Document:

exv4w2

Exhibit 4.2

 

DR PEPPER SNAPPLE GROUP, INC.

and

                                                            ,

as Trustee

 

INDENTURE

Dated as of                     

SUBORDINATED DEBT SECURITIES

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	Section 1.1. Definitions
	 	 	1	 
	Section 1.2. Other Definitions
	 	 	11	 
	Section 1.3. Incorporation by Reference of Trust Indenture Act
	 	 	12	 
	Section 1.4. Rules of Construction
	 	 	13	 
	 
	 	 	 	 
	ARTICLE II THE SECURITIES
	 	 	13	 
	Section 2.1. Form, Dating and Terms
	 	 	13	 
	Section 2.2. Denominations
	 	 	16	 
	Section 2.3. Forms Generally
	 	 	17	 
	Section 2.4. Execution, Authentication, Delivery and Dating
	 	 	17	 
	Section 2.5. Registrar and Paying Agent
	 	 	19	 
	Section 2.6. Paying Agent to Hold Money in Trust
	 	 	19	 
	Section 2.7. Holder Lists
	 	 	20	 
	Section 2.8. Transfer and Exchange
	 	 	20	 
	Section 2.9. Mutilated, Destroyed, Lost or Wrongfully Taken Securities
	 	 	21	 
	Section 2.10. Outstanding Securities
	 	 	21	 
	Section 2.11. Cancellation
	 	 	22	 
	Section 2.12. Payment of Interest; Defaulted Interest
	 	 	22	 
	Section 2.13. Temporary Securities
	 	 	23	 
	Section 2.14. Persons Deemed Owners
	 	 	23	 
	Section 2.15. Computation of Interest
	 	 	24	 
	Section 2.16. Global Securities; Book-Entry Provisions
	 	 	24	 
	Section 2.17. CUSIP Numbers, Etc
	 	 	26	 
	Section 2.18. Original Issue Discount and Foreign-Currency Denominated Securities
	 	 	26	 
	 
	 	 	 	 
	ARTICLE III COVENANTS
	 	 	27	 
	Section 3.1. Payment of Securities
	 	 	27	 
	Section 3.2. Reports
	 	 	27	 
	Section 3.3. Maintenance of Office or Agency
	 	 	27	 
	Section 3.4. Corporate Existence
	 	 	28	 
	Section 3.5. Compliance Certificate
	 	 	28	 
	Section 3.6. Statement by Officers as to Default
	 	 	28	 
	Section 3.7. Additional Amounts
	 	 	28	 
	 
	 	 	 	 
	ARTICLE IV SUCCESSORS
	 	 	29	 
	Section 4.1. Merger, Consolidation or Sale of Assets
	 	 	29	 
	 
	 	 	 	 
	ARTICLE V REDEMPTION OF SECURITIES
	 	 	30	 
	Section 5.1. Applicability of Article
	 	 	30	 
	Section 5.2. Election to Redeem; Notice to Trustee
	 	 	30	 
	Section 5.3. Selection by Trustee of Securities to Be Redeemed
	 	 	30	 
	Section 5.4. Notice of Redemption
	 	 	30	 

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	 	 	Page
	Section 5.5. Deposit of Redemption Price
	 	 	32	 
	Section 5.6. Securities Payable on Redemption Date
	 	 	32	 
	Section 5.7. Securities Redeemed in Part
	 	 	32	 
	 
	 	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES
	 	 	33	 
	Section 6.1. Events of Default
	 	 	33	 
	Section 6.2. Acceleration
	 	 	34	 
	Section 6.3. Other Remedies
	 	 	35	 
	Section 6.4. Waiver of Past Defaults
	 	 	35	 
	Section 6.5. Control by Majority
	 	 	35	 
	Section 6.6. Limitation on Suits
	 	 	36	 
	Section 6.7. Rights of Holders to Receive Payment
	 	 	36	 
	Section 6.8. Collection Suit by Trustee
	 	 	36	 
	Section 6.9. Trustee May File Proofs of Claim
	 	 	36	 
	Section 6.10. Priorities
	 	 	37	 
	Section 6.11. Undertaking for Costs
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VII TRUSTEE
	 	 	38	 
	Section 7.1. Duties of Trustee
	 	 	38	 
	Section 7.2. Rights of Trustee
	 	 	39	 
	Section 7.3. Individual Rights of Trustee
	 	 	40	 
	Section 7.4. Trustee’s Disclaimer
	 	 	40	 
	Section 7.5. Notice of Defaults
	 	 	41	 
	Section 7.6. Reports by Trustee to Holders
	 	 	41	 
	Section 7.7. Compensation and Indemnity
	 	 	41	 
	Section 7.8. Replacement of Trustee
	 	 	42	 
	Section 7.9. Successor Trustee by Merger
	 	 	43	 
	Section 7.10. Eligibility; Disqualification
	 	 	44	 
	Section 7.11. Preferential Collection of Claims Against Company
	 	 	44	 
	 
	 	 	 	 
	ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	44	 
	Section 8.1. Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	44	 
	Section 8.2. Legal Defeasance and Discharge
	 	 	44	 
	Section 8.3. Covenant Defeasance
	 	 	45	 
	Section 8.4. Conditions to Legal or Covenant Defeasance
	 	 	45	 
	Section 8.5. Deposited Cash and Government Securities to be Held in
Trust; Other Miscellaneous Provisions
	 	 	47	 
	Section 8.6. Repayment to Company
	 	 	47	 
	Section 8.7. Reinstatement
	 	 	48	 
	 
	 	 	 	 
	ARTICLE IX AMENDMENTS
	 	 	48	 
	Section 9.1. Without Consent of Holders
	 	 	48	 
	Section 9.2. With Consent of Holders
	 	 	49	 
	Section 9.3. Compliance with Trust Indenture Act
	 	 	51	 
	Section 9.4. Revocation and Effect of Consents and Waivers
	 	 	51	 
	Section 9.5. Notation on or Exchange of Securities
	 	 	52	 
	Section 9.6. Trustee To Sign Amendments
	 	 	52	 

ii

 

	 	 	 	 	 
	 	 	Page
	ARTICLE X SUBORDINATION
	 	 	52	 
	Section 10.1. Securities and Any Guarantees Subordinated to Senior Debt
	 	 	52	 
	Section 10.2. No Payment on Securities in Certain Circumstances
	 	 	53	 
	Section 10.3. Securities and Any Guarantees Subordinated to Prior
Payment of All Senior Debt on Dissolution, Liquidation or Reorganization
	 	 	54	 
	Section 10.4. Subrogation to Rights of Holders of Senior Debt
	 	 	55	 
	Section 10.5. Obligations of the Company and Any Guarantors Unconditional
	 	 	55	 
	Section 10.6. Trustee Entitled to Assume Payments Not Prohibited in
Absence of Notice
	 	 	56	 
	Section 10.7. Application by Trustee of Amounts Deposited with It
	 	 	56	 
	Section 10.8. Subordination Rights Not Impaired by Acts or Omissions of
the Company, Any Guarantors or Holders of Senior Debt
	 	 	57	 
	Section 10.9. Trustee to Effectuate Subordination of Securities
	 	 	57	 
	Section 10.10. Right of Trustee to Hold Senior Debt
	 	 	58	 
	Section 10.11. Article X Not to Prevent Events of Default
	 	 	58	 
	Section 10.12. No Fiduciary Duty of Trustee to Holders of Senior Debt
	 	 	58	 
	Section 10.13. Article Applicable to Paying Agent
	 	 	58	 
	 
	 	 	 	 
	ARTICLE XI SECURITIES GUARANTEE
	 	 	58	 
	Section 11.1. Securities Guarantee
	 	 	58	 
	Section 11.2. Execution and Delivery of Securities Guarantees; Notations
of Guarantees
	 	 	60	 
	Section 11.3. Limitation on Liability; Termination, Release and Discharge
	 	 	61	 
	Section 11.4. Limitation of Guarantors’ Liability
	 	 	62	 
	Section 11.5. Contribution
	 	 	62	 
	Section 11.6. Guarantors May Consolidate, etc., on Certain Terms.
	 	 	62	 
	 
	 	 	 	 
	ARTICLE XII SATISFACTION AND DISCHARGE
	 	 	62	 
	Section 12.1. Satisfaction and Discharge
	 	 	62	 
	 
	 	 	 	 
	ARTICLE XIII MISCELLANEOUS
	 	 	63	 
	Section 13.1. Trust Indenture Act Controls
	 	 	63	 
	Section 13.2. Notices
	 	 	64	 
	Section 13.3. Communication by Holders with other Holders
	 	 	64	 
	Section 13.4. Certificate and Opinion as to Conditions Precedent
	 	 	64	 
	Section 13.5. Statements Required in Certificate or Opinion
	 	 	65	 
	Section 13.6. When Securities Disregarded
	 	 	65	 
	Section 13.7. Rules by Trustee, Paying Agent and Registrar
	 	 	66	 
	Section 13.8. Legal Holidays
	 	 	66	 
	Section 13.9. GOVERNING LAW
	 	 	66	 
	Section 13.10. No Recourse Against Others
	 	 	66	 
	Section 13.11. Successors
	 	 	66	 
	Section 13.12. Multiple Originals
	 	 	66	 
	Section 13.13. Severability
	 	 	66	 
	Section 13.14. No Adverse Interpretation of Other Agreements
	 	 	66	 
	Section 13.15. Table of Contents; Headings
	 	 	66	 

iii

 

CROSS-REFERENCE TABLE

	 	 	 
	TIA	 	Indenture
	Section	 	Section
	310(a)(1)
	 	7.10
	(a)(2)
	 	7.10
	(a)(3)
	 	N.A.
	(a)(4)
	 	N.A.
	(b)
	 	7.8; 7.10
	(c)
	 	N.A.
	311(a)
	 	7.11
	(b)
	 	7.11
	(c)
	 	N.A.
	312(a)
	 	2.7
	(b)
	 	13.3
	(c)
	 	13.3
	313(a)
	 	7.6
	(b)(1)
	 	7.6
	(b)(2)
	 	7.6
	(c)
	 	7.6
	(d)
	 	7.6
	314(a)
	 	3.2; 3.5; 13.2
	(b)
	 	N.A.
	(c)(1)
	 	13.4
	(c)(2)
	 	13.4
	(c)(3)
	 	N.A.
	(d)
	 	N.A.
	(e)
	 	13.5
	315(a)
	 	7.1
	(b)
	 	7.5; 13.2
	(c)
	 	7.1
	(d)
	 	7.1
	(e)
	 	6.11
	316(a)(last sentence)
	 	13.6
	(a)(1)(A)
	 	6.5
	(a)(1)(B)
	 	6.4
	(a)(2)
	 	N.A.
	(b)
	 	6.7
	317(a)(1)
	 	6.8
	(a)(2)
	 	6.9
	(b)
	 	2.6
	318(a)
	 	13.1

 

N.A. means Not Applicable.

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this
Indenture.

iv

 

     THIS
INDENTURE, dated as of
                    ,
is entered into by and between DR PEPPER SNAPPLE
GROUP, INC., a Delaware corporation (the “Company”), and                     , a
                    , as trustee (the “Trustee”).

W I T N E S S E T H:

     WHEREAS,
the Company may from time to time duly authorize the issue of its unsecured
subordinated debentures, notes or other evidences of indebtedness to be issued in one or more
series (the “Securities”) up to such principal amount or amounts as may from time to time
be authorized in accordance with the terms of this Indenture;

     WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration of the Securities;
and

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

     NOW, THEREFORE:

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

ARTICLE I

Definitions and Incorporation by Reference

     Section 1.1. Definitions.

     “Additional Amounts” means any additional amounts required by the express terms of a
Security or by or pursuant to a Board Resolution, under circumstances specified therein or pursuant
thereto, to be paid by the Company with respect to certain taxes, assessments or other governmental
charges imposed on certain Holders and that are owing to those Holders.

     “Adjusted Net Assets” of a Guarantor at any date means the amount by which the fair
value of the properties and assets of such Guarantor exceeds the total amount of liabilities,
including, without limitation, contingent liabilities (after giving effect to all other fixed and
contingent liabilities incurred or assumed on such date), but excluding liabilities under its
Securities Guarantee, of such Guarantor at such date.

     “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,” as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or

1

 

otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and
“under common control with” have correlative meanings.

     “Attributable Debt” in respect of a sale and leaseback transaction means, at the time
of determination, the present value of the obligation of the lessee for net rental payments during
the remaining term of the lease included in such sale and leaseback transaction including any
period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest implicit
in such transaction, determined in accordance with GAAP.

     “Bankruptcy Law” means Title 11, United States Code or any similar Federal or
state law for the relief of debtors.

     “Board of Directors” means:

	 	(1)	 	with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board;
	 
	 	(2)	 	with respect to a partnership, the board of directors of the general partner of
the partnership;
	 
	 	(3)	 	with respect to a limited liability company, the managing member or members or
any controlling committee of managing members thereof; and
	 
	 	(4)	 	with respect to any other Person, the board or committee of such Person serving
a similar function.

     “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the applicable Person to have been duly adopted by the Board of Directors of
such Person and to be in full force and effect on the date of such certification, and delivered to
the Trustee.

     “Business Day” means each day that is not a Saturday, Sunday or other day on which
banking institutions in New York, New York or another place of payment are authorized or required
by law to close.

     “Capital Lease Obligation” means, at the time any determination is to be made, the
amount of the liability in respect of a capital lease that would at that time be required to be
capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under such lease prior to the
first date upon which such lease may be prepaid by the lessee without payment of a penalty.

     “Capital Stock” means:

	 	(1)	 	in the case of a corporation, corporate stock;

2

 

	 	(2)	 	in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of
corporate stock;
	 
	 	(3)	 	in the case of a partnership or limited liability company, partnership
interests (whether general or limited) or membership interests; and
	 
	 	(4)	 	any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, the
issuing Person,
	 
	 	 	 	but excluding from all of the foregoing any debt securities convertible into Capital
Stock, whether or not such debt securities include any right of participation with
Capital Stock.

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

     “Company” has the meaning ascribed to it in the first introductory paragraph of this
Indenture.

     “Company Order” and “Company Request” mean, respectively, a written order or
request signed in the name of the Company by two Officers of the Company, and delivered to the
Trustee.

     “Credit Agreements” means that certain Amended and Restated Credit Agreement and that
certain Amended and Restated Bridge Credit Agreement, each dated April 11, 2008, by and among the
Company, the various lenders thereunder and JPMorgan Chase Bank, N.A., as administrative agent,
including any related notes, Guarantees, collateral documents, instruments and agreements executed
in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded,
replaced (whether upon or after termination or otherwise), supplemented or refinanced (including by
means of sales of debt securities to institutional investors) in whole or in part from time to
time.

     “Credit Facilities” means, with respect to the Company or any of its Subsidiaries, one
or more debt facilities (including, without limitation, the Credit Agreements), commercial paper
facilities or debt issuances with banks, investment banks, insurance companies, mutual funds, other
institutional lenders, institutional investors or any of the foregoing providing for revolving
credit loans, term loans, receivables financing (including through the sale of receivables to such
lenders, other financiers or to special purpose entities formed to borrow from (or sell such
receivables to) such lenders or other financiers against such receivables), letters of credit,
bankers’ acceptances, other borrowings or debt issuances, in each case, as amended, restated,
modified, renewed, extended, refunded, replaced or refinanced (in each case, without limitation as
to amount), in whole or in part, from time to time (including through one or more debt issuances)
and any agreements and related documents governing Indebtedness or Obligations incurred to
refinance amounts then outstanding or permitted to be outstanding, whether or not with the original
administrative agent, lenders, investment banks, insurance companies, mutual funds, other
institutional lenders, institutional investors or any of the foregoing and whether provided under
the original agreement, indenture or other documentation relating thereto).

3

 

     “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar
official under any Bankruptcy Law.

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

     “Depositary” means, with respect to the Securities of any series issuable or issued in
whole or in part in global form, the Person specified pursuant to Section 2.1 hereof as the
initial Depositary with respect to the Securities of that series, until a successor shall have been
appointed and become such pursuant to the applicable provision of this Indenture, and thereafter
“Depositary” shall mean or include that successor.

     “Designated Senior Debt,” unless otherwise provided with respect to the Securities of
a series as contemplated by Section 2.1, means any Senior Debt of the Company that (i) in
the instrument evidencing the same or the assumption or guarantee thereof (or related documents to
which the Company or any Guarantor is a party) is expressly designated as “Designated Senior Debt”
for purposes of this Indenture and (ii) satisfies such other conditions as may be provided with
respect to the Securities of that series; provided that those instruments or documents may place
limitations and conditions on the right of that Senior Debt to exercise the rights of Designated
Senior Debt.

     “Disqualified Stock” means, with respect to any series of Securities, any Capital
Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon
the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole
or in part, on or prior to the date that is 91 days after the date on which the Securities of such
series mature; provided, that only the portion of Capital Stock which so matures or is mandatorily
redeemable, or is so redeemable at the option of the holder thereof prior to such date, will be
deemed to be Disqualified Stock. With respect to any series of Securities, notwithstanding the
preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the
holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock
upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock
if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such
Capital Stock pursuant to such provisions unless such repurchase or redemption complies with the
terms applicable to such series. The amount of Disqualified Stock deemed to be outstanding at any
time for purposes of this Indenture will be the maximum amount that the Company and its
Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory
redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.

     “Dollar” or “$” 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.

     “DTC” means The Depository Trust Company, its nominees and their respective successors
and assigns, or such other depositary institution hereinafter appointed by the Company.

4

 

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

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

     “Fair Market Value” means the value that would be paid by a willing buyer to an
unaffiliated willing seller in a transaction not involving distress or necessity of either party,
determined in good faith by the Board of Directors of the Company (unless otherwise provided in
this Indenture), which determination will be conclusive for all purposes under this Indenture.

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Public Company Accounting Oversight Board (United States) and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting profession, which are
in effect as of the date of determination.

     “Global Securities” of any series means a Security of that series that is issued in
global form in the name of the Depositary with respect thereto or its nominee.

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

     “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 indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to maintain financial statement conditions
or otherwise), or entered into for purposes of assuring in any other manner the obligee of such
indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part).

     “Guarantors” means, with respect to any series of Securities, the Person or Persons,
if any, named in accordance with Section 2.1(9) as the “Guarantors” with respect to such
series and which shall have entered into a supplemental indenture pursuant to Section
9.1(10) hereof whereby such Person shall have executed a Securities Guarantee under this
Indenture with respect to such series of Securities until, as to any particular Guarantor, a
successor Person shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter any reference to such “Guarantor” shall mean such successor Person. If a series of
Securities does

5

 

not have any Guarantors, all references in this Indenture to Guarantors shall have no effect
and shall be ignored with respect to such Securities.

     “Hedging Obligations” means, with respect to any specified Person, the obligations of
such Person under:

	 	(1)	 	interest rate swap agreements (whether from fixed to floating or from floating
to fixed), interest rate cap agreements and interest rate collar agreements entered
into with one or more financial institutions and other arrangements or agreements
designed to protect the Person entering into the agreement against fluctuations in
interest rates with respect to Indebtedness incurred and not for purposes of
speculation;
	 
	 	(2)	 	foreign exchange contracts and currency protection agreements entered into with
one or more financial institutions and designed to protect the Person entering into the
agreement against fluctuations in currency exchange rates with respect to Indebtedness
incurred and not for purposes of speculation; and
	 
	 	(3)	 	other agreements or arrangements designed to protect such Person against
fluctuations in interest rates, commodity prices or currency exchange rates.

     “Holder” means a Person in whose name a Security is registered in the applicable
Security Register.

     “Indebtedness” means, with respect to any specified Person, any indebtedness of such
Person (excluding accrued expenses and trade payables), whether or not contingent:

	 	(1)	 	in respect of borrowed money;
	 
	 	(2)	 	evidenced by bonds, notes, debentures or similar instruments or letters of
credit (or reimbursement agreements in respect thereof);
	 
	 	(3)	 	in respect of banker’s acceptances;
	 
	 	(4)	 	representing Capital Lease Obligations or Attributable Debt in respect of sale
and leaseback transactions;
	 
	 	(5)	 	representing the balance deferred and unpaid of the purchase price of any
property due more than nine months after such property is acquired;
	 
	 	(6)	 	the principal component or liquidation preference of all obligations of such
Person with respect to the redemption, repayment or other repurchase of any
Disqualified Stock or, with respect to any Subsidiary, any Preferred Stock (but
excluding, in each case, any accrued dividends);
	 
	 	(7)	 	representing any Hedging Obligations;

6

 

	 	(8)	 	the principal component of all Indebtedness of other Persons secured by a Lien
on any asset of such Person, whether or not such Indebtedness is assumed by such
Person; provided, however, that the amount of such Indebtedness will be the lesser of
(a) the Fair Market Value of such asset at such date of determination and (b) the
amount of such Indebtedness of such other Persons; and
	 
	 	(9)	 	the principal component of Indebtedness of other Persons to the extent
Guaranteed by such Person;

provided, that the indebtedness described in clauses (1), (2), (4) and (5) shall be included in
this definition of Indebtedness only if, and to the extent that, the indebtedness described in such
clauses would appear as a liability upon a balance sheet of such Person prepared in accordance with
GAAP.

     The amount of any Indebtedness outstanding as of any date will be:

	 	(1)	 	the accreted value of the Indebtedness, in the case of any Indebtedness issued
with original issue discount;
	 
	 	(2)	 	in the case of any Hedging Obligation, the termination value of the agreement
or arrangement giving rise to such Hedging Obligation that would be payable by such
Person at such date; and
	 
	 	(3)	 	the principal amount of the Indebtedness, together with any interest on the
Indebtedness that is more than 30 days past due, in the case of any other Indebtedness.

     The amount of Indebtedness of any Person at any date will be the outstanding balance at such
date of all unconditional obligations as described above and the maximum liability, upon the
occurrence of the contingency giving rise to the obligation, of any contingent obligations at such
date.

     In addition, “Indebtedness” of any Person shall include Indebtedness described in the
preceding paragraph that would not appear as a liability on the balance sheet of such Person if:

	 	(1)	 	such Indebtedness is the obligation of a partnership or joint venture that is
not a Subsidiary (a “Joint Venture”);
	 
	 	(2)	 	such Person or a Subsidiary of such Person is a general partner of the Joint
Venture (a “General Partner”); and
	 
	 	(3)	 	there is recourse, by contract or operation of law, with respect to the payment
of such Indebtedness to property or assets by such Person or a Subsidiary of such
Person; and then such Indebtedness shall be included in an amount not to exceed:

	 	(a)	 	the lesser of (i) the net assets of the General Partner and
(ii) the amount of such obligations to the extent that there is recourse, by
contract or

7

 

	 	 	 	operation of law, to the property or assets of such Person or a Subsidiary
of such Person; or
	 
	 	(b)	 	if less than the amount determined pursuant to clause (a)
immediately above, the actual amount of such Indebtedness that is recourse to
such Person or a Subsidiary of such Person, if the Indebtedness is evidenced by
a writing and is for a determinable amount.

