence of, any property or assets the subject of any Document.

 

2.

No conflict – contractual obligations etc.

We offer no opinion on whether there are any contractual or other obligations or restrictions binding on any Company that would or could have any adverse implication in relation to the opinions expressed in this Opinion.

 

3.

Representations and warranties

Unless expressly stated otherwise, we offer no opinion in relation to any representation or warranty made or given in or in connection with any Document or any Further Document.

 

4.

Searches/registries

 

4.1

The Public Records Search is not conclusively capable of revealing whether or not: (a) a winding up order has been made or a resolution passed for the winding up of any Company; or (b) an order has been made or a resolution passed appointing a liquidator in respect of any Company, as notice of these matters might not be filed with the Registrar of Companies immediately and, when filed, might not be entered on the public records of a Company immediately.

 

4.2

The Viscount Enquiry relates only to the property of a Company being declared to be en désastre . There is no formal procedure for determining whether a Company has otherwise become bankrupt as defined in the Interpretation (Jersey) Law 1954.

 

4.3

Information available in public registries in Jersey is limited. In respect of security interests, there is the Security Interests Register and a publicly available record of hypotheques over real property situated in Jersey and of mortgages of Jersey-registered ships. We have not examined any such public records for the purposes of giving this Opinion.

 

5.

Enforcement

We offer no opinion as to the enforceability of any obligations under or pursuant to any transaction, agreement or document entered into or to be entered into by any Company.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 12

 

SCHEDULE 5

DEFINITIONS AND INTERPRETATION

Part A

Definitions

 

2012 Law    means the Security Interests (Jersey) Law 2012;
2029 Notes    means the US$300,000,000 4.350% Senior Notes due 2029 issued by the Issuer;
2049 Notes    means the US$350,000,000 5.400% Senior Notes due 2049 issued by the Issuer;
Addressee    means the addressee of this Opinion set out in Schedule 1 ( Addressee ) to this Opinion;
Articles of Association    means the articles of association of each Company, as referred to in the Opinion Certificate of that Company, or as the context permits, all such articles of association together;
Assumptions    means the assumptions set out in Schedule 3 ( Assumptions );
Authorised Signatory    means a person authorised to sign the Document on behalf of a Company pursuant to the relevant Director Resolutions;
Base Indenture    means the base indenture dated 10 March 2015 between (amongst others) the Issuer, the Jersey Guarantor and the Trustee;
Certificates of Incorporation   

means together:

 

(a)   the certificate of incorporation and certificate of incorporation on change of name of the Issuer, as referred to in the Opinion Certificate of that Company; and

 

(b)   the certificate of continuance of a limited company and certificate of incorporation on change of name issued to the Jersey Guarantor, as referred to in the Opinion Certificate of that Company;


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 13

 

CGPO Consent    means the consent dated 26 February 2019 granted to the Issuer pursuant to the Companies (General Provisions) (Jersey) Order 2002, as amended, to, among other things, the circulation of the Prospectus Supplement;
COBO Consent    means the consent dated 26 February 2019 granted to the Issuer pursuant to the Control of Borrowing (Jersey) Order 1958 in relation to the issue of the Notes;
Companies Law    means the Companies (Jersey) Law 1991;
Consents   

means together:

 

(i) the COBO Consent;

 

(ii)  the CGPO Consent; and

 

(iii)  the consent dated 1 January 2017 granted to each Company pursuant to the Control of Borrowing (Jersey) Order 1958 in relation to the issue of shares,

 

as referred to in the Opinion Certificates;

Director Resolutions    means together the Issuer Director Resolutions and the Jersey Guarantor Director Resolutions;
Document    means the document listed in Part A of Schedule 2 ( Documents Examined );
Further Documents    means the documents listed in Part B of Schedule 2 ( Documents Examined );
Indenture    means the Base Indenture as supplemented by the Supplemental Indenture;
Issuer Director Resolutions    means the resolutions of the directors of the Issuer stated as passed on 24 January 2019 at a meeting of the board of directors of the Issuer recorded in minutes of that meeting and relating to the Document and as referred to in the Opinion Certificate of the Issuer;
Jersey Guarantor Director Resolutions    means the resolutions of the directors of the Jersey Guarantor stated as passed on 26 February 2019 in the form of written resolutions of the directors of the Jersey Guarantor relating to the Document and as referred to in the Opinion Certificate of the Jersey Guarantor;


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 14

 

