Document:

EX-10.1

Exhibit 10.1

EXECUTION VERSION

 

 

AMENDED AND RESTATED

CREDIT AGREEMENT

Dated as of July 10, 2009

among

THE TIMKEN COMPANY,

as the Borrower,

CERTAIN SUBSIDIARIES,

as Guarantors,

BANK OF AMERICA, N.A. and KEYBANK NATIONAL ASSOCIATION,

as Co-Administrative Agents,

WELLS FARGO BANK, N.A., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

and

SUNTRUST BANK,

as Co-Syndication Agents,

JPMORGAN CHASE BANK, N.A., DEUTSCHE BANK AG NEW YORK BRANCH

and

THE BANK OF NEW YORK MELLON,

as Co-Documentation Agents,

KEYBANK NATIONAL ASSOCIATION,

as Paying Agent, L/C Issuer and Swing Line Lender,

and

The Other Lenders Party Hereto

BANC OF AMERICA SECURITIES LLC and KEYBANK NATIONAL ASSOCIATION,

as

Joint Lead Arrangers and Joint Book Managers

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	Section	 	 	 	Page
	 	 	 	 	 
	 	 	 	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	 	 	1	 
	 	1.01	 	 	Defined Terms
	 	 	1	 
	 	1.02	 	 	Other Interpretive Provisions
	 	 	25	 
	 	1.03	 	 	Accounting Terms
	 	 	25	 
	 	1.04	 	 	Rounding
	 	 	26	 
	 	1.05	 	 	References to Agreements and Laws
	 	 	26	 
	 	1.06	 	 	Times of Day
	 	 	26	 
	 	1.07	 	 	Letter of Credit Amounts
	 	 	26	 
	 	1.08	 	 	Currency Equivalents Generally
	 	 	26	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS	 	 	27	 
	 	2.01	 	 	The Loans
	 	 	27	 
	 	2.02	 	 	Borrowings, Conversions and Continuations of Loans
	 	 	27	 
	 	2.03	 	 	Letters of Credit
	 	 	29	 
	 	2.04	 	 	Swing Line Loans
	 	 	37	 
	 	2.05	 	 	Prepayments
	 	 	39	 
	 	2.06	 	 	Termination or Reduction of Commitments
	 	 	40	 
	 	2.07	 	 	Repayment of Loans
	 	 	41	 
	 	2.08	 	 	Interest
	 	 	41	 
	 	2.09	 	 	Fees
	 	 	42	 
	 	2.10	 	 	Computation of Interest and Fees; Retroactive Adjustments of
Applicable Rate
	 	 	42	 
	 	2.11	 	 	Evidence of Indebtedness
	 	 	43	 
	 	2.12	 	 	Payments Generally
	 	 	43	 
	 	2.13	 	 	Sharing of Payments
	 	 	45	 
	 	2.14	 	 	Committed Currency Borrowings
	 	 	46	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY	 	 	47	 
	 	3.01	 	 	Taxes
	 	 	47	 
	 	3.02	 	 	Illegality
	 	 	48	 
	 	3.03	 	 	Inability to Determine Rates
	 	 	48	 
	 	3.04	 	 	Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurocurrency Rate
Loans
	 	 	49	 
	 	3.05	 	 	Funding Losses
	 	 	49	 
	 	3.06	 	 	Matters Applicable to All Requests for Compensation
	 	 	50	 
	 	3.07	 	 	Survival
	 	 	50	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE IV GUARANTY	 	 	51	 
	 	4.01	 	 	The Guaranty
	 	 	51	 
	 	4.02	 	 	Obligations Unconditional
	 	 	51	 
	 	4.03	 	 	Reinstatement
	 	 	52	 
	 	4.04	 	 	Certain Additional Waivers
	 	 	52	 
	 	4.05	 	 	Remedies
	 	 	52	 
	 	4.06	 	 	Rights of Contribution
	 	 	53	 
	 	4.07	 	 	Guarantee of Payment; Continuing Guarantee
	 	 	53	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE V CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	 	 	53	 

i

 

	 	 	 	 	 	 	 	 	 
	Section	 	 	 	Page
	 
	 	5.01	 	 	Conditions of Initial Credit Extension
	 	 	53	 
	 	5.02	 	 	Conditions to all Credit Extensions
	 	 	54	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	 	 	55	 
	 	6.01	 	 	Existence, Qualification and Power; Compliance with Laws
	 	 	55	 
	 	6.02	 	 	Authorization; No Contravention
	 	 	55	 
	 	6.03	 	 	Governmental Authorization; Other Consents
	 	 	56	 
	 	6.04	 	 	Binding Effect
	 	 	56	 
	 	6.05	 	 	Financial Statements; No Material Adverse Effect
	 	 	56	 
	 	6.06	 	 	Litigation
	 	 	56	 
	 	6.07	 	 	No Default
	 	 	57	 
	 	6.08	 	 	Ownership of Property; Liens
	 	 	57	 
	 	6.09	 	 	Environmental Compliance
	 	 	57	 
	 	6.10	 	 	Insurance
	 	 	58	 
	 	6.11	 	 	Taxes
	 	 	58	 
	 	6.12	 	 	Pension Plans
	 	 	58	 
	 	6.13	 	 	Subsidiaries; Equity Interests
	 	 	59	 
	 	6.14	 	 	Margin Regulations; Investment Company Act
	 	 	59	 
	 	6.15	 	 	Disclosure
	 	 	59	 
	 	6.16	 	 	Compliance with Laws
	 	 	59	 
	 	6.17	 	 	Intellectual Property; Licenses, Etc.
	 	 	60	 
	 	6.18	 	 	Solvency
	 	 	60	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VII AFFIRMATIVE COVENANTS	 	 	60	 
	 	7.01	 	 	Financial Statements
	 	 	60	 
	 	7.02	 	 	Certificates; Other Information
	 	 	61	 
	 	7.03	 	 	Notices
	 	 	62	 
	 	7.04	 	 	Payment of Obligations
	 	 	63	 
	 	7.05	 	 	Preservation of Existence, Etc.
	 	 	63	 
	 	7.06	 	 	Maintenance of Properties
	 	 	63	 
	 	7.07	 	 	Maintenance of Insurance
	 	 	63	 
	 	7.08	 	 	Compliance with Laws
	 	 	63	 
	 	7.09	 	 	Books and Records
	 	 	64	 
	 	7.10	 	 	Inspection Rights
	 	 	64	 
	 	7.11	 	 	Use of Proceeds
	 	 	64	 
	 	7.12	 	 	Covenant to Guarantee Obligations
	 	 	64	 
	 	7.13	 	 	Compliance with Environmental Laws
	 	 	65	 
	 	7.14	 	 	Further Assurances
	 	 	65	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VIII NEGATIVE COVENANTS	 	 	65	 
	 	8.01	 	 	Liens
	 	 	65	 
	 	8.02	 	 	Investments
	 	 	67	 
	 	8.03	 	 	Indebtedness
	 	 	69	 
	 	8.04	 	 	Fundamental Changes
	 	 	71	 
	 	8.05	 	 	Dispositions
	 	 	71	 
	 	8.06	 	 	Restricted Payments
	 	 	72	 
	 	8.07	 	 	Change in Nature of Business
	 	 	73	 
	 	8.08	 	 	Transactions with Affiliates
	 	 	73	 
	 	8.09	 	 	Burdensome Agreements
	 	 	73	 
	 	8.10	 	 	Use of Proceeds
	 	 	73	 
	 	8.11	 	 	Financial Covenants
	 	 	74	 

ii

 

	 	 	 	 	 	 	 	 	 
	Section	 	 	 	Page
	 
	 	8.12	 	 	Amendments of Organization Documents
	 	 	74	 
	 	8.13	 	 	Capital Expenditures
	 	 	74	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE IX EVENTS OF DEFAULT AND REMEDIES	 	 	75	 
	 	9.01	 	 	Events of Default
	 	 	75	 
	 	9.02	 	 	Remedies upon Event of Default
	 	 	76	 
	 	9.03	 	 	Application of Funds
	 	 	77	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE X AGENTS	 	 	78	 
	 	10.01	 	 	Appointment and Authority
	 	 	78	 
	 	10.02	 	 	Rights as a Lender
	 	 	78	 
	 	10.03	 	 	Exculpatory Provisions
	 	 	78	 
	 	10.04	 	 	Reliance by Agents
	 	 	79	 
	 	10.05	 	 	Delegation of Duties
	 	 	79	 
	 	10.06	 	 	Resignation of Agents
	 	 	80	 
	 	10.07	 	 	Non-Reliance on Agents and Other Lenders
	 	 	81	 
	 	10.08	 	 	No Other Duties; Etc.
	 	 	81	 
	 	10.09	 	 	Agents May File Proofs of Claim
	 	 	81	 
	 	10.10	 	 	Guaranty Matters
	 	 	82	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS	 	 	82	 
	 	11.01	 	 	Amendments, Etc.
	 	 	82	 
	 	11.02	 	 	Notices and Other Communications; Facsimile Copies
	 	 	83	 
	 	11.03	 	 	No Waiver; Cumulative Remedies; Enforcement
	 	 	85	 
	 	11.04	 	 	Attorney Costs, Expenses and Taxes
	 	 	86	 
	 	11.05	 	 	Indemnification by the Borrower
	 	 	86	 
	 	11.06	 	 	Payments Set Aside
	 	 	87	 
	 	11.07	 	 	Successors and Assigns
	 	 	87	 
	 	11.08	 	 	Confidentiality
	 	 	91	 
	 	11.09	 	 	Setoff
	 	 	92	 
	 	11.10	 	 	Interest Rate Limitation
	 	 	92	 
	 	11.11	 	 	Counterparts
	 	 	93	 
	 	11.12	 	 	Integration
	 	 	93	 
	 	11.13	 	 	Survival of Representations and Warranties
	 	 	93	 
	 	11.14	 	 	Severability
	 	 	93	 
	 	11.15	 	 	Tax Forms
	 	 	94	 
	 	11.16	 	 	Replacement of Lenders
	 	 	95	 
	 	11.17	 	 	Judgment
	 	 	95	 
	 	11.18	 	 	Substitution of Currency
	 	 	96	 
	 	11.19	 	 	Governing Law
	 	 	96	 
	 	11.20	 	 	Waiver of Right to Trial by Jury
	 	 	96	 
	 	11.21	 	 	Binding Effect
	 	 	97	 
	 	11.22	 	 	USA Patriot Act Notice
	 	 	97	 
	 	11.23	 	 	Defaulting Lenders
	 	 	97	 
	 	11.24	 	 	Impacted Lenders
	 	 	98	 

iii

 

SCHEDULES

	 	 	 
	I

	 	Certain Timken Stockholders
	II

	 	Material Subsidiaries
	III

	 	Existing Letters of Credit
	2.01

	 	Commitments and Pro Rata Shares
	6.08(b)

	 	Existing Liens
	6.09

	 	Environmental Matters
	6.12

	 	Pension Plans
	6.13

	 	Subsidiaries and Other Equity Investments
	6.15

	 	Projected Financial Information
	8.02(f)

	 	Existing Investments
	8.03

	 	Existing Indebtedness
	8.08

	 	Transactions with Affiliates
	8.09

	 	Burdensome Agreements
	11.02

	 	Paying Agent’s Office, Certain Addresses for Notices
	 
	 	 

EXHIBITS

Form of

	 	 	 
	A

	 	Committed Loan Notice
	B

	 	Swing Line Loan Notice
	C

	 	Revolving Credit Note
	D

	 	Compliance Certificate
	E

	 	Assignment and Assumption
	F

	 	Joinder Agreement

iv

 

AMENDED AND RESTATED CREDIT AGREEMENT

     This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of July
10, 2009, among THE TIMKEN COMPANY, an Ohio corporation (the “Borrower”), the Guarantors
(defined herein), BANK OF AMERICA, N.A. and KEYBANK NATIONAL ASSOCIATION, as Co-Administrative
Agents, KEYBANK NATIONAL ASSOCIATION, as Paying Agent, each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”) and KEYBANK NATIONAL
ASSOCIATION, as L/C Issuer and Swing Line Lender and amends and restates that certain Amended and
Restated Credit Agreement dated as of June 30, 2005 among the Borrower, certain financial
institutions party thereto and Bank of America, N.A. and KeyBank National Association, as
co-administrative agents (the “Existing Credit Agreement”).

PRELIMINARY STATEMENTS:

     1. The Borrower has requested that the Existing Credit Agreement be amended and restated to
make certain modifications thereto.

     2. The Co-Administrative Agents and the Lenders are willing to amend and restate the Existing
Credit Agreement, upon and subject to the terms and conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

1.01 Defined Terms.

     As used in this Agreement, the following terms have the meanings specified below:

     “
5 3/4 Bonds” means those certain 5 3/4% notes, due February 15, 2010, issued by the
Borrower pursuant to that certain Indenture dated as of February 18, 2003 among the Borrower and
The Bank of New York, as trustee.

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Paying Agent.

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. Without limiting the generality of the
foregoing, a Person shall be deemed to be Controlled by another Person if such other Person
possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary
voting power for the election of directors, managing general partners or the equivalent.

     “Agents” means, collectively, the Co-Administrative Agents and the Paying Agent.

     “Aggregate Commitments” means the Commitments of all the Lenders.

 

 

     “Agreement” means this Credit Agreement.

     “Applicable Rate” means, from time to time, the following percentages per annum, based
upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Co-Administrative Agents pursuant to Section 7.02(b) for the most recent
fiscal quarter of the Borrower:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Rate
	 	 	 	 	 	 	 	 	 	 	Eurocurrency	 	 
	 	 	 	 	Consolidated	 	 	 	 	 	Rate/Letters of	 	 
	Pricing Level	 	Leverage Ratio	 	Facility Fee	 	Credit	 	Base Rate
	 	1	 	 	£ 1.0 to 1.0

	 	 	0.500	%	 	 	3.000	%	 	 	2.00	%
	 	2	 	 	£ 1.5 to 1.0 but
> 1.0 to 1.0

	 	 	0.500	%	 	 	3.250	%	 	 	2.25	%
	 	3	 	 	£ 2.0 to 1.0 but
> 1.5 to 1.0

	 	 	0.625	%	 	 	3.375	%	 	 	2.375	%
	 	4	 	 	£ 2.5 to 1.0 but
> 2.0 to 1.0

	 	 	0.750	%	 	 	3.750	%	 	 	2.750	%
	 	5	 	 	£ 3.0 to 1.0 but
> 2.5 to 1.0

	 	 	0.750	%	 	 	4.250	%	 	 	3.250	%
	 	6	 	 	£ 3.5 to 1.0 but
> 3.0 to 1.0

	 	 	0.750	%	 	 	4.750	%	 	 	3.750	%
	 	7	 	 	> 3.5 to 1.0

	 	 	0.875	%	 	 	5.125	%	 	 	4.125	%

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a
Compliance Certificate is delivered pursuant to Section 7.02(b) in connection with the
financial statements referred to in Sections 7.01(a) and (b); provided,
however, that if a Compliance Certificate is not delivered within 10 days of the due date
required for its delivery by Section 7.02(b), then Pricing Level 7 shall apply as of the
first Business Day after the date on which such Compliance Certificate was required to have been
delivered and shall continue to apply until the first Business Day immediately following the date a
Compliance Certificate is delivered in accordance with Section 7.02(b), whereupon the
Applicable Rate shall be adjusted based upon the calculation of the Consolidated Leverage Ratio
contained in such Compliance Certificate. The Applicable Rate in effect from the Closing Date
through the first Business Day immediately following the date a Compliance Certificate is required
to be delivered pursuant to Section 7.02(b) for the fiscal quarter ending September 30,
2009 shall be determined based upon Pricing Level 2. Notwithstanding anything to the contrary
contained in this definition, the determination of the Applicable Rate for any period shall be
subject to the provisions of Section 2.10(b).

     “Appropriate Lender” means, at any time, (a) with respect to the Revolving Credit
Facility, the Lenders, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and
(ii) if any Letters of Credit have been issued, or have been deemed to have been issued, pursuant
to Section 2.03(a), the Lenders, and (c) with respect to the Swing Line Sublimit, (i) the
Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.04(a), the
Lenders.

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

     “Assignment and Assumption” means an Assignment and Assumption substantially in the
form of Exhibit E.

2

 

     “Attorney Costs” means and includes all reasonable fees, expenses and disbursements of
any law firm or other external counsel and, without duplication, the allocated cost of internal
legal services and all expenses and disbursements of internal counsel.

     “Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

     “Audited Financial Statements” means the audited consolidated balance sheet of the
Borrower and its Subsidiaries for the fiscal year ended December 31, 2008, and the related
consolidated statements of income or operations, shareholders’ equity and cash flows for such
fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

     “Auto-Renewal Letter of Credit” has the meaning specified in Section
2.03(b)(iii).

     “Availability Period” means the period from and including the Closing Date to the
earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments
pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to
Section 9.02.

     “Bank of America” means Bank of America, N.A. and its successors.

     “Bank of America Fee Letter” means the letter agreement, dated June 9, 2009, among the
Borrower, Bank of America and BAS.

     “BAS” means Banc of America Securities LLC and its successors.

     “Base Rate” means a rate per annum equal to the greatest of (a) the Prime Rate, (b)
one-half of one percent (0.50%) in excess of the Federal Funds Rate and (c) the Eurocurrency Rate
plus 1.0%. Any change in the Base Rate shall be effective immediately from and after such
change in the Base Rate.

     “Base Rate Loan” means a Loan denominated in Dollars that bears interest based on the
Base Rate.

     “Borrower” has the meaning specified in the introductory paragraph hereto.

     “Borrower Materials” has the meaning specified in Section 7.02.

     “Borrowing” means a Revolving Credit Borrowing or a Swing Line Borrowing, as the
context may require.

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Paying Agent’s Office is located and, if such day relates to any Eurocurrency Rate Loan,
means any such day on which dealings are conducted by and between banks in the London eurocurrency
interbank market and banks are open for business in London and in the country of issue of the
currency of such Eurocurrency Rate Loan (or, in the case of a Loan denominated in Euro, on which
the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open).

3

 

     “Capital Expenditures” means, for any period with respect to the Borrower and its
Subsidiaries on a consolidated basis, any expenditure in respect of the purchase or other
acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are
properly charged to current operations); provided that Capital Expenditures for the
Borrower and its Subsidiaries shall not include Permitted Acquisitions during such period. For
purposes of this definition, the purchase price of equipment or real property that is purchased
pursuant to Section 8.05(c) or with insurance proceeds shall be included in Capital
Expenditures only to the extent of the gross amount by which such purchase price exceeds (a) the
credit granted by the seller of such equipment for the equipment or real estate being exchanged at
such time, (b) the proceeds of the Disposition of such equipment or real property or (c) the amount
of such insurance proceeds, as the case may be.

     “Cash Collateralize” has the meaning specified in Section 2.03(g).

     “Cash Equivalents” means any of the following types of Investments, to the extent
owned by the Borrower or any of its Subsidiaries free and clear of all Liens (other than Liens
permitted hereunder):

     (a) readily marketable obligations issued or directly and fully guaranteed or insured
by the United States of America or any agency or instrumentality thereof having maturities
of not more than 360 days from the date of acquisition thereof; provided that the
full faith and credit of the United States of America is pledged in support thereof;

     (b) readily marketable obligations issued by the District of Columbia, any state of the
United States of America or any political subdivision thereof (i) having maturities of not
more than 360 days from the date of acquisition thereof, (ii) rated at least A by S&P and at
least A2 by Moody’s, and (iii) in an amount not to exceed $20,000,000 per issuer or
$100,000,000 in the aggregate;

     (c) time deposits or repurchase agreements with, or insured certificates of deposit or
bankers’ acceptances of, any commercial bank that (i) (A) is a Lender or (B) is organized
under the laws of the United States of America, any state thereof or the District of
Columbia or is the principal banking subsidiary of a bank holding company organized under
the laws of the United States of America, any state thereof or the District of Columbia, and
is a member of the Federal Reserve System, (ii) issues (or the parent of which issues)
commercial paper rated as described in clause (d) of this definition and (iii) has combined
capital and surplus of at least $1,000,000,000, in each case with maturities of not more
than 180 days from the date of acquisition thereof;

     (d) commercial paper or master notes issued by any Person organized under the laws of
any state of the United States of America and rated at least “Prime-1” (or the then
equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in
each case with maturities of not more than 90 days from the date of acquisition thereof;

     (e) obligations issued by any Person organized under the laws of any state of the
United States of America (i) having maturities of not more than 365 days from the date of
acquisition thereof and (ii) rated at least A by S&P and at least A2 by Moody’s;

     (f) Investments, classified in accordance with GAAP as Current Assets of the Borrower
or any of its Subsidiaries, in money market investment programs registered under the
Investment Company Act of 1940 which are administered by financial institutions that have
the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are
limited solely to Investments of the character, quality and maturity described in clauses
(a), (b), (c), (d) and (e) of this definition; and

4

 

     (g) with respect to Foreign Subsidiaries, the approximate foreign equivalent of any of
clauses (a) through (f) above.

     “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980.

     “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability
Information System maintained by the U.S. Environmental Protection Agency.

     “Change of Control” means an event or series of events by which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of the Borrower or
its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other
fiduciary or administrator of any such plan), other than those Persons listed on Schedule I
and the heirs, administrators or executors of any such Persons and any trust established by
or for the benefit of such Persons, becomes the “beneficial owner” (as defined in Rules
13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group
shall be deemed to have “beneficial ownership” of all securities that such person or group
has the right to acquire (such right, an “option right”), whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of 30% or more of
the equity securities of the Borrower entitled to vote for members of the board of directors
or equivalent governing body of the Borrower on a fully-diluted basis (and taking into
account all such securities that such person or group has the right to acquire pursuant to
any option right); or

     (b) during any period of 24 consecutive months, a majority of the members of the board
of directors or other equivalent governing body of the Borrower cease to be composed of
individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body
was approved by individuals referred to in clause (i) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent governing body was
approved by individuals referred to in clauses (i) and (ii) above constituting at the time
of such election or nomination at least a majority of that board or equivalent governing
body (excluding, in the case of both clause (ii) and clause (iii), any individual whose
initial nomination for, or assumption of office as, a member of that board or equivalent
governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other
than a solicitation for the election of one or more directors by or on behalf of the board
of directors), or

     (c) any Person or two or more Persons acting in concert, other than those Persons
listed on Schedule I, shall have acquired by contract or otherwise, or shall have
entered into a contract or arrangement that, upon consummation thereof, will result in its
or their acquisition of the power to exercise, directly or indirectly, a controlling
influence over the management or policies of the Borrower, or control over the equity
securities of such Person entitled to vote for members of the board of directors or
equivalent governing body of such Person on a fully-diluted basis (and taking into account
all such securities that such person or group has the right to acquire pursuant to any
option right) representing 30% or more of the combined voting power of such securities.

     “Closing Date” means July 10, 2009.

5

 

     “Co-Administrative Agent” means each of Bank of America and KeyBank in its capacity as
a co-administrative agent under any of the Loan Documents, or any successor co-administrative
agent.

     “Code” means the Internal Revenue Code of 1986.

     “Commitment” means as to each Lender, its obligation to (a) make Revolving Credit
Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C
Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal Dollar
amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name
on Schedule 2.01 under the caption “Commitment” or in the Assignment and Assumption pursuant to
which such Lender becomes a party hereto, as applicable, as such Dollar amount may be adjusted from
time to time in accordance with this Agreement.

     “Committed Currencies” means Canadian dollars, pounds sterling, Japanese yen, Euros
and other freely transferable currencies satisfactory to the Lenders in their sole discretion.

     “Committed Currency Sublimit” means an amount equal to $100,000,000. The Committed
Currency Sublimit is part of, and not in addition to, the Revolving Credit Facility.

     “Committed L/C Currency Sublimit” means an amount equal to $100,000,000. The
Committed L/C Currency Sublimit is part of, and not in addition to, the Letter of Credit Sublimit.

     “Committed Loan Notice” means a notice of (a) a Revolving Credit Borrowing, (b) a
conversion of Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans,
pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of
Exhibit A.

     “Compensation Period” has the meaning specified in Section 2.12(c)(ii).

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
D.

     “Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on
a consolidated basis, an amount equal to Consolidated Net Income plus (a) the following to
the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges
for such period, (ii) the provision for federal, state, local and foreign income taxes for such
period, as determined in accordance with GAAP, (iii) depreciation and amortization expense, as
determined in accordance with GAAP, (iv) other non-recurring charges and expenses of the Borrower
and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in
such period or any future period, (v) any losses realized upon the Disposition of assets outside
the ordinary course of business, as determined in accordance with GAAP, (vi) the aggregate amount
of non-cash impairment, restructuring, reorganization, implementation, manufacturing
rationalization and other special charges for such period and (vii) cash restructuring charges for
such period; provided that the aggregate amount of all such cash restructuring charges
added back to Consolidated Net Income during the term of this Agreement shall not exceed
$175,000,000 and minus (b) the sum of (i) all non-recurring material non-cash items
increasing Consolidated Net Income for such period, (ii) any gains realized upon the Disposition of
assets outside the ordinary course of business, as determined in accordance with GAAP, and (iii)
payments (net of expenses) received with respect to the United States — Continued Dumping and
Subsidy Offset Act of 2000.

     “Consolidated Funded Indebtedness” means, as of any date of determination, for the
Borrower and its Subsidiaries on a consolidated basis, the sum of (without duplication) (a) the
outstanding principal amount of all obligations, whether current or long-term, for borrowed money
(including Obligations

6

 

hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other
similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under
letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety
bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of
property or services (other than (i) trade accounts payable in the ordinary course of business and
(ii) earn-outs, hold-backs and other deferred payment of consideration in connection with Permitted
Acquisitions to the extent not required to be reflected as liabilities on the balance sheet of the
Borrower and its Subsidiaries in accordance with GAAP), (e) Attributable Indebtedness, (f) all
Off-Balance Sheet Liabilities, (g) without duplication, all Guarantees with respect to outstanding
Indebtedness (other than Indebtedness that is contingent in nature) of the types specified in
clauses (a) through (f) above of Persons other than the Borrower or any Subsidiary, and (h) all
Indebtedness of the types referred to in clauses (a) through (g) above of any partnership or joint
venture (other than a joint venture that is itself a corporation or limited liability company) in
which the Borrower or a Subsidiary is a general partner or joint venturer, unless such Indebtedness
is expressly made non-recourse to the Borrower or such Subsidiary.

     “Consolidated Interest Charges” means, for any period, for the Borrower and its
Subsidiaries on a consolidated basis, the sum of all interest, premium payments, debt discount,
fees, charges and related expenses of the Borrower and its Subsidiaries in connection with borrowed
money (including capitalized interest) or in connection with the deferred purchase price of assets,
in each case to the extent treated as interest in accordance with GAAP, net of interest income in
accordance with GAAP.

     “Consolidated Interest Coverage Ratio” means, as of any date of determination, the
ratio of (a) Consolidated EBITDA for the period of the four consecutive fiscal quarters ended as of
the date of the financial statements most recently delivered by the Borrower pursuant to
Sections 7.01(a) or 7.01(b), as applicable, to (b) Consolidated Interest Charges
for such period. For purposes of calculating the Consolidated Interest Coverage Ratio for any
period ending on or before February 15, 2010, (x) the calculation of Consolidated Interest Charges
shall not include interest on that portion of the outstanding principal amount of the Replacement
Bonds that do not exceed the outstanding principal amount of the 5 3/4 Bonds (provided that
the proceeds of such Replacement Bonds, in an amount sufficient to repay in full the 5 3/4 Bonds,
have been pledged to either, at the Borrower’s option, any Co-Administrative Agent or any Lender
that is the trustee with respect to the 5 3/4 Bonds pursuant to documentation reasonably satisfactory
in form and substance to such Co-Administrative Agent or such Lender, as the case may be) and (y)
any interest income earned by the Borrower or any Subsidiary on the proceeds of the Replacement
Bonds pledged to any Co-Administrative Agent or any such Lender to pay the 5 3/4 Bonds in full shall
not be permitted to reduce the amount of Consolidated Interest Charges.

     “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Funded Indebtedness as of the date of the financial statements most recently delivered
by the Borrower pursuant to Sections 7.01(a) or 7.01(b), as applicable, to (b)
Consolidated EBITDA for the period of the four consecutive fiscal quarters ended on such date. The
Consolidated Leverage Ratio (including for purposes of determining the Applicable Rate) shall be
calculated on a Pro Forma Basis. For purposes of calculating the Consolidated Leverage Ratio for
any period ending on or before February 15, 2010, Consolidated Funded Indebtedness shall not
include that portion of the outstanding principal amount of the Replacement Bonds that do not
exceed the outstanding principal amount of the 5 3/4 Bonds; provided, that the Borrower has
pledged to either, at the Borrower’s option, any Co-Administrative Agent or any Lender that is the
trustee with respect to the 5 3/4 Bonds, pursuant to documentation reasonably satisfactory in form
and substance to such Co-Administrative Agent or such Lender, as the case may be, funds in an
amount sufficient to pay the 5 3/4 Bonds in full.

7

 

     “Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries
on a consolidated basis, the net income of the Borrower and its Subsidiaries (excluding
extraordinary gains and extraordinary losses) for that period, as determined in accordance with
GAAP.

     “Consolidated Net Worth” means, as of any date of determination, the consolidated net
worth of the Borrower and its Subsidiaries, all as determined as of such date in accordance with
GAAP; provided, however, that there shall be excluded from consolidated net worth
the effect of any adjustments made to consolidated net worth as a result of accumulated other
comprehensive income or loss, as determined in accordance with GAAP.

