Document:

October 19,2006

Ortec International, Inc. 3960 Broadway

New York, NY 10032

Attn: Ronald Lipstein, CEO

Ladies and Gentlemen:

Reference is made to the letter agreement dated December 13,2004 from Paul Royalty Fund, L.P. (formerly known as Paul Capital Royalty Acquisition Fund, L.P., "PRF') to Ortec International, Inc. ("Ortec"), a copy of which is attached as Exhibit A hereto (the "Forbearance Letter"). Capitalized terms used in this letter and not otherwise defined herein shall have the meanings given to such terms in the Amended and Restated Revenue Interests Assignment Agreement among Ortec, OrCel LLC and PRF dated as of February 26, 2003 (as amended, supplemented or otherwise modified through the date hereof, the "RIA Agreement").

For the purpose of extending the term of the Forbearance Period (as defined in the Forbearance Letter) and continuing to facilitate the ability of Ortec to obtain funds from a sale by Ortec of equity and/or the issuance by Ortec of debt, PRF and Ortec hereby agree as follows:

 

 

	
             
 	
            1.
 	
            The Forbearance Letter is hereby amended by deleting the definition of "Forbearance Period" therein in its entirety and replacing such definition with the following:
 

 

 

“"Forbearance Period" means the period commencing with the execution of this agreement and ending at 12:01 a.m. (New York time) on the earliest of the following dates: (i) January 1, 2007, (ii) the date which is 15 days prior to the occurrence of a Bankruptcy Event (other than a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement), and (iii) the Deemed Exercise Date."

 

 

2. The Forbearance Letter is hereby amended by deleting the definition of

"Deemed Exercise Date" therein in its entirety and replacing such definition with the following:

3. "Deemed Exercise Date" means the date which is 5 business days before the earlier of (a) the date on which a Bankruptcy Event occurs (other than a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement) or (b) the date on which a Notice Event occurs."

 

Except for the forbearance specifically set forth in the Forbearance Letter as amended above, PRF does not (x) waive any other rights it has under Section 5.07 of the RIA Agreement or otherwise, or (y) make any representations or agreements.

Except as otherwise specifically amended hereby, the terms of the Forbearance Letter remain in full force and effect.

This letter may be signed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this letter in any facsimile form shall be effective as delivery of a manually executed counterpart of this letter.

 

 

[Remainder of page intentionally left blank]

 

 

 

 

 

 

NY3 -423145

 

 

If the foregoing accurately expresses our agreement, please execute a copy of this letter and return it to us.

Very truly yours,

PAUL ROYALTY FUND, L.P.

By: Paul Capital Management, LLC,

	
            its General Partner
 

By: Paul Capital Advisors, L.L.C.,

	
            its Manager
 

 

	
            By:
 	
            /s/ Lionel Leventhal
 

Name:Lionel Leventhal Title:  Manager

ACCEPTED AND AGREED,

ORTEC INTERNATIONAL, INC.

 

 

	
            By:
 	
            /s/ Alan W. Schoenbart
 	
             

	
             
	
            Name: Alan W. Schoenbart
 	
             

	
             
	
            Title:  
 	
            Chief Financial Officer
 
						

 

 

 

 

 

 

 

 

 

 

 

 

 

	
            EXHIBIT “A”
 

 

 

December 13, 2004

 

Ortec International, Inc. 

3960 Broadway

New York, NY 10032

Attn: Ronald Lipstein, CEO

 

Dear Mr. Lipstein:

 

For the purpose of facilitating the ability of Ortec International, Inc. ("Ortec") to obtain funds in the future from a sale by Ortec of equity and/or the issuance by Ortec of debt and in reliance on the representation and agreement of Ortec set forth below, subject to the provisions of this letter, Paul Royalty Fund, L.P., formerly known as Paul Capital Royalty Acquisition Fund, L.P. ("PRF") agrees to forbear during the Forbearance Period (as defined herein) from exercising its rights under Section 5.07(a) of the Amended and Restated Revenue Interests Assignment Agreement among Ortec, OrCel LLC. and PRF dated as of February 26, 2003 (the "RIA Agreement") arising solely from either (x) the Purchase Option Event described in clause (v) only of the definition of "Purchase Option Event" in the RIA Agreement or (y) a Purchase Option Event arising solely as the result of
the occurrence of a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement.

 

Ortec hereby represents that since December 1, 2004, Ortec has received an aggregate amount of net cash proceeds from the issuance of common stock of Ortec pursuant to the exercise of warrants equal to at least One Million, Two Hundred Thousand Dollars ($1,200,000).

 

Ortec agrees to deliver prompt written notice to PRF of a Notice Event. If Ortec fails to deliver written notification to PRF of a Notice Event at least 5 business days in advance of the earliest to occur of the following: (i) the occurrence of a Bankruptcy Event (other than a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement), (ii) the occurrence of a Notice Event described in clause (c) of the definition of Notice Event or (iii) the taking by Ortec or OrCel of any action to cause a Bankruptcy Event (other than a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement), then the exercise by PRF of its purchase option rights under Section 5.07 of the RIA Agreement shall be deemed automatically (and without further action on the part of PRF) effectuated as of
the Deemed Exercise Date.

 

 

 

Except for the forbearance specifically set forth above, PRF does not (x) waive any other rights it has under Section 5.07 of the RIA Agreement or otherwise, or (y) make any representations or agreements.

 

As used herein, the following defined terms have the meaning set forth below:

 

"Forbearance Period" means the period commencing with the execution of this agreement and ending at 12:01 a.m. on the earliest of the following dates: (i) July 1, 2006; (ii) the date which is 15 days prior to the occurrence of a Bankruptcy Event (other than a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement) and (iii) the Deemed Exercise Date.

 

"Notice Event" means either (a) Ortec's or OrCel's intent to cause or to take any action to cause a Bankruptcy Event (other than a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement), (b) Ortec or OrCel being advised or otherwise becoming aware that a Bankruptcy Event (including an involuntary Bankruptcy Event, but excluding a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement) has occurred or will occur shortly or (c) the presentation to Ortec's Board of Directors or to OrCel's manager or other governing body or to anyone of Ortec's directors or OrCel's managers by the Chairman, the chief executive officer, the chief financial officer or any other person exercising similar functions or any other member of senior management,
director or manager of either Ortec or OrCel of a proposal to commence a bankruptcy proceeding or otherwise cause a Bankruptcy Event (other than a Bankruptcy Event described in clauses (v) or (vi) of the definition of Bankruptcy Event in the RIA Agreement).

 

"Deemed Exercise Date" means the date which is 5 business days before the earlier of (a) the date on which a Bankruptcy Event occurs or (b) the date on which a Notice Event occurs.

 

 

 

If the foregoing accurately expresses our agreement, please execute a copy of this letter and return it to us.

 

Yours very truly

PAUL ROYALTY FUND, L.P.

 

By: Paul Capital Management. LLC,

	
            its General Partner
 

 

	
            By: Paul Capital Advisors, LLC,
 
	
            its Manager
 	
             

 

	
            By:
 	
            /s/ Gregory Brown
 	
             

	
             
	
            Name: Gregory Brown, M.D.
 
	
             
	
            Title: Manager
 	
             

						

 

ACCEPTED AND AGREED

ORTEC INTERNATIONAL, INC.

 

	
            By:
 	
            /s/ Ron Lipstein
 	
             

	
             
	
            Name: Ron Lipstein
 
	
             
	
            Title: CEOEX-4.1

 

Exhibit
4.1

 

REALOGY CORPORATION

 

INDENTURE

Dated as of October 20, 2006

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Trustee

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE ONE

	 
	 	 	 	 	 	 
	DEFINITIONS AND INCORPORATION BY REFERENCE

	 
	 	 	 	 	 	 
	SECTION 1.01.
	 	Definitions	 	 	1	 
	SECTION 1.02.
	 	Other Definitions	 	 	9	 
	SECTION 1.03.
	 	Incorporation by Reference of Trust Indenture Act	 	 	9	 
	SECTION 1.04.
	 	Rules of Construction	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE TWO

	 
	 	 	 	 	 	 
	THE SECURITIES

	 
	 	 	 	 	 	 
	SECTION 2.01.
	 	Issuable in Series	 	 	10	 
	SECTION 2.02.
	 	Establishment of Terms of Series of Securities	 	 	10	 
	SECTION 2.03.
	 	Denominations; Provisions for Payment	 	 	13	 
	SECTION 2.04.
	 	Execution and Authentication	 	 	14	 
	SECTION 2.05.
	 	Registrar and Paying Agent	 	 	15	 
	SECTION 2.06.
	 	Paying Agent to Hold Money in Trust	 	 	15	 
	SECTION 2.07.
	 	Holder Lists	 	 	16	 
	SECTION 2.08.
	 	Transfer and Exchange	 	 	16	 
	SECTION 2.09.
	 	Mutilated, Destroyed, Lost and Stolen Securities	 	 	17	 
	SECTION 2.10.
	 	Outstanding Securities	 	 	18	 
	SECTION 2.11.
	 	Treasury Securities	 	 	18	 
	SECTION 2.12.
	 	Temporary Securities	 	 	18	 
	SECTION 2.13.
	 	Cancellation	 	 	19	 
	SECTION 2.14.
	 	Defaulted Interest	 	 	19	 
	SECTION 2.15.
	 	Global Securities	 	 	19	 
	SECTION 2.16.
	 	CUSIP Numbers	 	 	22	 
	SECTION 2.17.
	 	Benefits of Indenture	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE THREE

	 
	 	 	 	 	 	 
	REDEMPTION AND PREPAYMENT

	 
	 	 	 	 	 	 
	SECTION 3.01.
	 	Notices to Trustee	 	 	22	 
	SECTION 3.02.
	 	Selection of Securities to be Redeemed	 	 	23	 
	SECTION 3.03.
	 	Notice of Redemption	 	 	23	 
	SECTION 3.04.
	 	Effect of Notice of Redemption	 	 	24	 
	SECTION 3.05.
	 	Deposit of Redemption Price	 	 	24	 
	SECTION 3.06.
	 	Securities Redeemed in Part	 	 	25	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE FOUR

	 
	 	 	 	 	 	 
	COVENANTS

	 
	 	 	 	 	 	 
	SECTION 4.01.
	 	Payment of Securities	 	 	25	 
	SECTION 4.02.
	 	SEC Reports	 	 	25	 
	SECTION 4.03.
	 	Compliance Certificate	 	 	26	 
	SECTION 4.04.
	 	Further Instruments and Acts	 	 	26	 
	SECTION 4.05.
	 	Corporate Existence	 	 	26	 
	SECTION 4.06.
	 	Calculation of Original Issue Discount	 	 	26	 
	SECTION 4.07.
	 	Limitations on Liens	 	 	26	 
	SECTION 4.08.
	 	Limitations on Sale and Leaseback Transactions	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE FIVE

	 
	 	 	 	 	 	 
	SUCCESSOR COMPANIES

	 
	 	 	 	 	 	 
	SECTION 5.01.
	 	Merger, Consolidation or Sale of Assets	 	 	27	 
	SECTION 5.02.
	 	Successor Company Substituted	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE SIX

	 
	 	 	 	 	 	 
	DEFAULTS AND REMEDIES

	 
	 	 	 	 	 	 
