Document:

EX-4.1

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

U.S. BANK NATIONAL ASSOCIATION, Trustee

Indenture

1

Dated as of September 13, 2007

CROSS-REFERENCE TABLE

This Cross-Reference Table is not part of the Indenture

	 	 	 	 	 	 	 
	Trust Indenture Act of 1939 Section
	 	Indenture Section

	310

	 	(a)(1)
	 	 	7.09	 
	
 
	 	(a)(2)
	 	 	7.09	 
	
 
	 	(a)(3)
	 	Not applicable

	
 
	 	(a)(4)
	 	Not applicable

	
 
	 	(a)(5)
	 	 	7.09	 
	
 
	 	(b)
	 	7.08 and 7.10

	
 
	 	(c)
	 	Not applicable

	311

	 	(a)
	 	 	*	 
	
 
	 	(b)
	 	 	*	 
	
 
	 	(c)
	 	Not applicable

	312

	 	(a)
	 	 	5.01	 
	
 
	 	(b)
	 	 	*	 
	
 
	 	(c)
	 	 	*	 
	313

	 	(a)
	 	 	5.03	 
	
 
	 	(b)(1)
	 	Not applicable

	
 
	 	(b)(2)
	 	 	*	 
	
 
	 	(c)
	 	 	*	 
	
 
	 	(d)
	 	 	*	 
	314

	 	(a)
	 	 	5.02	 
	
 
	 	(b)
	 	Not applicable

	
 
	 	(c)(1)
	 	 	14.05	 
	
 
	 	(c)(2)
	 	 	14.05	 
	
 
	 	(c)(3)
	 	Not applicable

	
 
	 	(d)
	 	Not applicable

	
 
	 	(e)
	 	 	14.05	 
	
 
	 	(f)
	 	Not applicable

	315

	 	(a)
	 	 	7.01	 
	
 
	 	(b)
	 	 	6.08	 
	
 
	 	(c)
	 	 	7.01	 
	
 
	 	(d)
	 	 	7.01	 
	
 
	 	(e)
	 	 	6.09	 
	316

	 	(a)(1)
	 	6.01 and 6.07

	
 
	 	(a)(2)
	 	Not applicable

	
 
	 	(b)
	 	 	6.04	 
	
 
	 	(c)
	 	 	*	 
	317

	 	(a)
	 	 	6.02	 
	
 
	 	(b)
	 	 	4.04	(a)
	318

	 	(a)
	 	 	14.08	 

	*	 	Automatically included under Section 318(c) of the Trust Indenture Act of 1939, as amended.

2

TABLE OF CONTENTS

Page

ARTICLE 1

DEFINITIONS

	 	 	Section 1.01. Definitions	 

ARTICLE 2

DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

	 	 	 
	Section 2.01.

Section 2.02.

Section 2.03.

Section 2.04.

Section 2.05.

Section 2.06.

Section 2.07.

Section 2.08.

Section 2.09.

Section 2.10.

Section 2.11.

	 	Forms

Amount Unlimited; Issuable in Series

Authentication

Date and Denomination of Securities

Execution of Securities

Exchange and Registration of Transfer of Securities

Mutilated, Destroyed, Lost or Stolen Securities

Temporary Securities

Cancellation of Securities Paid, etc.

Computation of Interest

Form of Legend for Global Securities

ARTICLE 3

REDEMPTION OF SECURITIES; SINKING FUNDS

	 	 	 
	Section 3.01.

Section 3.02.

Section 3.03.

Section 3.04.

Section 3.05.

Section 3.06.

	 	Applicability of Article

Notice of Redemption; Selection of Securities

Payment of Securities Called for Redemption

Satisfaction of Mandatory Sinking Fund Payments with Securities

Redemption of Securities for Sinking Fund

Repayment at the Option of the Holder

ARTICLE 4

PARTICULAR COVENANTS OF THE COMPANY

	 	 	 
	Section 4.01.

Section 4.02.

Section 4.03.

Section 4.04.

Section 4.05.

Section 4.06.

	 	Payment of Principal, Premium and Interest

Offices for Notices and Payments, etc.

Appointment to Fill Vacancies in Trustee’s Office

Provision as to Paying Agent

Statement as to Compliance

Additional Amounts

ARTICLE 5

SECURITYHOLDER LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

	 	 	 
	Section 5.01.

Section 5.02.

Section 5.03.

	 	Securityholder Lists

Reports by the Company

Reports by the Trustee

ARTICLE 6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

	 	 	 
	Section 6.01.

Section 6.02.

Section 6.03.

Section 6.04.

Section 6.05.

Section 6.06.

Section 6.07.

Section 6.08.

Section 6.09.

	 	Events of Default

Payment of Securities on Default; Suit Therefor

Application of Moneys Collected by Trustee

Proceedings by Securityholders

Proceedings by Trustee

Remedies Cumulative and Continuing

Direction of Proceedings and Waiver of Defaults by Securityholders

Notice of Defaults

Undertaking to Pay Costs

ARTICLE 7

CONCERNING THE TRUSTEE

	 	 	 
	Section 7.01.

Section 7.02.

Section 7.03.

Section 7.04.

Section 7.05.

Section 7.06.

Section 7.07.

Section 7.08.

Section 7.09.

Section 7.10.

Section 7.11.

Section 7.12.

Section 7.13.

Section 7.14.

	 	Duties and Responsibilities of Trustee

Reliance on Documents, Opinions, etc.

No Responsibility for Recitals, etc.

Ownership of Securities

Moneys to be Held in Trust

Compensation and Expenses of Trustee

Officers’ Certificate as Evidence

Indentures Not Creating Potential Conflicting Interests For The Trustee

Eligibility of Trustee

Resignation or Removal of Trustee

Acceptance by Successor Trustee

Succession by Merger, etc

Other Matters Concerning the Trustee

Appointment of Authenticating Agent

ARTICLE 8

CONCERNING THE SECURITYHOLDERS

	 	 	 
	Section 8.01.

Section 8.02.

Section 8.03.

Section 8.04.

Section 8.05.

	 	Action of Securityholders

Proof of Execution by Securityholders

Who Are Deemed Absolute Owners

Company-Owned Securities Disregarded

Revocation of Consents; Future Holders Bound

ARTICLE 9

SECURITYHOLDERS’ MEETINGS

	 	 	 
	Section 9.01.

Section 9.02.

Section 9.03.

Section 9.04.

Section 9.05.

Section 9.06.

Section 9.07.

Section 9.08.

	 	Purposes of Meetings

Call of Meetings by Trustee

Call of Meetings by Company or Securityholders

Qualifications for Voting

Quorum; Adjourned Meetings

Regulations

Voting

No Delay of Rights by Meeting

ARTICLE 10

SUPPLEMENTAL INDENTURES

	 	 	 
	Section 10.01.

Section 10.02.

Section 10.03.

Section 10.04.

Section 10.05.

	 	Supplemental Indentures without Consent of Securityholders

Supplemental Indentures with Consent of Securityholders

Compliance with Trust Indenture Act; Effect of Supplemental Indentures

Notation on Securities

Evidence of Compliance of Supplemental Indenture to be Furnished Trustee

ARTICLE 11

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

	 	 	 
	Section 11.01.

Section 11.02.

Section 11.03.

	 	Company May Consolidate, Merge Or Sell Assets on Certain Terms

Successor Corporation or Limited Liability Company to be Substituted

Documents to be Given Trustee

ARTICLE 12

SATISFACTION AND DISCHARGE OF INDENTURE

	 	 	 
	Section 12.01.

Section 12.02.

Section 12.03.

Section 12.04.

Section 12.05.

Section 12.06.

Section 12.07.

	 	Discharge of Indenture

Legal Defeasance

Covenant Defeasance

Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions

Paying Agent to Repay Moneys Held

Return of Unclaimed Moneys

Reinstatement

ARTICLE 13

IMMUNITY OF INCORPORATORS,

STOCKHOLDERS, OFFICERS AND DIRECTORS

	 	 	Section 13.01. Indenture and Securities Solely Corporate Obligations	 

ARTICLE 14

MISCELLANEOUS PROVISIONS

	 	 	 
	Section 14.01.

Section 14.02.

Section 14.03.

Section 14.04.

Section 14.05.

Section 14.06.

Section 14.07.

Section 14.08.

Section 14.09.

Section 14.10.

Section 14.11.

	 	Provisions Binding on Company’s Successors

Official Acts by Successor Corporation

Addresses for Notices, Notice to Holders, Waiver

New York Contract

Evidence of Compliance with Conditions Precedent

Legal Holidays

Securities in a Specified Currency other than Dollars

Trust Indenture Act to Control

Table of Contents, Headings, etc

Execution in Counterparts

Separability; Benefits

3

THIS INDENTURE, dated as of September 13, 2007 between Starwood Hotels and Resorts
Worldwide, Inc., a Maryland corporation (the “Company”), and U.S. Bank National
Association, a national banking association (the “Trustee”),

WITNESSETH:

WHEREAS, the Company has duly authorized the issue from time to time of its unsecured
debentures, notes or other evidences of indebtedness to be issued in one or more series (the
“Securities”) up to such principal amount or amounts as may from time to time be authorized
in accordance with the terms of this Indenture and to provide, among other things, for the
authentication, delivery and administration thereof, the Company has duly authorized the execution
and delivery of this Indenture; and

WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been done;

NOW, THEREFORE:

In consideration of the premises and the purchases of the Securities by the holders thereof,
the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of
the respective holders from time to time of the Securities as follows:

ARTICLE 1

DEFINITIONS

Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes of this Indenture
shall have the respective meanings specified in this Section 1.01. All other terms used in this
Indenture which are defined in the Trust Indenture Act of 1939, as amended, or which are by
reference therein defined in the Securities Act of 1933, as amended (except as herein otherwise
expressly provided or unless the context otherwise requires), shall have the meanings assigned to
such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this
Indenture as originally executed. The words “herein,” “hereof,” and “hereunder” and other words of
similar import refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision.

Authenticating Agent:

The term “Authenticating Agent” shall mean any Person authorized by the Trustee
pursuant to Section 7.14 to act on behalf of the Trustee to authenticate Securities.

Beneficial Owner:

The term “Beneficial Owner” shall mean a Person who is the beneficial owner of a
beneficial interest in a Global Security as reflected on the books of the Depositary or on the
books of a Person maintaining an account with such Depositary (directly as a Depositary participant
or as an indirect participant, in each case in accordance with the rules of such Depositary).

Board of Directors:

The term “Board of Directors” shall mean the Board of Directors of the Company or any
Committee of such Board or specified officers and employees of the Company to which the powers of
such Board have been lawfully delegated.

Company:

The term “Company” shall mean Starwood Hotels and Resorts Worldwide, Inc., a Maryland
corporation, until any successor corporation or limited liability company shall have become such
pursuant to the provisions of Article Eleven, and thereafter “Company” shall mean such successor,
except as otherwise provided in Section 11.02.

Consolidated Net Assets

The term “Consolidated Net Assets” shall mean the Company’s consolidated assets, after
subtracting all current liabilities (other than the current portion of long-term debt), as such
amounts appear on the Company’s most recent consolidated balance sheet and computed in accordance
with generally accepted accounting principles.

Depositary:

The term “Depositary” shall mean, with respect to Securities of any series issuable in
whole or in part in the form of one or more Global Securities, a clearing agency registered under
the Securities Exchange Act of 1934, as amended, that is designated to act as depositary for such
Securities as contemplated by Section 2.02.

Dollar:

The term “Dollar” shall mean the coin or currency of the United States of America as
at the time of payment is legal tender for the payment of public and private debts.

Event of Default:

The term “Event of Default” shall have the meaning specified in Section 6.01.

Global Security:

The term “Global Security” shall mean a Security that evidences all or part of the
Securities of any series and bears the legend set forth in Section 2.11 (or such legend as may be
specified as contemplated by Section 2.02 for such Securities).

Indenture:

The term “Indenture” shall mean this instrument as originally executed or as it may be
amended or supplemented from time to time as herein provided, and shall include the form and terms
of particular series of Securities established as contemplated hereunder.

Interest:

The term “interest,” when used with respect to a non-interest bearing Security, means
interest payable after the principal thereof has become due and payable whether at maturity, by
declaration of acceleration, by call for redemption, pursuant to a sinking fund, or otherwise.

Non-Recourse Indebtedness:

The term “Non-Recourse Indebtedness,” shall mean indebtedness the terms of which
provide that the lender’s claims for repayment of such indebtedness is limited solely to a claim
against the property which secures such indebtedness.

Officers’ Certificate:

The term “Officers’ Certificate” shall mean a certificate signed by the President, the
Chairman or any Vice Chairman of the Board or any Vice President and by the Treasurer or any
Assistant Treasurer, the Comptroller or the Secretary or any Assistant Secretary of the Company and
delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust
Indenture Act of 1939 and include the statements provided for in Section 14.05 if and to the extent
required by the provisions of such Section.

Opinion of Counsel:

The term “Opinion of Counsel” shall mean an opinion in writing signed by legal
counsel, who may be an employee of or of counsel to the Company, or may be other counsel, in any
case, satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust
Indenture Act of 1939 and include the statements provided for in Section 14.05 if and to the extent
required by the provisions of such Sections.

Original Issue Discount Security:

The term “Original Issue Discount Security” shall mean any Security which provides for
an amount less than the principal amount thereof to be due and payable upon a declaration of
acceleration of the maturity thereof pursuant to Section 6.01.

Overdue Rate:

The term “Overdue Rate” with respect to each series of Securities shall mean the rate
of interest designated as such in the resolution of the Board of Directors or the supplemental
indenture, as the case may be, relating to such series as contemplated by Section 2.02, or if no
such rate is specified, the rate at which such Securities shall bear interest.

Person:

The term “Person” shall mean any individual, corporation, partnership, joint venture,
association, joint stock company, trust, unincorporated organization or government or any agency or
political subdivision thereof.

Principal Office of the Trustee:

The term “principal office of the Trustee,” or other similar term, shall mean the
office of the Trustee at which at any particular time its corporate trust business shall be
principally administered.

Responsible Officer:

The term “Responsible Officer” when used with respect to the Trustee shall mean the
chairman or any vice chairman of the board of directors, the chairman or any vice chairman of the
executive committee of the board of directors, the president, any executive vice president, any
senior vice president, any vice president, any second vice president, any assistant vice president,
the cashier, any assistant cashier, the secretary, any assistant secretary, the treasurer, any
assistant treasurer, any trust officer, any assistant trust officer, or any other officer or
assistant officer of the Trustee customarily performing functions similar to those performed by the
persons who at the time shall be such officers, respectively, or to whom any corporate trust matter
is referred because of his knowledge of and familiarity with the particular subject.

Security or Securities; Outstanding:

The terms “Security” or “Securities” shall mean any Security or Securities, as
the case may be, authenticated and delivered under this Indenture.

The term “Outstanding,” when used with reference to Securities, shall, subject to the
provisions of Section 8.04, mean, as of any particular time, all Securities authenticated and
delivered by the Trustee under this Indenture, except

(a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

(b) Securities, or portions thereof, for the payment or redemption of which moneys in
the necessary amount shall have been deposited in trust with the Trustee or with any paying
agent (other than the Company) or shall have been set aside and segregated in trust by the
Company (if the Company shall act as its own paying agent), provided that if such Securities
are to be redeemed prior to the maturity thereof, notice of such redemption shall have been
mailed as in Article Three provided, or provision satisfactory to the Trustee shall have
been made for mailing such notice;

(c) Securities as to which defeasance has been effected pursuant to Section 12.02; and

(d) Securities in lieu of or in substitution for which other Securities shall have been
authenticated and delivered, or which shall have been paid, pursuant to the terms of Section
2.07, unless proof satisfactory to the Trustee is presented that any such Securities are
held by persons in whose hands any of such Securities is a valid, binding and legal
obligation of the Company.

In determining whether the holders of the requisite principal amount of Outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for
such purposes shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon a declaration of acceleration of the maturity thereof pursuant to
Section 6.01.

Securityholder:

The term “Securityholder,” “holder of Securities,” or other similar terms,
shall mean any person in whose name at the time a particular Security is registered on the books of
the Company kept for that purpose in accordance with the terms hereof.

Significant Subsidiary:

The term “Significant Subsidiary” shall have the same meaning as the definition of
that term set forth in Rule 1-02 of Regulation S-X as promulgated by the Securities and Exchange
Commission.

Specified Currency:

The term “Specified Currency” shall mean the currency in which a Security is
denominated, which may include Dollars, any foreign currency or any composite of two or more
currencies.

Subsidiary:

The term “Subsidiary” shall mean any corporation more than 50% of the voting stock of
which at the time is owned or controlled, directly or indirectly, by the Company or the accounts of
which are in fact consolidated with the accounts of the Company.

Trust Indenture Act of 1939:

The term “Trust Indenture Act of 1939” shall mean the Trust Indenture Act of 1939 as
it was in force at the date of execution of this Indenture, except as provided in Section 10.03.

Trustee:

The term “Trustee” shall mean the corporation or association named as Trustee in this
Indenture and, subject to the provisions of Article Seven hereof, shall also include its successors
and assigns as Trustee hereunder. If pursuant to the provisions of this Indenture there shall be
at any time more than one Trustee hereunder, the term “Trustee” as used with respect to Securities
of any series shall mean the Trustee with respect to Securities of that series.

U.S. Government Obligations:

The term “U.S. Government Obligations” shall have the meaning specified in Section
12.02.

ARTICLE 2

DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

Section 2.01. Forms(a) . (a) The Securities of each series shall be in substantially such
form as shall be established by or pursuant to a resolution of the Board of Directors or in one or
more indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such legends or endorsements placed thereon as the officers executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the
Securities of such series may be listed, or to conform to usage.

(b) The resolutions adopted by the Board of Directors or one or more indentures supplemental
hereto establishing the form and terms of the Securities of any series pursuant to Sections 2.01
and 2.02, respectively, of this Indenture, may provide for issuance of Global Securities. If
Securities of a series are so authorized to be issued as Global Securities, any such Global
Security may provide that it shall represent that aggregate amount of Securities from time to time
endorsed thereon and may also provide that the aggregate amount of Outstanding Securities
represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a
Global Security to reflect the amount, or any increase or decrease in the amount or changes in the
rights of holders of Securities represented thereby, shall be made in such manner and by such
person or persons as shall be specified therein.

(c) The Trustee’s Certificate of Authentication on all Securities shall be in substantially
the following form:

“This is one of the Securities of the series designated therein described in the
within-mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:

Authorized Officer”

Section 2.02. Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited.