Memorandum and Articles of Association    means, together, the memorandum and articles of association of each Company, as referred to in the Opinion Certificate of that Company;
Notes    means together the 2029 Notes and the 2049 Notes;
Opinion    means this legal opinion and includes the Schedules;
Opinion Certificates    means together the certificate of a director or Authorised Signatory of each Company addressed to us and dated the date of this Opinion, a copy of each of which is attached at Schedule 6 ( Opinion Certificates );
Prospectus Supplement    means the prospectus supplement dated 28 February 2019 in relation to the issue of the Notes which is supplemental to the Registration Statement;
Public Records    means together the public records of each Company available for inspection on the companies register on the web-site of the Registrar of Companies at the time we carried out the Public Records Search;
Public Records Search    means our inspection of the Public Records on the date of this Opinion;
Qualifications    means the observations and qualifications set out in Schedule 4 ( Qualifications );
Registers    means together the registers of directors and secretaries of each Company, as referred to in the Opinion Certificate of that Company;
Registrar of Companies    means the Registrar of Companies in Jersey;
Registration Statement    means the registration statement on Form S-3 dated 26 October 2018 filed with the Securities and Exchange Commission in relation to, among other things, the shelf registration of debt securities to be issued by the Issuer;
Searches    means the Public Records Search and the Viscount Enquiry;
Security Interests Register    means the register maintained by the Registrar of Companies under the 2012 Law in respect of security interests created and assignments of receivables effected under the 2012 Law;


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 15

 

Shareholder Records    means a copy of the register of members of the Jersey Guarantor as referred to in the Opinion Certificate of that Company;
Shareholder Resolutions    means the resolutions of the Jersey Guarantor stated as passed on 26 February 2019 in the form of written resolutions of the shareholders of that Company relating to the Document and as referred to in the Opinion Certificate of that Company;
Supplemental Indenture    has the meaning given to that term in Part A of Schedule 2 ( Documents Examined );
Viscount    means the Viscount in Jersey; and
Viscount Enquiry    means together our enquiry in respect of each Company made on the date of this Opinion to the office of the Viscount.

Part B

Interpretation

 

1.

References in this Opinion to:

 

1.1

a Schedule are references to a schedule to this Opinion;

 

1.2

a “person” include any body of persons corporate or unincorporated;

 

1.3

legislation include, where relevant, a reference to such legislation as amended at the date of this Opinion;

 

1.4

“you” means the Addressee; and

 

1.5

“we”, “us” or “our” in relation to the examination, sight, receipt or review by us, or provision to us, of information or documents are references only to our lawyers who worked on the preparation of this Opinion in this matter.

 

2.

Where a capitalised term appears in the left-hand column of Part A of Schedule 5 ( Definitions and Interpretation ) in the singular, its plural form, if used in this Opinion, shall be construed accordingly, and vice versa .

 

3.

Headings in this Opinion are inserted for convenience only and shall not affect the construction of this Opinion.


Aptiv PLC and Aptiv Holdings US Limited

14 March 2019

Page 16

 

SCHEDULE 6

OPINION CERTIFICATES

[Attached]

Exhibit 5.3

 

  

New York

Northern California  

Washington DC

São Paulo

London

 

Paris

Madrid

Tokyo

Beijing

Hong Kong

LOGO

      

Davis Polk & Wardwell  LLP

5 Aldermanbury Square

London EC2V 7HR

 

020 7418 1300 tel

020 7418 1400 fax

    

14 March 2019

Aptiv PLC

5 Hanover Quay

Grand Canal Dock

Dublin 2

Ireland

Dear Sirs

Aptiv International Holdings (UK) LLP: guarantee of U.S. $300,000,000 4.350% Senior Notes due 2029 and U.S. $350,000,000 5.400% Senior Notes due 2049 issued by Aptiv PLC

We have acted as advisers as to English law to Aptiv International Holdings (UK) LLP, a limited liability partnership organised under the laws of England and Wales (the “ English Law Opinion Party ”), in connection with the issue of U.S. $300,000,000 4.350% Senior Notes due 2029 (the “ 2029 Notes ”) and U.S. $350,000,000 5.400% Senior Notes due 2049 (the “ 2049 Notes ”, and together with the 2029 Notes, the “ Notes ”) by Aptiv PLC (the “ Issuer ”), a public limited company organised under the laws of Jersey, which are to be guaranteed by the English Law Opinion Party pursuant to the Indenture referred to below. The Issuer has filed a registration statement on Form S-3 with the United States Securities and Exchange Commission on 26 October 2018 (the “ Registration Statement ”) for the purposes of registering, under the Securities Act of 1933, as amended (the “ Securities Act ”), the Notes to be issued, from time to time, pursuant to the Base Indenture referred to below.