     “Consolidated Tangible Net Worth” means, as of any date of determination, the
Consolidated Net Worth minus (x) intangible assets (including goodwill, patents,
trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized
or deferred research and development costs and other like intangibles) of the Borrower and its
Subsidiaries, all as determined as of such date in accordance with GAAP, and (y) to the extent
deducted in calculating Consolidated Net Income, the effect of (i) any non-cash impairment,
restructuring, reorganization, implementation, manufacturing rationalization and other special
charges or (ii) any cash restructuring charges incurred after July 1, 2009; provided that the
aggregate amount of all such cash restructuring charges excluded pursuant to this clause (ii)
during the term of this Agreement shall not exceed $175,000,000, all as determined as of such date
in accordance with past practice.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “Control” has the meaning specified in the definition of “Affiliate.”

     “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension.

     “Current Assets” means, with respect to any Person, all assets of such Person that, in
accordance with GAAP, would be classified as current assets on the balance sheet of a company
conducting a business the same as or similar to that of such Person, after deducting appropriate
and adequate reserves therefrom in each case in which a reserve is proper in accordance with GAAP.

     “Debt Rating” means, as of any date of determination, the rating as determined (x) by
S&P of the Borrower’s long term corporate credit or (y) by Moody’s of the Borrower’s senior
unsecured long term debt, in each of clause (x) and (y) on a non-credit enhanced basis;
provided that if (i) a Debt Rating is issued by each of the foregoing rating agencies, then
the higher of such Debt Ratings shall apply, and (ii) either S&P or Moody’s shall change the basis
on which ratings are established by it, each reference to the Debt Rating announced by S&P or
Moody’s shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

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

8

 

     “Default Period” means, with respect to any Defaulting Lender,

     (a) in the case of any Defaulted Credit, the period commencing on the date the
applicable Defaulted Credit was required to be extended to the Borrower under this Agreement
(after giving effect to any applicable grace period) and ending on the earlier of the
following: (i) the date on which such Defaulted Credits with respect to such Defaulting
Lender have been funded or reduced to zero (whether by the funding of any Defaulted Credit
by such Defaulting Lender or by the non-pro-rata application of any prepayment pursuant to
Section 11.23(b)) and (ii) the date on which the Borrower, the Co-Administrative
Agents and the Required Lenders (and not including such Defaulting Lender in any such
determination, in accordance with Section 11.23(a)) waive the application of
Section 11.23 with respect to such Defaulted Credits of such Defaulting Lender in
writing;

     (b) in the case of any Defaulted Payment, the period commencing on the date the
applicable Defaulted Payment was required to have been paid to any Agent, the L/C Issuer or
other Lender under this Agreement (after giving effect to any applicable grace period) and
ending on the earlier of the following: (i) the date on which such Defaulted Payment has
been paid to such Agent, the L/C Issuer or other Lender, as applicable, together with (to
the extent that such Person has not otherwise been compensated by the Borrower for such
Defaulted Payment) interest thereon for each day from and including the date such amount is
paid but excluding the date of payment, at the greater of the Federal Funds Rate and a rate
determined by the Paying Agent in accordance with its then-applicable policies regarding
interbank compensation (whether by the funding of any Defaulted Payment by such Defaulting
Lender or by the application of any amount pursuant to Section 11.23(c)) and (ii)
the date on which such Agent, the L/C Issuer and any such other Lender waive the application
of Section 11.23 with respect to such Defaulted Payments of such Defaulting Lender
in writing; and

     (c) in the case of any Distress Event determined by the Co-Administrative Agents (in
their respective good faith judgment) or the Required Lenders (in their respective good
faith judgment) to exist, the period commencing on the date that the applicable Distress
Event was so determined to exist and ending on the earlier of the following: (i) the date on
which such Distress Event is determined by the Co-Administrative Agents (in their respective
good faith judgment) or the Required Lenders (in their respective good faith judgment) to no
longer exist and (ii) such date as the Borrower and the Co-Administrative Agents agree, in
their sole discretion, to waive the application of Section 11.23 with respect to
such Distress Event of such Defaulting Lender.

     “Default Rate” means an interest rate equal to (a) the Applicable Rate, if any,
applicable to Base Rate Loans plus (b) 2.0% per annum; provided, however, that with
respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the
Applicable Rate otherwise applicable to such Loan plus 2.0% per annum, in each case to the fullest
extent permitted by applicable Laws.

     “Defaulted Credit” has the meaning specified in the definition of “Defaulting Lender”.

     “Defaulted Payment” has the meaning specified in the definition of “Defaulting
Lender”.

     “Defaulting Lender” means any Lender (a) that has failed to fund any portion of the
Revolving Credit Loans, participations in L/C Obligations or participations in Swing Line Loans
required to be funded by it hereunder (each such Loan, a “Defaulted Credit”) within three
Business Days of the date required to be funded by it hereunder, unless the subject of a good faith
dispute, (b) that has otherwise failed to pay over to any Agent, the L/C Issuer or any other Lender
any other amount required to be paid by it hereunder (each such payment, a “Defaulted
Payment”) within three Business Days of the date when

9

 

due, unless the subject of a good faith dispute, (c) that has given written notice to any
Agent, the L/C Issuer or any Lender or has otherwise publicly announced that such Lender will or
expects to become a Defaulting Lender or (d) as to which a Distress Event has occurred, in each
case in clauses (a) through (c) above, for so long as the applicable Default Period is in effect.

     “Determination Date” has the meaning specified in Section 2.14(a).

     “Disposition” or “Dispose” means the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of any property by any Person, including
any sale, assignment, transfer or other disposal, with or without recourse, of any notes or
accounts receivable or any rights and claims associated therewith.

     “Distress Event” means, with respect to any Person (each, a “Distressed
Person”), (a) a voluntary or involuntary case (or comparable proceeding) with respect to such
Distressed Person has been commenced with respect to such Distressed Person under any Debtor Relief
Law, (b) a custodian, conservator, receiver or similar official has been appointed for such
Distressed Person or for any substantial part of such Distressed Person’s assets or (c) such
Distressed Person has made a general assignment for the benefit of creditors or has otherwise been
adjudicated as, or determined by any Governmental Authority having regulatory authority over such
Distressed Person or its assets to be, insolvent or bankrupt.

     “Distressed Person” has the meaning specified in the definition of “Distress Event”.

     “Dollar” and “$” mean lawful money of the United States.

     “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any
political subdivision of the United States.

     “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 11.07(b)(iv), (v) and (vi) (subject to such consents, if any,
as may be required under Section 11.07(b)(ii)).

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     “Environmental Permit” means any permit, approval, identification number, license or
other authorization required under any Environmental Law.

10

 

     “Equity Interests” means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or
other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person
or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not
such shares, warrants, options, rights or other interests are outstanding on any date of
determination.

     “Equivalent” means, (a) with respect to a Loan denominated in a Committed Currency,
the Dollar equivalent of the principal amount of such Loan, determined by the Paying Agent on the
basis of its spot rate at approximately 11:00 a.m., London time, on the date two (2) Business Days
before the date of such Loan, for the purchase of the relevant Committed Currency with Dollars for
delivery on the date of such Loan, and (b) with respect to any other amount, if denominated in
Dollars, then such amount in Dollars, and otherwise the Dollar equivalent of such amount,
determined by the Paying Agent on the basis of its spot rate at approximately 11:00 a.m., London
time, on the date for which the Dollar equivalent amount of such amount is being determined, for
the purchase of the relevant Committed Currency with Dollars for delivery on such date;
provided, however, that, in calculating the Equivalent for purposes of determining
(i) the Borrower’s obligation to prepay Loans pursuant to Section 2.05 hereof, or (ii) the
Borrower’s ability to request additional Loans pursuant to the Commitments, the Paying Agent may,
in its discretion, on any Business Day selected by the Paying Agent (prior to the Obligations being
Fully Satisfied), calculate the Equivalent of each Loan denominated in a Committed Currency. The
Paying Agent shall notify the Borrower of the Equivalent of such Loan denominated in a Committed
Currency or any other amount at the time that Equivalent is determined.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower
or any ERISA Affiliate.

     “EURIBO Rate” means the rate appearing on Reuters Page EURIBOR01 (or on any successor
or substitute page of such Service, or any successor to or substitute for such Service, providing
rate quotations comparable to those currently provided on such page of such Service, as determined
by the Paying Agent from time to time for purposes of providing quotations of interest rates
applicable to deposits in Euro by reference to the Banking Federation of the European Union
Settlement Rates for deposits in Euro) at approximately 10:00 a.m., London time, two Business Days
prior to the

11

 

commencement of the applicable Interest Period, as the rate for deposits in Euro with a
maturity comparable to such Interest Period or, if for any reason such rate is not available, the
average (rounded upward, if necessary, to the nearest five decimal places) of the respective rates
per annum at which deposits in Euros are offered to the Paying Agent in London by prime banks in
the European interbank eurocurrency market at approximately 10:00 a.m., London time, two Business
Days prior to the commencement of the such Interest Period in an amount substantially equal to the
Paying Agent’s (in its capacity as a Lender) Eurocurrency Rate Loan comprising part of such
Revolving Credit Borrowing to be outstanding during such Interest Period and for a period equal to
such Interest Period (subject, however, to the provisions of Section 3.03).

     “Euro” means the lawful currency of the European Union as constituted by the Treaty of
Rome which established the European Community, as such treaty may be amended from time to time and
as referred to in the EMU legislation.

     “Eurocurrency Rate” means

     (a) for any Interest Period with respect to any Eurocurrency Rate Loan denominated in
Dollars or any Committed Currency other than Euro the rate per annum equal to the British
Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially
available source providing quotations of BBA LIBOR as designated by the Paying Agent from
time to time) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, for deposits in Dollars or the applicable Committed
Currency (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period. If such rate is not available at such time for any reason, then the
“Eurocurrency Rate” for such Interest Period shall be the rate per annum determined by the
Paying Agent to be the rate at which deposits in Dollars or the applicable Committed
Currency for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Eurocurrency Rate Loan being made, continued or converted by the
Paying Agent and with a term equivalent to such Interest Period would be offered to the
Paying Agent (or an Affiliate of the Paying Agent, in the Paying Agent’s discretion) by
major banks in the London or other offshore interbank eurocurrency market for such currency
at their request at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period;

     (b) for any interest rate calculation with respect to a Base Rate Loan, the rate per
annum equal to (A) BBA LIBOR, at approximately 11:00 a.m., London time, two Business Days
prior to the date of determination (provided that if such day is not a Business Day, the
next preceding Business Day) for Dollar deposits being delivered in the London interbank
eurodollar market for a term of one month commencing that day or (B) if such published rate
is not available at such time for any reason, the rate determined by the Paying Agent to be
the rate at which deposits in Dollars for delivery on the date of determination in same day
funds in the approximate amount of the Base Rate Loan being made, continued or converted by
the Paying Agent and with a term equal to one month would be offered to the Paying Agent by
major banks in the London interbank eurodollar market at their request at the date and time
of determination; and

     (c) for any Interest Period with respect to any Eurocurrency Rate Loan denominated in
Euros, the EURIBO Rate.

     “Eurocurrency Rate Loan” means a Loan (other than a Base Rate Loan) denominated in
Dollars or a Committed Currency that bears interest at a rate based on the Eurocurrency Rate.

     “Event of Default” has the meaning specified in Section 9.01.

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     “Existing Credit Agreement” has the meaning specified in the preamble hereto.

     “Existing Letter of Credit” means each letter of credit listed on Schedule
III.

     “Facility Fee” has the meaning specified in Section 2.09(a).

     “Federal Funds Rate” means, for any day, the rate per annum (rounded upward to the
nearest one one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of
New York (or any successor) on such day as being the weighted average of the rates on overnight
federal funds transactions arranged by federal funds brokers on the previous trading day, as
computed and announced by such Federal Reserve Bank (or any successor) in substantially the same
manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the
“Federal Funds Effective Rate” as of the Closing Date.

     “Foreign Lender” has the meaning specified in Section 11.15(a)(i).

     “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Fully Satisfied” means, with respect to the Obligations as of any date, that, as of
such date, (a) all principal of and interest accrued to such date which constitute Obligations
shall have been irrevocably paid in full in cash, (b) all fees, expenses and other amounts then due
and payable which constitute Obligations shall have been irrevocably paid in cash, (c) all
outstanding Letters of Credit shall have been (i) terminated, (ii) fully irrevocably Cash
Collateralized or (iii) secured by one or more letters of credit on terms and conditions, and with
one or more financial institutions, reasonably satisfactory to the L/C Issuer and (d) the
Commitments shall have expired or been terminated in full.

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its activities.

     “GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

     “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative
tribunal, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government.

     “Granting Lender” has the meaning specified in Section 11.07(h).

     “Guarantors” means, collectively, the Material Subsidiaries of the Borrower identified
as a “Guarantor” on the signature pages hereto and each other Material Subsidiary of the
Borrower that shall be required to execute and deliver a Joinder Agreement pursuant to Section
7.12. For purposes of clarification, the Receivables Subsidiaries shall not be Guarantors.

13

 

     “Guaranty” means the Guaranty made by the Guarantors in favor of the Paying Agent and
the Lenders pursuant to Article IV hereof.

     “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of
such Person guaranteeing any Indebtedness or other obligation payable or performable by another
Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in respect of such
Indebtedness or other obligation of the payment or performance of such Indebtedness or other
obligation, (iii) to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose
of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of
the payment or performance thereof or to protect such obligee against loss in respect thereof (in
whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other
obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by
such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain
any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or
determinable amount of the related primary obligation, or portion thereof, in respect of which such
Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as
a verb has a corresponding meaning.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Honor Date” has the meaning specified in Section 2.03(c)(i).

     “ICC” has the meaning specified in Section 2.03(h).

     “Impacted Lender” means any Lender as to which the Administrative Agent, the L/C
Issuer or the Swing Line Lender has a good faith belief that such Lender has defaulted in
fulfilling its obligations (as a lender, letter of credit issuer or issuer of bank guarantees and
including, but not limited to, funding or paying when due loan requests, swingline participations,
letter of credit participations, pro rata sharing obligations and expense and indemnification
obligations) under one or more other syndicated credit facilities, unless the subject of a good
faith dispute.

     “Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

     (a) all obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

     (b) all direct or contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and
similar instruments;

     (c) net obligations of such Person under any Swap Contract;

14

 

     (d) all obligations of such Person to pay the deferred purchase price of property or
services (other than trade accounts payable in the ordinary course of business on customary
terms);

     (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property
owned or being purchased by such Person (including indebtedness arising under conditional
sales or other title retention agreements), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse;

     (f) capital leases, Off-Balance Sheet Liabilities and Synthetic Lease Obligations;

     (g) all obligations of such Person to mandatorily purchase, redeem, retire, defease or
otherwise make any payment, in each case in cash, in respect of any Equity Interests in such
Person or any other Person or any warrants, rights or options to acquire such Equity
Interests, valued, in the case of redeemable preferred interests, at the greater of its
voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

     (h) all Guarantees of such Person in respect of any of the foregoing.

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, except to the
extent that such Indebtedness is expressly made non-recourse to such Person. The amount of any net
obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value
thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any
date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such
date.

     “Indemnified Liabilities” has the meaning specified in Section 11.05.

     “Indemnitees” has the meaning specified in Section 11.05.

     “Information” has the meaning specified in Section 11.08.

     “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the
last day of each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the
last Business Day of each March, June, September and December and the Maturity Date.

     “Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on
the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency
Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the
Borrower in its Committed Loan Notice; provided that:

     (a) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the immediately
preceding Business Day;

15

 

     (b) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and

     (c) no Interest Period shall extend beyond the Maturity Date.

     “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person that constitute a business unit or all or a substantial part of the
business of, such Person. For purposes of covenant compliance, the amount of any Investment shall
be (i) the amount actually invested, without adjustment for subsequent increases or decreases in
the value of such Investment, minus (ii) the amount of dividends or distributions received in
connection with such Investment and any return of capital or repayment of principal received in
respect of such Investment that, in each case, is received in cash, Cash Equivalents or short-term
marketable debt securities.

     “IP Rights” has the meaning specified in Section 6.17.

     “IRS” means the United States Internal Revenue Service.

     “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
the Borrower (or any Subsidiary) or in favor of the L/C Issuer and with respect to any such Letter
of Credit.

     “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit
F executed by a direct or indirect Domestic Subsidiary in accordance with the provisions of
Section 7.12.

     “Joint Venture Limit” means at any time during any fiscal year the aggregate amount
outstanding for such fiscal year identified below:

	 	 	 	 	 
	Fiscal Year Ending December 31, 2009:
	 	$	75,000,000	 
	Fiscal Year Ending December 31, 2010:
	 	$	100,000,000	 
	Fiscal Year Ending December 31, 2011:
	 	$	125,000,000	 
	Fiscal Year 2012 Through Maturity Date:
	 	$	125,000,000	 

     “KeyBank” means KeyBank National Association and its successors.

     “KeyBank Fee Letter” means the letter agreement, dated June 9, 2009 between the
Borrower and KeyBank.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, regulations, ordinances, codes and administrative or judicial precedents
or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof.

16

 

     “L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Pro Rata Share.

     “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit
Borrowing.

     “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance (or
deemed issuance) thereof or extension of the expiry date thereof, or the renewal or increase of the
amount thereof.

     “L/C Issuer” means (a) KeyBank in its capacity as issuer of Letters of Credit
hereunder and/or (b) any other Lender from time to time designated by the Borrower as an L/C Issuer
with the consent of such Lender, in its sole discretion, and the Co-Administrative Agents (such
consent not to be unreasonably withheld or delayed), in each case in its capacity as issuer of
Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. For the
purposes of the foregoing, the consent of the Co-Administrative Agents shall not be withheld if (i)
the credit rating of KeyBank is unacceptable to the proposed beneficiary of a Letter of Credit or
(ii) the credit rating of KeyBank could reasonably be expected to result in additional material
costs or expenses being paid, or additional material obligations being incurred, by the Borrower or
any Subsidiary under or in connection with any Contractual Obligations to which the proposed
beneficiary of a Letter of Credit is a party. In the event that there is more than one L/C Issuer
at any time, references herein and in the other Loan Documents to the L/C Issuer shall be deemed to
refer to the L/C Issuer in respect of the applicable Letter of Credit or to all L/C Issuers, as the
context requires.

     “L/C Obligations” means, as at any date of determination, the aggregate undrawn amount
of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all
L/C Borrowings.

     “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the L/C Issuer and the Swing Line Lender.

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Paying Agent.

     “Letter of Credit” means any letter of credit issued hereunder, or deemed to have been
issued hereunder, including, without limitation, all Existing Letters of Credit. A Letter of
Credit may be a commercial letter of credit or a standby letter of credit.

     “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is seven days prior to the
Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business
Day).

     “Letter of Credit Fees” has the meaning specified in Section 2.03(i).

     “Letter of Credit Sublimit” means an amount equal to $150,000,000. The Letter of
Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

17

 

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest
or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or
other encumbrance on title to real property, and any financing lease having substantially the same
economic effect as any of the foregoing).

     “Loan” means an extension of credit by a Lender to the Borrower under Article II in
the form of a Revolving Credit Loan or a Swing Line Loan.

     “Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Bank
of America Fee Letter, (d) the KeyBank Fee Letter, (e) each Letter of Credit Application and (f)
each Joinder Agreement.

     “Loan Parties” means, collectively, the Borrower and each Guarantor.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the business, assets, liabilities (actual or contingent), operations or
financial condition of the Borrower and its Subsidiaries taken as a whole; (b) a material
impairment of the rights and remedies of any Agent or any Lender under any Loan Document, or of the
ability of any Loan Party to perform its obligations under any Loan Document to which it is a
party; or (c) a material adverse effect upon the legality, validity, binding effect or
enforceability against any Loan Party of any Loan Document to which it is a party.

     “Material Subsidiary” means each Domestic Subsidiary now existing or hereafter
acquired or formed, and each successor thereto, which, (a) after giving pro forma effect to such
acquisition or formation, or at any other time thereafter, (i) the Borrower and its other
Subsidiaries’ Investments in such Domestic Subsidiary exceeds 2.5% of the total assets of the
Borrower and its Subsidiaries on a consolidated basis, (ii) the Borrower and its other
Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of such
Domestic Subsidiary exceeds 2.5% of the total assets of the Borrower and its Subsidiaries on a
consolidated basis, or (iii) the Borrower and its other Subsidiaries’ equity in the income from
continuing operations before income taxes, extraordinary items and cumulative effect of a change in
accounting principle of such Domestic Subsidiary exceeds 2.5% of the income of the Borrower and its
Subsidiaries on a consolidated basis, or (b) together with any other Domestic Subsidiaries that
have not provided a Guaranty hereunder, after giving pro forma effect to such acquisition or
formation, or at any other time thereafter, (i) the Borrower and its other Subsidiaries’
Investments in such Domestic Subsidiaries exceeds 10% of the total assets of the Borrower and its
Subsidiaries on a consolidated basis, (ii) the Borrower and its other Subsidiaries’ proportionate
share of the total assets (after intercompany eliminations) of such Domestic Subsidiaries exceeds
10% of the total assets of the Borrower and its Subsidiaries on a consolidated basis, or (iii) the
Borrower and its other Subsidiaries’ equity in the income from continuing operations before income
taxes, extraordinary items and cumulative effect of a change in accounting principle of such
Domestic Subsidiaries exceeds 10% of the income of the Borrower and its Subsidiaries on a
consolidated basis, in each case, as of the last day of the most recently completed fiscal quarter
of the Borrower with respect to which, pursuant to clauses (a) or (b) of Section 7.01,
financial statements have been, or are required to have been, delivered by the Borrower, and in any
event includes all of the Domestic Subsidiaries listed on Schedule II.

     “Maturity Date” means the earlier of (i) July 10, 2012 and (ii) the date of
termination in whole of the Commitments, the Letter of Credit Sublimit, and the Swing Line Sublimit
pursuant to Section 2.06 or 9.02(b).

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     “Maximum Rate” has the meaning specified in Section 11.10.

     “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

     “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     “Net Cash Proceeds” means:

     (a) with respect to the sale of any asset by any Loan Party or any of its Subsidiaries, the
excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such sale
(including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by
monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the
sum of (A) the principal amount of any Indebtedness that is secured by such asset and that is
required to be repaid in connection with the sale thereof (other than Indebtedness under the Loan
Documents), (B) out-of-pocket expenses, brokerage commissions and other direct fees and expenses
(including legal expenses and the expenses of any financial advisor) incurred by such Loan Party or
such Subsidiary in connection with such sale and (C) income, franchise, transfer or other taxes
paid in connection with the relevant asset sale as a result of the sale or any gain recognized in
connection therewith; and

     (b) with respect to the incurrence or issuance of any Indebtedness by the Borrower or any of
its Subsidiaries, the excess of (i) the sum of the cash and Cash Equivalents received in connection
with such incurrence or issuance over (ii) the underwriting discounts and commissions, and other
out-of-pocket expenses, incurred by the Borrower in connection with such incurrence or issuance.

     “Non-Guarantor Subsidiary” means any Subsidiary of the Borrower that is not a
Guarantor.

     “Nonrenewal Notice Date” has the meaning specified in Section 2.03(b)(iii).

     “Note” means a Revolving Credit Note.

     “NPL” means the National Priorities List under CERCLA.

     “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan
or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Loan Party of any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding. Without limiting the generality of the
foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation
to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, attorneys’ fees
and disbursements, indemnities and other amounts payable by any Loan Party under any Loan Document
and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing
that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party.

     “Off-Balance Sheet Liabilities” means, with respect to any Person as of any date of
determination thereof, without duplication and to the extent not included as a liability on the
consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP: (a) with
respect to any asset securitization

19

 

transaction (including any accounts receivable purchase
facility) (i) the unrecovered investment of
purchasers or transferees of assets so transferred and (ii) any other payment, recourse,
repurchase, hold harmless, indemnity or similar obligation of such Person or any of its
Subsidiaries in respect of assets transferred or payments made in respect thereof, other than
limited recourse provisions that are customary for transactions of such type and that neither (x)
have the effect of limiting the loss or credit risk of such purchasers or transferees with respect
to payment or performance by the obligors of the assets so transferred nor (y) impair the
characterization of the transaction as a true sale under applicable Laws (including Debtor Relief
Laws); (b) the monetary obligations under any sale and leaseback transaction which does not create
a liability on the consolidated balance sheet of such Person and its Subsidiaries; or (c) any other
monetary obligation arising with respect to any other transaction which is characterized as
indebtedness for tax purposes but not for accounting purposes in accordance with GAAP.

     “Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

     “Other Taxes” has the meaning specified in Section 3.01(b).

     “Outstanding Amount” means (i) with respect to Revolving Credit Loans and Swing Line
Loans on any date, the aggregate outstanding principal amount thereof (based on the Equivalent in
Dollars at such time) after giving effect to any borrowings and prepayments or repayments of
Revolving Credit Loans and Swing Line Loans, as the case may be, occurring on such date; and (ii)
with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date
after giving effect to any L/C Credit Extension occurring on such date and any other changes in the
aggregate amount of the L/C Obligations as of such date, including as a result of any
reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the
maximum amount available for drawing under Letters of Credit taking effect on such date.

     “Participant” has the meaning specified in Section 11.07(d).

     “Participant Register” has the meaning specified in Section 11.07(c).

     “Paying Agent” means KeyBank in its capacity as a paying agent under any of the Loan
Documents, or any successor paying agent.

     “Paying Agent’s Office” means the Paying Agent’s address and, as appropriate, account
as set forth on Schedule 11.02, or such other address or account as the Paying Agent may
from time to time notify the Borrower and the Lenders.

     “Payment Office” means, for any Committed Currency, such office of KeyBank as shall be
from time to time selected by the Paying Agent and notified by the Paying Agent to the Borrower and
the Lenders.

     “PBGC” means the Pension Benefit Guaranty Corporation.

20

 

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any
ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five plan years.

     “Permitted Acquisition” means any purchase or other acquisition of all of the Equity
Interests in, or all or substantially all of the property and assets of, any Person permitted by
Section 8.02(i).

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by the Borrower or, with respect to any such plan that is subject to Section 412
of the Code or Title IV of ERISA, any ERISA Affiliate.

     “Platform” has the meaning specified in Section 7.02.

     “Primary Currency” has the meaning specified in Section 11.17(c).

     “Prime Rate” means the interest rate established from time to time by the Paying Agent
as the Paying Agent’s prime rate, whether or not such rate is publicly announced. The Prime Rate
may not be the lowest interest rate charged by the Paying Agent for commercial or other extensions
of credit. Each change in the Prime Rate shall be effective immediately from and after such
change.

     “Pro Forma Basis” means, for purposes of calculating the Consolidated Leverage Ratio
(including for purposes of determining the Applicable Rate), that any Disposition of a Sold
Business or Acquisition shall be deemed to have occurred as of the first day of the most recent
four consecutive fiscal quarter period preceding the date of such transaction for which the
Borrower has delivered financial statements pursuant to Section 7.01(a) or (b). In
connection with the foregoing, (a) with respect to any Disposition of a Sold Business, income
statement and cash flow statement items (whether positive or negative) attributable to the property
disposed of shall be excluded to the extent relating to any period occurring prior to the date of
such transaction and (b) with respect to any Acquisition income statement items (whether positive
or negative) attributable to the Person or property acquired shall be included to the extent
relating to any period applicable in such calculations to the extent (i) such items are not
otherwise included in such income statement items for the Borrower and its Subsidiaries in
accordance with GAAP or in accordance with any defined terms set forth in Section 1.01 and
(ii) such items are supported by audited financial statements, if available, or such other
information reasonably satisfactory to the Co-Administrative Agents.

     “Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of
the Commitment of such Lender at such time and the denominator of which is the amount of the
Aggregate Commitments at such time; provided that if the commitment of each Lender to make
Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 9.02, then the Pro Rata Share of each Lender shall be determined based
on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect
to any subsequent assignments made pursuant to the terms hereof. The initial Pro Rata Share of
each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

21

 

     “Public Lender” has the meaning specified in Section 7.02.

     “Receivables Facility” has the meaning specified in Section 8.05(g).

     “Receivables Subsidiary” has the meaning specified in Section 7.12.

     “Register” has the meaning specified in Section 11.07(c).

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such
Person’s Affiliates.

     “Replacement Bonds” means any senior unsecured notes which the Borrower may issue
subsequent to the Closing Date to refinance in full the Borrower’s 5 3/4 Bonds.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit
Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line
Loan Notice.

     “Required Lenders” means, as of any date of determination, Lenders having more than
50% of the Aggregate Commitments or, if the Commitment of each Lender to make Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 9.02, Lenders holding in the aggregate more than 50% of the Total Outstandings
(with the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this
definition); provided that, as set forth in Section 11.23, the Commitment of, and
the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be
excluded for purposes of making a determination of Required Lenders.

     “Responsible Officer” means the chief executive officer, president, chief financial
officer, vice president, corporate controller, treasurer, or assistant treasurer of a Loan Party
and, with respect to certificates to be delivered pursuant to Sections 5.01 and
5.02, notices to be delivered pursuant to Section 7.03 and the requirements of
Section 9.01, the general counsel or the secretary of the Borrower. Any document delivered
hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to
have been authorized by all necessary corporate, partnership and/or other action on the part of
such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf
of such Loan Party.

     “Restricted Payment” means any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, defeasance, acquisition, cancellation or termination of any capital stock or other
Equity Interest of the Borrower or any Subsidiary, or on account of any return of capital to the
Borrower’s stockholders, partners or members (or the equivalent Persons thereof). The definition
of “Restricted Payment” shall not include any dividend or other distribution (whether in
cash, securities or other property) with regard to any capital stock or other Equity Interest of
the Borrower or any Subsidiary.

22

 

     “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving
Credit Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.01.

     “Revolving Credit Borrowing Minimum” means, in respect of Revolving Credit Loans
denominated in Dollars, $5,000,000, and in respect of any Revolving Credit Loans denominated in any
Committed Currency, the Equivalent of $5,000,000.