The Securities may be issued in one or more series. There shall be established in or pursuant
to a resolution of the Board of Directors or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:

(1) the title of the Securities of the series (which shall distinguish the Securities of the
series from all other Securities);

(2) any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Sections 2.06, 2.07, 2.08, 3.03, 3.06 or 10.04);

(3) the date or dates on which the principal and premium, if any, of the Securities of the
series is payable;

(4) the rate or rates, or the method of determination thereof, at which the Securities of the
series shall bear interest, if any, the date or dates from which such interest shall accrue, the
interest payment dates on which such interest shall be payable and, if other than as set forth in
Section 2.04, the record dates for the determination of holders to whom interest is payable;

(5) in addition to the office or agency of the Company in the Borough of Manhattan, The City
of New York required to be maintained pursuant to Section 4.02, any other place or places where the
principal of, and premium, if any, and any interest on Securities of the series shall be payable;

(6) the Specified Currency of the Securities of the series;

(7) the currency or currencies in which payments on the Securities of the series are payable,
if other than the Specified Currency;

(8) the price or prices at which, the period or periods within which and the terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the option
of the Company, pursuant to any sinking fund or otherwise;

(9) the obligation, if any, of the Company to redeem, purchase or repay Securities of the
series pursuant to any sinking fund or analogous provisions or at the option of a holder thereof
and the price at which or process by which and the period or periods within which and the terms and
conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or
in part, pursuant to such obligation;

(10) if other than denominations of $2,000 and any integral multiple of $1,000 in excess
thereof, the denominations in which Securities of the series shall be issuable;

(11) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.01;

(12) if the principal of or interest on the Securities of the series are to be payable, at the
election of the Company or a holder thereof, in a coin or currency other than the Specified
Currency, the period or periods within which, and the terms and conditions upon which, such
election may be made;

(13) if the amount of payments of principal of and interest on the Securities of the series
may be determined with reference to an index based on a coin or currency other than the Specified
Currency, the manner in which such amounts shall be determined;

(14) any Events of Default with respect to the Securities of the series, if not set forth
herein;

(15) if other than the rate of interest stated in the title of the Securities of the series,
the applicable Overdue Rate;

(16) in the case of any series of non-interest bearing Securities, the applicable dates for
purposes of clause (a) of Section 5.01;

(17) if other than U.S. Bank National Association is to act as Trustee for the Securities of

the series, the name and Principal Office of such Trustee;

(18) if either or both of Sections 12.02 and 12.03 do not apply to any Securities of the
series;

(19) if applicable, that any Securities of the series shall be issuable in whole or in part in
the form of one or more Global Securities and, in such case, the name of the respective
Depositaries for such Global Securities, the form of any legend or legends which shall be borne by
any such Global Security in addition to or in lieu of that set forth in Section 2.11 and any
circumstances in addition to or in lieu of those set forth in clause (2) of Section 2.06 in which
any such Global Security may be exchanged in whole or in part for Securities registered, and any
transfer of such Global Security in whole or in part may be registered, in the name or names of
Persons other than the Depositary for such Global Security or a nominee thereof;

(20) any addition to the covenants set forth in Article Four which applies to Securities of
the series and whether any such covenant shall be subject to covenant defeasance under Section
12.03; and

(21) any other terms of the series (which terms shall not be inconsistent with the provisions
of this Indenture).

All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such resolution of the Board of Directors
or in any such indenture supplemental hereto.

Notwithstanding Section 2.02(2) herein and unless otherwise expressly provided with respect to
a series of Securities, the aggregate principal amount of a series of Securities may be increased
and additional Securities of such series may be issued up to the maximum aggregate principal amount
authorized with respect to such series as increased; provided that no Event of Default with respect
to such series has occurred and is continuing.

Section 2.03. Authentication. At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication. Except as otherwise provided in this Article Two, the
Trustee shall thereupon authenticate and deliver said Securities to or upon the written order of
the Company, signed by its President, its Chairman or any Vice Chairman of the Board or one of its
Vice Presidents and by its Treasurer, its Controller or its Secretary, which order shall set forth
the number of separate Securities certificates, the principal amount of each of the Securities to
be authenticated, the date on which the original issue of Securities is to be authenticated, the
registered holder of each of the said Securities and delivery instructions. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully
protected in relying upon:

(1) a copy of any resolution or resolutions of the Board of Directors relating thereto and, if
applicable, an appropriate record of any action taken pursuant to such resolution, in each case
certified by the Secretary or an Assistant Secretary of the Company;

(2) an executed supplemental indenture, if any, relating thereto;

(3) an Officers’ Certificate prepared in accordance with Section 14.05 which shall also state
to the best knowledge of the signers of such Certificate that no Event of Default with respect to
any series of Securities shall have occurred and be continuing; and

(4) an Opinion of Counsel prepared in accordance with Section 14.05 to the effect

(a) that the form of such Securities has been established by or pursuant to a resolution of
the Board of Directors or by a supplemental indenture as permitted by Section 2.01 in conformity
with the provisions of this Indenture;

(b) that the terms of such Securities have been established by or pursuant to a resolution of
the Board of Directors or by a supplemental indenture as permitted by Section 2.02 in conformity
with the provisions of this Indenture;

(c) that the Company has all requisite corporate power and authority to execute and deliver
such Securities;

(d) that the execution and delivery of such Securities by the Company have been duly
authorized by all necessary corporate action on the part of the Company;

(e) that such Securities have been duly and validly executed, and when duly authenticated by
the Trustee and issued by the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute the legal, valid and binding obligations of the Company,
enforceable against it in accordance with their terms, subject to applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’
rights and remedies generally, and subject, as to enforceability, to general principles of equity,
including principles of commercial reasonableness, good faith and fair dealing (regardless of
whether enforcement is sought in a proceeding at law or in equity); and

(f) that the execution and delivery by the Company of such Securities and the performance by
the Company of its obligations thereunder will not conflict with, constitute a default under or
violate any of the terms, conditions or provisions of the organizational certificate or bylaws of
the Company.

The Trustee shall have the right to decline to authenticate and deliver or cause to be
authenticated and delivered any Securities under this Section 2.03 if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by
its board of directors or trustees, executive committee, or a trust committee of directors or
trustees and/or vice presidents shall determine that such action would expose the Trustee to
personal liability to existing Securityholders.

Section 2.04. Date and Denomination of Securities. The Securities of each series shall be
issuable in registered form without coupons in such denominations as shall be specified as
contemplated by Section 2.02. In the absence of any such specification with respect to the
Securities of any series, the Securities of such series shall be issuable in denominations of
$2,000 and any integral multiple of $1,000 in excess thereof. Securities of each series shall be
numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the
officers of the Company executing the same may determine with the approval of the Trustee.

Every Security shall be dated the date of its authentication.

The person in whose name any Security of a particular series is registered at the close of
business on any record date (as hereinafter defined) with respect to any interest payment date for
such series shall be entitled to receive the interest payable on such interest payment date
notwithstanding the cancellation of such Security upon any registration of transfer or exchange
subsequent to the record date and prior to such interest payment date; provided, however, that if
and to the extent that the Company shall default in the payment of the interest due on such
interest payment date, such defaulted interest shall be paid to the persons in whose names
Outstanding Securities of such series are registered on a subsequent record date established by
notice given by mail by or on behalf of the Company to the holders of such Securities not less than
15 days preceding such subsequent record date, such record date to be not less than five days
preceding the date of payment of such defaulted interest. Except as otherwise specified as
contemplated by Section 2.02 for Securities of a particular series, the term “record date” as used
in this Section 2.04 with respect to any regular interest payment date, shall mean, the last day of
the calendar month preceding such interest payment date if such interest payment date is the
fifteenth day of such calendar month, and shall mean the fifteenth day of the calendar month
preceding such interest payment date if such interest payment date is the first day of a calendar
month, whether or not such day shall be a day on which banking institutions in The City of New York
are authorized or required by law or executive order to close or remain closed.

Interest on the Securities may at the option of the Company be paid by check mailed to the
persons entitled thereto at their respective addresses as such appear on the registry books of the
Company.

Section 2.05. Execution of Securities. The Securities shall be signed in the name and on
behalf of the Company by the manual or facsimile signature of its President, its Chairman of the
Board or Chief Financial Officer and its Treasurer, Assistant Treasurer, Secretary or Assistant
Secretary. Only such Securities as shall bear thereon a certificate of authentication
substantially in the form herein recited, executed by the Trustee by the manual signature of an
authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory
for any purpose. Such certificate by the Trustee upon any Security executed by the Company shall
be conclusive evidence that the Security so authenticated has been duly authenticated and delivered
hereunder and that the holder is entitled to the benefits of this Indenture.

In case any officer of the Company who shall have signed any of the Securities shall cease to
be such officer before the Securities so signed shall have been authenticated and delivered by the
Trustee, or disposed of by the Company, such Securities nevertheless may be authenticated and
delivered or disposed of as though the person who signed such Securities had not ceased to be such
officer of the Company; and any Security may be signed on behalf of the Company by such persons as,
at the actual date of the execution of such Security, shall be the proper officers of the Company,
although at the date of the execution of this Indenture any such person was not such an officer.

Section 2.06. Exchange and Registration of Transfer of Securities. Securities of any series
may be exchanged for a like aggregate principal amount of Securities of the same series of other
authorized denominations. Securities to be exchanged shall be surrendered, at the option of the
holders thereof, either at the office or agency designated and maintained by the Company for such
purpose in the Borough of Manhattan, The City of New York, in accordance with the provisions of
Section 4.02 or at any of such other offices or agencies as may be designated and maintained by the
Company for such purpose in accordance with the provisions of Section 4.02, and the Company shall
execute and register and the Trustee shall authenticate and deliver in exchange therefor the
Security or Securities which the Securityholder making the exchange shall be entitled to receive.
Each person designated by the Company pursuant to the provisions of Section 4.02 as a person
authorized to register and register transfer of the Securities is sometimes herein referred to as a
“Security registrar”.

The Company shall keep, at each such office or agency, a register for each series of
Securities issued hereunder (the registers of all Security registrars being herein sometimes
collectively referred to as the “Security register” or the “registry books of the Company”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall register
Securities and shall register the transfer of Securities as in this Article Two provided. The
Security register shall be in written form or in any other form capable of being converted into
written form within a reasonable time. At all reasonable times the Security registrar shall be
open for inspection by the Trustee and any Security registrar other than the Trustee. Upon due
presentment for registration or registration of transfer of any Security of any series at any
designated office or agency, the Company shall execute and register and the Trustee shall
authenticate and deliver in the name of the transferee or transferees a new Security or Securities
of the same series for an equal aggregate principal amount. Registration or registration of
transfer of any Security by any Security registrar in the registry books of the Company maintained
by such Security registrar, and delivery of such Security, duly authenticated, shall be deemed to
complete the registration or registration of transfer of such Security.

No person shall at any time be designated as or act as a Security registrar unless such person
is at such time empowered under applicable law to act as such under and to the extent required by
applicable law and regulations.

All Securities presented for registration of transfer or for exchange, redemption or payment
shall (if so required by the Company or the Trustee) be duly endorsed by, or be accompanied by a
written instrument or instruments of transfer or exchange in form satisfactory to the Company and
the Trustee duly executed by, the holder or his attorney duly authorized in writing.

No service charge shall be made for any exchange or registration of transfer of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

The Company shall not be required to exchange or register a transfer of (a) any Securities of
any series for the period of 15 days next preceding the selection of Securities of that series to
be redeemed and thereafter until the date of the mailing of a notice of redemption of Securities of
that series selected for redemption, or (b) any Securities selected, called or being called for
redemption in whole or in part except, in the case of any Security to be redeemed in part, the
portion thereof not so to be redeemed.

The provisions of clauses (1), (2), (3), (4), (5), (6) and (7) below shall apply only to
Global Securities:

(1) Each Global Security authenticated under this Indenture shall be registered in the name of
the Depositary designated for such Global Security or a nominee thereof and delivered to such
Depositary or nominee thereof or custodian therefor, and each such Global Security shall constitute
a single Security for all purposes under this Indenture.

(2) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged
in whole or in part for Securities registered, and no transfer of a Global Security in whole or in
part may be registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is
unwilling or unable to continue its services as Depositary for such Global Security and no
successor Depositary has been appointed within 90 days after such notice or (ii) ceases to be a
“clearing agency” registered under Section 17A of the Securities Exchange Act of 1934 when the
Depositary is required to be so registered to act as the Depositary and so notifies the Company,
and no successor Depositary has been appointed within 90 days after such notice, (B) the Company
determines at any time that the Securities shall no longer be represented by Global Securities and
shall inform such Depositary of such determination and participants in such Depositary elect to
withdraw their beneficial interests in the Securities from such Depositary, following notification
by the Depositary of their right to do so, or (C) such exchange is made upon request by or on
behalf of the Depositary in accordance with customary procedures, following the request of a
Beneficial Owner seeking to exercise or enforce its rights under the Securities.

(3) Subject to clause (2) above, any exchange of a Global Security for other Securities may be
made in whole or in part, and all Securities issued in exchange for a Global Security or any
portion thereof shall be registered in such names as the Depositary for such Global Security shall
direct.

(4) Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is registered in
the name of a Person other than the Depositary for such Global Security or a nominee thereof.

(5) Subject to the provisions of clause (7) below, the registered Holder may grant proxies and
otherwise authorize any Person, including Agent Members (as defined below in clause (7)) and
Persons that may hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Indenture or the Securities.

(6) In the event of the occurrence of any of the events specified in clause (2) above, the
Company will promptly make available to the Trustee a reasonable supply of certificated Securities
in definitive, fully registered form, without interest coupons.

(7) Neither any members of, or participants in, the Depositary (collectively, the “Agent
Members”) nor any other Persons on whose behalf Agent Members may act shall have any rights
under this Indenture with respect to any Global Security registered in the name of the Depositary
or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as
the case may be, may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or such nominee, as the case may be, or impair, as
between the Depositary, its Agent Members and any other person on whose behalf an Agent Member may
act, the operation of customary practices of such Persons governing the exercise of the rights of a
holder of any Security.

Section 2.07. Mutilated, Destroyed, Lost or Stolen Securities. In case any temporary or
definitive Security shall become mutilated or be destroyed, lost or stolen, the Company in the case
of a mutilated Security shall, and in the case of a lost, stolen or destroyed Security may in its
discretion, execute and, upon the written request or authorization of any officer of the Company,
the Trustee shall authenticate and deliver, a new Security of the same series, bearing a number not
contemporaneously Outstanding, in exchange and substitution for the mutilated Security, or in lieu
of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant
for a substituted Security shall furnish to the Company and to the Trustee such security or
indemnity as may be required by them to save each of them harmless from any loss or liability which
any of them may suffer if a Security is replaced and subsequently presented or claimed for payment
and, in every case of destruction, loss or theft, the applicant shall also furnish the Company and
to the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security
and the ownership thereof.

Upon the issuance of any substituted Security, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses connected therewith. In case any Security which has matured or is about to
mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing
a substituted Security, pay or authorize the payment of the same (without surrender thereof except
in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company
and to the Trustee such security or indemnity as may be required by them to save each of them
harmless from any loss or liability which any of them may suffer if a Security is replaced and
subsequently presented or claimed for payment and, in case of destruction, loss or theft, evidence
satisfactory to the Company and the Trustee of the destruction, loss or theft of such Security and
the ownership thereof.

Every substituted Security issued pursuant to the provisions of this Section 2.07 by virtue of
the fact that any Security is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be found at
any time, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of the same series duly issued hereunder. All Securities shall
be held and owned upon the express condition that the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities and shall
preclude (to the extent lawful) any and all other rights or remedies with respect to the
replacement or payment of negotiable instruments or other securities without their surrender.

Section 2.08. Temporary Securities. Pending the preparation of definitive Securities of any
series the Company may execute and the Trustee shall authenticate and deliver temporary Securities
(printed, lithographed or typewritten). Temporary Securities shall be issuable in any authorized
denomination and substantially in the form of the definitive Securities in lieu of which they are
issued, but with such omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Company. Every such temporary Security shall be
authenticated by the Trustee upon the same conditions and in substantially the same manner, and
with the same effect, as the definitive Securities in lieu of which they are issued. Without
unreasonable delay the Company will execute and deliver to the Trustee definitive Securities of
such series and thereupon any or all temporary Securities of such series may be surrendered in
exchange therefor, at the option of the holders thereof, either at the office or agency to be
designated and maintained by the Company for such purpose in the Borough of Manhattan, The City of
New York, in accordance with the provisions of Section 4.02 or at any of such other offices or
agencies as may be designated and maintained by the Company for such purpose in accordance with the
provisions of Section 4.02, and the Trustee shall authenticate and deliver in exchange for such
temporary Securities an equal aggregate principal amount of definitive Securities of the same
series. Such exchange shall be made by the Company at its own expense and without any charge
therefor. Until so exchanged, the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of the same series
authenticated and delivered hereunder.

Section 2.09. Cancellation of Securities Paid, etc. All Securities surrendered for the
purpose of payment, redemption, repayment, exchange or registration of transfer or for credit
against any sinking fund shall, if surrendered to the Company, any Security registrar, any paying
agent or any other agent of the Company or of the Trustee, be delivered to the Trustee and promptly
cancelled by it, or, if surrendered to the Trustee, shall be promptly cancelled by it, and no
Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions
of this Indenture. The Trustee may dispose of cancelled Securities in accordance with its
customary procedures and deliver a certificate of such disposition to the Company or, at the
written request of the Company, shall deliver cancelled Securities to the Company. If the Company
shall acquire any of the Securities, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and until the same are
delivered to the Trustee for cancellation.

Section 2.10. Computation of Interest. Except as otherwise specified as contemplated by
Section 2.02 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months.

Section 2.11. Form of Legend for Global Securities. Unless otherwise specified as
contemplated by Section 2.02 for the Securities evidenced thereby, every Global Security
authenticated and delivered hereunder shall bear a legend in substantially the following form (or
such other form as a securities exchange or Depositary may request or require):

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE OF THE DEPOSITORY TRUST
COMPANY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITORY TRUST COMPANY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY TO A NOMINEE
OF THE DEPOSITORY TRUST COMPANY OR BY A NOMINEE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITORY
TRUST COMPANY OR ANOTHER NOMINEE OF THE DEPOSITORY TRUST COMPANY.

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

ARTICLE 3

REDEMPTION OF SECURITIES; SINKING FUNDS

Section 3.01. Applicability of Article. The provisions of this Article shall be applicable,
as the case may be, (i) to the Securities of any series which are redeemable before their maturity
and (ii) to any sinking fund for the retirement of Securities of any series, in either case except
as otherwise specified as contemplated by Section 2.02 for Securities of such series.

The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.”

Section 3.02. Notice of Redemption; Selection of Securities. In case the Company shall desire
to exercise any right to redeem all, or, as the case may be, any part of, the Securities of any
series in accordance with their terms, it shall fix a date for redemption and shall mail a notice
of such redemption at least 30 and not more than 60 days prior to the date fixed for redemption to
the holders of Securities of such series so to be redeemed as a whole or in part at their last
addresses as the same appear on the registry books of the Company and to the Trustee, except as the
resolutions adopted by the Board of Directors to establish the terms of any series of Securities
may otherwise provide. Such mailing shall be by first class mail. The notice if mailed in the
manner herein provided shall be conclusively presumed to have been duly given, whether or not the
holder receives such notice. In any case, failure to give such notice by mail or any defect in the
notice to the holder of any Security of a series designated for redemption as a whole or in part
shall not affect the validity of the proceedings for the redemption of any other Security of such
series.

Each such notice of redemption shall specify the date fixed for redemption, the redemption
price at which the Securities of such series are to be redeemed (or if not then ascertainable, the
manner of calculation thereof), the place or places of payment, that payment will be made upon
presentation and surrender of such Securities, that any interest accrued to the date fixed for
redemption will be paid as specified in said notice and that on and after said date any interest
thereon or on the portions thereof to be redeemed will cease to accrue. Where the redemption price
is not ascertainable at the time the notice of redemption is given as aforesaid, the Company shall
notify the Trustee of said redemption price promptly after the calculation thereof. If less than
all the Securities of a series are to be redeemed, the notice of redemption shall specify the
number or numbers of the Securities of that series to be redeemed. In case any Security of a
series is to be redeemed in part only, the notice of redemption shall state the portion of the
principal amount thereof to be redeemed and shall state that on and after the date fixed for
redemption, upon surrender of such Security, a new Security or Securities of that series in
principal amount equal to the unredeemed portion thereof will be issued.