     “Indenture” means this Indenture as amended or supplemented from time to time by one
or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument and any such supplemental indenture, the provisions
of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such
supplemental indenture, respectively. The term “Indenture” shall also include the terms of any
particular series of Securities and of any Securities Guarantees thereof established as
contemplated by Section 2.1.

     “Interest Payment Date,” when used with respect to any Security, shall have the
meaning assigned to that term in the Security as contemplated by Section 2.1.

     “Junior security” of a Person means, when used with respect to the Securities of any
series, any Capital Stock (other than Disqualified Stock) of that Person or any Indebtedness of
that Person that is subordinated in right of payment to Senior Debt of the Company to substantially
the same extent as, or to a greater extent than, the Securities of that series and has no scheduled
installment of principal due, by redemption, sinking fund payment or otherwise, on or prior to the
last Stated Maturity of the Securities of that series.

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

     “Non-U.S. Person” means a person who is not a U.S. person, as defined in Regulation S.

     “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any
indebtedness.

     “Officer” means the Chairman of the Board, the President, the Chief Financial Officer,
any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant
Secretary of the Company.

     “Officers’ Certificate” means a certificate signed by two Officers, at least one of
whom shall be the President, the Chief Financial Officer or the Treasurer.

8

 

     “Opinion of Counsel” means a written opinion from legal counsel who is reasonably
acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the
Trustee.

     “Original Issue Discount Security” means any Security that provides for an amount less
than the principal amount thereof to be due and payable on a declaration of acceleration of the
Maturity thereof pursuant to Section 6.2.

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

     “Redemption Date” when used with respect to any Security to be redeemed, in whole or
in part, means the date fixed for such redemption by or pursuant to this Indenture.

     “Redemption Price” means, with respect to any Security to be redeemed, the price at
which it is to be redeemed pursuant to this Indenture.

     “Responsible Officer” means any officer within the corporate trust department of any
Trustee or any Paying Agent having direct responsibility for the administration of this Indenture
or any other officer 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 the administration of this Indenture.

     “SEC” means the Securities and Exchange Commission.

     “Securities” has the meaning ascribed to it in the second introductory paragraph of
this Indenture.

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

     “Securities Guarantee” means the Guarantee by each Guarantor of the Company’s
Obligations under this Indenture and any series of Securities.

     “Securities Register” means the register of Securities, maintained by the Registrar,
pursuant to Section 2.5.

     “Security Custodian” means, with respect to Securities of a series issued in global
form, the Trustee for Securities of that series, as custodian with respect to the Securities of
that series, or any successor entity thereto.

9

 

     “Senior Debt” means, unless otherwise provided with respect to the Securities of a
series as contemplated by Section 2.1:

	 	(1)	 	all Indebtedness of the Company or any of its Subsidiaries outstanding under
Credit Facilities and all Hedging Obligations with respect thereto;
	 
	 	(2)	 	any other Indebtedness of the Company or any of its Subsidiaries permitted to
be incurred under the terms of this Indenture, unless the instrument under which such
Indebtedness is incurred expressly provides that it is subordinated in right of payment
to the Securities or any Security Guarantee; and
	 
	 	(3)	 	all Obligations with respect to the items listed in the preceding clauses (1)
and (2).

               Notwithstanding anything to the contrary in the preceding sentence, Senior Debt will
not include:

	 	(a)	 	any intercompany Indebtedness of the Company or any of its
Subsidiaries to the Company or any of its Affiliates; or
	 
	 	(b)	 	any Indebtedness that is incurred in violation of this
Indenture.

     For the avoidance of doubt, “Senior Debt” will not include any trade payables or taxes owed or
owing by the Company or any Subsidiary.

     “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary”
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act,
as such Regulation is in effect on the date of this Indenture.

     “Stated Maturity” means, with respect to any installment of interest or principal on
any series of indebtedness, the date on which the payment of interest or principal was scheduled to
be paid in the documentation governing such indebtedness as of the date of this Indenture, and will
not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

     “Subsidiary” of any specified Person means any corporation, association or other
business entity of which more than 50% of the total voting power of shares of Capital Stock
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 such Person or one or more of the other Subsidiaries of that Person or a combination thereof.

10

 

     “TIA”
or “Trust Indenture Act,” except as otherwise
provided in Section 9.3 means, the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa 77bbbb), as in effect on the
date hereof.

     “Trust Officer” shall mean, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

     “Trustee” means the Person named as such above until a successor replaces it in
accordance with the applicable provisions of this Indenture, and thereafter “Trustee” means each
Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series means the Trustee with respect to
Securities of that series.

     “Voting Stock” of any specified Person as of any date means the Capital Stock of such
Person that is at the time entitled to vote in the election of the Board of Directors of such
Person.

     Section 1.2. Other Definitions.

	 	 	 
	 	 	Defined in
	Term	 	Section
	“Agent Members”
	 	2.16
	“Certificate of Destruction”
	 	2.11
	“Corporate Trust Office”
	 	3.3
	“Covenant Defeasance”
	 	8.3
	“Defaulted Interest”
	 	2.12
	“Event of Default”
	 	6.1
	“Exchange Rate”
	 	2.18
	“Funding Guarantor”
	 	11.5
	“Legal Defeasance”
	 	8.2
	“Legal Holiday”
	 	13.8

11

 

	 	 	 
	 	 	Defined in
	Term	 	Section
	“Notation of Guarantee”
	 	11.2
	“Paying Agent”
	 	2.5
	“Payment Blocking Notice”
	 	10.2
	“Payment Default”
	 	10.2
	“protected purchaser”
	 	2.9
	“Registrar”
	 	2.5
	“Special Interest Payment Date”
	 	2.12(a)
	“Special Record Date”
	 	2.12(a)
	“Surviving Entity”
	 	4.1

     Section 1.3. 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 have the following meanings:

     “Commission” means the SEC.

     “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.

     “obligor” on any series of Securities means the Company, any Guarantors and any other obligor
on such series of Securities.

     All other TIA terms used in this Indenture that are defined by the TIA, defined in the TIA by
reference to another statute or defined by SEC rules have the meanings assigned to them by such
definitions.

12

 

     Section 1.4. 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;

     (3) “or” is not exclusive;

     (4) “including” means including without limitation;

     (5) words in the singular include the plural and words in the plural include
the singular;

     (6) the principal amount of any noninterest bearing or other discount security
at any date shall be the principal amount thereof that would be shown on a balance
sheet of the Company dated such date prepared in accordance with GAAP; and

     (7) provisions apply to successive events and transactions.

ARTICLE II

The Securities

     Section 2.1. Form, Dating and Terms.

     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. There shall be established in or pursuant
to a Board Resolution, and set forth, or determined in the manner provided, in an Officers’
Certificate of the Company or in a Company Order, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series:

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

     (2) if there is to be a limit, the limit upon the aggregate principal amount of
the Securities of the series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 2.8, 2.9, 2.13, 2.16, 5.7 or 9.5 and except for any
Securities that, pursuant to Section 2.4 or 2.16, are deemed never to have
been authenticated and delivered hereunder); provided, however, that unless
otherwise provided in the terms of the series, the authorized aggregate principal
amount of
such series may be increased before or after the issuance of any Securities of
the

13

 

series by a Board Resolution (or action pursuant to a Board Resolution) to such
effect;

     (3) whether any Securities of the series are to be issuable initially in
temporary global form and whether any Securities of the series are to be issuable in
permanent global form, as Global Securities or otherwise, and, if so, whether
beneficial owners of interests in any such Global Security may exchange such
interests for Securities of such series and of like tenor of any authorized form and
denomination and the circumstances under which any such exchanges may occur, if
other than in the manner provided in Section 2.16, and the initial
Depositary and Security Custodian, if any, for any Global Security or Securities of
such series;

     (4) the manner in which any interest payable on a temporary Global Security on
any Interest Payment Date will be paid if other than in the manner provided in
Section 2.12;

     (5) the date or dates on which the principal of and premium (if any) on the
Securities of the series is payable or the method of determination thereof;

     (6) the rate or rates, or the method of determination thereof, at which the
Securities of the series shall bear interest, if any, whether and under what
circumstances Additional Amounts with respect to such Securities shall be payable,
the date or dates from which such interest shall accrue, the Interest Payment Dates
on which such interest shall be payable and the record date for the interest payable
on any Securities on any Interest Payment Date, or if other than provided herein,
the Person to whom any interest on Securities of the series shall be payable;

     (7) the place or places where, subject to the provisions of Section
3.3, the principal of, premium (if any) and interest on and any Additional
Amounts with respect to the Securities of the series shall be payable;

     (8) the period or periods within which, the price or prices (whether
denominated in cash, securities or otherwise) at 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, if the Company is to have that option, and the manner in
which the Company must exercise any such option, if different from those set forth
herein;

     (9) whether Securities of the series are entitled to the benefits of any
Securities Guarantee of any Guarantor pursuant to this Indenture, the identity of
any such Guarantors, whether Notations of such Securities Guarantees are to be
included on such Securities and any terms of such Securities Guarantee with respect
to the Securities of the series in addition to those set forth in Article
XI, or any exceptions to or changes to those set forth in Article XI;

14

 

     (10) the obligation, if any, of the Company to redeem, purchase or repay
Securities of the series pursuant to any sinking fund or analogous provisions or at
the option of a Holder thereof and the period or periods within which, the price or
prices (whether denominated in cash, securities or otherwise) at which and the terms
and conditions upon which Securities of the series shall be redeemed, purchased or
repaid in whole or in part pursuant to such obligation;

     (11)
if other than denominations of $1,000 and any integral multiple in
excess thereof,
the denomination in which any Securities of that series shall be issuable;

     (12) if other than Dollars, the currency or currencies (including composite
currencies) or the form, including equity securities, other debt securities
(including Securities), warrants or any other securities or property of the Company,
any Guarantor or any other Person, in which payment of the principal of, premium (if
any) and interest on and any Additional Amounts with respect to the Securities of
the series shall be payable;

     (13) if the principal of, premium (if any) or interest on or any Additional
Amounts with respect to the Securities of the series are to be payable, at the
election of the Company or a Holder thereof, in a currency or currencies (including
composite currencies) other than that in which the Securities are stated to be
payable, the currency or currencies (including composite currencies) in which
payment of the principal of, premium (if any) and interest on and any Additional
Amounts with respect to Securities of such series as to which such election is made
shall be payable, and the periods within which and the terms and conditions upon
which such election is to be made;

     (14) if the amount of payments of principal of, premium (if any) and interest
on and any Additional Amounts with respect to the Securities of the series may be
determined with reference to any commodities, currencies or indices, values, rates
or prices or any other index or formula, the manner in which such amounts shall be
determined;

     (15) if other than the entire principal amount thereof, the portion of the
principal amount of Securities of the series that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 6.2;

     (16) any additional means of satisfaction and discharge of this Indenture and
any additional conditions or limitations to discharge with respect to Securities of
the series and the related Securities Guarantees, if any, pursuant to Article
VIII or any modifications of or deletions from such conditions or limitations;

     (17) any deletions or modifications of or additions to the Events of Default
set forth in Section 6.1 or covenants of the Company or any Guarantor set
forth in Article III pertaining to the Securities of the series;

15

 

     (18) any restrictions or other provisions with respect to the transfer or
exchange of Securities of the series, which may amend, supplement, modify or
supersede those contained in this Article II;

     (19) if the Securities of the series are to be convertible into or exchangeable
for capital stock, other debt securities (including Securities), warrants, other
equity securities or any other securities or property of the Company, any Guarantor
or any other Person, at the option of the Company or the Holder or upon the
occurrence of any condition or event, the terms and conditions for such conversion
or exchange;

     (20) if applicable, that the Securities of the series, in whole or any
specified part, shall not be defeasible pursuant to Section 8.2 or
Section 8.3 or both such Sections, and, if such Securities may be defeased,
in whole or in part, pursuant to either or both such Sections, any provisions to
permit a pledge of obligations other than Government Securities (or the
establishment of other arrangements) to satisfy the requirements of Section
8.4(1) for defeasance of such Securities and, if other than by a Board
Resolution of the Company, the manner in which any election by the Company to
defease such Securities shall be evidenced;

     (21) any modifications to, or qualifications contemplated by, the definition of
“Designated Senior Debt,” any modifications to the definition of “Senior Debt” of
the Company or any modifications to Article X or the other provisions
regarding subordination with respect to the Securities of that series; and

     (22) any other terms of the series (which terms shall not be prohibited by the
provisions of this Indenture).

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 2.3) set forth, or determined in the manner provided, in the
Officers’ Certificate or Company Order referred to above or in any such indenture supplemental
hereto.

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action, together with such Board Resolution,
shall be set forth in an Officers’ Certificate or certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate or Company Order setting forth the terms of the series.

     The Securities shall be subordinated in right of payment to Senior Debt of the Company as
provided in Article X and/or as specified as contemplated pursuant to this Section
2.1.

     Section 2.2. Denominations. The Securities of each series shall be issuable in such denominations as
shall be specified as contemplated by Section 2.1. In the absence of any such provisions
with respect to the Securities
of any series, the Securities of such series denominated in Dollars shall be issuable in
denominations of $1,000 and any integral multiples thereof.

16

 

     Section 2.3. Forms Generally. The Securities of each series shall be in fully registered form and in
substantially such form or forms (including temporary or permanent global form) established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto. The Securities
may have notations, legends or endorsements required by law, securities exchange rule, the
Company’s certificate of incorporation, bylaws or other similar governing documents, agreements to
which the Company is subject, if any, or usage (provided that any such notation, legend or
endorsement is in a form acceptable to the Company). A copy of the Board Resolution establishing
the form or forms of Securities of any series shall be delivered to the Trustee at or prior to the
delivery of the Company Order contemplated by Section 2.4 for the authentication and
delivery of such Securities.

     The definitive Securities of each series shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by the Officers
executing such Securities, as evidenced by their execution thereof.

     The Trustee’s certificate of authentication shall be in substantially the following form:

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

	 	 	 	 	 
	 	[                 ], as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer” 	 
	 	 	 	 
	 

     Section 2.4. Execution, Authentication, Delivery and Dating. Two Officers of the Company shall sign the
Securities on behalf of the Company and, with respect to any related Securities Guarantees,
Notations of Guarantee as to which are to be endorsed on such Securities, an Officer of each
Guarantor shall sign the Notation of Guarantee on behalf of such Guarantor, in each case by manual
or facsimile signature.

     If an Officer of the Company or a Guarantor whose signature is on a Security no longer holds
that office at the time the Security or the Notation of Guarantee, as the case may be, is
authenticated, the Security or Notation of Guarantee shall be valid nevertheless.

     A Security shall not be entitled to any benefit under this Indenture or any related Securities
Guarantees or be valid or obligatory for any purpose until authenticated by the manual signature of
an authorized signatory of the Trustee, which signature shall be conclusive evidence that the
Security has been authenticated under this Indenture. Notwithstanding the foregoing, if any
Security has been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company delivers such Security to the Trustee for cancellation as provided in Section
2.11, together with a written statement (which need not comply with Section 13.5 and
need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued
and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to the benefits of this
Indenture or the related Securities Guarantees.

17

 

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company (and, if applicable, the
Notation of Guarantee for such series executed by each Guarantor with respect to such series) to
the Trustee for authentication, and the Trustee shall authenticate and deliver such Securities for
original issue upon a Company Order for the authentication and delivery of such Securities or
pursuant to such procedures acceptable to the Trustee as may be specified from time to time by
Company Order. Such order shall specify the amount of the Securities to be authenticated, the date
on which the original issue of Securities is to be authenticated, the name or names of the initial
Holder or Holders and any other terms of the Securities of such series not otherwise determined. If
provided for in such procedures, such Company Order may authorize (1) authentication and delivery
of Securities of such series for original issue from time to time, with certain terms (including,
without limitation, the Maturity dates or dates, original issue date or dates and interest rate or
rates) that differ from Security to Security and (2) may authorize authentication and delivery
pursuant to oral or electronic instructions from the Company or its duly authorized agent, which
instructions shall be promptly confirmed in writing.

     If the form or terms of the Securities of the series have been established in or pursuant to
one or more Board Resolutions as permitted by Section 2.1, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive (in addition to the Company Order referred to
above and the other documents required by Section 13.4), and (subject to Section
7.1) shall be fully protected in relying upon:

     (a) an Officers’ Certificate of the Company setting forth the Board Resolution and, if
applicable, an appropriate record of any action taken pursuant thereto, as contemplated by the last
paragraph of Section 2.1; and

     (b) an Opinion of Counsel to the effect that:

          (i) the form of such Securities has been established in conformity with the provisions of this
Indenture;

          (ii) the terms of such Securities have been established in conformity with the provisions of
this Indenture; and

          (iii) that such Securities and the related Securities Guarantees, if any, when authenticated
and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company
and the Guarantors, respectively, enforceable against the Company and the Guarantors, respectively,
in accordance with their respective terms, except as the enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or
other similar laws in effect from time to time
affecting the rights of creditors generally, and the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law).

     If all the Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Officers’ Certificate and Opinion of Counsel at the time of issuance of
each such

18

 

Security, but such Officers’ Certificate and Opinion of Counsel shall be delivered at or
before the time of issuance of the first Security of the series to be issued.

     The Trustee shall not be required to authenticate such Securities if the issuance of such
Securities pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture or otherwise in a manner not reasonably acceptable to the
Trustee.

     The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. Unless limited by the terms of such appointment, any such 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, any Guarantor or an Affiliate of the Company
or any Guarantor.

     Each Security shall be dated the date of its authentication.

     Section 2.5. Registrar and Paying Agent. The Company shall maintain an office or agency for each series
of Securities where Securities of such series may be presented for registration of transfer or for
exchange (the “Registrar”) and an office or agency where Securities of such series may be
presented for payment (the “Paying Agent”). The Company shall cause each of the Registrar
and the Paying Agent to maintain an office or agency in the United States of America. The
Registrar shall keep a register of the Securities and of their transfer and exchange (the
“Securities Register”). The Company may have one or more co-registrars and one or more
additional paying agents. The term “Paying Agent” includes any additional paying agent.

     The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent
or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. The
agreement shall implement the provisions of this Indenture that relate to such agent. The Company
shall notify the Trustee of the name and address of each such agent. If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor pursuant to Section 7.7. The Company or any of its
Subsidiaries may act as Paying Agent, Registrar, co-registrar or transfer agent.

     The Company initially appoints the Trustee as Registrar and Paying Agent for the Securities.

     Section 2.6. Paying Agent to Hold Money in Trust. By no later than 11:00 a.m. (New York City time) on
the date on which any amount or Additional Amounts, if any, in respect of any Security is due and
payable, the Company shall
deposit with the Paying Agent a sum sufficient in immediately available funds to pay such amount or
Additional Amounts, if any, when due. The Company shall require each Paying Agent (other than the
Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of the
applicable Holders or the Trustee all money held by such Paying Agent for the payment of such
amount and Additional Amounts, if any, on the applicable Securities and shall notify the Trustee in
writing of any default by the Company or any Guarantor in making any such payment. If the Company
or a

19

 

Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and
hold it as a separate trust fund. The Company at any time may require a Paying Agent (other than
the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by
such Paying Agent. Upon complying with this Section 2.6, the Paying Agent (if other than
the Company or a
Subsidiary) shall have no further liability for the money delivered to the
Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company,
the Trustee shall serve as Paying Agent for the Securities.

     Section 2.7. Holder Lists. 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. If the Trustee is not
the Registrar with respect to a series of Securities, or to the extent otherwise required under the
TIA, the Company shall furnish to the Trustee, in writing at least five Business Days before each
interest payment date with respect to such series of Securities 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 such series.

     Section 2.8. Transfer and Exchange.

     Except as set forth in Section 2.16 or as may be provided pursuant to Section
2.1, when Securities of any series are presented to the Registrar with the request to register
the transfer of those Securities or to exchange those Securities for an equal principal amount of
Securities of the same series of like tenor and of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested if its requirements and the
requirements of this Indenture for those transactions are met; provided, however, that the
Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed
or accompanied by a written instruction of transfer in form reasonably satisfactory to the
Registrar duly executed by the Holder thereof or by his attorney, duly authorized in writing, on
which instruction the Registrar can rely.

     To permit registrations of transfers and exchanges, the Company shall execute Securities (and,
if applicable, each Guarantor with respect to such series shall execute the Notation of Guarantee
for such series) and the Trustee shall authenticate such Securities at the Registrar’s written
request and submission of the Securities (other than Global Securities). No service charge shall
be made to a Holder 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 such transfer tax or
similar governmental charge payable on exchanges pursuant to Section 2.13, 5.7 or 9.5).
The Trustee shall authenticate Securities in accordance with the provisions of Section 
2.4. Notwithstanding any other provisions of this Indenture to the contrary, the
Company shall not be required to register the transfer or exchange of (a) any Security selected for
redemption in whole or in part pursuant to Article V, except the unredeemed portion of any
Security being redeemed in part or (b) any Security during the period beginning 15 Business Days
before the mailing of notice of any offer to repurchase Securities of the series required pursuant
to the terms thereof or of redemption of Securities of a series to be redeemed and ending at the
close of business on the date of mailing.

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     Section 2.9. Mutilated, Destroyed, Lost or Wrongfully Taken Securities. If a mutilated Security is
surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost,
destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a
replacement Security with respect to such series if the requirements of Section 8-405 of the
Uniform Commercial Code are met, such that the Holder (a) satisfies the Company or the Trustee
within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking
and the Registrar does not register a transfer prior to receiving such notification, (b) makes such
request to the Company or Trustee prior to the Security being acquired by a protected purchaser as
defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c)
satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the
Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and
the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any
co-registrar from any loss which any of them may suffer if a Security is replaced, and, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a protected
purchaser, the Company shall execute and, upon a Company Order, the Trustee shall authenticate and
make available for delivery, in exchange for any such mutilated Security or in lieu of any such
destroyed, lost or wrongfully taken Security, a new Security of like tenor and principal amount,
bearing a number not contemporaneously outstanding.

     In case any such mutilated, destroyed, lost or wrongfully taken Security has become or is
about to become due and payable, the Company in its discretion may, instead of issuing a new
Security of such series, pay such Security.

     Upon the issuance of any new Security under this Section 2.9, 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) in
connection therewith.

     Every new Security issued pursuant to this Section in lieu of any mutilated, destroyed, lost
or wrongfully taken Security shall constitute an original additional contractual obligation of the
Company, any Guarantor (if applicable) and any other obligor upon the Securities of such series,
whether or not the mutilated, destroyed, lost or wrongfully taken Security shall be at any time
enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Securities of such series duly issued hereunder.

     The provisions of this Section 2.9 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or wrongfully taken Securities.