	SECTION 6.01.
	 	Events of Default	 	 	29	 
	SECTION 6.02.
	 	Acceleration	 	 	30	 
	SECTION 6.03.
	 	Other Remedies	 	 	31	 
	SECTION 6.04.
	 	Waiver of Past Defaults	 	 	32	 
	SECTION 6.05.
	 	Control by Majority	 	 	32	 
	SECTION 6.06.
	 	Limitation on Suits	 	 	32	 
	SECTION 6.07.
	 	Rights of Holders to Receive Payment	 	 	33	 
	SECTION 6.08.
	 	Collection Suit by Trustee	 	 	33	 
	SECTION 6.09.
	 	Trustee May File Proofs of Claim	 	 	33	 
	SECTION 6.10.
	 	Priorities	 	 	33	 
	SECTION 6.11.
	 	Undertaking for Costs	 	 	34	 
	SECTION 6.12.
	 	Waiver of Stay or Extension Laws	 	 	34	 
	 
	 	 	 	 	 	 
	ARTICLE SEVEN

	 
	 	 	 	 	 	 
	TRUSTEE

	 
	 	 	 	 	 	 
	SECTION 7.01.
	 	Duties of Trustee	 	 	34	 
	SECTION 7.02.
	 	Rights of Trustee	 	 	36	 
	SECTION 7.03.
	 	Individual Rights of Trustee	 	 	37	 
	SECTION 7.04.
	 	Trustee’s Disclaimer	 	 	37	 
	SECTION 7.05.
	 	Notice of Defaults	 	 	37	 
	SECTION 7.06.
	 	Reports by Trustee to Holder	 	 	38	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 7.07.
	 	Compensation and Indemnity	 	 	38	 
	SECTION 7.08.
	 	Replacement of Trustee	 	 	38	 
	SECTION 7.09.
	 	Successor Trustee by Merger	 	 	39	 
	SECTION 7.10.
	 	Eligibility; Disqualification	 	 	40	 
	SECTION 7.11.
	 	Preferential Collection of Claims Against Company	 	 	40	 
	 
	 	 	 	 	 	 
	ARTICLE EIGHT

	 
	 	 	 	 	 	 
	LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE

	 
	 	 	 	 	 	 
	SECTION 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	 	 	40	 
	SECTION 8.02.
	 	Legal Defeasance and Discharge	 	 	40	 
	SECTION 8.03.
	 	Covenant Defeasance	 	 	41	 
	SECTION 8.04.
	 	Conditions to Legal or Covenant Defeasance	 	 	41	 
	SECTION 8.05.
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	 	 	42	 
	SECTION 8.06.
	 	Repayment to Company	 	 	43	 
	SECTION 8.07.
	 	Reinstatement	 	 	43	 
	SECTION 8.08.
	 	Satisfaction and Discharge of Indenture	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE NINE

	 
	 	 	 	 	 	 
	AMENDMENTS

	 
	 	 	 	 	 	 
	SECTION 9.01.
	 	Without Consent of Holders	 	 	44	 
	SECTION 9.02.
	 	With Consent of Holders	 	 	46	 
	SECTION 9.03.
	 	Compliance with Trust Indenture Act	 	 	47	 
	SECTION 9.04.
	 	Revocation and Effect of Consents and Waivers	 	 	47	 
	SECTION 9.05.
	 	Notation on or Exchange of Securities	 	 	47	 
	SECTION 9.06.
	 	Trustee to Sign Amendments	 	 	48	 
	SECTION 9.07.
	 	Payment for Consent	 	 	48	 
	 
	 	 	 	 	 	 
	ARTICLE TEN

	 
	 	 	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 	 	 
	SECTION 10.01.
	 	Trust Indenture Act Controls	 	 	48	 
	SECTION 10.02.
	 	Notices	 	 	48	 
	SECTION 10.03.
	 	Communication by Holders with Other Holders	 	 	49	 
	SECTION 10.04.
	 	Certificate and Opinion as to Conditions Precedent	 	 	49	 
	SECTION 10.05.
	 	Statements Required in Certificate or Opinion	 	 	49	 
	SECTION 10.06.
	 	Rules by Trustee, Paying Agent and Registrar	 	 	50	 
	SECTION 10.07.
	 	Legal Holidays	 	 	50	 
	SECTION 10.08.
	 	Governing Law	 	 	50	 
	SECTION 10.09.
	 	No Recourse Against Others	 	 	50	 
	SECTION 10.10.
	 	Successors	 	 	50	 

iii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 10.11.
	 	Multiple Originals	 	 	50	 
	SECTION 10.12.
	 	Table of Contents; Headings	 	 	50	 
	SECTION 10.13.
	 	Severability	 	 	51	 

iv

 

CROSS-REFERENCE TABLE*

	 	 	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	310
	 	(a)(1)	 	7.10
	 
	 	(a)(2)	 	7.10
	 
	 	(a)(3)	 	Not Applicable
	 
	 	(a)(4)	 	Not Applicable
	 
	 	(a)(5)	 	7.10
	 
	 	(b)	 	7.10
	 
	 	(c)	 	Not Applicable
	311
	 	(a)	 	7.11
	 
	 	(b)	 	7.11
	 
	 	(c)	 	Not Applicable
	312
	 	(a)	 	2.06
	 
	 	(b)	 	10.03
	 
	 	(c)	 	10.03
	313
	 	(a)	 	7.06
	 
	 	(b)(1)	 	Not Applicable
	 
	 	(b)(2)	 	7.06
	 
	 	(c)	 	7.06
	 
	 	(d)	 	7.06
	314
	 	(a)	 	4.02;4.03
	 
	 	(b)	 	Not Applicable
	 
	 	(c)(1)	 	10.04
	 
	 	(c)(2)	 	10.04
	 
	 	(c)(3)	 	Not Applicable
	 
	 	(d)	 	Not Applicable
	 
	 	(e)	 	10.05
	 
	 	(f)	 	Not Applicable
	315
	 	(a)	 	7.01
	 
	 	(b)	 	7.05
	 
	 	(c)	 	7.01
	 
	 	(d)	 	7.01
	 
	 	(e)	 	6.11
	316
	 	(a)(last sentence)	 	2.10
	 
	 	(a)(1)(A)	 	6.05
	 
	 	(a)(1)(B)	 	6.04
	 
	 	(a)(2)	 	Not Applicable
	 
	 	(b)	 	6.07
	 
	 	(c)	 	2.13
	 
	 	317  (a)(1)	 	6.08
	 
	 	(a)(2)	 	6.09
	 
	 	(b)	 	2.05
	 
	 	318  (a)	 	10.01
	 
	 	(b)	 	Not Applicable
	 
	 	(c)	 	10.01

 

			
	*	 	This Cross-Reference Table is not part of the Indenture.

 

 

     INDENTURE dated as of October 20, 2006, between REALOGY CORPORATION,
a Delaware corporation, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
National Banking Association organized and in good standing under the laws
of the United States, as trustee.

          The Company and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders of the securities issued under this Indenture (the
“Securities”):

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION 1.01. Definitions.

          For all purposes under this Indenture and any supplemental indenture hereto, except as
otherwise expressly provided or unless the context otherwise requires, the following terms shall
have the following meanings:

          “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), when used with respect to any
Person, shall mean the power to direct or cause the direction of the management or policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by agreement or
otherwise.

          “Agent” means any Registrar, Paying Agent or co registrar.

          “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors.

          “Board of Directors” means the Board of Directors of the Company, or any authorized committee
of the Board of Directors.

          “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.

          “Business Day” means any day other than a Legal Holiday.

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

1

 

          “Clearstream” means Clearstream Banking, société anonyme, or any successor thereto.

          “Commodity Price Protection Agreement” means, in respect of a Person, any forward contract,
commodity swap agreement, commodity option agreement or other similar agreement or arrangement
designed to protect such Person against fluctuations in commodity prices.

          “Company” means Realogy Corporation, and any and all successors thereto.

          “Company Order” means a written order signed in the name of the Company by two Officers, one
of whom must be the Company’s principal executive officer, principal financial officer or principal
accounting officer.

          “Consolidated Net Worth” means, as of any date of determination, all items which in conformity
with GAAP would be included under shareholders’ equity on a consolidated balance sheet of the
Company and its Subsidiaries at such date plus the aggregate dollar amount of all outstanding
preferred stock of the Company to the extent not included under shareholders’ equity on a
consolidated balance sheet as of such date.

          “Corporate Trust Office of the Trustee” shall be the address of the Trustee specified in
Section 10.02 hereof or such other address as to which the Trustee may give notice to the Company.

          “Currency Exchange Protection Agreement” means, in respect of a Person, any foreign exchange
contract, currency swap agreement, currency option or other similar agreement or arrangement
designed to protect such Person against fluctuations in currency exchange rates.

          “Debt” means, with respect to any Person (without duplication):

     (a) the principal of and premium (if any) in respect of any obligation of such Person
for money borrowed, and any obligation evidenced by notes, debentures, bonds or other
similar instruments for the payment of which such Person is responsible or liable;

     (b) all obligations of such Person as lessee under leases required to be capitalized
on the balance sheet of the lessee under generally accepted accounting principles and
leases of property made as part of any Sale and Leaseback Transaction entered into by such
Person;

     (c) all obligations of such Person issued or assumed as the deferred purchase price of
property, all conditional sale obligations of such Person and all obligations of such
Person under any title retention agreement (but excluding trade accounts payable arising in
the ordinary course of business);

2

 

     (d) all obligations of such Person for the reimbursement of any obligor on any letter
of credit, banker’s acceptance or similar credit transaction;

     (e) all obligations of the type referred to in clauses (a) through (d) of other
Persons and all dividends of other Persons for the payment of which, in either case, such
Person is responsible or liable, directly or indirectly, as obligor, guarantor or
otherwise, including by means of any Guarantee;

     (f) all obligations of the type referred to in clauses (a) through (d) of other
Persons secured by any Lien on any property of such Person (whether or not such obligation
is assumed by such Person but only to the extent of the fair market value of such
property); and

     (g) to the extent not otherwise included in this definition, obligations pursuant to
any Interest Rate Agreement, Currency Exchange Protection Agreement, Commodity Price
Protection Agreement or any other similar agreement or arrangement of such Person (but only
to the extent of the “mark-to-market” amount).

          “Default” means any event that is, or after notice or passage of time or both would be, an
Event of Default.

          “Definitive Security” means a certificated Security registered in the name of the Holder
thereof and issued in accordance with Section 2.08 hereof.

          “Depositary” means, with respect to Securities issuable or issued in whole or in part in
global form, the Person specified pursuant to Section 2.15 hereof as the Depositary with respect to
those Securities, and any and all successors thereto appointed as depositary hereunder and having
become such pursuant to the applicable provision of this Indenture.

          “Dollar” means a dollar or other equivalent unit in such coin or currency of the United States
as at the time shall be legal tender for the payment of public and private debt.

          “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any
successor thereto.

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

          “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America.

          “GAAP” means generally accepted accounting principles in the United States of America.

          “Global Security” when used with respect to any Series of Securities issued hereunder, means a
Security which is executed by the Company and authenticated

3

 

and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with this Indenture and an indenture supplemental hereto, if any, or Board
Resolution and pursuant to a Company Order, which shall be registered in the name of the Depositary
or its nominee and which shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all the outstanding Securities of such Series or any portion
thereof, in either case having the same terms, including, without limitation, the same original
issue date, date or dates on which principal is due, and interest rate or method of determining
interest and which shall bear the legend as prescribed by Section 2.15(c).

          “Global Security Legend” means the legend set forth in Section 2.15(c), which is required to
be placed on all Global Securities issued under this Indenture.

          “Government Securities” means direct obligations of, or obligations guaranteed by, the United
States of America and the payment for which the United States of America pledges its full faith and
credit.

          “Guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof), of all or any part of any Debt. The term “Guarantor” shall mean any
Person Guaranteeing any obligation.

          “Holder” means a Person in whose name a Security is registered on the Registrar’s books.

          “Indenture” means this Indenture, as amended or supplemented from time to time.