     “Revolving Credit Borrowing Multiple” means, in respect of Revolving Credit Loans
denominated in Dollars, $1,000,000, and in respect of Revolving Credit Loans denominated in any
Committed Currency, the Equivalent of $1,000,000.

     “Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’
Commitments at such time.

     “Revolving Credit Loan” has the meaning specified in Section 2.01.

     “Revolving Credit Note” means a promissory note of the Borrower payable to the order
of any Lender, in substantially the form of Exhibit C, evidencing the aggregate indebtedness of the
Borrower to such Lender resulting from the Revolving Credit Loans made by such Lender.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and any successor thereto.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Shareholders’ Equity” means, as of any date of determination, consolidated
shareholders’ equity of the Borrower and its Subsidiaries as of that date determined in accordance
with GAAP.

     “Sold Business” means any material Person, property, business or asset sold,
transferred or otherwise disposed of by the Borrower or any Subsidiary, other than in the ordinary
course of business.

     “Solvent” and “Solvency” mean, with respect to any Person, and its
Subsidiaries on a consolidated basis, on any date of determination, that on such date (a) the fair
value of the property of such Person, and its Subsidiaries on a consolidated basis, is greater than
the total amount of liabilities, including, without limitation, contingent liabilities, of such
Person, and its Subsidiaries on a consolidated basis, (b) the present fair salable value of the
assets of such Person, and its Subsidiaries on a consolidated basis, is not less than the amount
that will be required to pay the probable liability of such Person, and its Subsidiaries on a
consolidated basis, on its debts as they become absolute and matured, (c) such Person, and its
Subsidiaries on a consolidated basis, does not intend to, and does not believe that it will, incur
debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature
and (d) such Person, and its Subsidiaries on a consolidated basis, is not engaged in business or a
transaction, and is not about to engage in business or a transaction, for which the property of
such Person, and its Subsidiaries on a consolidated basis, would constitute an unreasonably small
capital. The amount of contingent liabilities at any time shall be computed as the amount that, in
the light of all the facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability.

     “SPC” has the meaning specified in Section 11.07(h).

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     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Borrower.

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

     “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section
2.04.

     “Swing Line Lender” means KeyBank in its capacity as provider of Swing Line Loans, or
any successor swing line lender hereunder.

     “Swing Line Loan” has the meaning specified in Section 2.04(a).

     “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section
2.04(b), which, if in writing, shall be substantially in the form of Exhibit B.

     “Swing Line Sublimit” means an amount equal to the lesser of (a) $50,000,000 and (b)
the Commitments. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit
Facility.

     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

     “Taxes” has the meaning specified in Section 3.01(a).

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     “Threshold Amount” means $50,000,000.

     “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C
Obligations.

     “Type” means, with respect to a Loan, its character as a Base Rate Loan or a
Eurocurrency Rate Loan.

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

1.02 Other Interpretive Provisions.

     With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:

     (a) The meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms.

     (b) (i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar
import when used in any Loan Document shall refer to such Loan Document as a whole and not
to any particular provision thereof.

     (ii) Article, Section, Exhibit and Schedule references are to the Loan Document
in which such reference appears.

     (iii) The term “including” is by way of example and not limitation.

     (iv) The term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other writings,
however evidenced, whether in physical or electronic form.

     (c) In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including;” the words “to” and “until” each mean “to
but excluding;” and the word “through” means “to and including.”

     (d) Section headings herein and in the other Loan Documents are included for
convenience of reference only and shall not affect the interpretation of this Agreement or
any other Loan Document.

1.03 Accounting Terms.

     (a) All accounting terms not specifically or completely defined herein shall be construed in
conformity with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner
consistent with that used in preparing the Audited Financial Statements, except as otherwise
specifically prescribed herein.

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     (b) If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall
so request, the Co-Administrative Agents, the Lenders and the Borrower shall negotiate in good
faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP (subject to the approval of the Required Lenders); provided that, until so
amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein and (ii) the Borrower shall provide to the Co-Administrative Agents and the
Lenders financial statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP.

1.04 Rounding.

     Any financial ratios required to be maintained by the Borrower pursuant to this Agreement
shall be calculated by dividing the appropriate component by the other component, carrying the
result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number).

1.05 References to Agreements and Laws.

     Unless otherwise expressly provided herein, (a) references to Organization Documents,
agreements (including the Loan Documents) and other contractual instruments shall be deemed to
include all subsequent amendments, restatements, extensions, supplements and other modifications
thereto, but only to the extent that such amendments, restatements, extensions, supplements and
other modifications are not prohibited by any Loan Document; and (b) references to any Law shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing
or interpreting such Law.

1.06 Times of Day.

     Unless otherwise specified, all references herein to times of day shall be references to
Eastern time (daylight or standard, as applicable).

1.07 Letter of Credit Amounts.

     Unless otherwise specified, all references herein to the amount of a Letter of Credit at any
time shall be deemed to mean the maximum face amount of such Letter of Credit at such time after
giving effect to all increases thereof contemplated by such Letter of Credit or the Letter of
Credit Application therefor, whether or not such maximum face amount is in effect at such time.

1.08 Currency Equivalents Generally.

     Any amount specified in this Agreement (other than in Articles II, X and XI) or any of the
other Loan Documents to be in Dollars shall also include the equivalent of such amount in any
currency other than Dollars, such equivalent amount to be determined at the rate of exchange quoted
by the Paying Agent in its principal office at the close of business on the Business Day
immediately preceding any date of determination thereof, to prime banks in New York, New York for
the spot purchase in the New York foreign exchange market of such amount in Dollars with such other
currency.

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ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

2.01 The Loans.

     Subject to the terms and conditions set forth herein, each Lender severally agrees to make
loans (each such loan, a “Revolving Credit Loan”) to the Borrower from time to time, on any
Business Day during the Availability Period, in an aggregate principal amount (based in respect of
any Revolving Credit Loans to be denominated in a Committed Currency by reference to the Equivalent
thereof in Dollars determined on the date of delivery of the applicable Committed Loan Notice) not
to exceed at any time outstanding the amount of such Lender’s Commitment; provided,
however, that after giving effect to any Revolving Credit Borrowing, (i) the Total
Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding Amount of
all Revolving Credit Loans denominated in a Committed Currency shall not exceed the Committed
Currency Sublimit, and (iii) the aggregate Outstanding Amount of the Revolving Credit Loans of any
Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus
such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed
such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other
terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under
Section 2.05, and reborrow under this Section 2.01. Revolving Credit Loans may be
Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

2.02 Borrowings, Conversions and Continuations of Loans.

     (a) Each Revolving Credit Borrowing, each conversion of Revolving Credit Loans from one Type
to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower’s
irrevocable notice to the Paying Agent, which may be given by telephone. Each such notice must be
received by the Paying Agent not later than (i) 11:00 a.m. three Business Days prior to the
requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans
denominated in Dollars or of any conversion of Eurocurrency Rate Loans denominated in Dollars to
Base Rate Loans denominated in Dollars, (ii) 4:00 p.m. three Business Days prior to the requested
date of any Revolving Credit Borrowing consisting of Eurocurrency Rate Loans denominated in any
Committed Currency, and (iii) 11:00 a.m. on the requested date of any Borrowing of Base Rate Loans.
Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to the Paying Agent of a written Committed Loan Notice, appropriately
completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans shall be in a principal amount of not less than the
Revolving Credit Borrowing Minimum or the Revolving Credit Borrowing Multiple in excess thereof.
Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion
to Base Rate Loans shall be in a principal amount of not less than the Revolving Credit Borrowing
Minimum or the Revolving Credit Borrowing Multiple in excess thereof. Each Committed Loan Notice
(whether telephonic or written) shall specify (i) whether the Borrower is requesting a Revolving
Credit Borrowing, a conversion of Revolving Credit Loans from one Type to the other, or a
continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of
Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which
existing Revolving Credit Loans are to be converted, (v) if such Borrowing is a Revolving Credit
Borrowing, the currency of such Borrowing, which shall be Dollars or a Committed Currency and (vi)
if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to
specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Revolving Credit Loans shall be made
as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be
effective as of the last day of the

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Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the
Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any
such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month.

     (b) Following receipt of a Committed Loan Notice, the Paying Agent shall promptly notify each
Lender of the amount of its Pro Rata Share of the applicable Revolving Credit Loans, and if no
timely notice of a conversion or continuation is provided by the Borrower, the Paying Agent shall
notify each Lender of the details of any automatic conversion to Base Rate Loans described in
Section 2.02(a). In the case of a Revolving Credit Borrowing, each Appropriate Lender
shall make the amount of its Loan available to the Paying Agent in immediately available funds at
the Paying Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable
Committed Loan Notice, in the case of a Revolving Credit Borrowing consisting of Loans denominated
in Dollars, and before 5:00 p.m. on the date of such Revolving Credit Borrowing, in the case of a
Revolving Credit Borrowing consisting of Eurocurrency Rate Loans denominated in any Committed
Currency. Upon satisfaction of the applicable conditions set forth in Section 5.02 (and,
if such Borrowing is the initial Credit Extension, Section 5.01), the Paying Agent shall
make all funds so received available to the Borrower in like funds as received by the Paying Agent
either by (i) crediting the account of the Borrower on the books of KeyBank with the amount of such
funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to
the Paying Agent by the Borrower; provided, however, that if, on the date the
Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are Swing Line
Loans or L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied,
first, to the payment in full of any such L/C Borrowings, second, to the payment in
full of any such Swing Line Loans, and third, to the Borrower as provided above.

     (c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or
converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the
existence of a Default or Event of Default, upon the request of the Required Lenders, no Loans may
be converted to or continued as Eurocurrency Rate Loans.

     (d) The Paying Agent shall promptly notify the Borrower and the Lenders of the interest rate
applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest
rate. The determination of the Eurocurrency Rate by the Paying Agent shall be conclusive in the
absence of manifest error. At any time that Base Rate Loans are outstanding, the Paying Agent
shall notify the Borrower and the Lenders of any change in the Prime Rate used in determining the
Base Rate promptly following the public announcement of such change.

     (e) After giving effect to all Revolving Credit Borrowings, all conversions of Revolving
Credit Loans from one Type to the other, and all continuations of Revolving Credit Loans as the
same Type, there shall not be more than ten Interest Periods in effect.

     (f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall
not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of
such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the
Loan to be made by such other Lender on the date of any Borrowing.

     (g) The Borrower may at any time and from time to time, upon prior written notice by the
Borrower to the Co-Administrative Agents, increase the Aggregate Commitments (but not the Committed
L/C Currency Sublimit and Committed Currency Sublimit) by up to $100,000,000 with additional
Commitments from any existing Lender or new Commitments from any other Person selected by the

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Borrower and approved by the Co-Administrative Agents (such approval not to be unreasonably
withheld); provided that:

     (i) any such increase shall be in a minimum principal amount of $10,000,000 and in
integral multiples of $5,000,000 in excess thereof;

     (ii) no Default or Event of Default shall exist and be continuing at the time of any
such increase;

     (iii) no existing Lender shall be under any obligation to increase its Commitment and
any such decision whether to increase its Commitment shall be in such Lender’s sole and
absolute discretion;

     (iv) any new Lender shall join this Agreement by executing such joinder documents
required by the Co-Administrative Agents; and

     (v) as a condition precedent to such increase, the Borrower shall deliver to the
Co-Administrative Agents a certificate of each Loan Party dated as of the date of such
increase signed by a Responsible Officer of such Loan Party (A) certifying and attaching the
resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in
the case of the Borrower, certifying that, before and after giving effect to such increase,
(1) the representations and warranties contained in Article VI and the other Loan
Documents are true and correct in all material respects on and as of the date of such
increase, except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they are true and correct as of such earlier date, and
except that for purposes of this Section 2.02(g), the representations and warranties
contained in subsections (a) and (b) of Section 6.05 shall be deemed to refer to the
most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 7.01, and (2) no Default or Event of Default exists.

     The Borrower shall prepay any Loans owing by it and outstanding on the date of any such
increase (and pay any additional amounts required pursuant to Section 3.05) to the extent
necessary to keep the outstanding Loans ratable with any revised Commitments arising from any
nonratable increase in the Commitments under this Section. In connection with any such increase in
the Aggregate Commitments, Schedule 2.01 shall be revised by the Co-Administrative Agents
to reflect the new Commitments and distributed to the Lenders.

2.03 Letters of Credit.

     (a) The Letter of Credit Commitment.

     (i) On the Closing Date, each Existing Letter of Credit shall be deemed to have been
issued hereunder by the L/C Issuer. Subject to the terms and conditions set forth herein,
(A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in
this Section 2.03, (1) from time to time on any Business Day during the period from
the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for
the account of the Borrower or any Subsidiary in Dollars or any Committed Currency, and to
amend or renew Letters of Credit previously issued by it, in accordance with Section
2.03(b), and (2) to honor drafts under the Letters of Credit; and (B) the Lenders
severally agree to participate in Letters of Credit issued (or deemed to have been issued)
for the account of the Borrower or any Subsidiary; provided that the L/C Issuer
shall not make any L/C Credit Extension with respect to any Letter of Credit, and no Lender
shall be obligated to participate in any Letter of Credit if as of the date of such L/C
Credit

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Extension, (w) the Total Outstandings would exceed the Aggregate Commitments, (x) the
aggregate Outstanding Amount of the Loans of any Lender, plus such Lender’s Pro Rata
Share of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata
Share of the Outstanding Amount of all Swing Line Loans would exceed such Lender’s
Commitment, (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of
Credit Sublimit and (z) the Outstanding Amount of all L/C Obligations denominated in a
Committed Currency would exceed the Committed L/C Currency Sublimit. Each request by the
Borrower for an L/C Credit Extension shall be deemed to be a representation by the Borrower
that the L/C Credit Extension so requested complies with the conditions set forth in the
proviso to the preceding sentence. Within the foregoing limits, and subject to the terms
and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully
revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of
Credit to replace Letters of Credit that have expired or that have been drawn upon and
reimbursed.

     (ii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

     (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such
Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or such Letter of Credit
in particular or shall impose upon the L/C Issuer with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is
not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material
to it;

     (B) subject to Section 2.03(b)(iii), the expiry date of such requested
Letter of Credit would occur more than twelve months after the date of issuance or
last renewal, unless the Required Lenders have approved such expiry date;

     (C) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry
date;

     (D) the issuance of such Letter of Credit would violate one or more policies of
the L/C Issuer applicable to letters of credit generally;

     (E) such Letter of Credit is in an initial stated amount less than $100,000, in
the case of a commercial Letter of Credit, or $500,000, in the case of a standby
Letter of Credit, or is to be denominated in a currency other than Dollars or a
Committed Currency; or

     (F) a default of any Lender’s obligations to fund under Section 2.03(c)
exists or any Lender is at such time a Defaulting Lender or an Impacted Lender
hereunder, unless the Borrower or such Lender has cash collateralized such
Defaulting Lender’s or Impacted Lender’s risk participation in the L/C Obligations
in accordance with the procedures set forth in Section 2.03(g) for so long
as such risk participation is outstanding or the L/C Issuer has otherwise entered
into satisfactory arrangements with the Borrower or such Lender to eliminate the L/C
Issuer’s risk with respect to such Lender.

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     (iii) The L/C Issuer shall not be under any obligation to amend any Letter of Credit if
(A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in
its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit.

     (iv) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and the L/C Issuer shall have
all of the benefits and immunities (A) provided to the Agents in Article X with
respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters
of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to
such Letters of Credit as fully, and subject to the same limitations, as if the term “Agent”
as used in Article X included the L/C Issuer with respect to such acts or omissions,
and (B) as additionally provided herein with respect to the L/C Issuer.

     (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of
Credit.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the L/C Issuer (with a copy to the Paying Agent) in the
form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of the Borrower. Such Letter of Credit Application must be received by the L/C
Issuer and the Paying Agent not later than 11:00 a.m. at least two Business Days (or such
later date and time as the L/C Issuer and the Paying Agent may agree in a particular
instance in their sole discretion) prior to the proposed issuance date or date of amendment,
as the case may be. In the case of a request for an initial issuance of a Letter of Credit,
such Letter of Credit Application shall specify in form and detail satisfactory to the L/C
Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address
of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of
any drawing thereunder; (F) the full text of any certificate to be presented by such
beneficiary in case of any drawing thereunder; (G) whether such Letter of Credit is to be
denominated in Dollars or a Committed Currency and in the absence of such specification
shall be deemed to be a request for a Letter of Credit denominated in Dollars; (H) a general
description of the purpose and nature of the requested Letter of Credit; and (I) such other
matters as the L/C Issuer may reasonably require. In the case of a request for an amendment
of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form
and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the
proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the
proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require.
Additionally, the Borrower shall furnish to the L/C Issuer and the Paying Agent such other
documents and information pertaining to such requested Letter of Credit issuance or
amendment, including any Issuer Documents, as the L/C Issuer or the Paying Agent may
reasonably require.

     (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with the Paying Agent (by telephone or in writing) that the Paying Agent has
received a copy of such Letter of Credit Application from the Borrower and, if not, the L/C
Issuer will provide the Paying Agent with a copy thereof. Upon receipt by the L/C Issuer of
confirmation from the Paying Agent that the requested issuance or amendment is permitted in
accordance with the terms hereof, then, subject to the terms and conditions hereof, the L/C
Issuer shall, on the requested date, issue a Letter of Credit for the account of the
Borrower or enter into the applicable amendment, as the case may be, in each case in
accordance with the L/C Issuer’s usual and

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customary business practices. Immediately upon the issuance (or deemed issuance) of
each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter
of Credit in an amount equal to the product of such Lender’s Pro Rata Share times the amount
of such Letter of Credit.

     (iii) If the Borrower so requests in any applicable Letter of Credit Application, the
L/C Issuer shall agree to issue a Letter of Credit that has automatic renewal provisions
(each, an “Auto-Renewal Letter of Credit”); provided that any such
Auto-Renewal Letter of Credit must permit the L/C Issuer to prevent any such renewal at
least once in each twelve-month period (commencing with the date of issuance of such Letter
of Credit) by giving prior notice to the beneficiary thereof not later than a day (the
“Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the
time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the
Borrower shall not be required to make a specific request to the L/C Issuer for any such
renewal. Once an Auto-Renewal Letter of Credit has been issued, the Lenders shall be deemed
to have authorized (but may not require) the L/C Issuer to permit the renewal of such Letter
of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date;
provided, however, that the L/C Issuer shall not permit any such renewal if
(A) the L/C Issuer has determined that it would have no obligation at such time to issue
such Letter of Credit in its renewed form under the terms hereof (by reason of the
provisions of Section 2.03(a)(ii) or otherwise), or (B) it has received notice
(which may be by telephone or in writing) on or before the day that is two Business Days
before the Nonrenewal Notice Date from the Paying Agent, any Lender or the Borrower that one
or more of the applicable conditions specified in Section 5.02 is not then
satisfied.

     (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower and the Paying Agent a true and complete copy of
such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

     (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the L/C Issuer shall notify the Borrower and the Paying
Agent thereof. Not later than 12:00 noon on the date of any payment by the L/C Issuer under
a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C
Issuer through the Paying Agent in an amount equal to the amount of such drawing. If the
Borrower fails to so reimburse the L/C Issuer by such time, the Paying Agent shall promptly
notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the
“Unreimbursed Amount”), and the Equivalent amount of such Lender’s Pro Rata Share
thereof. In such event, the Borrower shall be deemed to have requested a Revolving Credit
Borrowing in Dollars of Base Rate Loans to be disbursed on the Honor Date in an Equivalent
amount equal to the Unreimbursed Amount, without regard to the minimum and multiples
specified in Section 2.02 for the principal amount of Base Rate Loans, but subject
to the amount of the unutilized portion of the Commitments and the conditions set forth in
Section 5.02 (other than the delivery of a Committed Loan Notice) and
provided, that after giving effect to such Borrowing, the Total Outstandings shall
not exceed the Aggregate Commitments. Any notice given by the L/C Issuer or the Paying
Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately
confirmed in writing; provided that the lack of such an immediate confirmation shall
not affect the conclusiveness or binding effect of such notice.

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     (ii) Each Lender (including any Lender acting as the L/C Issuer) shall upon any notice
pursuant to Section 2.03(c)(i) make funds available to the Paying Agent for the
account of the L/C Issuer at the Paying Agent’s Office in an Equivalent amount equal to its
Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day
specified in such notice by the Paying Agent, whereupon, subject to the provisions of
Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to
have made a Base Rate Loan in Dollars to the Borrower in such amount. The Paying Agent
shall remit the funds so received to the L/C Issuer.

     (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in
Section 5.02 cannot be satisfied or for any other reason, the Borrower shall be
deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate. In such
event, each Lender’s payment to the Paying Agent for the account of the L/C Issuer pursuant
to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in
such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of
its participation obligation under this Section 2.03.

     (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any
Letter of Credit, interest in respect of such Lender’s Pro Rata Share of such amount shall
be solely for the account of the L/C Issuer.

     (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to
reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this
Section 2.03(c), shall be absolute and unconditional and shall not be affected by
any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the L/C Issuer, the Borrower or any other Person for any
reason whatsoever; (B) the occurrence or continuance of a Default or an Event of Default, or
(C) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Lender’s obligation to make
Revolving Credit Loans pursuant to this Section 2.03(c) is subject to the conditions
set forth in Section 5.02 (other than delivery by the Borrower of a Committed Loan
Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation
of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C
Issuer under any Letter of Credit, together with interest as provided herein.

     (vi) If any Lender fails to make available to the Paying Agent for the account of the
L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Lender (acting
through the Paying Agent), on demand, such amount with interest thereon for the period from
the date such payment is required to the date on which such payment is immediately available
to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate from
time to time in effect and a rate determined by the L/C Issuer in accordance with banking
industry rules on interbank compensation. A certificate of the L/C Issuer submitted to any
Lender (through the Paying Agent) with respect to any amounts owing under this Section
2.03(c)(vi) shall be conclusive absent manifest error.

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     (d) Repayment of Participations.

     (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such payment in
accordance with Section 2.03(c), if the Paying Agent receives for the account of the
L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the Borrower or otherwise, including proceeds of cash collateral
applied thereto by the Paying Agent), the Paying Agent will distribute to such Lender its
Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect
the period of time during which such Lender’s L/C Advance was outstanding) in the same funds
as those received by the Paying Agent.

     (ii) If any payment received by the Paying Agent for the account of the L/C Issuer
pursuant to Section 2.03(c)(i) is required to be returned under any of the
circumstances described in Section 11.06 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Lender shall pay to the Paying Agent
for the account of the L/C Issuer its Pro Rata Share thereof on demand of the Paying Agent,
plus interest thereon from the date of such demand to the date such amount is returned by
such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in
effect. The obligations of the Lenders under this clause shall survive the payment in full
of the Obligations and the termination of this Agreement.

     (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer
for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:

     (i) any lack of validity or enforceability of such Letter of Credit, this Agreement or
any other Loan Document;

     (ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

     (iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law;

     (v) any exchange, release or nonperfection of any collateral, or any release or
amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for
all or any of the L/C Obligations of the Borrower in respect of such Letter of Credit; or

34

 

     (vi) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Borrower or any Subsidiary.

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that
is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions
or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be
conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents
unless such notice is given as aforesaid.

     (f) Role of the L/C Issuer. Each Lender and the Borrower agree that, in paying any
drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by such Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, any
Agent, any of their respective Related Parties nor any correspondent, participant or assignee of
the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable;
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii)
the due execution, effectiveness, validity or enforceability of any document or instrument related
to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or
omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, however, that this assumption is not intended to, and shall not, preclude
the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or
transferee at law or under any other agreement. None of the L/C Issuer, the Agents, any of their
respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall
be liable or responsible for any of the matters described in clauses (i) through (v) of Section
2.03(e); provided, however, that anything in such clauses to the contrary
notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be
liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused
by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to
pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit unless the
L/C Issuer is prevented or prohibited from so paying as a result of any order or directive of any
court or other Governmental Authority. In furtherance and not in limitation of the foregoing, the
L/C Issuer may accept documents that appear on their face to be in order, without responsibility
for further investigation, regardless of any notice or information to the contrary, and the L/C
Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason.

     (g) Cash Collateral. Upon the request of the Paying Agent, (i) if the L/C Issuer has
honored any full or partial drawing request under any Letter of Credit and such drawing has
resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C
Obligation for any reason remains outstanding and partially or wholly undrawn, the Borrower shall
immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations (in an amount
equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of
Credit Expiration Date, as the case may be). For purposes hereof, “Cash Collateralize” means to
pledge and deposit with or deliver to the Paying Agent, for the benefit of the L/C Issuer and the
Lenders, as collateral for the L/C Obligations, cash or deposit account balances pursuant to
documentation in form and substance satisfactory to the Paying Agent and the L/C Issuer (which
documents are hereby consented to by the Lenders). Derivatives of such

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term have corresponding meanings. The Borrower hereby grants to the Paying Agent, for the
benefit of the L/C Issuer and the Lenders, a security interest in all such cash, deposit accounts
and all balances therein and all proceeds of the foregoing. Cash collateral shall be maintained in
blocked, non-interest bearing deposit accounts at KeyBank. If at any time the Paying Agent
determines that any funds held as cash collateral are subject to any right or claim of any Person
other than the Paying Agent or that the total amount of such funds is less than the aggregate
Outstanding Amount of all L/C Obligations, the Borrower will, forthwith upon demand by the Paying
Agent, pay to the Paying Agent, as additional funds to be deposited and held in the deposit
accounts at KeyBank as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding
Amount over (b) the total amount of funds, if any, then held as cash collateral that the Paying
Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter
of Credit for which funds are on deposit as cash collateral, such funds shall be applied, to the
extent permitted under applicable Law, to reimburse the L/C Issuer.

     (h) Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the L/C
Issuer and the Borrower when a Letter of Credit is issued (or deemed issued), (i) the rules of the
“International Standby Practices 1998” published by the Institute of International Banking
Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall
apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for
Documentary Credits, as most recently published by the International Chamber of Commerce (the
“ICC”) at the time of issuance (or deemed issuance) (including the ICC decision published
by the Commission on Banking Technique and Practice on April 6, 1998 regarding the European single
currency (Euro)) shall apply to each commercial Letter of Credit.

     (i) Letter of Credit Fees. The Borrower shall pay to the Paying Agent for the account
of each Lender (except as otherwise provided in Section 11.23 with respect to Defaulting
Lenders) in accordance with its Pro Rata Share a Letter of Credit fee for each Letter of Credit
equal to the Applicable Rate times the daily maximum amount available to be drawn under such Letter
of Credit (whether or not such maximum amount is then in effect under such Letter of Credit) (such
fees, “Letter of Credit Fees”). Such Letter of Credit Fees shall be computed on a
quarterly basis in arrears. Such Letter of Credit Fees shall be due and payable on the first
Business Day after the end of each March, June, September and December, commencing with the first
such date to occur after the issuance (or deemed issuance) of such Letter of Credit, on the Letter
of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate
during any quarter, the daily maximum amount of each Letter of Credit shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, while
any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

     (j) Fronting Fee and Documentary and Processing Charges Payable to the L/C Issuer. The
Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to
each Letter of Credit issued (or deemed issued) by the L/C Issuer equal to the rate per annum
identified in the KeyBank Fee Letter times the daily maximum amount available to be drawn under
such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of
Credit) and on a quarterly basis in arrears. Such fronting fee shall be due and payable on the
first Business Day after the end of each March, June, September and December in respect of the most
recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing
with the first such date to occur after the issuance (or deemed issuance) of such Letter of Credit,
on the Letter of Credit Expiration Date and thereafter on demand. In addition, the Borrower shall
pay directly to the L/C Issuer for its own account the customary issuance, presentation, amendment
and other processing fees, and other standard costs and charges, of the L/C Issuer relating to
letters of credit as from time to time in effect. Such customary fees and standard costs and
charges are due and payable on demand and are nonrefundable.

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     (k) Reimbursement Agreement. It is acknowledged and agreed that this Agreement shall
be deemed to be the “Reimbursement Agreement” for purposes of that certain Indenture dated as of
June 1, 2003 between the Ohio Air Quality Development Authority and Bank One Trust Company,
National Association, as trustee, as amended from time to time.

     (l) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

2.04 Swing Line Loans.

     (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing
Line Lender agrees to make loans (each such loan, a “Swing Line Loan”) to the Borrower from
time to time on any Business Day during the Availability Period in an aggregate principal amount
not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the
fact that such Swing Line Loans, when aggregated with the Pro Rata Share of the Outstanding Amount
of Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of
such Lender’s Commitment; provided, however, that after giving effect to any Swing
Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the
aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, plus such Lender’s Pro
Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata Share of
the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and
provided further that the Borrower shall not use the proceeds of any Swing Line
Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the
other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay
under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan
shall be a Base Rate Loan denominated in Dollars. Immediately upon the making of a Swing Line
Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal
to the product of such Lender’s Pro Rata Share times the amount of such Swing Line Loan.

     (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s
irrevocable notice to the Swing Line Lender and the Paying Agent, which may be given by telephone.
Each such notice must be received by the Swing Line Lender and the Paying Agent not later than 1:00
p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall
be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.
Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the
Paying Agent of a written Swing Line Loan Notice, appropriately completed and signed by a
Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any
telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Paying Agent (by
telephone or in writing) that the Paying Agent has also received such Swing Line Loan Notice and,
if not, the Swing Line Lender will notify the Paying Agent (by telephone or in writing) of the
contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing)
from the Paying Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of
the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line
Loan as a result of the limitations set forth in the first proviso to the first sentence of
Section 2.04(a), or (B) that one or more of the applicable conditions specified in
Section 5.02 is not then satisfied, then, subject to the terms and conditions hereof, the
Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line
Loan Notice, make the amount of its Swing Line Loan available to the Borrower at its office by
crediting the account of the Borrower on the books of the Swing Line Lender in immediately
available funds.

     (c) Refinancing of Swing Line Loans.