     Section 2.10. Outstanding Securities. Securities outstanding at any time are all Securities
authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section 2.10 as not outstanding. A Security
ceases to be outstanding in the event the Company or a Subsidiary of the Company holds the
Security, provided, however, that (i) for purposes of determining which are outstanding for consent
or voting purposes hereunder, the provisions of Section 13.6 shall apply and (ii) in
determining whether the Trustee shall be protected in making a determination whether the Holders of
the requisite principal amount of outstanding Securities are present at a meeting of Holders of

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Securities for quorum purposes or have consented to or voted in favor of any request, demand,
authorization, direction, notice, consent, waiver, amendment or modification hereunder, or relying
upon any such quorum, consent or vote, only Securities which a Trust Officer of the Trustee
actually knows to be held by the Company or an Affiliate of the Company shall not be considered
outstanding.

     If a Security is replaced pursuant to Section 2.9, it ceases to be outstanding unless
the Trustee and the Company receive proof satisfactory to them that the replaced Security is held
by a protected purchaser.

     If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a
Redemption Date or maturity date money sufficient to pay all amounts and Additional Amounts, if
any, payable on that date with respect to the Securities (or portions thereof) to be redeemed or
maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the
Holders on that date pursuant to the terms of this Indenture, then on and after that date such
Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

     Section 2.11. 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 and no one else
shall cancel all Securities surrendered for registration of transfer, exchange, payment or
cancellation and destroy such Securities in accordance with its internal policies, including
delivery of a certificate (a “Certificate of Destruction”) describing such Securities
disposed (subject to the record retention requirements of the Exchange Act). The Company may not
issue new Securities to replace Securities it has paid or delivered to the Trustee for cancellation
for any reason other than in connection with a transfer or exchange.

     Section 2.12. Payment of Interest; Defaulted Interest. Unless otherwise provided as contemplated by
Section 2.1 with respect to the Securities of any series, interest and Additional Amounts,
if any, on any Security of such series which is payable, and is punctually paid or duly provided
for, on any interest payment date shall be paid to the Person in whose name such Security (or one
or more predecessor Securities) is registered at the
close of business on the regular record date for such interest at the office or agency of the
Company maintained for such purpose pursuant to Section 2.8.

     Unless otherwise provided as contemplated by Section 2.1 with respect to the
Securities of any series, any interest and Additional Amounts, if any, on any Security of such
series which is payable, but is not paid when the same becomes due and payable and such nonpayment
continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular
record date, and such defaulted interest and (to the extent lawful) interest on such defaulted
interest at the rate provided for in the Securities therefor (such defaulted interest and interest
thereon herein collectively called “Defaulted Interest”) shall be paid by the Company, at
its election in each case, as provided in clause (a) or (b) below:

     (a) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities (or their respective predecessor Securities) are registered at
the close of business on a Special Record Date (as defined below) for the

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payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security and the date (not less than 30 days after such notice) of the proposed payment (the
“Special Interest Payment Date”), and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when deposited to be
held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this
clause provided. Thereupon the Trustee shall fix a record date (the “Special Record
Date”) for the payment of such Defaulted Interest, which date shall be not more than 15
days and not less than 10 days prior to the Special Interest Payment Date and not less than
10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date, and in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date and Special Interest Payment Date therefor to be given
in the manner provided for in Section 13.2, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date and Special Interest Payment Date therefor having been so given, such
Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in
whose names the Securities (or their respective predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to
the following clause (b).

     (b) The Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities
may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Trustee.

     Subject to the foregoing provisions of this Section 2.12, each Security delivered
under this Indenture upon registration of, transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest and Additional Amounts, if any, each as accrued and
unpaid, and to accrue, which were carried by such other Security.

     Section 2.13. Temporary Securities. Until definitive Securities of any series are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities of such series.
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 shall authenticate definitive Securities in
exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities.

     Section 2.14. Persons Deemed Owners. The Company, any Guarantors, the Trustee, any Agent and any
authenticating agent may treat the Person in whose name any Security is registered as the owner of
that Security for the purpose of receiving payments of principal of, premium (if any) or interest
on, or any Additional Amounts with respect to, that Security and for

23

 

all other purposes. None of
the Company, the Trustee, any Agent or any authenticating agent shall be affected by any notice to
the contrary.

     Section 2.15. Computation of Interest. Except as otherwise provided as contemplated by Section
2.1 with respect to the Securities of any series, interest on the Securities shall be computed
on the basis of a 360-day year of twelve 30-day months.

     Section 2.16. Global Securities; Book-Entry Provisions. If Securities of a series are issuable in global
form as a Global Security, as contemplated by Section 2.1, then, notwithstanding clause
(11) of Section 2.1 and the provisions of Section 2.2, any such Global Security
shall represent those of the outstanding Securities of that series as shall be specified therein
and may provide that it shall represent the aggregate amount of outstanding Securities of that
series from time to time endorsed thereon and that the aggregate amount of outstanding Securities
of that series represented thereby may from time to time be reduced or increased, as appropriate,
to reflect exchanges, transfers or redemptions. Any endorsement of a Global Security to reflect
the amount, or any increase or decrease in the amount, of outstanding Securities of that series
represented thereby shall be made by the Trustee (i) in such manner and upon instructions given by
such Person or Persons as shall be specified in that Security or in a Company Order to be delivered
to the Trustee pursuant to Section 2.4 or (ii) otherwise in accordance with written
instructions or such other written form of instructions as is customary for the Depositary for that
Security, from that Depositary or its nominee on behalf of any Person having a beneficial interest
in that Global Security. Subject to the provisions of Section 2.4 and, if applicable,
Section 2.13, the Trustee shall deliver and redeliver any Security in permanent global form
in the manner and upon instructions given by the Person or Persons specified in that Security or in
the applicable Company Order. With respect to the Securities of any series that are
represented by a Global Security, the Company and any Guarantors authorize the execution and
delivery by the Trustee of a letter of representations or other similar agreement or instrument in
the form customarily provided for by the Depositary appointed with respect to that Global Security.
Any Global Security may be deposited with the Depositary or its nominee, or may remain in the
custody of the Trustee or the Security Custodian therefor pursuant to a FAST Balance Certificate
Agreement or similar agreement between the Trustee and the Depositary. If a Company Order has
been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement
or delivery or redelivery of a Security in global form shall be in writing but need not comply with
Section 13.5 and need not be accompanied by an Opinion of Counsel.

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     Members of, or participants in, the Depositary (“Agent Members”) shall have no rights
under this Indenture with respect to any Global Security held on their behalf by the Depositary, or
the Trustee or the Security Custodian as its custodian, or under that Global Security, and the
Depositary may be treated by the Company, any Guarantor, the Trustee or the Security Custodian and
any agent of the Company, any Guarantor, the Trustee or the Security Custodian as the absolute
owner of that Global Security for all purposes whatsoever. Notwithstanding the foregoing, (i) the
registered holder of a Global Security of any series may grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through Agent Members, to take
any action that a Holder of Securities of that series is entitled to take under this Indenture or
the Securities of that series and (ii) nothing herein shall prevent the Company, any Guarantor, the
Trustee or the Security Custodian or any agent of the Company, any Guarantor, the Trustee, or the
Security Custodian from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or shall impair, as between the Depositary and its Agent Members, the
operation of customary practices governing the exercise of the rights of a beneficial owner of any
Security.

     Notwithstanding Section 2.8, and except as otherwise provided pursuant to Section
2.1, transfers of a Global Security shall be limited to transfers of that Global Security in
whole, but not in part, to the Depositary, its successors or their respective nominees. Interests
of beneficial owners in a Global Security may be transferred in accordance with the rules and
procedures of the Depositary. Securities of any series shall be transferred to all beneficial
owners of a Global Security of that series in exchange for their beneficial interests in that
Global Security if, and only if, either (1) the Depositary notifies the Company that it is
unwilling or unable to continue as depositary for such Global Security or the Depositary ceases to
be a clearing agency registered under the Exchange Act, at a time when the Depositary is required
to be so registered in order to act as depositary, and, in either case, a successor depositary is
not appointed by the Company within 90 days of such notice, (2) the Company, at its option,
notifies the Trustee in writing that it elects to cause the issuance of definitive Securities or
(3) a Default or Event of Default has occurred and is continuing with respect to the Securities.

     In connection with any transfer of a portion of the beneficial interests in a Global Security
to beneficial owners pursuant to this Section 2.16, the Registrar shall reflect on its
books and records the date and a decrease in the principal amount of the Global Security in an
amount equal to the principal amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute and, if applicable, each Guarantor with respect to such
series shall execute the Notation of Guarantee relating to such Global Security, if any, and
the Trustee on receipt of a Company Order for the authentication and delivery of Securities
shall authenticate and deliver, one or more Securities of the same series of like tenor and amount.

     In connection with the transfer of all the beneficial interests in a Global Security of any
series to beneficial owners pursuant to this Section 2.16, the Global Security shall be
deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the
Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in
exchange for its beneficial interest in the Global Security, an equal aggregate principal amount of
Securities of that series of authorized denominations.

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     Neither the Company, any Guarantor nor the Trustee will have any responsibility or liability
for any aspect of the records relating to, or payments made on account of, Securities by the
Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to
those Securities. Neither the Company, any Guarantor or the Trustee shall be liable for any delay
by the related Global Security Holder or the Depositary in identifying the beneficial owners, and
each such Person may conclusively rely on, and shall be protected in relying on, instructions from
that Global Security Holder or the Depositary for all purposes (including with respect to the
registration and delivery, and the respective principal amounts, of the Securities to be issued).

     The provisions of the last sentence of the third paragraph of Section 2.4 shall apply
to any Global Security if that Global Security was never issued and sold by the Company and the
Company or a Guarantor delivers to the Trustee the Global Security together with written
instructions (which need not comply with Section 13.5 and need not be accompanied by an
Opinion of Counsel) with regard to the cancellation or reduction in the principal amount of
Securities represented thereby, together with the written statement contemplated by the last
sentence of the third paragraph of Section 2.4.

     Notwithstanding the provisions of Sections 2.3 and 2.12, unless otherwise specified as
contemplated by Section 2.1 with respect to Securities of any series, payment of principal
of and premium (if any) and interest on and any Additional Amounts with respect to any Global
Security shall be made to the Person or Persons specified therein.

     Section 2.17. CUSIP Numbers, Etc. The Company in issuing the Securities of any series may use CUSIP
numbers (if then generally in use) and, if so, the Trustee shall use CUSIP, ISIN and Common Code
numbers in notices of redemption as a convenience to Holders of Securities of such series;
provided, however, that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities of such series or as contained in
any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Securities of such series, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of
any change in the CUSIP, ISIN and Common Code numbers.

     Section 2.18. Original Issue Discount and Foreign-Currency Denominated Securities. In determining
whether the Holders of the required principal amount of outstanding Securities have concurred in
any direction, amendment, supplement, waiver or consent, unless otherwise provided as contemplated
by Section 2.1 with respect to the Securities of any series, (a) the principal amount of an
Original Issue Discount Security of such series shall be the principal amount thereof that would be
due and payable as of the date of that determination upon acceleration of the Maturity thereof
pursuant to Section 6.2, and (b) the principal amount of a Security of such series
denominated in a foreign currency shall be the Dollar equivalent, as determined by the Company by
reference to the noon buying rate in The City of New York for cable transfers for that currency, as
that rate is certified for customs purposes by the Federal Reserve Bank of New York (the
“Exchange Rate”) on the date of original issuance of that Security, of the principal amount
(or, in the case of an Original Issue Discount Security, the Dollar equivalent, as determined by
the Company by reference to the Exchange Rate on the date

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of original issuance of that Security, of
the amount determined as provided in (a) above), of that Security.

ARTICLE III

Covenants

     Section 3.1. Payment of Securities. The Company shall promptly pay the principal of, premium, if any,
on, and interest and Additional Amounts, if any, on the Securities on the dates and in the manner
provided in the Securities and in this Indenture. Principal, premium, if any, interest and
Additional Amounts, if any, shall be considered paid on the date due if on such date the Trustee or
the Paying Agent holds in accordance with this Indenture immediately available funds sufficient to
pay all principal, premium and interest and Additional Amounts, if any, then due and the Trustee or
Paying Agent, as the case may be, is not prohibited from paying money to the Holders on that date
pursuant to the terms of this Indenture.

     The Company shall pay interest on overdue principal at the rate specified therefor in the
Securities, and it shall pay interest on overdue installments of interest at the same rate to the
extent lawful.

     Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the
extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by
the United States of America from principal or interest payments hereunder.

     Section 3.2.
Reports. So long as the Securities of any series are
outstanding the Company shall:

     (1) furnish to the Trustee, within 15 days after the Company files the same
with the SEC, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the SEC may
from time to time by rules and regulations prescribe) which the
Company files with the SEC pursuant to Section 13 or Section 15(d) of the
Exchange Act; and

     (2)
comply with the other provisions of TIA § 314(a).

     Section 3.3. Maintenance of Office or Agency. The Company will maintain in the United States of America
an office or agency for any series of Securities where such Securities may be presented or
surrendered for payment, where, if applicable, the Securities of that series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. The principal corporate
trust office of the Trustee at the address of the Trustee specified
in Section 13.2 hereof (the “Corporate Trust Office”) shall be such office or agency
of the Company, unless the Company shall designate and maintain some other office or agency for one
or more of such purposes. The Company will give prompt written

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notice to the Trustee of any change
in the location of any such office or agency. If at any time the Company shall fail to maintain
any such required office or agency or shall fail to furnish the Trustee with the 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 other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind any such designation; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in the United States of America for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and any change in the location of any
such other office or agency.

     Section 3.4. Corporate Existence. Subject to Article IV, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect its corporate existence.
This Section 3.4 shall not prohibit or restrict the Company from converting into a
different form of legal entity.

     Section 3.5. 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 that in the course of the
performance by the signers of their duties as Officers of the Company they would normally have
knowledge of any Default or Event of Default and whether or not the signers know of any Default or
Event of Default that occurred during such period. If they do, the certificate shall describe the
Default or Event of
Default, its status and what action the Company is taking or proposes to take with respect thereto.
The Company also shall comply with TIA § 314(a)(4).

     Section 3.6. Statement by Officers as to Default. So long as Securities of any series are outstanding,
the Company shall deliver to the Trustee, as soon as possible and in any event within 5 Business
Days after the Company becomes aware of the occurrence of any Event of Default or Default with
respect to that series an Officers’ Certificate setting forth the details of such Event of Default
or Default and the action which the Company is taking or proposes to take in respect thereof.

     Section 3.7. Additional Amounts. If the Securities of a series expressly provide for the payment of
Additional Amounts, the Company will pay to the Holder of any Security of that series Additional
Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any
context, the payment of the principal of or any premium or interest on, or in respect of, any
Security of any series or the net proceeds received from the sale or exchange of any Security of
any series, that mention shall be deemed to include mention of the payment of Additional Amounts
provided for in this Section 3.7 to the extent that, in that context, Additional Amounts
are, were or would be payable in respect thereof pursuant to the provisions of this Section
3.7, and express mention of the payment of Additional Amounts (if applicable) in any provisions
hereof shall not be construed as excluding Additional Amounts in those provisions hereof where that
express mention is not made.

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     Unless otherwise provided pursuant to Section 2.1 with respect to Securities of any
series, if the Securities of a series provide for the payment of Additional Amounts, at least ten
days prior to the first Interest Payment Date with respect to that series of Securities (or if the
Securities of that series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least ten days prior to each date of payment
of principal and any premium or interest if there has been any change with respect to the matters
set forth in the below-mentioned Officers’ Certificate, the Company shall furnish the Trustee and
the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’
Certificate instructing the Trustee and such Paying Agent or Paying Agents whether that payment of
principal of and any premium or interest on the Securities of that series shall be made to Holders
of Securities of that series who are United States Aliens without withholding for or on account of
any tax, assessment or other governmental charge described in the Securities of that series. If any
such withholding shall be required, then that Officers’ Certificate shall specify by country the
amount, if any, required to be withheld on those payments to those Holders of Securities, and the
Company will pay to that Paying Agent the Additional Amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for and to hold them harmless against any
loss, liability or expense reasonably incurred without negligence or bad faith on their part
arising out of or in connection with actions taken or omitted by any of them in reliance on any
Officers’ Certificate furnished pursuant to this Section 3.7.

ARTICLE IV

Successors

     Section 4.1. Merger, Consolidation or Sale of Assets. The Company shall not consolidate or combine with
or merge with or into or, directly or indirectly, sell, assign, convey, lease, transfer or
otherwise dispose of all or substantially all of its assets to any Person or Persons in a single
transaction or through a series of transactions, unless:

     (1) the Company shall be the successor or continuing Person or, if the Company
is not the successor or continuing Person, the resulting, surviving or transferee
Person (the “Surviving Entity”) is a company organized and existing under
the laws of the United States, any State thereof or the District of Columbia that
expressly assumes all of the Company’s obligations under the Securities and this
Indenture pursuant to a supplement hereto executed and delivered to the Trustee;

     (2) immediately after giving effect to such transaction or series of
transactions, no Event of Default has occurred and is continuing; and

     (3) the Company or the Surviving Entity shall have delivered to the Trustee an
Officers’ Certificate and Opinion of Counsel stating that the transaction or series
of transactions and any supplement hereto complies with the terms of this Indenture.

     If any consolidation or merger or any sale, assignment, conveyance, lease, transfer or other
disposition of all or substantially all of the Company’s assets occurs in accordance with the

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terms
hereof, the Surviving 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 such Surviving Entity had
been named as the Company. The Company shall (except in the case of a lease) be discharged from all
obligations and covenants under this Indenture and any Securities
issued hereunder, and may be liquidated and dissolved. Notwithstanding
the foregoing, the Company may merge or consolidate into or with any Subsidiary.

ARTICLE V

Redemption of Securities

     Section 5.1. Applicability of Article. Redemption of Securities at the election of the Company or
otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance
with such provision and (except as otherwise provided as contemplated by Section 2.1 with
respect to the Securities of any series) this Article V.

     Section 5.2. Election to Redeem; Notice to Trustee. In case of any redemption of any series of Securities at the election of the Company, the
Company shall, upon not later than the earlier of the date that is 45 days prior to the Redemption
Date fixed by the Company or the date on which notice is given to the Holders (unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the
principal amount of Securities to be redeemed and shall deliver to the Trustee such documentation
and records as shall enable the Trustee to select the Securities of such series to be redeemed
pursuant to Section 5.3.

     Section 5.3. Selection by Trustee of Securities to Be Redeemed. If fewer than all of the Securities of
any series are to be redeemed at any time, the Trustee will, subject to applicable law, select
Securities of any series for redemption as follows:

     (1) if the Securities are listed on any national securities exchange, 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.

     Section 5.4. Notice of Redemption. Notice of redemption shall be given in the manner provided for in
Section 13.2 not less than 30 nor more than 60 days prior to the Redemption Date, to each
Holder of Securities to be redeemed, except that redemption notices may be mailed more than 60 days
prior to a Redemption Date if such notice is issued in connection with a defeasance of the
Securities or a satisfaction and discharge of this Indenture. Notice of any redemption may, at the Company’s discretion, be subject to one or
more conditions precedent. The Trustee shall give notice of redemption in the Company’s name and at the Company’s
expense; provided, however, that the Company shall deliver to the Trustee, at least 45 days prior
to the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee), an Officers’
Certificate requesting that the Trustee give such

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notice at the Company’s expense and setting forth
the information to be stated in such notice as provided in the following items.

     All notices of redemption shall state:

     (1) the Redemption Date;

     (2) the redemption price and the amount of accrued interest and Additional
Amounts, if any, to the Redemption Date payable as provided in Section 5.6;

     (3) if less than all outstanding Securities are to be redeemed, the
identification of the particular Securities (or portion thereof) to be redeemed, as
well as the aggregate principal amount of Securities to be redeemed and the
aggregate principal amount of Securities to be outstanding after such partial
redemption;

     (4) in case any Securities are is to be redeemed in part only, the notice which
relates to such Securities shall state that on and after the Redemption Date, upon
surrender of such Securities, the Holder will receive, without charge, a new
Security or Securities of authorized denominations for the principal amount thereof
remaining unredeemed;

     (5) that on the Redemption Date the redemption price (and accrued interest, if
any, to the Redemption Date payable as provided in Section 5.6) will become
due and payable upon each such Security, or the portion thereof, to be redeemed,
and, unless the Company defaults in making the redemption payment, that interest and
Additional Amounts, if any, on Securities (or the portions thereof) called for
redemption will cease to accrue on and after said date;

     (6) the place or places where such Securities are to be surrendered for payment
of the Redemption Price and accrued interest, if any;

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

     (8) that Securities called for redemption (other than a Global Note) must be
surrendered to the Paying Agent to collect the redemption price;

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

     (10) the section of this Indenture and the paragraph of the Securities pursuant
to which the Securities are to be redeemed.

Any redemption and notice thereof pursuant to this Indenture may, in the Company’s discretion, be
subject to the satisfaction of one or more conditions.

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     Section 5.5. Deposit of Redemption Price. Not later than 11:00 a.m. New York time on the Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.6) an
amount of money sufficient to pay the redemption price of, and accrued interest and Additional
Amounts, if any, on, all the Securities which are to be redeemed on that date.

     Section 5.6. Securities Payable on Redemption Date. Notice of redemption having been given as
aforesaid, unless the notice of redemption is subject to one or more conditions precedent which
have not been satisfied, the Securities so to be redeemed shall, on the Redemption Date, become due
and payable at the redemption price therein specified (together with accrued and unpaid interest
and Additional Amounts, if any, to the Redemption Date), and from and after such date (unless the
Company shall default in the payment of the redemption price and accrued interest and Additional
Amounts, if any) such
Securities shall cease to bear interest and Additional Amounts, if any. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Company
at the redemption price, together with accrued and unpaid interest and Additional Amounts, if any,
to the Redemption Date (subject to the rights of Holders of record on the relevant record date to
receive interest and Additional Amounts, if any, due on an interest payment date that is on or
prior to the Redemption Date).

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest and Additional
Amounts, if any, from the Redemption Date at the rate borne by the Securities.

     Section 5.7. Securities Redeemed in Part. Any Security which is to be redeemed only in part (pursuant
to the provisions of this Article V) shall be surrendered at the office or agency of the
Company maintained for such purpose pursuant to Section 2.5 (with, if the Company or the
Trustee so require, due endorsement by, or a written instrument of transfer in form satisfactory to
the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing), and the Company shall execute and, if applicable, each Guarantor with
respect to such series shall execute the Notation of Guarantee relating to such Security, if any,
and the Trustee shall authenticate and make available for delivery to the Holder of such Security
at the expense of the Company, a new Security or Securities, of any authorized denomination as
requested by such Holder, in an aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered, provided that each such new
Security will be in a principal amount of $1,000 or integral multiple thereof. No Securities of
$1,000 or less may be redeemed in part.