          “Interest Payment Date” when used with respect to any Series of Securities, means the date
specified in such Securities for the payment of any installment of interest on those Securities.

          “Interest Rate Agreement” means, for any Person, any interest rate swap agreement, interest
rate cap agreement, interest rate collar agreement or other similar agreement designed to protect
against fluctuations in interest rates.

          “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset.

          “Maturity,” when used with respect to any Security or installment of principal thereof, means
the date on which the principal of such Security or such installment of principal becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption, notice of option to elect repayment or otherwise.

4

 

          “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person.

          “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of
the Company, one of whom must be the principal executive officer, the principal financial officer
or the principal accounting officer of the Company, that meets the requirements of Section 10.04
and 10.05 hereof.

          “Opinion of Counsel” means an opinion from legal counsel, that meets the requirements of
Section 10.04 and 10.05 hereof. The counsel may be an employee of or counsel to the Company, any
Subsidiary of the Company or the Trustee.

          “Original Issue Discount Security” means any Security that provides for an amount less than
the stated principal amount thereof to be due and payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.02.

          “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who
has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to
the Depository Trust Company, shall include Euroclear and Clearstream).

          “Permitted Liens” means:

     (a) Liens for taxes, assessments, governmental charges and other similar obligations
not yet due or the repayment of which in the aggregate would not reasonably be expected to
have a material adverse effect on the Company or which are being contested in good faith by
appropriate proceedings;

     (b) Liens incidental to the conduct of the Company’s or its Subsidiaries’ business or
the ownership of its or its Subsidiaries’ assets which were not incurred in connection with
the borrowing of money, and which do not in the aggregate materially detract from the value
of the Company’s assets or materially impair the use thereof in the operation of the
Company’s business;

     (c) purchase money Liens granted to the vendor or Person financing the acquisition of
property or assets (including shares of Capital Stock) if (i) limited to the specific
assets acquired and, in the case of tangible assets, other property which is an improvement
to or is acquired for specific use in connection with such acquired property or which is
real property being improved by such acquired property; (ii) the Debt secured by the Lien
is the unpaid balance of the acquisition cost of the specific assets on which the Lien is
granted; and (iii) such transaction does not otherwise violate this Indenture;

     (d) Liens upon real and/or personal property, which property was acquired after the
date of this Indenture (by purchase, construction or otherwise) by the Company or any of
its Significant Subsidiaries, each of which Liens existed on

5

 

such property before the time of its acquisition and was not created in anticipation
thereof; provided, however, that no such Lien shall extend to or cover any
property of the Company or such Significant Subsidiary other than the respective property
so acquired and improvements thereon;

     (e) to the extent not covered by clause (b) above, Liens securing judgments or granted
pursuant to a court order or agreement with a third-party in the context of a dispute with
such third-party;

     (f) Liens existing on the date of this Indenture and any extensions or renewals
thereof;

     (g) Liens securing (or covering property constituting the source of payment for) any
Debt owing by the Company or any Significant Subsidiary to the Company or any other
Subsidiary, any Securitization Debt or any deposits raised in the ordinary course of the
banking business of the Company or any Significant Subsidiary that is subject to state
and/or Federal banking regulations that constitute Debt and any discount or borrowing by
the Company or such Significant Subsidiary in the ordinary course of the banking business
of the Company or such Significant Subsidiary;

     (h) to the extent not covered by clause (g) above, Liens on equity interests or other
securities issued by a Securitization Entity, securing (or covering property constituting
the source of payment for) Securitization Debt;

     (i) Liens created in substitution of or as replacements for any Liens permitted by
this definition of “Permitted Lien”, provided that, based on a good faith determination of
a senior Officer of the Company, the assets or property encumbered under any such
substitute or replacement Lien is substantially similar in nature to the assets or property
encumbered by the otherwise permitted Lien which is being replaced;

     (j) mechanics’, materialmen’s, carriers’ or other similar liens, and pledges or
deposits made in the ordinary course of business to obtain the release of any such liens or
the release of property in the possession of a common carrier, good faith deposits in
connection with leases of real estate or bids or contracts (other than contracts for the
borrowing of money); pledges or deposits to secure public or statutory obligations;
deposits to secure (or in lieu of) surety, stay, appeal or customs bonds;

     (k) Liens on property or assets of a Person existing at the time such Person is merged
into or consolidated with the Company or a Subsidiary of the Company, at the time such
Person becomes a Subsidiary of the Company, or at the time of sale, lease or other
disposition of all or substantially all of the properties or assets of a Person to the
Company or a Subsidiary of the Company, provided that such Lien was not incurred in
anticipation of the merger, consolidation, or sale, lease, other disposition or other such
transaction;

6

 

     (l) any lien arising by reason of deposits with, or giving of any form of security to,
any governmental agency or any body created or approved by law or governmental regulation,
which is required by law or governmental regulation as a condition to the transaction of
any business, or the exercise of any privilege or license, or to enable the Company or a
Subsidiary of the Company to maintain self-insurance risks or in connection with workers’
compensation, unemployment insurance, pensions, social security or similar matters;

     (m) deposits or liens made in connection with contracts with or made at the request of
any government or any department or agency thereof or made with any prime contractor or
subcontractor of any tier in connection with the furnishing of services or property to any
government or any department or agency thereof (“Government Contracts”), of or upon
moneys advanced or paid pursuant to, or in accordance with the provisions of, such
Government Contracts; or the assignment or pledge to any Person, to the extent permitted by
law, of the right, title and interest of the Company in and to any Government Contract, or
in any to any payment due or to become due thereunder, to secure indebtedness incurred and
owing to such Person for funds or other property supplied, constructed or installed for or
in connection with the performance by the Company of our obligations under such Government
Contract; and

     (n) any lien arising in connection with a Sale and Leaseback Transaction permitted
under Section 4.08.

If the Company’s or the Significant Subsidiary’s action or event meets the criteria of more than
one of the types of Permitted Liens described in the clauses above, the Company in its sole
discretion may classify such action or event in one or more clauses (including in part under one
such clause and in part under another such clause).

          “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof or any other entity.

          “Responsible Officer” with respect to the Trustee, means any Vice President, Assistant Vice
President, Assistant Treasurer or any other officer of the Trustee assigned by the Trustee to
administer its corporate trust matters and who customarily performs functions similar to those
performed by such Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such Person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for administration of this Indenture.

          “Sale and Leaseback Transaction” means any arrangement with any Person pursuant to which the
Company or any Subsidiary leases any material asset that has been or is to be sold or transferred
by the Company or such Subsidiary to such Person, other than (1) temporary leases for a term,
including renewals at the option of the lessee, of not more than three years, (2) a transaction
that was entered into prior to the date of

7

 

this Indenture, or any renewal extension or modification thereof, or replacement or
substitution therefor or (3) leases between the Company and a Subsidiary or between Subsidiaries.

          “SEC” means the Securities and Exchange Commission.

          “Securities” has the meaning assigned to it in the preamble to this Indenture.

          “Securities Act” means the Securities Act of 1933, as amended.

          “Securitization Debt” shall mean Debt incurred by a Securitization Entity that does not permit
or provide for recourse (other than Standard Securitization Undertakings) to the Company or any
Subsidiary of the Company (other than a Securitization Entity) or any property or asset of the
Company or any Subsidiary of the Company (other than the property or assets of, or any equity
interests or other securities issued by, a Securitization Entity).

          “Securitization Entity” shall mean any Subsidiary or other Person engaged solely in the
business of effecting asset securitization transactions and related activities.

          “Series” or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof.

          “Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of the
Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC, other than a
Securitization Entity.

          “Standard Securitization Undertakings” shall mean representations, warranties (and any related
repurchase obligations), servicer obligations, guaranties, covenants and indemnities entered into
by the Company or any Subsidiary of the Company of a type that are reasonably customary in
securitizations.

          “Stated Maturity,” when used with respect to any Security, means the date specified in such
Security as the fixed date on which an amount equal to the principal amount of such Security is due
and payable.

          “Subsidiary” of any Person means any corporation, limited liability company, association,
partnership or other business entity of which more than 50% of the total voting power of shares of
Capital Stock or other interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person
and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person.

8

 

          “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) and the rules and
regulations thereunder as in effect on the date on which this Indenture is qualified under the TIA,
except as provided in Section 9.03.

          “Trustee” means the party named as such above until a successor replaces it in accordance with
the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

          SECTION 1.02. Other Definitions.

	 	 	 	 	 
	         Term	 	Defined in Section
	“Covenant Defeasance”
	 	 	8.03	 
	“Event of Default”
	 	 	6.01	 
	“Legal Defeasance”
	 	 	8.02	 
	“Legal Holiday”
	 	 	10.07	 
	“Paying Agent”
	 	 	2.05	 
	“Registrar”
	 	 	2.05	 
	“Service Agent”
	 	 	2.05	 
	“Successor Company”
	 	 	5.01	 

          SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture
is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made
a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings:

          “indenture securities” means the Securities;

          “indenture security Holder” means a Holder of a Security;

          “indenture to be qualified” means this Indenture;

          “indenture trustee” or “institutional trustee” means the Trustee; and

          “obligor” on the Securities means the Company and any successor obligor upon the Securities.

          All other terms used in this Indenture that are defined by the TIA, defined by the TIA’s
reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to
them.

          SECTION 1.04. Rules of Construction. Unless the context otherwise requires:

          (1) a term has the meaning assigned to it;

          (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP;

9

 

          (3) “or” is not exclusive;

          (4) words in the singular include the plural, and in the plural include the singular;

          (5) provisions apply to successive events and transactions; and

          (6) references to sections of or rules under the Securities Act shall be deemed to include
substitute, replacement or successor sections or rules adopted by the SEC from time to time.

ARTICLE TWO

THE SECURITIES

          SECTION 2.01. Issuable in Series. The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued
in one or more Series. All Securities of a Series shall be identical except as may be set forth in
a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of
the terms thereof pursuant to the authority granted under a Board Resolution. In the case of
Securities of a Series to be issued from time to time, the Board Resolution, supplemental indenture
or Officers’ Certificate may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series in respect of any matters.