Prior to the redemption date specified in the notice of redemption given as provided in this
Section 3.02, the Company will deposit with the Trustee or with one or more paying agents (or, if
the Company is acting as its own paying agent, will segregate and hold in trust as provided in
Section 4.04) an amount of money sufficient to redeem on the redemption date all the Securities or
portions thereof so called for redemption, together with accrued interest to the date fixed for
redemption. If less than all the Securities of a series are to be redeemed, the Company will give
the Trustee notice not less than 60 days (or such shorter period as may be acceptable to the
Trustee) prior to the redemption date as to the aggregate principal amount of Securities of such
series to be redeemed and the Trustee shall select or cause to be selected, in such manner as in
its sole discretion it shall deem appropriate and fair, the Securities of that series or portions
thereof to be redeemed. Securities of a series may be redeemed in part only in multiples of the
smallest authorized denomination of that series.

Section 3.03. Payment of Securities Called for Redemption. If notice of redemption has been
given as provided in Section 3.02 or Section 3.05, the Securities or portions of Securities of the
series with respect to which such notice has been given shall become due and payable on the date
and at the place or places stated in such notice at the applicable redemption price, together with
any interest accrued to the date fixed for redemption, and on and after said date (unless the
Company shall default in the payment of such Securities or portions of such Securities, together
with any interest accrued to said date) any interest on the Securities of such series or portions
of Securities of such series so called for redemption shall cease to accrue. On presentation and
surrender of such Securities at a place of payment in said notice specified, the said Securities or
the specified portions thereof shall be paid and redeemed by the Company at the applicable
redemption price, together with any interest accrued thereon to the date fixed for redemption;
provided, however, that any regularly scheduled installment of interest becoming due on or prior to
the date fixed for redemption shall be payable to holders of such Securities registered as such on
the relevant record date according to their terms.

Upon presentation of any Security redeemed in part only, the Company shall execute and the
Trustee shall authenticate and deliver to the holder thereof, at the expense of the Company, a new
Security or Securities of the same series, of authorized denominations, in aggregate principal
amount equal to the unredeemed portion of the Security so presented.

Section 3.04. Satisfaction of Mandatory Sinking Fund Payments with Securities. In lieu of
making all or any part of any mandatory sinking fund payment with respect to any Securities of a
series in cash, the Company may at its option (a) deliver to the Trustee Securities of that series
theretofore purchased or otherwise acquired by the Company or (b) receive credit for the principal
amount of Securities of that series which have been redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities; provided that such Securities have not been
previously so credited. Such Securities shall be received and credited for such purpose by the
Trustee at the redemption price specified in such Securities for redemption through operation of
the sinking fund and the amount of such mandatory sinking fund payment shall be reduced
accordingly.

Section 3.05. Redemption of Securities for Sinking Fund. Not less than 60 days prior to each
sinking fund payment date for any series of Securities, the Company will deliver to the Trustee a
certificate signed by the Treasurer or any Assistant Treasurer of the Company specifying the amount
of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the
portion thereof, if any, which is to be satisfied by payment of cash (which cash may be deposited
with the Trustee or with one or more paying agents or, if the Company is acting as its own paying
agent, segregated and held in trust as provided in Section 4.04) and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series pursuant to Section
3.04 (which Securities, if not theretofore delivered, will accompany such certificate) and whether
the Company intends to exercise its right to make a permitted optional sinking fund payment with
respect to such series. Such certificate shall also state that no Event of Default has occurred
and is continuing with respect to such series. Such certificate shall be irrevocable and upon its
delivery the Company shall be obligated to make the cash payment or payments therein referred to,
if any, on or before the next succeeding sinking fund payment date. In the case of the failure of
the Company to deliver such certificate (or to deliver the Securities specified in this paragraph),
the sinking fund payment due on the next succeeding sinking fund payment date for that series shall
be paid entirely in cash and shall be sufficient to redeem the principal amount of such Securities
subject to a mandatory sinking fund payment without the option to deliver or credit Securities as
provided in Section 3.04 and without the right to make any optional sinking fund payment, if any,
with respect to such series.

Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused
balance of any preceding sinking fund payments made in cash which shall equal or exceed $100,000 or
the equivalent amount in the Specified Currency (if other than Dollars) (or a lesser sum if the
Company shall so request or determine) with respect to the Securities of any particular series
shall be applied by the Trustee (or by the Company if the Company is acting as its own paying
agent) on the sinking fund payment date on which such payment is made (or, if such payment is made
before a sinking fund payment date, on the next sinking fund payment date following the date of
such payment) to the redemption of such Securities at the redemption price specified in such
Securities for operation of the sinking fund together with accrued interest, if any, to the date
fixed for redemption. Any sinking fund moneys not so applied or allocated by the Trustee (or by
the Company if the Company is acting as its own paying agent) to the redemption of Securities shall
be added to the next cash sinking fund payment received by the Trustee (or if the Company is acting
as its own paying agent, segregated and held in trust as provided in Section 4.04) for such series
and, together with such payment (or such amount so segregated), shall be applied in accordance with
the provisions of this Section 3.05. Any and all sinking fund moneys with respect to the
Securities of any particular series held by the Trustee (or if the Company is acting as its own
paying agent, segregated and held in trust as provided in Section 4.04) on the last sinking fund
payment date with respect to Securities of such series and not held for the payment or redemption
of particular Securities of such series shall be applied by the Trustee (or by the Company if the
Company is acting as its own paying agent), together with other moneys, if necessary, to be
deposited (or segregated) sufficient for the purpose, to the payment of the principal of the
Securities of that series at maturity.

The Trustee shall select or cause to be selected the Securities to be redeemed upon such
sinking fund payment date in the manner specified in the last paragraph of Section 3.02, and the
Company shall cause notice of the redemption thereof to be given in the manner provided in Section
3.02 except that the notice of redemption shall also state that the Securities are being redeemed
by operation of the sinking fund. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Section 3.03.

On or before each sinking fund payment date, the Company shall pay to the Trustee in cash (or,
if the Company is acting as its own paying agent, will segregate and hold in trust as provided in
Section 4.04) a sum equal to any interest accrued to the date fixed for redemption of Securities or
portions thereof to be redeemed on such sinking fund payment date pursuant to this Section.

Neither the Trustee nor the Company shall redeem any Securities of a series with sinking fund
moneys or mail any notice of redemption of such Securities by operation of the sinking fund for
such series during the continuance of a default in payment of interest, if any, on such Securities
or of any Event of Default (other than an Event of Default occurring as a consequence of this
paragraph) with respect to such Securities, except that if the notice of redemption of any such
Securities shall theretofore have been mailed in accordance with the provisions hereof, the Trustee
(or the Company if the Company is acting as its own paying agent) shall redeem such Securities if
cash sufficient for that purpose shall be deposited with the Trustee (or segregated by the Company)
for that purpose in accordance with the terms of this Article. Except as aforesaid, any moneys in
the sinking fund for such series at the time when any such default or Event of Default shall occur
and any moneys thereafter paid into such sinking fund shall, during the continuance of such default
or Event of Default, be held as security for the payment of such Securities; provided, however,
that in case such default or Event of Default shall have been cured or waived as provided herein,
such moneys shall thereafter be applied on the next sinking fund payment date for such Securities
on which such moneys may be applied pursuant to the provisions of this Section.

Section 3.06. Repayment at the Option of the Holder. Any series of Securities may be made, by
provision contained in or established pursuant to a supplemental indenture or a resolution of the
Board of Directors pursuant to Section 2.02 hereof, subject to repayment, in whole or in part, at
the option of the holder on a date or dates specified prior to maturity, at a price equal to 100%
of the principal amount thereof, together with accrued interest to the date of repayment, on such
notice as may be required, provided, however, that the holder of a Security may only elect partial
repayment in an amount that will result in the portion of such Security that will remain
Outstanding after such repayment constituting an authorized denomination, or combination thereof,
of such Securities.

ARTICLE 4

PARTICULAR COVENANTS OF THE COMPANY

Section 4.01. Payment of Principal, Premium and Interest. The Company covenants and agrees
for the benefit of each series of Securities that it will duly and punctually pay or cause to be
paid the principal of, premium, if any, and interest, if any, on each of the Securities of that
series at the places, at the respective times and in the manner provided in such Securities.

Section 4.02. Offices for Notices and Payments, etc. As long as any of the Securities of a
series remain Outstanding, the Company will designate and maintain in the Borough of Manhattan, The
City of New York, an office or agency where the Securities of that series may be presented for
payment, an office or agency where the Securities of that series may be presented for registration
of transfer and for exchange as in this Indenture provided and an office or agency where notices
and demands to or upon the Company in respect of the Securities of that series or of this Indenture
may be served. In addition to such office or offices or agency or agencies, the Company may from
time to time designate and maintain one or more additional offices or agencies within or outside
the Borough of Manhattan, The City of New York, where the Securities of that series may be
presented for registration of transfer or for exchange, and the Company may from time to time
rescind such designation, as it may deem desirable or expedient. The Company will give to the
Trustee written notice of the location of each such office or agency and of any change of location
thereof. In case the Company shall fail to maintain any such office or agency in the Borough of
Manhattan, The City of New York, or shall fail to give such notice of the location or of any change
in the location thereof, presentations and demands may be made and notices may be served at the
principal office of the Trustee.

The Company hereby initially designates the office of the Trustee located at 100 Wall Street,
New York, New York 10005 as the office or agency of the Company in the Borough of Manhattan, The
City of New York, where the Securities of each series may be presented for payment, for
registration of transfer and for exchange as in this Indenture provided and where notices and
demands to or upon the Company in respect of the Securities of each series or of this Indenture may
be served.

Section 4.03. Appointment to Fill Vacancies in Trustee’s Office. The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided
in Section 7.10, a successor trustee, so that there shall at all times be a Trustee with respect to
each series of Securities hereunder.

Section 4.04. Provision as to Paying Agent(a) . (a) If the Company shall appoint a paying
agent other than the Trustee with respect to the Securities of any series, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provisions of this Section 4.04:

(1) that it will hold all sums held by it as such agent for the payment of the principal of,
premium, if any, or interest, if any, on the Securities of such series (whether such sums have been
paid to it by the Company or by any other obligor on the Securities of such series) in trust for
the benefit of the holders of the Securities of such series;

(2) that it will give the Trustee notice of any failure by the Company (or by any other
obligor on the Securities of such series) to make any payment of the principal of, premium, if any,
or interest, if any, on the Securities of such series when the same shall be due and payable; and

(3) that at any time during the continuance of any failure by the Company (or by any other
obligor on the Securities of such series) specified in the preceding paragraph (2), such paying
agent will, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held
in trust by it.

(b) If the Company shall act as its own paying agent with respect to the Securities of any
series, it will, on or before each due date of the principal of, premium, if any, or interest, if
any, on the Securities of such series, set aside, segregate and hold in trust for the benefit of
the holders of such Securities a sum sufficient to pay such principal, premium, if any, or
interest, if any, so becoming due and will promptly notify the Trustee of any failure to take such
action and of any failure by the Company (or by any other obligor on the Securities of such series)
to make any payment of the principal of, premium, if any, or interest, if any, on the Securities of
such series when the same shall become due and payable.

(c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein
contained.

(d) Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 4.04 is subject to Sections 12.05 and 12.06.

(e) Whenever the Company shall have one or more paying agents with respect to the Securities
of any series, it will, prior to each due date of the principal of, premium, if any, or interest,
if any, on the Securities of such series, deposit with a designated paying agent a sum sufficient
to pay the principal, premium, if any, and interest, if any, so becoming due, such sum to be held
in trust for the benefit of the persons entitled to such principal, premium, if any, or interest,
if any, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee
of any failure so to act.

Section 4.05. Statement as to Compliance. The Company will furnish to the Trustee on or
before May 1, in each year (beginning with the first May 1 following the first date of issuance of
any Securities under this Indenture) a brief certificate (which need not comply with Section 14.05)
from the principal executive, financial or accounting officer of the Company as required by Section
314(a)(4) of the Trust Indenture Act of 1939. Except with respect to the receipt of Securities
payments and any default or Event of Default information contained in the certificate delivered to
it pursuant to this Section 4.05, the Trustee shall have no duty to review, ascertain or confirm
the Company’s compliance with, or breach of, any representation, warranty or covenant made in this
Indenture.

Section 4.06. Additional Amounts. If the Securities of a series provide for the payment of
additional amounts, at least 10 days prior to the first interest payment date with respect to that
series of Securities and at least 10 days prior to each date of payment of principal of, premium,
if any, or interest on the Securities of that series if there has been a change with respect to the
matters set forth in the below-mentioned Officers’ Certificate, the Company shall furnish to the
Trustee and the principal paying agent, if other than the Trustee, an Officers’ Certificate
instructing the Trustee and such paying agent whether such payment of principal of or interest on
the Securities of that series shall be made to holders of the Securities of that series without
withholding or deduction for or on account of any tax, assessment or other governmental charge
described in the Securities of that series. If any such withholding or deduction shall be
required, then such Officers’ Certificate shall specify by country the amount, if any, required to
be withheld or deducted on such payments to such holders and shall certify the fact that additional
amounts will be payable and the amounts so payable to each holder, and the Company shall pay to the
Trustee or such paying agent the additional amounts required to be paid by this Section. The
Company covenants to indemnify the Trustee and any paying agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence or bad faith on
their part arising out of or in connection with actions taken or omitted by any of them in reliance
on any Officers’ Certificate furnished pursuant to this Section.

Whenever in this Indenture there is mentioned, in any context, the payment of the principal of
or any premium, interest or any other amounts on, or in respect of, any Security of any series,
such mention shall be deemed to include mention of the payment of additional amounts provided by
the terms of such series established hereby or pursuant hereto to the extent that, in such context,
additional amounts are, were or would be payable in respect thereof pursuant to such terms, and
express mention of the payment of additional amounts (if applicable) in any provision hereof shall
not be construed as excluding the payment of additional amounts in those provisions hereof where
such express mention is not made.

ARTICLE 5

SECURITYHOLDER LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

Section 5.01. Securityholder Lists. If and so long as the Trustee shall not be the Security
registrar for the Securities of any series, the Company and any other obligor on the Securities
will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may
reasonably require of the names and addresses of the holders of the Securities of such series
pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 15 days
after each record date for the payment of interest on such Securities, as hereinabove specified, as
of such record date, and on dates to be determined pursuant to Section 2.02 for non-interest
bearing Securities in each year, and (b) at such other times as the Trustee may request in writing,
within thirty days after receipt by the Company of any such request as of a date not more than 15
days prior to the time such information is furnished.

Section 5.02. Reports by the Company. The Company covenants to file with the Trustee, within
15 days after the Company is required to file the same with the Securities and Exchange Commission,
copies of the annual reports and of the information, documents and other reports that the Company
is required to file with the Securities and Exchange Commission pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 or pursuant to Section 314 of the Trust Indenture Act
of 1939.

Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates). The Trustee is under no duty to examine such reports,
information or documents to ensure compliance with the provisions of this Indenture or to ascertain
the correctness or otherwise of the information or the statements contained therein. The Trustee
is entitled to assume such compliance and correctness unless a Responsible Officer of the Trustee
is informed otherwise.

Section 5.03. Reports by the Trustee. Any Trustee’s report required under Section 313(a) of
the Trust Indenture Act of 1939 shall be transmitted on or before March 15 in each year beginning
March 15, 2008, as provided in Section 313(c) of the Trust Indenture Act of 1939, so long as any
Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no
more than 60 days prior thereto.

ARTICLE 6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

Section 6.01. Events of Default. The term “Event of Default” whenever used herein with
respect to Securities of any series means any one of the following events and such other events as
may be established with respect to the Securities of such series as contemplated by Section 2.02
hereof, continued for the period of time, if any, and after the giving of notice, if any,
designated in this Indenture or as may be established with respect to such Securities as
contemplated by Section 2.02 hereof, as the case may be, unless it is either inapplicable or is
specifically deleted or modified in the applicable resolution of the Board of Directors or in the
supplemental indenture under which such series of Securities is issued, as the case may be, as
contemplated by Section 2.02:

(a) default for 30 days in the payment of any installment of interest on any Security of such
series when and as the same shall become due and payable; or

(b) default in the payment of the principal of, or premium, if any, on any Security of such
series when and as the same shall become due and payable whether at maturity, upon redemption, by
declaration, repayment or otherwise; or

(c) default in the making or satisfaction of any sinking fund payment or analogous obligation
as and when the same shall become due and payable by the terms of the Securities of such series; or

(d) failure on the part of the Company duly to observe or perform any other of the covenants
or agreements on the part of the Company in respect of the Securities of such series contained in
this Indenture (other than a covenant or agreement in respect of the Securities of such series a
default in whose observance or performance is elsewhere in this Section 6.01 specifically dealt
with) continued for a period of 60 days after the date on which written notice of such failure,
requiring the Company to remedy the same, shall have been given to the Company by the Trustee by
registered mail, or to the Company and the Trustee by the holders of at least twenty-five percent
in aggregate principal amount of the Securities of such series at the time Outstanding; or

(e) an event of default with respect to any other series of Securities issued or hereafter
issued pursuant to this Indenture or as defined in any indenture or instrument evidencing or under
which the Company has at the date of this Indenture or shall hereafter have outstanding any
indebtedness for borrowed money (other than Non-Recourse Indebtedness) shall happen and be
continuing and such other series of Securities or such indebtedness, as the case may be, shall have
been accelerated so that the same shall be or become due and payable prior to the date on which the
same would otherwise have become due and payable, and the aggregate principal amount of any
indebtedness with respect to which such acceleration has occurred exceeds the greater of (a)
$100,000,000 and (b) 5% of Consolidated Net Assets, and such acceleration shall not be rescinded or
annulled within thirty days after written notice thereof shall have been given to the Company by
the Trustee or to the Company and the Trustee by the holders of at least twenty-five percent in
aggregate principal amount of the Securities of such series at the time Outstanding; provided,
however, that if such event of default with respect to such other series of Securities or under
such indenture or instrument, as the case may be, shall be remedied or cured by the Company, or
waived by the holders of such other series of Securities or of such indebtedness, as the case may
be, then the Event of Default hereunder by reason thereof shall be deemed likewise to have been
thereupon remedied, cured or waived without further action upon the part of either the Trustee or
any of the Securityholders of such series; and provided further that, subject to the provisions of
Sections 6.08 and 7.01, the Trustee shall not be charged with knowledge of any such event of
default or any remedy, cure or waiver thereof or any such acceleration unless written notice
thereof shall have been given to the Trustee by the Company, by a holder or an agent of a holder of
any Securities of such other series or of any such indebtedness, as the case may be, or by the
Trustee then acting under this Indenture with respect to such other series of Securities or under
any other indenture or instrument, as the case may be, under which such event of default shall have
occurred, or by the holders of at least twenty-five percent in aggregate principal amount of the
Securities of such series at the time Outstanding; or

(f) a decree or order by a court having jurisdiction in the premises shall have been entered
adjudging the Company or any of its Significant Subsidiaries bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization of the Company or any of its Significant
Subsidiaries under the Federal Bankruptcy Code or any other similar applicable Federal or State
law, and such decree or order shall have continued undischarged and unstayed for a period of 60
days; or a decree or order of a court having jurisdiction in the premises for the appointment of a
receiver or liquidator or trustee or assignee (or other similar official) in bankruptcy or
insolvency of the Company or any of its Significant Subsidiaries or of all or substantially all of
the property of the Company or any of its Significant Subsidiaries, or for the winding up or
liquidation of the affairs of the Company or any of its Significant Subsidiaries, shall have been
entered, and such decree or order shall have continued undischarged and unstayed for a period of 60
days; or

(g) the Company or any of its Significant Subsidiaries shall institute proceedings to be
adjudicated a voluntary bankrupt, or shall consent to the filing of a bankruptcy proceeding against
the Company or such Significant Subsidiary, or shall file a petition or answer or consent seeking
reorganization under the Federal Bankruptcy Code or any other similar applicable Federal or State
law, or shall consent to the filing of any such petition, or shall consent to the appointment of a
receiver or liquidator or trustee or assignee (or other similar official) in bankruptcy or
insolvency of it or of its property, or shall make an assignment for the benefit of creditors, or
shall admit in writing the inability of the Company or such Significant Subsidiary to pay its debts
generally as they become due; or

(h) any other Event of Default provided in the applicable resolution of the Board of Directors
or in the supplemental indenture under which such series of Securities is issued, as the case may
be, as contemplated by Section 2.02.