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ARTICLE VI

Defaults and Remedies

     Section 6.1. Events of Default. Unless either inapplicable to a particular series or specifically
deleted or modified in or pursuant to the supplemental indenture or Board Resolution establishing
such series of Securities or in the form of Security for such series, an “Event of
Default,” wherever used herein with respect to Securities of any series, occurs if:

     (1) the Company defaults in the payment of any installment of interest on or
Additional Amounts, if any, with respect to any Security of that series under this
Indenture when due, continued for 30 days, whether or not such
payment is prohibited by the subordination provisions of this
Indenture;

     (2) the Company defaults in the payment when due (at Stated Maturity, upon
redemption or otherwise) of the principal of, or premium, if any, on the Securities
of that series, whether or not such
payment is prohibited by the subordination provisions of this
Indenture;

     (3) the Company fails to comply with the provisions of Section 4.1
hereof;

     (4) the Company fails for 90 days after notice to the Company by the Trustee or
the Holders of at least 25% in aggregate principal amount of the Securities of that
series then outstanding to comply with any of the other
covenants or agreements in this Indenture;

     (5) the Company fails to deposit any sinking fund payment, when due, in respect of any debt
security of that series;

     (6) (a) except as permitted by this Indenture, any Security Guarantee of that
series shall be held in any judicial proceeding to be unenforceable or invalid or
ceases for any reason to be in full force and effect or (b) any Guarantor of that
series, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its
obligations under its Security Guarantee (except pursuant to the release or
termination of such Security Guarantee in accordance with this Indenture); and

     (7) (a) the Company or any Significant Subsidiary or a group of Subsidiaries
that, taken together (as of the latest available consolidated financial statements
of the Company), would constitute a Significant Subsidiary pursuant to or within the
meaning of any Bankruptcy Law:

	 	(i)	 	commences a voluntary case or proceeding;
	 
	 	(ii)	 	consents to the entry of a judgment, decree or
order for relief against it in an involuntary case or proceeding;
	 
	 	(iii)	 	consents to the appointment of a Custodian of
it or for any substantial part of its property;
	 
	 	(iv)	 	makes a general assignment for the benefit of
its creditors; or

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	 	(v)	 	consents to or acquiesces in the institution of
a bankruptcy or an insolvency proceeding against it;

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

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

	 	(i)	 	is for relief against the Company
or any Significant Subsidiary;
	 
	 	(ii)	 	appoints a Custodian of the
Company or any Significant Subsidiary; or
	 
	 	(iii)	 	orders the winding up or
liquidation of the Company or any Significant Subsidiary;

or any similar relief is granted under any foreign laws and the order, decree or
relief remains unstayed and in effect for 90 days.

     Section 6.2. Acceleration. Except as otherwise provided as contemplated by Section 2.1 with
respect to the Securities of such series, if any Event of Default with respect to any Securities of
such series at the time outstanding (other than those of the type
described in clause (7)
of Section 6.1) occurs and is continuing, the Trustee may, and at the direction of the
Holders of at least 25% in aggregate principal amount of outstanding Securities of such series
shall, declare the principal of all the Securities of that series, together with all accrued and
unpaid interest and Additional Amounts, if any, and premium, if any, to be due and payable
immediately by notice in writing to the Company and the Trustee specifying the respective Event of
Default and that such notice is a notice of acceleration, and the same shall become immediately due
and payable.

     Except as otherwise provided as contemplated by Section 2.1 with respect to the
Securities of any series, in the case of an Event of Default with respect to such series specified
in clause (7) of Section 6.1 hereof, all outstanding Securities of such series
shall become due and payable immediately without further action or notice by the Trustee or the
Holders. Holders may not enforce this Indenture or the Securities except as provided in this
Indenture.

     Except as otherwise provided as contemplated by Section 2.1 with respect to the
Securities of any series, at any time after a declaration of acceleration with respect to the
Securities of such series, the Holders of a majority in principal amount of the Securities of that
series then outstanding (by notice to the Trustee) may, on behalf of the Holders of all the
Securities of that series, rescind and cancel such declaration and its consequences if:

     (1) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction;

     (2) all existing Defaults and Events of Default with respect to Securities of
that series have been cured or waived except nonpayment of

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principal of or interest
on the Securities of that series that has become due solely by reason of such
declaration of acceleration;

     (3) to the extent the payment of such interest is lawful, interest (at the same
rate specified in the Securities of such series) on overdue installments of interest
and Additional Amounts, if any, and overdue payments of principal which has become
due otherwise than by such declaration of acceleration has been paid;

     (4) the Company has paid the Trustee its reasonable compensation and reimbursed
the Trustee for its reasonable expenses, disbursements and advances; and

     (5) in the event of the cure or waiver of an Event of Default of the type
described in clause (7) of Section 6.1, the Trustee has received an
Officers’ Certificate and Opinion of Counsel that such Event of Default has been
cured or waived.

     Section 6.3. Other Remedies. If an Event of Default with respect to any series occurs and
is continuing, the Trustee may
pursue any available remedy to collect the payment of principal of (or premium, if any) or interest
or Additional Amounts, if any, on the Securities of such series or to enforce the performance of
any provision of the Securities of such series or this Indenture with respect to such series.

     The Trustee may maintain a proceeding even if it does not possess any of the Securities 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 shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive
of any other remedy. All available remedies are cumulative.

     Section 6.4. Waiver of Past Defaults. Except as otherwise provided as contemplated by Section
2.1 with respect to the Securities of any series, the Holders of a majority in principal amount
of the then outstanding Securities of such series by notice to the Trustee may, on behalf of the
Holders of all the Securities of such series, (a) waive, by their consent (including, without
limitation consents obtained in connection with a purchase of, or tender offer or exchange offer
for, Securities of such series), an existing Default or Event of Default, with respect to such
series and its consequences or compliance with any provisions except (i) a Default or Event of
Default in the payment of the principal of, or premium, if any, or interest or Additional Amounts,
if any, on a Security of such series or (ii) a Default or Event of Default in respect of a
provision that under Section 9.2 cannot be amended without the consent of each Holder
affected and (b) rescind any such acceleration with respect to the Securities of such series and
its consequences if rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. When a Default or Event of Default is waived, it is deemed cured, but no
such waiver shall extend to any subsequent or other Default or Event of Default or impair any
consequent right.

     Section 6.5. Control by Majority. With respect to Securities of any series, the Holders of a majority
in principal amount of the outstanding Securities of such series may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or of

35

 

exercising any
trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture or, subject to Sections 7.1 and 7.2, that
the Trustee determines is unduly prejudicial to the rights of the other Holders or would involve
the Trustee in personal liability. Prior to taking any action hereunder, the Trustee shall be
entitled to indemnification satisfactory to it in its sole discretion against all losses and
expenses caused by taking or not taking such action.

     Section 6.6. Limitation on Suits. Subject to Section 6.7, a Holder of a Security of any series
may not pursue any remedy with respect to this Indenture or the Securities of such series or any
related Securities Guarantees unless:

     (1) such Holder has previously given to the Trustee written notice stating that
an Event of Default is continuing with respect to such series;

     (2) Holders of at least 25% in aggregate principal amount of the outstanding
Securities of such series have requested in writing that the Trustee pursue the
remedy;

     (3) such Holders have offered to the Trustee reasonable security or indemnity
against any loss, liability or expense;

     (4) the Trustee has not complied with such request within 60 days after receipt
of the request and the offer of security or indemnity; and

     (5) the Holders of a majority in principal amount of the outstanding Securities
of such series have not given the Trustee a direction that, in the opinion of the
Trustee, is inconsistent with such request within such 60-day period.

          A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder.

     Section 6.7. Rights of Holders to Receive Payment. Notwithstanding any other provision of this
Indenture (including, without limitation, Section 6.6), the right of any Holder to receive
payment of principal of, premium (if any) or interest or Additional Amounts, if any, when due on
the Securities held by such Holder, on or after the respective due dates expressed in the
Securities, or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

     Section 6.8. Collection Suit by Trustee. If an Event of Default specified in clauses (1) or (2)
of Section 6.1 occurs and is continuing with respect to Securities of any series, 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) with respect to such series and the amounts provided for in Section 7.7.

     Section 6.9. 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 Subsidiaries or its or
their respective creditors or properties and, unless prohibited

36

 

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 7.7. To the extent that the payment of
any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.7 hereof out of the estate in any
such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on,
and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding.

     Section 6.10. Priorities. If the Trustee collects any money or property pursuant to this Article
VI, it shall pay out the money or property in the following order:

     FIRST: to the Trustee for amounts due under Section 7.7;

     SECOND: to Holders for amounts due and unpaid on the Securities in respect of which or for
the benefit of which such money has been collected, for principal, premium, if any, and interest
and Additional Amounts, if any, ratably, without preference or priority of any kind, according to
the amounts due and payable on such Securities for principal, premium, if any, and interest and
Additional Amounts, if any, respectively; and

     THIRD: to the Company or any Guarantors or to such other party as a court of competent
jurisdiction may direct.

     The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. At least 15 days before such record date, the Company shall mail to each
Holder and the Trustee 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, 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
6.11 does not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder
pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal
amount of the Securities of any series.

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ARTICLE VII

Trustee

     Section 7.1. Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee
shall exercise the rights and powers vested in it by this Indenture and use the same degree of care
and skill in their exercise as a prudent Person would exercise or use under the circumstances in
the conduct of such Person’s own affairs; provided that if an Event of Default occurs and is
continuing, the Trustee will be under no obligation to exercise the rights or powers under this
Indenture at the request or direction of any of the Holders unless such Holders have offered to the
Trustee indemnity or security against loss, liability or expense satisfactory to the Trustee in its
sole discretion.

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

     (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and the Trustee need perform only those duties that are specifically set forth in this Indenture
and no others, 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 conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates, opinions or orders 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 provisions hereof are specifically required to
be furnished to the Trustee, the Trustee shall examine such certificates and
opinions to determine whether or not they conform on their face 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 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 7.1;

     (2) the Trustee shall not be liable for any error of judgment made in good
faith by a Trust 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 6.5.

     (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 7.1.

38

 

     (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 other 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.

     (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 7.1 and to the provisions of the TIA.

     (i) 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.

     (j) 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 unless such
Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to
it against the costs, expenses (including reasonable attorneys’ fees and expenses) and
liabilities that might be incurred by it in compliance with such request or direction.

     Section 7.2. Rights of Trustee. Subject to Section 7.1:

     (a) The Trustee may conclusively rely on any document (whether in its original or
facsimile form) reasonably 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 and/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 an Officers’
Certificate and/or Opinion of
Counsel.

     (c) The Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent 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 the rights or
powers conferred upon it by this Indenture.

     (e) The Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the

39

 

Securities shall be
full and complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder in good faith and in accordance with the advice
or opinion of such counsel.

     (f) The Trustee is not required to make any inquiry or investigation into facts or
matters stated in any 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
determines to make such further inquiry or investigation, it shall be entitled to examine
the books, records and premises of the Company.

     (g) The Trustee is not required to take notice or shall not be deemed to have notice of
any Default or Event of Default hereunder with respect to any series of Securities, unless a
Trust Officer of the Trustee has actual knowledge thereof or has received notice in writing
of such Default or Event of Default from the Company or the Holders of at least 25% in
aggregate principal amount of the Securities of such series then outstanding, and in the
absence of any such notice, the Trustee may conclusively assume that no such Default or
Event of Default exists.

     (h) The Trustee is not required to give any bond or surety with respect to the
performance of its duties or the exercise of its powers under this Indenture.

     (i) In the event the Trustee receives inconsistent or conflicting requests and
indemnity from two or more groups of Holders of Securities, each representing less than the
aggregate principal amount of Securities outstanding required to take any action thereunder,
the Trustee, in its sole discretion may determine what action, if any, shall be taken.

     (j) The Trustee’s immunities and protections from liability and its right to
indemnification in connection with the performance of its duties under this Indenture shall
extend to the Trustee’s officers, directors, agents, attorneys and employees. Such
immunities and protections and right to indemnification, together with the Trustee’s right
to compensation, shall survive the Trustee’s resignation or removal, the discharge of this
Indenture and final payments of the Securities.

     (k) The permissive right of the Trustee to take actions permitted by this Indenture
shall not be construed as an obligation or duty to do so.

     (l) The Trustee shall have no duty to inquire as to the performance of the Company’s covenants
herein.

     Section 7.3. 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,
co-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 7.4. 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 or in any document issued in

40

 

connection with the sale of the Securities or in the
Securities other than the Trustee’s certificate of authentication.

     Section 7.5. Notice of Defaults. If a Default or Event of Default with respect to the Securities of any
series occurs and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee
shall mail to each Holder of a Security of such series notice of the Default or Event of Default
within 90 days after it occurs, unless the Default was already
cured or waived. Except in the case of a Default or Event of Default in payment of
principal of, premium, if any, or interest or Additional Amounts, if any, on any Security of any
series, the Trustee may withhold the notice if and so long as a committee of its trust officers in
good faith determines that withholding the notice is in the interests of Holders of such series.

     Section 7.6. Reports by Trustee to Holders. As promptly as practicable after each May 15 beginning with
the May 15 following the date of this Indenture and for so long as the Securities of any series
remain outstanding, the Trustee shall mail to each Holder of Securities of such series a brief
report dated as of such reporting date that complies with TIA § 313(a). The Trustee also shall
comply with TIA § 313(b). The Trustee shall also transmit by mail all reports required by TIA §
313(c).

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

     Section 7.7. Compensation and Indemnity. The Company shall pay to the Trustee from time to time
reasonable compensation for its acceptance of this Indenture and services hereunder 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, costs of preparing and reviewing reports, certificates and other
documents, costs of preparation and mailing of notices to Holders, 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 losses, liabilities,
damages, claims, penalties, fines or expenses
(including reasonable attorneys’ fees and expenses) (for
purposes of this Section 7.7, “losses”) incurred by it in connection with the administration of this trust and the performance of
its duties hereunder, including the costs and expenses of enforcing this Indenture (including this
Section 7.7) and of defending itself against any claims (whether asserted by any Holder,
the Company or otherwise), except to the extent such losses may be
attributable to its negligence or bad faith. The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company
of its
obligations hereunder. The Company shall defend the claim and the Trustee shall provide reasonable
cooperation at the Company’s expense in the defense. The Trustee may have separate counsel and the
Company shall pay the fees and expenses of such counsel provided that the Company shall not be
required to pay such fees and expenses if it assumes the Trustee’s defense, and, in the reasonable
judgment of outside counsel to the Trustee, there is no conflict of interest between the Company
and the Trustee in connection with such defense. The Company shall not be under any

41

 

obligation to
pay for any written settlement without its consent, which consent shall not be unreasonably
delayed, conditioned or withheld. The Company need not reimburse any
expense incurred by the Trustee through the Trustee’s own
willful misconduct, gross negligence or bad faith.

     To secure the Company’s payment obligations in this Section 7.7, 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 principal of, interest and Additional Amounts, if any,
on particular Securities.

     The Company’s payment obligations pursuant to this Section 7.7 shall survive the
discharge of this Indenture, the resignation or removal of the Trustee and payment in full of the Securities. When the Trustee incurs expenses after the occurrence of a Default
specified in clause (7) of Section 6.1 with respect to the Company, the expenses are
intended to constitute expenses of administration under any Bankruptcy Law.

     Section 7.8. Replacement of Trustee. The Trustee may resign at any time by so notifying the Company.
The Holders of a majority in principal amount of the then outstanding Securities of any series may
remove the Trustee with respect to the Securities of such series by so notifying the Trustee and
may appoint a successor Trustee. The Company shall remove the Trustee if:

     (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 or is removed by the Company or by the Holders of a majority in
principal amount of the then outstanding Securities of any series and such Holders of such series
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the
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 with respect to such series.

     If a successor Trustee with respect to Securities of any series does not take office within 60
days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of at
least 10% in principal amount of the then outstanding Securities of such series may petition, at
the Company’s expense, any court of competent jurisdiction for the appointment of a successor
Trustee with respect to Securities of such series.

     If the Trustee with respect to the Securities of a series fails to comply with Section
7.10, unless the Trustee’s duty to resign is stayed as provided in TIA § 310(b), any Holder who
has been a bona fide Holder of a Security of such series for at least six months may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee with respect to such series.

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     In case of the appointment of a successor Trustee with respect to all Securities, each such
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, to
the Company and to any Guarantors. Thereupon the resignation or removal of the retiring Trustee
shall become effective, and the successor Trustee shall have all the rights, power and duties of
the retiring Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. 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 7.7.

     In case of the appointment of a successor Trustee with respect to the Securities of one or
more (but not all) series, the Company, any Guarantors, the retiring Trustee and each successor
Trustee with respect to the Securities of one or more (but not all) series shall execute and
deliver an indenture supplemental hereto in which each successor Trustee shall accept such
appointment and that (1) shall confer to each successor Trustee all the rights, powers and duties
of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall confirm that all the rights, powers and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is
not retiring shall continue to be vested in the retiring Trustee and (3) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee. Nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust, and each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee. Upon the execution and delivery of such
supplemental indenture, the resignation or removal of the retiring Trustee shall become effective
to the extent provided therein and each such successor Trustee shall have all the rights, powers
and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates. On request of the Company or any successor
Trustee, such retiring Trustee shall transfer to such successor Trustee all property held by such
retiring Trustee as Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates. Such retiring Trustees shall, however, have the
right to deduct its unpaid fees and expenses, including attorneys’ fees.

     Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the
Company’s obligations under Section 7.7 shall continue for the benefit of the retiring
Trustee.

     Section 7.9. 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 in
case at that time any of the Securities shall not have been authenticated, any successor to the
Trustee may authenticate such Securities either in the name of any predecessor hereunder or in

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the
name of the successor to the Trustee; and in all such cases such certificates shall have the full
force which it is anywhere in the Securities or in this Indenture.

     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 $100.0 million 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
been removed shall be subject to TIA § 311(a) to the extent indicated.

ARTICLE VIII

Legal Defeasance and Covenant Defeasance

     Section 8.1. Option to Effect Legal Defeasance or Covenant Defeasance. Unless otherwise designated
pursuant to Section 2.1(20), the Securities of any series shall be subject to defeasance or
covenant defeasance pursuant to Section 8.2 or 8.3, in accordance with any
applicable requirements provided pursuant to Section 2.1 and upon compliance with the
conditions set forth in this Article VIII. The Company may, at its option and at any time,
elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding
Securities of any series so subject to defeasance or covenant defeasance. Any such election shall
be evidenced by a Board Resolution of the Company or in another manner specified as contemplated by
Section 2.1 for such Securities.

     Section 8.2. Legal Defeasance and Discharge. Upon the Company’s exercise under Section 8.1
hereof of the option applicable to this Section 8.2 with respect to Securities of any
series, the Company shall, subject to the satisfaction of the conditions set forth in Section
8.4 hereof, be deemed to have been discharged from its Obligations with respect to all
outstanding Securities of such series on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”) and each Guarantor, if applicable, shall be released and
relieved from all of its Obligations under its Security Guarantee with
respect to such series. For this purpose, Legal Defeasance means that the Company shall be deemed
to have paid and discharged the entire indebtedness represented by the outstanding Securities with
respect to such series, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.5 hereof and the other Sections of this Indenture referred to in clauses (a)
through (e) below, and to have satisfied all its other obligations under the Securities with
respect to such series 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 rights
of Holders of outstanding Securities with respect to such series to receive, solely from the trust
fund described in Sections 8.4 and 8.5 hereof, and as more fully set forth in such
Section, payments in respect of the principal of, premium, if any, and interest and Additional
Amounts, if any, on such Securities when such

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payments are due, (b) the Company’s Obligations with
respect to such Securities under Article II and Sections 3.1 hereof, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and any
Guarantors’ obligations in connection therewith, (d) the optional redemption provisions, if any,
with respect to such Securities, and (e) this Article VIII. If the Company exercises under
Section 8.1 hereof the option applicable to this Section 8.2, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, payment of the Securities
with respect to such series may not be accelerated because of an Event of Default. Subject to
compliance with this Article VIII, the Company may exercise its option under this
Section 8.2 notwithstanding the prior exercise of its option under Section 8.3
hereof.

     Section 8.3. Covenant Defeasance. Upon the Company’s exercise under Section 8.1 hereof of the
option applicable to this Section 8.3 with respect to Securities of any series, the Company
shall, with respect to such series of Securities, subject to the satisfaction of the conditions set
forth in Section 8.4 hereof, be released from its obligations under the covenants contained
in Sections 3.2 and 3.3, with respect to the outstanding Securities of such series on and
after the date the conditions set forth in Section 8.4 hereof are satisfied (hereinafter,
“Covenant Defeasance”) and each Guarantor, if applicable, shall be released from all of its
obligations under its Security Guarantee with respect to such series of Securities, and the
Securities of such series shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders of such series (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 such series, the Company and any Guarantors 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 6.1 hereof, but, except as specified above, the remainder of
this Indenture and such Securities shall be unaffected thereby. If the Company exercises under
Section 8.1 hereof the option applicable to this Section 8.3, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, payment of the Securities
of such series may not be accelerated because of an Event of Default specified in
clauses (4) (with respect to Sections 3.2 and 3.3),
(6) and (7) of such Section 6.1.

     Section 8.4. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the
application of either Section 8.2 or 8.3 hereof to the outstanding Securities of
any series.

     In order to exercise Legal Defeasance or Covenant Defeasance with respect to the Securities of
any series:

     (1) the Company must irrevocably deposit with the Trustee, in trust, for the
benefit of the Holders of the Securities of such series, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars, and
non-callable Government Securities, in amounts as will be sufficient, in the

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opinion
of a nationally recognized investment bank, appraisal firm or firm of independent
public accountants, to pay the principal of, and interest and Additional Amounts, if
any, and premium, if any, on the outstanding Securities of such series on the stated
date for payment or on the applicable Redemption Date, as the case may be, and the
Company must specify whether the Securities of such series are being defeased to
such stated date for payment or to a particular Redemption Date;

     (2) in the case of Legal Defeasance, the Company must deliver to the Trustee an
Opinion of Counsel 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 federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel will confirm that, the Holders of the
outstanding Securities of such series will not recognize income, gain or loss for
federal income tax purposes as a result of such Legal Defeasance and shall be
subject to federal income tax in 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 Covenant Defeasance, the Company must deliver to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that Holders
of the outstanding Securities of such series shall not recognize income, gain or
loss for federal income tax purposes as a result of such Covenant Defeasance and
shall be subject to federal income tax in 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 has occurred and be continuing with respect
to the Securities of such series on the date of such deposit (other than a Default
or Event of Default resulting from the borrowing of funds to be applied to such
deposit);

     (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or
violation of, or constitute a default under, any material agreement or instrument
(other than this Indenture) to which the Company or any of its Subsidiaries is a
party or by which the Company or any of its Subsidiaries is bound;

     (6) the Company must deliver to the Trustee an Officers’ Certificate stating
that such deposit was not made by the Company with the intent of preferring the
Holders of Securities of such series over the other creditors of the Company with
the intent of defeating, hindering, delaying or defrauding creditors of the Company
or others; and

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     (7) the Company must deliver to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the Legal
Defeasance or the Covenant Defeasance have been complied with.