The Notes will be issued pursuant to a Senior Indenture, dated as of 10 March 2015, among the Issuer, the guarantors from time to time party thereto, Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent, and the Trustee (the “ Base Indenture ”) as supplemented by a Fifth Supplemental Indenture dated as of 14 March 2019 (the “ Supplemental Indenture ”) between, inter alios, the parties to the Base Indenture and the English Law Opinion Party (the Base Indenture and the Supplemental Indenture collectively being referred to in this opinion as the “ Indenture ”). For the purposes of this opinion, we have examined the documents listed in Schedule 1 to this opinion.

Capitalised terms used in this opinion shall, unless otherwise defined, have the meaning given to them in Schedule 1 to this opinion.

 

Davis Polk & Wardwell London LLP is a limited liability partnership formed under the laws of the State of New York, USA, and is authorised and regulated by the Solicitors Regulation Authority with registration number 566321.

Davis Polk includes Davis Polk & Wardwell LLP and its associated entities.


This opinion is confined to matters of English law as at the date of this opinion, and this opinion and any non-contractual obligations arising out of or in relation to it are governed by and shall be construed in accordance with English law. Accordingly, we express no opinion with regard to any system of law other than English law as currently applied by the English courts. In particular, we express no opinion on European Union law as it applies to any jurisdiction other than England and Wales. To the extent that the laws of Delaware, New York or Jersey may be relevant, we have made no independent investigation thereof and our opinion is subject to the effect of such laws.

We assume no obligation to notify you of any further changes in law, which may affect the opinions expressed herein, or otherwise to update this opinion in any respect.

Opinions

On the basis of our examination of the documents listed in Schedule 1 to this opinion and the other matters referred to above, and subject to the assumptions set out in Schedule 2 to this opinion, the qualifications set out in Schedule 3 to this opinion and any matters not disclosed to us, we are of the opinion that:

 

1.

Corporate existence . The English Law Opinion Party is a limited liability partnership that has been duly incorporated in Great Britain and registered in England and Wales.

 

2.

Corporate power . The English Law Opinion Party has the requisite corporate capacity to enter into the Indenture and to perform its obligations under the Indenture.

 

3.

Corporate action . All corporate action required to be taken by the English Law Opinion Party to authorise the execution by the English Law Opinion Party of the Supplemental Indenture has been duly taken and the Supplemental Indenture has been duly executed by or on behalf of the English Law Opinion Party.

This opinion and any non-contractual obligations arising out of or in relation to it are governed by and shall be construed in accordance with English law.

This opinion is addressed to you for your own benefit for the purposes of the Registration Statement filed under the Securities Act. It may not be disclosed or furnished to, or used or relied upon by, any other person or used or relied upon by you for any other purpose without, in any such case, our prior written consent. We hereby give such consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K filed by the Issuer on the date hereof and its incorporation by reference into the Registration Statement. In giving this consent, we do not thereby admit that we come within in the category of persons whose consent is required under Section 7 of the Securities Act.

Yours faithfully

/s/ Davis Polk & Wardwell London LLP


Aptiv plc     14 March 2019

 

SCHEDULE 1

DOCUMENTS EXAMINED

For the purposes of this opinion, we have examined the following documents:

Transaction Documents

 

1.

a copy of the executed New York law governed Base Indenture;

 

2.

a copy of the executed New York law governed Supplemental Indenture;

Corporate Documents

 

3.

a certificate from the secretary of the English Law Opinion Party dated 14 March 2019 (the “ Certificate ”); having attached to it the documents set out in paragraphs 4 to 9 below;

 

4.

a copy of the Certificate of Incorporation in respect of the English Law Opinion Party, certified to be a true and correct copy;

 

5.

a copy of each of the certificates of incorporation on change of name in respect of the English Law Opinion Party, each certified to be a true and correct copy;

 

6.

a copy of the Delaware law governed Fifth Amended and Restated Partnership Agreement, certified to be a true and correct copy as at the date and time of authorisation and execution of the Base Indenture, the Supplemental Indenture and on the date hereof (the “ Partnership Agreement ”);

 

7.

a copy of the written resolutions passed by the members of the English Law Opinion Party dated 26 February 2019, certified to be a true and correct copy;