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     (i) The Swing Line Lender at any time in its sole and absolute discretion may request,
on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to so
request on its behalf), that each Lender make a Base Rate Loan in an amount equal to such
Lender’s Pro Rata Share of the amount of Swing Line Loans then outstanding. Such request
shall be made in writing (which written request shall be deemed to be a Committed Loan
Notice for purposes hereof) and in accordance with the requirements of Section 2.02,
without regard to the minimum and multiples specified therein for the principal amount of
Base Rate Loans, but subject to the unutilized portion of the Commitments and the conditions
set forth in Section 5.02. The Swing Line Lender shall furnish the Borrower with a
copy of the applicable Committed Loan Notice promptly after delivering such notice to the
Paying Agent. Each Lender shall make an amount equal to its Pro Rata Share of the amount
specified in such Committed Loan Notice available to the Paying Agent in immediately
available funds for the account of the Swing Line Lender at the Paying Agent’s Office not
later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject
to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to
have made a Base Rate Loan to the Borrower in such amount. The Paying Agent shall remit the
funds so received to the Swing Line Lender.

     (ii) If for any reason any Swing Line Loan cannot be refinanced by a Revolving Credit
Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Loans
submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by
the Swing Line Lender that each of the Lenders fund its risk participation in the relevant
Swing Line Loan and each Lender’s payment to the Paying Agent for the account of the Swing
Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of
such participation.

     (iii) If any Lender fails to make available to the Paying Agent for the account of the
Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting
through the Paying Agent), on demand, such amount with interest thereon for the period from
the date such payment is required to the date on which such payment is immediately available
to the Swing Line Lender at a rate per annum equal to the Federal Funds Rate from time to
time in effect. A certificate of the Swing Line Lender submitted to any Lender (through the
Paying Agent) with respect to any amounts owing under this Section 2.04(c)(iii)
shall be conclusive absent manifest error.

     (iv) Each Lender’s obligation to make Revolving Credit Loans or to purchase and fund
risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be
absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against
the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however, that each
Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c)
is subject to the conditions set forth in Section 5.02. No such funding of risk
participations shall relieve or otherwise impair the obligation of the Borrower to repay
Swing Line Loans, together with interest as provided herein.

     (d) Repayment of Participations.

     (i) At any time after any Lender has purchased and funded a risk participation in a
Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line
Loan, the Swing Line Lender will distribute to such Lender its Pro Rata Share of such
payment (appropriately adjusted, in the case of interest payments, to reflect the period of
time during

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which such Lender’s risk participation was funded) in the same funds as those received
by the Swing Line Lender.

     (ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Line Loan is required to be returned by the Swing Line Lender under
any of the circumstances described in Section 11.06 (including pursuant to any
settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay
to the Swing Line Lender its Pro Rata Share thereof on demand of the Paying Agent, plus
interest thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the Federal Funds Rate. The Paying Agent will make such demand upon the
request of the Swing Line Lender.

     (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for
invoicing the Borrower for interest on the Swing Line Loans. Until each Lender funds its Base Rate
Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Pro
Rata Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall be solely for
the account of the Swing Line Lender.

     (f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of principal
and interest in respect of the Swing Line Loans directly to the Swing Line Lender.

2.05 Prepayments.

     (a) Optional. (i) The Borrower may, upon notice to the Paying Agent, at any time or
from time to time voluntarily prepay Loans in whole or in part without premium or penalty;
provided that (1) such notice must be received by the Paying Agent not later than 11:00
a.m. (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) on
the date of prepayment of Base Rate Loans; (2) any prepayment of Revolving Credit Loans shall be in
a principal amount of not less than the Revolving Credit Borrowing Minimum or the Revolving Credit
Borrowing Multiple in excess thereof; and (3) any prepayment of Swing Line Loans shall be in a
principal amount of not less than $100,000 or, in each case, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment
and the Type(s) of Loans to be prepaid. The Paying Agent will promptly notify each Lender of its
receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment.
If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon,
together with any additional amounts required pursuant to Section 3.05. Except as set
forth in Section 11.23, each prepayment pursuant to this Section 2.05(a) shall be
paid to the Paying Agent for distribution to the Appropriate Lenders in accordance with their
respective Pro Rata Shares.

     (ii) The Borrower may, upon notice to the Swing Line Lender (with a copy to the Paying
Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in
part without premium or penalty; provided that (1) such notice must be received by
the Swing Line Lender and the Paying Agent not later than 1:00 p.m. on the date of the
prepayment, and (2) any such prepayment shall be in a minimum principal amount of $100,000.
Each such notice shall specify the date and amount of such prepayment. If such notice is
given by the Borrower, the Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein.

     (b) Mandatory. (i) If for any reason (A) the Total Outstandings at any time exceed the
Aggregate Commitments then in effect or (B) the Swing Line Loans outstanding exceed the Swing Line
Sublimit, the Borrower shall immediately prepay the Revolving Credit Loans, the Swing Line Loans

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and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess;
provided, however, that the Borrower shall not be required to Cash Collateralize
the L/C Obligations pursuant to this Section 2.05(b) unless after the prepayment in full of
the Loans and Swing Line Loans the Total Outstandings exceed the Aggregate Commitments then in
effect.

     (ii) Prepayments made pursuant to clause (i)(A) of this Section 2.05(b), first,
shall be applied to prepay L/C Borrowings outstanding at such time until all such L/C
Borrowings are paid in full, second, shall be applied to prepay Swing Line Loans outstanding
at such time until all such Swing Line Loans are paid in full, third, shall be applied to
prepay Revolving Credit Loans outstanding at such time and, fourth, shall be used to Cash
Collateralize the L/C Obligations. Upon the drawing of any Letter of Credit which has been
Cash Collateralized, such funds shall be applied (without any further action by or notice to
or from the Borrower or any other Loan Party) to reimburse the L/C Issuer or the Lenders, as
applicable.

     (c) Prepayments of Committed Currency Loans. If as of any Determination Date (i) the
Equivalent of the Outstanding Amount of all Revolving Credit Loans, all Swing Line Loans and all
L/C Obligations exceeds the Aggregate Commitments then in effect or (ii) the Equivalent of all L/C
Obligations exceeds the Letter of Credit Sublimit, in each case, the Borrower shall, on such
Determination Date, prepay Revolving Credit Loans denominated in Committed Currencies and/or Cash
Collateralize Letters of Credit denominated in a Committed Currency in an aggregate amount equal to
such excess. If as of any Determination Date the Equivalent of the Outstanding Amount of all
Revolving Credit Loans and all L/C Obligations denominated in a Committed Currency exceeds 105% of
the Committed Currency Sublimit then in effect, the Borrower shall, on such Determination Date,
prepay Revolving Credit Loans denominated in Committed Currencies and/or Cash Collateralize Letters
of Credit denominated in a Committed Currency in an aggregate amount equal to the amount by which
such Outstanding Amount exceeds the Committed Currency Sublimit.

     (d) Prepayments to Include Accrued Interest, Etc. All prepayments under this
Section 2.05 shall be made together with (i) accrued and unpaid interest to the date of
such prepayment on the principal amount so prepaid and (ii) in the case of any such prepayment of a
Eurocurrency Rate Loan on a date other than the last day of an Interest Period therefor, any
amounts owing in respect of such Eurocurrency Rate Loan pursuant to Section 3.05.

2.06 Termination or Reduction of Commitments.

     (a) Optional. The Borrower may, upon notice to the Paying Agent, terminate the unused
portions of the Letter of Credit Sublimit, the Committed Currency Sublimit, the Committed L/C
Currency Sublimit or the unused Commitments, or from time to time permanently reduce the unused
portions of the Letter of Credit Sublimit, the Committed Currency Sublimit, the Committed L/C
Currency Sublimit or the unused Commitments; provided that (i) any such notice shall be
received by the Paying Agent not later than 11:00 a.m. five Business Days prior to the date of
termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of
$10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not
terminate or reduce the unused portions of the Letter of Credit Sublimit, the Committed Currency
Sublimit, the Committed L/C Currency Sublimit or the unused Commitments if, after giving effect
thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the
Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Revolving Credit
Facility, the Letter of Credit Sublimit, the Swing Line Sublimit, the Committed Currency Sublimit
or the Committed L/C Currency Sublimit exceeds the amount of the Revolving Credit Facility, such
Letter of Credit Sublimit, Swing Line Sublimit, Committed Currency Sublimit or Committed L/C
Currency Sublimit shall be automatically reduced by the amount of such excess.

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     (b) Mandatory. If after giving effect to any reduction or termination of unused
Commitments under this Section 2.06, the Letter of Credit Sublimit, the Committed Currency
Sublimit, the Committed L/C Currency Sublimit or the Swing Line Sublimit exceeds the amount of the
Commitments, such sublimit shall be automatically reduced by the amount of such excess.

     (c) Application of Commitment Reductions; Payment of Fees. The Paying Agent will
promptly notify the Lenders of any termination or reduction of unused portions of the Letter of
Credit Sublimit, the Committed Currency Sublimit, the Committed L/C Currency Sublimit or the unused
Commitment under this Section 2.06. Upon any reduction of unused Commitments, except as
set forth in Sections 11.23 and 11.24, the Commitment of each Lender shall be
reduced by such Lender’s Pro Rata Share of the amount by which the Commitments are reduced. All
Facility Fees accrued until the effective date of any termination of the Aggregate Commitments
shall be paid on the effective date of such termination.

2.07 Repayment of Loans.

     (a) Revolving Credit Loans. The Borrower shall repay to the Paying Agent for the
ratable account of the Lenders on the Maturity Date the aggregate principal amount of all Revolving
Credit Loans outstanding on such date.

     (b) Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to
occur of (i) the date agreed to between the Borrower and the Swing Line Lender, but in no event
more than 30 days after such Loan is made and (ii) the Maturity Date.

2.08 Interest.

     (a) Subject to the provisions of Section 2.08(b), (i) each Eurocurrency Rate Loan
shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate
per annum equal to the Applicable Rate for Eurocurrency Rate Loans; (ii) each Base Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a
rate per annum equal to the Applicable Rate for Base Rate Loans; and (iii) each Swing Line Loan
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to the Applicable Rate for Base Rate Loans.

     (b) If any amount of principal, interest or fees payable under any of Sections
2.03(i), 2.03(j) or 2.09 are not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. Furthermore, upon the request of
the Required Lenders, while any Event of Default exists, the Borrower shall pay interest on the
principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and
payable upon demand.

     (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

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2.09 Fees.

     In addition to certain fees described in Sections 2.03(i) and 2.03(j):

     (a) Facility Fee. The Borrower shall pay to the Paying Agent for the account
of each Lender (except as otherwise provided in Section 11.23 with respect to
Defaulting Lenders) in accordance with its Pro Rata Share, a fee (the “Facility
Fee”) equal to, the Applicable Rate times the Aggregate Commitments (or, if the
Aggregate Commitments have been terminated, on the Outstanding Amount of all Loans and L/C
Obligations). The Facility Fee shall accrue at all times from the Closing Date through the
Maturity Date, including at any time during which one or more of the conditions in Article V
is not met, and shall be due and payable in arrears on the last Business Day of each March,
June, September and December, and on the Maturity Date. The Facility Fee shall be
calculated quarterly in arrears, and if there is any change in the Applicable Rate during
any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate
separately for each period during such quarter that such Applicable Rate was in effect.

     (b) Other Fees. (i) The Borrower shall pay to the Agents for their own
respective accounts fees in the amounts and at the times specified in the Bank of America
Fee Letter and the KeyBank Fee Letter. Such fees shall be fully earned when paid and shall
not be refundable for any reason whatsoever.

     (ii) The Borrower shall pay to the Agents such fees as shall have been
separately agreed upon in writing in the amounts and at the times so specified.
Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.

     (a) All computations of interest for Base Rate Loans shall be made on the basis of a year of
365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and
interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that
any Loan that is repaid on the same day on which it is made shall, subject to Section
2.12(a), bear interest for one day. Each determination by the Paying Agent of an interest rate
or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

     (b) If, as a result of any restatement of or other adjustment to the financial statements of
the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the
Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate
and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher
pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to
the Paying Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be,
promptly on demand by the Paying Agent (or, after the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States,
automatically and without further action by the Paying Agent, any Lender or the L/C Issuer), an
amount equal to the excess of the amount of interest and fees that should have been paid for such
period over the amount of interest and fees actually paid for such period. This paragraph shall
not limit the rights of any Agent, any Lender or the L/C Issuer, as the case may be, under
Section 2.03(c)(iii), 2.03(i) or 2.08(b) or under Article IX. The
Borrower’s obligations

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under this paragraph shall survive the termination of the Commitments of all of the Lenders
and the repayment of all other Obligations hereunder.

2.11 Evidence of Indebtedness.

     (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Paying Agent in the ordinary course of business. The
accounts or records maintained by the Paying Agent and each Lender shall be conclusive absent
manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the
interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing
with respect to the Obligations. In the event of any conflict between the accounts and records
maintained by any Lender and the accounts and records of the Paying Agent in respect of such
matters, the accounts and records of the Paying Agent shall control in the absence of manifest
error. Upon the request of any Lender made through the Paying Agent, the Borrower shall execute
and deliver to such Lender (through the Paying Agent) a Note, which shall evidence such Lender’s
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and
endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with
respect thereto.

     (b) In addition to the accounts and records referred to in Section 2.11(a), each
Lender and the Paying Agent shall maintain in accordance with its usual practice accounts or
records evidencing the purchases and sales by such Lender of participations in Letters of Credit
and Swing Line Loans. In the event of any conflict between the accounts and records maintained by
the Paying Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Paying Agent shall control in the absence of manifest error.

     (c) Entries made in good faith by the Paying Agent in the Register pursuant to Section
2.11(b), and by each Lender in its account or accounts pursuant to Section 2.11(a)
above, shall be prima facie evidence of the amount of principal and interest due and payable or to
become due and payable from the Borrower to, in the case of the Register, each Lender and, in the
case of such account or accounts, such Lender, under this Agreement and the other Loan Documents,
absent manifest error; provided that the failure of the Paying Agent or such Lender to make
an entry, or any finding that an entry is incorrect, in the Register or such account or accounts
shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the
other Loan Documents.

2.12 Payments Generally.

     (a) All payments to be made by the Borrower shall be made without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein,
all payments by the Borrower hereunder (except with respect to principal of, interest on, and other
amounts relating to, Loans denominated in a Committed Currency) shall be made to the Paying Agent,
for the account of the respective Lenders to which such payment is owed, at the Paying Agent’s
Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified
herein. Except as otherwise expressly provided herein, all payments by the Borrower with respect
to principal of, interest on, and other amounts relating to, Loans denominated in a Committed
Currency shall be made to the Paying Agent, for the account of the respective Lenders to which such
payment is owed, at the Payment Office in such Committed Currency and in immediately available
funds not later than 2:00 p.m. on the date specified herein. The Paying Agent will promptly
distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments
received by the Paying Agent after 2:00 p.m. shall be

43

 

deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue.

     (b) If any payment to be made by the Borrower shall come due on a day other than a Business
Day, payment shall be made on the next following Business Day, and such extension of time shall be
reflected in computing interest or fees, as the case may be; provided, however, that, if such
extension would cause payment of interest on or principal of Eurocurrency Rate Loans to be made in
the next succeeding calendar month, such payment shall be made on the immediately preceding
Business Day.

     (c) Unless the Borrower or any Lender has notified the Paying Agent, prior to the date any
payment is required to be made by it to the Paying Agent hereunder, that the Borrower or such
Lender, as the case may be, will not make such payment, the Paying Agent may assume that the
Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be
so required to), in reliance thereon, make available a corresponding amount to the Person entitled
thereto. If and to the extent that such payment was not in fact made to the Paying Agent in
immediately available funds, then:

     (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand
repay to the Paying Agent the portion of such assumed payment that was made available to
such Lender in immediately available funds, together with interest thereon in respect of
each day from and including the date such amount was made available by the Paying Agent to
such Lender to the date such amount is repaid to the Paying Agent in immediately available
funds at the higher of (A) Federal Funds Rate from time to time in effect in the case of
Loans denominated in Dollars or (B) the cost of funds incurred by the Paying Agent in
respect of such amount in the case of Loans denominated in Committed Currencies; and

     (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand
pay to the Paying Agent the amount thereof in immediately available funds, together with
interest thereon for the period from the date such amount was made available by the Paying
Agent to the Borrower to the date such amount is recovered by the Paying Agent (the
“Compensation Period”) at a rate per annum equal to the higher of (A) Federal Funds
Rate from time to time in effect in the case of Loans denominated in Dollars or (B) the cost
of funds incurred by the Paying Agent in respect of such amount in the case of Loans
denominated in Committed Currencies. If such Lender pays such amount to the Paying Agent,
then such amount shall constitute such Lender’s Loan included in the applicable Borrowing in
the case of Loans denominated in Dollars or (B) the cost of funds incurred by the Paying
Agent in respect of such amount in the case of Loans denominated in Committed Currencies.
If such Lender does not pay such amount forthwith upon the Paying Agent’s demand therefor,
the Paying Agent may make a demand therefor upon the Borrower, and the Borrower shall pay
such amount to the Paying Agent, together with interest thereon for the Compensation Period
at a rate per annum equal to the rate of interest applicable to the applicable Borrowing.
Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its
Commitment or to prejudice any rights which the Paying Agent or the Borrower may have
against any Lender as a result of any default by such Lender hereunder.

     A notice of the Paying Agent to any Lender or the Borrower with respect to any amount owing
under this Section 2.12(c) shall be conclusive, absent manifest error.

     (d) If any Lender makes available to the Paying Agent funds for any Loan to be made by such
Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to the Borrower by the Paying Agent because the conditions to the applicable Credit
Extension

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set forth in Article V are not satisfied or waived in accordance with the terms hereof, the
Paying Agent shall return such funds (in like funds as received from such Lender) to such Lender,
without interest.

     (e) The obligations of the Lenders hereunder to make Loans, to fund participations in Letters
of Credit and Swing Line Loans and to make payments pursuant to Section 11.05(b) are
several and not joint. The failure of any Lender to make any Loan, to fund any such participation
or to make any payment under Section 11.05(b) on any date required hereunder shall not
relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall
be responsible for the failure of any other Lender to so make its Loan, to purchase its
participation or to make its payment under Section 11.05(b).

     (f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained
or will obtain the funds for any Loan in any particular place or manner.

     (g) Whenever any payment received by the Paying Agent under this Agreement or any of the other
Loan Documents is insufficient to pay in full all amounts due and payable to the Agents and the
Lenders under or in respect of this Agreement and the other Loan Documents on any date, such
payment shall be distributed by the Paying Agent and applied by the Agents and the Lenders in the
order of priority set forth in Section 9.03. If the Paying Agent receives funds for
application to the Obligations of the Loan Parties under or in respect of the Loan Documents under
circumstances for which the Loan Documents do not specify the manner in which such funds are to be
applied, the Paying Agent may, but shall not be obligated to, elect to distribute such funds to
each of the Lenders in accordance with such Lender’s Pro Rata Share of the sum of (A) the
Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C
Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans
or other Obligations then owing to such Lender.

     (h) To the extent that the Paying Agent receives funds for application to the amounts owing by
the Borrower under or in respect of this Agreement or any Note in currencies other than the
currency or currencies required to enable the Paying Agent to distribute funds to the Lenders in
accordance with the terms of this Section 2.12, the Paying Agent shall be entitled to
convert or exchange such funds into Dollars or into a Committed Currency or from Dollars to a
Committed Currency or from a Committed Currency to Dollars, as the case may be, to the extent
necessary to enable the Paying Agent to distribute such funds in accordance with the terms of this
Section 2.12; provided that the Borrower and each of the Lenders hereby agree that
the Paying Agent shall not be liable or responsible for any loss, cost or expense suffered by the
Borrower or such Lender as a result of any conversion or exchange of currencies affected pursuant
to this Section 2.12(h) or as a result of the failure of the Paying Agent to effect any
such conversion or exchange; and provided further that the Borrower agrees to
indemnify the Paying Agent and each Lender, and hold the Paying Agent and each Lender harmless, for
any and all losses, costs and expenses incurred by the Paying Agent or any Lender for any
conversion or exchange of currencies (or the failure to convert or exchange any currencies) in
accordance with this Section 2.12(h).

2.13 Sharing of Payments.

     If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of
the Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it
(excluding any amounts applied by the Swing Line Lender to outstanding Swing Line Loans and
excluding any amounts received by the L/C Issuer and/or the Swing Line Lender to secure the
obligations of a Defaulting Lender to fund risk participations hereunder), any payment (whether
voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its
ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a)
notify the Paying Agent of such fact,

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and (b) purchase from the other Lenders such participations in the Loans made by them and/or
such subparticipations in the participations in L/C Obligations or Swing Line Loans held by them,
as the case may be, as shall be necessary to cause such purchasing Lender to share the excess
payment in respect of such Loans or such participations, as the case may be, pro rata with each of
them; provided, however, that (x) if all or any portion of such excess payment is
thereafter recovered from the purchasing Lender under any of the circumstances described in
Section 11.06 (including pursuant to any settlement entered into by the purchasing Lender
in its discretion), such purchase shall to that extent be rescinded and each other Lender shall
repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to
such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying
Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of
any interest or other amount paid or payable by the purchasing Lender in respect of the total
amount so recovered, without further interest thereon and (y) the provisions of this Section shall
not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement or (B) any payment obtained by a Lender pursuant to
Section 11.23 or as consideration for any assignment or participation pursuant to
Section 11.07. The Borrower agrees that any Lender so purchasing a participation from
another Lender may, to the fullest extent permitted by law, exercise all its rights of payment
(including the right of setoff, but subject to Section 11.09) with respect to such
participation as fully as if such Lender were the direct creditor of the Borrower in the amount of
such participation. The Paying Agent will keep records (which shall be conclusive and binding in
the absence of manifest error) of participations purchased under this Section 2.13 and will
in each case notify the Lenders following any such purchases or repayments. Each Lender that
purchases a participation pursuant to this Section 2.13 shall from and after such purchase
have the right to give all notices, requests, demands, directions and other communications under
this Agreement with respect to the portion of the Obligations purchased to the same extent as
though the purchasing Lender were the original owner of the Obligations purchased.

2.14 Committed Currency Borrowings.

     (a) Determination of Equivalents. The Paying Agent will determine the Equivalent amount on
each of the following dates: (i) the last Business Day of each month, (ii) the date a Request for
Credit Extension is delivered to the Paying Agent with respect to each Credit Extension issued or
advanced that results in an Outstanding Amount denominated in a Committed Currency, (iii) each date
on which any Outstanding Amount is due, (iv) each Interest Payment Date applicable thereto, (v) the
Honor Date with respect to each Letter of Credit denominated in a Committed Currency, (vi) each
date of an amendment of any such Letter of Credit denominated in a Committed Currency having the
effect of increasing the amount thereof, (vii) any date on which an L/C Borrowing is deemed to have
been made with respect to a Letter of Credit denominated in a Committed Currency, and (viii) any
additional and more frequent dates as the Lead Arrangers in their sole discretion may, or at the
direction of the Required Lenders shall, select from time to time (each such date under clauses (i)
through (viii), being a “Determination Date”).

     (b) Notification of Availability. If on any date on which a Revolving Credit Loan
denominated in a Committed Currency is requested to be made or continued, in the event that the
Committed Currency requested or elected by the Borrower to be continued is not available to the
Paying Agent, then the Paying Agent shall notify the Borrower no later than 4:00 p.m., three
Business Days prior to the proposed Borrowing or proposed continuation.

     (c) Consequences of Non-Availability. If the Paying Agent notifies the Borrower
pursuant to Section 2.14(b) that the Committed Currency requested or elected by the
Borrower to be continued is not available, such notification shall (i) in the case of any request
for a Borrowing, revoke such request and (ii) in the case of any continuation or conversion, result
in the Eurocurrency Rate Loans denominated in such Committed Currency being automatically converted
into Eurocurrency Rate Loans denominated

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in Dollars for a one month Interest Period on the last day of the then current Interest Period
with respect to such Eurocurrency Rate Loans denominated in such Committed Currency.

     (d) Automatic Conversions. During the existence of an Event of Default, all
outstanding Loans denominated in a Committed Currency shall be redenominated and converted into
their Equivalent of Base Rate Loans in Dollars on the last day of the Interest Period applicable to
any such Loans.

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

3.01 Taxes.

     (a) Any and all payments by the Borrower to or for the account of any Agent or any Lender
under any Loan Document shall be made free and clear of and without deduction for any and all
present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or
similar charges, and all liabilities with respect thereto, excluding, in the case of each Agent and
each Lender, taxes imposed on or measured by its overall net income, and franchise taxes imposed on
it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under
the Laws of which such Agent or such Lender, as the case may be, is organized or maintains a
lending office, or to which such Agent or such Lender has a present or former connection (all such
non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar
charges, and liabilities being hereinafter referred to as “Taxes”). If the Borrower shall be
required by any Laws to deduct any Taxes from or in respect of any sum payable under any Loan
Document to any Agent or any Lender, (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable
under this Section 3.01), each of such Agent and such Lender receives an amount equal to
the sum it would have received had no such deductions been made, (ii) the Borrower shall make such
deductions, (iii) the Borrower shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable Laws, and (iv) upon the request of the
Paying Agent, the Borrower shall furnish to the Paying Agent (which shall forward the same to such
Agent or such Lender, as the case may be) the original or a certified copy of a receipt evidencing
payment thereof to the extent such a receipt is issued therefor, or other written proof of payment
thereof that is reasonably satisfactory to the Paying Agent.

     (b) In addition, the Borrower agrees to pay any and all present or future stamp, court or
documentary taxes and any other excise or property taxes or charges or similar levies which arise
from any payment made under any Loan Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, any Loan Document (hereinafter
referred to as “Other Taxes”).

     (c) If the Borrower shall be required to deduct or pay any Taxes or Other Taxes from or in
respect of any sum payable under any Loan Document to any Agent or any Lender, the Borrower shall
also pay to such Agent or to such Lender, as the case may be, at the time interest is paid, such
additional amount that such Agent or such Lender specifies is necessary to preserve the after-tax
yield (after factoring in all taxes, including taxes imposed on or measured by net income) that
such Agent or such Lender would have received if such Taxes or Other Taxes had not been imposed.

     (d) The Borrower agrees to indemnify each Agent and each Lender for (i) the full amount of
Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction
on amounts payable under this Section 3.01) paid by such Agent and such Lender, (ii)
amounts payable under Section 3.01(c) and (iii) any liability (including additions to tax,
penalties, interest and expenses)

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arising therefrom or with respect thereto. Payment under this Section 3.01(d) shall
be made within 30 days after the date such Lender or such Agent makes a demand therefor.

3.02 Illegality.

     If any Lender determines that the introduction or change in any Law after the Closing Date has
made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any
Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans in
Dollars or any Committed Currency, or to determine or charge interest rates based upon the
Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority
of such Lender to purchase or sell, or to take deposits of, Dollars or any Committed Currency in
the London interbank eurocurrency market or, in the case of Euro, the European interbank
eurocurrency market, then, on notice thereof by such Lender to the Borrower through the Paying
Agent, any obligation of such Lender to make or continue Eurocurrency Rate Loans in the applicable
currency or to convert Base Rate Loans to Eurocurrency Rate Loans in the applicable currency or, if
such notice relates to the unlawfulness or asserted unlawfulness of charging interest based on the
Eurocurrency Rate, to make Base Rate Loans as to which the interest rate is determined with
reference to clause (b) of the definition of “Eurocurrency Rate” shall be suspended until such
Lender notifies the Paying Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from
such Lender (with a copy to the Paying Agent), prepay or, if applicable, convert all such
Eurocurrency Rate Loans of such Lender and/or Base Rate Loans as to which the interest rate is
determined with reference to with reference to clause (b) of the definition of “Eurocurrency Rate,”
as applicable, to Base Rate Loans as to which the rate of interest is not determined with reference
to the Eurocurrency Rate (or if any such Eurocurrency Rate Loan is denominated in any Committed
Currency, be exchanged into an Equivalent amount of Dollars and be Converted into a Base Rate Loan
as to which the rate of interest is not determined with reference to the Eurocurrency Rate), either
on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain
such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue
to maintain such Eurocurrency Rate Loans or Base Rate Loan. Notwithstanding the foregoing and
despite the illegality for such a Lender to make, maintain or fund Eurocurrency Rate Loans or Base
Rate Loans as to which the interest rate is determined with reference to the Eurocurrency Rate,
that Lender shall remain committed to make Base Rate Loans and shall be entitled to recover
interest at the Base Rate (without giving effect to clause (c) thereof). Upon any such prepayment
or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted,
but without liability under Section 3.05(a). Each Lender agrees to designate a different
Lending Office if such designation will avoid the need for such notice and will not, in the good
faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

3.03 Inability to Determine Rates.

     If the Required Lenders determine that for any reason in connection with any request for a
Loan or a conversion to or continuation thereof that (a) Dollar or other Committed Currency
deposits are not being offered to banks in the London interbank eurocurrency market or, in the case
of Euro deposits, the European interbank eurocurrency market for the applicable amount and Interest
Period of such Loan, (b) adequate and reasonable means do not exist for determining the
Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate
Loan or in connection with a Base Rate Loan, or (c) the Eurocurrency Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan or in connection with a
Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding
such Loan, the Paying Agent will promptly so notify the Borrower and each Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the applicable currency or
Base Rate Loans as to which the interest rate is determined with

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reference to the Eurocurrency Rate, as applicable, shall be suspended until the Paying Agent
(upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice,
the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans in the applicable currency or, failing that, will be deemed to have
converted such request into a request for a Borrowing of Base Rate Loans in the amount specified
therein and shall be entitled to recover interest at the Base Rate (without giving effect to clause
(c) thereof).

3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate
Loans.