     Section 8.5. Deposited Cash and Government Securities to be Held in Trust; Other Miscellaneous
Provisions. Subject to Section 8.6 hereof, all cash and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee), collectively for purposes of this Section 8.5, the “Trustee”) pursuant to
Section 8.4 hereof in respect of the outstanding Securities of such series shall be held in
trust and applied by the Trustee, in accordance with the provisions of such Securities of such
series 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 Securities of
such series of all sums due and to become due thereon in respect of principal, premium, if any,
interest and Additional Amounts, if any, but such cash and securities 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 non-callable Government Securities deposited pursuant to
Section 8.4 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 such series.

     Anything in this Article VIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon the request of the Company any cash or
non-callable Government Securities held by it as provided in Section 8.4 hereof which, in
the opinion of a nationally recognized independent registered public accounting firm expressed in a
written certification thereof delivered to the Trustee (which may be the certification delivered
under clause (1) of Section 8.4 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 8.6. Repayment to Company. Any cash or non-callable Government Securities 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,
on, or interest or Additional Amounts, if any, on, any Security of any series and remaining
unclaimed for one year after such principal, premium, if any, or interest or Additional Amounts, if
any, has become due and payable shall be paid to the Company on its request (unless an abandoned
property law designates another Person) or (if then held by the Company) shall be discharged from
such trust; and such Holder shall thereafter, as an unsecured creditor, look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
cash and securities, and all liability of the Company as Trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in The New York Times and
The Wall Street Journal (national edition), notice that such cash and securities remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such cash and securities then remaining
shall be repaid to the Company.

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     Section 8.7. Reinstatement. If the Trustee or Paying Agent is unable to apply any cash or non-callable
Government Securities in accordance with Section 8.2, 8.3 or 8.5 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 of such series shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.4 hereof until such time as the Trustee or
Paying Agent is permitted to apply all such cash and securities in accordance with Section
8.2, 8.3 or 8.5 hereof, as the case may be; provided, however, that, if the
Company makes any payment of principal of, premium, if any, on, or interest or Additional Amounts,
if any, on, any Security of such series following the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such series to receive such payment from the
cash and securities held by the Trustee or Paying Agent.

ARTICLE IX

Amendments

     Section 9.1. Without Consent of Holders. Except as otherwise provided as contemplated by Section
2.1 with respect to the Securities of any series, the Company, any Guarantors and the Trustee
may amend or supplement this Indenture, the Securities or the Security Guarantees without notice to
or consent of any Holder:

     (1) to cure any ambiguity, defect or inconsistency;

     (2) to provide for uncertificated Securities in addition to or in place of
certificated Securities;

     (3) to provide for the assumption of the Company’s or a Guarantor’s obligations
to Holders of Securities of any series and Security Guarantees in the case of a
merger or consolidation or sale of all or substantially all of the Company’s or such
Guarantor’s properties or assets, as applicable;

     (4) to comply with requirements of the SEC in order to maintain the
qualification of this Indenture under the Trust Indenture Act;

     (5) to make any change that would provide any additional rights or benefits to the Holders of
Securities of any series and Security Guarantees or that does not adversely affect the legal rights
under this Indenture of any such Holder;

     (6) to add to the covenants of the Company or any Guarantor for the benefit of
the Holders of all or any series of Securities (and if such covenants are to be for
the benefit of less than all series of Securities, stating that such covenants are
expressly being included solely for the benefit of such series), or to surrender any
right or power herein conferred upon the Company or any Guarantor;

     (7) to add any additional Events of Default with respect to all or any series
of the Securities (and, if any such Event of Default is applicable to less than
all series of Securities, specifying the series to which such Event of Default is
applicable);

     (8) to change or eliminate any of the provisions of this Indenture; provided
that any such change or elimination shall become effective only when

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there is no
outstanding Security of any series created prior to the execution of such amendment
or supplemental indenture that is adversely affected in any material respect by such
change in or elimination of such provision;

     (9) to establish the form or terms of Securities of any series as permitted by
Section 2.1;

     (10) to supplement any of the provisions of this Indenture to such extent as
shall be necessary to permit or facilitate the defeasance and discharge of any
series of Securities pursuant to Section 8.1; provided, however, that any
such action shall not adversely affect the interest of the Holders of Securities of
such series or any other series of Securities in any material respect;

     (11) to add any Guarantor with respect to the Securities of any series by executing a supplemental indenture and/or a Security Guarantee with respect to such series, or release Security Guarantees of any series, in each case pursuant to the terms of this Indenture;

     (12) to secure the Securities of any series;

     (13) to evidence and provide for the acceptance under this Indenture of a
successor trustee; or

     (14) to conform the text of this Indenture or any Securities to the description thereof in any
prospectus or prospectus supplement of the Company with respect to the offer and sale of Securities
of any series, to the extent that such provision is inconsistent with a provision of this Indenture
or the Securities.

     After an amendment under this Indenture becomes effective, the Company is required to mail to
the Holders of each Security affected thereby a notice briefly describing such amendment. However,
the failure to give such notice to all the Holders of each Security affected thereof, or any defect
therein, will not impair or affect the validity of the amendment or supplemental indenture under
this Section 9.1.

     Section 9.2. With Consent of Holders. Except as otherwise provided as contemplated by Section
2.1 with respect to the Securities of any series, except as provided below in this Section
9.2, the Company, any Guarantors and the Trustee may amend or supplement this Indenture with
the consent (including consents obtained in connection with a tender offer or exchange offer for
Securities) of the Holders of a majority in principal amount of the then outstanding Securities of
each series affected by such amendment or supplement (acting as
separate classes).

     Upon the request of the Company, accompanied by a Board Resolution, and upon the filing with
the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee
of the documents described in Section 9.5, the Trustee shall, subject to Section
9.6,

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join with the Company and any Guarantors in the execution of such amendment or
supplemental indenture.

     Except as otherwise provided as contemplated by Section 2.1 with respect to the
Securities of any series, the Holders of a majority in principal amount of the then outstanding
Securities of one or more series or of all series affected by such
waiver (acting as separate classes) may
waive compliance in a particular instance by the Company or any Guarantor with any provision of
this Indenture with respect to Securities of such series (including waivers obtained in connection
with a tender offer or exchange offer for Securities of such series).

     However, except as otherwise provided as contemplated by Section 2.1 with respect to the
Securities of any series, without the consent of each Holder affected, an amendment, supplement or
waiver may not (with respect to any Securities held by a non-consenting Holder):

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

     (2) reduce the principal of or change the fixed maturity of any Security or
alter the provisions with respect to the redemption or repurchase of the Securities;

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

     (4) waive a Default or Event of Default in the payment of principal of, or
interest or premium, or Additional Amounts, if any, 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);

     (5) make any Security payable in currency other than that stated in the
Securities;

     (6) 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 interest or premium, if any, on the Securities (other than as
permitted in clause (7) below);

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

     (8) impair the right of a Holder of Securities to institute suit for the enforcement of any
payment on the Securities;

     (9) release any Guarantor from any of its
obligations under its Security Guarantee or this Indenture, except in accordance
with the terms of this Indenture;

     (10) modify the provisions of this Indenture with respect to the subordination
of any Security in a manner adverse to the Holder thereof; or

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     (11) make any change in the preceding amendment, supplement and waiver
provisions.

     It shall not be necessary for the consent of the Holders under this Section 9.2 to
approve the particular form of any proposed amendment, but it shall be sufficient if such consent
approves the substance of the proposed amendment.

     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this Indenture of the
Holders of any other series.

     A consent to any amendment or waiver under this Indenture by any Holder of the Securities
given in connection with a tender of such Holder’s Securities will not be rendered invalid by such
tender. After an amendment under this Section becomes effective, the Company shall mail to Holders
of each Security affected thereby a notice briefly describing such amendment. The failure to give
such notice to all Holders of each Security affected thereby, or any defect therein, shall not
impair or affect the validity of an amendment, supplemental indenture or waiver under this
Section 9.2.

     Section 9.3. Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture or
the Securities shall comply with the Trust Indenture Act of 1939 as then in effect.

     Section 9.4. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a
Holder of a Security shall be in writing and 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 with respect to a series of Securities, it shall bind every Holder of
Securities of such series.

     For purposes of this Indenture, the written consent of the Holder of a Global Security shall
be deemed to include any consent delivered by an Agent Member by electronic means in accordance
with the Automated Tender Offer Procedures system or other customary procedures of, and pursuant to
authorization by, DTC.

     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. The Trustee may, but shall not be
obligated to, fix a record date for the purpose of determining the Holders of Securities of any
series entitled to join in the giving, making or taking of (i) any notice permit to Section
6.1(4) or otherwise of any Default, (ii) any declaration of acceleration pursuant to
Section 6.2, (iii) any request to institute proceedings pursuant to Section 6.6(2),
or (iv) any direction referred to in Section 6.5, in each case with respect to such series.
If a record date is so fixed, then

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notwithstanding the second 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 become valid or effective more than 180 days after such record date.

     Section 9.5. 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 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 9.6. Trustee To Sign Amendments. The Trustee shall sign any amendment authorized pursuant to
this Article IX 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 Sections 7.1 and 7.2) shall be fully protected in relying
upon an Officers’ Certificate and an Opinion of Counsel stating
that the execution of such amendment is authorized
or permitted by this Indenture, that such amendment is the legal, valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, subject to customary exceptions, and that such amendment
complies with the provisions hereof (including Section 9.3).

ARTICLE X

Subordination

     Section 10.1. Securities and Any Guarantees Subordinated to Senior Debt. The Company, any Guarantors and
each Holder of a Security of a series, by his or her acceptance thereof, agree that (a) the payment
of the principal of, premium (if any) and interest on and any Additional Amounts with respect to
each and all the Securities of such series and any related Guarantees and (b) any other payment in
respect of the Securities of such series and any related Guarantees, including on account of the
acquisition or redemption of Securities of such series by the Company or any Guarantors, as the
case may be, is subordinated, to the extent and in the manner provided in this Article X,
to the prior payment in full of all Senior Debt of the Company, whether outstanding at the date of
this Indenture or thereafter created, incurred, assumed or guaranteed, and that these subordination
provisions are for the benefit of the holders of Senior Debt of the Company.

     Each Holder of a Security, by his or her acceptance thereof, acknowledges and agrees that the
provisions of this Article X are, and are intended to be, an inducement and a consideration
to all Persons who, in reliance on such provisions, become holders of, or continue to hold, Senior
Debt of the Company, and such provisions are made for the benefit of the holders of Senior Debt of
the Company, and those holders are made obligees hereunder, and any one or more of them may enforce
such provisions.

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     Section 10.2. No Payment on Securities in Certain Circumstances.

     (a) Unless otherwise specified with respect to Securities of a series as contemplated
by Section 2.1, no payment shall be made by or on behalf of the Company or any
Guarantors, as the case may be, on account of the principal of, premium (if any) or interest
on or any Additional Amounts with respect to the Securities of any series or any related
Guarantees or to acquire any of those Securities (including any repurchases of those
Securities pursuant to the provisions thereof at the option of the Holder of those
Securities) for cash or property (other than Junior securities of the Company), or on
account of any redemption provisions of those Securities, in the event of default in payment
of any principal of, premium (if any) or interest on any Senior Debt of the Company when the
same becomes due and payable, whether at maturity or at a date fixed for prepayment or by
declaration of acceleration or otherwise (a “Payment Default”), unless and until
that Payment Default has been cured or waived or otherwise has ceased to exist.

     (b) Unless otherwise specified with respect to Securities of a series as contemplated
by Section 2.1, no payment shall be made by or on behalf of the Company or the
Guarantors, as the case may be, on account of the principal of, premium (if any) or interest
on or any Additional Amounts with respect to the Securities of any series or to acquire any
of those Securities (including any repurchases of those Securities pursuant to the
provisions thereof at the option of the Holder of those Securities) for cash or property
(other than Junior securities of the Company), or on account of the redemption provisions of
those Securities, in the event of any event of default (other than a Payment Default) with
respect to any Designated Senior Debt permitting the holders of that Designated
Senior Debt (or a trustee or other representative on behalf of the holders thereof) to
declare that Designated Senior Debt due and payable prior to the date on which it would
otherwise have become due and payable, on written notice thereof to the Company and the
Trustee (and if such Designated Senior Debt is Indebtedness of a Guarantor, such Guarantor)
by any holders of Designated Senior Debt (or a trustee or other representative on behalf of
the holders thereof) (the “Payment Blocking Notice”), unless and until that event of
default shall have been cured or waived or otherwise has ceased to exist or such Designated
Senior Debt has been discharged or paid in full; provided, that such payments may not be
prevented pursuant to this Section 10.2(b) for more than 179 days after an
applicable Payment Blocking Notice has been received by the Trustee unless the Designated
Senior Debt in respect of which that event of default exists has been declared due and
payable in its entirety, in which case no such payment may be made until that acceleration
has been rescinded or annulled or that Designated Senior Debt has been paid in full. Unless
otherwise specified with respect to Securities of a series as contemplated by Section
2.1, no event of default that existed or was continuing on the date of any Payment
Blocking Notice (whether or not that event of default is on the same issue of Designated
Senior Debt) may be made the basis for the giving of a second Payment Blocking Notice, and
only one such Payment Blocking Notice may be given in any period of 365 consecutive days.

     (c) In furtherance of the provisions of Section 10.1, in the event that,
notwithstanding the foregoing provisions of this Section 10.2, any payment or

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distribution of assets of the Company or any Guarantors, as the case may be (other than
Junior securities of the Company) shall be received by the Trustee or the Holders of the
Securities of any series and any related Guarantees or any Paying Agent with respect thereto
at a time when that payment or distribution was prohibited by the provisions of this
Section 10.2, then, unless that payment or distribution is no longer prohibited by
this Section 10.2, that payment or distribution (subject to the provisions of
Section 10.7) shall be received and held in trust by the Trustee or such Holders or
Paying Agent for the benefit of the holders of Senior Debt of the Company, and shall be paid
or delivered by the Trustee or such Holders or Paying Agent, as the case may be, to the
holders of Senior Debt of the Company remaining unpaid or unprovided for or their
representative or representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing that Senior Debt of the Company may have been
issued, ratably, according to the aggregate amounts remaining unpaid on account of that
Senior Debt of the Company held or represented by each, for application to the payment of
all Senior Debt of the Company in full after giving effect to all concurrent payments and
distributions to or for the holders of that Senior Debt.

     Section 10.3. Securities and Any Guarantees Subordinated to Prior Payment of All Senior Debt on Dissolution,
Liquidation or Reorganization. Upon any distribution of assets of the Company or any
Guarantors, as the case may be, or upon any dissolution, winding up, total or partial liquidation
or reorganization of the Company or any Guarantors, as the case may be, whether voluntary or
involuntary, in bankruptcy, insolvency, receivership or similar proceeding or upon assignment for
the benefit of creditors:

     (a) the holders of all Senior Debt of the Company shall first be entitled to receive
payments in full before the Holders of Securities of any series and any related Guarantees
are entitled to receive any payment (other than in the form of Junior securities of the
Company) on account of the principal of, premium (if any) or interest on or any Additional
Amounts with respect to those Securities and any related Guarantees (other than Junior
securities);

     (b) any payment or distribution of assets of the Company or any Guarantors, as the case
may be, of any kind or character, whether in cash, property or securities (other than Junior
securities of the Company), to which the Holders of Securities of any series and any related
Guarantees or the Trustee on behalf of those Holders would be entitled, except for the
provisions of this Article X, shall be paid by the liquidating trustee or agent or
other Person making such a payment or distribution directly to the holders of that Senior
Debt or their representative, ratably according to the respective amounts of Senior Debt
held or represented by each, to the extent necessary to make payment in full of all that
Senior Debt remaining unpaid after giving effect to all concurrent payments and
distributions to the holders of that Senior Debt; and

     (c) in the event that, notwithstanding the foregoing, any payment or distribution of
assets of the Company or any Guarantors, as the case may be, of any kind or character,
whether in cash, property or securities (other than Junior securities), shall be received by
the Trustee or the Holders of Securities of any series and any related Guarantees or any
Paying Agent with respect thereto (or, if the Company, any Guarantor

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or any other Subsidiary
is acting as its own Paying Agent, money for any such payment or distribution shall be
segregated or held in trust) on account of the principal of, premium (if any) or interest on
or any Additional Amounts with respect to the Securities of that series and any related
Guarantees before all Senior Debt of the Company is paid in full, that payment or
distribution (subject to the provisions of Section 10.7) shall be received and held
in trust by the Trustee or such Holder or Paying Agent for the benefit of the holders of
that Senior Debt, or their respective representatives, ratably according to the respective
amounts of that Senior Debt held or represented by each, to the extent necessary to make
payment as provided herein of all that Senior Debt remaining unpaid after giving effect to
all concurrent payments and distributions and all provisions therefor to or for the holders
of that Senior Debt, but only to the extent that as to any holder of that Senior Debt, as
promptly as practical following notice from the Trustee to the holders of that Senior Debt
that such prohibited payment has been received by the Trustee, Holder(s) or Paying Agent (or
has been segregated as provided above), that holder (or a representative therefor) notifies
the Trustee of the amounts then due and owing on that Senior Debt, if any, held by that
holder, and only the amounts specified in those notices to the Trustee shall be paid to the
holders of that Senior Debt.

     Section 10.4. Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all
Senior Debt of the Company as provided herein, the Holders of the Securities of any series and any
related Guarantees shall be subrogated (to the extent of the payments or distributions made to the
holders of that Senior Debt pursuant to the provisions of this Article X) to the rights of
the holders of that Senior Debt to receive payments
or distributions of assets of the Company or any Guarantors, as the case may be, applicable to that
Senior Debt until all amounts owing on the Securities shall be paid in full. For the purpose of
that subrogation, no such payments or distributions to the holders of that Senior Debt by the
Company, or by or on behalf of the Holders of the Securities of such series and any related
Guarantees by virtue of this Article X, which otherwise would have been made to those
Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the
Company and those Holders, be deemed to be payment by the Company or any Guarantors, as the case
may be, or on account of that Senior Debt, it being understood that the provisions of this
Article X are and are intended solely for the purpose of defining the relative rights of
the Holders of the Securities of any series and any related Guarantees, on the one hand, and the
holders of that Senior Debt, on the other hand.

     If any payment or distribution to which the Holders of the Securities and any related
Guarantees would otherwise have been entitled but for the provisions of this Article X
shall have been applied, pursuant to the provisions of this Article X, to the payment of
amounts payable under Senior Debt of the Company, then those Holders shall be entitled to receive
from the holders of that Senior Debt any payments or distributions received by those holders of
Senior Debt of the Company in excess of the amount sufficient to pay all amounts payable under or
in respect of that Senior Debt in full.

     Section 10.5. Obligations of the Company and Any Guarantors Unconditional. Nothing contained in this
Article X or elsewhere in this Indenture or in the Securities is intended to or shall
impair, as between the Company, any Guarantors, as the case may be, and the Holders of the
Securities of any series and any related Guarantees, the obligation of the Company or any

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Guarantors, as the case may be, which is absolute and unconditional, to pay to those Holders the
principal of, premium (if any) and interest on and any Additional Amounts with respect to the
Securities of that series and any related Guarantees as and when the same shall become due and
payable in accordance with their terms, or is intended to or shall affect the relative rights of
those Holders and creditors of the Company or any Guarantors, as the case may be, other than the
holders of Senior Debt of the Company, nor shall anything herein or therein prevent the Trustee or
any Holder from exercising all remedies otherwise permitted by applicable law on default under this
Indenture, subject to the rights, if any, under this Article X, of the holders of Senior
Debt of the Company in respect of cash, property or securities of the Company or any Guarantors, as
the case may be, received on the exercise of any such remedy. Notwithstanding anything to the
contrary in this Article X or elsewhere in this Indenture or in the Securities, on any
distribution of assets of the Company or any Guarantors, as the case may be, referred to in this
Article X, the Trustee, subject to the provisions of Sections 7.1 and 7.2,
and the Holders of the Securities shall be entitled to rely on any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or
other Person making any distribution to the Trustee or to those Holders for the purpose of
ascertaining the Persons entitled to participate in that distribution, the holders of Senior Debt
of the Company and other Debt of the Company or any Guarantors, as the case may be, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article X so long as that court has been apprised of the
provisions of, or the order, decree or certificate makes reference to, the provisions of this
Article X.

     Section 10.6. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice. The Trustee shall
not at any time be charged with knowledge of the existence of any facts that would prohibit the
making of any payment to or by the Trustee unless and until a Responsible Officer of the Trustee or
any Paying Agent shall have received, no later than two Business Days prior to that payment,
written notice thereof from the Company or any Guarantors, as the case may be, or from one or more
holders of Senior Debt of the Company or from any representative therefor and, prior to the receipt
of any such written notice, the Trustee, subject to the provisions of Sections 7.1 and 7.2,
shall be entitled in all respects conclusively to assume that no such fact exists.

     Section 10.7. Application by Trustee of Amounts Deposited with It. Amounts deposited in trust with the
Trustee pursuant to and in accordance with Article VIII shall be for the sole benefit of
Holders of the Securities of the series and any related Guarantees for the benefit of which those
amounts were deposited, and, to the extent allocated for the payment of Securities of that series
and any related Guarantees, shall not be subject to the subordination provisions of this
Article X. Otherwise, any deposit of assets with the Trustee or the Paying Agent (whether
or not in trust) for the payment of principal of, premium (if any) or interest on or any Additional
Amounts with respect to any Securities of any series and any related Guarantees shall be subject to
the provisions of Sections 10.1, 10.2, 10.3 and 10.4; provided that if prior to two
Business Days preceding the date on which by the terms of this Indenture any such assets may become
distributable for any purpose (including, without limitation, the payment of either principal of,
premium (if any) or interest on or any Additional Amounts with respect to any Security and any
related Guarantees), the Trustee or such Paying Agent shall not have received with respect to those
assets the written notice provided for in Section 10.6, then the Trustee or such Paying

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Agent shall have full power and authority to receive those assets and to apply the same to the
purpose for which they were received, and shall not be affected by any notice to the contrary that
may be received by it on or after that date; and provided further that nothing contained in this
Article X shall prevent the Company or any Guarantors, as the case may be, from making, or
the Trustee from receiving or applying, any payment in connection with the redemption of Securities
if the first publication of notice of that redemption (whether by mail or otherwise in accordance
with this Indenture) has been made, and the Trustee has received that payment from the Company or
any Guarantors, as the case may be, prior to the occurrence of any of the contingencies specified
in Section 10.2 or 10.3.