 

8.

a list of persons duly authorised to sign any document or instrument relating to the issue and offer of the Notes or certificates delivered thereunder and specimen signatures thereof, each certified to be a true and correct copy as at the date and time of execution of the Supplemental Indenture and on the date hereof; and

 

9.

a copy of a Certificate of Good Standing in respect of the English Law Opinion Party dated 26 February 2019 issued by the Registrar of Companies at Companies House (the “ Certificate of Good Standing ”);

Except as stated above we have not examined any contracts, instruments or other documents entered into by any party to the Indenture or any corporate records of any party to the Indenture and have not made any other enquiries other than the Company Search and Central Registry Search concerning the Indenture or the parties thereto.


Aptiv plc     14 March 2019

 

SCHEDULE 2

ASSUMPTIONS

For the purposes of this opinion, we have assumed:

 

1.

all documents submitted to us as originals are authentic and complete;

 

2.

all documents submitted to us as copies, whether in physical or electronic form, conform to authentic, complete originals and, where a document has been examined by us in draft or specimen form, it will be or has been executed in the form of that draft or specimen;

 

3.

all signatures, stamps and seals on all documents that we reviewed are genuine;

 

4.

all signatures purporting to be on behalf of the English Law Opinion Party are those of persons authorised by resolutions of the English Law Opinion Party to execute the relevant document on behalf of the English Law Opinion Party;

 

5.

the English Law Opinion Party has validly authorised the attachment of its signature pages to the final text of the Opinion Documents;

 

6.

in relation to the English Law Opinion Party:

 

  (a)

the certificate of incorporation in the form referred to in paragraph 4 of Schedule 1 to this opinion, the certificates of incorporation on change of name in the form referred to in paragraph 5 of Schedule 1 to this opinion and the Partnership Agreement in the form referred to in paragraph 6 of Schedule 1 to this opinion were in force at the date and time of authorisation and execution of the Supplemental Indenture, and are in force on the date hereof;

 

  (b)

that the written resolutions in the form referred to in paragraph 7 of Schedule 1 to this opinion were duly passed as written resolutions, that the requisite members of the English Law Opinion Party have signed one or more copies of the written resolutions or otherwise indicated agreement in writing to such resolutions, that all relevant provisions of the Partnership Agreement were duly observed, that the members of the English Law Opinion Party had the capacity, power and authority to enter into such resolutions and that such resolutions have not been amended, revoked or rescinded and are in full force and effect, and that all filings required to be filed with the Registrar of Companies in connection therewith have been filed with the Registrar of Companies within the relevant statutory time limits;

 

7.

that in entering into the Indenture, the English Law Opinion Party did so in good faith and for the purpose of carrying on its business and at the time that the Indenture was entered into:

 

  (a)

there were reasonable grounds for the members of the English Law Opinion Party to believe that the transactions to which the Indenture relates, and the execution and delivery by the English Law Opinion Party of the Indenture and the exercise of its rights and the performance of its obligations thereunder, would materially benefit the English Law Opinion Party and be likely to promote its success for the benefit of its members as a whole; and

 

  (b)

the English Law Opinion Party was not unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986 (the “ Insolvency Act ”) (for which purpose account is to be taken of its contingent and prospective liabilities) and has not and will not become so unable to pay its debts in consequence of entering into or performing its obligations under the Indenture;


Aptiv plc     14 March 2019

 

8.

the members of the English Law Opinion Party acted in good faith and in accordance with their duties under all applicable laws and the Partnership Agreement of that English Law Opinion Party in authorising execution of the Supplemental Indenture;

 

9.

the execution and delivery of the Supplemental Indenture by the English Law Opinion Party and the exercise of its rights and performance of its obligations under the Indenture will sufficiently benefit, and is in the interests of, the English Law Opinion Party;

 

10.

each of the statements contained in the Certificate is true and correct as at the date hereof;

 

11.

the information revealed by our search of the entries shown on Companies House Direct online service on 13 March 2019 with respect to the English Law Opinion Party maintained at Companies House in Cardiff (the “ Company Search ”) (i) was accurate in all respects and has not since the time of such search been altered, and (ii) was complete and included all relevant information which should properly have been properly submitted to the Registrar of Companies;

 

12.

the information revealed by the results of a telephone search with the Companies Court in London of the Central Registry of Winding Up Petitions on 13 March 2019 with respect to the English Law Opinion Party (the “ Central Registry Search ”); was accurate in all respects and has not since the time of such enquiry been altered;