          SECTION 2.02. Establishment of Terms of Series of Securities. At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series
generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or
as to the Series generally in the case of Subsections 2.02(b) through 2.02(w)) by a Board
Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted
under a Board Resolution:

          (a) the title of the Securities of the Series (which shall distinguish the Securities of that
particular Series from the Securities of any other Series);

          (b) 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);

          (c) the date or dates on which the principal and premium of the Securities of the Series are
payable;

          (d) the rate or rates (which may be fixed or variable) at which the Securities of the Series
shall bear interest, if any, or the method of determining such rate or rates, the date or dates
from which such interest, if any, shall accrue, the Interest Payment Dates on which such interest,
if any, shall be payable or the method by which

10

 

such dates will be determined, the record dates for the determination of Holders thereof to
whom such interest is payable (in the case of Securities in registered form), and the basis upon
which such interest will be calculated if other than that of a 360 day year of twelve 30 day
months;

          (e) the currency or currencies, including composite currencies in which Securities of the
Series shall be denominated, if other than Dollars, the place or places, if any, in addition to or
instead of the Corporate Trust Office of the Trustee (in the case of Securities in registered form)
or the principal New York office of the Trustee (in the case of Securities in bearer form), where
the principal, premium and interest with respect to Securities of such Series shall be payable or
the method of such payment, if by wire transfer, mail or other means;

          (f) 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 or otherwise;

          (g) whether Securities of the Series are to be issued in registered form or bearer form or
both and, if Securities are to be issued in bearer form, whether coupons will be attached to them,
whether Securities of the Series in bearer form may be exchanged for Securities of the Series
issued in registered form, and the circumstances under which and the places at which any such
exchanges, if permitted, may be made;

          (h) if any Securities of the Series are to be issued in bearer form or as one or more Global
Securities representing individual Securities of the Series in bearer form, whether certain
provisions for the payment of additional interest or tax redemptions shall apply; whether interest
with respect to any portion of a temporary Security of the Series in bearer form payable with
respect to any Interest Payment Date prior to the exchange of such temporary Security in bearer
form for definitive Securities of the Series in bearer form shall be paid to any clearing
organization with respect to the portion of such temporary Security in bearer form held for its
account and, in such event, the terms and conditions (including any certification requirements)
upon which any such interest payment received by a clearing organization will be credited to the
Persons entitled to interest payable on such Interest Payment Date; and the terms upon which a
temporary Security in bearer form may be exchanged for one or more definitive Securities of the
Series in bearer form;

          (i) the obligation, if any, of the Company to redeem, purchase or repay the Securities of the
Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof
and the price or prices at which, 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 obligations;

          (j) the terms, if any, upon which the Securities of the Series may be convertible into or
exchanged for any of the Company’s common stock, preferred stock, other debt securities or warrants
for common stock, preferred stock or other securities of any kind, and the terms and conditions
upon which such conversion or exchange shall be

11

 

effected, including the initial conversion or exchange price or rate, the conversion or
exchange period and any other additional provisions;

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

          (l) if the amount of principal, premium or interest with respect to the Securities of the
Series may be determined with reference to an index or pursuant to a formula, the manner in which
such amounts will be determined;

          (m) if the principal amount payable at the Stated Maturity of Securities of the Series will
not be determinable as of any one or more dates prior to such Stated Maturity, the amount that will
be deemed to be such principal amount as of any such date for any purpose, including the principal
amount thereof which will be due and payable upon any Maturity other than the Stated Maturity and
which will be deemed to be outstanding as of any such date (or, in any such case, the manner in
which such deemed principal amount is to be determined), and if necessary, the manner of
determining the equivalent thereof in Dollars;

          (n) any changes or additions to Article Eight;

          (o) if other than the principal amount thereof, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.02;

          (p) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the
Securities of the Series of any properties, assets, moneys, proceeds, securities or other
collateral, including whether certain provisions of the TIA are applicable and any corresponding
changes to provisions of this Indenture as then in effect;

          (q) any addition to or change in the Events of Default which applies to any Securities of the
Series and any change in the right of the Trustee or the requisite Holders of such Series of
Securities to declare the principal amount of, premium, if any, and interest on such Series of
Securities due and payable pursuant to Section 6.02;

          (r) if the Securities of the Series shall be issued in whole or in part in the form of a
Global Security, the terms and conditions, if any, upon which such Global Security may be exchanged
in whole or in part for other individual Definitive Securities of such Series, the Depositary for
such Global Security and the form of any legend or legends to be borne by any such Global Security
in addition to or in lieu of the Global Securities Legend;

          (s) any Trustee, authenticating agent, Paying Agent, transfer agent, Service Agent or
Registrar;

12

 

          (t) the applicability of, and any addition to or change in, the covenants (and the related
definitions) set forth in Articles Four or Five which applies to Securities of the Series;

          (u) with regard to Securities of the Series that do not bear interest, the dates for certain
required reports to the Trustee;

          (v) the terms applicable to Original Issue Discount Securities, including the rate or rates at
which original issue discount will accrue;

          (w) any other terms of Securities of the Series (which terms shall not be prohibited by the
provisions of this Indenture).

          All Securities of any one Series need not be issued at the same time and may be issued from
time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the
authorized principal amount of any Series may be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution, supplemental
indenture or Officers’ Certificate.

          SECTION 2.03. Denominations; Provisions for Payment. The Securities shall be
issuable, except as otherwise provided with respect to any series of Securities pursuant to Section
2.02, as registered Securities in the denominations of one thousand Dollars ($1,000) or any
integral multiple thereof, subject to Sections 2.02(e) and 2.02(k). The Securities of any Series
shall bear interest payable on the dates and at the rate specified with respect to that Series.
Unless otherwise provided as contemplated by Section 2.02 with respect to Securities of any Series,
the principal of and the interest on the Securities of any Series, as well as any premium thereon
in case of redemption thereof prior to maturity, shall be payable in Dollars. Such payment shall
be made at the office or agency of the Company maintained for that purpose in Minneapolis,
Minnesota. Each Security shall be dated the date of its authentication. Unless otherwise provided
as contemplated by Section 2.02, interest on the Securities shall be computed on the basis of a 360
day year composed of twelve 30 day months.

          The interest installment on any Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date for Securities of that Series shall be paid to the
Person in whose name said Security (or one or more predecessor Securities) is registered at the
close of business on the regular record date for such interest installment.

          Unless otherwise set forth in a Board Resolution, a supplemental indenture or an Officers’
Certificate establishing the terms of any Series of Securities pursuant to Section 2.02 hereof, the
term “regular record date” as used in this Section with respect to Securities of any Series with
respect to any Interest Payment Date for such Series shall mean either (i) the fifteenth day of the
month immediately preceding the month in which an Interest Payment Date established for such series
pursuant to Section 2.02 hereof shall

13

 

occur, if such Interest Payment Date is the first day of a month or (ii) the first day of the
month in which an Interest Payment Date established for such Series pursuant to Section 2.02 hereof
shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such
date is a Business Day.

          Subject to the foregoing provisions of this Section, each Security of a Series delivered under
this Indenture upon transfer of or in exchange for or in lieu of any other Security of such Series
shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such
other Security.

          SECTION 2.04. Execution and Authentication. One or more Officers shall sign the
Securities for the Company by manual or facsimile signature. If an Officer whose signature is on a
Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. A Security shall not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the
Security has been authenticated under this Indenture. The Securities may contain such notations,
legends or endorsements required by law, stock exchange rule or usage.

          The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or
Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to oral or electronic instructions from the Company
or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in
writing. Each Security shall be dated the date of its authentication unless otherwise provided by
a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

          The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.02, except as provided in Section 2.09.

          Prior to the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04 and
10.05, and (c) an Opinion of Counsel complying with Section 10.04 and 10.05.

          The Trustee shall have the right to decline to authenticate and deliver any Securities of such
Series: (a) if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall determine that such action
would expose the Trustee to personal liability to Holders of any then outstanding Series of
Securities.

14

 

          The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Company or an
Affiliate of the Company.

          SECTION 2.05. Registrar and Paying Agent. So long as Securities of any Series remain
outstanding, the Company agrees to maintain an office or agency in Minneapolis, Minnesota (or any
other place or places specified with respect to such Series pursuant to Section 2.02), where
Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be presented for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of the
Securities of such Series and this Indenture may be served (“Service Agent”). The
Registrar shall keep a register with respect to each Series of Securities and to their transfer and
exchange. The Company will give prompt written notice to the Trustee of the name and address, and
any change in the name or address, of each office or agency, Registrar, Paying Agent or Service
Agent. If at any time the Company shall fail to maintain any such required office or agency,
Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and
address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, surrenders, notices and demands.

          The Company may also from time to time designate one or more co-registrars, additional paying
agents or additional service agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in
each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes.
The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the name or address of any such co-registrar, additional paying agent or
additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent”
includes any additional paying agent; and the term “Service Agent” includes any additional service
agent.

          The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service
Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be,
is appointed prior to the time Securities of that Series are first issued.

          SECTION 2.06. Paying Agent to Hold Money in Trust. The Company shall require each
Paying Agent, other than the Trustee, to agree in writing that the Paying Agent will hold in trust,
for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the
Paying Agent for the payment of principal of or interest on the Series of Securities, and will
notify the Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee

15

 

may require a Paying Agent to pay all money held by it to the Trustee. Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in
this Section 2.06 is subject to the provisions of Section 8.06, and (ii) the Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any
other purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same terms and
conditions as those upon which such sums were held by the Company or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent (if other than the Company or a
Subsidiary) shall be released from all further liability with respect to the money. If the Company
or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying
Agent.

          SECTION 2.07. Holder Lists. (a) The Trustee shall preserve in as current a form as
is reasonably practicable the most recent list available to it of the names and addresses of
Holders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee
is not the Registrar, the Company shall furnish to the Trustee at least ten days before each
Interest Payment Date and at such other times as the Trustee may request in writing a list, in such
form and as of such date as the Trustee may reasonably require, of the names and addresses of
Holders of each Series of Securities.

          (b) The Trustee may destroy any list furnished to it as provided in Section 2.07(a) upon
receipt of a new list so furnished.

          SECTION 2.08. Transfer and Exchange. When Securities of a Series are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are met. To permit registrations of
transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No
service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith (other than any such
transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.12, 3.06
or 9.05).

          Neither the Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Securities of any Series during the period beginning at the opening of business
fifteen days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or
(b) to register the transfer or exchange of Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

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          All Securities presented or surrendered for exchange or registration of transfer, as provided
in this Section, shall be accompanied (if so required by the Company or the Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the Company or the Registrar, duly
executed by the Holder or by such Holder’s duly authorized attorney in writing.

          The provisions of this Section 2.08 are, with respect to any Global Security, subject to
Section 2.15 hereof.

          SECTION 2.09. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding.

          If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make
available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of
the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

          In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security (without surrender thereof except in the case of a mutilated Security) if the
applicant for such payment shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, and, in
case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or
theft of such Security and of the ownership thereof.

          Upon the issuance of any new Security under this Section 2.09, 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 (including the fees and expenses of the Trustee) connected
therewith.

          Every new Security of any Series issued pursuant to this Section 2.09 in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that Series duly issued hereunder.

          The provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful)
any and all other rights and remedies, notwithstanding any law or statute

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existing or hereafter enacted to the contrary, with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities, negotiable instruments or other securities.

          SECTION 2.10. Outstanding Securities. The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those reductions in the interest on a Global Security effected by the Trustee in
accordance with the provisions hereof and those described in this Section 2.10 as not outstanding.

          If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding until the
Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
purchaser.

          If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of
any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such
Securities payable on that date, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue.

          A Security does not cease to be outstanding because the Company or an Affiliate holds the
Security.

          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 6.02.

          SECTION 2.11. Treasury Securities. In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company or an Affiliate
of the Company shall be disregarded and deemed not to be outstanding, except that for the purposes
of determining whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible
Officer of the Trustee actually knows are so owned shall be so disregarded. Subject to the
foregoing, only Securities outstanding at the time shall be considered in any such determination.

          SECTION 2.12. Temporary Securities. Until Definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of Definitive Securities
but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate
Definitive Securities of the same Series and date of maturity in exchange for temporary Securities.
Until so exchanged,

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temporary Securities shall have the same rights under this Indenture as the Definitive
Securities.

          SECTION 2.13. Cancellation. The Company at any time may deliver Securities to the
Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any
Securities surrendered to them for registration of transfer, exchange or payment. The Trustee
shall cancel all Securities surrendered for transfer, exchange, payment, replacement or
cancellation and shall dispose of such canceled Securities according to its normal operating
procedures (subject to the record retention requirement of the Exchange Act) and deliver a
certificate of such disposition to the Company. The Company may not issue new Securities to
replace Securities that it has paid or delivered to the Trustee for cancellation.

          SECTION 2.14. Defaulted Interest. If the Company defaults in a payment of interest on
a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law,
any interest payable on the defaulted interest, to the persons who are Holders of the Series on a
subsequent special record date. The Company shall fix the record date and payment date. At least
30 days before the record date, the Company shall mail to the Trustee and to each Holder of the
Series a notice that states the record date, the payment date and the amount of interest to be
paid. The Company may pay defaulted interest in any other lawful manner.