The Trustee shall not be charged with knowledge of the identity of a Significant Subsidiary of
the Company unless it shall have received written notice from the Company or a Securityholder
identifying such Significant Subsidiary as such.

If an Event of Default as contemplated by Sections 6.01(f) or 6.01(g) occurs, the principal
amount (or, if the Securities of such series are Original Issue Discount Securities, such portions
of the principal amount as may be specified in the terms of such series) with respect to Securities
of any series at the time Outstanding will become due and payable immediately. If any other Event
of Default with respect to Securities of any series at the time Outstanding occurs and is
continuing, then and in each and every such case, unless the principal of all of the Securities of
such series shall have already become due and payable, either the Trustee or the holders of not
less than twenty-five percent in aggregate principal amount of the Securities of such series then
Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by
Securityholders of such series), may declare the principal amount (or, if the Securities of such
series are Original Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of such series) of all the Securities of such series to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and
payable, anything in this Indenture or in the Securities of such series contained to the contrary
notwithstanding. This provision, however, is subject to the condition that if, at any time after
the principal amount (or, if the Securities of such series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of such series) of the
Securities of any series shall have been so declared or otherwise become due and payable, and
before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient
to pay all matured installments of interest, if any, upon all of the Securities of such series and
the principal of, and premium, if any, on any and all Securities of such series which shall have
become due otherwise than by acceleration (with interest on overdue installments of interest (to
the extent that payment of such interest is enforceable under applicable law) and on such principal
at the Overdue Rate applicable to such series, to the date of such payment or deposit) and all
amounts payable to the Trustee pursuant to the provisions of Section 7.06, and any and all defaults
under this Indenture with respect to such series of Securities, other than the nonpayment of
principal of and accrued interest on Securities of such series which shall have become due solely
by acceleration, shall have been remedied or cured or waived or provision shall have been made
therefor to the satisfaction of the Trustee—then and in every such case the holders of a majority
in aggregate principal amount of the Securities of such series then Outstanding, by written notice
to the Company and to the Trustee, may waive all defaults with respect to such series and rescind
and annul such declaration or acceleration and its consequences; but no such waiver or rescission
and annulment shall extend to or shall affect any subsequent default or shall impair any right
consequent thereon.

In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceeding shall have been discontinued or abandoned because of such rescission or annulment or for
any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Company and the Trustee shall be restored respectively to their several positions and
rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue
as though no such proceeding had been taken.

Section 6.02. Payment of Securities on Default; Suit Therefor. The Company covenants that (a)
in case default shall be made in the payment of any installment of interest upon any Security of
any series as and when the same shall become due and payable, and such default shall have continued
for a period of 30 days, (b) in case default shall be made in the payment of the principal of, or
premium, if any, on any Security of any series as and when the same shall become due and payable,
whether at maturity of the Securities of that series or upon redemption or by declaration,
repayment or otherwise or (c) in case of default in the making or satisfaction of any sinking fund
payment or analogous obligation when the same becomes due by the terms of the Securities of any
series—then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of
the holder of any such Security (or holders of any series of Securities in the case of clause (c)
above) the whole amount that then shall have become due and payable on any such Security (or
Securities of any such series in the case of clause (c) above) for principal, premium, if any, and
interest, if any, with interest upon the overdue principal and premium, if any, and (to the extent
that payment of such interest is enforceable under applicable law) upon the overdue installments of
interest, if any, at the Overdue Rate applicable to any such Security (or Securities of any such
series in the case of clause (c) above); and, in addition thereto, such further amount as shall be
sufficient to cover costs and expenses of collection, and any further amounts payable to the
Trustee pursuant to the provisions of Section 7.06.

In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in
its own name and as trustee of any express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or any other obligor upon such Securities and collect
in the manner provided by law out of the property of the Company or any other obligor on such
Securities wherever situated the moneys adjudged or decreed to be payable.

In case there shall be pending proceedings for the bankruptcy, for the insolvency or for the
reorganization of the Company or any other obligor on the Securities of any series under the
Federal Bankruptcy Code or any other similar applicable Federal or State law, or in case a receiver
or trustee (or other similar official) shall have been appointed for the property of the Company or
such other obligor, or in the case of any other similar judicial proceedings relative to the
Company or other obligor on the Securities of any series, or to the creditors or property of the
Company or such other obligor, the Trustee, irrespective of whether the principal of the Securities
of any series shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this
Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to
file and prove a claim or claims for the whole amount of principal (or, if the Securities of any
series are Original Issue Discount Securities, such portion of the principal amount as may be due
and payable with respect to such series pursuant to a declaration in accordance with Section 6.01),
premium, if any, and interest, if any, owing and unpaid in respect of the Securities of any series
and, in case of any judicial proceedings, to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee and of the
Securityholders of any series allowed in such judicial proceedings relative to the Company or any
other obligor on the Securities of any series, its or their creditors, or its or their property,
and to collect and receive any moneys or other property payable or deliverable on any such claims,
and to distribute the same after the deduction of costs and expenses of collection, and any further
amounts payable to the Trustee pursuant to the provisions of Section 7.06 and incurred by it up to
the date of such distribution; and any receiver, assignee or trustee (or other similar official) in
bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to the Securityholders, to pay to the Trustee costs and expenses of collection
and any further amounts payable to the Trustee pursuant to the provisions of Section 7.06 and
incurred by it up to the date of such distribution.

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting any of the Securities of any series or the rights of any holder
thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any
such proceeding.

All rights of action and of asserting claims under this Indenture, or under the Securities of
any series, may be enforced by the Trustee without the possession of any of the Securities of such
series or the production thereof in any trial or other proceeding relative thereto, and any such
suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall be for the ratable benefit of the holders of the
Securities in respect of which such action was taken. In any proceedings brought by the Trustee
(and also any proceedings in which a declaratory judgment of a court may be sought as to the
interpretation or construction of any provision of this Indenture, to which the Trustee shall be a
party) the Trustee shall be held to represent all the holders of the Securities to which such
proceedings relate, and it shall not be necessary to make any holders of such Securities parties to
any such proceedings.

Section 6.03. Application of Moneys Collected by Trustee. Any moneys collected by the Trustee
pursuant to this Article and, if an Event of Default has occurred and is continuing, any money or
other property distributable in respect of the Company’s obligations under the Indenture shall be
applied in the order following, at the date or dates fixed by the Trustee for the distribution of
such moneys, upon presentation of the several Securities in respect of which moneys have been
collected, and the notation thereon of the payment, if only partially paid, and upon surrender
thereof if fully paid:

FIRST: To the payment of all amounts due the Trustee pursuant to the provisions of Section
7.06;

SECOND: In case the principal of the Outstanding Securities in respect of which such moneys
have been collected shall not have become due (at maturity, upon redemption, by declaration,
repayment or otherwise) and be unpaid, to the payment of interest, if any, on such Securities, in
the order of the maturity of the installments of such interest, with interest (to the extent that
such interest has been collected by the Trustee) upon the overdue installments of interest at the
Overdue Rate applicable to such Securities, such payments to be made ratably to the person entitled
thereto;

THIRD: In case the principal of the Outstanding Securities in respect of which such moneys
have been collected shall have become due (at maturity, upon redemption, by declaration, repayment
or otherwise), to the payment of the whole amount then owing and unpaid upon such Securities for
principal, premium, if any, and interest, if any, with interest on the overdue principal, and
premium, if any, and (to the extent that such interest has been collected by the Trustee) upon
overdue installments of interest, if any, at the Overdue Rate applicable to such Securities; and in
case such moneys shall be insufficient to pay in full the whole amounts so due and unpaid upon such
Securities, then to the payment of such principal, premium, if any, and interest, if any, without
preference or priority of principal, and premium, if any, over interest, if any, or of interest, if
any, over principal, and premium, if any, or of any installment of interest, if any, over any other
installment of interest, if any, or of any such Security over any other such Security, ratably to
the aggregate of such principal, premium, if any, and accrued and unpaid interest, if any; and

FOURTH: To the payment of the remainder, if any, to the Company, its successors or assigns, or
to whosoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction
may direct.

Section 6.04. Proceedings by Securityholders. No holder of any Security of any series shall
have any right by virtue of or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or
for the appointment of a receiver or trustee (or other similar official), or for any other remedy
hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an
Event of Default with respect to Securities of such series and of the continuance thereof, as
hereinbefore provided, (ii) the holders of not less than twenty-five percent in aggregate principal
amount of the Securities of such series then Outstanding shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall
have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby, and (iii) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity, shall not have received from the holders of
a majority in principal amount of the Securities of such series then Outstanding a direction
inconsistent with that request, and shall have neglected or refused to institute any such action,
suit or proceeding, it being understood and intended, and being expressly covenanted by the taker
and holder of every Security with every other taker and holder and the Trustee, that no one or more
holders of Securities of such series shall have any right in any manner whatever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other
holder of Securities of such series, or to obtain or seek to obtain priority over or preference to
any other such holder, or to enforce any right under this Indenture, except in the matter herein
provided and for the equal, ratable and common benefit of all holders of Securities of such series.

Notwithstanding any other provisions in this Indenture, however, the right of any holder of
any Security to receive payment of the principal of, premium, if any, and interest, if any, on such
Security, on or after the respective due dates expressed in such Security, or upon redemption, by
declaration, repayment or otherwise, or to institute suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such
holder, and no provision of the Securities of any series or of this Indenture shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay the principal of,
premium, if any, and interest, if any, on the Securities of such series at the respective places,
at the respective times, at the respective rates and in the coin or currency, therein and herein
prescribed.

Section 6.05. Proceedings by Trustee. In case of an Event of Default hereunder the Trustee
may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any of such rights, either by suit in equity or by action at law or by proceeding in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement
contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to
enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

Section 6.06. Remedies Cumulative and Continuing. All powers and remedies given by this
Article Six to the Trustee or to the Securityholders of any series shall, to the extent permitted
by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies
available to the Trustee or the holders of such Securities, by judicial proceedings or otherwise,
to enforce the performance or observance of the covenants and agreements contained in this
Indenture, and no delay or omission of the Trustee or of any holder of any such Securities to
exercise any right or power accruing upon any default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given
by this Article Six or by law to the Trustee or to the Securityholders of any series may be
exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the
Securityholders of such series.

Section 6.07. Direction of Proceedings and Waiver of Defaults by Securityholders(a) . (a)
The holders of a majority in aggregate principal amount of the Securities of any series at the time
Outstanding shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series; provided, however, that (subject to the provisions
of Section 7.01) the Trustee shall have the right to decline to follow any such direction if the
Trustee, being advised by counsel, determines that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive
committee, or a trust committee of directors or trustees and/or Responsible Officers shall
determine that the action or proceeding so directed would involve the Trustee in personal liability
or expense for which it is not adequately indemnified.

(b) Prior to any acceleration or declaration accelerating the maturity of the Securities of
any series, the holders of a majority in aggregate principal amount of the Securities of such
series at the time Outstanding may, on behalf of the holders of all of the Securities of such
series, waive any past default or Event of Default with respect to such series and its consequences
except a default in the payment of interest, if any, on, or the principal of or premium, if any, on
any Security of such series, or in the payment of any sinking fund installment or analogous
obligation with respect to Securities of such series, or in respect of a covenant or provision
hereof which under Section 10.02 cannot be modified or amended without the consent of the holder of
each Security affected. Upon any such waiver the Company, the Trustee and the holders of the
Securities of that series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent thereon. Whenever any default or Event of Default hereunder
shall have been waived as permitted by this Section 6.07(b), said default or Event of Default shall
for all purposes of the Securities of such series and this Indenture be deemed to have been cured
and to be not continuing.

Section 6.08. Notice of Defaults. The Trustee shall, within 90 days after the occurrence of a
default with respect to the Securities of any series, mail to all holders of Securities of such
series, as the names and addresses of such holders appear upon the registry books of the Company,
notice of all defaults with respect to such series known to the Trustee, unless such defaults shall
have been cured or waived before the giving of such notice (the term “defaults” for the purpose of
this Section 6.08 being hereby defined to be the events specified in Section 6.01 or established
with respect to such Securities as contemplated by Section 2.02, not including the periods of
grace, if any, provided for therein or established with respect to such Securities as contemplated
by Section 2.02 and irrespective of the giving of the notices specified in clauses (d) and (e) of
Section 6.01 or established with respect to such Securities as contemplated by Section 2.02);
provided, however, that except in the case of default in the payment of the principal of, premium,
if any, or interest, if any, on any of the Securities of such series or in the making of any
sinking fund installment or analogous obligation with respect to such series, the Trustee shall be
protected in withholding such notice if and so long as the board of directors, the executive
committee, or a trust committee of directors and/or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interest of the holders of
Securities of such series.

Section 6.09. Undertaking to Pay Costs. All parties to this Indenture agree, and each holder
of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture or
in any suit against the Trustee for any action taken, omitted or suffered by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that
such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 6.09 shall not
apply (i) to any suit instituted by the Trustee, (ii) to any suit instituted by any holder of
Securities of any series or group of such holders, holding in the aggregate more than ten percent
in principal amount of the Outstanding Securities of such series or (iii) to any suit instituted by
any Securityholder for the enforcement of the payment of the principal of, premium, if any, or
interest, if any, on any Security (A) on or after the due date expressed in such Security, (B) on
or after the date fixed for redemption or repayment or (C) after such Security shall have become
due by declaration.

ARTICLE 7

CONCERNING THE TRUSTEE

Section 7.01. Duties and Responsibilities of Trustee. With respect to the holders of any
series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default
with respect to the Securities of such series and after the curing or waiving of all Events of
Default which may have occurred with respect to such series, undertakes to perform such duties and
only such duties as are specifically set forth in this Indenture. In case an Event of Default with
respect to the Securities of a series has occurred (which has not been cured or waived) the Trustee
shall exercise such of the rights and powers vested in it by this Indenture with respect to such
series, and use the same degree of care and skill in their exercise as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs.

No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that

(a) prior to the occurrence of an Event of Default with respect to the Securities of a series
and after the curing or waiving of all Events of Default with respect to such series which may have
occurred:

(1) the duties and obligations of the Trustee with respect to the Securities of a series shall
be determined solely by the express provisions of this Indenture, and the Trustee shall not be
liable except for the performance of such duties and obligations as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against
the Trustee; and

(2) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture;

(b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was
negligent in ascertaining the pertinent facts;

(c) the Trustee shall not be liable with respect to any action taken, omitted or suffered to
be taken by it in good faith in accordance with the direction of the holders of Securities of any
series pursuant to Section 6.07 relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred upon the
Trustee, under this Indenture with respect to Securities of such series;

(d) whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct of, the liability of or affording protection to the Trustee for any series of
Securities shall be subject to the provisions of this Section 7.01;

(e) the Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company; and

(f) money held in trust by the Trustee need not be segregated from other funds except as
required by law.

None of the provisions of this Indenture shall be construed as requiring the Trustee to expend
or risk its own funds or otherwise to incur any personal financial liability in the performance of
any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.

The provisions of this Section 7.01 are in furtherance of and subject to Section 315 of the
Trust Indenture Act of 1939.

Section 7.02. Reliance on Documents, Opinions, etc. In furtherance of and subject to the
Trust Indenture Act of 1939, and subject to the provisions of Section 7.01:

(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, or other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;

(b) any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an instrument signed in the name of the Company by its President, its
Chairman of the Board or any Vice President and its Treasurer, its Secretary or its Comptroller
(unless other evidence in respect thereof be herein specifically prescribed); and any resolution of
the Board of Directors of the Company may be evidenced to the Trustee by a copy thereof certified
by the Secretary, an Assistant Secretary or an Attesting Secretary of the Company;

(c) the Trustee may consult with counsel and any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, omitted or suffered to be taken by it
hereunder in good faith and in accordance with such Opinion of Counsel;

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred therein or thereby;

(e) the Trustee shall not be liable for any action taken, omitted or suffered by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;

(f) the Trustee shall not be bound to make any inquiry or investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, note or other paper or document unless requested in
writing so to do by the holders of a majority in aggregate principal amount of the Securities of
any series affected then Outstanding; provided, however , that if the payment within a reasonable
time to the Trustee of the costs and expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security conferred upon it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding;
and the reasonable expense of such investigation shall be paid by the Company, or, if paid by the
Trustee, shall be repaid by the Company upon demand;

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys, and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder;

(h) the Trustee shall not be deemed to have notice of any default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or written notice of any event
which is in fact such a default or Event of Default is received by the Trustee at the Corporate
Trust Office of the Trustee and such notice references the Securities and this Indenture;

(i) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of it capacities hereunder and each agent, custodian and other
Person employed to act hereunder;

(j) the Trustee may request that the Company deliver an Officers’ Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person
authorized to sign an Officers’ Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded;

(k) the Trustee shall not be responsible or liable for special, indirect or consequential loss
or damage of any kind whatsoever (including, but not limited to, loss or profit) irrespective of
whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action;

(l) the Trustee shall not be required to give any note, bond or surety in respect of the
execution of the trusts and powers under this Indenture; and

(m) the Trustee shall not be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused, directly or indirectly by
circumstances beyond its reasonable control, including, without limitation, acts of God,
earthquakes, fire, flood, terrorism, wars and other military disturbances, sabotage, epidemics,
riots, interruptions, loss or malfunction of utilities or communication services and acts of civil
or military authorities and governmental action.

Section 7.03. No Responsibility for Recitals, etc. The recitals contained herein and in the
Securities shall be taken as the statements of the Company (except in the Trustee’s certificates of
authentication), and the Trustee assumes no responsibility for the correctness of the same. The
Trustee makes no representations as to the validity or sufficiency of this Indenture or the
Securities, provided that the Trustee shall not be relieved of its duty to authenticate Securities
only as authorized by this Indenture. The Trustee shall not be accountable for the use or
application by the Company or any of the Securities or of the proceeds thereof.