     (a) If any Lender determines that as a result of the introduction of or any change in or in
the interpretation of any Law or such Lender’s compliance therewith, there shall be any increase in
the cost to such Lender of agreeing to make or making, funding or maintaining Eurocurrency Rate
Loans or (as the case may be) issuing or participating in Letters of Credit, or a reduction in the
amount received or receivable by such Lender in connection with any of the foregoing (excluding for
purposes of this Section 3.04(a) any such increased costs or reduction in amount resulting
from (i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the
basis of taxation of overall net income or overall gross income by the United States or any foreign
jurisdiction or any political subdivision of either thereof under the Laws of which such Lender is
organized or has its Lending Office, or to which such Lender has a present or former connection,
and (iii) reserve requirements contemplated by Section 3.04(c)), then from time to time
upon demand of such Lender (with a copy of such demand to the Paying Agent), the Borrower shall pay
to such Lender such additional amounts as will compensate such Lender for such increased cost or
reduction.

     (b) If any Lender determines that the introduction of any Law regarding capital adequacy or
any change therein or in the interpretation thereof, or compliance by such Lender (or its Lending
Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or
any corporation controlling such Lender as a consequence of such Lender’s obligations hereunder
(taking into consideration its policies with respect to capital adequacy and such Lender’s desired
return on capital), then from time to time upon demand of such Lender (with a copy of such demand
to the Paying Agent), the Borrower shall pay to such Lender such additional amounts as will
compensate such Lender for such reduction.

     (c) The Borrower shall pay to each Lender, as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency
funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the
unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves
allocated to such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), which shall be due and payable on each date on which interest
is payable on such Loan, provided the Borrower shall have received at least 15 days’ prior notice
(with a copy to the Paying Agent) of such additional interest from such Lender. If a Lender fails
to give notice 15 days prior to the relevant Interest Payment Date, such additional interest shall
be due and payable 15 days from receipt of such notice.

3.05 Funding Losses.

     (a) Upon demand of any Lender (with a copy to the Paying Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss,
cost or expense incurred by it as a result of:

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     (i) any continuation, conversion, payment or prepayment of any Loan other than a Base
Rate Loan on a day other than the last day of the Interest Period for such Loan (whether
voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

     (ii) any failure by the Borrower (for a reason other than the failure of such Lender to
make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on
the date or in the amount notified by the Borrower; or

     (iii) any assignment of a Eurocurrency Rate Loan on a day other than the last day of
the Interest Period therefor as a result of a request by the Borrower pursuant to
Section 11.16;

excluding any loss of anticipated profits but including any loss or expense arising from the
liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to
terminate the deposits from which such funds were obtained. The Borrower shall also pay any
customary administrative fees charged by such Lender in connection with the foregoing.

     (b) In addition to the rights of the Lenders set forth in Section 3.05(a), at any time
on or prior to the 180th day following the Closing Date, upon demand of the Paying Agent, from time
to time, the Borrower shall promptly compensate the Paying Agent for and hold the Paying Agent
harmless from any loss, cost or expense incurred by it as a result of any assignment of a
Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result
of the syndication of the Revolving Credit Facility.

     (c) For purposes of calculating amounts payable by the Borrower to the Lenders or the Paying
Agent under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency
Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other
borrowing in the London interbank Eurocurrency market for a comparable amount and for a comparable
period, whether or not such Eurocurrency Rate Loan was in fact so funded.

3.06 Matters Applicable to All Requests for Compensation.

     (a) A certificate of any Agent or any Lender claiming compensation under this Article III and
setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in
the absence of manifest error; provided, however, that no Agent or Lender may seek
compensation under this Article III more than 90 days after such Agent or Lender had actual
knowledge that such amount or amounts were payable under this Article III. In determining
such amount, such Agent or such Lender may use any reasonable averaging and attribution methods.

     (b) Upon any Lender’s making a claim for compensation under Section 3.01 or
3.04, the Borrower may replace such Lender in accordance with Section 11.16.

3.07 Survival.

     All of the Borrower’s obligations under this Article III shall survive termination of the
Aggregate Commitments and repayment of all other Obligations hereunder.

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ARTICLE IV

GUARANTY

4.01 The Guaranty.

     Each of the Guarantors hereby jointly and severally guarantees to each Lender, and the
Co-Administrative Agents as hereinafter provided, as primary obligor and not as surety, the prompt
payment of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment,
by acceleration, as a mandatory cash collateralization or otherwise) strictly in accordance with
the terms thereof. The Guarantors hereby further agree that if any of the Obligations are not paid
in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a
mandatory cash collateralization or otherwise), the Guarantors will, jointly and severally,
promptly pay the same, without any demand or notice whatsoever, and that in the case of any
extension of time of payment or renewal of any of the Obligations, the same will be promptly paid
in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a
mandatory cash collateralization or otherwise) in accordance with the terms of such extension or
renewal.

     Notwithstanding any provision to the contrary contained herein or in any other of the Loan
Documents, the obligations of each Guarantor under this Agreement and the other Loan Documents
shall be limited to an aggregate amount equal to the largest amount that would not render such
obligations subject to avoidance under the Debtor Relief Laws or any comparable provisions of any
applicable state law.

4.02 Obligations Unconditional.

     The obligations of the Guarantors under Section 4.01 are joint and several, absolute
and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability
of any of the Loan Documents, or any other agreement or instrument referred to therein, or any
substitution, release, impairment or exchange of any other guarantee of or security for any of the
Obligations, and, to the fullest extent permitted by applicable Law, irrespective of any other
circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense
of a surety or guarantor, it being the intent of this Section 4.02 that the obligations of
the Guarantors hereunder shall be absolute and unconditional under any and all circumstances. Each
Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement
or contribution against the Borrower or any other Guarantor for amounts paid under this Article
IV until such time as the Obligations have been Fully Satisfied. Without limiting the
generality of the foregoing, it is agreed that, to the fullest extent permitted by law, the
occurrence of any one or more of the following shall not alter or impair the liability of any
Guarantor hereunder which shall remain absolute and unconditional as described above:

     (a) at any time or from time to time, without notice to any Guarantor, the time for any
performance of or compliance with any of the Obligations shall be extended, or such performance or
compliance shall be waived;

     (b) any of the acts mentioned in any of the provisions of any of the Loan Documents or any
other agreement or instrument referred to in the Loan Documents shall be done or omitted;

     (c) the maturity of any of the Obligations shall be accelerated, or any of the Obligations
shall be modified, supplemented or amended in any respect, or any right under any of the Loan
Documents, or any other agreement or instrument referred to in the Loan Documents shall be waived
or any other

51

 

guarantee of any of the Obligations or any security therefor shall be released, impaired or
exchanged in whole or in part or otherwise dealt with;

     (d) any Lien granted to, or in favor of, the Co-Administrative Agents or any Lender or Lenders
as security for any of the Obligations shall fail to attach or be perfected; or

     (e) any of the Obligations shall be determined to be void or voidable (including, without
limitation, for the benefit of any creditor of any Guarantor) or shall be subordinated to the
claims of any Person (including, without limitation, any creditor of any Guarantor).

     With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence,
presentment, demand of payment, protest and all notices whatsoever, and any requirement that the
Co-Administrative Agents or any Lender exhaust any right, power or remedy or proceed against any
Person under any of the Loan Documents or any other agreement or instrument referred to in the Loan
Documents, or against any other Person under any other guarantee of, or security for, any of the
Obligations.

4.03 Reinstatement.

     The obligations of the Guarantors under this Article IV shall be automatically reinstated if
and to the extent that for any reason any payment by or on behalf of any Person in respect of the
Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations,
whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and each
Guarantor agrees that it will indemnify the Co-Administrative Agents and each Lender on demand for
all reasonable costs and expenses (including, without limitation, reasonable fees and expenses of
counsel) incurred by the Co-Administrative Agents or such Lender in connection with such rescission
or restoration, including any such reasonable costs and expenses incurred in defending against any
claim alleging that such payment constituted a preference, fraudulent transfer or similar payment
under any bankruptcy, insolvency or similar law.

4.04 Certain Additional Waivers.

     Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the
Obligations, except through the exercise of rights of subrogation pursuant to Section 4.02
and through the exercise of rights of contribution pursuant to Section 4.06.

4.05 Remedies.

     The Guarantors agree that, to the fullest extent permitted by law, as between the Guarantors,
on the one hand, and the Co-Administrative Agents and the Lenders, on the other hand, the
Obligations may be declared to be forthwith due and payable as provided in Section 9.02
(and shall be deemed to have become automatically due and payable in the circumstances provided in
said Section 9.02) for purposes of Section 4.01 notwithstanding any stay,
injunction or other prohibition preventing such declaration (or preventing the Obligations from
becoming automatically due and payable) as against any other Person and that, in the event of such
declaration (or the Obligations being deemed to have become automatically due and payable), the
Obligations (whether or not due and payable by any other Person) shall forthwith become due and
payable by the Guarantors for purposes of Section 4.01.

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4.06 Rights of Contribution.

     The Guarantors hereby agree as among themselves that, in connection with payments made
hereunder, each Guarantor shall have a right of contribution from each other Guarantor in
accordance with applicable Law. Such contribution rights shall be subordinate and subject in right
of payment to the Obligations until such time as the Obligations have been Fully Satisfied, and
none of the Guarantors shall exercise any such contribution rights until the Obligations have been
Fully Satisfied.

4.07 Guarantee of Payment; Continuing Guarantee.

     The guarantee in this Article IV is a guaranty of payment and not of collection, is a
continuing guarantee, and shall apply to all Obligations whenever arising.

ARTICLE V

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

5.01 Conditions of Initial Credit Extension.

     The obligation of the L/C Issuer and each Lender to make its initial Credit Extension
hereunder is subject to satisfaction of the following conditions precedent:

     (a) The Co-Administrative Agents’ receipt of the following, each of which shall be
originals or facsimiles (followed promptly by originals) unless otherwise specified, each
properly executed by a Responsible Officer of the signing Loan Party, if applicable, each
dated such date (or, in the case of certificates of governmental officials, a recent date
before such date) and each in form and substance satisfactory to the Co-Administrative
Agents and the Lenders:

     (i) executed counterparts of this Agreement, sufficient in number for
distribution to each Agent, each Lender and the Borrower;

     (ii) a Note executed by the Borrower in favor of each Lender requesting a Note;

     (iii) such certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of each Loan Party as the
Co-Administrative Agents and the Lenders may reasonably require evidencing the
identity, authority and capacity of each Responsible Officer thereof authorized to
act as a Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party or is to be a party;

     (iv) such documents and certifications as the Co-Administrative Agents and the
Lenders may reasonably require to evidence that each Loan Party is duly organized or
formed, and that each Loan Party is validly existing, in good standing and qualified
to engage in business in each jurisdiction where its ownership, lease or operation
of properties or the conduct of its business requires such qualification, except to
the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect;

53

 

     (v) a favorable opinion of Jones Day, counsel to the Loan Parties, addressed to
the Co-Administrative Agents and each Lender, in form and substance reasonably
satisfactory to the Co-Administrative Agents;

     (vi) a certificate of a Responsible Officer of the Borrower either (A)
attaching copies of all consents, licenses and approvals required in connection with
the execution, delivery and performance by any Loan Party and the validity against
such Loan Party of the Loan Documents to which it is a party, and such consents,
licenses and approvals shall be in full force and effect, or (B) stating that no
such consents, licenses or approvals are so required;

     (vii) a certificate signed by a Responsible Officer of the Borrower certifying
that there has been no event or circumstance since the date of the Audited Financial
Statements that has had or could be reasonably expected to have, either individually
or in the aggregate, a Material Adverse Effect;

     (viii) a certificate attesting to the Solvency of the Borrower and its
Subsidiaries on a consolidated basis, after giving effect to the consummation of the
transaction contemplated hereby, from the Borrower’s Chief Financial Officer or
Executive Vice President-Finance and Administration; and

     (ix) such other assurances, certificates, documents, consents or opinions as
the Co-Administrative Agents may reasonably require.

     (b) All fees required to be paid by the Borrower in connection with the Loan Documents
on or before the Closing Date shall have been paid in full.

     (c) All accrued reasonable expenses of the Co-Administrative Agents and the Lenders,
including, without limitation, Attorney Costs for which the Borrower has received a
reasonably detailed invoice at least 5 days prior to the Closing Date, shall have been paid
in full.

     (d) The absence of any action, suit, investigation or proceeding pending or threatened
in any court or before any arbitrator or Governmental Authority that (i) could reasonably be
expected to materially and adversely affect the Borrower and its Subsidiaries, (ii) purports
to adversely affect the ability of the Borrower or any other Loan Party to perform their
respective obligations under the Loan Documents, or (iii) purports to affect the legality,
validity or enforceability of any Loan Document.

     (e) There shall not have occurred a material adverse change in the business, assets,
liabilities (actual or contingent), operations or condition (financial or otherwise) of the
Borrower and its Subsidiaries taken as a whole since December 31, 2008.

5.02 Conditions to all Credit Extensions.

     The obligation of each Lender to honor any Request for Credit Extension (other than a
Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of
Eurocurrency Rate Loans) is subject to the following conditions precedent:

     (a) The representations and warranties of the Borrower and each other Loan Party
contained in Article VI or any other Loan Document, or which are contained in any document
furnished by the Borrower or any other Loan Party at any time under or in connection
herewith or

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therewith, shall be true and correct in all material respects on and as of the date of
such Credit Extension, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all
material respects as of such earlier date.

     (b) No Default shall exist, or would result from such proposed Credit Extension or from
the application of the proceeds thereof.

     (c) The Paying Agent and, if applicable, the Appropriate L/C Issuer or the Swing Line
Lender shall have received a Request for Credit Extension in accordance with the
requirements hereof.

     Each Request for Credit Extension (other than a Committed Loan Notice requesting only a
conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by
the Borrower shall be deemed to be a representation and warranty that the conditions specified in
Sections 5.02(a) and 5.02(b) have been satisfied on and as of the date of the
applicable Credit Extension.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Agents and the Lenders that:

6.01 Existence, Qualification and Power; Compliance with Laws.

     Each Loan Party (a) is a corporation, partnership or limited liability company duly organized
or formed, validly existing and in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and all requisite
governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and
carry on its business and (ii) execute, deliver and perform its obligations under the Loan
Documents to which it is a party and (c) is duly qualified and is licensed and in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification or license; except in each case referred to in
clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have
a Material Adverse Effect.

6.02 Authorization; No Contravention.

     The execution, delivery and performance by each Loan Party of each Loan Document to which such
Person is a party are within such Loan Party’s corporate or other powers, have been duly authorized
by all necessary corporate or other organizational action, and do not and will not (a) contravene
the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach
or contravention of, or the creation of any Lien (except for any Liens that may arise under the
Loan Documents) under, or require any payment to be made under (i) any Contractual Obligation to
which such Person is a party or affecting such Person or the properties of such Person or any of
its Subsidiaries or (ii) except as would not be reasonably likely to have a Material Adverse
Effect, any order, injunction, writ or decree of any Governmental Authority or any arbitral award
to which such Person or its property is subject; or (c) except as would not be reasonably likely to
have a Material Adverse Effect, violate any Law. No Loan Party or any of its Subsidiaries is in
violation of any Law, the violation of which could be reasonably likely to have a Material Adverse
Effect.

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6.03 Governmental Authorization; Other Consents.

     No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with
the execution, delivery or performance by, or enforcement or exercise of rights or remedies
against, any Loan Party of this Agreement or any other Loan Document, except for those that have
already been obtained.

6.04 Binding Effect.

     This Agreement has been, and each other Loan Document, when delivered hereunder, will have
been, duly executed and delivered by each Loan Party that is party thereto. This Agreement
constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and
binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its
terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization,
moratorium or similar or laws of general applicability affecting the enforcement of creditors
rights and (b) the application of general principals of equity.

6.05 Financial Statements; No Material Adverse Effect.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii)
fairly present, in all material respects, the financial condition of the Borrower and its
Subsidiaries as of the date thereof and their results of operations for the period covered thereby
in accordance with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities,
direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including
liabilities for taxes, material commitments and Indebtedness, to the extent required by GAAP.

     (b) The unaudited consolidated financial statements of the Borrower and its Subsidiaries dated
March 31, 2009, and the related consolidated statements of income or operations, shareholders’
equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance
with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly
noted therein, and (ii) fairly present, in all material respects, the financial condition of the
Borrower and its Subsidiaries as of the date thereof and their results of operations for the period
covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to
normal year-end audit adjustments.

     (c) Since the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

6.06 Litigation.

     There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of
the Borrower, threatened at law, in equity, in arbitration or before any Governmental Authority, by
or against the Borrower or any of its Subsidiaries or against any of their properties or revenues
that (a) purport to affect or pertain to this Agreement or any other Loan Document, or (b) either
individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

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6.07 No Default.

     Neither the Borrower nor any Subsidiary is in default under or with respect to, or a party to,
any Contractual Obligation that could, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. No Default has occurred and is continuing or would
result from the consummation of the transactions contemplated by this Agreement or any other Loan
Document.

6.08 Ownership of Property; Liens.

     (a) Each Loan Party and each of its Subsidiaries has good record and marketable title in fee
simple to, or valid leasehold interests in, all real property necessary or used in the ordinary
conduct of its business, except for such defects in title as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

     (b) Set forth on Schedule 6.08(b) hereto is a complete and accurate list of all Liens
(other than any Lien permitted pursuant to Section 8.01(b) through (k)) on the
property or assets of any Loan Party or any of its Subsidiaries as of May 31, 2009. The property
of the Borrower and its Subsidiaries is subject to no Liens, other than Liens set forth on
Schedule 6.08(b), and as otherwise permitted by Section 8.01.

6.09 Environmental Compliance.

     Except as otherwise set forth on Schedule 6.09:

     (a) The Borrower and its Subsidiaries conduct in the ordinary course of business a
review of the effect of existing Environmental Laws and known Environmental Liabilities on
their respective businesses, operations and properties, and as a result thereof the Borrower
has reasonably concluded that such Environmental Laws, known Environmental Liabilities, and
Environmental Liabilities that would be known based upon appropriate inquiry and
investigation, could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

     (b) The Borrower and each Loan Party are in compliance with all Environmental Laws
governing its business, except to the extent that any such failure to comply (together with
any resulting penalties, fines or forfeitures) would not reasonably be expected to have a
Material Adverse Effect. All licenses, permits, registrations or approvals required for the
business of the Borrower and each Loan Party under any Environmental Law have been secured
and the Borrower and each such Loan Party are in substantial compliance therewith, except
for such licenses, permits, registrations or approvals the failure to secure or to comply
therewith is not reasonably likely to have a Material Adverse Effect. Neither the Borrower
nor any Loan Party has received written notice, or otherwise knows, that it is in any
respect in noncompliance with, breach of, or default under any Environmental Laws, and no
event has occurred and is continuing which, with the passage of time or the giving of notice
or both, would constitute noncompliance, breach of, or default thereunder, except in each
such case, such noncompliance, breaches or defaults as would not reasonably be expected to,
in the aggregate, have a Material Adverse Effect. No property currently or formerly owned
or operated by the Borrower or any Loan Party existing as of the Closing Date and, to the
knowledge of the Borrower, no property currently or formerly owned or operated by the
Business, is listed on the NPL or any analogous foreign, state or local list, and, to the
knowledge of the Borrower, no such properties are proposed for listing or are adjacent to a
listed property.

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     (c) Hazardous Materials have not at any time been (i) generated, used, treated or
stored on, or transported to or from, any real property currently or formerly owned or
operated by the Borrower or by any Loan Party existing as of the Closing Date, or, to the
knowledge of the Borrower, based upon appropriate inquiry and investigation, any real
property currently or formerly owned or operated by the Business, or (ii) released,
discharged or disposed on any such real property, in each case where such occurrence or
event is not in compliance with Environmental Laws and is reasonably likely to have a
Material Adverse Effect.

6.10 Insurance.

     The properties of the Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies or are self-insured, in such amounts, with such deductibles and
covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

6.11 Taxes.

     The Borrower and its Subsidiaries have filed all Federal and state income tax returns and
other material tax returns and reports required to be filed, and have paid all Federal, state and
other material taxes, assessments, fees and other governmental charges levied or imposed upon them
or their properties, income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP. There is no proposed tax assessment against
the Borrower or any Subsidiary that would, if made, have a Material Adverse Effect. As of the
Closing Date, neither any Loan Party nor any of its Subsidiaries is party to any tax sharing
agreement, except for tax sharing agreements among any of the Loan Parties.

6.12 Pension Plans.

     (a) Except as set forth on Schedule 6.12 hereto, (i) each Plan has been and will be funded in
accordance with the terms of ERISA, (ii) there has been no Reportable Event, (iii) no Pension Plan
has incurred a liability to the PBGC, (iv) no Pension Plan has incurred a liability under Title IV
of ERISA (other than for premiums due and not delinquent under Section 4007 of ERISA), (v) neither
the Borrower nor any Loan Party has incurred any withdrawal liability (within the meaning of Part 1
of Subtitle E of Title I of ERISA) with respect to any Multiemployer Plan, (vi) neither the
Borrower nor any Loan Party intends to withdraw from a Multiemployer Plan, (vii) no Loan Party has
incurred any liability under Section 502(i) of ERISA or Section 4975 of the Code with respect to
the Plans, (viii) no prohibited transactions have occurred, (ix) no ERISA Event has occurred or is
reasonably expected to occur, (x) the Borrower and each ERISA Affiliate have made all required
contributions to each Plan subject to Section 412, Section 430 or Section 431 of the Code in
accordance with Section 412 of the Code or pursuant to any binding agreement with the PBGC, and no
application for a funding waiver or an extension of any amortization period pursuant to Section
412, Section 430 or Section 431 of the Code has been made with respect to any Plan, (xi) neither
the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability
under Title IV of ERISA with respect to any Pension Plan (other than for premiums due and not
delinquent under Section 4007 of ERISA), (xii) neither the Borrower nor any ERISA Affiliate has
incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the
giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201
or 4243 of ERISA with respect to a Multiemployer Plan, (xiii) neither the Borrower nor any ERISA
Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA,
(xiv) each Plan is in compliance with the applicable provisions of ERISA, the Code and other
Federal or state Laws, and (xv) each Plan that is intended to qualify under Section 401(a) of the
Code has received a favorable

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determination letter from the IRS or an application for such a letter is currently being
processed by the IRS with respect thereto and, to the knowledge of the Borrower, nothing has
occurred which would prevent, or cause the loss of, such qualification, and which, with respect to
subsections (i) through (xv) above, in the aggregate, would not reasonably be expected to result in
a Material Adverse Effect.

     (b) There are no pending or, to the knowledge of the Borrower, threatened claims, actions or
lawsuits, or action by any Governmental Authority, with respect to any Plan that could be
reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or
could reasonably be expected to result in a Material Adverse Effect.

6.13 Subsidiaries; Equity Interests.

     As of the Closing Date, no Loan Party has any Subsidiaries other than those specifically
disclosed in Part (a) of Schedule 6.13, and all of the outstanding Equity Interests in such
Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by a Loan
Party in the amounts specified in Part (a) of Schedule 6.13 free and clear of all Liens other than
those permitted pursuant to Section 8.01. No Loan Party has any equity Investments in any
other Person other than (i) those specifically disclosed in Part (b) of Schedule 6.13 and
(ii) those Investments permitted by Section 8.02.

6.14 Margin Regulations; Investment Company Act.

     (a) The Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

     (b) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is
required to be registered as an “investment company” under the Investment Company Act of 1940.

6.15 Disclosure.

     No written report, financial statement, certificate or other information furnished by or on
behalf of any Loan Party to any Agent or any Lender in connection with the transactions
contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other
Loan Document (as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided
that, with respect to projected financial information provided by the Borrower or that is otherwise
described on Schedule 6.15, the Borrower represents only that such information was prepared in good
faith based upon assumptions believed to be reasonable at the time.

6.16 Compliance with Laws.

     Each Loan Party and each Subsidiary is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its
properties, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

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6.17 Intellectual Property; Licenses, Etc.

     Each Loan Party and its Subsidiaries own, or possess the right to use, all of the trademarks,
service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other
intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for
the operation of their respective businesses, without conflict with the rights of any other Person,
except where the failure to do so, or for such conflicts that, could not reasonably be expected to
have a Material Adverse Effect. To the best knowledge of the Borrower, no slogan or other
advertising device, product, process, method, substance, part or other material now employed, or
now contemplated to be employed, by any Loan Party or any Subsidiary infringes upon any rights held
by any other Person, except for such infringements that could not reasonably be expected to have a
Material Adverse Effect. No claim or litigation regarding any IP Rights is pending or, to the
knowledge of the Borrower, threatened, which, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

6.18 Solvency.

     The Borrower and its Subsidiaries are, on a consolidated basis, Solvent.

ARTICLE VII

AFFIRMATIVE COVENANTS

     Until such time as the Obligations have been Fully Satisfied, the Borrower shall, and shall
(except in the case of the covenants set forth in Sections 7.01, 7.02, 7.03
and 7.11) cause each Subsidiary to:

7.01 Financial Statements.

     Deliver to each Agent and each Lender, in form and detail satisfactory to the
Co-Administrative Agents and the Required Lenders:

     (a) as soon as available, but in any event within 90 days after the end of each fiscal
year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as
at the end of such fiscal year, and the related consolidated statements of income or
operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each
case in comparative form the figures for the previous fiscal year, all in reasonable detail
and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an
independent certified public accountant of nationally recognized standing selected by the
Borrower and reasonably acceptable to the Required Lenders, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and shall not be
subject to any “going concern” or like qualification or exception or any qualification or
exception as to the scope of such audit; and

     (b) as soon as available, but in any event within 45 days after the end of each of the
first three fiscal quarters of each fiscal year of the Borrower, a consolidated balance
sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the
related consolidated statements of income or operations, shareholders’ equity and cash flows
for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended,
setting forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the previous fiscal
year, all in reasonable detail and certified by a Responsible Officer of the Borrower as
fairly presenting the financial condition, results of operations, shareholders’ equity and
cash flows of the Borrower and its Subsidiaries in

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accordance with GAAP, subject only to normal year-end audit adjustments and the absence
of footnotes.

     As to any information contained in materials furnished pursuant to Section 7.02(d),
the Borrower shall not be separately required to furnish such information under Section
7.01(a) or 7.01(b), but the foregoing shall not be in derogation of the obligation of
the Borrower to furnish the information and materials described in Sections 7.01(a) and
7.01(b) at the times specified therein.

7.02 Certificates; Other Information.

     Deliver to the Paying Agent (who will make available to the Lenders), in form and detail
satisfactory to the Co-Administrative Agents and the Required Lenders:

     (a) concurrently with the delivery of the financial statements referred to in
Section 7.01(a), a certificate of its independent certified public accountants
reporting on such financial statements and stating that in performing their audit nothing
came to their attention that caused them to believe the Borrower failed to comply with the
financial covenants set forth in Section 8.11, except as specified in such
certificate;

     (b) concurrently with the delivery of the financial statements referred to in
Sections 7.01(a) and 7.01(b), a duly completed Compliance Certificate signed
by a Responsible Officer of the Borrower, and in the event of any change in generally
accepted accounting principles used in the preparation of such financial statements, the
Borrower shall also provide, if necessary for the determination of compliance with
Section 8.11, a statement of reconciliation conforming such financial statements to
GAAP;

     (c) promptly after any request by any Co-Administrative Agent, copies of any detailed
audit reports, management letters or recommendations submitted to the board of directors (or
the audit committee of the board of directors) of the Borrower by independent accountants in
connection with the accounts or books of any Loan Party or any Subsidiary, or any audit of
any of them;

     (d) unless the same shall be publicly available, promptly after the same are available,
copies of each annual report, proxy or financial statement or other report or communication
sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and
special reports and registration statements which the Borrower may file or be required to
file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with
any Governmental Authority that may be substituted therefor, or with any national securities
exchange, and in any case not otherwise required to be delivered to the Agents pursuant
hereto;

     (e) promptly after the assertion or occurrence thereof, notice of any noncompliance by
any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit
that could reasonably be expected to have a Material Adverse Effect; and

     (f) promptly, such additional information regarding the business, financial or
corporate affairs of any Loan Party or any Subsidiary, or compliance with the terms of the
Loan Documents, as any Agent or any Lender may from time to time reasonably request.

     Documents required to be delivered pursuant to Section 7.01(a), 7.01(b) or
7.02(d) (to the extent any such documents are included in materials otherwise filed with
the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the

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Borrower posts such documents, or provides a link thereto on the Borrower’s website on the
Internet at the website address listed on Schedule 11.02; or (ii) on which such documents
are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any,
to which each Lender and each Agent have access (whether a commercial, third-party website or
whether sponsored by the Co-Administrative Agents); provided that: (i) the Borrower shall
deliver paper copies of such documents to any Agent or any Lender that requests the Borrower to
deliver such paper copies until a written request to cease delivering paper copies is given by such
Agent or such Lender and (ii) the Borrower shall notify (which may be by facsimile or electronic
mail) each Agent and each Lender of the posting of any such documents and provide to the
Co-Administrative Agents by electronic mail electronic versions (i.e., soft copies) of such
documents. Notwithstanding anything contained herein, in every instance the Borrower shall be
required to provide paper copies of the Compliance Certificates required by Section 7.02(b)
to the Paying Agent (who will make such copies available to the Lenders). Except for such
Compliance Certificates, the Co-Administrative Agents shall have no obligation to request the
delivery or to maintain copies of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrower with any such request for delivery, and each
Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

     The Borrower hereby acknowledges that (a) the Agents and/or BAS will make available to the
Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower
hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the
Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Borrower or its Affiliates, or the respective securities
of any of the foregoing, and who may be engaged in investment and other market-related activities
with respect to such Person’s securities. The Borrower hereby agrees that (w) all Borrower
Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked
“PUBLIC” which, at a minimum, means that the word “PUBLIC” shall appear prominently on the first
page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have
authorized the Agents, BAS and the Lenders to treat such Borrower Materials as not containing any
material non-public information (although the parties acknowledge that such information may still
be sensitive and/or proprietary) with respect to the Borrower or its securities for purposes of
United States Federal and state securities laws (provided, however, that to the
extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 11.08); (y) all Borrower Materials marked “PUBLIC” are permitted to be made
available through a portion of the Platform designated as “Public Side Information;” and (z) the
Agents and BAS shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform that is not designated as “Public Side
Information.” For purposes of clarification, (i) any materials not marked “PUBLIC” shall be deemed
to be material non-public information and (ii) notwithstanding the foregoing, the Borrower shall be
under no obligation to mark any particular Borrower Materials “PUBLIC.”