          SECTION 2.15. Global Securities.

          (a) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole
or in part in the form of one or more Global Securities and the Depositary for such Global Security
or Securities.

          (b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained
in Section 2.08 and in addition thereto, any Global Security shall be exchangeable pursuant to
Section 2.08 for Securities registered in the names of Holders other than the Depositary for such
Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for such Global Security or if at any time such Depositary ceases
to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails
to appoint a successor Depositary within 90 days of such event, (ii) the Company executes and
delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be
so exchangeable or (iii) an Event of Default with respect to the Securities represented by such
Global Security shall have occurred and be continuing. Any Global Security that is exchangeable
pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as
the Depositary shall direct in writing in an aggregate principal amount equal to the principal
amount of the Global Security with like tenor and terms.

          Except as provided in this Section 2.15(b), a Global Security may only be transferred in whole
but not in part (i) by the Depositary with respect to such Global

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Security to a nominee of such Depositary, (ii) by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or (iii) by the Depositary or any such nominee to
a successor Depositary or a nominee of such a successor Depositary.

          (c) Legend. Any Global Security issued hereunder shall bear a legend in substantially
the following form:

          “THIS SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF THE INDENTURE AND (D) EXCEPT
AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN
WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY
OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.”

          (d) Acts of Holders. (i) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section.

          (ii) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to such officer the execution thereof. Where such
execution is by a signer acting in a capacity other than such signer’s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The
fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems

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sufficient.

          (iii) The ownership of bearer securities may be proved by the production of such bearer
securities or by a certificate executed by any trust company, bank, banker or other depositary,
wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing
that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to
it, the bearer securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such bearer securities, if such certificate or affidavit is deemed
by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of
any bearer security continues until (i) another such certificate or affidavit bearing a later date
issued in respect of the same bearer security is produced, (ii) such bearer security is produced to
the Trustee by some other Person, (iii) such bearer security is surrendered in exchange for a
registered security or (iv) such bearer security is no longer outstanding. The ownership of bearer
securities may also be proved in any other manner which the Trustee deems sufficient.

          (iv) The ownership of registered securities shall be proved by the register maintained by the
Registrar.

          (v) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.

          (vi) If the Company shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to
a Board Resolution, fix in advance a record date for the determination of Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be
deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of
outstanding Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the
outstanding Securities shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than six
months after the record date.

          The Depositary, as a Holder, may appoint agents and otherwise authorize Participants to give
or take any request, demand, authorization, direction, notice, consent, waiver or other action
which a Holder is entitled to give or take under the Indenture.

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          (e) Payments. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if
any, on any Global Security shall be made to the Holder thereof.

          (f) Consents, Declaration and Directions. Except as provided in Section 2.15(e), the
Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of
outstanding Securities of such Series represented by a Global Security as shall be specified in a
written statement of the Depositary with respect to such Global Security, for purposes of obtaining
any consents, declarations, waivers or directions required to be given by the Holders pursuant to
this Indenture.

          SECTION 2.16. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” or
“ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” or “ISIN”
numbers in notices of redemption as a convenience to Holders; provided that neither the
Company nor the Trustee shall have any responsibility for any defect in the “CUSIP” or “ISIN”
number that appears on any Security, check, advice of payment or redemption notice, that any such
notice may state that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that reliance may be
placed only on the other elements of identification printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee of any change in CUSIP or “ISIN” numbers.

          SECTION 2.17. Benefits of Indenture. Nothing in this Indenture or in the Securities,
express or implied, shall give or be construed to give to any Person, other than the parties hereto
and the holders of the Securities, any legal or equitable right, remedy or claim under or in
respect of this Indenture, or under any covenant, condition or provision herein contained; all such
covenants, conditions and provisions being for the sole benefit of the parties hereto and of the
Holders of the Securities.

ARTICLE THREE

REDEMPTION AND PREPAYMENT

          SECTION 3.01. Notices to Trustee. The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem
and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such
time and on such terms as provided for in such Series of Securities. If a Series of Securities is
redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all
or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the
Trustee of the redemption date and the principal amount of Securities of the Series to be redeemed
and the redemption price. The Company shall give such notice to the Trustee at least 30 but no more
that 60 days before the redemption date (or such shorter notice as may be acceptable to the
Trustee).

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          SECTION 3.02. Selection of Securities to be Redeemed. Unless otherwise indicated for
a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’
Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to
purchase at any time, the Trustee shall select the Securities to be redeemed or purchased as
follows:

     (1) if the Securities are listed on any national securities exchange (the Company
agrees to notify the Trustee in writing of any such listing in accordance with Section 7.06
of this Indenture), in compliance with the requirements of the principal national
securities exchange on which the Securities are listed; or

     (2) if the Securities are not listed on any national securities exchange, on a pro
rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate.

          No Securities of $1,000 of principal amount or less will be redeemed in part. Except as
provided in the preceding sentence, provisions of this Indenture that apply to Securities called
for redemption also apply to portions of Securities called for redemption. The Trustee shall make
the selection at least 25 days but not more than 60 days before the redemption date from
outstanding Securities of a Series not previously called for redemption.

          If any Security is to be redeemed in part only, the notice of redemption that relates to such
Security shall state the portion of the principal amount of that Security to be redeemed. A new
Security in principal amount equal to the unredeemed portion of the original Security presented for
redemption will be issued in the name of the Holder thereof upon cancellation of the original
Security. Securities called for redemption become irrevocably due on the date fixed for redemption
at the applicable redemption price, plus accrued and unpaid interest to the redemption date. On
and after the redemption date, unless the Company defaults in making the applicable redemption
payment, interest ceases to accrue or accrete on Securities or portions of them called for
redemption.

          SECTION 3.03. Notice of Redemption. Unless otherwise provided for a particular Series
of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, at least
30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be
mailed, by first class mail, a notice of redemption to each Holder whose Securities are to be
redeemed at its registered address.

          The notice shall identify the Securities to be redeemed and shall state:

     (1) the redemption date;

     (2) the redemption price or the appropriate method of calculation of the redemption
price, which in each case will include interest accrued and unpaid to the date fixed for
redemption;

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     (3) if any Security is being redeemed in part, the portion of the principal amount of
such Security to be redeemed and that, after the redemption date upon surrender of such
Security, a new Security or Securities in principal amount equal to the unredeemed portion
shall be issued upon cancellation of the original Security;

     (4) the name and address of the Paying Agent;

     (5) that Securities called for redemption must be surrendered to the Paying Agent to
collect the redemption price;

     (6) that, unless the Company defaults in making such redemption payment, or the Paying
Agent is prohibited from making such payment pursuant to the terms of this Indenture,
interest on Securities (or portion thereof) called for redemption ceases to accrue on and
after the redemption date;

     (7) the paragraph of the Securities and/or provision of this Indenture or any
supplemental indenture pursuant to which the Securities called for redemption are being
redeemed; and

     (8) the CUSIP or ISIN number, if any, printed on the Securities being redeemed; and

     (9) that no representation is made as to the correctness or accuracy of the CUSIP or
ISIN number, if any, listed in such notice or printed on the Securities.

          At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense; provided, however, that the Company shall have delivered
to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such notice as
required by this Section 3.03.

          SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed in
accordance with Section 3.03 hereof, Securities called for redemption become irrevocably due and
payable on the redemption date at the redemption price. A notice of redemption may not be
conditional.

          Failure to give notice or any defect in the notice to any Holder shall not affect the validity
of the notice to any other Holder.

          SECTION 3.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York City time)
on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent (or, if
the Company or a Subsidiary of the Company is the Paying Agent, shall segregate and hold in trust)
money sufficient to pay the redemption price of, and accrued interest on, all Securities to be
redeemed on that date, other than Securities or portions of Securities called for redemption that
have been delivered by the Company to the Trustee for cancellation. The Trustee or the Paying
Agent shall as promptly as practicable return to the Company any money deposited with the Trustee
or the Paying

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Agent by the Company in excess of the amounts necessary to pay the redemption price of, and
accrued interest on, all Securities to be redeemed. If such money is then held by the Company in
trust and is not required for such purpose it shall be discharged from such trust.

          If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Securities or the portions of Securities
called for redemption. If a Security is redeemed on or after an interest record date but on or
prior to the related interest payment date, then any accrued and unpaid interest shall be paid to
the Person in whose name such Security was registered at the close of business on such record date.
If any Security called for redemption shall not be so paid upon surrender for redemption because
of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption date until such principal is paid, and, to the extent lawful,
on any interest not paid on such unpaid principal, in each case at the rate provided in the
Securities.

          SECTION 3.06. Securities Redeemed in Part. Upon surrender of a Security that is
redeemed in part, the Company shall execute and, upon the Company’s written request, the Trustee
shall authenticate for the Holder (at the Company’s expense) a new Security equal in principal
amount to the unredeemed portion of the Security surrendered.

ARTICLE FOUR

COVENANTS

          SECTION 4.01. Payment of Securities. The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually make all payments in
respect of each Series of Securities on the dates and in the manner provided in such Series of
Securities and this Indenture. Such payments shall be considered made on the date due if on such
date the Trustee or the Paying Agent holds, in accordance with this Indenture, money sufficient to
make all payments with respect to such Securities then due and the Trustee or the Paying Agent, as
the case may be, is not prohibited from paying such money to the Holders on that date pursuant to
the terms of this Indenture.

          SECTION 4.02. SEC Reports. At any time that the Company is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, so long as any Securities are outstanding,
the Company shall furnish to the Trustee and make available on its website copies of such annual
reports and such information, documents and other reports as are specified in Sections 13 and 15(d)
of the Exchange Act and applicable to a U.S. corporation (and not a foreign private issuer) subject
to such Sections, within 15 days after the date specified for the filing with the SEC of such
information, documents and reports under such Sections.

25

 

          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).

          SECTION 4.03. Compliance Certificate. The Company shall deliver to the Trustee within
120 days after the end of each fiscal year of the Company an Officers’ Certificate stating whether
or not the signers know of any Default that occurred during such period. If they do, the
certificate shall describe the Default, its status and what action the Company is taking or propose
to take with respect thereto. The Company also shall comply with TIA § 314(a)(4).

          SECTION 4.04. 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 this Indenture.

          SECTION 4.05. Corporate Existence. Except as permitted in Article Five hereof, the
Company shall do or cause to be done all things necessary to preserve and keep in full force and
effect:

     (1) its corporate existence in accordance with the organizational documents (as the
same may be amended from time to time) of the Company and

     (2) the rights (charter and statutory), licenses and franchises of the Company and its
Significant Subsidiaries; provided, however, that the Company shall not be
required to preserve any such right, license or franchise if the Board of Directors shall
determine that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof
is not adverse in any material respect to the Holders of the Securities.

          SECTION 4.06. Calculation of Original Issue Discount. If applicable to any
outstanding Securities, the Company shall file with the Trustee promptly at the end of each
calendar year (i) a written notice specifying the amount of original issue discount (including
daily rates and accrual periods) accrued on outstanding Securities as of the end of such year and
(ii) such other specific information relating to such original issue discount as may then be
relevant under the Internal Revenue Code of 1986, as amended from time to time. Such calculation
is provided to the Trustee for informational purposes only and the Trustee has no duty or
obligation to take action or investigate further.