     Section 10.8. Subordination Rights Not Impaired by Acts or Omissions of the Company, Any Guarantors or
Holders of Senior Debt. No right of any present or future holders of any Senior Debt of the
Company to enforce the subordination provisions contained in this Article X shall at any
time in any way be prejudiced or impaired by any act or failure to act on the part of the Company
or any Guarantors, as the case may be, or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Company or any Guarantors, as the case may be, with the
terms of this Indenture, regardless of any knowledge thereof that any such holder may have or be
otherwise charged with. The holders of Senior Debt of the Company may extend, renew, modify or
amend the terms of the Senior Debt or any security therefor and release, sell or exchange that
security
and otherwise deal freely with the Company or any Guarantors, as the case may be, all without
affecting the liabilities and obligations of the parties to this Indenture or the Holders of the
Securities or any Guarantors, as the case may be.

     Section 10.9. Trustee to Effectuate Subordination of Securities. Each Holder of a Security of any series
and any related Guarantees by his acceptance thereof authorizes and expressly directs the Trustee
on his behalf to take such action as may be necessary or appropriate to effectuate the
subordination provisions contained in this Article X and to protect the rights of the
Holders of the Securities of such series and any related Guarantees pursuant to this Indenture, and
appoints the Trustee his attorney-in-fact for that purpose, including, in the event of any
dissolution, winding up, liquidation or reorganization of the Company or any Guarantors, as the
case may be, (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment
for the benefit of creditors of the Company or any Guarantors, as the case may be), the filing of a
claim for the unpaid balance of his Securities and any related Guarantees in the form required in
said proceedings and cause said claim to be approved. If the Trustee does not file a proper claim
or proof of debt in the form required in that proceeding prior to 30 days before the expiration of
the time to file such claim or claims, then the holders of Senior Debt of the Company or their
representative is hereby authorized to have the right to file and is hereby authorized to file an
appropriate claim for and on behalf of the Holders of said Securities and any related Guarantees.
Nothing herein contained shall be deemed to authorize the Trustee or the holders of Senior Debt of
the Company or their representative to authorize or consent to or accept or adopt on behalf of any
Holder of Securities of any series and any related Guarantees any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of such series and any related
Guarantees or the rights of any Holder thereof, or to authorize the Trustee or the holders of
Senior Debt of the Company or their representative to vote in respect of the claim of any Holder of
the Securities in any such proceeding.

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     Section 10.10. Right of Trustee to Hold Senior Debt. The Trustee in its individual capacity shall be
entitled to all of the rights set forth in this Article X in respect of any Senior Debt of
the Company at any time held by it to the same extent as any other holder of Senior Debt of the
Company, and nothing in this Indenture shall be construed to deprive the Trustee of any of its
rights as such holder.

     Section 10.11. Article X Not to Prevent Events of Default. The failure to make a payment on account of
principal of or premium (if any) or interest on or any Additional Amounts with respect to the
Securities of any series and any related Guarantees by reason of any provision of this
Article X shall not be construed as preventing the occurrence of a Default or an Event of
Default under Section 6.1 with respect to Securities of such series and any related
Guarantees or in any way prevent the Holders of the Securities of any series and any related
Guarantees from exercising any right hereunder other than the right to receive payment on the
Securities of any series and any related Guarantees.

     Section 10.12. No Fiduciary Duty of Trustee to Holders of Senior Debt. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the
Company, and shall not be liable to any of those holders (other than for its willful misconduct or
gross negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of the
Securities of any series and any related Guarantees or the Company or any Guarantors, as the case
may be, or any other Person, cash, property or securities to which any holders of Senior Debt of
the Company shall be entitled by virtue of this Article X or otherwise. Nothing in this
Section 10.12 shall affect the obligation of any other such Person to hold that payment for
the benefit of, and to pay that payment over to, the holders of Senior Debt of the Company or their
representative.

     Section 10.13. Article Applicable to Paying Agent. In case at any time any Paying Agent other than the
Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article X shall in that case (unless the context shall otherwise require)
be construed as extending to and including that Paying Agent within its meaning as fully for all
intents and purposes as if that Paying Agent were named in this Article in addition to or in place
of the Trustee; provided, however, that this Section 10.13 shall not apply to the Company,
any Guarantor or any other Subsidiary of the Company if it or that Affiliate acts as Paying Agent.

ARTICLE XI

Securities Guarantee

     Section 11.1. Securities Guarantee. Securities of any series that are to be guaranteed by the Securities
Guarantees of any Guarantors shall be guaranteed by such Guarantors as shall be established
pursuant to Section 2.1 as Guarantors with respect to the Securities of such series;
provided that, prior to the authentication and delivery upon original issuance of Securities of any
series that are to be guaranteed by a Person, the Company, the Trustee and such Person shall have
entered into a supplemental indenture pursuant to Section 9.1(10) hereof whereby such
Person shall have executed a Securities Guarantee under this Indenture with respect to any series
of Securities as to which such Person has been so established pursuant to Section 2.1 as a

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Guarantor thereof and shall have made each of the covenants and agreements of a Guarantor hereunder
with respect to each such series.

     Securities of any series that are to be guaranteed by the Securities Guarantees of any
Guarantors shall be guaranteed in accordance with the terms of such Securities Guarantees as
established pursuant to Section 2.1 with respect to such series of Securities and such
Securities Guarantees thereof and (except as otherwise specified as contemplated by Section
2.1 for such series of Securities and such Securities Guarantees thereof) in accordance with
this Article X. Notwithstanding any provision of this Article XI to the contrary,
the provisions of this Article XI relating to any Guarantor shall (i) be applicable only
to, and inure solely to the benefit of, the Securities of any series designated, pursuant to
Section 2.1, as entitled to the benefits of the related Securities Guarantee of such
Guarantor with respect to such series and (ii) so be
applicable, and inure to the benefit of, the Securities of such series except to the extent
otherwise provided as contemplated by Section 2.1 with respect to the Securities of such
series.

     Any Guarantor shall fully, unconditionally and irrevocably guarantee, as primary obligor and
not merely as surety, jointly and severally with any other Guarantor, to each Holder of the
Securities and the Trustee the full and punctual payment when due, whether at maturity, by
acceleration, by redemption or otherwise, of the principal of, premium, if any, interest and
Additional Amounts, if any, on the Securities and all other monetary Obligations of the Company
under this Indenture. Any Guarantor shall further agree (to the extent permitted by law) that the
Obligations may be extended or renewed, in whole or in part, without notice or further assent from
it, and that it will remain bound under this Article XI notwithstanding any extension or
renewal of any Obligation.

     Any Guarantor shall waive presentation to, demand of payment from and protest to the Company
of any of the Obligations and also shall waive notice of protest for nonpayment. Any Guarantor
shall waive notice of any default under the Securities or the Obligations. The obligations of any
Guarantor shall not be affected by (a) the failure of any Holder to assert any claim or demand or
to enforce any right or remedy against the Company or any other Person under this Indenture, the
Securities or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c)
any rescission, waiver, amendment or modification of any of the terms or provisions of this
Indenture, the Securities or any other agreement; (d) the release of any Security held by any
Holder or the Trustee for the Obligations of any of them; (e) the failure of any Holder to exercise
any right or remedy against any other Guarantor; or (f) any change in the ownership of the Company.

     Any Guarantor shall further agree that its Security Guarantee constitutes a Guarantee of
payment when due (and not a Guarantee of collection) and shall waive any right to require that any
resort be had by any Holder to any Security held for payment of the Obligations.

     Except as expressly set forth in Article VIII and Section 11.3, the
obligations of each Guarantor shall not be subject to any reduction, limitation, impairment or
termination for any reason (other than payment of the Obligations in full), including any claim of
waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of
setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity,
illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of
the

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foregoing, the obligations of each Guarantor shall not be discharged or impaired or otherwise
affected by the failure of the Trustee or any Holder to assert any claim or demand or to enforce
any remedy under this Indenture, the Securities or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the Obligations, or by any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or
would otherwise operate as a discharge of such Guarantor as a matter of law or equity.

     Each Guarantor shall further agree that its Security Guarantee shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of
or interest or Additional Amounts, if any, on any of the Obligations is rescinded or
must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Company
or otherwise.

     In furtherance of the foregoing and not in limitation of any other right which any Holder has
at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay
any of the Obligations when and as the same shall become due, whether at maturity, by acceleration,
by redemption or otherwise, each Guarantor shall, upon receipt of written demand by the Trustee,
forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of (i) the
unpaid amount of such Obligations then due and owing and (ii) accrued and unpaid interest on such
Obligations then due and owing (but only to the extent not prohibited by law) and except as
provided in Section 11.3.

     Each Guarantor shall further agree that, as between such Guarantor, on the one hand, and the
Holders, on the other hand, (x) the maturity of the Obligations Guaranteed may be accelerated as
provided in this Indenture for the purposes of its Security Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Obligations
Guaranteed and (y) in the event of any such declaration of acceleration of such Obligations, such
Obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantor for the purposes of the Security Guarantee.

     Each Guarantor also shall agree to pay any and all reasonable costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under
this Section 11.1.

     Section 11.2. Execution and Delivery of Securities Guarantees; Notations of Guarantees. The Securities
Guarantee of any Guarantor with respect to Securities of any series as to which such Guarantor has
been established as a Guarantor pursuant to Section 2.1 shall be fully evidenced by such
Guarantor’s execution and delivery of a supplemental indenture hereto. Anything herein to the
contrary notwithstanding, there shall be no requirement that any Security having the benefit of a
Securities Guarantee have endorsed thereon or attached thereto such Securities Guarantee or a
notation of such Securities Guarantee. Solely with respect to Securities of any series that are
entitled to the benefits of any Securities Guarantee of any Guarantor and as to which Notations of
Guarantee are to be included on such Securities as designated pursuant to Section 2.1(9),
to further evidence its Securities Guarantee set forth in Section 11.1 or otherwise
established pursuant hereto with respect to Securities of such series, each of the Guarantors with
respect to Securities of any series shall agree that a notation relating to such Securities
Guarantee

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(the “Notation of Guarantee”), substantially in the form attached hereto as Annex
A, shall be endorsed on each Security of such series entitled to the benefits of such Securities
Guarantee authenticated and delivered by the Trustee, which Notation of Guarantee shall be executed
by either manual or facsimile signature of an Officer of such Guarantor. Each of the Guarantors
with respect to Securities of any series shall agree that its Securities Guarantee set forth in
Section 11.1 or otherwise established pursuant hereto with respect to Securities of such
series shall remain in full force and effect notwithstanding any absence of Notations of Guarantees
as to such series or any failure to endorse on any Security the Notation of Guarantee relating to
such Securities Guarantee. If any Officer of any Guarantor with respect to Securities of any
series, whose signature is on the Notation of Guarantee on any Security of such series, no longer
holds
that office at the time the Trustee authenticates any Security or at any time thereafter, the
Securities Guarantee of such Security shall be valid nevertheless. The delivery of any Security of
a series entitled to the benefits of a Securities Guarantee under this Article XI or
otherwise established pursuant hereto by the Trustee, after the authentication thereof hereunder,
shall constitute due delivery of such Securities Guarantee on behalf of each Guarantor.

     Section 11.3. Limitation on Liability; Termination, Release and Discharge.

     (a) The obligations of any Guarantor will be limited to the maximum amount as will,
after giving effect to all other contingent and fixed liabilities of such Guarantor and
after giving effect to any collections from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under its Security Guarantee
or pursuant to its contribution obligations under this Indenture, result in the obligations
of such Guarantor under its Security Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under federal or state law.

     (b) The Security Guarantee of a Guarantor shall be automatically and unconditionally
released and discharged, without the consent of the Holders, and no further action by the
Company, any Guarantor or the Trustee shall be required for such release (unless the Company
shall notify the Trustee that no release and discharge shall occur as a result thereof)
upon:

     (1) the sale or other disposition (including by way of consolidation or merger)
of such Guarantor to a Person other than the Company or any Subsidiary of the
Company as permitted by this Indenture; or

     (2) upon Legal Defeasance or Covenant Defeasance as provided in Article
VIII or upon satisfaction and discharge of this Indenture as provided in
Article XI.

     (c) Any Guarantor not released from its obligations under its Security Guarantee shall
remain liable for the full amount of principal of and interest on the Securities and for the
other obligations of any Guarantor as provided in this Article X.

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     Section 11.4. Limitation of Guarantors’ Liability. Any Guarantor, and by its acceptance thereof each
Holder, shall confirm that it is the intention of all such parties that the Guarantee by such
Guarantor pursuant to its Security Guarantee not constitute a fraudulent transfer or conveyance for
purposes of the Federal Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing
intention, the Holders and each Guarantor shall irrevocably agree that the obligations of such
Guarantor under its Security Guarantee will be limited to the maximum amount as will, after giving
effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to
any collections from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Security Guarantee or pursuant to Section
11.5 hereof, result in the obligations of such Guarantor under its Security Guarantee not
constituting such a fraudulent conveyance or fraudulent transfer. This Section 11.4 is for
the benefit of the creditors of each Guarantor.

     Section 11.5. Contribution. In order to provide for just and equitable contribution among the
Guarantors, the Guarantors agree that in the event any payment or distribution is made by any
Guarantor (a “Funding Guarantor”) under its Security Guarantee, such Funding Guarantor will
be entitled to a contribution from each other Guarantor (if any) in a pro rata amount based on the
Adjusted Net Assets of each Guarantor (including the Funding Guarantor) for all payments, damages
and expenses incurred by that Funding Guarantor in discharging the Company’s obligations with
respect to the Securities or any other Guarantor’s obligations with respect to its Security
Guarantee.

     Section 11.6 Guarantors May Consolidate, etc., on Certain Terms.

     (a) Except as otherwise provided in Section 11.3 in connection with any release and
discharge of a Guarantor, no Guarantor may consolidate or combine with or merge with or into
(whether or not such Guarantor is the surviving person) or sell or convey all or
substantially all of its assets to another Person whether or not affiliated with such
Guarantor, unless the Person formed by or surviving any such consolidation, combination or
merger or the transferee Person (in each case if other than a Guarantor or the Company)
unconditionally assumes all the obligations of such Guarantor, pursuant to a supplemental
indenture in form and substance reasonably satisfactory to the Trustee.

     In case of any such consolidation, merger, combination, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of such Security Guarantee and the due and
punctual performance of all of the covenants and conditions of this Indenture to be
performed by the Guarantor, such successor Person shall become a Guarantor (and succeed to
and be substituted for the predecessor to the extent of any release and discharge of such
predecessor pursuant to Section 11.3).

     (b) Notwithstanding clause (a) above, nothing contained in this Indenture or in any of
the Securities shall prevent any consolidation, combination or merger of a Guarantor with or
into the Company or another Guarantor, or shall prevent any sale or conveyance of all or
substantially all of the assets of a Guarantor to the Company or another Guarantor.

ARTICLE XII

Satisfaction and Discharge

     Section 12.1. Satisfaction and Discharge. This Indenture will be discharged and will cease to be of
further effect as to all Securities of any series issued hereunder (except as to surviving rights
of registration of transfer or exchange of such Securities and as otherwise specified hereunder),
when:

     (1) either:

     (a) all Securities of such series that have been authenticated, except
lost, stolen or destroyed Securities that have been replaced or paid

62

 

and Securities of such series for whose payment money has been deposited in
trust and thereafter repaid to the Company, have been delivered to the
Trustee for cancellation; or

     (b) all Securities of such series that have not been delivered to the
Trustee for cancellation have become due and payable or will become due and
payable within one year by reason of the mailing of a notice of redemption
or otherwise and the Company or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders of Securities of such series, cash in U.S.
dollars, non-callable Government Securities, or a combination of cash in
U.S. dollars and non-callable Government Securities, in amounts as will be
sufficient without consideration of any reinvestment of interest, to pay and
discharge the entire indebtedness on such Securities not delivered to the
Trustee for cancellation for principal, premium, if any, and accrued
interest and Additional Amounts, if any, to the date of maturity or
redemption;

     (2) no Default or Event of Default with respect to such series has occurred and
is continuing on the date of the deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit
will not result in a breach or violation of, or constitute a default under, any
other instrument to which the Company or any of its Subsidiaries is a party or by
which the Company or any of its Subsidiaries is bound;

     (3) the Company or any Guarantor has paid or caused to be paid all sums payable
by it hereunder with respect to such series;

     (4) the Company has delivered irrevocable instructions to the Trustee hereunder
to apply the deposited money toward the payment of such Securities at fixed maturity
or the Redemption Date, as the case may be; and

     (5) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, which state that all conditions precedent under this Indenture
relating to the satisfaction and discharge of this Indenture with respect to such
series have been satisfied.

ARTICLE XIII

Miscellaneous

     Section 13.1. 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
provision required by the TIA shall control. Any Guarantor in addition to performing its
obligations under its Security Guarantee shall perform such other obligations as may be imposed
upon it with respect to this Indenture under the TIA.

63

 

     Section 13.2. Notices. Any notice or communication shall be in writing and delivered in person, by telecopier or
overnight air courier guaranteeing next day delivery or mailed by first-class mail addressed as
follows:

	 	 	 	 	 
	 

	 	if to the Company:	 	 
	 
	 	 	 	 
	 

	 	Dr Pepper Snapple Group, Inc.

5301 Legacy Drive

Plano, Texas 75024

Attention: General Counsel	 	 
	 
	 	 	 	 
	 

	 	if to the Trustee:	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 

     The Company, any Guarantors or the Trustee by notice to the others may designate additional or
different addresses for subsequent notices or communications.

     Any notice or communication mailed to a registered 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. The Registrar shall provide the Company with
address information with respect to the Holders as promptly as practicable following the Company’s
request therefor. Any notice or communication shall also be mailed to any Person described in TIA
§ 3.13(c), to the extent required by the TIA.

     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 13.3. 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 13.4. 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 (which shall include the statements set forth in
Section 13.5 hereof) 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

64

 

     (2) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in
Section 13.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion as to such matters in one or several documents.

     Any certificate or opinion of an Officer of the Company or any Guarantor may be based, insofar
as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such Officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate or Opinion of Counsel may be based, and may state that
it is so based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an Officer or Officers of the Company or such Guarantor stating that the
information with respect to such factual matters known to the Company or such Guarantor, unless
such counsel knows that the certificate or opinion or representations with respect to such matters
are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

     Section 13.5. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to
compliance with a covenant or condition provided for in this Indenture (except for the Certificate
specified in Section 3.5) 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;

     (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 13.6. When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities of any series
have concurred in any direction, waiver or consent, Securities owned by the Company or by any
Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company shall be disregarded

65

 

and deemed not to be outstanding, except that, for
the purpose of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded.
Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any
such determination.

     Section 13.7. 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 13.8. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which
commercial banking institutions are authorized or required to be closed in New York, New York. 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 regular record date
is a Legal Holiday, the record date shall not be affected.

     Section 13.9. GOVERNING LAW. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     Section 13.10. No Recourse Against Others. No director, manager, officer, employee, incorporator, member,
partner, stockholder or other owner of Capital Stock of the Company or any Guarantor, as such, will
have any liability for any obligations of the Company or any Guarantor under the Securities, this
Indenture or the Security Guarantees or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each Holder of Securities by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for issuance of
the Securities.

     Section 13.11. 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 13.12. 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 is enough to prove this Indenture.

     Section 13.13. Severability. In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

     Section 13.14. No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or any Subsidiary or any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture or the
Security Guarantees.

     Section 13.15. 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.

66

 

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

	 	 	 	 	 
	 	 	DR PEPPER SNAPPLE GROUP, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	[                    ], as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

67

 

ANNEX
A

FORM OF NOTATION OF GUARANTEE

     Each of the Guarantors (which term includes any successor Person under the Indenture) has
fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and
subject to the provisions in the Indenture, the due and punctual payment of the principal of, and
premium, if any, and interest on the Securities and all other amounts due and payable under the
Indenture and the Securities by the Company.

     The obligations of the Guarantors to the Holders of Securities and to the Trustee pursuant to
the Securities Guarantee and the Indenture are expressly set forth in Article XI of the
Indenture and reference is hereby made to the Indenture for the precise terms of the Securities
Guarantee.

	 	 	 	 	 
	 	[NAME OF GUARANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

1exv4w25

EXECUTION COPY

 

 

ITC HOLDINGS CORP.

to

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

(f.k.a. The Bank of New York Trust Company, N.A., as successor to BNY Midwest Trust Company),

as Trustee

 

Fourth Supplemental Indenture

Dated as of December 11, 2009

Supplemental to the Indenture

dated as of July 16, 2003

Establishing a series of Securities designated

5.500% Senior Notes due January 15, 2020

 

 

 

 

     FOURTH SUPPLEMENTAL INDENTURE, dated as of December 11, 2009 (herein called the “Fourth
Supplemental Indenture”), between ITC Holdings Corp., a corporation duly organized and existing
under the laws of the State of Michigan (hereinafter called the “Company”), and The Bank of New
York Mellon Trust Company, N.A. (f.k.a. The Bank of New York Trust Company, N.A., as successor to
BNY Midwest Trust Company), as Trustee under the Original Indenture referred to below (hereinafter
called the “Trustee”).

WITNESSETH:

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated
as of July 16, 2003 (herein called the “Original Indenture”), to provide for the issuance from time
to time in one or more series of its debentures, notes, bonds or other evidences of indebtedness
(herein called the “Securities”), the form and terms of which are to be established as set forth in
Sections 2.1 and 3.1 of the Original Indenture;

     WHEREAS, the Company has heretofore executed and delivered the First Supplemental Indenture on
July 16, 2003 and has issued $267,000,000 aggregate principal amount of 5.25% Senior Notes due July
15, 2013 thereunder;

     WHEREAS, the Company has heretofore executed and delivered the Second Supplemental Indenture
on October 10, 2006 and has issued (i) $255,000,000 aggregate principal amount of 5.875% Senior
Notes due 2016 and (ii) $255,000,000 aggregate principal amount of 6.375% Senior Notes due 2036
thereunder.

     WHEREAS, the Company has heretofore executed and delivered the Third Supplemental Indenture on
January 24, 2008 and has issued $385,000,000 aggregate principal amount of 6.050% Senior Notes due
January 31, 2018 thereunder;

     WHEREAS, Section 9.1 of the Original Indenture provides, among other things, that the Company
and the Trustee may enter into indentures supplemental to the Original Indenture to, among other
things, establish the form and terms of the Securities of any series as permitted in Sections 2.1
and 3.1 of the Original Indenture;

     WHEREAS, the Company desires to create a series of the Securities in an aggregate principal
amount of $200,000,000 to be designated the “5.500% Senior Notes due 2020,” (herein called the
“Senior Notes”) and all action on the part of the Company necessary to authorize the issuance of
the Senior Notes under the Original Indenture and this Fourth Supplemental Indenture has been duly
taken;

     WHEREAS, the Company desires to issue the Senior Notes in accordance with Section 2.3 of this
Fourth Supplemental Indenture and treat the Senior Notes as a single series of Securities for all
purposes, as amended or supplemented from time to time in accordance with the terms of this Fourth
Supplemental Indenture and the Original Indenture; and

     WHEREAS, all acts and things necessary to make the Senior Notes, when executed by the Company
and completed, authenticated and delivered by the Trustee as provided in the Original Indenture and
this Fourth Supplemental Indenture, the valid and binding obligations of

 

 

the Company and to constitute these presents a valid and binding supplemental indenture and
agreement according to its terms, have been done and performed.

     NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH:

     That in consideration of the premises and of the acceptance and purchase of the Senior Notes
by the holders thereof and of the acceptance of this trust by the Trustee, the Company covenants
and agrees with the Trustee, for the equal benefit of holders of the Senior Notes, as follows:

ARTICLE ONE

DEFINITIONS

     Except to the extent such terms are otherwise defined in this Fourth Supplemental Indenture or
the context clearly requires otherwise, all terms used in this Fourth Supplemental Indenture which
are defined in the Original Indenture or the form of Senior Note attached hereto as Exhibit
A, have the meanings assigned to them therein.

     In addition, as used in this Fourth Supplemental Indenture, the following terms have the
following meanings:

     “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using
a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such redemption date, plus 0.35%.

     “Agent Member” has the meaning given to such term in Section 2.8(a) hereof.

     “Capitalized Lease Obligation” means, as to any Person, the obligations of such Person under a
lease that are required to be classified and accounted for as capital lease obligations under
generally accepted accounting principles (but excluding any amounts required to be paid by such
Person (regardless of whether designated as rents or additional rents) on account of maintenance,
repairs, insurance, taxes and similar charges) and, for purposes of this definition, the amount of
such obligations at any date shall be the capitalized amount of such obligations at such date,
determined in accordance with generally accepted accounting principles as in effect as of the date
hereof.

     “Clearstream” has the meaning given to such term in Section 2.2(d) hereof.

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

2

 

     “Comparable Treasury Price” means, with respect to any redemption date (i) the average of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) on the third business day preceding such redemption date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities,” or (ii) if
such release (or any successor release) is not published or does not contain such prices on such
business day, (A) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the
Company obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations.

     “Definitive Securities” has the meaning given to such term in Section 2.2(e) hereof.

     “Depositary” means DTC, together with any Person succeeding thereto by merger, consolidation
or acquisition of all or substantially all of its assets, including substantially all of its
securities payment and transfer operations.

     “Distribution Compliance Period” has the meaning given to such term in Section 2.2(d) hereof.

     “DTC” means The Depository Trust Company, a New York corporation, having a principal office at
55 Water Street, New York, New York 10041-0099.

     “Euroclear” has the meaning given to such term in Section 2.2(d) hereof.

     “Global Securities” has the meaning given to such term in Section 2.2(d) hereof.

     “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company.

     “Initial Purchasers” means Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc.

     “Issue Date” means December 11, 2009, the date on which the Senior Notes are originally issued
under this Fourth Supplemental Indenture.

     “Make-Whole Price” has the meaning given to such term in Article Three hereof.

     “Non-U.S. Person” has the meaning assigned to such term in Regulation S.

     “QIBs” has the meaning given to such term in Section 2.2(b) hereof.

     “Reference Treasury Dealer” means each of Credit Suisse Securities (USA) LLC and J.P. Morgan
Securities Inc., and their respective successors; provided, however, that if any of the foregoing
is not a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”),
the Company will appoint another Primary Treasury Dealer as a substitute.

3

 

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Company of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third
business day next preceding such redemption date.

     “Regulation S” means Regulation S promulgated under the Securities Act, as amended.

     “Regulation S Definitive Security” has the meaning given to such term in Section 2.8(g)
hereof.

     “Regulation S Global Security” has the meaning given to such term in Section 2.2(d) hereof.

     “Regulation S Securities” means Securities offered and sold as part of their initial
distribution to persons outside the United States in accordance with Regulation S under the
Securities Act.

     “Restricted Global Security” has the meaning given to such term in Section 2.2(c) hereof.

     “Restricted Legend” has the meaning given to such term in Section 2.6(a) hereof.

     “Restricted Securities” has the meaning given to such term in Section 2.6(a) hereof.

     “Revolving Credit Agreement” means the Revolving Credit Agreement, dated as of March 29, 2007,
among ITC Holdings Corp., as the borrower, various financial institutions and other persons from
time to time parties thereto, as the lenders, JPMorgan Chase Bank, N.A. as the administrative
agent, as the same may be further amended, supplemented, refinanced, refunded, replaced or
otherwise modified and in effect from time to time including any successor or replacement agreement
whether by the same or any other agent, lender or group of lenders.

     “Rule 144A” means Rule 144A under the Securities Act, as may be amended.

     “Rule 144A Definitive Securities” has the meaning given to such term in Section 2.8(b) hereof.

     “Senior Notes” has the meaning given to such term in the preamble hereof.

ARTICLE TWO

TERMS AND ISSUANCE OF THE SENIOR NOTES

     Section 2.1. Issue of Senior Notes. A series of Securities which shall be designated the
5.500% Senior Notes due 2020 shall be executed, authenticated and delivered in accordance with the
provisions of, and shall in all respects be subject to, the terms, conditions and covenants of, the
Original Indenture and this Fourth Supplemental Indenture (including the form of Senior Notes set
forth hereto as Exhibit A). The aggregate principal amount of Senior Notes which may

4

 

be authenticated and delivered under this Fourth Supplemental Indenture shall not, except as
permitted by the provisions of the Original Indenture, initially exceed $200,000,000; provided that
the Company may from time to time or at any time, without the consent of the Holders of the Senior
Notes, issue additional Senior Notes, which additional Senior Notes shall increase the aggregate
principal amount of, and shall be consolidated and form a single series with, the Senior Notes.

     Section 2.2. Form of Senior Notes; Incorporation of Terms. (a) The Senior Notes issued in
transactions exempt from registration under the Securities Act shall be substantially in the form
of Exhibit A attached hereto. The Senior Notes may have such notations, legends or
endorsements approved as to form by the Company and required, as applicable, by law, stock exchange
or depository rule, agreements to which the Company is subject and/or usage. The terms of the
Senior Notes set forth in Exhibit A are herein incorporated by reference and are part of
the terms of this Fourth Supplemental Indenture.

     (b) The Senior Notes will be offered and sold by the Company pursuant to the terms of a
purchase agreement and will be resold initially only to (i) qualified institutional buyers as
defined in Rule 144A under the Securities Act (“QIBs”) in reliance on Rule 144A and (ii) Non-U.S.
Persons in reliance on Regulation S. Each such purchaser of the Senior Notes so initially resold
will be deemed by their acceptance of the Senior Notes to have represented and agreed as follows:
it (A) (i) is a QIB, (ii) is aware that the sale to it is being made in reliance on Rule 144A and
(iii) is acquiring the Senior Notes for its own account or for the account of a QIB or (B) is not a
U.S. person and is purchasing the Senior Notes in an offshore transaction pursuant to Regulation S.

     (c) The Senior Notes offered and sold in reliance on Rule 144A shall be issued, and will only
be available, in the form of one or more Global Securities substantially in the form of Exhibit
A attached hereto, with such applicable legends as are provided for in Sections 2.6 and 2.8
(each, a “Restricted Global Security”) duly executed by the Company and duly authenticated by the
Trustee as herein provided. The Restricted Global Security shall be in definitive, fully
registered form without coupons and be registered in the name of the Depositary or a nominee of the
Depositary and deposited with the Trustee, at its corporate trust office, as custodian for the
Depositary. The aggregate principal amount of any Restricted Global Security may from time to time
be increased or decreased by adjustments made on the records of the Trustee, as provided in Section
2.9 hereof, which adjustments shall be conclusive as to the aggregate principal amount of any such
Global Security.

     (d) The Senior Notes offered and sold outside the United States in reliance on Regulation S
shall be issued, and will only be available, initially in the form of one or more global Securities
substantially in the form of Exhibit A hereto, with such applicable legends as are provided
for in Section 2.6 (each, a “Regulation S Global Security”) duly executed by the Company and duly
authenticated by the Trustee as herein provided. The Regulation S Global Securities shall be in
definitive, fully registered form without coupons and be registered in the name of the Depositary
or a nominee of the Depositary and deposited with the Trustee, at its corporate trust office, as
custodian for the Depositary, for credit initially and during the Distribution Compliance Period to
the respective accounts of beneficial owners of such Securities (or to such other accounts as they
may direct) at Euroclear System S.A./N.V.

5

 

(“Euroclear”) or Clearstream Banking, société
anonyme (“Clearstream”). As used herein, the term “Distribution Compliance Period”, with
respect to the Regulation S Global Securities offered and sold in reliance on Regulation S, means
the period of 40 consecutive days beginning on and including the later of (i) the day on which the
Securities are first offered to persons other than distributors (as defined in Regulation S) in
reliance on Regulation S and (ii) the Closing Date. The aggregate principal amount of any
Regulation S Global Security may from time to time be increased or decreased by adjustments made on
the records of the Trustee, as provided in Section 2.9 hereof, which adjustments shall be
conclusive as to the aggregate principal amount of any such Global Security. The Restricted Global
Security and Regulation S Global Security are sometimes collectively referred to herein as the
“Global Securities”.

     (e) Senior Notes issued pursuant to Section 2.8(d) in exchange for interests in a Global
Security shall be issued substantially in the form of Exhibit A attached hereto, in
definitive, fully registered form without interest coupons, but shall not bear the legend for
Global Securities in Section 2.8(b) (the “Definitive Securities”). Except as provided herein,
owners of beneficial interests in Global Securities shall not be entitled to physical delivery of
Definitive Securities.

     Section 2.3. Execution and Authentication. The Trustee, upon a Company Order and pursuant to
the terms of the Original Indenture and this Fourth Supplemental Indenture, shall authenticate and
deliver Senior Notes for original issue in an initial aggregate principal amount of $200,000,000.
Such Company Order shall specify the amount of the Senior Notes to be authenticated, the date on
which the original issue of Senior Notes is to be authenticated and the aggregate principal amount
of Senior Notes outstanding on the date of authentication. All of the Senior Notes issued under
this Fourth Supplemental Indenture shall be treated as a single series for all purposes under the
Original Indenture and this Fourth Supplemental Indenture, including, without limitation, waivers,
amendments and offers to purchase.

     Section 2.4. Depositary for Global Securities. The Depositary for the Senior Notes issued
under this Fourth Supplemental Indenture shall be DTC in the City of New York.

     Section 2.5. Place of Payment. The Place of Payment in respect of the Senior Notes will be
at the principal office or agency of the Company in The City of New York, State of New York or at
the office or agency of the Trustee in The City of New York, State of New York, which, at the date
hereof, is located at c/o The Bank of New York Mellon, Trust Services Window, 101 Barclay Street,
New York, NY 10286.

     Section 2.6. Legends.

     (a) All Senior Notes issued pursuant to this Fourth Supplemental Indenture shall be
“Restricted Securities” and shall bear a legend to the following effect (the “Restricted Legend”),
except as permitted by the following paragraphs (b) and (c), as appropriate:

“THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN APPLICABLE EXEMPTION

6

 

THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS
SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY
BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (IV) IN ACCORDANCE WITH ANOTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (BASED UPON AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS) OR (V) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V)
IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B)
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.”

     Each Definitive Security shall bear the following legend on the face thereof:

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITY REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.”

     (b) Upon any sale or transfer of a Restricted Security pursuant to Rule 144 under the
Securities Act, the Depositary shall, subject to approval by the Company and the provisions of
Section 3.5 of the Original Indenture, permit the Holder thereof to request the issuance of a
global Senior Note that does not bear one or more of the legends set forth above and rescind any
restrictions on the transfer of such Restricted Security, if the sale or exchange was made in
reliance on Rule 144 and the Holder certifies to that effect in writing to the Depositary.

     (c) Upon a sale or transfer after the expiration of the Distribution Compliance Period of any
Senior Notes acquired pursuant to Regulation S, all requirements that such Senior Notes bear the
Restricted Legend shall cease to apply (but requirements requiring such Senior Notes to be in
global form and bear the global legend in Section 2.8 shall continue to apply).

7

 

     Section 2.7. Restrictions on Transfer and Exchange of Senior Notes.

     All Senior Notes issued upon any registration of transfer or exchange of Senior Notes shall be
valid obligations of the Company, evidencing the same interest therein, and entitled to the same
benefits under the Original Indenture and this Fourth Supplemental Indenture, as the Senior Notes
surrendered upon such registration of transfer or exchange.

     A Holder may transfer a Senior Note, or request that a Senior Note be exchanged for Senior
Notes in authorized denominations and in an aggregate principal amount equal to the principal
amount of such Senior Note surrendered for exchange of other authorized denominations, by surrender
of such Senior Note to the Trustee with the form of transfer notice thereon duly completed and
executed, and otherwise complying with the terms of the Original Indenture and this Fourth
Supplemental Indenture, including providing evidence of compliance with any restrictions on
transfer, in form satisfactory to the Company, the Trustee and the Security Registrar. No such
transfer shall be effected until, and such transferee shall succeed to the rights of a Holder only
upon, final acceptance and registration of the transfer by the Security Registrar in the Register.
Prior to the registration of any transfer of a Senior Note by a Holder as provided herein, the
Company, the Security Registrar, the Paying Agent and the Trustee shall deem and treat the person
in whose name the Security is registered on the Register as the absolute owner and holder thereof
for the purpose of receiving payment of all amounts payable with respect to such Security and for
all other purposes, and none of the Company, the Security Registrar, the Paying Agent or the
Trustee shall be affected by any notice to the contrary. Furthermore, the Depositary shall, by
acceptance of a Global Security, agree that transfers of beneficial interests in such Global
Security may be effected only through a book-entry system maintained by the Depositary (or its
agent) and that ownership of a beneficial interest in the Senior Notes shall be required to be
reflected in book-entry. When Senior Notes are presented to the Security Registrar with a request
to register the transfer thereof or to exchange them for other authorized denominations of a Senior
Note in a principal amount equal to the aggregate principal amount of Senior Notes surrendered for
exchange, the Security Registrar shall register the transfer or make the exchange as requested if
its requirements for such transactions are met.

     To permit registrations of transfers and exchanges in accordance with the terms, conditions
and restrictions hereof, the Company shall execute, and the Trustee shall authenticate, Senior
Notes at the Security Registrar’s request. No service charge shall be made to a Holder for any
registration of transfer or exchange of Senior Notes, but the Company may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Senior Notes. All Senior Notes surrendered for registration of transfer or
exchange shall be cancelled by the Trustee in accordance with its then customary procedures.

     Section 2.8 Book-Entry Provisions for Restricted Global Securities and Regulation S Global
Securities.

     (a) Members of, or participants in, DTC (“Agent Members”) shall have no rights under the
Original Indenture, this Fourth Supplemental Indenture and the Senior Notes with respect to any
Global Security held on their behalf by DTC, or the Trustee, as its custodian, and DTC may be
treated by the Company, the Trustee and any agent of the Trustee as the absolute

8

 

owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee or any agent of the Trustee from giving
effect to any written certification, proxy or other authorization furnished by DTC or shall impair,
as between DTC and its Agent Members, the operation of customary practices governing the exercise
of the rights of a holder of any Security. Upon the issuance of any Global Security, the Security
Registrar or its duly appointed agent shall record DTC as the registered holder of such Global
Security.

     (b) Transfers of any Global Security shall be limited to transfers of such Restricted Global
Security or Regulation S Global Security in whole, but not in part, to DTC. Beneficial interests
in the Restricted Global Security and any Regulation S Global Security may be transferred in
accordance with the rules and procedures of DTC and the provisions of Section 2.9. Beneficial
interests in a Restricted Global Security or a Regulation S Global Security shall be delivered to
all beneficial owners thereof in the form of Rule 144A Definitive Securities (“Rule 144A Definitive
Securities”) or Regulation S Definitive Securities (“Regulation S Definitive Securities”), as the
case may be, if (i) DTC notifies the Trustee that it is unwilling or unable to continue as
depositary for such Restricted Global Security or Regulation S Global Security, as the case may be,
and a successor depositary is not appointed by the Company within 90 days of such notice and (ii)
after the occurrence and during the continuance of an Event of Default, owners of beneficial
interests in a Global Security with a principal amount aggregating not less than a majority of the
outstanding principal amount of the Global Security advise the Trustee, the Company and DTC through
Agent Members in writing that the continuation of a book-entry system through DTC is no longer in
their best interests.

     (d) Any beneficial interest in one of the Global Securities that is transferred to a Person
who takes delivery in the form of an interest in another Global Security will, upon such transfer,
cease to be an interest in such Global Security and become an interest in the other Global Security
and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Security for as long as it
remains such an interest.

     (e) In connection with the transfer of an entire Restricted Global Security or an entire
Regulation S Global Security to the beneficial owners thereof pursuant to paragraph (b) of this
Section 2.8, such Restricted Global Security or Regulation S Global Security, as the case may be,
shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute,
and the Trustee shall authenticate, to each beneficial owner identified by DTC in exchange for its
beneficial interest in such Restricted Global Security or Regulation S Global Security, as the case
may be, an equal aggregate principal amount of Rule 144A Definitive Securities or Regulation S
Definitive Securities, as the case may be, of authorized denominations. None of the Company, the
Security Registrar, the Paying Agent or the Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in relying on, such
registration instructions. Upon the issuance of Rule 144A Definitive Securities or Regulation S
Definitive Securities, as the case may be, the Company and the Trustee shall recognize the Person
in whose name the Rule 144A Definitive Securities or Regulation S Definitive Securities, as the
case may be, are registered in the Register as Holders hereunder.

9

 

     (f) Any Rule 144A Definitive Securities or Regulation S Definitive Securities, as the case may
be, delivered in exchange for an interest in the Restricted Global Security pursuant to paragraph
(b) of this Section 2.8 shall, except as otherwise provided by paragraph (d) of Section 2.9, bear
the Restricted Legend.

     (g) Prior to the expiration of the Distribution Compliance Period, any interests in a
Regulation S Global Security issued in definitive, fully registered form without interest coupons
(“Regulation S Definitive Security”) delivered in exchange for an interest in a Regulation S Global
Security pursuant to paragraph (b) of this Section 2.8 shall bear the Restricted Legend.

     (h) The registered holder of any Restricted Global Security or Regulation S Global Security
may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under
the Original Indenture or this Fourth Supplemental Indenture or the Securities.

     (i) Neither the Company nor the Trustee shall be liable if the Trustee or the Company is
unable to locate a qualified successor clearing agency.

     Section 2.9 Special Transfer Provisions.

     The following provisions shall also apply to the Senior Notes:

     (a) Transfers to QIBs. The following provisions shall apply with respect to the
registration of any proposed transfer of a Senior Note required to bear the Restricted Legend to a
QIB (excluding Non-U.S. Persons):

     (i) If the Senior Note to be transferred consists of an interest in any Regulation S
Global Security during the Distribution Compliance Period, the Security Registrar shall
register the transfer if such transfer is being made by a proposed transferor who has
checked the box provided for on the form of Senior Note stating, or has otherwise advised
the Company, the Trustee and the Security Registrar in writing, that the sale has been made
in compliance with the provisions of Rule 144A to a transferee who has signed the
certification provided for on the form of Senior Note stating, or has otherwise advised the
Company, the Trustee and the Security Registrar in writing, that it is purchasing the Senior
Note for its own account or an account with respect to which it exercises sole investment
discretion and that it, or the Person on whose behalf it is acting with respect to any such
account, is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such information
regarding the Company as it has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon its
foregoing representations in order to claim the exemption from registration provided by Rule
144A.

     (ii) Upon receipt by the Security Registrar of the documents required by clause (i)
above and instructions given in accordance with DTC’s and the Security Registrar’s
procedures therefor, the Security Registrar shall reflect on its books and

10

 

records the date of such transfer and an increase in the principal amount of a
Restricted Global Security in an amount equal to the principal amount of the interests in
such Regulation S Global Security and the Trustee shall decrease the amount of such
Regulation S Global Security so transferred.

     (b) Transfers of Interests in the Regulation S Global Security.

     (i) After the expiration of the Distribution Compliance Period, the Security Registrar
shall register any transfer of interests in any Regulation S Global Security without
requiring any additional certification.

     (ii) Until the expiration of the Distribution Compliance Period, interests in the
Regulation S Global Security may only be sold, pledged or transferred through Euroclear
S.A./N.V. or Clearstream Banking, société anonyme (as indirect participants in the
Depositary) or Agent Members acting for and on behalf of Euroclear and Clearstream only (x)
for interests in a Regulation S Global Security and then only upon certification in form
reasonably satisfactory to the Trustee that interests in such Regulation S Global Security
are owned by either Non-U.S. Persons or U.S. Persons who purchased such interests in a
transaction that did not require registration under the Securities Act or (y) for interests
in the Restricted Global Security or if the transferor first delivers to the Trustee a
written transfer notice to the effect that the Securities are being transferred to a person
(A) who the transferor reasonably believes to be a QIB; (B) purchasing for its own account
or the account of a QIB in a transaction meeting the requirements of Rule 144A; and (C) in
accordance with all applicable securities laws of the states of the United States and other
jurisdictions.

     (c) Transfers to Non-U.S. Persons at Any Time. The following provisions shall apply
with respect to any registration of any transfer of a Senior Note to a Non-U.S. Person:

     (i) Prior to the expiration of the Distribution Compliance Period, the Security
Registrar shall register any proposed transfer of a Senior Note to a Non-U.S. Person upon
receipt of a certificate substantially in the form set forth as Exhibit B, hereto
from the proposed transferor.

     (ii) After the expiration of the Distribution Compliance Period, the Security Registrar
shall register any proposed transfer to any Non-U.S. Person if the Senior Note to be
transferred is an interest in a Restricted Global Security, upon receipt of a certificate
substantially in the form of Exhibit B, from the proposed transferor. The Security
Registrar shall promptly send a copy of such certificate to the Company.

     (iii) Upon receipt by the Security Registrar of (x) the documents, if any, required by
clause (ii) and (y) instructions in accordance with DTC’s and the Security Registrar’s
procedures, the Security Registrar shall reflect on its books and records the date of such
transfer and a decrease in the principal amount of such Restricted Global Security in an
amount equal to the principal amount of the beneficial interest in such Restricted Global
Security to be transferred, and, upon receipt by the Security Registrar of instructions
given in accordance with DTC’s and the Security Registrar’s procedures,

11

 

the Security Registrar shall reflect on its books and records the date and an increase
in the principal amount of the Regulation S Global Security in an amount equal to the
principal amount of the Restricted Global Security to be transferred, and the Trustee shall
decrease the amount of such Restricted Global Security.

     (d) Restricted Legend. Upon the transfer, exchange or replacement of Senior Notes not
bearing the Restricted Legend, the Security Registrar shall deliver Senior Notes that do not bear
the Restricted Legend. Upon the transfer, exchange or replacement of Senior Notes bearing the
Restricted Legend, the Security Registrar shall deliver only Senior Notes that bear the Restricted
Legend unless either (i) the circumstances contemplated by paragraph (c)(ii) of this Section 2.9
exist or (ii) there is delivered to the Security Registrar an opinion of counsel to the effect that
neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act.