 

13.

the information contained in the Certificate of Good Standing was accurate in all respects and has not since the date thereof been altered, and was complete and included all relevant information;

 

14.

the parties to the Partnership Agreement had the capacity and power to enter into the Partnership Agreement, the Partnership Agreement was duly authorised by and duly executed by or on behalf of each of the parties to it in the form referred to in Schedule 1, the Partnership Agreement creates legal, valid, binding and enforceable obligations under the laws of Delaware by which it is expressed to be governed and the words and phrases used in the Partnership Agreement have the same meaning and effect as they would have if governed by English law;

 

15.

the English Law Opinion Party has not passed a voluntary winding-up resolution, that no petition has been presented to or order made by a court for the winding up or dissolution of the English Law Opinion Party, that no application has been made to a court for an administration order in respect of the English Law Opinion Party and no administration order has been made by any court in relation to the English Law Opinion Party, that no appointment of an administrator of the English Law Opinion Party has been made out of court and no notice of intention to appoint an administrator has been given or filed with any court in respect of the English Law Opinion Party, that no receiver, trustee, administrator, provisional liquidator, administrative receiver or similar officer has been appointed in relation to the English Law Opinion Party or any of its assets or revenues;

 

16.

no procedure or step analogous to any procedure or step described in paragraph 19 of this Schedule 2 has been taken in New York, Delaware or any other applicable jurisdiction in relation to the English Law Opinion Party;


Aptiv plc     14 March 2019

 

17.

no foreign law which may apply with respect to the Indenture or the transactions and matters contemplated thereby would be such as to affect any of the conclusions stated herein;

 

18.

that none of the parties is or will be seeking to achieve any purpose not apparent from the Indenture which night render the Indenture illegal, void or unenforceable and, in particular (but without limitation), that none of the Indenture (whether alone or in conjunction with any other document) or any related transaction or transactions contemplated by the Indenture constitute financial assistance for the purpose of Section 678 or 679 of the Companies Act 2006;

 

19.

all consents, licences, approvals, authorisations, registrations, notices or filings which are necessary under any applicable laws in order to permit the execution, delivery or performance of the Indenture, or otherwise in connection therewith, have been made or obtained;

 

20.

each party has executed and delivered the Base Indenture and the Supplemental Indenture and both the Base Indenture and the Supplemental Indenture are not subject to any escrow or other similar arrangement.


Aptiv plc     14 March 2019

 

SCHEDULE 3

QUALIFICATIONS

Our opinion is subject to the following qualifications:

 

1.

The Company Search is not capable of revealing conclusively whether or not, inter alia, (i) a winding-up order has been made or a resolution passed for the winding up of a limited liability partnership; or (ii) an administration order has been made; or (iii) a receiver, administrative receiver, administrator or liquidator has been appointed; or (iv) a court order has been made under the Cross-Border Insolvency Regulations 2006, since notice of these matters may not be filed with the Registrar of Companies immediately and, when filed, may not be entered on the electronic records of the relevant limited liability partnership immediately. In addition, the Company Searches are not capable of revealing, prior to the making of the relevant order or the appointment of an administrator otherwise taking effect, whether or not a winding-up petition or an application for an administration order has been presented or notice of intention to appoint an administrator under paragraphs 14 or 22 of Schedule B1 to the Insolvency Act 1986 has been filed with the court.

 

2.

The Central Registry Search relates only to the presentation of (i) a petition for the making of a winding-up order or the making of a winding-up order by the Court; (ii) an application to the High Court of Justice in London for the making of an administration order and the making by such court of an administration order; and (iii) a notice of intention to appoint an administrator or a notice of appointment of an administrator filed at the High Court of Justice in London. It is not capable of revealing conclusively whether or not such a winding-up petition, application for an administration order, notice of intention or notice of appointment has been presented or winding-up or administration order granted.

 

3.

This opinion is subject to all applicable laws relating to bankruptcy, insolvency, liquidation, administration, voluntary arrangement, scheme of arrangement, moratorium, reorganisation, rescheduling, fraudulent transfer, preference, transactions at undervalue or other laws of general application relating to or affecting the rights of creditors.

 

4.

Legislation, treasury rules and other laws and regulations in England and Wales restrict or prohibit payments, transactions and dealings with assets and individuals or entities having a proscribed connection with certain countries or subject to international sanctions or associated with terrorism.