          SECTION 4.07. Limitations on Liens. (a) The Company shall not, and shall not permit
any of its Significant Subsidiaries to, directly or indirectly, incur or suffer to exist, any Lien
securing Debt (each an “Initial Lien”), other than Permitted Liens, unless it has made or
will make effective provision whereby the Securities of each Series

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will be secured by such Lien equally and ratably with (or prior to) all other Debt of the
Company or any Subsidiary of the Company secured by such Lien for so long as such Debt is secured.
Any such Lien created pursuant to this Section 4.07 will be automatically and unconditionally
released and discharged upon (i) the release and discharge of the Initial Lien to which it relates
or (ii) any sale, exchange or transfer (other than a transfer constituting a transfer of all or
substantially all of the assets of the Company that is governed by the provisions of Section 5.01)
to any person not an Affiliate of the Company of the property or assets secured by such Initial
Lien.

          (b) Notwithstanding paragraph (a) of this Section 4.07, the Company and its Significant
Subsidiaries may, without securing the Securities of any series, issue, assume or guarantee Debt
that would otherwise be subject to paragraph (a) in an aggregate principal amount that does not at
any one time exceed the greater of (i) 20% of Consolidated Net Worth calculated as of the date of
the creation or incurrence of the Lien and (ii) $300 million.

          SECTION 4.08. Limitations on Sale and Leaseback Transactions. The Company shall not,
and shall not permit any Significant Subsidiary to, enter into any Sale and Leaseback Transaction
with any Person (other than the Company or a Subsidiary) unless:

     (a) the total value of the assets subject to Sale and Leaseback Transactions entered
into by the Company and each Significant Subsidiary does not exceed $250 million; or

     (b) within a period commencing 12 months prior to the consummation of such Sale and
Leaseback Transaction and ending 12 months after the consummation thereof, the Company or
any Significant Subsidiary shall have applied an amount equal to all or a portion of the
net proceeds of such Sale and Leaseback Transaction (with any such amount not being so
applied to be subject to Section 4.08(a)) to the voluntary defeasance or retirement of any
Securities, or any Debt ranking on parity with the Securities or the purchase or
improvement of property.

          For these purposes, the net proceeds of a Sale and Leaseback Transaction means an amount equal
to the greater of (i) the net proceeds of the sale or transfer of the property leased in such Sale
and Leaseback Transaction and (ii) the fair value, as determined by the Board of Directors of the
Company and evidenced by a Board Resolution, of such property at the time of entering into such
Sale and Leaseback Transaction.

ARTICLE FIVE

SUCCESSOR COMPANIES

          SECTION 5.01. Merger, Consolidation or Sale of Assets. Unless otherwise provided for
a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, the Company shall not merge,

27

 

consolidate
or amalgamate with or into any other Person (other than a merger of a wholly owned Subsidiary of
the Company into the Company) or sell, transfer, assign, lease, convey or otherwise dispose of all
or substantially all of its property and assets, as an entirety, in one transaction or series of
related transactions unless:

     (a) the resulting, surviving or transferee Person (the “Successor Company”)
shall be a corporation, limited liability company, partnership or trust organized and
existing under the laws of the United States of America, any State thereof or the District
of Columbia;

     (b) the Successor Company (if other than the Company) or the entity or Person to
which the sale, conveyance, assignment, transfer, lease or other disposition shall have
been made assumes all the Obligations (as defined in the Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate for a particular Series) of the Company under
the Securities and this Indenture pursuant to a supplemental indenture in a form reasonably
satisfactory to the Trustee;

     (c) immediately after giving effect to such transaction or series of related
transactions, no Default or Event of Default shall have occurred and be continuing; and

     (d) the Company shall have delivered to the Trustee, in form and substance reasonably
satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, sale, conveyance, assignment, transfer, lease or
other disposition complies with this Indenture.

          SECTION 5.02. Successor Company Substituted. (a) In case of any such consolidation,
amalgamation, merger, sale, conveyance, assignment, transfer, lease or other disposition and upon
the assumption by the successor entity, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal
of, premium, if any, and interest on all of the Securities of all series outstanding and the due
and punctual performance of all of the covenants and conditions of this Indenture or established
with respect to each series of the Securities pursuant to Section 2.02 to be performed by the
Company with respect to each series, such successor entity shall succeed to and be substituted for
and may exercise every right and power of the Company under this Indenture with the same effect as
if it had been named as the Company herein, and thereupon the predecessor entity shall be relieved
of all obligations and covenants under this Indenture and the Securities.

          (b) In case of any such consolidation, amalgamation, merger, sale, conveyance, assignment,
transfer, lease or other disposition such changes in phraseology and form (but not in substance)
may be made in the Securities thereafter to be issued as may be appropriate.

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          (c) Nothing contained in this Indenture or in any of the Securities shall prevent the Company
from merging into itself or acquiring by purchase or otherwise all or any part of the property of
any other Person (whether or not affiliated with the Company).

ARTICLE SIX

DEFAULTS AND REMEDIES

          SECTION 6.01. Events of Default. Unless otherwise indicated for a particular Series
of Securities by a Board Resolution, a supplemental indenture hereto, or an Officers’ Certificate,
each of the following constitutes an “Event of Default” with respect to each Series of Securities:

          (1) default in the payment of the principal or redemption price with respect to any Security
of such Series when such amount becomes due and payable;

          (2) default in the payment of interest (including additional interest, if any) when due on the
Securities of such Series within 30 days of when such amount becomes due and payable;

          (3) the Company fails to comply with any of its covenants or agreements in the Securities of
such Series or this Indenture (other than a failure that is subject to the foregoing clauses (1) or
(2)) and the Company fails to cure (or obtain a waiver of) such Default and such failure continues
for 90 days after the notice specified below;

          (4) Debt of the Company or any Significant Subsidiary of the Company is not paid within any
applicable grace period after final maturity or is accelerated by the holders thereof because of a
default and the total amount of such Debt unpaid or accelerated exceeds $100 million or its Foreign
Currency equivalent at the time; provided that this clause (4) shall not apply to secured
Debt that becomes due as a result of a voluntary sale of the property or assets securing such Debt
or Debt that is redeemed or repurchased at the option of the Company or any Subsidiary of the
Company; and provided, that this clause (4) shall not apply to any Debt of any Subsidiary
of the Company issued and outstanding prior to the date such Subsidiary became a Subsidiary of the
Company (other than Debt issued in connection with, or in anticipation of, such Subsidiary becoming
a Subsidiary of the Company) if such default arises solely as a result of a “change of control”
provision applicable to such Debt which becomes operative as a result of the acquisition of such
Subsidiary by the Company or any Subsidiary of the Company;

          (5) the Company or any Significant Subsidiary of the Company pursuant to or within the meaning
of any Bankruptcy Law:

     (A) commences a voluntary case;

     (B) consents to the entry of an order for relief against it in an involuntary case;

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     (C) consents to the appointment of a Custodian of it or for any substantial part of
its property; or

     (D) makes a general assignment for the benefit of its creditors;

or takes any comparable action under any foreign laws relating to insolvency; or

          (6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

     (A) is for relief against the Company or any Significant Subsidiary of the Company in
an involuntary case;

     (B) appoints a Custodian of the Company or any Significant Subsidiary of the Company
or for any substantial part of its property; or

     (C) orders the winding up or liquidation of the Company or any Significant Subsidiary
of the Company;

or any similar relief is granted under any foreign laws and the order or decree remains unstayed
and in effect for 60 days.

          The foregoing will constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body.

          The term “Custodian” means, for the purposes of this Article Six, any receiver, trustee,
assignee, liquidator, custodian or similar official under any Bankruptcy Law.

          A Default under clause (3) or (4) is not an Event of Default until the Trustee or the Holders
of at least 25% in principal amount of the outstanding Securities of the applicable Series notify
the Company of the Default and the Company does not cure such Default within the time specified
after receipt of such notice. Such notice must specify the Default, demand that it be remedied and
state that such notice is a “Notice of Default.”

          The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written
notice in the form of an Officers’ Certificate of any Event of Default and any event which with the
giving of notice or the lapse of time would become an Event of Default, its status and what action
the Company is taking or proposes to take with respect thereto.

          SECTION 6.02. Acceleration. (a) If an Event of Default with respect to any Series of
Securities at the time outstanding (other than an Event of Default specified in Section 6.01(5) or
(6) with respect to the Company) occurs and is continuing, the Trustee or the Holders of not less
than 25% in aggregate principal amount of the

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outstanding Securities of that Series by notice to the Company in writing (and to the Trustee,
if given by Holders of such Securities of such Series), may declare the principal amount of (or, in
the case of Original Issue Discount Securities of that Series, the portion thereby specified in the
terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities of
that Series to be due and payable. Upon such a declaration, such amounts shall be due and payable
immediately. If an Event of Default specified in Section 6.01(5) or (6) with respect to the
Company occurs, the principal amount of (or, in the case of Original Issue Discount Securities of
that Series, the portion thereby specified in the terms of such Security), premium, if any, and
accrued and unpaid interest on all the Securities of each Series of Security shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.

          (b) At any time after the principal of the Securities of any Series of Securities shall have
been so declared due and payable (or have become immediately 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 Holders of a majority in principal amount of the Securities of that
Series then outstanding hereunder, by written notice to the Company and the Trustee, may rescind
and annul such declaration and its consequences, and waive such Event of Default, if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of that Series and the principal of (and premium, if any, on) any
and all Securities of that Series that shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that Series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.07, and (ii) any and all Events of Default under the
Indenture with respect to such Series of Securities, other than the nonpayment of principal (or, in
the case of Original Issue Discount Securities of that Series, the portion thereby specified in the
terms of such Security) on Securities of that Series that shall not have become due by their terms,
shall have been remedied or waived as provided in Section 6.04. No such rescission shall affect
any subsequent Default or impair any right consequent thereto.

          SECTION 6.03. Other Remedies. If an Event of Default with respect to any Series of
Securities occurs and is continuing, the Trustee may pursue any available remedy to collect the
payment of the principal amount of (or, in the case of Original Issue Discount Securities of that
Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued
and unpaid interest on the Securities of that Series or to enforce the performance of any provision
of the Securities of that Series or this Indenture.

          The Trustee may institute and maintain a suit or legal proceeding even if it does not possess
any of the Securities of a Series or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of
Default with respect to any Series of Securities shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of

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Default. No remedy is exclusive of any other remedy. All available remedies are cumulative.

          SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in principal amount
of the Securities of any Series by notice to the Trustee may waive an existing Default and its
consequences except (i) a Default in the payment of the principal amount of (or, in the case of
Original Issue Discount Securities of that Series, the portion thereby specified in the terms of
such Security), premium, if any, and accrued and unpaid interest on a Security of that Series, (ii)
a Default arising from the failure to redeem or purchase any Security of that Series when required
pursuant to the terms of this Indenture or (iii) a Default in respect of a provision that under
Section 9.02 cannot be amended without the consent of each Holder of that Series affected. When a
Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other
Default or impair any consequent right.

          SECTION 6.05. Control by Majority. The Holders of a majority in principal amount of
the outstanding Securities of any Series may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on
the Trustee with respect to that Series. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines
is unduly prejudicial to the rights of any other Holder of that Series or that would subject the
Trustee to personal liability; provided, however, that the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to
taking any action hereunder, the Trustee shall be entitled to indemnity satisfactory to it against
all losses and expenses caused by taking or not taking such action.

          SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment of
the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a
Security of any Series when due, no Holder of a Security of that Series may pursue any remedy with
respect to this Indenture or the Securities of that Series unless:

          (i) the Holder previously gave the Trustee written notice stating that an Event of Default
with respect to that Series is continuing;

          (ii) the Holders of at least 25% in aggregate principal amount of the outstanding Securities
of that Series make a written request to the Trustee to pursue the remedy;

          (iii) such Holder or Holders of that Series offer to the Trustee indemnity satisfactory to the
Trustee against any loss, liability or expense;

          (iv) the Trustee does not comply with the request within 60 days after receipt of the request
and the offer of security or indemnity; and

          (v) the Holders of a majority in aggregate principal amount of the

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outstanding Securities of that Series do not give the Trustee a direction inconsistent with
the request during such 60-day period.