     (e) General. By acceptance of any Senior Note bearing the Restricted Legend, each
Holder of such Senior Note acknowledges the restrictions on transfer of such Senior Note set forth
in such Restricted Legend and otherwise in this Fourth Supplemental Indenture and agrees that it
will transfer such Senior Note only as provided in such Restricted Legend and otherwise in this
Fourth Supplemental Indenture. In connection with any transfer of Senior Notes, each Holder agrees
by its acceptance of the Senior Notes to furnish the Security Registrar or the Trustee such
certifications, legal opinions or other information as either of them may reasonably require to
confirm that such transfer is being made pursuant to an exemption from, or a transaction not
subject to, the registration requirements of the Securities Act and in accordance with the terms
and provisions of this Article 2; provided that the Security Registrar shall not be
required to determine the sufficiency of any such certifications, legal opinions or other
information.

     Until such time as no Senior Notes remain Outstanding, the Security Registrar shall retain
copies of all letters, notices and other written communications received pursuant to Section 2.8 or
this Section 2.9. The Trustee, if not the Security Registrar at such time, shall have the right to
inspect and make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Security Registrar.

     In the event that any Global Security or any portion thereof is exchanged for Definitive
Securities, such other Definitive Securities may be exchanged (by transfer or otherwise) for
Definitive Securities or for beneficial interests in a Global Security (if any is then outstanding)
only in accordance with procedures substantially consistent with this Article Two (including any
certification requirements) and applicable procedures adopted by the Company and the Trustee.

     Until Definitive Securities are ready for delivery, the Company may use temporary Securities.
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 deliver Definitive Securities in exchange for temporary Securities.

     The Company may issue some or all of the Securities in temporary or permanent global form.
The Company may issue a Global Security only to the Depositary. A Depositary may

12

 

transfer a Global Security only to its nominee or to a successor Depositary. A Global
Security shall represent the amount of Senior Notes specified in the Global Security. A Global
Security may have variations that the Depositary requires or that the Company considers appropriate
for such a security.

     Beneficial owners of part or all of a Global Security are subject to the rules of the
Depository as in effect from time to time.

     The Company, the Trustee and their agents shall not be responsible for any acts or omissions
of a Depositary, for any Depositary records of beneficial ownership interests or for any
transactions between or among the Depositary, Agent Members and beneficial owners.

     The Company at any time may deliver Senior Notes to the Trustee for cancellation. The Paying
Agent, if not the Trustee, shall forward to the Trustee any Senior Notes surrendered to them for
payment or conversion. The Trustee shall cancel all Senior Notes surrendered for registration of
transfer, exchange, payment or cancellation and shall dispose of cancelled Senior Notes according
to its then customary practices. The Company may not issue new Senior Notes to replace Senior
Notes that it has paid or which have been delivered to the Trustee for cancellation.

     Section 2.10. Events of Default. The provisions of Section 5.1 of the Original Indenture
shall be applicable to the Senior Notes; provided, however, that clause (d) of the Section 5.1
shall now read as follows: “(d) default in the performance, or breach, of any covenant or warranty
of the Company in this Indenture (other than a covenant or warranty a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of series of Securities other than that series),
and continuance of such default in the performance or breach for a period of 60 consecutive days
(or 90 days in the case of the covenant described under Section 10.11) after there has been given,
by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by
the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that
series a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder.”

     Section 2.11. Consolidation, Merger, Conveyance, Transfer of Lease. The provisions of Section
8.1 of the Original Indenture shall be applicable to the Senior Notes; provided, however, that the
term “Corporation” as used in clause (a) of Section 8.1 will be replaced with the term “Person” and
such term will have the same meaning ascribed to it in the Original Indenture.

     Section 2.12. Restrictions on Liens. The covenant provided by Section 10.9 of the Original
Indenture shall be applicable to the Senior Notes; provided, however, that (i) the term of
“$100,000,000” set forth in paragraph (b) of Section 10.9 shall be replaced with “$125,000,000” and
(ii) the following Liens shall not be restricted by such covenant: “Liens to secure Indebtedness of
any Subsidiary under any mortgage bond indenture similar to the First Mortgage Indenture on the
assets of any Subsidiary of the same type that constitute collateral under the First Mortgage
Indenture.”

13

 

     Section 2.13. Restrictions on Sale and Leaseback Transactions. The covenant provided by
Section 10.10 of the Original Indenture shall be applicable to the Senior Notes.

     Section 2.14. Limitation on Incurrence of Debt. The covenant provided by Section 10.8 of the
Original Indenture shall not be applicable to the Senior Notes.

     Section 2.15. Reports. The covenant provided by Section 10.11 of the Original Indenture shall
be applicable to the Senior Notes; provided, however, that the phrase “provided, that at such time
as the Company is required to file reports on Form 8-K, the Company shall mail to the Trustee and
the Holders, within the time periods specified in the Commission’s rules and regulations” shall now
read “provided, that at such time as the Company is required to file reports on Form 8-K, the
Company shall mail to the Trustee and the Holders or post on the Company’s website, within the time
periods specified in the Commission’s rules and regulations”.

     Section 2.16. Defeasance and Covenant Defeasance. The provisions of Section 13.4 of the
Original Indenture shall be applicable to the Senior Notes; provided, however, that clause (c)
shall now read as follows: “In the event of an election to have Section 13.3 apply to any
Securities or any series of Securities, as the case may be, the Company shall have delivered to the
Trustee an Opinion of Counsel, subject to customary assumptions and exceptions, to the effect that
the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a
result of the deposit and Covenant Defeasance to be effected with respect to such Securities and
will be subject to Federal income tax on the same amount, in the same manner and at the same times
as would be the case if such deposit and Covenant Defeasance were not to occur.”

ARTICLE THREE

REDEMPTION

     The Senior Notes may be redeemed, in accordance with the procedures set forth in the Original
Indenture, on not less than 30 nor more than 60 days’ notice given as provided in the Original
Indenture, as a whole or in part, at any time at the option of the Company, at a redemption price
equal to the greater of (i) 100% of the principal amount of the Senior Notes being redeemed and
(ii) as determined by an Independent Investment Banker, the sum of the present values of the
remaining scheduled payments of principal and interest thereon (not including any portion of such
payments of interest accrued as of the redemption date) discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate, plus, in each case, accrued and unpaid interest thereon to, but excluding, the
redemption date (the “Make-Whole Price”); provided, however, that installments of interest on the
Senior Notes that are due and payable on an interest payment date falling on or prior to the
relevant redemption date will be payable to the holders of such Senior Notes, registered as such at
the close of business on the relevant record date according to the terms and provisions of the
Indenture.

     In the event of a partial redemption of the Senior Notes, the Company will issue new Senior
Notes for the unredeemed portion in the name of each Holder of the partially redeemed Senior
Notes.

14

 

     If less than all of the Senior Notes are to be redeemed, the Senior Notes will be redeemed,
pro rata by the Trustee or by such method of selection as the Trustee shall deem fair and
appropriate and which may, in any case, provide for the selection for redemption of Senior Notes
and portions of Senior Notes in amounts of $2,000 or any integral multiples of $1,000 in excess
thereof from the outstanding Senior Notes, in accordance with Section 11.3 of the Original
Indenture.

     Unless the Company defaults in payment of the redemption price, the portion of Senior Notes
called for redemption will no longer accrue interest on and after the redemption date.

ARTICLE FOUR

MISCELLANEOUS

     Section 4.1. Execution as Supplemental Indenture. This Fourth Supplemental Indenture is
executed and shall be construed as an indenture supplemental to the Original Indenture and, as
provided in the Original Indenture, this Fourth Supplemental Indenture forms a part thereof.

     Section 4.2. Conflict with Trust Indenture Act. This Fourth Supplemental Indenture may, but
is not, as of the date first written above, required to be, qualified under and subject to the
Trust Indenture Act. If this Fourth Supplemental Indenture shall become qualified under and
subject to the Trust Indenture Act, then if any provision hereof limits, qualifies or conflicts
with another provision hereof, or with a provision of the Original Indenture, which is required to
be included in this Fourth Supplemental Indenture, or in the Original Indenture, respectively, by
any of the provisions of the Trust Indenture Act, such required provision shall control to the
extent it is applicable. Except as expressly provided otherwise herein, any reference herein to a
requirement under the Trust Indenture Act shall apply only upon and so long as this Fourth
Supplemental Indenture shall become qualified under and subject to the Trust Indenture Act.

     Section 4.3. Effect of Headings. The Article and Section headings herein are for convenience
only and shall not affect the construction hereof.

     Section 4.4. Successors and Assigns. All covenants and agreements by the Company and the
Trustee in this Fourth Supplemental Indenture shall bind its successors and assigns, whether so
expressed or not.

     Section 4.5. Separability Clause. In case any provision in this Fourth Supplemental
Indenture or in the Senior Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

     Section 4.6. Benefits of Second Supplemental Indenture. Nothing in this Fourth Supplemental
Indenture or in the Senior Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder and the Holders, any benefit or any legal or
equitable right, remedy or claim under this Fourth Supplemental Indenture.

15

 

     Section 4.7. Execution and Counterparts. This Fourth Supplemental Indenture may be executed
in any number of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     Section 4.8. Governing Law. This Fourth Supplemental Indenture and the Senior Notes shall be
governed by and construed in accordance with the laws of the State of New York except that if this
Fourth Supplemental Indenture shall become qualified under and subject to the Trust Indenture Act,
this Fourth Supplemental Indenture and Senior Notes shall be governed by the Trust Indenture Act to
the extent that the Trust Indenture Act shall be applicable.

16

 

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

	 	 	 	 	 
	 	ITC HOLDINGS CORP.

 	 
	 	By  	/s/ Cameron M. Bready
 	 
	 	 	Name:  	Cameron M. Bready 	 
	 	 	Title:  	Senior Vice President, Treasurer

and Chief Financial Officer 	 
	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

 	 
	 	By  	/s/ M. Callahan
 	 
	 	 	Name:  	M. Callahan 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 
	STATE OF MICHIGAN
	 	)
	 
	 	) ss.:
	COUNTY OF OAKLAND
	 	)

     On this 11th day of December 2009, before me personally appeared Cameron M. Bready,
to me known to be Sr. VP, Treasurer & CFO of ITC Holdings Corp., one of the corporations that
executed the within and foregoing instrument, and acknowledged said instrument to be the free and
voluntary act and deed of said Corporation, for the uses and purposes therein mentioned, and on
oath stated that he was authorized to execute said instrument and that the seal affixed, if any, is
the corporate seal of said Corporation.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year
first above written.

	 	 	 	 	 
	 	 	 
	/s/ Denise M. Juras
 	 
	Denise M. Juras, Notary Public 	 
	Oakland County, Michigan 	 

My Commission expires: Oct. 29, 2014

Acting in the County of: Oakland

 

 

	 	 	 
	STATE OF ILLINOIS
	 	)
	 
	 	) ss.:
	COUNTY OF COOK
	 	)

     On the ___ day of December in the year 2009 before me, the undersigned, personally appeared                                         ,
Vice President of The Bank of New York Mellon Trust Company, N.A., personally
known to me or proved to me on the basis of satisfactory evidence to be the individual whose name
is subscribed to the within instrument and acknowledged to me that she executed the same in her
capacity, and that by her signature on the instrument, the individual, or the person upon behalf of
which the individual acted, executed the instrument.

	 	 	 	 	 
	 	 	 
	/s/ T. Mosterd
 	 
	Print  Name: T. Mosterd 	 	 
	 	 	 

Notary Public, State of Illinois

Commission expires: 1/22/13

 

 

EXHIBIT A

[FORM OF FACE OF 5.500% SENIOR NOTES DUE 2020]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON MADE TO
CEDE & CO.), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE BUT NOT IN PART, TO NOMINEES OF THE
DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]*

[THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS
SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE
SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE), (IV) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO
REQUESTS) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT

 

			
	*	 	To be included on the face of each Global Security.

A-1

 

UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.]**

[IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITY REGISTRAR AND TRANSFER
AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]***

ITC HOLDINGS CORP.

5.500% SENIOR NOTES DUE 2020

$                    

			
	 	 	 
	No. ___
	 	CUSIP                     
	 
	 
	 	ISIN                     

          ITC HOLDINGS CORP., a corporation duly organized and existing under the laws of the State of
Michigan (herein called the “Company,” which term includes any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                      or
registered assigns, the principal sum of $                     on January 15, 2020 and to pay interest
thereon from December 11, 2009, or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually in arrears on January 15 and July 15 in each year,
commencing July 15, 2010, at the rate per annum provided in the title hereof, until the principal
hereof is paid or made available for payment, and, subject to the terms of the Indenture
hereinafter referenced, at the rate of 5.500% per annum on any overdue principal and premium and
(to the extent that the payment of such interest shall be legally enforceable) on any overdue
installment of interest, from the dates such amounts are due until they are paid or made available
for payment, and such interest shall be payable on demand. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Security is registered at the close of business on the
Regular Record Date for such interest, which shall be the January 1 or July 1 (whether or not a
Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in

 

			
	**	 	To be included on the face of each Restricted
Security and Rule 144A Definitive Security.
	 
	***	 	To be included on the face of each Definitive
Security.

A-2

 

whose name this Security is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given as
provided in said Indenture. Interest will be computed on the basis of a 360-day year of twelve
30-day months.

          Payment of the principal of (and premium, if any) and interest on the Securities of this
series will be made at the office or agency of the Company maintained for that purpose in the City
of New York, State of New York or at the office or place of business of the Trustee or its
successor in trust under the Original Indenture hereinafter referenced, in such coin or currency of
the United States of America as at the time of payment is legal tender for the payment of public
and private debts; [if this Security is not a Global Security, insert — provided, however, that at
the option of the Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register] [if this Security is
a Global Security, insert—provided, however, that except with respect to payments of principal,
payments shall be made by wire transfer of immediately available funds with respect to payments in
respect of Global Securities if the Holders thereof have provided wire instructions in respect of
such payments to the Company or the Paying Agent]. Holders must surrender Securities to a Paying
Agent to collect principal payments.

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

          Unless the certificate of authentication hereon has been manually executed by or on behalf of
the Trustee under the Indenture (hereinafter referenced), this Security shall not be entitled to
any benefits under the Indenture (hereinafter referenced), or be valid or obligatory for any
purpose.

          IN WITNESS WHEREOF, ITC HOLDINGS CORP. has caused this Security to be duly executed.

Dated:

	 	 	 	 	 
	 	ITC HOLDINGS CORP. 	 
	 
	 	BY  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-3

 

	 	 	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	Date: 	The Bank of New York Mellon Trust Company, N.A., as Trustee,

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-4

 

	 	 	 	 	 

[FORM OF REVERSE OF 5.500% SENIOR NOTES DUE 2020]

          This Security is one of the duly authorized issue of debentures, notes, bonds or other
evidences of indebtedness of the Company (herein sometimes referred to as the “Securities”), of the
series hereinafter specified, all issued or to be issued under and pursuant to the Original
Indenture dated as of July 16, 2003, as supplemented by the First Supplemental Indenture, dated as
of July 16, 2003, the Second Supplemental Indenture, dated as of October 10, 2006, the Third
Supplemental Indenture, dated as of January 24, 2008 and the Fourth Supplemental Indenture, dated
as of December 11, 2009 (as so supplemented, the “Indenture”), duly executed and delivered by the
Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and
any other indentures supplemental thereto reference is hereby made for a statement of the
respective rights, obligations, duties and immunities thereunder of the Trustee and any agent of
the Trustee, any Paying Agent, the Company and the Holders of the Securities of this series and of
the terms upon which the Securities of this series are issued and are to be authenticated and
delivered. This Security is one of the series designated on the face hereof, which series is
initially limited in aggregate principal amount to $200,000,000; provided that the Company may from
time to time, without the consent of the Holders of the Securities of this series, create and issue
an additional principal amount of Securities having the same terms and conditions and the same
CUSIP number as this Security in all respects, except for issue date, issue price and, if
applicable, the first payment of interest thereon. Additional Securities issued in this manner will
be consolidated with and will form a single series with the previous outstanding Securities of this
series. The Indenture permits the Company to issue an unlimited amount of Securities in different
series from time to time. The specific terms of each of the series may differ from this Security.
The Indenture does not limit the number of other series of Securities the Company may issue or the
aggregate amount of any particular series.

          This Security may be redeemed in accordance with the procedures set forth in the Indenture on
not less than 30 nor more than 60 days’ notice given as provided in the Indenture, as a whole or in
part, at any time at the option of the Company, at a redemption price equal to the greater of (i)
100% of the principal amount of the Securities being redeemed and (ii) as determined by an
Independent Investment Banker, the sum of the present values of the remaining scheduled payments of
principal and interest thereon (not including any portion of such payments of interest accrued as
of the redemption date) discounted to the redemption date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus, in each case,
accrued and unpaid interest thereon to, but excluding, the redemption date (the “Make-Whole
Price”); provided, however, that installments of interest on the Securities that are due and
payable on an interest payment date falling on or prior to the relevant redemption date will be
payable to the holders of such Securities, registered as such at the close of business on the
relevant record date according to the terms and provisions of the Indenture.

          In the event of a partial redemption of the Securities, the Company will issue new
Securities for the unredeemed portion in the name of each Holder of the partially redeemed
Securities.

A-5

 

          Unless the Company defaults in payment of the redemption price, the portion of Securities
called for redemption will no longer accrue interest on and after the redemption date.

          If less than all of the Securities of this series are to be redeemed, the Securities of this
series will be redeemed on a pro rata basis by the Trustee from the Outstanding Securities of this
series or by such method of selection as the Trustee shall deem fair and appropriate and which may,
in any case, provide for selection for redemption of the Securities of this series and portions of
such Securities in amounts of $2,000 or any integral multiple of $1,000 in excess thereof from the
Outstanding Securities.

          The Securities are subject to the further redemption provisions and procedures set forth in
the Indenture.

          The Indenture contains provisions for defeasance of (a) the entire indebtedness of the
Securities of this series and (b) certain restrictive covenants upon compliance by the Company
with certain conditions set forth in the Indenture.

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

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

          No reference herein to the Indenture and no provision of the Securities of this series or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of (and premium, if any) and interest, if any, on the
Securities of this series at the times, place and rate, and in the coin or currency, herein
prescribed.

          As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of the Securities of this series is registrable in the Security Register, upon surrender
of the Securities of this series for registration of transfer at the office or agency of the
Company in any place where the principal of (and premium, if any) and interest, if any, on the
Securities of this series are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his

A-6

 

attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will
be issued to the designated transferee or transferees.

          The Securities of this series are issuable only in registered form without coupons in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, the Securities of this
series are exchangeable for a like aggregate principal amount of the Securities of this series
and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

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

          Prior to due presentment of the Securities of this series for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name the Securities of this series are registered as the owner hereof for all purposes, whether
or not the Securities of this series be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

          The Securities of this series are not subject to any sinking fund.

          Each Holder, by accepting a Security, agrees to be bound by all the terms and provisions of
the Indenture, as the same may be amended from time to time in accordance with its terms.

          The Securities of this series shall be governed by and construed in accordance with the laws
of the State of New York, except that if the Fourth Supplemental Indenture shall become qualified
under and subject to the Trust Indenture Act, this Senior Note shall be governed by the Trust
Indenture Act to the extent that the Trust Indenture Act shall be applicable.

          All capitalized terms used but not defined in this Security shall have the meanings assigned
to them in the Indenture.

A-7

 

FORM OF TRANSFER NOTICE

          FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s)
unto

Insert Taxpayer Identification No.

                                        

                                        

please print or typewrite name and address including zip code of assignee

                                        

the within Security and all rights thereunder, hereby irrevocably constituting and appointing

                                        

attorney to transfer said Security on the books of the Security Registrar with full power of
substitution in the premises.

[THE FOLLOWING PROVISION TO BE INCLUDED

ON ALL SECURITIES,

EXCEPT REGULATION S GLOBAL SECURITIES AND

REGULATION S DEFINITIVE SECURITIES]

          In connection with any transfer of this Certificate occurring prior to the date that is the
earlier of the date of an effective Registration Statement or the date on which the Security is no
longer considered a “restricted security” under Rule 144 of the Securities Act of 1933, the
undersigned confirms that without utilizing any general solicitation or general advertising that:

[Check One]

[___] (a) the Securities are being transferred to a person whom we reasonably believe is a
“qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) (a
“QIB”) that purchases for its own account or for the account of one or more QIBs to whom notice has
been given that the resale, pledge or transfer is being made in reliance on Rule 144A under the
Securities Act;

or

[___] (b) this Security is being transferred other than in accordance with (a) above and
documents are being furnished that comply with the conditions of transfer set forth in this
Security and the Indenture.

A-8

 

If neither of the foregoing boxes is checked, the Security Registrar shall not be obligated to
register this Security in the name of any Person other than the Holder hereof unless and until the
conditions to any such transfer of registration set forth herein and in Section 2.9 of the Fourth
Supplemental Indenture shall have been satisfied.

	 	 	 	 	 
	Date:[___________, __] 	[Name of Transferor]

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	NOTE:  The signature must correspond with the name as written
upon the face of the within-mentioned instrument in every
particular, without alteration or any change whatsoever. 	 
	 

Signature Guarantee:                                         

SIGNATURE GUARANTEE

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Security Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Security Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended..

A-9

 

EXHIBIT B

[Form of Regulation S Transfer Certificate]

[Date]

ITC Holdings Corp. (the “Company”)

27175 Energy Way

Novi, Michigan 48377

Attention: General Counsel

The Bank of New York Mellon Trust Company, N.A. (the “Trustee”)

2 N. LaSalle Street, Suite 1020

Chicago, Illinois 60602

Attention: Global Corporate Trust

Ladies and Gentlemen:

          In connection with our proposed transfer of $                     aggregate principal amount of 5.500%
Senior Notes due 2020 (the “Notes”) of the Company, we confirm that:

	 	(a)	 	the offer of the Notes was not made to a person in the United States;
	 
	 	(b)	 	either (i) at the time the buy order was originated, the transferee was outside
the United States or we and any person acting on our behalf reasonably believed that
the transferee was outside the United States or (ii) the transaction was executed in,
on or through the facilities of a designated off-shore securities market and neither we
nor any person acting on our behalf knows that the transaction has been pre-arranged
with a buyer in the United States;
	 
	 	(c)	 	no directed selling efforts have been made in the United States in
contravention of the requirements of Rule 903(a) or Rule 904(a) of Regulation S, as
applicable; and
	 
	 	(d)	 	the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

          In addition, if the sale is made during the Distribution Compliance Period and the provisions
of Rule 903(b)(2) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such
sale has been made in accordance with the applicable provisions of Rule 903(b)(2) or Rule
904(b)(1), as the case may be.

B-1

 

          The Company and the Trustee are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

	 	 	 	 	 
	Very truly yours,

[Name of Transferor]

 	 
	By:  	 	 
	 	Authorized Signature 	 
	 	 	 	 

B-2

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