Section 7.04. Ownership of Securities. The Trustee and any agent of the Company or of the
Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee or such agent.

Section 7.05. Moneys to be Held in Trust. Subject to the provisions of Sections 12.05 and
12.06 hereof, all moneys received by the Trustee or any paying agent shall, until used or applied
as herein provided, be held in trust for the purposes for which they were received, but need not be
segregated from other funds except to the extent required by law. Neither the Trustee nor any
paying agent shall be under any liability for interest on any moneys received by it hereunder
except such as it may agree with the Company to pay thereon. So long as no Event of Default shall
have occurred and be continuing, all interest allowed on any such moneys shall be paid from time to
time upon the written order of the Company, signed by its President, Chairman or any Vice Chairman
of the Board, or any Vice President, Treasurer or Comptroller.

Section 7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay
to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation
(which shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust) and, except as otherwise expressly provided, the Company will pay or reimburse
the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Trustee in accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and of all persons not
regularly in its employ) except any such expense, disbursement or advance as may arise from its
negligence or bad faith. If any property other than cash shall at any time be subject to the lien
of this Indenture, the Trustee, if and to the extent authorized by a receivership or bankruptcy
court of competent jurisdiction or by the supplemental instrument subjecting such property to such
lien, shall be entitled to make advances for the purpose of preserving such property or of
discharging tax liens or other prior liens or encumbrances thereon. The Company also covenants to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on the part of the Trustee, arising out of or in connection with
the acceptance or administration of this trust and its duties hereunder, including the costs and
expenses of defending itself against any claim of liability in the premises. The obligations of
the Company under this Section 7.06 to compensate and indemnify the Trustee and to pay or reimburse
the Trustee for expenses, disbursements and advances shall constitute additional indebtedness
hereunder and shall survive the satisfaction and discharge of this Indenture. Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the benefit of the holders
of particular Securities.

Section 7.07. Officers’ Certificate as Evidence. Subject to the provisions of Sections 7.01
and 7.02, whenever in the administration of the provisions of this Indenture the Trustee shall deem
it necessary or desirable that a matter be proved or established prior to taking, omitting or
suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof
be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of
the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate
delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the
part of the Trustee, shall be full warrant to the Trustee for any action taken, omitted or suffered
by it under the provisions of this Indenture upon the faith thereof.

Section 7.08. Indentures Not Creating Potential Conflicting Interests For The Trustee. The
following indentures are hereby specifically described for the purposes of Section 310(b)(1) of the
Trust Indenture Act of 1939: this Indenture with respect to the Securities of any other series, the
Indenture dated as of May 16, 2003, among the Company, Sheraton Holding Corporation, as guarantor,
and U.S. Bank National Association, as trustee, and the Indenture dated as of April 19, 2002, among
the Company, the guarantors party thereto and U.S. Bank National Association, as trustee.

Section 7.09. Eligibility of Trustee. The Trustee hereunder shall at all times be a
corporation organized and doing business under the laws of the United States or any state, which
(a) is authorized under such laws to exercise corporate trust powers, (b) is subject to supervision
or examination by Federal or State authority and (c) shall have at all times a combined capital and
surplus of not less than fifty million dollars. If such corporation publishes reports of condition
at least annually, pursuant to law, or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section 7.09, the combined capital and surplus
of such corporation at any time shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. In case at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section 7.09, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.10.

The provisions of this Section 7.09 are in furtherance of and subject to Section 310(a) of the
Trust Indenture Act of 1939.

Section 7.10. Resignation or Removal of Trustee(a) . (a) The Trustee, or any trustee or
trustees hereafter appointed, may at any time resign with respect to any one or more or all series
of Securities by giving written notice of resignation to the Company and by mailing notice thereof
to the holders of the applicable series of Securities at their addresses as they shall appear on
the registry books of the Company. Upon receiving such notice of resignation, the Company shall
promptly appoint a successor trustee or trustees with respect to the applicable series by written
instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy of
which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.
If no successor trustee shall have been so appointed with respect to any series and have accepted
appointment within 60 days after the giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor trustee, or any
Securityholder who has been a bona fide holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section 6.09, on behalf of himself and
all others similarly situated, petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.

(b) In case at any time any of the following shall occur—

(1) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust
Indenture Act of 1939 with respect to any series of Securities after written request therefor by
the Company or by any Securityholder who has been a bona fide holder of a Security or Securities of
such series for at least six months, or

(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09
and Section 310(a) of the Trust Indenture Act of 1939 with respect to any series of Securities and
shall fail to resign after written request therefor by the Company or by any such Securityholder,
or

(3) the Trustee shall become incapable of acting with respect to any series of Securities, or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation—

then, in any such case, the Company may remove the Trustee with respect to such series and appoint
a successor trustee with respect to such series by written instrument, in duplicate, executed by
order of the Board of Directors of the Company, one copy of which instrument shall be delivered to
the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has been a bona fide
holder of a Security or Securities of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor trustee with respect to such series. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee with respect to such series.

(c) The holders of a majority in aggregate principal amount of the Securities of one or more
series (each series voting as a class) or all series at the time Outstanding may at any time remove
the Trustee with respect to the applicable series or all series, as the case may be, and appoint
with respect to the applicable series or all series, as the case may be, a successor trustee by
written notice of such action to the Company, the Trustee and the successor trustee.

(d) Any resignation or removal of the Trustee with respect to any series and any appointment
of a successor trustee with respect to such series pursuant to any of the provisions of this
Section 7.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section 7.11.

(e) No predecessor Trustee shall be liable for the acts or omissions of any successor Trustee.

Section 7.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in
Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee with respect to any or all applicable series shall become effective and such
successor trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, duties and obligations with respect to such series of its predecessor hereunder,
with like effect as if originally named as trustee herein; but, nevertheless, on the written
request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment
(or due provision therefor) of any amounts then due it pursuant to the provisions of Section 7.06,
execute and deliver an instrument transferring to such successor trustee all the rights and powers
with respect to such series of the trustee so ceasing to act. Upon request of any such successor
trustee, the Company shall execute any and all instruments in writing in order more fully and
certainly to vest in and confirm to such successor trustee all such rights and powers. Any trustee
ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by
such trustee to secure any amounts then due it pursuant to the provisions of Section 7.06.

In case of the appointment hereunder of a successor trustee with respect to the Securities of
one or more (but not all) series, the Company, the predecessor trustee and each successor trustee
with respect to the Securities of any applicable series shall execute and deliver an indenture
supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the predecessor trustee with respect
to the Securities of any series as to which the predecessor trustee is not retiring shall continue
to be vested in the predecessor trustee and shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such trustees co-trustees of the same trust and that each such trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such trustee.

No successor trustee with respect to a series of Securities shall accept appointment as
provided in this Section 7.11 unless at the time of such acceptance such successor trustee shall,
with respect to such series, be qualified under Section 310(b) of the Trust Indenture Act of 1939
and eligible under the provisions of Section 7.09.

Upon acceptance of appointment by a successor trustee with respect to any series as provided
in this Section 7.11, the Company shall mail notice of the succession of such trustee hereunder to
the holders of Securities of such series at their addresses as they shall appear on the registry
books of the Company. If the Company fails to mail such notice within ten days after the
acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Company.

Section 7.12. Succession by Merger, etc. Any Person into which the Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any Person succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the successor to the
Trustee hereunder, provided such Person shall be qualified under Section 310(b) of the Trust
Indenture Act of 1939 and eligible under the provisions of Section 7.09, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding.

In case at the time such successor to the Trustee shall succeed to the trust created by this
Indenture with respect to one or more series of Securities any of such Securities shall have been
authenticated but not delivered, any such successor to the Trustee by merger, conversion or
consolidation may adopt the certificate of authentication of any predecessor trustee and deliver
such Security so authenticated; and in case at that time any of such Securities shall not have been
authenticated, any successor to the Trustee may authenticate such Securities either in the name of
such successor to the Trustee or, if such successor to the Trustee is a successor by merger,
conversion or consolidation, the name of any predecessor hereunder; and in all such cases such
certificate shall have the full force which it is anywhere in such Securities or in this Indenture
provided that the certificate of the Trustee shall have.

Section 7.13. Other Matters Concerning the Trustee. The principal corporate trust office of
the Trustee at the date of this Indenture is located at U.S. Bank National Association, Corporate
Trust Services, 60 Livingston Avenue, St. Paul, MN 55107-1419, Attn: Raymond S. Haverstock.

Section 7.14. Appointment of Authenticating Agent. The Trustee may appoint an Authenticating
Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate
Securities issued upon original issue and upon exchange, registration of transfer, partial
conversion or partial redemption or pursuant to Section 2.07, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under such laws
to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of
said supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the effect specified in
this Section.

Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all holders of
Securities as their names and addresses appear in the Security Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section.

The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

If an appointment is made pursuant to this Section, the Securities may have endorsed thereon,
in addition to the Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form:

“Dated:

This is one of the Securities described in the within-mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:

As Authenticating Agent

By:

Authorized Signatory”

ARTICLE 8

CONCERNING THE SECURITYHOLDERS

Section 8.01. Action of Securityholders. Whenever in this Indenture it is provided that the
holders of a specified percentage in aggregate principal amount of the Securities of any or all
series may take any action (including the making of any demand or request, the giving of any
notice, consent or waiver or the taking of any other action) the fact that at the time of taking
any such action the holders of such specified percentage have joined therein may be evidenced (a)
by any instrument or any number of instruments of similar tenor executed by such Securityholders in
person or by agent or proxy appointed in writing, (b) by the record of such holders of Securities
voting in favor thereof at any meeting of such Securityholders duly called and held in accordance
with the provisions of Article Nine or (c) by a combination of such instrument or instruments and
any such record of such a meeting of such Securityholders.

Section 8.02. Proof of Execution by Securityholders. Subject to the provisions of Sections
7.01, 7.02 and 9.06, proof of the execution of any instrument by a Securityholder or his agent or
proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may
be prescribed by the Trustee or in such manner as shall be reasonably satisfactory to the Trustee.
The ownership of Securities shall be proved by the registry books of the Company.

The record of any Securityholders’ meeting shall be proved in the manner provided in Section
9.07.

The Company may set a record date for purposes of determining the identity of holders of
Securities of any series entitled to vote or consent to or revoke any action referred to in Section
8.01, which record date may be set at any time or from time to time by notice to the Trustee, for
any date or dates (in the case of any adjournment or reconsideration) not more than 60 days nor
less than five days prior to the proposed date of such vote or consent, and thereafter,
notwithstanding any other provisions hereof, with respect to Securities of any series, only holders
of Securities of such series of record on such record date shall be entitled to so vote or give
such consent or revoke such vote or consent.

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee and any agent of the
Company or of the Trustee may deem the person in whose name any Security shall be registered upon
the books of the Company to be, and may treat him as, the owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notation of ownership or other writing
thereon) for the purpose of receiving payment of or on account of the principal of, premium, if
any, and (subject to Section 2.04) interest, if any, on such Security and for all other purposes;
and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be
affected by any notice to the contrary. All such payments so made to any holder for the time
being, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual
to satisfy and discharge the liability for moneys payable upon any such Security.

No Beneficial Owner of a beneficial interest in any Global Security held on its behalf by a
Depositary shall have any rights under this Indenture with respect to such Global Security, and
such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the
Trustee as the owner of such Security for all purposes whatsoever. None of the Company, the
Trustee or any agent of the Company or the Trustee will have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial ownership interests
of a Global Security or maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

Section 8.04. Company-Owned Securities Disregarded. In determining whether the holders of the
requisite aggregate principal amount of Securities have concurred in any demand, request, notice,
direction, consent or waiver under this Indenture, Securities which are owned by the Company or any
other obligor on the Securities with respect to which such determination is being made or by any
person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company or any other obligor on the Securities with respect to which such
determination is being made shall be disregarded and deemed not to be Outstanding for the purpose
of any such determination; provided, that for the purposes of determining whether the Trustee shall
be protected in relying on any such demand, request, notice, direction, consent or waiver only
Securities which the Trustee knows are so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding for the purposes of this Section
8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote
such Securities and that the pledgee is not a person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company or any such other
obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the
advice of counsel shall be full protection to the Trustee.

Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not
after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by
the holders of the percentage in aggregate principal amount of the Securities of any or all series,
as the case may be, specified in this Indenture in connection with such action, any holder of a
Security which is shown by the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee at its principal office and
upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such
Security. Except as aforesaid, any such action taken by the holder of any Security shall be
conclusive and binding upon such holder and upon all future holders of such Security, irrespective
of whether or not any notation in regard thereto is made upon such Security or any Security issued
in exchange or substitution therefor.

ARTICLE 9

SECURITYHOLDERS’ MEETINGS

Section 9.01. Purposes of Meetings. A meeting of holders of Securities of any or all series
may be called at any time and from time to time pursuant to the provisions of this Article Nine for
any of the following purposes:

(1) to give any notice to the Company or to the Trustee, to give any directions to the
Trustee, to consent to the waiving of any default hereunder and its consequences or to take any
other action authorized to be taken by Securityholders pursuant to any of the provisions of Article
Six;

(2) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article Seven;

(3) to consent to the execution of an indenture or indentures supplemental hereto pursuant to
the provisions of Section 10.02; or

(4) to take any other action authorized to be taken by or on behalf of the holders of any
specified aggregate principal amount of the Securities of any or all series, as the case may be,
under any other provision of this Indenture or under applicable law.

Section 9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of
holders of Securities of any or all series to take any action specified in Section 9.01, to be held
at such time and at such place in the Borough of Manhattan, The City of New York, as the Trustee
shall determine. Notice of every meeting of the holders of Securities of any or all series,
setting forth the time and the place of such meeting and in general terms the action proposed to be
taken at such meeting, shall be mailed to holders of Securities of each series affected at their
addresses as they shall appear on the registry books of the Company. Such notice shall be mailed
not less than 10 nor more than 90 days prior to the date fixed for the meeting.

Section 9.03. Call of Meetings by Company or Securityholders. In case at any time the
Company, pursuant to a resolution of its Board of Directors, or the holders of at least ten percent
in aggregate principal amount of the Securities then Outstanding of any series that may be affected
by the action proposed to be taken at the meeting shall have requested the Trustee to call a
meeting of the holders of Securities of all series that may be so affected, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have mailed the notice of such meeting within 20 days after receipt of such request, then
the Company or such Securityholders, in the amount specified above, may determine the time and the
place in said Borough of Manhattan for such meeting and may call such meeting to take any action
authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02.

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of
Securityholders a person shall (a) be a holder of one or more Securities with respect to which such
meeting is being held or (b) be a person appointed by an instrument in writing as proxy by a holder
of one or more such Securities. The only persons who shall be entitled to be present or to speak
at any meeting of Securityholders shall be the persons entitled to vote at such meeting and their
counsel, any representatives of the Trustee and its counsel and any representatives of the Company
and its counsel.

Section 9.05. Quorum; Adjourned Meetings. The Persons entitled to vote a majority in
aggregate principal amount of the Securities of the relevant series at the time Outstanding shall
constitute a quorum for the transaction of all business specified in Section 9.01. No business
shall be transacted in the absence of a quorum (determined as provided in this Section 9.05). In
the absence of a quorum within 30 minutes after the time appointed for any such meeting, the
meeting shall, if convened at the request of the holders of Securities (as provided in Section
9.03), be dissolved. In any other case the meeting shall be adjourned for a period of not less
than ten days as determined by the chairman of the meeting. In the absence of a quorum at any such
adjourned meeting, such adjourned meeting shall be further adjourned for a period of not less than
ten days as determined by the chairman of the meeting. Notice of the reconvening of any adjourned
meeting shall be given as provided in Section 9.02, except that such notice must be mailed not less
than five days prior to the date on which the meeting is scheduled to be reconvened.

Subject to the foregoing, at the second reconvening of any meeting adjourned for lack of a
quorum, the Persons entitled to vote 25% in aggregate principal amount of the Securities of the
relevant series then Outstanding shall constitute a quorum for the taking of any action set forth
in the notice of the original meeting. Notice of the reconvening of an adjourned meeting shall
state expressly the percentage of the aggregate principal amount of the Securities of the relevant
series then Outstanding which shall constitute a quorum.

At a meeting or any adjourned meeting duly convened and at which a quorum is present as
aforesaid, any resolution and all matters (except as limited by the proviso in Section 10.02) shall
be effectively passed and decided if passed or decided by the Persons entitled to vote the lesser
of (a) a majority in aggregate principal amount of the Securities of the relevant series then
Outstanding and (b) 75% in aggregate principal amount of the Securities represented and voting at
the meeting.

Any holder of a Security who has executed in person or by proxy and delivered to the Trustee
an instrument in writing complying with the provisions of Article Eight shall be deemed to be
present for the purposes of determining a quorum and be deemed to have voted; provided that such
holder of a Security shall be considered as present or voting only with respect to the matters
covered by such instrument in writing.

Section 9.06. Regulations. Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Securityholders, in regard to proof of the holder of Securities and of the appointment of proxies,
and in regard to the appointment and duties of inspectors of votes, the submission and examination
of proxies, certificates and other evidence of the right to vote, and such other matters concerning
the conduct of the meeting as it shall think fit.

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Securityholders as provided in
Section 9.03, in which case the Company or the Securityholders calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

Subject to the provisions of Section 8.04, at any meeting each holder of Securities with
respect to which such meeting is being held or proxy shall be entitled to vote the principal amount
(in the case of Original Issue Discount Securities, such principal amount to be determined as
provided in the definition of “Security or Securities; Outstanding” in Section 1.01) of such
Securities held or represented by him; provided, however, that no vote shall be cast or counted at
any meeting in respect of any such Security challenged as not Outstanding and ruled by the chairman
of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote
other than by virtue of such Securities held by him or instruments in writing as aforesaid duly
designating him as the person to vote on behalf of other such Securityholders. Any meeting of
holders of Securities with respect to which a meeting was duly called pursuant to the provisions of
Sections 9.02 or 9.03 may be adjourned from time to time by a majority of those present, whether or
not constituting a quorum, and the meeting may be held as so adjourned without further notice.

Section 9.07. Voting. The vote upon any resolution submitted to any meeting of holders of
Securities with respect to which such meeting is being held shall be by written ballots on which
shall be subscribed the signatures of such holders of Securities or of their representatives by
proxy and the principal amount (in the case of Original Issue Discount Securities, such principal
amount to be determined as provided in the definition of “Security or Securities; Outstanding” in
Section 1.01) and number or numbers of such Securities held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting. A record in
duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary
of the meeting and there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of
the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed
as provided in Section 9.02. The record shall show the principal amount of the Securities (in the
case of Original Issue Discount Securities, such principal amount to be determined as provided in
the definition of “Security or Securities; Outstanding” in Section 1.01) voting in favor of or
against any resolution. The record shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company
and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting.

Any record so signed and verified shall be conclusive evidence of the matters therein stated.

Section 9.08. No Delay of Rights by Meeting. Nothing in this Article Nine contained shall be
deemed or construed to authorize or permit, by reason of any call of a meeting of Securityholders
of any or all series or any rights expressly or impliedly conferred hereunder to make such call,
any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the
Trustee or to the Securityholders of any or all such series under any of the provisions of this
Indenture or of the Securities.