          A Holder of Securities of any Series may not use this Indenture to prejudice the rights of
another Holder of that Series or to obtain a preference or priority over another Holder of that
Series (it being understood that the Trustee does not have an affirmative duty to ascertain whether
or not such actions or forbearances are unduly prejudicial to such Holders).

          SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of the principal amount of
(or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms
of such Security), premium, if any, and accrued and unpaid interest on the Securities held by such
Holder, on or after their Maturity, or to bring suit for the enforcement of any such payment on or
after their Maturity, shall not be impaired or affected without the consent of such Holder.

          SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section
6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount then due and owing (together
with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section
7.07.

          SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may 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 the Holders allowed in any judicial proceedings relative to the Company, its
creditors or its property and, unless prohibited by law or applicable regulations, may vote on
behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar
functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to
make payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and
any other amounts due the Trustee under Section 7.07.

          SECTION 6.10. Priorities. If the Trustee collects any money or property pursuant to
this Article Six with respect to any Series of Securities, it shall pay out the money or property
in the following order:

FIRST: to the Trustee for amounts due under Section 7.07;

SECOND: to Holders for amounts due and unpaid on the Securities
of that Series for the principal amount of (or, in the case of
Original Issue Discount Securities of that Series, the portion
thereby specified in the terms of such Security), premium, if any,
and accrued and unpaid interest, ratably, without preference or
priority of any kind, according to the

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amounts due and payable on the Securities of that Series for the
principal amount of (or, in the case of Original Issue Discount
Securities of that Series, the portion thereby specified in the
terms of such Security), premium, if any, and accrued and unpaid
interest, respectively; and

THIRD: to the Company.

          The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section. At least 15 days before such record date, the Trustee shall mail to each Holder and the
Company a notice that states the record date, the payment date and amount to be paid.

          SECTION 6.11. Undertaking for Costs. 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 or omitted by
it as Trustee, a court in its discretion may require the filing, by any party litigant in the suit,
of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant
to Section 6.07 or a suit by Holders of more than 10% in principal amount of the then outstanding
Securities of any Series.

          SECTION 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may
lawfully do so) shall at any time insist upon, plead, or in any manner whatsoever claim to take the
benefit or advantage of, any stay or extension law, wherever enacted, now or at any time hereafter
in force, which may affect the covenants or the performance of this Indenture; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law had
been enacted.

ARTICLE SEVEN

TRUSTEE

          SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is
continuing with respect to any Series of Securities, the Trustee shall exercise the rights and
powers vested in it by this Indenture and use the same degree of care and skill in its exercise
thereof as a prudent Person would exercise or use under the circumstances in the conduct of such
Person’s own affairs.

          (b) Except during the continuance of an Event of Default with respect to any Series of
Securities:

          (1) the Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture with respect to the Securities of that Series, as modified or supplemented
by a Board Resolution, a supplemental indenture hereto or an

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Officers’ Certificate and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

          (2) in the absence of bad faith on its part, the Trustee may, with respect to Securities of
that Series, conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture. However, 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 examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

          (c) The Trustee may not be relieved from liability for its own grossly negligent action, its
own negligent failure to act or its own willful misconduct, except that:

          (1) this paragraph does not limit the effect of paragraph (b) of this Section;

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

          (3) the Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Section 6.05.

          (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section.

          (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.

          (f) Money held in trust by the Trustee need not be segregated from funds except to the extent
required by law.

          (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or otherwise incur financial liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

          (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section and to the
provisions of the TIA.

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          SECTION 7.02. Rights of Trustee. (a) The Trustee may conclusively rely on any
document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document.

          (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on the Officers’ Certificate or Opinion of Counsel.

          (c) The Trustee may act through agents or attorneys and shall not be responsible for the
misconduct or negligence of any agent or attorney appointed with due care.

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers; provided,
however, that the Trustee’s conduct does not constitute willful misconduct or gross
negligence.

          (e) The Trustee may consult with counsel of its choice, and the advice or opinion of counsel
with respect to legal matters relating to this Indenture and the Securities, shall be full and
complete authorization and protection from liability in respect to any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such
counsel.

          (f) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company shall be sufficient if signed by an Officer of the Company.

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

          (h) 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 its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder.

          (i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee
in compliance with such request or direction.

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          (j) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation.

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

          (l) In no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

          (m) The Trustee may request that the Company deliver a certificate setting forth the names of
individuals or titles of officers authorized at such time to take specified actions pursuant to
this Indenture.

          SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Securities and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar or co paying agent may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11.

          SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or the Securities, it
shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall
not be responsible for any statement of the Company in this Indenture, in the Securities, or in any
document executed in connection with the sale of the Securities, other than those set forth in the
Trustee’s certificate of authentication.

          SECTION 7.05. Notice of Defaults. If a Default with respect to Securities of any
Series occurs and is continuing and if it is actually known to a Responsible Officer of the
Trustee, the Trustee shall mail to each Holder of that Series notice of the Default within 90 days
after it occurs, except that with respect to any Event of Default specified in Section 6.01(3), no
such notice shall be given until at least 90 days after the occurrence of such Default. The
Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Holders.

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          SECTION 7.06. Reports by Trustee to Holder. Unless otherwise specified in the
applicable Board Resolution, supplemental indenture hereto or Officers’ Certificate, as promptly as
practicable after each April 1 beginning with April 1, 2007, for so long as Securities remain
outstanding, the Trustee shall mail to each Holder a brief report dated as of such reporting date
that complies with § 313(a) of the TIA. The Trustee shall also comply with § 313(b) of the TIA.

          A copy of each report at the time of its mailing to Holders shall be filed with the SEC and
each stock exchange (if any) on which the Securities are listed. The Company agrees to notify
promptly the Trustee in writing whenever the Securities become listed on any stock exchange and of
any delisting thereof.

          SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from
time to time such compensation for its services as the Company and the Trustee shall from time to
time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants
and experts. The Company shall indemnify the Trustee against any and all loss, liability or expense
(including reasonable attorneys’ fees and expenses) incurred by or in connection with the
administration of this trust and the performance of its duties hereunder. The Trustee shall notify
the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge
thereof; provided, however, that any failure so to notify the Company shall not
relieve the Company of its indemnity obligations hereunder. The Company need not reimburse any
expense or indemnify against any loss, liability or expense incurred by an indemnified party
through such party’s own willful misconduct, negligence or bad faith.

          To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a
lien prior to the Securities on all money or property held or collected by the Trustee other than
money or property held in trust to pay the principal of and interest and any additional payments on
particular Securities.

          The Company’s payment obligations pursuant to this Section 7.07 shall survive the satisfaction
or discharge of this Indenture or the resignation or removal of the Trustee. When the Trustee
incurs expenses after the occurrence of a Default specified in Section 6.01(5) or (6) with respect
to the Company, the expenses are intended to constitute expenses of administration under the
Bankruptcy Law.

          SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time with respect
to the Securities of any Series by so notifying the Company. The Holders of a majority in
principal amount of the Securities of any Series may remove the Trustee and may appoint a successor
Trustee with respect to such Series of Securities. The Company shall remove the Trustee if:

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     (1) the Trustee fails to comply with Section 7.10;

     (2) the Trustee is adjudged bankrupt or insolvent;

     (3) a receiver or other public officer takes charge of the Trustee or its property; or

     (4) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal
amount of the Securities of any Series and such Holders do not reasonably promptly appoint a
successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in
such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee.

          A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders of that Series of Securities. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07.

          If a successor Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities of
that Series may petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee.

          If the Trustee fails to comply with Section 7.10, any Holder of that Series of Securities may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

          Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s
obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

          SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges
or converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee.

          In case at the time such successor or successors by merger, conversion or consolidation to the
Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Securities so authenticated; and if at
that time any of the Securities shall not have been authenticated, any such successor to the
Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the
name of the successor to the

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Trustee; and in all such cases such certificates shall have the full force which it is
anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall
have.

          SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy
the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with TIA § 310(b); provided, however, that there shall be
excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of the Company are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

          SECTION 7.11. Preferential Collection of Claims Against Company. The Trustee shall
comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee
who has resigned or has been removed shall be subject to TIA § 311(a) to the extent indicated.

ARTICLE EIGHT

LEGAL DEFEASANCE, COVENANT DEFEASANCE AND

SATISFACTION AND DISCHARGE

          SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Company
may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’
Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all
outstanding Securities of any Series upon compliance with the conditions set forth below in this
Article Eight.

          SECTION 8.02. Legal Defeasance and Discharge. Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Securities of that Series on the
date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For
this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged
the entire Debt represented by the outstanding Securities, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all its other obligations under such
Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder:

          (a) the Company’s obligations with respect to such Securities in Sections 2.05, 2.06, 2.07,
2.09 and 2.12;

40

 

          (b) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith (including, but not limited to, the rights of the
Trustee and the duties of the Company under Section 7.07, which shall survive despite the
satisfaction in full of all obligations hereunder); and

          (c) this Article Eight.

          Subject to compliance with this Article Eight, the Company may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.

          SECTION 8.03. Covenant Defeasance. Upon the Company’s exercise under Section 8.01
hereof of the option applicable to this Section 8.03 with respect to any Series of Securities, the
Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be
released from its obligations under the covenants contained in Section 4.02, Section 4.07, Section
4.08 and Section 5.01 of this Indenture (if applicable to such Series of Securities) and any
covenants made applicable to the Series of Securities which are subject to defeasance under the
terms of a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate with
respect to the outstanding Securities of that Series on and after the date the conditions set forth
in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of
that Series shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with
such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Securities shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of
that Series, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
such covenant to any other provision herein or in any other document and such omission to comply
shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as
specified above, the remainder of this Indenture and such Securities shall be unaffected thereby.
In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 hereof with respect to any Series of Securities, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, Section 6.01(3) hereof (solely with respect to the
covenants described in Sections 4.02, 4.07 and 4.08) shall not constitute an Event of Default with
respect to such Securities.

          SECTION 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the
conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Securities:

          In order to exercise either Legal Defeasance or Covenant Defeasance with respect to any Series
of Securities:

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          (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders of that Series of Securities, cash in Dollars, Government Securities or a combination
thereof in such amounts as will be sufficient in the opinion of a nationally recognized firm of
independent public accountants to pay the principal of, premium, if any, and interest on the
outstanding Securities of that Series on the stated date for payment thereof or on the applicable
redemption date, as the case may be;

          (2) in the case of an election under Section 8.02 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (B) since the date of this Indenture there has been a change in the
applicable U.S. federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of such Series of Securities will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and
will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Legal Defeasance had not occurred;

          (3) in the case of an election under Section 8.03 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that the Holders of the outstanding Securities of that Series will not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will
be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred;

          (4) no Default or Event of Default with respect to that Series of Securities shall have
occurred and be continuing either:

     (a) on the date of such deposit (other than a Default or Event of Default with respect
to that Series of Securities resulting from the borrowing of funds to be applied to such
deposit); or

     (b) insofar as Sections 6.01(5) or 6.01(6) hereof are concerned, at any time in the
period ending on the 91st day after the date of deposit; and

          (5) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance have been complied with.

          SECTION 8.05. Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and Government Securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Securities of the Series shall be held in trust and applied by
the Trustee, in accordance with the provisions of such

42

 

Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such
Securities of all sums due and to become due thereon in respect of principal, premium, if any, and
interest, but such money need not be segregated from other funds except to the extent required by
law.