7.03 Notices.

     Promptly after a Responsible Officer has knowledge thereof, notify each Agent and each Lender:

     (a) of the occurrence of any Default or Event of Default;

     (b) of any matter that has resulted or could reasonably be expected to result in a
Material Adverse Effect;

     (c) of the occurrence of any ERISA Event;

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     (d) of any material change in accounting policies, financial reporting practices or
fiscal year by the Borrower; and

     (e) of any public announcement by Moody’s or S&P of any change in a Debt Rating.

     Each notice pursuant to subparts (a) through (e) of this Section 7.03 shall be
accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the
occurrence referred to therein and stating what action the Borrower has taken and proposes to take
with respect thereto.

7.04 Payment of Obligations.

     Pay and discharge as the same shall become due and payable, all its material obligations and
liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon
it or its properties or assets, unless the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained
by the Borrower or such Subsidiary, (b) all lawful claims which, if unpaid, would by law become a
Lien upon its property that is not permitted pursuant to Section 8.01, and (c) all
Indebtedness, as and when due and payable unless the failure to so pay would not constitute an
Event of Default hereunder or would not be reasonably likely to cause a Material Adverse Effect,
but subject to any subordination provisions contained in any instrument or agreement evidencing
such Indebtedness.

7.05 Preservation of Existence, Etc.

     (a) Preserve, renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization except in a transaction permitted
by Section 8.04 or 8.05; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade
names and service marks, the non-preservation of which could reasonably be expected to have a
Material Adverse Effect.

7.06 Maintenance of Properties.

     (a) Maintain, preserve and protect all of its material properties and equipment necessary in
the operation of its business in good working order and condition, ordinary wear and tear and
casualty and condemnation events excepted, except to the extent that the continued maintenance of
such property is no longer economically desirable as determined in good faith by the Borrower; and
(b) make all necessary repairs thereto and renewals and replacements thereof except where the
failure to do so could not reasonably be expected to have a Material Adverse Effect.

7.07 Maintenance of Insurance.

     Maintain insurance with financially sound and reputable insurance companies or maintain a
self-insurance program, with respect to its properties and business against loss or damage of the
kinds customarily insured against by Persons engaged in the same or similar business, of such types
and in such amounts as are customarily carried under similar circumstances by such other Persons.

7.08 Compliance with Laws.

     Comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances
in which (a)

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such requirement of Law or order, writ, injunction or decree is being contested in good faith
by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not
reasonably be expected to have a Material Adverse Effect.

7.09 Books and Records.

     Maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters
involving the assets and business of the Borrower or such Subsidiary, as the case may be.

7.10 Inspection Rights.

     Within five Business Days of delivery of the notice referred to below, permit representatives
and independent contractors of each Agent and each Lender to visit and inspect any of its
properties, to examine its corporate, financial and operating records, and make copies thereof or
abstracts therefrom, and to discuss its affairs, finances and accounts with its directors,
officers, and independent public accountants, all at such reasonable times during normal business
hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower;
provided, however, that unless an Event of Default has occurred and is continuing
at the time such inspection commences, (a) the Borrower shall not be required to pay expenses
relating to more than two inspections by the Agents in any twelve consecutive calendar months and
(b) the Borrower shall not be required to pay the expenses of any Lender for any inspection;
provided, further, that when an Event of Default exists any Agent or any Lender (or
any of their respective representatives or independent contractors) may do any of the foregoing at
the reasonable expense of the Borrower at any time during normal business hours, without advance
notice and without limitation as to frequency.

7.11 Use of Proceeds.

     Use the proceeds of the Credit Extensions for working capital, Capital Expenditures, Permitted
Acquisitions and other lawful corporate purposes, in each case, not in contravention of any Law or
of any Loan Document.

7.12 Covenant to Guarantee Obligations.

     Upon (x) the request of any Co-Administrative Agent following the occurrence and during the
continuance of a Default or Event of Default, (y) the formation or acquisition of any new direct or
indirect Domestic Subsidiary by any Loan Party that is a Material Subsidiary or (z) any existing
direct or indirect Domestic Subsidiary of any Loan Party becoming a Material Subsidiary (for
purposes of this clause (z) as determined by the financial statements delivered pursuant to
Section 7.01(a) and (b)), then the Borrower shall, in each case at the Borrower’s
expense:

     (i) cause such Material Subsidiary (other than a special purpose entity established to
facilitate a securitization or other financing of accounts receivable or other assets of any
Loan Party otherwise permitted hereunder (each a “Receivables Subsidiary”), within 30 days
after such request, formation or acquisition or becoming a Material Subsidiary, and cause
each direct and indirect parent of such Material Subsidiary (if it has not already done so),
to duly execute and deliver to the Co-Administrative Agents a Joinder Agreement in
substantially the same form as Exhibit F, guaranteeing the other Loan Parties’ obligations
under the Loan Documents,

     (ii) within 60 days after such request, formation or acquisition, or becoming a
Material Subsidiary, deliver to the Co-Administrative Agents, upon the request of the Co-

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Administrative Agents in their sole discretion, a signed copy of a favorable opinion,
addressed to the Co-Administrative Agents and the Lenders, of counsel for the Loan Parties
reasonably acceptable to the Co-Administrative Agents relating to the matters described in
clause (a) above, including any such Joinder Agreement, being legal, valid and binding
obligations of each Loan Party party thereto enforceable in accordance with its terms;

provided, however, that, notwithstanding anything in any Loan Document to the
contrary, in no event will any Foreign Subsidiary be required to provide a Guaranty under any Loan
Document or Joinder Agreement.

7.13 Compliance with Environmental Laws.

     Comply, and use commercially reasonable efforts to cause all lessees and other Persons
operating or occupying its properties to comply, in all material respects, with all applicable
Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary
for its operations and properties; and conduct any investigation, study, sampling and testing, and
undertake any cleanup, removal, remedial or other action necessary to address any Hazardous
Materials on or under any of its properties, to the extent required by applicable Environmental
Laws; provided, however, that neither the Borrower nor any of its Subsidiaries
shall be required to undertake any such cleanup, removal, remedial or other action to the extent
that its obligation to do so is being contested in good faith and by proper proceedings and
appropriate reserves are being maintained with respect to such circumstances.

7.14 Further Assurances.

     Promptly upon request by any Co-Administrative Agent, or any Lender through any
Co-Administrative Agent, (i) correct any material defect or error that may be discovered in any
Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (ii) do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and
all such further acts, deeds, certificates, assurances and other instruments as any Agent, or any
Lender through any Co-Administrative Agent, may reasonably require from time to time in order to
carry out more effectively the purposes of the Loan Documents.

ARTICLE VIII

NEGATIVE COVENANTS

     Until such time as the Obligations have been Fully Satisfied, the Borrower shall not, nor
shall it permit any Subsidiary to, directly or indirectly:

8.01 Liens.

     Create, incur, assume or suffer to exist any Lien upon any of its property, assets or
revenues, whether now owned or hereafter acquired, or authorize the filing under the Uniform
Commercial Code of any jurisdiction of a financing statement that names the Borrower or any of its
Subsidiaries as debtor, or sign or suffer to exist any security agreement authorizing any secured
party thereunder to file such financing statement, or assign any accounts or other right to receive
income, other than the following:

     (a) Liens existing on May 31, 2009, that are listed on Schedule 6.08(b) and any
renewals or extensions thereof, provided that the property covered thereby is not changed
and the amount not increased or the direct or any contingent obligor changed and any renewal
or extension of the obligations secured or benefited thereby is permitted by Section
8.03(c)(B);

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     (b) Liens for taxes not yet due or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person in accordance with GAAP;

     (c) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s or
other like Liens arising in the ordinary course of business which are not overdue for a
period of more than 30 days or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained
on the books of the applicable Person;

     (d) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any
Lien imposed by ERISA;

     (e) deposits to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or
litigation), performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

     (f) easements, rights-of-way, zoning restrictions, other restrictions and other similar
encumbrances affecting real property which, in the aggregate, are not substantial in amount,
and which do not in any case materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of the applicable
Person;

     (g) Liens securing judgments for the payment of money not constituting an Event of
Default under Section 9.01(h) or securing appeal or other surety bonds related to
such judgments;

     (h) Liens securing Indebtedness permitted under Section 8.03(c)(E);
provided that (i) such Liens do not at any time encumber any property other than the
property financed by such Indebtedness, (ii) the Indebtedness secured thereby does not
exceed the cost or fair market value, whichever is lower, of the property being acquired on
the date of acquisition and (iii) with respect to capital leases, such Liens do not at any
time extend to or cover any assets other than the assets subject to such capital leases;

     (i) Liens on or transfers of accounts receivable and contracts, and instruments and
other assets related thereto arising in connection with the sale of such accounts receivable
pursuant to Section 8.05(g);

     (j) Liens securing Indebtedness permitted by Section 8.03(c)(G),
provided that such Liens existed prior to such Person becoming a Subsidiary of the
Borrower, were not created in anticipation thereof and do not extend to any assets other
than those of such Subsidiary;

     (k) other Liens securing Indebtedness outstanding in an aggregate principal amount not
to exceed $75,000,000;

     (l) Liens, if any, in favor of the L/C Issuer and/or the Swing Line Lender to Cash
Collateralize or otherwise secure the obligations of a Defaulting Lender or an Impacted
Lender to fund risk participations hereunder; and

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     (m) Liens, if any, in favor of any Co-Administrative Agent or any Lender that is the
trustee with respect to the 5 3/4 Bonds, on funds constituting the proceeds of any Replacement
Bonds intended to be used to repay in full the 5 3/4 Bonds.

8.02 Investments.

     Make or hold any Investments, except:

     (a) Investments held by the Borrower or such Subsidiary in the form of cash or Cash
Equivalents;

     (b) advances to officers, directors and employees of the Borrower and Subsidiaries made
in the ordinary course of business for travel, entertainment, relocation and analogous
ordinary business purposes;

     (c) (i) equity Investments of the Borrower in any Guarantor and Investments of any
Guarantor in the Borrower or in another Guarantor, (ii) equity Investments of a Foreign
Subsidiary in any other Subsidiary and (iii) equity Investments of the Borrower or any
Subsidiary in any Receivables Subsidiary and Investments of any Receivables Subsidiary in
the Borrower or any Subsidiary, in each case, to the extent such Investments pursuant to
this clause (iii) are limited solely to (x) such Receivables Subsidiary’s acquisition of
receivables and related assets in connection with the Receivables Facility and (y)
activities incidental to such acquisitions and such Receivables Subsidiary’s status as a
special purpose vehicle;

     (d) Investments consisting of extensions of credit in the nature of accounts receivable
or notes receivable arising from the grant of trade credit in the ordinary course of
business, and Investments received in satisfaction or partial satisfaction thereof from
financially troubled account debtors to the extent reasonably necessary in order to prevent
or limit loss;

     (e) Guarantees permitted by Section 8.03;

     (f) Investments existing on July 1, 2009 that are set forth on Schedule 8.02(f);

     (g) Investments by the Borrower or any Subsidiary in Swap Contracts permitted under
Section 8.03(a)(A) or Section 8.03(c)(D);

     (h) Investments consisting of intercompany debt permitted under Section 8.03(a)(B),
8.03(b)(A), 8.03(c)(F) or 8.03(d)(A); and

     (i) the purchase or other acquisition of all of the Equity Interests in, or all or
substantially all of the property and assets of, any Person that, upon the consummation
thereof, will be wholly owned directly by the Borrower or one or more of its wholly owned
Subsidiaries (including, without limitation, as a result of a merger or consolidation);
provided that, with respect to each purchase or other acquisition made pursuant to
this Section 8.02(i):

     (A) any such newly created or acquired Domestic Subsidiary that is a Material
Subsidiary shall comply with the requirements of Sections 7.12;

     (B) the lines of business of the Person to be (or the property and assets of
which are to be) so purchased or otherwise acquired shall not be substantially
different

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than the lines of business currently conducted by the Borrower and its
Subsidiaries or any business reasonably related or incidental thereto;

     (C) the total cash and noncash consideration (including, without limitation,
all indemnities, earn-outs and other contingent payment obligations to, and the
aggregate amounts paid or to be paid under noncompete, consulting and other
affiliated agreements with, the sellers thereof, all write-downs of property and
assets and reserves for liabilities with respect thereto and all assumptions of
debt, liabilities and other obligations in connection therewith, but specifically
excluding (x) the fair market value of all Equity Interests issued or transferred to
the sellers thereof and (y) the Net Cash Proceeds from the issuance of any Equity
Interests of the Borrower on or after July 1, 2009) paid by or on behalf of the
Borrower and its Subsidiaries for any such purchase or other acquisition, when
aggregated with the total cash and noncash consideration paid by or on behalf of the
Borrower and its Subsidiaries for all other purchases and other acquisitions made by
the Borrower and its Subsidiaries pursuant to this Section 8.02(i), shall
not exceed $200,000,000 in any fiscal year if after giving effect to such purchase
or other acquisition, the Borrower has a Debt Rating of less than BBB- by S&P and
Baa3 by Moody’s, it being understood that the aggregate consideration limits in this
clause (C) shall not be applicable if, after giving effect to such purchase or other
acquisition, the Borrower has a Debt Rating of at least BBB- by S&P or at least Baa3
by Moody’s;

     (D) (1) immediately before and immediately after giving pro forma effect to any
such purchase or other acquisition, no Default or Event of Default shall have
occurred and be continuing and (2) if the total cash and noncash consideration paid
or to be paid for any such purchase or acquisition exceeds $50,000,000, the Borrower
shall have demonstrated compliance with the covenant set forth in Section
8.11(a) on a Pro Forma Basis after giving effect to such purchase or
acquisition; and

     (E) if the acquisition involves cash consideration in excess of $50,000,000,
the Borrower shall have delivered to the Co-Administrative Agents, on behalf of the
Lenders, at least five Business Days prior to the date on which any such purchase or
other acquisition is to be consummated, a certificate of a Responsible Officer, in
form and substance reasonably satisfactory to the Co-Administrative Agents,
certifying that all of the requirements set forth in this Section 8.02(i)
have been satisfied or will be satisfied on or prior to the consummation of such
purchase or other acquisition;

     (j) Investments by the Borrower and its Subsidiaries not otherwise permitted under this
Section 8.02 in Non-Guarantor Subsidiaries; provided that, other than with
respect to Investments by Non-Guarantor Subsidiaries in other Non-Guarantor Subsidiaries,
(1) no Default or Event of Default under each of Section 9.01(a), (f) or
(g) shall have occurred and be continuing before and immediately after giving effect
to any such Investment, (2) the aggregate amount of all Investments made pursuant to this
clause (j) subsequent to July 1, 2009, shall not exceed 15% of Consolidated Net Worth and
(3) if after giving effect to any such Investment, the aggregate amount of outstanding
Investments in Non-Guarantor Subsidiaries made subsequent to July 1, 2009 exceeds
$50,000,000, the Borrower and its Subsidiaries shall be in pro forma compliance with the
covenant set forth in Section 8.11(a) after giving effect to the making of any such
Investment;

     (k) (i) Investments by the Borrower and its Subsidiaries in joint ventures (other than
any Subsidiaries) existing on July 1, 2009 and (ii) Investments by the Borrower and its
Subsidiaries not otherwise permitted under this Section 8.02 in joint ventures
(other than any

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Subsidiaries); provided that (1) the aggregate amount of such Investments
outstanding during any fiscal year in such joint ventures made pursuant to this clause
(k)(ii) shall not exceed the applicable Joint Venture Limit for such fiscal year and (2) no
Default or Event of Default shall have occurred and be continuing before and immediately
after giving effect to any such Investment; provided further however that
if the Borrower has a Debt Rating of less than BBB- by S&P and Baa3 by Moody’s, the
aggregate amount of Investments made by the Borrower and its Subsidiaries in joint ventures
pursuant to this clause (k)(ii) shall also not exceed $75,000,000 in any fiscal year; and

     (l) other Investments not exceeding $25,000,000 in the aggregate in any fiscal year of
the Borrower.

8.03 Indebtedness.

     Create, incur, assume or suffer to exist any Indebtedness, except:

     (a) in the case of the Borrower,

     (A) Indebtedness in respect of Swap Contracts designed to hedge against
fluctuations in interest rates or foreign exchange rates incurred in the ordinary
course of business and consistent with prudent business practice,

     (B) Indebtedness owed to a wholly-owned Subsidiary, which Indebtedness shall be
unsecured and subordinated on terms acceptable to the Co-Administrative Agents, and

     (C) unsecured Indebtedness owed to a Person other than a wholly-owned
Subsidiary;

     (b) in the case of the Guarantors,

     (A) Indebtedness owed to the Borrower or a wholly-owned Subsidiary, which
Indebtedness shall be unsecured and subordinated on terms acceptable to the
Co-Administrative Agents, and

     (B) unsecured Indebtedness owed to a Person other than the Borrower or a
wholly-owned Subsidiary;

     (c) in the case of the Borrower and its Subsidiaries,

     (A) Indebtedness under the Loan Documents;

     (B) Indebtedness outstanding on May 31, 2009 that is listed on Schedule
8.03 and any refinancings, refundings, renewals or extensions thereof;
provided that the amount of such Indebtedness is not increased at the time
of such refinancing, refunding, renewal or extension except by an amount equal to a
reasonable premium or other reasonable amount paid, and fees and expenses reasonably
incurred, in connection with such refinancing and by an amount equal to any existing
commitments unutilized thereunder, and the direct and contingent obligors therefor
shall not be changed, as a result of or in connection with such refinancing,
refunding, renewal or extension, unless such obligor is a Foreign Subsidiary, in
which case the obligor under such refinanced,

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refunded, renewed or extended Indebtedness may be another Foreign Subsidiary;
provided still further that the terms relating to principal amount,
amortization, maturity, collateral (if any) and subordination (if any), and other
material terms taken as a whole, of any such extending, refunding or refinancing
Indebtedness, and of any agreement entered into and of any instrument issued in
connection therewith, are no less favorable in any material respect to the Loan
Parties or the Lenders than the terms of any agreement or instrument governing the
Indebtedness being extended, refunded or refinanced and the interest rate applicable
to any such extending, refunding or refinancing Indebtedness does not exceed the
then applicable market interest rate;

     (C) Guarantees of the Borrower or any Guarantor (I) in respect of Indebtedness
(other than intercompany Indebtedness) otherwise permitted hereunder of the Borrower
or any other Guarantor, and (II) in respect of Indebtedness (other than intercompany
Indebtedness) otherwise permitted hereunder of a Foreign Subsidiary if such
Indebtedness was assumed by such Foreign Subsidiary from another Foreign Subsidiary
and to the extent such Indebtedness was guaranteed by the Borrower or any Guarantor;

     (D) obligations (contingent or otherwise) of the Borrower or any Subsidiary
existing or arising under any Swap Contract, provided that (i) such
obligations are (or were) entered into by such Person in the ordinary course of
business for the purpose of directly mitigating risks associated with liabilities,
commitments, investments, assets, or property held or reasonably anticipated by such
Person, or changes in the value of securities issued by such Person, and not for
purposes of speculation or taking a “market view;” and (ii) such Swap Contract does
not contain any provision exonerating the non-defaulting party from its obligation
to make payments on outstanding transactions to the defaulting party;

     (E) Indebtedness in respect of capital leases, Synthetic Lease Obligations and
purchase money obligations for fixed or capital assets within the limitations set
forth in Section 8.01(h);

     (F) (i) Indebtedness of the Receivables Subsidiaries incurred in
connection with the sale of accounts receivable and related assets pursuant to
Section 8.05(g) so long as the aggregate principal amount of Indebtedness of
all Receivables Subsidiaries relating thereto (exclusive of Indebtedness incurred
pursuant to clause (ii) below) does not exceed $200,000,000 at any time and (ii)
Indebtedness of the Receivables Subsidiaries to any Subsidiary incurred in
connection with the Receivables Facility for the purchase of accounts receivable and
related assets;

     (F) secured Indebtedness so long as the amount thereof is within the
limitations set forth in Section 8.01(k); and

     (G) Indebtedness of a Person that becomes a Subsidiary of the Borrower as the
result of an Investment permitted by Section 8.02(i), provided that
such Indebtedness existed at the time such Person became a Subsidiary of the
Borrower, and such Indebtedness was not created in anticipation thereof; and

     (d) in the case of Non-Guarantor Subsidiaries,

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     (A) Indebtedness owed to the Borrower or another Subsidiary that is otherwise
permitted to be made by the Borrower or such Subsidiary under Section
8.02(j); and

     (B) other unsecured Indebtedness in an aggregate principal amount not to exceed
an amount equal to 30% of Consolidated Net Worth at any one time outstanding.

8.04 Fundamental Changes.

     Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in
one transaction or in a series of transactions) all or substantially all of its assets (whether now
owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default
exists or would result therefrom:

     (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower
shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries,
provided that when any Guarantor is merging with another Subsidiary, the Guarantor
shall be the continuing or surviving Person or the continuing or surviving Person shall
promptly thereafter become a Guarantor;

     (b) any Subsidiary may Dispose of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to the Borrower or to another Subsidiary;
provided that if the transferor in such a transaction is a Guarantor, then the
transferee must either be the Borrower or a Guarantor or the transferee shall promptly
thereafter become a Guarantor; and

     (c) in connection with any acquisition permitted under Section 8.02, any
Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any
other Person to merge into or consolidate with it; provided that the Person
surviving such merger shall be a wholly owned Subsidiary of the Borrower;

provided, however, that in each case, immediately after giving effect thereto, in
the case of any such merger to which the Borrower is a party, the Borrower is the surviving
corporation.

8.05 Dispositions.

     Make any Disposition or enter into any agreement to make any Disposition, except:

     (a) Dispositions of surplus, obsolete or worn out property, whether now owned or
hereafter acquired, in the ordinary course of business;

     (b) Dispositions of inventory in the ordinary course of business;

     (c) Dispositions of equipment or real property to the extent that (i) such property is
exchanged for credit against the purchase price of similar replacement property or (ii) the
proceeds of such Disposition are reasonably promptly applied to the purchase price of such
replacement property;

     (d) Dispositions of property by any Subsidiary to the Borrower or to a wholly-owned
Subsidiary;

     (e) Dispositions permitted by Section 8.04;

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     (f) Dispositions by the Borrower and its Subsidiaries not otherwise permitted under
this Section 8.05; provided that (i) at the time of such Disposition, no
Default or Event of Default shall exist or would result from such Disposition and (ii) if
the net book value of the assets sold, leased or otherwise disposed of in any such
Disposition exceeds $50,000,000, the Borrower shall have demonstrated compliance with the
covenant set forth in Section 8.11(a) on a Pro Forma Basis after giving effect to
any such Disposition;

     (g) the limited recourse sale of accounts receivable and related assets in connection
with the securitization of accounts receivable or similar rights to payment, which sale is
non-recourse to the extent customary in securitizations and consistent with past practice
and which is, to the extent entered into after the Closing Date, upon terms and conditions
reasonably satisfactory to the Co-Administrative Agents (the “Receivables
Facility”);

     (h) Dispositions of cash or Cash Equivalents for purposes not otherwise prohibited
under this Agreement or under any other Loan Document; and

     (i) so long as no Default or Event of Default shall occur and be continuing, the grant
of any option or other right to purchase any asset in a transaction that would be permitted
under the provisions of Section 8.05(f);

provided, however, that any Disposition pursuant to Section 8.05(a) through
Section 8.05(h) shall be for fair value as determined by the Borrower or the applicable
Subsidiary in its reasonable business judgment.

8.06 Restricted Payments.

     Declare or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, or, except with respect to the Borrower,
issue or sell any Equity Interests to any Person other than the Borrower or a wholly owned
Domestic Subsidiary or accept any capital contributions, except that:

     (a) each Subsidiary may make Restricted Payments to the Borrower and to any other
Subsidiary; provided, however, that any Restricted Payment by a
non-wholly-owned Subsidiary shall be made to the Borrower, any Subsidiary and to each other
owner of capital stock or other Equity Interests of such Subsidiary on a pro rata basis
based on their relative ownership interests;

     (b) the Borrower and each Subsidiary may purchase, redeem or otherwise acquire its
common Equity Interests with the proceeds received from the substantially concurrent issue
of new common Equity Interests;

     (c) each Loan Party and each Subsidiary may declare and make dividend payments or other
distributions payable solely in common Equity Interests of such Person;

     (d) so long as no Default or Event of Default shall then exist or would result
therefrom, the Borrower may purchase, redeem or otherwise acquire shares of its capital
stock or warrants, rights or options to acquire any such shares for cash, in an aggregate
amount for all such purchases, redemptions and other acquisitions made under this clause (b)
on and after July 1, 2009 not to exceed in any fiscal year an amount equal to 7.5% of
Consolidated Net Worth as of the fiscal quarter end immediately preceding the beginning of
such fiscal year; and

     (e) so long as no Default or Event of Default shall then exist or would result
therefrom, the Borrower may acquire common stock of the Borrower from employees or former

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employees of the Borrower or any Subsidiary in consideration for the exercise of stock
options by such employees or former employees and any tax obligations incurred by such
employees or former employees in connection with such exercise; provided that no
such exercise shall cause the Borrower to make any cash payment to such employee or former
employee or any other Person; provided further that the fair market value of
all such common stock acquired by the Borrower shall not exceed $10,000,000 in any fiscal
year.

8.07 Change in Nature of Business.

     Engage in any material line of business substantially different from those lines of business
conducted by the Borrower and its Subsidiaries on the Closing Date or any business reasonably
related, complementary or incidental thereto.

8.08 Transactions with Affiliates.

     Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in
the ordinary course of business, other than on fair and reasonable terms substantially as favorable
to the Borrower or such Subsidiary as would be obtainable by the Borrower or such Subsidiary at the
time in a comparable arm’s length transaction with a Person other than an Affiliate, except (i)
transactions between or among the Borrower and its Subsidiaries in the ordinary course of business,
(ii) the transactions identified on Schedule 8.08, (iii) transactions relating to the Receivables
Facility and (iv) immaterial transactions with any officer or director of the Borrower or any
Subsidiary.

8.09 Burdensome Agreements.

     Enter into or permit to exist any Contractual Obligation (other than this Agreement, any other
Loan Document or any agreement relating to the Receivables Facility) that (a) limits the ability
(i) of any Subsidiary to make Restricted Payments or dividend payments or other distributions to
the Borrower or any Guarantor or to otherwise transfer property to or invest in the Borrower or any
Guarantor or to pay any Indebtedness or other obligation owed to any Loan Party, except for any
agreement in effect (A) on the Closing Date or (B) at the time any Subsidiary becomes a Subsidiary
of the Borrower, so long as such agreement was not entered into solely in contemplation of such
Person becoming a Subsidiary of the Borrower, (ii) of any Subsidiary to Guarantee the Indebtedness
of the Borrower, except for any document set forth on Schedule 8.09, or (iii) of the
Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such
Person; provided, however, that this clause (iii) shall not prohibit (x) any
negative pledge incurred or provided in favor of any holder of Indebtedness permitted under
Section 8.03(c)(E) solely to the extent any such negative pledge relates to the property
financed by or the subject of such Indebtedness, (y) any provision contained in any document listed
on Schedule 8.09 that provides that in the event any Loan Party grants any Lien on such
Loan Party’s assets or properties to secure any Indebtedness, such Loan Party shall secure such
Indebtedness in respect of such document on an equal and ratable basis with such Indebtedness, or
(z) any negative pledge provision contained in any document listed on Schedule 8.09; or (b)
requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure
another obligation of such Person, other than any provision contained in any document listed on
Schedule 8.09 that provides that in the event any Loan Party grants any Lien on such Loan
Party’s assets or properties to secure any Indebtedness, such Loan Party shall secure the
Indebtedness in respect of such document on an equal and ratable basis with such Indebtedness.

8.10 Use of Proceeds.

     Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of

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Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or
carrying margin stock or to refund Indebtedness originally incurred for such purpose, in each case
of the foregoing, in any manner that would violate Regulation T, U, or X of the FRB.

8.11 Financial Covenants.

     (a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at any time
to be greater than (i) 3.5 to 1.0 from the Closing Date through and including September 30, 2009,
(ii) 3.75 to 1.0 from October 1, 2009 through and including March 31, 2010, (iii) 3.25 to 1.0 from
April 1, 2010 through and including June 30, 2010 and (iv) 3.0 to 1.0 thereafter.

     (b) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage
Ratio at any time to be less than or equal to 4.0 to 1.0.

     (c) Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth at any
time to be less than the sum of 85% of Consolidated Tangible Net Worth as of the last day of the
fiscal quarter ended June 30, 2009, increased on a cumulative basis as of the end of each fiscal
quarter of the Borrower by an amount equal to 50% of Consolidated Net Income (to the extent
positive and without giving effect, to the extent deducted in calculating Consolidated Net Income,
to (i) any non-cash impairment, restructuring, reorganization, implementation, manufacturing
rationalization and other special charges during such period or (ii) any cash restructuring charges
during such period; provided that the aggregate amount of all such cash restructuring
charges excluded pursuant to this clause (ii) during the term of this Agreement shall not exceed
$175,000,000) for such fiscal quarter.