ARTICLE 10

SUPPLEMENTAL INDENTURES

Section 10.01. Supplemental Indentures without Consent of Securityholders. The Company, when
authorized by resolution of the Board of Directors, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto for one or more of the following
purposes:

(a) to evidence the succession of another Person to the Company, or successive successions,
and the assumption by the successor Person of the covenants, agreements and obligations of the
Company pursuant to Article Eleven hereof;

(b) to add to the covenants of the Company such further covenants, restrictions, conditions or
provisions for the protection of the holders of all or any series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities, stating that such
covenants are expressly being included for the benefit of such series) as the Board of Directors of
the Company and the Trustee shall consider to be for the protection of the holders of such
Securities, and to make the occurrence, or the occurrence and continuance, of a default in any of
such additional covenants, restrictions, conditions or provisions a default or an Event of Default
permitting the enforcement of all or any of the several remedies provided in this Indenture as
herein set forth; provided, however, that in respect of any such additional covenant, restriction,
condition or provision, such supplemental indenture may provide for a particular period of grace
after default (which period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such default or may limit the remedies
available to the Trustee upon such default;

(c) to add any additional Events of Default (and, if such Events of Default are to be
applicable to less than all series of Securities, stating that such Events of Default are
applicable only to specified series);

(d) to provide for the issuance under this Indenture of Securities in coupon form (including
Securities registrable as to principal only) and to provide for exchangeability of such Securities
with the Securities of the same series issued hereunder in fully registered form and to make all
appropriate changes for such purpose;

(e) to establish the forms or terms of Securities of any series or of the Coupons appertaining
to such Securities as permitted by Sections 2.01 and 2.02;

(f) to provide for uncertificated debt securities in addition to or in place of certificated
debt securities;

(g) to cure any ambiguity or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained
herein or in any supplemental indenture, or to make such other provisions in regard to matters or
questions arising under this Indenture which shall not materially adversely affect the interests of
the holders of any Securities; provided, however, that any amendment made solely to conform the
provisions of this Indenture to the description of the Securities contained in the prospectus or
other offering document pursuant to which the Securities were sold will be deemed not to adversely
affect the interests of the holders of the Securities;

(h) to modify or amend this Indenture to permit the qualification of this Indenture or any
indentures supplemental hereto under the Trust Indenture Act of 1939, as amended;

(i) to add to or change any provision of this Indenture to provide that bearer Securities may
be registrable as to principal, to change or eliminate any restrictions on the payment of principal
or premium with respect to registered Securities or of principal, premium or interest with respect
to bearer Securities, or to permit registered Securities to be exchanged for bearer Securities;
provided, however, that any such addition, change or elimination may not materially adversely
affect the interests of any holders of Securities at the time Outstanding nor permit or facilitate
the issuance of Securities of any series in uncertificated form;

(j) to add guarantees with respect to the Securities of any series or to secure the Securities
of any series;

(k) to evidence and provide for the acceptance of appointment hereunder by a successor or
separate trustee with respect to the Securities of one or more series or to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Section 7.11 or pursuant to Section 2.02(17); and

(l) to add to, change or eliminate any of the provisions of this Indenture; provided, however,
that any such addition, change or elimination may be effected only when no Outstanding Security of
any series created prior to the execution of such supplemental indenture is entitled to the benefit
of such provision.

The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer and assignment of any property thereunder,
but the Trustee shall not be obligated to, but may in its discretion, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed
by the Company and the Trustee without the consent of the holders of any of the Securities at the
time Outstanding, notwithstanding any of the provisions of Section 10.02.

Section 10.02. Supplemental Indentures with Consent of Securityholders. With the written
consent (evidenced as provided in Sections 8.01 and 8.02) of the holders of a majority in the
aggregate principal amount of the Securities of each series (each series voting as a class)
affected by such supplemental indenture at the time Outstanding, the Company and the Trustee may
from time to time and at any time enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or any supplemental indenture or of modifying in any manner the rights of the
holders of the Securities or each such series; provided, however, that no such supplemental
indenture shall (i) change the stated maturity of principal of, or any installment of principal of
or interest on, any Security, (ii) reduce the rate of or extend the time of payment of interest, if
any, on any Security or alter the manner of calculation of interest payable on any Security (except
as part of any remarketing of the Securities of any series, or any interest rate reset with respect
thereto in each case in accordance with the terms thereof), (iii) reduce the principal amount or
premium, if any, on any Security, (iv) make the principal amount or premium, if any, or interest,
if any, on any Security payable in any coin or currency other than that provided in any Security,
(v) reduce the percentage in principal amount of Securities of any series the holders of which are
required to consent to any such supplemental indenture or any waiver of any past default or Event
of Default pursuant to Section 6.07(b), (vi) change any place of payment where the Securities of
any series or interest thereon is payable, (vii) impair the right of any holder of a Security to
institute suit for any such payment, reduce the amount of the principal of an Original Issue
Discount Security that would be due and payable upon an acceleration of the maturity thereof
pursuant to Section 6.01, adversely affect the right of repayment, if any, at the option of the
holder or extend the time or reduce the amount of any payment to any sinking fund or analogous
obligation relating to any Security, or (viii) modify any provision of Section 6.07(b) or 10.02
(except to increase any such percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the holder of each Security so
affected), without, in the case of each of the foregoing clauses (i) through (viii), the consent of
the holder of each Security so affected. A supplemental indenture which changes or eliminates any
covenant or other provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the rights of the holders
of Securities of such series with respect to such covenant or other provision, shall be deemed not
to affect the rights under this Indenture of the holders of Securities of any other series.

Upon the request of the Company, accompanied by a copy of the resolutions of the Board of
Directors authorizing the execution and delivery of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Securityholders as aforesaid, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion but shall not be obligated to, enter
into such supplemental indenture.

It shall not be necessary for the consent of the Securityholders under this Section 10.02 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.

Section 10.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures. Any
supplemental indenture executed pursuant to the provisions of this Article Ten shall comply with
the Trust Indenture Act of 1939, as then in effect. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article Ten, this Indenture shall be deemed to be
modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders
of the Securities shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

Section 10.04. Notation on Securities. Securities authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this Article Ten may bear a
notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may be prepared and
executed by the Company, authenticated by the Trustee and delivered in exchange for the Securities
of such series then Outstanding.

Section 10.05. Evidence of Compliance of Supplemental Indenture to be Furnished Trustee. The
Trustee, subject to the provisions of Sections 7.01 and 7.02, may receive an Officers’ Certificate
and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant
hereto complies with the requirements of this Article Ten.

ARTICLE 11

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

Section 11.01. Company May Consolidate, Merge Or Sell Assets on Certain Terms. Nothing
contained in this Indenture or in any of the Securities shall be deemed to prevent the
consolidation or merger of the Company with or into any other corporation, or the merger into the
Company of any other corporation, or the sale by the Company of its assets as, or substantially as,
an entirety, or otherwise; provided, however, that (a) in case of any such consolidation or merger
the corporation resulting from such consolidation or any corporation other than the Company into
which such merger shall be made shall succeed to and be substituted for the Company with the same
effect as if it has been named herein as a party hereto and shall become liable and be bound for,
and shall expressly assume, by a supplemental indenture hereto, executed and delivered to the
Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if any,
on all the Securities of each series and the Coupons, if any, appertaining thereto and the
performance and observance of each and every covenant and condition of this Indenture on the part
of the Company to be performed or observed, (b) as a condition of any such sale of the assets of
the Company as, or substantially as, an entirety, the corporation to which such assets shall be
sold shall (i) expressly assume the due and punctual payment of the principal of, premium, if any,
and interest, if any, on all the Securities of each series and the Coupons, if any, appertaining
thereto and the performance and observance of all the covenants and conditions of this Indenture on
the part of the Company to be performed or observed and (ii) simultaneously with the delivery to it
of the conveyances or instruments of transfer of such assets, execute and deliver to the Trustee a
supplemental indenture thereto, in form satisfactory to the Trustee, whereby such purchasing
corporation shall so assume the due and punctual payment of the principal of, premium, if any, and
interest, if any, on all the Securities of each series and the Coupons, if any, appertaining
thereto and the performance and observance of each and every covenant and condition of this
Indenture on the part of the Company to be performed or observed, to the same extent that the
Issuer is bound and liable, (c) either the Company is the continuing corporation or the successor
corporation is a corporation or limited liability company organized under the laws of the United
States of America or any state thereof or the District of Columbia, Switzerland or any member
country of the European Union, and (d) the Company is not, or such successor corporation is not,
immediately after such merger, consolidation or sale, in default in the performance of any
obligations under this Indenture.

Section 11.02. Successor Corporation or Limited Liability Company to be Substituted. In case
of any such merger, consolidation or sale, and upon any such assumption by the successor
corporation or limited liability company, such successor corporation or limited liability company
shall succeed to and be substituted for the Company, with the same effect as if it had been named
herein as the Company, and the Company shall be relieved of any further obligation under this
Indenture and under the Securities. Such successor corporation or limited liability company
thereupon may cause to be signed, and may issue either in its own name or in the name of Starwood
Hotels and Resorts Worldwide, Inc., any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the
order of such successor corporation or limited liability company, instead of the Company, and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver any Securities which previously shall have been signed and
delivered by the officers of the Company to the Trustee for authentication, and any Securities
which such successor corporation or limited liability company thereafter shall cause to be signed
and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities theretofore or
thereafter issued in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

In case of any such merger, consolidation or sale, such changes in phraseology and form (but
not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

Section 11.03. Documents to be Given Trustee. The Trustee, subject to the provisions of
Sections 7.01 and 7.02, may receive an Officers’ Certificate and an Opinion of Counsel as
conclusive evidence that any such consolidation, merger or sale, and any such assumption, comply
with the provisions of this Article Eleven.

ARTICLE 12

SATISFACTION AND DISCHARGE OF INDENTURE

Section 12.01. Discharge of Indenture. When (a) the Company shall deliver to the Trustee for
cancellation all Securities theretofore authenticated (other than any Securities which shall have
been destroyed, lost or stolen or in lieu of or in substitution for which other Securities shall
have been authenticated and delivered, or which shall have been paid, pursuant to the provisions of
Section 2.07 or Securities for whose payment money has theretofore been deposited in trust and
thereafter repaid to the Company as provided in Section 12.06) and not theretofore cancelled, or
(b) all the Securities not theretofore cancelled or delivered to the Trustee for cancellation shall
have become due and payable, or are by their terms to become due and payable within one year or are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption, and the Company shall deposit with the Trustee, in trust, funds
sufficient to pay at maturity or upon redemption all of the Securities (other than any (i)
Securities which shall have been destroyed, lost or stolen and in lieu of or in substitution for
which other Securities shall have been authenticated and delivered, or which shall have been paid,
pursuant to the provisions of Section 2.07 or (ii) Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company as provided in Section
12.06) not theretofore cancelled or delivered to the Trustee for cancellation, including principal,
premium, if any, and interest, if any, due or to become due to such date of maturity or date fixed
for redemption, as the case may be, and if in either case the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of
further effect (except as to (i) rights of registration of transfer and exchange of Securities,
(ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of
holders to receive payments of principal thereof and interest thereon, and remaining rights of the
holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations and
immunities of the Trustee hereunder and (v) the rights of the Securityholders as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all or any of them),
and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of
Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture, the Company, however, hereby agreeing to reimburse
the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee in
connection with this Indenture or the Securities.

Section 12.02. Legal Defeasance. On the 91st day following the deposit referred to in clause
(a), the Company will be deemed to have paid and will be discharged from its obligations in respect
of the Securities of the series with respect to which such deposit shall have been made and the
Indenture with respect to such Securities, other than (i) the rights of the Securityholders of
Outstanding Securities of such series to receive, solely from the trust fund described in clause
(a), payments in respect of the principal of and interest on such securities when such payments are
due and (ii) its obligations in Article Two and Sections 4.02, 7.06, 7.10, 12.06; and 12.07
provided the following conditions have been satisfied:

(a) The Company has irrevocably deposited in trust with the Trustee, as trust funds solely for
the benefit of the Securityholders of such series, money sufficient, or U.S. Government
Obligations, the principal of and interest on which shall be sufficient, or a combination thereof
sufficient, in the opinion of the Board of Directors of the Company evidenced by a resolution set
forth in an Officers’ Certificate delivered to the Trustee, without consideration of any
reinvestment, to pay principal of, premium, if any, and interest, if any, on the Securities of such
series to maturity or redemption, as the case may be, provided that any redemption before maturity
has been irrevocably provided for under arrangements satisfactory to the Trustee.

(b) The deposit will not result in a breach or violation of, or constitute a default under,
the Indenture or any other agreement or instrument to which the Company is a party or by which it
is bound.

(c) The Company has delivered to the Trustee either (x) a ruling received from the Internal
Revenue Service to the effect that the holders of the Securities of such series will not recognize
income, gain or loss for federal income tax purposes as a result of the defeasance and will be
subject to federal income tax on the same amount and in the same manner and at the same times as
would otherwise have been the case or (y) an Opinion of Counsel, based on a change in law after the
date of the Indenture, to the same effect as the ruling described in clause (x).

(d) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, in each case stating that all conditions precedent provided for herein relating to the
defeasance have been complied with.

Prior to the end of the 91-day period, none of the Company’s obligations under the Indenture
with respect to the Securities of such series will be discharged. Thereafter, the Trustee, upon
the request and at the cost and expense of the Company, will acknowledge in writing the discharge
of the Company’s obligations under the Securities of such series and the Indenture with respect to
such series except for the surviving obligations specified above.

As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct
obligation of the United States of America for the payment of which its full faith and credit is
pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America, which, in either case (i) or
(ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933) as custodian
with respect to any U.S. Government Obligation which is specified in clause (x) above and held by
such bank for the account of the holder of such depositary receipt, or with respect to any specific
payment of principal of or interest on any U.S. Government Obligation which is so specified and
held, provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific payment of principal
or interest evidenced by such depositary receipt.

Section 12.03. Covenant Defeasance. After the 91st day following the deposit referred to in
clause (a) with respect to the Securities of a series, the Company’s obligations set forth in the
covenant or covenants for such series of Securities established as contemplated by Section 2.02(20)
will terminate, and clauses (d) (to the extent relating to such covenant or covenants), (e) and (h)
of Section 6.01 will no longer constitute Events of Default with respect to the Securities of a
series, provided the following conditions have been satisfied:

(a) the Company has complied with clauses (a), (b) and (d) of Section 12.02; and

(b) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the
holders of the Securities of such series will not recognize income, gain or loss for federal income
tax purposes as a result of the defeasance and will be subject to federal income tax on the same
amount and in the same manner and at the same times as would otherwise have been the case.

Except as specifically stated above, none of the Company’s obligations under the Indenture
will be discharged.

Section 12.04. Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions. All
moneys and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee
pursuant to the provisions of Section 12.02 or 12.03 shall be held in trust and applied by it to
the payment, either directly or through any paying agent (including the Company if acting as its
own paying agent), to the holders of the particular Securities for payment or redemption of which
such moneys or U.S. Government Obligations have been deposited with the Trustee, of all sums due
and to become due thereon for principal, premium, if any, and interest, if any.

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section 12.01 or 12.03
or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the holders of the Securities.

Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to
the Company from time to time upon request of the Company any money or U.S. Government Obligations
held by it as provided in Section 12.02 or 12.03 with respect to any Securities which, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect the legal defeasance or covenant defeasance, as the case
may be, with respect to such Securities.

Section 12.05. Paying Agent to Repay Moneys Held. Upon the satisfaction and discharge of this
Indenture all moneys then held by any paying agent of the Securities (other than the Trustee)
shall, upon demand of the Company, be repaid to the Company or paid to the Trustee, and thereupon
such paying agent shall be released from all further liability with respect to such moneys.

Section 12.06. Return of Unclaimed Moneys. Any moneys deposited with or paid to the Trustee
for payment of the principal of, premium, if any, or interest, if any, on Securities of any series
and not applied but remaining unclaimed by the holders of Securities of that series for two years
after the date upon which the principal of, premium, if any, or interest, if any, on such
Securities, as the case may be, shall have become due and payable, shall be repaid to the Company
by the Trustee on written demand; and the holder of any such Securities shall thereafter look only
to the Company for any payment which such holder may be entitled to collect and all liability of
the Trustee with respect to such money shall thereupon cease.

Section 12.07. Reinstatement. If and for so long as the Trustee is unable to apply any money
or U.S. Government Obligations held in trust pursuant to Section 12.01, 12.02 or 12.03 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under
the Indenture and the Securities will be reinstated as though no such deposit in trust had been
made. If the Company makes any payment of principal of or interest on any Securities because of
the reinstatement of its obligations, it will be subrogated to the rights of the Securityholders of
such Securities to receive such payment from the money or U.S. Government Obligations held in
trust.

ARTICLE 13

IMMUNITY OF INCORPORATORS,

STOCKHOLDERS, OFFICERS AND DIRECTORS

Section 13.01. Indenture and Securities Solely Corporate Obligations. No recourse for the
payment of the principal of, premium, if any, or interest, if any, on any Security, or for any
claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in this Indenture or in any supplemental indenture, or in any
Security, or because of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration for, the execution
of this Indenture and the issue of the Securities.

ARTICLE 14

MISCELLANEOUS PROVISIONS

Section 14.01. Provisions Binding on Company’s Successors. All the covenants, stipulations,
promises and agreements in this Indenture contained by the Company shall bind its successors and
assigns whether so expressed or not.

Section 14.02. Official Acts by Successor Corporation. Any act or proceeding by any provision
of this Indenture authorized or required to be done or performed by any board, committee or officer
of the Company shall and may be done and performed with like force and effect by the like board,
committee or officer of any corporation that shall at the time be the lawful sole successor of the
Company.

Section 14.03. Addresses for Notices, Notice to Holders, Waiver. Any notice or demand which
by any provision of this Indenture is required or permitted to be given or served by the Trustee or
by the holders of Securities on the Company may be given or served by being deposited postage
prepaid by first class mail in a post office letter box addressed (until another address is filed
by the Company with the Trustee) to Starwood Hotels and Resorts Worldwide, Inc., 1111 Westchester
Avenue, White Plains, New York 10604. Any notice, direction, request or demand by any
Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the principal office of the Trustee, addressed to the
attention of its corporate trust office as specified in Section 7.13 hereof.

Where this Indenture provides for notice of holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each holder affected by such event, at his address as it appears in
the Security register, not later than the latest date (if any), and not earlier than the earliest
date (if any), prescribed for the giving of such notice. In any case where notice to holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular holder shall affect the sufficiency of such notice with respect to other holders.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

Section 14.04. New York Contract. This Indenture and each Security shall be deemed to be a
contract made under the laws of the State of New York, and for all purposes shall be construed in
accordance with the laws of said State.

Section 14.05. Evidence of Compliance with Conditions Precedent. Upon any application or
demand by the Company to the Trustee to take any action under any of the provisions of this
Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include:
(1) a statement that the person making such certificate or opinion has read such covenant or
condition; (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinion contained in such certificate or opinion are based; (3) a
statement that, in the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (4) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

Section 14.06. Legal Holidays. In any case where the date of maturity of interest, if any, on
or principal of, or premium, if any, on the Securities or the date fixed for redemption or
repayment of any Security will be in The City of New York, New York, a Saturday, a Sunday, a legal
holiday or a day on which banking institutions are authorized or required by law or executive order
to close or remain closed, then payment of such interest, if any, on or principal of or premium, if
any, on the Securities need not be made on such date but may be made on the next succeeding day not
in such city, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are
authorized or required by law or executive order to close or remain closed, with the same force and
effect as if made on the date of maturity or a date fixed for redemption or repayment, and no
interest shall accrue for the period from and after such date.