          The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or Government Securities deposited pursuant to Section 8.04 hereof
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 outstanding Securities of that Series.

          Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money or Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(2) hereof), are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

          SECTION 8.06. Repayment to Company. Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on any Security and remaining unclaimed for two years after such principal, and
premium, if any, or interest has become due and payable shall be paid to the Company on its request
or, if then held by the Company, shall be discharged from such trust; and the Holder of such
Security shall thereafter look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease.

          SECTION 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any
Dollars or Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may
be, by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company’s obligations under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be;
provided, however, that, if the Company makes any payment of principal of, premium,
if any, or interest on any Security following the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the money held by the Trustee or Paying Agent.

          SECTION 8.08. Satisfaction and Discharge of Indenture. If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Securities of a Series theretofore
authenticated (other than any Securities that shall have been destroyed,

43

 

lost or stolen and that shall have been replaced or paid as provided in Section 2.09 and
Securities for whose payment money and/or Government Securities have theretofore been deposited in
trust or segregated and held in trust by the Company and thereupon repaid to the Company or
discharged from such trust, as provided in Section 8.06); or (b) all such Securities of a
particular Series not theretofore 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 must irrevocably deposit with the Trustee, in trust, for the
benefit of the Holders of that Series of Securities, cash in Dollars, Government Securities, or a
combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay at maturity or upon redemption all
Securities of that Series not theretofore delivered to the Trustee for cancellation, including
principal of, premium, if any, and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all
other sums payable hereunder with respect to such Series by the Company, and shall have delivered
to the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that all conditions
precedent relating to the satisfaction and discharge of this Indenture with respect to such Series
have been complied with, then this Indenture shall thereupon cease to be of further effect with
respect to such Series except for:

          (a) the Company’s obligations with respect to such Securities of that Series under Article
Two;

          (b) the Company’s agreements set forth in Section 5.01 and 5.02;

          (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith (including, but not limited to, the rights of the
Trustee and the duties of the Company under Section 7.07, which shall survive despite the
satisfaction in full of all obligations hereunder); and

          (d) this Article Eight,

          each of which shall survive until the Securities of such Series have been paid in full
(thereafter, the Company’s obligations in Section 7.07 only shall survive).

          Upon the Company’s exercise of this Section 8.08, the Trustee, on demand of the Company and at
the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of
and discharging this Indenture with respect to such Series of Securities.

ARTICLE NINE

AMENDMENTS

          SECTION 9.01. Without Consent of Holders. The Company and the Trustee may amend or
supplement this Indenture or the Securities without the consent of any Holder:

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     (1) to evidence the succession of another Person to the Company pursuant to Article
Five and the assumption by such successor of the Company’s covenants, agreements and
obligations in this Indenture and in the Securities;

     (2) to provide for the issuance of additional Securities in accordance with the
limitations set forth herein;

     (3) to surrender any right or power conferred upon the Company by this Indenture, 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 as the
Board of Directors of the Company 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 respect of any such additional covenants, restrictions, conditions or provisions
a Default or an Event of Default under this Indenture; provided, however,
that with respect to any such additional covenant, restriction, condition or provision,
such amendment may provide for a period of grace after default, which may be shorter or
longer than that allowed in the case of other Defaults, may provide for an immediate
enforcement upon such Default, may limit the remedies available to the Trustee upon such
Default or may limit the right of Holders of a majority in aggregate principal amount of
the Securities of any Series to waive such default;

     (4) to cure any ambiguity, omission, defect or inconsistency or correct or supplement
any provision contained in this Indenture, in any supplemental indenture or in any
Securities that may be defective or inconsistent with any other provision contained
therein;

     (5) to convey, transfer, assign, mortgage or pledge any property to or with the
Trustee, or to make such other provisions in regard to matters or questions arising under
this Indenture as shall not adversely affect the interests of any Holders of Securities of
any Series;

     (6) to modify or amend this Indenture in such a manner as to permit the qualification
of this Indenture or any supplemental indenture hereto under the TIA as then in effect;

     (7) to add or to change any of the provisions of this Indenture to provide that
Securities in bearer form may be registrable as to principal, to change or eliminate any
restrictions on the payment of principal or premium with respect to Securities in
registered form or of principal, premium or interest with respect to Securities in bearer
form, or to permit Securities in registered form to be exchanged for Securities in bearer
form, so as to not adversely affect the interests of the Holders or any coupons of any
Series in any material respect or permit or facilitate the issuance of Securities of any
Series in uncertificated form;

     (8) to secure or guarantee the Securities;

45

 

     (9) to make any change that does not adversely affect the rights of any Holder;

     (10) to add to, change, or eliminate any of the provisions of this Indenture with
respect to one or more Series of Securities, so long as any such addition, change or
elimination not otherwise permitted under this Indenture shall (A) neither apply to any
Security of any Series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision nor modify the rights of the Holders of any such
Security with respect to the benefit of such provision or (B) become effective only when
there is no such Security outstanding;

     (11) to evidence and provide for the acceptance of appointment by a successor or
separate Trustee with respect to the Securities of one or more Series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of this Indenture by more than one Trustee; or

     (12) to establish the form or terms of Securities and coupons of any Series pursuant
to Article Two.

          SECTION 9.02. With Consent of Holders. The Company and the Trustee may amend this
Indenture or the Securities of any Series without notice to any Holder but with the written consent
of the Holders of at least a majority in principal amount of the Securities of each Series then
outstanding (including consents obtained in connection with a tender offer or exchange offer for
the Securities) affected by such amendment. However, without the consent of each Holder affected,
an amendment may not:

          (1) change the percentage of principal amount of Securities whose Holders must consent to an
amendment, modification, supplement or waiver;

          (2) reduce the rate of or extend the time for payment of interest, including default interest,
on any Security;

          (3) reduce the principal of or extend the Stated Maturity of any Security;

          (4) reduce the amount payable upon the redemption of any Security or add provisions with
respect to the redemption of the Securities;

          (5) make any Security payable in money other than that stated in this Indenture or the
Security;

          (6) waive a Default or Event of Default in the payment of principal of or premium, if any, or
interest on the Securities (except a rescission of acceleration of the Securities by the Holders of
at least a majority in aggregate principal amount of the then outstanding Securities and a waiver
of the payment default that resulted from such acceleration);

46

 

          (7) make any change in the provisions of this Indenture relating to waivers of past Defaults
or the rights of Holders of Securities to receive payments of principal of, or premium, if any, or
interest on the Securities;

          (8) waive a redemption payment with respect to any Security; or

          (9) make any change in Section 6.04 or 6.07 hereof or in the foregoing amendment and waiver
provisions.

          It shall not be necessary for the consent of the Holders under this Section to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent approves the
substance thereof. After an amendment under this Section becomes effective, the Company shall mail
to all affected Holders a notice briefly describing such amendment. The failure to give such
notice to all such Holders, or any defect therein, shall not impair or affect the validity of an
amendment under this Section.

          SECTION 9.03. Compliance with Trust Indenture Act. Every amendment or supplement to
this Indenture or the Securities shall comply with the TIA as then in effect.

          SECTION 9.04. Revocation and Effect of Consents and Waivers. A consent to an
amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder
of that Security or portion of the Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent or waiver is not made on the Security. However, any such
Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or
portion of the Security if the Trustee receives the notice of revocation before the date the
amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall
bind every Holder. An amendment or waiver becomes effective once both (i) the requisite number of
consents have been received by the Company or the Trustee and (ii) such amendment or waiver has
been executed by the Company and the Trustee.

          The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to give their consent or take any other action described above or
required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only those Persons, shall be entitled to give such
consent or to revoke any consent previously given or to take any such action, whether or not such
Persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 120 days after such record date.

          SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the
terms of a Security, the Trustee may require the Holder of the Security to deliver it to the
Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms
and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the
Company in exchange for the Security shall issue and the

47

 

Trustee shall authenticate a new Security that reflects the changed terms. Failure to make
the appropriate notation or to issue a new Security shall not affect the validity of such
amendment.

          SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment
authorized pursuant to this Article Nine if the amendment does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably
satisfactory to it and to receive, and (subject to Section 7.02) shall be fully protected in
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is
authorized or permitted by this Indenture.

          SECTION 9.07. Payment for Consent. Neither the Company nor any Affiliate of the
Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of
interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to be paid to all Holders, ratably, that so consent, waive or agree to
amend in the time frame set forth in solicitation documents relating to such consent, waiver or
agreement.

ARTICLE TEN

MISCELLANEOUS

          SECTION 10.01. Trust Indenture Act Controls. If any provision of this Indenture
limits, qualifies or conflicts with another provision which is required to be included in this
Indenture by the TIA, the required provision shall control.

          SECTION 10.02. Notices. Any notice or communication shall be in writing and delivered
in person or mailed by first-class mail addressed as follows:

If to the Company:

One Campus Drive

Parsippany, New Jersey 07054

(Fax: (973) 407-1127)

Attention: C. Patteson Cardwell, IV,

Executive Vice President, General Counsel and Secretary

48

 

If to the Trustee:

Wells Fargo Bank, National Association

Attn: Corporate Trust Services

707 Wilshire Blvd, 17th Floor

Los Angeles, CA 90017

(Fax: (213) 614-3355)

          The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications.

          Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s
address as it appears on the registration books of the Registrar and shall be sufficiently given if
so mailed within the time prescribed.

          Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is mailed in the manner
provided above, it is duly given, whether or not the addressee receives it.

          SECTION 10.03. Communication by Holders with Other Holders. Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or
the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection
of TIA § 312(c).

          SECTION 10.04. Certificate and Opinion as to Conditions Precedent. Upon any request
or application by the Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee:

     (1) an Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and

     (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent have been
complied with.

          SECTION 10.05. Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture
shall include:

          (1) a statement that the individual 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 opinions contained in such certificate or opinion are based;

49

 

          (3) a statement that, in the opinion of such individual, 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 individual, such covenant or
condition has been complied with.

          SECTION 10.06. Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may
make reasonable rules for their functions.

          SECTION 10.07. Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or
other day on which banking institutions in New York State are authorized or required by law to
close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that
is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record date
is a Legal Holiday, the record date shall not be affected.

          SECTION 10.08. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

          SECTION 10.09. No Recourse Against Others. A director, officer, employee or
shareholder, as such, of any Company shall not have any liability for any obligations of the
Company under the Securities or this Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. By accepting a Security, each Holder shall waive and
release all such liability. This waiver and release shall be part of the consideration for the
issuance of the Securities.

          SECTION 10.10. Successors. All agreements of the Company in this Indenture and the
Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind
its successors.

          SECTION 10.11. Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. One signed copy of the Indenture is enough to prove this Indenture.

          SECTION 10.12. Table of Contents; Headings. The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify
or restrict any of the terms or provisions hereof.

50

 

          SECTION 10.13. Severability. If any provision in this Indenture is deemed
unenforceable, it shall not affect the validity or enforceability of any other provision set forth
herein, or of the Indenture as a whole.

51

 

          IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date
first written above.

	 	 	 	 	 	 	 
	 	 	REALOGY CORPORATION,
	 
	 	 	 	 	 	 
	 

	 	 	 	By 	 	/s/  C. Patterson Cardwell, IV
	 

	 	 	 	 	 
	 

	 	 	 	 	Name: C. Patterson Cardwell, IV
	 

	 	 	 	 	Title:   Executive
Vice President, General Counsel and Secretary

	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Trustee
	 
	 	 	 	 	 	 
	 

	 	 	 	By 	 	/s/  Maddy Hall
	 

	 	 	 	 	 
	 

	 	 	 	 	Name: Maddy Hall
	 

	 	 	 	 	Title: Assistant Vice President

52

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