8.12 Amendments of Organization Documents.

     With respect to any Loan Party, amend any of its Organization Documents in a manner that could
reasonably be expected to have a Material Adverse Effect.

8.13 Capital Expenditures.

     Permit the aggregate amount of Capital Expenditures made by the Borrower and the Subsidiaries
in any period set forth below to exceed the amount set forth below for such period:

	 	 	 
	Fiscal Year (or portion thereof)	 	Amount
	 
	 	 
	July 1, 2009 to December 31, 2009
	 	$175,000,000 for balance of 2009
	 
	 	 
	2010
	 	$200,000,000
	 
	 	 
	2011
	 	$200,000,000
	 
	 	 
	January 1, 2012 to the Maturity Date
	 	$200,000,000

provided, that, (a) the amount of permitted Capital Expenditures set forth above in
respect of fiscal year 2010, shall be increased (but not decreased) by up to $25,000,000 of unused
permitted Capital Expenditures for the immediately preceding fiscal year and (b) the amount of
permitted Capital Expenditures set forth above in respect of fiscal year 2011, shall be increased
(but not decreased) by up to the greater of (i) an amount equal to 50% of the amount of unused
permitted Capital Expenditures for the immediately preceding fiscal year or (ii) $25,000,000 of
unused permitted Capital Expenditures for the immediately preceding fiscal year.

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ARTICLE IX

EVENTS OF DEFAULT AND REMEDIES

9.01 Events of Default.

     Any of the following shall constitute an Event of Default:

     (a) Non-Payment. The Borrower fails to pay (i) when and as required to be paid
herein, any amount of principal of any Loan or any L/C Obligation, (ii) within five Business Days
after the same becomes due, any interest on any Loan or on any L/C Obligation, or any commitment or
other fee due hereunder or (iii) within ten days after written notice thereof, any other amount due
hereunder; or

     (b) Specific Covenants. The Borrower fails to perform or observe any term, covenant
or agreement contained in (i) any of Section 7.03, 7.05, 7.11 or
7.12, or Article VIII or (ii) any of Section 7.01(a) or (b) or
7.02(a) or (b) and such failure continues for 10 days after the earlier of the date
on which (i) a Responsible Officer of the Borrower has knowledge of such failure or (ii) notice is
given from the Paying Agent to the Borrower at the request of the Required Lenders that the
Borrower is to remedy the same; or

     (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in Section 9.01(a) or 9.01(b)) contained in any Loan
Document on its part to be performed or observed and such failure continues for 30 days after the
earlier of the date on which (i) a Responsible Officer of the Borrower has knowledge of such
failure or (ii) notice is given from the Paying Agent to the Borrower at the request of the
Required Lenders that the Borrower is to remedy the same; or

     (d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party
herein, in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be incorrect or misleading in any material respect when made or deemed made; or

     (e) Cross-Default. (i) Any Loan Party or any Subsidiary (A) fails to make any payment
when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness
under Swap Contracts) having an aggregate principal amount (including undrawn committed or
available amounts and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the
effect of which default or other event is to cause, or to permit the holder or holders of such
Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased
or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early
Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under
such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as defined
in such Swap Contract) or (B) any Termination Event (as defined in such Swap Contract) under such
Swap Contract as to which the Borrower or any Subsidiary is an Affected

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Party (as defined in such Swap Contract) and, in either event, the Swap Termination Value owed
by the Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or

     (f) Insolvency Proceedings, Etc. Any Loan Party or any of its Material Subsidiaries
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes
an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or
for all or any material part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or any material part
of its property is instituted without the consent of such Person and continues undismissed or
unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

     (g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any of its Material
Subsidiaries becomes unable or admits in writing its inability or fails generally to pay its debts
as they become due, or (ii) any writ or warrant of attachment or execution or similar process is
issued or levied against all or any material part of the property of any such Person and is not
released, vacated or fully bonded within 30 days after its issue or levy; or

     (h) Judgments. There is entered against any Loan Party or any Material Subsidiary (i)
a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold
Amount, (to the extent not covered by independent third-party insurance as to which the insurer
does not dispute coverage) or (ii) any one or more non-monetary final judgments that have, or could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in
either case, there is a period of 45 consecutive days during which the same shall not have been
paid, discharged, vacated or stayed, by reason of a pending appeal or otherwise; or

     (i) ERISA. Except as is not reasonably expected to result in a Material Adverse
Effect: (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has
resulted or is reasonably expected to result in liability of the Borrower under Title IV of ERISA
to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the
Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the
expiration of any applicable grace period, any installment payment with respect to its withdrawal
liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess
of the Threshold Amount; or

     (j) Invalidity of Loan Documents. Any provision of any Loan Document, at any time
after its execution and delivery and for any reason other than as expressly permitted hereunder or
thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect;
or any Loan Party or any other Person contests in any manner the validity or enforceability of any
provision of any Loan Document; or any Loan Party denies that it has any or further liability or
obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document;
or

     (k) Change of Control. There occurs any Change of Control.

9.02 Remedies upon Event of Default.

     If any Event of Default occurs and is continuing, the Co-Administrative Agents shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following
actions:

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     (a) declare the commitment of each Lender to make Loans and any obligation of the L/C
Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and
obligation shall be terminated;

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued
and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan
Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower;

     (c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount
equal to the then Outstanding Amount thereof); and

     (d) exercise on behalf of themselves, the other Agents and the Lenders all rights and
remedies available to them, the other Agents and the Lenders under the Loan Documents or
applicable Law;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and
all interest and other amounts as aforesaid shall automatically become due and payable, and the
obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall
automatically become effective, in each case without further act of any Agent or any Lender.

9.03 Application of Funds.

     After the exercise of remedies provided for in Section 9.02 (or after the Loans have
automatically become immediately due and payable and the L/C Obligations have automatically been
required to be Cash Collateralized as set forth in the proviso to Section 9.02), any
amounts received on account of the Obligations shall be applied by the Paying Agent in the
following order:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (other than principal and interest but including Attorney Costs and
amounts payable under Article III) payable to the Agents in their capacities as such
ratably among them in proportion to the amounts described in this clause First payable to them;

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders (including Attorney
Costs and amounts payable under Article III), ratably among them in proportion to the
amounts described in this clause Second payable to them;

     Third, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans and L/C Borrowings, ratably among the Lenders in proportion to the respective
amounts described in this clause Third payable to them;

     Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and L/C Borrowings, ratably among the Lenders in proportion to the respective amounts
described in this clause Fourth held by them;

     Fifth, to the Paying Agent for the account of the L/C Issuer, to Cash Collateralize
that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit;

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     Sixth, to the payment of all other Obligations of the Loan Parties owing under or in
respect of the Loan Documents that are due and payable to the Agents and the Lenders on such date,
ratably based upon the respective aggregate amounts of all such Obligations owing to the Agents and
the Lenders on such date; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law.

Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount
of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings
under such Letters of Credit as they occur. If any amount remains on deposit as cash collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be
applied to the other Obligations, if any, in the order set forth above.

ARTICLE X

AGENTS

10.01 Appointment and Authority.

     Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America and KeyBank
to act on its behalf as the Agents hereunder and under the other Loan Documents and authorizes each
Agent to take such actions on its behalf and to exercise such powers as are delegated to such Agent
by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article are solely for the benefit of the Agents, the Lenders and
the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third
party beneficiary of any of such provisions.

10.02 Rights as a Lender.

     The Persons serving as an Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the
context otherwise requires, include the Persons serving as an Agent hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the
financial advisor or in any other advisory capacity for and generally engage in any kind of
business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were
not an Agent hereunder and without any duty to account therefor to the Lenders.

10.03 Exculpatory Provisions.

     No Agent shall have any duties or obligations except those expressly set forth herein and in
the other Loan Documents. Without limiting the generality of the foregoing, each Agent:

     (a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;

     (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Loan Documents that such Agent is required to exercise as directed in
writing by the Required Lenders (or such other number or percentage of the Lenders as shall
be expressly

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provided for herein or in the other Loan Documents), provided that such Agent
shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose such Agent to liability or that is contrary to any Loan Document or applicable
Law; and

     (c) shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to any Loan Party or any of its Affiliates that is communicated to or
obtained by the Person serving as such Agent or any of its Affiliates in any capacity.

     No Agent shall be liable for any action taken or not taken by it (i) with the consent or at
the request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances
as provided in Sections 11.01 and 9.02) or (ii) in the absence of its own gross
negligence or willful misconduct. No Agent shall be deemed to have knowledge of any Default unless
and until notice describing such Default is given to such Agent by the Borrower, a Lender, the L/C
Issuer or another Agent.

     No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other
Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article V or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to such Agent.

10.04 Reliance by Agents.

     The Agents shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper
Person. The Agents also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, or the
issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or the L/C Issuer, each Agent may presume that such condition is satisfactory to such Lender or the
L/C Issuer unless such Agent shall have received notice to the contrary from such Lender or the L/C
Issuer prior to the making of such Loan or the issuance of such Letter of Credit. Each Agent may
consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

10.05 Delegation of Duties.

     Each Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub-agents appointed by such Agent.
Any Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article
shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as an Agent.

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10.06 Resignation of Agents.

     Any Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and
the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the
right (with, so long as no Default or Event of Default exists, the consent of the Borrower, which
shall not be unreasonably withheld or delayed) to appoint a successor, which shall be a bank with
an office in the United States, or an Affiliate of any such bank with an office in the United
States or another entity a material business of which is or will be providing administrative agency
services. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Agent gives notice of its resignation,
then the retiring Agent may on behalf of the Lenders and the L/C Issuer (with, so long as no
Default or Event of Default exists, the consent of the Borrower, which shall not be unreasonably
withheld or delayed), appoint a successor Agent meeting the qualifications set forth above;
provided that if the retiring Agent shall notify the Borrower and the Lenders that no
qualifying Person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by such Agent on behalf of the Lenders or the L/C Issuer under any of the
Loan Documents, the retiring Agent shall transfer such collateral security to the other Agent or,
if unable to do so, continue to hold such collateral security until such time as a successor Agent
is appointed) and (2) all payments, communications and determinations provided to be made by, to or
through such Agent shall instead be made by or to each Lender and the L/C Issuer directly, until
such time as the Required Lenders appoint a successor Agent as provided for above in this Section.
Upon the acceptance of a successor’s appointment as an Agent hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
(or retired) Agent, and the retiring Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as
provided above in this Section). The fees payable by the Borrower to a successor Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents,
the provisions of this Article and Sections 11.04 and 11.05 shall continue in effect for the
benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Agent was acting as an
Agent.

     In addition, at any time any Lender serving as an Agent becomes a Defaulting Lender or
Impacted Lender or a Distress Event occurs with respect to such Lender (each, a “Defaulting
Agent”), then, during the Default Period, the Borrower (so long as no Default or Event of
Default has occurred and is continuing) or the Required Lenders may, but shall not be required to,
direct such Defaulting Agent to resign as Agent, and upon the direction of the Borrower (so long as
no Default or Event of Default has occurred and is continuing) or the Required Lenders, as the case
may be, such Defaulting Agent shall be required to so resign, in accordance with the terms of this
Section 10.06. Such resigning Defaulting Agent shall cooperate reasonably and in good
faith to effectuate the transfer of the agency to the successor Agent appointed in accordance with
the terms of this Section 10.06, including the execution and delivery of such assignments,
modifications, documents, certificates and further assurances as such successor Agent may
reasonably request.

     Any resignation by KeyBank as a Paying Agent pursuant to this Section shall also constitute
its resignation as L/C Issuer and Swing Line Lender. Upon the acceptance of a successor’s
appointment as the Paying Agent hereunder, (a) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line
Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their
respective duties and obligations hereunder or under the other Loan Documents, and (c) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if
any, outstanding at the time of such succession or make other

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arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of
the retiring L/C Issuer with respect to such Letters of Credit.

10.07 Non-Reliance on Agents and Other Lenders.

     Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance
upon any Agent or any other Lender or any of their Related Parties and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and
without reliance upon any Agent or any other Lender or any of their Related Parties and based on
such documents and information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

10.08 No Other Duties; Etc.

     Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers,
syndication agents, documentation agents or co-agents shall have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents, except in its capacity,
as applicable, as the applicable Agent, a Lender or the L/C Issuer hereunder.

10.09 Agents May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any
Loan Party, the Co-Administrative Agents (irrespective of whether the principal of any Loan or L/C
Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Co-Administrative Agents shall have made any demand on the Borrower)
shall be entitled and empowered, by intervention in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing
and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders, the L/C Issuer and the Agents (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer
and the Agents and their respective agents and counsel and all other amounts due the
Lenders, the L/C Issuer and the Agents under Sections 2.03(i) and (j),
2.09, 11.04 and 11.05) allowed in such judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
payments to the Paying Agent and, in the event that the Paying Agent shall consent to the making of
such payments directly to the Lenders and the L/C Issuer, to pay to the Paying Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Agents and their
respective agents and counsel, and any other amounts due the Agents under Sections 2.09,
11.04 and 11.05.

     Nothing contained herein shall be deemed to authorize the Co-Administrative Agents to
authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of
reorganization,

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arrangement, adjustment or composition affecting the Obligations or the rights of any Lender
or to authorize the Co-Administrative Agents to vote in respect of the claim of any Lender in any
such proceeding.

10.10 Guaranty Matters.

     Each of the Lenders and the L/C Issuer irrevocably authorize the Co-Administrative Agents, at
their option and in their discretion, to release any Guarantor from its obligations under the
Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder.
Upon request by the Co-Administrative Agents at any time, the Required Lenders will confirm in
writing the Co-Administrative Agents’ authority to release any Guarantor from its obligations under
the Guaranty, pursuant to this Section 10.10. In each case as specified in this
Section 10.10, the Co-Administrative Agents will, at the Borrower’s reasonable expense,
execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably
request to release such Guarantor from its obligations under the Guaranty in accordance with the
terms of the Loan Documents and this Section 10.10.

ARTICLE XI

MISCELLANEOUS

11.01 Amendments, Etc.

     No amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective
unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as
the case may be, and acknowledged by the Co-Administrative Agents, and each such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given;
provided, however, that no such amendment, waiver or consent shall:

     (a) extend or increase the Commitment of any Lender (or reinstate any Commitment
terminated pursuant to Section 9.02) without the written consent of such Lender;

     (b) postpone any date scheduled for any payment of principal or interest under
Section 2.07 or 2.08, or any date fixed for the payment of fees or other
amounts due to the Lenders (or any of them) hereunder or under any other Loan Document
without the written consent of each Lender directly affected thereby;

     (c) reduce the principal of, or the rate of interest specified herein on, any Loan or
L/C Borrowing, or (subject to clause (v) of the second proviso to this Section
11.01) any fees or other amounts payable hereunder or under any other Loan Document
without the written consent of each Lender directly affected thereby; provided,
however, that only the consent of the Required Lenders shall be necessary (i) to
amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay
interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial
covenant hereunder (or any defined term used therein) even if the effect of such amendment
would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee
payable hereunder;

     (d) change any provision of this Section 11.01 or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders
required

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to amend, waive or otherwise modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender;

     (e) release all or substantially all the Guarantors, from its or their obligations
under the Loan Documents without the written consent of each Lender, except to the extent
the release of any such Guarantor is permitted pursuant to Section 10.10 (in which
case such release may be made by the Co-Administrative Agents alone);

     (f) amend Section 2.13 or 9.03, without the written consent of each
Lender directly affected thereby; or

     (g) amend the definition of “Committed Currencies” without the written consent of each
Lender;

and provided further that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights
or duties of the L/C Issuer under this Agreement or any Letter of Credit Application relating to
any Letter of Credit issued, deemed issued, or to be issued by the L/C Issuer; (ii) no amendment,
waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the
Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement;
(iii) no amendment, waiver or consent shall, unless in writing and signed by an Agent in addition
to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable
to, such Agent under this Agreement or any other Loan Document; (iv) Section 11.07(h) may
not be amended, waived or otherwise modified without the consent of each Granting Lender all or any
part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other
modification; and (v) the Bank of America Fee Letter and KeyBank Fee Letter may be amended, or
rights or privileges thereunder waived, in a writing executed only by the parties thereto.
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any amendment, waiver or consent hereunder, except that (i) the Commitment of
such Lender may not be increased or extended without the consent of such Lender and (ii) any
amendment, waiver or consent requiring the consent of all Lenders or each affected Lender that by
its terms affects any Defaulting Lender in a manner that is materially and disproportionately
adverse to such Defaulting Lender compared with other affected Lenders shall require the consent of
such Defaulting Lender.

11.02 Notices and Other Communications; Facsimile Copies.

     (a) General. Unless otherwise expressly provided herein, all notices and other
communications provided for hereunder or in any other Loan Document shall be in writing (including
by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the
applicable address, facsimile number or (subject to Section 11.02(c)) electronic mail
address, and all notices and other communications expressly permitted hereunder to be given by
telephone shall be made to the applicable telephone number, as follows:

     (i) if to the Borrower, any Agent, the L/C Issuer or the Swing Line Lender, to the
address, facsimile number, electronic mail address or telephone number specified for such
Person on Schedule 11.02 or to such other address, facsimile number, electronic mail address
or telephone number as shall be designated by such party in a notice to the other parties;
and

     (ii) if to any other Lender, to the address, facsimile number, electronic mail address
or telephone number specified in its Administrative Questionnaire or to such other address,

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facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to the Borrower, the Agents, the L/C Issuer and the Swing Line
Lender.

All such notices and other communications shall be deemed to be given or made upon the earlier to
occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by
courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail,
four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when
sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which
form of delivery is subject to the provisions of Section 11.02(c)), when delivered;
provided, however, that notices and other communications to the Agents, the L/C
Issuer and the Swing Line Lender pursuant to Article II shall not be effective until actually
received by such Person. In no event shall a voicemail message be effective as a notice,
communication or confirmation hereunder.

     (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuer hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Co-Administrative
Agents (which include those set forth in the penultimate paragraph of Section 7.02),
provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer
pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the
Co-Administrative Agents that it is incapable of receiving notices under such Article by electronic
communication. The Co-Administrative Agents or the Borrower may, in their discretion, agree to
accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

     Subject to the penultimate paragraph of Section 7.02, unless the Co-Administrative
Agents otherwise prescribes, (i) notices and other communications sent to an e-mail address shall
be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if such notice or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the recipient, and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website
address therefor.

     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR
THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Co-Administrative Agents or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any
Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of
any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the
Co-Administrative Agent’s transmission of Borrower Materials through the Internet, except to the
extent that such losses, claims, damages, liabilities or expenses are determined by a court of
competent jurisdiction by a final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party; provided, however, that in no
event shall any Agent Party have any

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liability to the Borrower, any Lender, the L/C Issuer or any other Person for indirect,
special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

     (d) Change of Address, Etc. Each of the Borrower, each Agent, the L/C Issuer and the
Swing Line Lender may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the other parties hereto (or, in the case of the Borrower, to
the Co-Administrative Agents). Each other Lender may change its address, telecopier or telephone
number for notices and other communications hereunder by notice to the Borrower, the Agents, the
L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Agents from
time to time to ensure that the Agents have on record (i) an effective address, contact name,
telephone number, telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at
all times have selected the “Private Side Information” or similar designation on the content
declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable Law, including United
States Federal and state securities Laws, to make reference to Borrower Materials that are not made
available through the “Public Side Information” portion of the Platform and that may contain
material non-public information with respect to the Borrower or its securities for purposes of
United States Federal or state securities laws.

     (e) Reliance by Agents, L/C Issuer and Lenders. The Agents, the L/C Issuer and the
Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan
Notices and Swing Line Loan Notices) purportedly given by or on behalf of any Loan Party even if
such notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein. The Loan Parties shall indemnify each
Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each notice purportedly
given by or on behalf of a Loan Party. All telephonic notices to and other telephonic
communications with any Agent may be recorded by such Agent, and each of the parties hereto hereby
consents to such recording.

11.03 No Waiver; Cumulative Remedies; Enforcement.

     No failure by any Lender, the L/C Issuer or any Agent to exercise, and no delay by any such
Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan
Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided, and as provided under each other Loan Document, are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

     Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the
Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained exclusively by, each Agent
in accordance with Section 10.01 for the benefit of all the Lenders and the L/C Issuer;
provided, however, that the foregoing shall not prohibit (a) any Agent from
exercising on its own behalf the rights and remedies that inure to its benefit (solely in its
capacity as an Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing
Line Lender from exercising the rights and remedies that inure to its benefit (solely in its
capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan
Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.09
(subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or
appearing and filing pleadings on

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its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor
Relief Law; and provided, further, that if at any time there is no Person acting as
the applicable Agent hereunder and under the other Loan Documents, then (i) the Required Lenders
shall have the rights otherwise ascribed to such Agent pursuant to Section 10.01 and (ii)
in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and
subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce
any rights and remedies available to it and as authorized by the Required Lenders.

11.04 Attorney Costs, Expenses and Taxes.

     The Borrower agrees (a) to pay or reimburse each Agent for all reasonable costs and expenses
incurred in connection with the development, preparation, negotiation, syndication and execution of
this Agreement and the other Loan Documents, and any amendment, waiver, consent or other
modification of the provisions hereof and thereof (whether or not the transactions contemplated
hereby or thereby are consummated), and the consummation and administration of the transactions
contemplated hereby and thereby, including all Attorney Costs incurred by such Agents, and (b) to
pay or reimburse each Agent and each Lender for all reasonable costs and expenses incurred in
connection with the enforcement of any rights or remedies under this Agreement or the other Loan
Documents (including all such costs and expenses incurred during any legal proceeding, including
any proceeding under any Debtor Relief Law), including all Attorney Costs incurred by each Agent
and each Lender. The foregoing costs and expenses shall include all search, filing, recording,
title insurance and appraisal charges and fees and taxes related thereto, and other out-of-pocket
expenses incurred by the Co-Administrative Agents and the cost of independent public accountants
and other outside experts retained by the Co-Administrative Agents or any Lender. All amounts due
under this Section 11.04 shall be payable within 30 days after demand therefor, which
demand shall be accompanied by an appropriate invoice. The agreements in this Section
11.04 shall survive the termination of the Aggregate Commitments and repayment of all other
Obligations. If any Loan Party fails to pay when due any costs, expenses or other amounts payable
by it hereunder or under any Loan Document, including, without limitation, Attorney Costs and
indemnities, such amount may be paid on behalf of such Loan Party by any Agent or any Lender, in
its sole discretion.

11.05 Indemnification by the Borrower.

     (a) Whether or not the transactions contemplated hereby are consummated, the Borrower shall
indemnify and hold harmless each Agent, each Related Party, each Lender and their respective
Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties,
claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney
Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or
asserted against any such Indemnitee in any way relating to or arising out of or in connection with
(a) the execution, delivery, enforcement, performance or administration of any Loan Document or any
other agreement, letter or instrument delivered in connection with the transactions contemplated
thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the
L/C Issuer to honor a demand for payment under a Letter of Credit issued (or deemed issued) by the
L/C Issuer if the documents presented in connection with such demand do not strictly comply with
the terms of such Letter of Credit), (c) any actual or alleged presence or release of Hazardous
Materials on or from any property currently or formerly owned or operated by the Borrower, any
Subsidiary or any other Loan Party, or any Environmental Liability related in any way to the
Borrower, any Subsidiary or any other Loan Party, or (d) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory (including any investigation of, preparation for, or defense of
any pending or threatened claim, investigation, litigation or proceeding) and regardless of

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whether any Indemnitee is a party thereto (all the foregoing, collectively, the
“Indemnified Liabilities”), in all cases, whether or not caused by or arising, in whole or
in part, out of the negligence of the Indemnitee; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements
are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall
be liable for any damages arising from the use by others of any information or other materials
obtained through IntraLinks or other similar information transmission systems in connection with
this Agreement, nor shall any Indemnitee have any liability for any indirect or consequential
damages relating to this Agreement or any other Loan Document or arising out of its activities in
connection herewith or therewith (whether before or after the Closing Date). In the case of an
investigation, litigation or other proceeding to which the indemnity in this Section 11.05
applies, such indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by any Loan Party, its directors, shareholders or creditors or an Indemnitee
or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not
any of the transactions contemplated hereunder or under any of the other Loan Documents is
consummated. All amounts due under this Section 11.05 shall be payable within 30 days after
demand therefor, which demand shall be accompanied by an appropriate invoice. The agreements in
this Section 11.05 shall survive the resignation of any Agent, the replacement of any
Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge
of all the other Obligations.

     (b) Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail
to indefeasibly pay any amount required under subsection (a) of this Section to be paid by them to
any Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing
(and without limiting the obligation of any of them), each Lender severally agrees to pay to such
Agent (or any such sub-agent), the L/C Issuer or such Related Party, as the case may be, such
Lender’s Pro Rata Share (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against any Agent (or any such sub-agent) or the L/C Issuer in its capacity as such,
or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent)
or L/C Issuer in connection with such capacity. The obligations of the Lenders under this
subsection (b) are subject to the provisions of Section 2.12(e).

11.06 Payments Set Aside.

     To the extent that any payment by or on behalf of the Borrower is made to any Agent or any
Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by such
Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender severally agrees to pay to the Paying Agent upon demand its
applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from
the date of such demand to the date such payment is made at a rate per annum equal to the Federal
Funds Rate from time to time in effect.

11.07 Successors and Assigns.

     (a) Successors and Assigns Generally. The provisions of this Agreement and the other
Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and
their

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respective successors and assigns permitted hereby, except that the Borrower may not assign or
otherwise transfer any of its rights or obligations hereunder or thereunder without the prior
written consent of the Paying Agent and each Lender and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with
the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with
the provisions of subsection (d) of this Section, (iii) by way of pledge or assignment of a
security interest subject to the restrictions of subsection (f) of this Section or (iv) to an SPC
in accordance with the provisions of subsection (h) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related
Parties of each of the Paying Agent, the L/C Issuer and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement and the other Loan
Documents (including all or a portion of its Commitment and the Loans (including for purposes of
this subsection (b), participations in L/C Obligations and Swing Line Loans) at the time owing to
it); provided that any such assignment shall be subject to the following conditions:

     (i) Minimum Amounts.

     (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the case
of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

     (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Paying Agent or, if “Trade Date” is specified in
the Assignment and Assumption, as of the Trade Date, shall not be less than
$5,000,000 unless each of the Paying Agent and, so long as no Event of Default has
occurred and is continuing, the Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent assignments
from members of an Assignee Group to a single assignee (or to an assignee and
members of its Assignee Group) will be treated as a single assignment for purposes
of determining whether such minimum amount has been met;

(ii) Required Consents. No consent shall be required for any assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in
addition:

     (A) the consent of the Borrower (such consent not to be unreasonably withheld
or delayed) shall be required unless (1) an Event of Default has occurred and is
continuing at the time of such assignment or (2) such assignment is to a Lender, an
Affiliate of a Lender or an Approved Fund;

     (B) the consent of the Paying Agent (such consent not to be unreasonably
withheld or delayed) shall be required for assignments in respect of any Commitment
if

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such assignment is to a Person that is not a Lender with a Commitment in respect of
the Commitment subject to such assignment, an Affiliate of such Lender or an
Approved Fund with respect to such Lender;

     (C) the consent of the L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment that increases the obligation of
the assignee to participate in exposure under one or more Letters of Credit (whether
or not then outstanding); and

     (D) the consent of the Swing Line Lender (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment in respect of the
Revolving Commitment if such assignment is to a Person that is not a Lender with a
Revolving Commitment, an Affiliate of such Lender or an Approved Fund with respect
to such Lender.

     (iii) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Paying Agent an Assignment and Assumption, together with a processing and
recordation fee in the amount of $3,500; provided, however, that the Paying
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the
case of any assignment. The assignee, if it is not a Lender, shall deliver to the Paying
Agent an Administrative Questionnaire.

     (iv) No Assignment to Borrower. No such assignment shall be made to the
Borrower or any of the Borrower’s Affiliates or Subsidiaries.

     (v) No Assignment to Natural Persons. No such assignment shall be made to a
natural person.

     (vi) No Assignment to Defaulting Lenders or Impacted Lenders. No such
assignment shall be made to any Defaulting Lender or any Impacted Lender.

Subject to acceptance and recording thereof by the Paying Agent pursuant to subsection (c) of this
Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05, 11.04 and
11.05 with respect to facts and circumstances occurring prior to the effective date of such
assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the
assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with
subsection (d) of this Section. Each partial assignment, other than of rights and obligations in
respect of Swing Line Loans, shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the
Commitment assigned.

     (c) Register. The Paying Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at the Paying Agent’s Office a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of,

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and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be
conclusive, and the Borrower, the Agents and the Lenders may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of
this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent
shall maintain on the Register the designation, and revocation or designation, of any Lender as a
Defaulting Lender or an Impacted Lender of which it has received notice. The Register shall be
available for inspection by the Borrower, any Agent and any Lender, at any reasonable time and from
time to time upon reasonable prior notice.

     (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Paying Agent, sell participations to any Person (other than a natural person or
the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all
or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C
Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Agents, the other Lenders and the L/C Issuer shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso of
Section 11.01(a) that affects such Participant. Subject to subsection (e) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections
3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 11.09 as though it
were a Lender, provided such Participant agrees to be subject to Section 2.13 as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this
purpose as an agent of the Borrower, maintain a register on which it enters the name and address of
each Participant and the principal amounts (and stated interest) of each Participant’s interest in
the Loans or other obligations under this Agreement (the “Participant Register”). The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary.

     (e) Limitations on Participant Rights. A Participant shall not be entitled to receive
any greater payment under Section 3.01 or 3.04 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless
the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to
the benefits of Section 3.01 unless the Borrower is notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 11.15 as though it were a Lender.

     (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to
secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as
a party hereto.