Section 14.07. Securities in a Specified Currency other than Dollars. Unless otherwise
specified as contemplated by Section 2.02 with respect to a particular series of Securities,
whenever for purposes of this Indenture any action may be taken by the holders of a specified
percentage in aggregate principal amount of Securities of all series or all series affected by a
particular action at the time Outstanding and, at such time, there are Outstanding any Securities
of any series which are denominated in a Specified Currency other than Dollars then the principal
amount of Securities of such series which shall be deemed to be Outstanding for the purpose of
taking such action shall be that amount of Dollars that could be obtained for such amount of such
Specified Currency at the Market Exchange Rate. For purposes of this Section 14.07, Market
Exchange Rate shall mean the noon Dollar buying rate in New York City for cable transfers of the
Specified Currency published by the Federal Reserve Bank of New York. If such Market Exchange Rate
is not available for any reason with respect to such Specified Currency, the Trustee shall use, in
its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank
of New York or such other quotations as the Trustee shall deem appropriate. The provisions of this
paragraph shall apply in determining the equivalent principal amount in respect of Securities of a
series denominated in a Specified Currency other than Dollars in connection with any action taken
by holders of Securities pursuant to the terms of this Indenture, including, without limitation,
any determination contemplated in Section 6.01(d) or (e).

All decisions and determination of the Trustee regarding the Market Exchange Rate or any
alternative determination provided for in the preceding paragraph shall be in its sole discretion
and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all
purposes and irrevocably binding upon the Company and all Securityholders.

Section 14.08. Trust Indenture Act to Control. If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision
(an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318,
inclusive, of the Trust Indenture Act of 1939, such imposed duties or incorporated provision shall
control.

Section 14.09. Table of Contents, Headings, etc. The table of contents and the titles and
headings of the articles and sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any
of the terms or provisions hereof.

Section 14.10. Execution in Counterparts. This 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.

Section 14.11. Separability; Benefits. In case any one or more of the provisions contained in
this Indenture or in the Securities shall for any reason be held to be invalid, illegal or
unenforceable, in any respect, then, to the extent permitted by law, such invalidity, illegality or
unenforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Nothing in this Indenture or in the Securities, expressed or implied, shall give to any
person, other than the parties hereto and their successors hereunder, and the holders of the
Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture.

4

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed
as of September 13, 2007.

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

By:

Name:

Title:

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:

Name:

Title:

5EX-4.2

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

AND

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

SUPPLEMENTAL INDENTURE NO. 1

Dated as of September 13, 2007

1

THIS SUPPLEMENTAL INDENTURE No. 1 (this “Supplemental Indenture No. 1”), dated as of
September 13, 2007, is between STARWOOD HOTELS AND RESORTS WORLDWIDE, INC., a Maryland corporation
(the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee
(the “Trustee”).

RECITALS

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture dated
as of September 13, 2007, between the Company and the Trustee (the “Base Indenture” and together
with this Supplemental Indenture No. 1, the “Indenture”), providing for the issuance from time to
time of series of the Company’s Securities;

WHEREAS, Section 10.01(e) of the Base Indenture provides for the Company and the Trustee to
enter into an indenture supplemental to the Base Indenture to establish the forms or terms of
Securities of any series as permitted by Section 2.01 or Section 2.02 of the Base Indenture;

WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for the
issuance of a new series of Securities to be known as its 61/4% Senior Notes due 2013 (the “Notes”),
the form and terms of such Notes and the terms, provisions and conditions thereof to be set forth
as provided in this Supplemental Indenture No. 1; and

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental
Indenture No. 1 and all requirements necessary to make this Supplemental Indenture No. 1 a valid,
binding and enforceable instrument in accordance with its terms, and to make the Notes, when
executed by the Company and authenticated and delivered by the Trustee, the valid, binding and
enforceable obligations of the Company, have been done and performed, and the execution and
delivery of this Supplemental Indenture No. 1 has been duly authorized in all respects;

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

ARTICLE 1

DEFINITIONS

Section 1.01 Relation to Base Indenture. This Supplemental Indenture No. 1
constitutes an integral part of the Base Indenture.

Section 1.02 Definition Of Terms. For all purposes of this Supplemental Indenture
No. 1:

(a) Capitalized terms used herein without definition shall have the meanings set forth in the
Base Indenture;

(b) a term defined anywhere in this Supplemental Indenture No. 1 has the same meaning
throughout;

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

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

(e) the following terms have the meanings given to them in this Section 1.02(e):

“Business Day” shall mean, unless otherwise specified, any calendar day that is not a
Saturday, Sunday or legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

“Change of Control” shall mean the occurrence of any of the following: (1) the direct or
indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the
assets of the Company and its Subsidiaries taken as a whole to any Person other than the Company or
one of its subsidiaries, provided that the Company will be deemed to own any asset that the Company
sells, transfers, conveys or otherwise disposes and, following such transaction, manages pursuant
to a management agreement or it is operated by a third party subject to a franchise or license
agreement with the Company; (2) the consummation of any transaction (including, without limitation,
any merger or consolidation) the result of which is that any Person becomes the beneficial owner,
directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s
Voting Stock; or (3) the first day on which a majority of the members of the Company’s Board of
Directors are not Continuing Directors.

“Change of Control Triggering Event” shall mean the occurrence of both a Change of Control and
a Rating Event.

“Capitalized Lease-Back Obligation” shall mean the total net rental obligations of the Company
or any Restricted Subsidiary under any lease entered into as part of a sale and lease-back
transaction involving a Principal Property discounted to present value at the rate of 9% per annum.

“Comparable Treasury Issue” shall mean the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining
Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Notes.

“Comparable Treasury Price” shall mean, with respect to any Redemption Date, (A) the average
of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Quotations or, if only one such Quotation is obtained, such Quotation.

“Continuing Directors” shall mean, as of any date of determination, any member of the
Company’s Board of Directors who (1) was a member of such Board of Directors on the date of the
issuance of the Notes; or (2) was nominated for election or elected to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of such Board of Directors
at the time of such nomination or election (either by a specific vote or by approval of the
Company’s proxy statement in which such member was named as a nominee for election as a director,
without objection to such nomination).

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Fair Value” when used with respect to property, shall mean the fair value as determined in
good faith by the Board of Directors.

“Global Note” shall have the meaning set forth in Section 2.04.

“Independent Investment Banker” shall mean an independent investment banking institution of
national standing appointed by the Company, which may be one of the Reference Treasury Dealers.

“Interest Payment Date” shall have the meaning set forth in Section 2.05(b).

“Investment Grade Rating” shall mean a rating equal to or higher than Baa3 (or the equivalent)
by Moody’s and BBB- (or the equivalent) by S&P; and, if either of Moody’s or S&P ceases to rate the
Notes or fails to make a rating of the Notes publicly available for reasons outside of the
Company’s control, the equivalent investment grade credit rating from a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange
Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as
a replacement organization for Moody’s or S&P, or both, as the case may be.

“Maturity Date” shall have the meaning set forth in Section 2.02.

“Moody’s” shall mean Moody’s Investors Service Inc.

“Person” has the meaning set forth in the Base Indenture and includes a “person” or “group” as
these terms are used in Section 13(d)(3) of the Exchange Act.

“Principal Property” shall mean any single property owned by the Company or any of its
Subsidiary having a gross book value in excess of the greater of (i) $100 million and (ii) 5% of
Consolidated Net Assets, except any such property or portion thereof which the Board of Directors
by resolution declares is not of material importance to the total business conducted by the Company
and its Subsidiaries as an entirety.

“Rating Agency” shall mean (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons
outside of the Company’s control, a “nationally recognized statistical rating organization” within
the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as
certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s
or S&P, or both of them, as the case may be.

“Rating Event” shall mean the rating on the Notes is lowered by each of the Rating Agencies
and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day
within the 60-day period (which 60-day period will be extended so long as the rating of the Notes
is under publicly announced consideration for a possible downgrade by any of the Rating Agencies)
after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the
occurrence of a Change of Control or the Company’s intention to effect a Change of Control;
provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in
rating will not be deemed to have occurred in respect of a particular Change of Control (and thus
will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering
Event) if the Rating Agencies making the reduction in rating to which this definition would
otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the
Company’s or its request that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control has occurred at the time of the Rating
Event).

“Record Date” shall mean, with respect to any Interest Payment Date for the Notes, the
fifteenth day, whether or not a Business Day, of the calendar month preceding the calendar month in
which such Interest Payment Date falls.

“Redemption Date” shall mean, with respect to any redemption of Notes, the date fixed for such
redemption pursuant to the Indenture and such Notes.

“Reference Treasury Dealer” shall mean (i) each of J.P. Morgan Securities Inc. and Morgan
Stanley & Co. Incorporated and their respective successors, provided, however, that if any of the
foregoing shall cease to be a primary U.S. government securities dealer in New York City (a
“Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer
and (ii) any other Primary Treasury Dealer selected by the Company.

“Reference Treasury Dealer Quotations” shall mean, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Independent Investment Banker by the Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such
Redemption Date.

“Restricted Subsidiary” shall mean any of the Company’s Subsidiaries organized and existing
under the laws of the United States of America and the principal business of which is carried on
within the United States of America (x) which owns, or is a lessee pursuant to a capital lease of,
any Principal Property or (y) in which the investment of the Company and all of its Subsidiaries
exceeds 5% of Consolidated Net Assets as of the date of such determination other than, in the case
of either clause (x) or (y), (i) each Subsidiary whose principal business consists of finance,
banking, credit, leasing, insurance, financial services or other similar operations, or any
combination thereof, (ii) each Subsidiary formed or acquired after the date hereof for the purpose
of developing new assets or acquiring the business or assets of another Person and which does not
acquire any part of the business or assets of the Company or any Restricted Subsidiary, (iii) each
Subsidiary organized under the laws of the United States of America whose principal business
consists of managing, licensing, supervising, directing or controlling activities outside the
United States of America; and (iv) each subsidiary whose principal business consists of conducting
timeshare, fractional, residential and related activities.

“Unrestricted Subsidiary” shall mean any of the Company’s Subsidiaries other than a Restricted
Subsidiary.

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.

“Treasury Rate” shall mean, with respect to any Redemption Date, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15 (519)” 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, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month), (ii) if the period from the Redemption Date to
the Maturity Date of the Notes to be redeemed is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant maturity of one year will
be used, or (iii) 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 annum equal to the
semiannual 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. The Treasury Rate shall be calculated by the
Company on the third Business Day preceding such Redemption Date. The Trustee shall not be
responsible for any such calculation.

“Voting Stock” of any Person as of any date means the capital stock of such Person that is at
the time entitled to vote generally in the election of the Board of Directors or similar governing
body of such Person.

The terms “Company,” “Trustee,” “Indenture,” “Base Indenture,” and “Notes” shall have the
respective meanings set forth in the recitals to this Supplemental Indenture No. 1 and the
paragraph preceding such recitals.

ARTICLE 2

GENERAL TERMS AND CONDITIONS OF THE NOTES

Section 2.01 Designation and Principal Amount. The Notes may be issued from time to
time upon written order of the Company for the authentication and delivery of Notes pursuant to
Section 2.03 of the Base Indenture. There is hereby authorized a series of Securities designated
as the 61/4% Senior Notes due 2013, limited in aggregate principal amount to U.S. $400,000,000
(except for Notes authenticated and delivered in accordance with the last paragraph of Section 2.02
of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Sections 2.06, 2.07, 2.08, 3.03 or 10.04 of the Base Indenture).

Section 2.02 Maturity. The date upon which the Notes shall become due and payable
at final maturity, together with any accrued and unpaid interest, is February 15, 2013 (the
“Maturity Date”).

Section 2.03 Form, Payment and Appointment. Except as provided in Section 2.04, the
Notes shall be issued in fully registered, certificated form. Principal of and interest on the
Notes will be payable, the transfer of such Notes will be registrable, and such Notes will be
exchangeable for Notes of a like aggregate principal amount, at the office or agency of the Company
maintained for such purpose in the Borough of Manhattan, The City of New York, which shall
initially be the Principal Office of the Trustee; provided, however, that payment of interest may
be made at the option of the Company by check mailed to the Person entitled thereto at such address
as shall appear in the Security register or by wire transfer to an account appropriately designated
by the Person entitled to payment; provided, that the paying agent shall have received written
notice of such account designation at least five Business Days prior to the date of such payment
(subject to surrender of the relevant Note in the case of a payment of interest on a Redemption
Date or the Maturity Date).

No service charge shall be made for any registration of transfer or exchange of the Notes, but
the Company may require payment from the holder of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.

The Security registrar and paying agent for the Notes shall initially be the Trustee.

The Notes shall be issuable in denominations of U.S. $2,000 and integral multiples of U.S.
$1,000 in excess thereof.

The Specified Currency of the Notes shall be U.S. Dollars.

Section 2.04 Global Notes. The Notes shall be issued initially in the form of a
permanent Global Security in registered form (a “Global Note”), deposited with The Depository Trust
Company or such other Depositary as any officer of the Company may from time to time designate.
Unless and until such Global Note is exchanged for Notes in certificated form, such Global Note may
be transferred, in whole but not in part, and any payments on the Notes shall be made only to the
Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the
Company or to a nominee of such successor Depositary.

Section 2.05 Interest. (a) Interest payable on any Interest Payment Date, the
Maturity Date or, if applicable, the Redemption Date, with respect to the Notes shall be the amount
of interest accrued from, and including, the immediately preceding Interest Payment Date in respect
of which interest has been paid or duly provided for (or from and including the original issue date
of September 13, 2007, if no interest has been paid or duly provided for with respect to the Notes)
to, but excluding, such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as
the case may be (each, an “Interest Period”).

(b) The Notes will bear interest at the rate of 61/4% per year from the original issue date
thereof through and including the Maturity Date. Interest on the Notes shall be payable
semi-annually in arrears on February 15 and August 15 of each year (each, an “Interest Payment
Date”), commencing February 15, 2008, to the Persons in whose names the relevant Notes are
registered at the close of business on the Record Date for such Interest Payment Date, except as
provided in Section 2.05(d).

(c) The amount of interest payable for any full semi-annual Interest Period will be computed
on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable
for any period shorter than a full semi-annual Interest Period for which interest is computed will
be computed on the basis of a 30-day month and, for any period less than a month, on the basis of
the actual number of days elapsed per 30-day month. In the event that any scheduled Interest
Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest
payable on such Interest Payment Date will be postponed to the next succeeding day which is a
Business Day (and no interest on such payment will accrue for the period from and after such
scheduled Interest Payment Date).

(d) In the event that the Maturity Date or a Redemption Date for any Note falls on a day that
is not a Business Day, then the related payments of principal, premium, if any, and interest may be
made on the next succeeding day that is a Business Day (and no additional interest will accumulate
on the amount payable for the period from and after the Maturity Date). Interest due on the
Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of any
Notes will be paid to the Person to whom principal of such Notes is payable.

Section 2.06 No Sinking Fund. The Notes are not entitled to the benefit of any
sinking fund.

ARTICLE 3

REDEMPTION OF THE NOTES

Section 3.01 Optional Redemption by Company. Except as otherwise may be specified
in this Supplemental Indenture No. 1, the Company shall have the right to redeem the Notes, in
whole or in part, at any time or from time to time, at a redemption price (the “Optional Redemption
Price”) equal to the greater of:

(i) 100% of the principal amount plus accrued and unpaid interest to, but excluding, the
Redemption Date; and

(ii) the sum, as determined by an Independent Investment Banker, of the present values of the
remaining scheduled payments of principal and interest (exclusive of interest accrued 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 35 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date.

The Company will mail notice of such redemption to the registered holders of the Notes to be
redeemed not less than 30 nor more than 60 days prior to the Redemption Date. If Notes are only
partially redeemed pursuant to this Section 3.01, the Notes to be redeemed will be selected by the
Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided, that
if at the time of redemption the Notes to be redeemed are registered as a Global Note, the
Depositary shall determine, in accordance with its procedures, the principal amount of the Notes to
be redeemed held by each of its participants that holds a position in such Notes. The Optional
Redemption Price shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or
at such later time as is then permitted by the rules of the Depositary for the Notes (if then
registered as a Global Note); provided, that the Company shall deposit with the Trustee an amount
sufficient to pay the Optional Redemption Price by 10:00 a.m., New York City time, on the date such
Optional Redemption Price is to be paid.

If money sufficient to pay the redemption price of all of the Notes (or portions thereof) to
be redeemed on the Redemption Date is deposited with the Trustee or paying agent on or before the
Redemption Date and certain other conditions are satisfied, then on and after such Redemption Date,
interest will cease to accrue on such Notes (or such portion thereof) called for redemption.

Section 3.02 Change of Control Triggering Event. If a Change of Control Triggering
Event occurs, unless the Company has exercised its right to redeem the Notes as described in
Section 3.01, holders of Notes will have the right to require the Company to repurchase all or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Notes pursuant
to the offer described below (the “Change of Control Offer”) on the terms set forth in the Notes.
In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101%
of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on
the Notes repurchased to the date of purchase (the “Change of Control Payment”). Within 30 days
following any Change of Control Triggering Event, or, at the Company’s option, prior to the date of
the consummation of any Change of Control, but after the public announcement of the Change of
Control, the Company will be required to mail a notice to holders of Notes, with a copy to the
Trustee, describing the transaction or transactions that constitute or may constitute the Change of
Control Triggering Event and offering to repurchase the Notes on the date specified in the notice,
which date will be no earlier than 30 days and no later than 60 days from the date such notice is
mailed (the “Change of Control Payment Date”), pursuant to the procedures required by the Notes and
described in such notice. The notice shall, if mailed prior to the date of the consummation of the
Change of Control, state that the offer to purchase is conditioned on the Change of Control
Triggering Event occurring on or prior to the payment date specified in the notice. The Company
must comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To
the extent that the provisions of any securities laws or regulations conflict with the Change of
Control Triggering Event provisions of the Notes, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the
Change of Control Triggering Event provisions of the Notes by virtue of such conflicts.

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to:

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change
of Control Offer;

(ii) deposit with the paying agent an amount equal to the Change of Control Payment in respect
of all Notes or portions of Notes properly tendered; and

(iii) deliver or cause to be delivered to the Trustee the Notes properly accepted.

The paying agent will promptly mail to each holder of Notes properly tendered the purchase
price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be
transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased
portion of any Notes surrendered; provided that each new Note will be in a principal amount of U.S.
$2,000 or an integral multiple of U.S. $1,000 in excess thereof. The Company will not be required
to make an offer to repurchase the Notes upon a Change of Control Triggering Event if a third party
makes such an offer in the manner, at the times and otherwise in compliance with the requirements
for an offer made by the Company and such third party purchases all Notes properly tendered and not
withdrawn under its offer.

ARTICLE 4

FORM OF NOTES

Section 4.01 Form of Notes.

The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the forms attached as Exhibit A hereto, with such changes therein as the officers
of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to
be conclusively evidenced by their execution thereof.

ARTICLE 5

ORIGINAL ISSUE OF NOTES

Section 5.01 Original Issue of Notes. Notes having an aggregate principal amount of
U.S. $400,000,000 (subject to the last paragraph of Section 2.02 of the Base Indenture) may from
time to time, upon execution of this Supplemental Indenture No. 1, be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver said Notes to or upon the written order of the Company pursuant to Section 2.03 of the Base
Indenture without any further action by the Company (other than as required by the Base Indenture).

ARTICLE 6

PARTICULAR COVENANTS OF THE COMPANY

In addition to the covenants set forth in Article 4 of the Base Indenture, the Notes shall
include the following additional covenants, and such additional covenants shall be subject to
covenant defeasance pursuant to Section 12.03 of the Base Indenture.

Section 6.01 Limitation on Sale And Lease-Backs. The Company will not, nor will it
permit any Restricted Subsidiary to, enter into any arrangement with any Person providing for the
leasing by the Company or any Restricted Subsidiary of any Principal Property (except for temporary
leases of a term of not more than three years and except for leases between the Company and a
Restricted Subsidiary or between Restricted Subsidiaries), which property has been or is to be sold
or transferred by the Company or such Restricted Subsidiary to such Person more than 180 days after
the acquisition thereof or the completion of construction and commencement of full operation
thereof, unless either (i) the Company shall apply an amount equal to the greater of the Fair Value
of such property or the net proceeds of such sale, within 180 days of the effective date of any
such arrangement, to the retirement (other than any mandatory retirement or by way of payment at
maturity) of Notes or other indebtedness ranking on a parity with the Notes, or to the acquisition,
construction, development or improvement of properties, facilities or equipment used for operating
purposes which are, or upon such acquisition, construction, development or improvement will be, a
Principal Property or a part thereof or (ii) at the time of entering into such arrangement, such
Principal Property could have been subjected to a mortgage, pledge or other lien securing
indebtedness of the Company or a Restricted Subsidiary in a principal amount equal to the
Capitalized Lease-Back Obligation with respect to such Principal Property under clause (n) of
Section 6.02 without also securing the Notes pursuant to such Section 6.02.

Section 6.02 Limitation on Liens. The Company will not, and will not permit any
Restricted Subsidiary to, create, suffer to be created, or assume (directly or indirectly) any
mortgage, pledge or other lien upon any Principal Property, unless effective provision is made by
the Company to secure directly the Notes by such mortgage, pledge or other lien, equally and
ratably with any and all other indebtedness thereby secured, so long as any such indebtedness shall
be so secured; provided, however, that this Section shall not apply to any of the following:

(a) any mortgage, pledge or other lien on any Principal Property hereafter acquired,
constructed or improved by the Company or any Restricted Subsidiary which is created or assumed to
secure or provide for the payment of any part of the purchase price of such property or the cost of
such construction or improvement, or any mortgage, pledge or other lien on any Principal Property
existing at the time of acquisition thereof; provided, however, that the indebtedness is incurred
and related liens are created within 24 months of the acquisition, completion of construction or
improvement or commencement of full operation, whichever is later; provided further that in the
case of any such acquisition the mortgage, pledge or other lien shall not extend to any Principal
Property theretofore owned by the Company or any Restricted Subsidiary;

(b) any mortgage, pledge or other lien existing upon any property of a company which is merged
with or into or is consolidated into, or substantially all the assets or shares of capital stock of
which are acquired by, the Company or a Restricted Subsidiary, at the time (i) of such merger,
consolidation or acquisition or (ii) such company becomes a Restricted Subsidiary; provided that
such mortgage, pledge or other lien does not extend to any other Principal Property, other than
improvements to the property subject to such mortgage, pledge or other lien;

(c) any pledge or deposit to secure payment of workmen’s compensation or insurance premiums,
or in connection with tenders, bids, contracts (other than contracts for the payment of money) or
leases;

(d) any pledge of, or other lien upon, any assets as security for the payment of any tax,
assessment or other similar charge by any governmental authority or public body, or as security
required by law or governmental regulation as a condition to the transaction of any business or the
exercise of any privilege or right;

(e) any pledge or lien necessary to secure a stay of any legal or equitable process in a
proceeding to enforce a liability or obligation contested in good faith by the Company or a
Restricted Subsidiary or required in connection with the institution by the Company or a Restricted
Subsidiary of any legal or equitable proceeding to enforce a right or to obtain a remedy claimed in
good faith by the Company or a Restricted Subsidiary, or required in connection with any order or
decree in any such proceeding or in connection with any contest of any tax or other governmental
charge; or the making of any deposit with or the giving of any form of security to any governmental
agency or any body created or approved by law or governmental regulation in order to entitle the
Company or a Restricted Subsidiary to maintain self-insurance or to participate in any fund in
connection with workmen’s compensation, unemployment insurance, old age pensions or other social
security or to share in any provisions or other benefits provided for companies participating in
any such arrangement or for liability on insurance of credits or other risks;

(f) any mechanics’, carriers’, workmen’s, repairmen’s or other like liens, if arising in the
ordinary course of business, in respect of obligations which are not overdue or liability for which
is being contested in good faith by appropriate proceedings;

(g) any lien or encumbrance on property in favor of the United States of America or of any
agency, department or other instrumentality thereof to secure partial, progress or advance payments
pursuant to the provisions of any contract;

(h) any mortgage, pledge or other lien securing any indebtedness incurred in any manner to
finance or recover the cost to the Company or any Restricted Subsidiary of any physical property,
real or personal, which prior to or simultaneously with the creation of such indebtedness shall
have been leased by the Company or a Restricted Subsidiary to the United States of America or a
department or agency thereof at an aggregate rental, payable during that portion of the initial
term of such lease (without giving effect to any options of renewal or extension) which shall be
unexpired at the date of the creation of such indebtedness, sufficient (taken together with any
amounts required to be paid by the lessee to the lessor upon any termination of such lease) to pay
in full at the stated maturity date or dates thereof the principal of and the interest on such
indebtedness;

(i) any mortgage, pledge or other lien securing indebtedness of a Restricted Subsidiary to the
Company or a Restricted Subsidiary; provided that in the case of any sale or other disposition of
such indebtedness by the Company or such Restricted Subsidiary, such sale or other disposition
shall be deemed to constitute the creation of another mortgage, pledge or other lien;

(j) any mortgage, pledge or other lien affecting property of the Company or any Restricted
Subsidiary securing indebtedness of the United States of America or a State thereof (or any
instrumentality or agency of either thereof) issued in connection with a pollution control or
abatement program required in the opinion of the Company to meet environmental criteria with
respect to any facility of the Company or any Restricted Subsidiary and the proceeds of which
indebtedness have financed the cost of acquisition of such program;

(k) mortgages, pledges or other liens on property of a Restricted Subsidiary to secure
indebtedness with respect to all or part of the acquisition cost of the Restricted Subsidiary;
provided, however, that the indebtedness is incurred and related liens are created within 24 months
of the acquisition of the Restricted Subsidiary and such indebtedness does not exceed the
acquisition cost of the Restricted Subsidiary;

(l) any renewal, extension, replacement or refunding of any mortgage, pledge, lien, deposit,
charge or other encumbrance permitted by the foregoing provisions of this Section upon the same
property theretofore subject thereto, or the renewal, extension, replacement or refunding of the
amount secured thereby; provided that in each case such amount outstanding at that time does not
exceed the sum of (i) the greater of (x) the principal amount secured thereby at the time of such
renewal, extension, replacement or refinancing and (y) 85% of the fair market value (in the
determination of the Company’s Board of Directors) of the properties subject to such renewal,
extension, replacement or refinancing; and (ii) any reasonable fees and expenses associated with
such renewal, extension, replacement or refinancing;

(m) any mortgage, pledge or liens affecting property of the Company or any Restricted
Subsidiary existing on the date of this Supplemental Indenture No. 1; or

(n) any other mortgage, pledge or other lien, provided that immediately after the creation or
assumption of such mortgage, pledge or other lien, the total of (i) the aggregate principal amount
of indebtedness of the Company and Restricted Subsidiaries secured by all mortgages, pledges and
other liens created or assumed under the provisions of this clause (n), plus (ii) the aggregate
amount of Capitalized Lease-Back Obligations of the Company and Restricted Subsidiaries under the
entire unexpired terms of all leases entered into in connection with sale and lease-back
transactions which would have been precluded by the provisions of Section 6.01 but for the
satisfaction of the condition set forth in clause (ii) thereof, shall not exceed an amount equal to
15% of Consolidated Net Assets.

Neither (a) the lease of any property by the Company or a Restricted Subsidiary, and rental
obligations with respect thereto (whether or not arising out of sale and lease-back of properties
and whether or not in accordance with generally accepted principles of accounting such property is
carried as an asset and such rental obligations are carried as indebtedness on the Company’s or a
Restricted Subsidiary’s balance sheet) nor (b) the sale or other transfer of (i) timber or other
natural resources in place for a period of time until, or in an amount such that, the purchaser
will realize therefrom a specified amount of money (however determined) or a specified amount of
such resources, or (ii) any other interest in property of the character commonly referred to as a
“production payment,” shall in any event be deemed to be the creation of a mortgage, pledge
or other lien.

Section 6.03 Corporate Existence. The Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, material
rights (charter and statutory) and material franchises (other than as contemplated by Section 11.01
of the Base Indenture); provided, however, that the Company shall not be required to preserve any
such right or franchise if the Board of Directors shall determine that the preservation of such
rights or franchises is no longer desirable in the conduct of the business of the Company.

Section 6.04 Further Instruments and Acts. The Company shall execute and deliver to
the Trustee such further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of the Indenture.

ARTICLE 7

SUPPLEMENTAL INDENTURES

Section 7.01 Supplemental Indentures with Consent of holders of Notes. As set forth
in Section 10.02 of the Base Indenture, with the consent of the holders of a majority in the
aggregate principal amount of Securities of each series affected by such supplemental indenture at
the time Outstanding, the Company and the Trustee may from time to time and at any time enter into
an indenture or indentures supplemental to the Base Indenture for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture
or this Supplemental Indenture No. 1 or of modifying in any manner the rights of the holders of the
Securities.

ARTICLE 8

MISCELLANEOUS

Section 8.01 Ratification of Indenture. The Base Indenture, as supplemented by this
Supplemental Indenture No. 1, is in all respects ratified and confirmed, and this Supplemental
Indenture No. 1 shall be deemed part of the Base Indenture in the manner and to the extent herein
and therein provided.

Section 8.02 Trustee Not Responsible for Recitals. The recitals herein contained
are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the
correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture No. 1.

Section 8.03 New York Law To Govern. THIS SUPPLEMENTAL INDENTURE NO. 1 AND EACH
NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

Section 8.04 Separability. In case any one or more of the provisions contained in
this Supplemental Indenture No. 1 or in the Notes shall for any reason be held to be invalid,
illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture
No. 1 or of the Notes, but this Supplemental Indenture No. 1 and the Notes shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

Section 8.05 Counterparts. This Supplemental Indenture No. 1 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.

2

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture No. 1 to be duly executed, as of the day and year first written
above.

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

	 
	By:

	 

	Name:

	Title:

	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,

	as Trustee

By:

	 	

  
	
 
	 	 

Name:

Title:

3

EXHIBIT A

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:]

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A
NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER
NOMINEE OF DTC.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF 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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

61/4% Senior Note due 2013

CUSIP: 85590A AK0

No.      U.S. $      

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC., a corporation organized and existing under the
laws of Maryland (hereinafter called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to
     , or registered assigns, [the principal sum of U.S. $     ]1 on February
15, 2013 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon
from September 13, 2007 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually in arrears on February 15 and August 15 of each year
(each, an “Interest Payment Date”), commencing February 15, 2008 at the rate of 61/4% per annum, on
the basis of a 360-day year consisting of twelve 30-day months, until the principal hereof is paid
or duly provided for or made available for payment. The amount of interest payable for any period
shorter than a full semi-annual Interest Period for which interest is computed will be computed on
the basis of a 30-day month and, for any period less than a month, on the basis of the actual
number of days elapsed per 30-day month. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of
business on the Record Date for such Interest Payment Date; provided that the interest due on the
Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of a
Note of this series will be paid to the Person to whom principal of such Note is payable.

Payment of the principal of and interest on this Note will be made at the office or agency of
the Company maintained for that purpose in The City of New York, which shall initially be the
Principal Office of the Trust Office of the Trustee, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that payment of interest may be made at the option of the Company by check
mailed to the Person entitled thereto at such address as shall appear in the Security register or
by wire transfer to an account appropriately designated by the Person entitled to payment, provided
that the paying agent shall have received written notice of such account designation at least five
Business Days prior to the date of such payment (subject to surrender of the relevant Note in the
case of a payment of interest on a Redemption Date or on the Maturity Date).

Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

4

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:      

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

By:

Name:

Title:

By:

Name:

Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein described in the within-mentioned
Indenture.

Dated:     

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Officer

5

REVERSE OF NOTE

This Note is one of a duly authorized issue of securities of the Company (herein called the
“Notes”), issued and to be issued in one or more series under an Indenture (the “Base Indenture”),
dated as of September 13, 2007, between the Company and U.S. Bank National Association, as Trustee
(herein called the “Trustee,” which term includes any successor trustee), as amended and
supplemented by Supplemental Indenture No. 1, dated as of September 13, 2007, between the Company
and the Trustee (“Supplemental Indenture No. 1” and together with the Base Indenture, the
“Indenture”), to which Indenture reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders
of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.
To the extent any provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. This Note is one of the series
designated on the face hereof, initially limited in aggregate principal amount to U.S.
$400,000,000.

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

The Company shall have the right to redeem this Note at the option of the Company, without
premium or penalty, in whole or in part (an “Optional Redemption”), at a redemption price (the
“Optional Redemption Price”) equal to the greater of:

(i) 100% of the principal amount plus accrued and unpaid interest to the Redemption Date; and

(ii) the sum, as determined by an Independent Investment Banker, of the present values of the
remaining scheduled payments of principal and interest (exclusive of interest accrued 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 35 basis points plus accrued interest
on the principal amount being redeemed to the Redemption Date.

The Company will mail notice of such redemption to the registered holders of the Notes of this
series to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date. If
Notes of this series are only partially redeemed pursuant to the preceding paragraph, the Notes of
this series to be redeemed will be selected by the Trustee in such manner as in its sole discretion
it shall deem appropriate and fair; provided that if at the time of redemption the Notes of this
series to be redeemed are registered as a Global Note, the Depositary will select by lot the
particular interests to be redeemed. The Optional Redemption Price shall be paid prior to 12:00
noon, New York City time, on the Redemption Date or at such later time as is then permitted by the
rules of the Depositary for the related Notes (if then registered as a Global Note) provided that
the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption
Price by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid.

Notes in denominations larger than U.S. $2,000 may be redeemed in part but only in whole
multiples of U.S. $1,000 in excess thereof, unless all of the Notes held by a Securityholder are to
be redeemed.

In the event of redemption of this Note in part only, a new Note or Notes of this series for
the unredeemed portion hereof shall be issued in the name of the holder hereof upon the
cancellation hereof.

Except as set forth in the preceding paragraphs and in Article 3 of Supplemental Indenture No.
1, the Company may not redeem the Notes of this series at its option prior to the Maturity Date.

If a Change of Control Triggering Event occurs, unless the Company has exercised its right to
redeem the Notes as described in Section 3.01 of Supplemental Indenture No. 1, holders of Notes
will have the right to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of their Notes pursuant to the offer described below
(the “Change of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the
Company will be required to offer payment in cash equal to 101% of the aggregate principal amount
of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to the date
of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event, or, at the Company’s option, prior to the date of the consummation of any Change
of Control, but after the public announcement of the Change of Control, the Company will be
required to mail a notice to holders of Notes, with a copy to the Trustee, describing the
transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Notes on the date specified in the notice, which date will be
no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change
of Control Payment Date”), pursuant to the procedures required by the Notes and described in such
notice. The notice shall, if mailed prior to the date of the consummation of the Change of Control,
state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring
on or prior to the payment date specified in the notice. The Company must comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the
provisions of any securities laws or regulations conflict with the Change of Control Triggering
Event provisions of the Notes, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control
Triggering Event provisions herein by virtue of such conflicts.

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to:

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change
of Control Offer;

(ii) deposit with the paying agent an amount equal to the Change of Control Payment in respect
of all Notes or portions of Notes properly tendered; and

(iii) deliver or cause to be delivered to the Trustee the notes properly accepted.

The paying agent will promptly mail its check or otherwise cause to be paid to each holder of
Notes properly tendered the purchase price for the Notes, and the Trustee will promptly
authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in
principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note
will be in a principal amount of U.S. $2,000 or an integral multiple of U.S. $1,000 in excess
thereof. The Company will not be required to make an offer to repurchase the Notes upon a Change
of Control Triggering Event if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for an offer made by the Company and such third party
purchases all Notes properly tendered and not withdrawn under its offer.

The Notes of this series are not entitled to the benefit of any sinking fund.

The Indenture contains provisions for defeasance of the obligations of the Company at any time
upon compliance by the Company with certain conditions set forth therein, which provisions apply to
the Notes of this series.

If an Event of Default with respect to Notes of this series shall occur and be continuing, the
principal of the Notes of this series may be declared due and payable in the manner and with the
effect provided in the Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the holders of the
Notes at any time by the Company and the Trustee with the written consent of the holders of a
majority in principal amount of the Notes of each series (each series voting as a class) affected
thereby and at the time Outstanding. The Indenture also contains provisions permitting the holders
of specified percentages in principal amount of the Notes of a series at the time Outstanding, on
behalf of the holders of all Notes of such series, to waive certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be
conclusive and binding upon such holder and upon all future holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security register, upon surrender of this Note for
registration of transfer at the office or agency of the Company in any place where the principal of
and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security registrar duly executed by the holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this
series, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

The Notes of this series are issuable only in registered form without coupons in denominations
of U.S. $2,000 or integral multiples of U.S. $1,000 in excess thereof, except as provided for in
Section 2.04 of Supplemental Indenture No. 1. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal
amount of Notes of this series of a different authorized denomination, as requested by the holder
surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

The Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND
FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

6

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to:

(Insert assignee’s social security or tax identification number)

(Insert address and zip code of assignee)

and irrevocably appoints

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

Date:     

Signature:

Signature Guarantee:  

7

8

(Sign exactly as your name appears on the other side of this Note)SIGNATURE GUARANTEE

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of

the Security registrar, which requirements include membership or participation in the Security

Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be

determined by the Security registrar in addition to, or in substitution for, STAMP, all in

accordance with the Securities Exchange Act of 1934, as amended.SCHEDULE OF INCREASES OR

DECREASES IN NOTE

The initial principal amount of this Note is U.S. $400,000,000. The following increases or
decreases in the principal amount of this Note have been made:

	 	 	 	 	 	 	 	 	 
	Date

	 	Amount of decrease

in principal amount

of this Note
	 	Amount of increase

in principal amount

of this Note
	 	Principal amount of

this Note following

such decrease or

increase
	 	

Signature of

authorized officer

or Trustee

	1	 	USE THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL
NOTES: [the principal sum as set forth in the Schedule of Increases or
Decreases In Note attached hereto]

9

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