     (g) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time KeyBank assigns all of its Commitment and

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Loans pursuant to subsection (b) above, KeyBank may, (i) upon thirty days’ notice to the
Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon thirty days’ notice to the
Borrower, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing
Line Lender, the Borrower shall be entitled to appoint from among the Lenders a successor L/C
Issuer or Swing Line Lender hereunder; provided, however, that no failure by the
Borrower to appoint any such successor shall affect the resignation of KeyBank as L/C Issuer or
Swing Line Lender, as the case may be. If KeyBank resigns as L/C Issuer, it shall retain all the
rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of
Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C
Obligations with respect thereto (including the right to require the Lenders to make Base Rate
Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If
KeyBank resigns as Swing Line Lender, it shall retain all the rights, powers, privileges and duties
of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and
outstanding as of the effective date of such resignation, including the right to require the
Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans
pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing
Line Lender, (1) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (2)
the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit,
if any, outstanding at the time of such succession or make other arrangements satisfactory to
KeyBank to effectively assume the obligations of KeyBank with respect to such Letters of Credit.

     (h) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such in writing from time
to time by the Granting Lender to the Paying Agent and the Borrower (an “SPC”) the option to
provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make
pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment
by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise
fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such
Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to
any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or
otherwise increase or change the obligations of the Borrower under this Agreement (including its
obligations under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar
payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting
Lender shall for all purposes, including the approval of any amendment, waiver or other
modification of any provision of any Loan Document, remain the lender of record hereunder. The
making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the
same extent, and as if, such Loan were made by such Granting Lender. In furtherance of the
foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this
Agreement) that, prior to the date that is one year and one day after the payment in full of all
outstanding commercial paper or other senior debt of any SPC, it will not institute against, or
join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceeding under the Laws of the United States or any State thereof.
Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but
without prior consent of the Borrower and the Paying Agent and with the payment of a processing fee
of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to
the Granting Lender and (ii) disclose on a confidential basis any non-public information relating
to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or
Guarantee or credit or liquidity enhancement to such SPC.

11.08 Confidentiality.

     Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information,
except that Information may be disclosed (a) to its and its Affiliates’ directors, officers,
employees and agents, including accountants, legal counsel and other advisors (it being understood
that the Persons to

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whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential); (b) to the extent requested by any
regulatory authority; (c) to the extent required by applicable Laws or regulations or by any
subpoena or similar legal process; (d) to any other party to this Agreement; (e) in connection with
the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement
or the enforcement of rights hereunder; (f) to (i) any Eligible Assignee of or Participant in, or
any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any direct or indirect contractual counterparty or prospective counterparty (or
such contractual counterparty’s or prospective counterparty’s professional advisor) to any credit
derivative transaction relating to obligations of the Loan Parties; (g) with the consent of the
Borrower; (h) to the extent such Information (i) becomes publicly available other than as a result
of a breach of this Section 11.08 or (ii) becomes available to any Agent or any Lender on a
nonconfidential basis from a source other than the Borrower; (i) to any state, Federal or foreign
authority or examiner (including the National Association of Insurance Commissioners or any other
similar organization) regulating any Lender; or (j) to any rating agency when required by it (it
being understood that, prior to any such disclosure, such rating agency shall undertake to preserve
the confidentiality of any Information relating to the Loan Parties received by it from such
Lender). In addition, the Agents and the Lenders may disclose the existence of this Agreement and
information about this Agreement to market data collectors, similar service providers to the
lending industry, and service providers to the Agents and the Lenders in connection with the
administration and management of this Agreement, the other Loan Documents, the Commitments, and the
Credit Extensions. For the purposes of this Section 11.08, “Information” means all
information received from any Loan Party relating to any Loan Party or its business, other than any
such information that is available to any Agent or any Lender on a nonconfidential basis prior to
disclosure by any Loan Party. Any Person required to maintain the confidentiality of Information
as provided in this Section 11.08 shall be considered to have complied with its obligation
to do so if such Person has exercised the same degree of care to maintain the confidentiality of
such Information as such Person would accord to its own confidential information.

11.09 Setoff.

     In addition to any rights and remedies of the Lenders provided by law, upon the occurrence and
during the continuance of any Event of Default, each Lender and each of their respective Affiliates
is authorized at any time and from time to time, without prior notice to the Borrower or any other
Loan Party, any such notice being waived by the Borrower (on its own behalf and on behalf of each
Loan Party) to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held by, and other
Indebtedness at any time owing by, such Lender to or for the credit or the account of the
respective Loan Parties against any and all Obligations owing to such Lender hereunder or under any
other Loan Document, now or hereafter existing, irrespective of whether or not such Agent or such
Lender shall have made demand under this Agreement or any other Loan Document and although such
Obligations may be contingent or unmatured or denominated in a currency different from that of the
applicable deposit or Indebtedness. Each Lender agrees promptly to notify the Borrower and the
Paying Agent after any such setoff and application made by such Lender; provided,
however, that the failure to give such notice shall not affect the validity of such setoff
and application. The rights of each Agent and each Lender and their respective Affiliates under
this Section 11.09 are in addition to other rights and remedies (including, without
limitation, other rights of setoff) that such Agent, such Lender and their respective Affiliates
may have.

11.10 Interest Rate Limitation.

     Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If any Agent or any Lender
shall receive interest in

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an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal
of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining
whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the
Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any
payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in
equal or unequal parts the total amount of interest throughout the contemplated term of the
Obligations hereunder.

11.11 Counterparts.

     This Agreement and each other Loan Document may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. Delivery by telecopier of an executed counterpart of a signature page to this
Agreement and each other Loan Document shall be effective as delivery of an original executed
counterpart of this Agreement and such other Loan Document. The Co-Administrative Agents may also
require that any such documents and signatures delivered by telecopier be confirmed by a
manually-signed original thereof; provided that the failure to request or deliver the same
shall not limit the effectiveness of any document or signature delivered by telecopier.

11.12 Integration.

     This Agreement, together with the other Loan Documents, comprises the complete and integrated
agreement of the parties on the subject matter hereof and thereof and supersedes all prior
agreements, written or oral, on such subject matter. In the event of any conflict between the
provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement
shall control; provided that the inclusion of supplemental rights or remedies in favor of the
Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this
Agreement. Each Loan Document was drafted with the joint participation of the respective parties
thereto and shall be construed neither against nor in favor of any party, but rather in accordance
with the fair meaning thereof.

11.13 Survival of Representations and Warranties.

     All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive
the execution and delivery hereof and thereof. Such representations and warranties have been or
will be relied upon by each Agent and each Lender, regardless of any investigation made by any
Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in
full force and effect until such time as the Obligations have been Fully Satisfied.

11.14 Severability.

     If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid
or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this
Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of
the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

93

 

11.15 Tax Forms.

     (a) (i) Each Lender that is not a “United States person” within the meaning of Section
7701(a)(30) of the Code (a “Foreign Lender”) shall deliver to the Paying Agent, prior to receipt of
any payment subject to withholding under the Code (or upon accepting an assignment of an interest
herein), two duly signed completed copies of either IRS Form W-8BEN or any successor thereto
(relating to such Foreign Lender and entitling it to an exemption from, or reduction of,
withholding tax on all payments to be made to such Foreign Lender by the Borrower pursuant to this
Agreement) or IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such
Foreign Lender by the Borrower pursuant to this Agreement) or such other evidence satisfactory to
the Borrower and the Paying Agent that such Foreign Lender is entitled to an exemption from, or
reduction of, U.S. withholding tax, including any exemption pursuant to Section 881(c) of the Code.
Thereafter and from time to time, each such Foreign Lender shall (A) promptly submit to the Paying
Agent such additional duly completed and signed copies of one of such forms (or such successor
forms as shall be adopted from time to time by the relevant United States taxing authorities) as
may then be available under then current United States laws and regulations to avoid, or such
evidence as is satisfactory to the Borrower and the Paying Agent of any available exemption from or
reduction of, United States withholding taxes in respect of all payments to be made to such Foreign
Lender by the Borrower pursuant to this Agreement, (B) promptly notify the Paying Agent of any
change in circumstances which would modify or render invalid any claimed exemption or reduction,
and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable
judgment of such Lender, and as may be reasonably necessary (including the re-designation of its
Lending Office) to avoid any requirement of applicable Laws that the Borrower make any deduction or
withholding for taxes from amounts payable to such Foreign Lender.

     (ii) Each Foreign Lender, to the extent it does not act or ceases to act for its own
account with respect to any portion of any sums paid or payable to such Lender under any of
the Loan Documents (for example, in the case of a typical participation by such Lender),
shall deliver to the Paying Agent on the date when such Foreign Lender ceases to act for its
own account with respect to any portion of any such sums paid or payable, and at such other
times as may be necessary in the determination of the Paying Agent (in the reasonable
exercise of its discretion), (A) two duly signed completed copies of the forms or statements
required to be provided by such Lender as set forth above, to establish the portion of any
such sums paid or payable with respect to which such Lender acts for its own account that is
not subject to U.S. withholding tax, and (B) two duly signed completed copies of IRS Form
W-8IMY (or any successor thereto), together with any information such Lender chooses to
transmit with such form, and any other certificate or statement of exemption required under
the Code, to establish that such Lender is not acting for its own account with respect to a
portion of any such sums payable to such Lender.

     (iii) The Borrower shall not be required to pay any additional amount to any Foreign
Lender under Section 3.01 (A) with respect to any Taxes required to be deducted or
withheld on the basis of the information, certificates or statements of exemption such
Lender transmits with an IRS Form W-8IMY pursuant to this Section 11.15(a) or (B) if
such Lender shall have failed to satisfy the foregoing provisions of this Section
11.15(a); provided that if such Lender shall have satisfied the requirement of
this Section 11.15(a) on the date such Lender became a Lender or ceased to act for
its own account with respect to any payment under any of the Loan Documents, nothing in this
Section 11.15(a) shall relieve the Borrower of its obligation to pay any amounts
pursuant to Section 3.01 in the event that, as a result of any change in any
applicable Law, treaty or governmental rule, regulation or order, or any change in the
interpretation, administration or application thereof, such Lender is no longer properly
entitled to deliver forms, certificates or other evidence at a subsequent date establishing
the fact that such Lender or other Person for the

94

 

account of which such Lender receives any sums payable under any of the Loan Documents
is not subject to withholding or is subject to withholding at a reduced rate.

     (iv) The Paying Agent may, without reduction, withhold any Taxes required to be
deducted and withheld from any payment under any of the Loan Documents with respect to which
the Borrower is not required to pay additional amounts under this Section 11.15(a).

     (b) Upon the request of the Paying Agent, each Lender that is a “United States person” within
the meaning of Section 7701(a)(30) of the Code shall deliver to the Paying Agent two duly signed
completed copies of IRS Form W-9. If such Lender fails to deliver such forms, then the Paying
Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable
back-up withholding tax imposed by the Code, without reduction.

     (c) If any Governmental Authority asserts that the Paying Agent did not properly withhold or
backup withhold, as the case may be, any tax or other amount from payments made to or for the
account of any Lender, such Lender shall indemnify the Paying Agent therefor, including all
penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Paying
Agent under this Section 11.15, and costs and expenses (including Attorney Costs) of the
Paying Agent. The obligation of the Lenders under this Section 11.15 shall survive the
termination of the Aggregate Commitments, repayment of all other Obligations hereunder and the
resignation of the Paying Agent.

11.16 Replacement of Lenders.

     Under any circumstances set forth herein providing that the Borrower shall have the right to
replace a Lender as a party to this Agreement, the Borrower may, upon notice to such Lender and the
Paying Agent, replace such Lender by causing such Lender to assign its Commitment (with the
assignment fee to be paid by the Borrower in such instance) pursuant to Section 11.07(b) to
one or more other Lenders or Eligible Assignees procured by the Borrower; provided,
however, that if the Borrower elects to exercise such right with respect to any Lender
pursuant to Section 3.06(b), it shall be obligated to replace all Lenders that have made
similar requests for compensation pursuant to Section 3.01 or 3.04. The Borrower
shall (x) pay in full all principal, accrued interest, accrued fees and other amounts owing to such
Lender through the date of replacement (including any amounts payable pursuant to Section
3.05), (y) provide appropriate assurances and indemnities (which may include letters of credit)
to the L/C Issuer and the Swing Line Lender as each may reasonably require with respect to any
continuing obligation to fund participation interests in any L/C Obligations or any Swing Line
Loans then outstanding, and (z) release such Lender from its obligations under the Loan Documents.
Any Lender being replaced shall execute and deliver an Assignment and Assumption with respect to
such Lender’s Commitment and outstanding Loans and participations in L/C Obligations and Swing Line
Loans.

11.17 Judgment.

     (a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent
that they may effectively do so, that the rate of exchange used shall be that at which in
accordance with normal banking procedures Bank of America could purchase Dollars with such other
currency at Bank of America’s principal office in London at 5:00 p.m. on the Business Day preceding
that on which final judgment is given.

     (b) If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due hereunder in a Committed Currency into Dollars, the parties agree to the fullest extent that
they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking

95

 

procedures Bank of America could purchase such Committed Currency with Dollars at Bank of
America’s principal office in London at 5:00 p.m. on the Business Day preceding that on which final
judgment is given.

     (c) The obligation of the Borrower in respect of any sum due from it in any currency (the
“Primary Currency”) to any Lender or any Agent hereunder shall, notwithstanding any
judgment in any other currency, be discharged only to the extent that on the Business Day following
receipt by such Lender or such Agent (as the case may be), of any sum adjudged to be so due in such
other currency, such Lender or such Agent (as the case may be) may in accordance with normal
banking procedures purchase the applicable Primary Currency with such other currency. If the
amount of the applicable Primary Currency so purchased is less than such sum due to such Lender or
such Agent (as the case may be) in the applicable Primary Currency, the Borrower agrees, as a
separate obligation and notwithstanding any such judgment, to indemnify such Lender or such Agent
(as the case may be) against such loss, and if the amount of the applicable Primary Currency so
purchased exceeds such sum due to any Lender or any Agent (as the case may be) in the applicable
Primary Currency, such Lender or such Agent (as the case may be) agrees to remit to the Borrower
such excess.

11.18 Substitution of Currency.

     If a change in any Committed Currency occurs pursuant to any applicable Law, rule or
regulation of any governmental, monetary or multi-national authority, this Agreement (including,
clauses (a) and (c) of the definition of Eurocurrency Rate) will be amended to the extent
determined by the Paying Agent (acting reasonably and in consultation with the Borrower) to be
necessary to reflect the change in currency and to put the Lenders and the Borrower in the same
position, so far as possible, that they would have been in if no change in such Committed Currency
had occurred.

11.19 Governing Law.

     (a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
THE BORROWER, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO
THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, EACH AGENT AND EACH LENDER
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED
THERETO. THE BORROWER, EACH AGENT AND EACH LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS,
COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH
STATE.

11.20 Waiver of Right to Trial by Jury.

     EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING

96

 

UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED
THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR
TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 11.20 WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY.

11.21 Binding Effect.

     This Agreement shall become effective when it shall have been executed by the Borrower and the
Co-Administrative Agents shall have been notified by each Lender, Swing Line Lender and the L/C
Issuer that each such Lender, the Swing Line Lender and the L/C Issuer has executed it and
thereafter shall be binding upon and inure to the benefit of the Borrower, each Agent and each
Lender and their respective successors and assigns, except that the Borrower shall not have the
right to assign its rights hereunder or any interest herein without the prior written consent of
the Lenders.

11.22 USA Patriot Act Notice.

     Each Lender that is subject to the Act (as hereinafter defined) and each Co-Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to
the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”), it is required to obtain, verify and record information that identifies
the Borrower, which information includes the name and address of the Borrower and other information
that will allow such Lender or such Co-Administrative Agent, as applicable, to identify such
Borrower in accordance with the Act.

11.23 Defaulting Lenders.

     Notwithstanding anything contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, to the extent permitted by applicable Law,

     (a) during any Default Period with respect to such Defaulting Lender, such Defaulting
Lender’s right to approve or disapprove any amendment, waiver or consent with respect to
this Agreement shall be restricted as set forth in Section 11.01;

     (b) until such time as all Defaulting Credits with respect to such Defaulting Lender
shall have been funded or reduced to zero, any prepayment of the Loans shall be applied to
the Loans of other Lenders as if such Defaulting Lender had no Loans outstanding;

     (c) until such time as all Defaulted Payments with respect to such Defaulting Lender
shall have been paid, the Paying Agent shall apply any amounts thereafter received by the
Paying Agent for the account of such Defaulting Lender to satisfy such Defaulting Lender’s
obligations to make such Defaulted Payments until such Defaulted Payments have been fully
paid;

     (d) during any Default Period the Borrower may (in its discretion) apply all or any
portion to be specified by the Borrower of any optional reduction of unused Commitments
under Section 2.06(a) to the unused Commitments of any one or more Defaulting
Lenders specified by

97

 

the Borrower before applying any remaining reduction to all Lenders in the manner
otherwise specified in Section 2.06(c);

     (e) with respect to any Defaulting Lender with one or more Defaulted Credits, such
Defaulting Lender shall not be entitled to receive any Facility Fee pursuant to Section
2.09(a) for any Default Period with respect to such Defaulting Lender (and the Borrower
shall not be required to pay any such fee that otherwise would have been required to have
been paid to such Defaulting Lender);

     (f) during any Default Period with respect to any Defaulting Lender with one or more
Defaulted Credits, no Letter of Credit Fees shall be payable to such Defaulting Lender under
Section 2.03(i), except in respect of Letters of Credit for which cash collateral or
other credit support has been provided by such Defaulting Lender under Section
2.03(a)(ii)(F) and Letter of Credit Fees otherwise payable to a Defaulting Lender in
respect of outstanding Letters of Credit for which cash collateral or other credit support
has not been provided by such Defaulting Lender shall be paid to the applicable L/C Issuer;

     (g) at the request of the Borrower, any Defaulting Lender may be replaced in accordance
with Section 11.16; and

     (h) no assignments otherwise permitted by Section 11.07 shall be made to a
Defaulting Lender or any of its Subsidiaries or Affiliates that are Distressed Persons.

11.24 Impacted Lenders.

     Notwithstanding anything contained in this Agreement, if any Lender becomes an Impacted
Lender, then, (a) to the extent permitted by applicable Law, at the request of the Borrower, any
Impacted Lender may be replaced in accordance with Section 11.16 and (b) so long as any
Lender remains an Impacted Lender, the Borrower may (in its discretion) apply all or any portion to
be specified by the Borrower of any optional reduction of unused Commitments under Section
2.06(a) to the unused Commitments of any one or more Impacted Lenders specified by the Borrower
before applying any remaining reduction to all Lenders in the manner otherwise specified in
Section 2.06(c).

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

98

 

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

	 	 	 	 	 
	BORROWER:  	THE TIMKEN COMPANY,

an Ohio corporation

 	 
	 	By:  	/s/ Glenn A. Eisenberg
 	 
	 	 	Name:  	Glenn A. Eisenberg 	 
	 	 	Title:  	Executive Vice President — Finance &
Administration 	 
	 
	GUARANTORS:  	TIMKEN US LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ Glenn A. Eisenberg
 	 
	 	 	Name:  	Glenn A. Eisenberg 	 
	 	 	Title:  	President 	 
	 
	 	TIMKEN HOLDINGS LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ Glenn A. Eisenberg
 	 
	 	 	Name:  	Glenn A. Eisenberg 	 
	 	 	Title:  	Executive Vice President — Finance &
Administration 	 
	 
	 	TIMKEN US HOLDINGS LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ Philip D. Fracassa
 	 
	 	 	Name:  	Philip D. Fracassa 	 
	 	 	Title:  	Vice President 	 
	 
	 	MPB CORPORATION,

a Delaware corporation

 	 
	 	By:  	/s/ James R. Menning
 	 
	 	 	Name:  	James R. Menning 	 
	 	 	Title:  	President 	 
	 
	 	TIMKEN AEROSPACE TRANSMISSIONS, LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ James R. Menning
 	 
	 	 	Name:  	James R. Menning 	 
	 	 	Title:  	President 	 

99

 

	 	 	 	 	 

	 	 	 	 	 
	CO-ADMINISTRATIVE

AGENTS: 	KEYBANK NATIONAL ASSOCIATION,

as Co-Administrative Agent and Paying Agent

 	 
	 	By:  	/s/ Brian P. Fox
 	 
	 	 	Name:  	Brian P. Fox 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A.,

as Co-Administrative Agent

 	 
	 	By:  	/s/ Brian Lukehart
 	 
	 	 	Name:  	Brian Lukehart 	 
	 	 	Title:  	Vice President 	 

100

 

	 	 	 	 	 

	 	 	 	 	 
	LENDERS:  	KEYBANK NATIONAL ASSOCIATION,

as L/C Issuer, Swing Line Lender and a Lender

 	 
	 	By:  	/s/ Brian P. Fox
 	 
	 	 	Name:  	Brian P. Fox 	 
	 	 	Title:  	Vice President 	 

101

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as a Lender

 	 
	 	By:  	/s/ Brian Lukehart
 	 
	 	 	Name:  	Brian Lukehart 	 
	 	 	Title:  	Vice President 	 

102

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Pablo Ogarrio
 	 
	 	 	Name:  	Pablo Ogarrio 	 
	 	 	Title:  	Vice President 	 

103

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Steven Buehler
 	 
	 	 	Name:  	Steven Buehler 	 
	 	 	Title:  	Senior Relationship Manager 	 

104

 

	 	 	 	 	 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH,

as a Lender

 	 
	 	By:  	/s/ Oliver Schwarz
 	 
	 	 	Name:  	Oliver Schwarz 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                       /s/ Wolfgang Winter
 	 
	 	 	Name:  	Wolfgang Winter 	 
	 	 	Title:  	Managing Director 	 

105

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

as a Lender

 	 
	 	By:  	/s/ William M. Feathers
 	 
	 	 	Name:  	William M. Feathers 	 
	 	 	Title:  	Vice President 	 

106

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as a Lender

 	 
	 	By:  	/s/ Victor Pierzchalski
 	 
	 	 	Name:  	Victor Pierzchalski 	 
	 	 	Title:  	Authorized Signatory 	 

107

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUNTRUST BANK,

as a Lender

 	 
	 	By:  	/s/ David Fournier
 	 
	 	 	Name:  	David Fournier 	 
	 	 	Title:  	Vice President 	 

108

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE HUNTINGTON NATIONAL BANK,

as a Lender

 	 
	 	By:  	/s/ Jeff D. Blendick
 	 
	 	 	Name:  	Jeff D. Blendick 	 
	 	 	Title:  	Vice President 	 

109

 

	 	 	 	 	 

	 	 	 	 	 
	 	SOCIÉTÉ GÉNÉRALE,

as a Lender

 	 
	 	By:  	/s/ Kimberly Metzger
 	 
	 	 	Name:  	Kimberly Metzger 	 
	 	 	Title:  	Director 	 

110

 

	 	 	 	 	 

	 	 	 	 	 
	 	RBS CITIZENS, N.A.,

as a Lender

 	 
	 	By:  	/s/ Brian H. Gallagher
 	 
	 	 	Name:  	Brian H. Gallagher 	 
	 	 	Title:  	Vice President 	 

111

 

	 	 	 	 	 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Robert J. McArdle
 	 
	 	 	Name:  	Robert J. McArdle 	 
	 	 	Title:  	First Vice President 	 

112

 

	 	 	 	 	 

	 	 	 	 	 
	 	MORGAN STANLEY BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Melissa James
 	 
	 	 	Name:  	Melissa James 	 
	 	 	Title:  	Authorized Signatory 	 

113

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY,

as a Lender

 	 
	 	By:  	/s/ Justin Meany
 	 
	 	 	Name:  	Justin Meany 	 
	 	 	Title:  	Second Vice President 	 

114

 

	 	 	 	 	 

	 	 	 	 	 
	 	US BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Patrick McGraw
 	 
	 	 	Name:  	Patrick McGraw 	 
	 	 	Title:  	Vice President 	 

115

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK,

as a Lender

 	 
	 	By:  	/s/ Roy C. Lanctot
 	 
	 	 	Name:  	Roy C. Lanctot 	 
	 	 	Title:  	Vice President 	 

116

 

	 	 	 	 	 

	 	 	 	 	 
	 	NATIONAL CITY BANK,

as a Lender

 	 
	 	By:  	/s/ Timothy J. Holmes
 	 
	 	 	Name:  	Timothy J. Holmes 	 
	 	 	Title:  	Senior Vice President 	 

117

 

	 	 	 	 	 

	 	 	 	 	 
	 	INTESA SANPAOLO S.P.A. NEW YORK BRANCH,

as a Lender

 	 
	 	By:  	/s/ Robert Wurster
 	 
	 	 	Name:  	Robert Wurster 	 
	 	 	Title:  	SVP 	 
	 
	 	 	 
	 	By:  	                     /s/ Francesco Di Mario
 	 
	 	 	Name:  	Francesco Di Mario 	 
	 	 	Title:  	FVP 	 

118

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIRSTMERIT BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Robert G. Morlan
 	 
	 	 	Name:  	Robert G. Morlan 	 
	 	 	Title:  	Senior Vice President 	 
	 

119exv4w10

EXHIBIT 4.10

 

ROWAN COMPANIES, INC.

AND

U.S.
BANK NATIONAL ASSOCIATION,

Trustee

 

INDENTURE

DATED AS OF                      __, 20__

 

SENIOR DEBT SECURITIES

 

 

ROWAN COMPANIES, INC.

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939, AS AMENDED,

AND INDENTURE, DATED AS OF                      __, 20__

	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION
	Section 310(a)(1)

	 	6.9
	(a)(2)

	 	6.9
	(a)(3)

	 	Not Applicable
	(a)(4)

	 	Not Applicable
	(a)(5)

	 	6.9
	(b)

	 	6.8
	 	 	 
	Section 311

	 	6.13
	 	 	 
	Section 312(a)

	 	7.1, 7.2(a)
	(b)

	 	7.2(b)
	(c)

	 	7.2(c)
	 	 	 
	Section 313(a)

	 	7.3
	(b)

	 	*
	(c)

	 	*
	(d)

	 	7.3
	 	 	 
	Section 314(a)

	 	7.4
	(a)(4)

	 	10.5
	(b)

	 	Not Applicable
	(c)(1)

	 	1.3
	(c)(2)

	 	1.3
	(c)(3)

	 	Not Applicable
	(d)

	 	Not Applicable
	(e)

	 	1.3
	 	 	 
	Section 315(a)

	 	6.1(a)
	(b)

	 	6.2
	(c)

	 	6.1(b)
	(d)

	 	6.1(c)
	(d)(1)

	 	6.1(a)(1)
	(d)(2)

	 	6.1(c)(2)
	(d)(3)

	 	6.1(c)(3)
	(e)

	 	5.14
	 	 	 
	Section 316(a)

	 	1.1, 1.2
	(a)(1)(A)

	 	5.2, 5.12
	(a)(1)(B)

	 	5.13
	(a)(2)

	 	Not Applicable
	(b)

	 	5.8
	(c)

	 	1.5(f)

 

 

	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION
	Section 317(a)(1)

	 	5.3
	(a)(2)

	 	5.4
	(b)

	 	10.3
	 	 	 
	Section 318(a)

	 	1.8

 

NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.

 

			
	*	 	Deemed included pursuant to Section 318(c) of the Trust Indenture Act

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	 	1	 
	Section 1.1.
	 	Definitions	 	 	1	 
	Section 1.2.
	 	Incorporation by Reference of Trust Indenture Act	 	 	8	 
	Section 1.3.
	 	Compliance Certificates and Opinions	 	 	8	 
	Section 1.4.
	 	Form of Documents Delivered to Trustee	 	 	9	 
	Section 1.5.
	 	Acts of Holders; Record Dates	 	 	9	 
	Section 1.6.
	 	Notices, Etc., to Trustee, Company and Guarantors	 	 	10	 
	Section 1.7.
	 	Notice to Holders; Waiver	 	 	11	 
	Section 1.8.
	 	Conflict with Trust Indenture Act	 	 	11	 
	Section 1.9.
	 	Effect of Headings and Table of Contents	 	 	11	 
	Section 1.10.
	 	Successors and Assigns	 	 	12	 
	Section 1.11.
	 	Separability Clause	 	 	12	 
	Section 1.12.
	 	Benefits of Indenture	 	 	12	 
	Section 1.13.
	 	Force Majeure	 	 	12	 
	Section 1.14.
	 	Waiver of Jury Trial	 	 	12	 
	Section 1.15.
	 	Governing Law	 	 	12	 
	Section 1.16.
	 	Legal Holidays	 	 	12	 
	Section 1.17.
	 	Securities in a Composite Currency, Currency Unit or Foreign Currency	 	 	13	 
	Section 1.18.
	 	Payment in Required Currency; Judgment Currency	 	 	13	 
	Section 1.19.
	 	Language of Notices, Etc.	 	 	14	 
	Section 1.20.
	 	Incorporators, Shareholders, Officers and Directors of the Company	 	 	 	 
	 
	 	and the Guarantors Exempt from Individual Liability	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE TWO SECURITY FORMS	 	 	14	 
	Section 2.1.
	 	Forms Generally	 	 	14	 
	Section 2.2.
	 	Form of Face of Security	 	 	15	 
	Section 2.3.
	 	Form of Reverse of Security	 	 	17	 
	Section 2.4.
	 	Global Securities	 	 	21	 
	Section 2.5.
	 	Form of Trustee’s Certificate of Authentication	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE THREE THE SECURITIES	 	 	22	 
	Section 3.1.
	 	Amount Unlimited; Issuable in Series	 	 	22	 
	Section 3.2.
	 	Denominations	 	 	25	 
	Section 3.3.
	 	Execution, Authentication, Delivery and Dating	 	 	25	 
	Section 3.4.
	 	Temporary Securities	 	 	27	 
	Section 3.5.
	 	Registration, Registration of Transfer and Exchange	 	 	27	 
	Section 3.6.
	 	Mutilated, Destroyed, Lost and Stolen Securities	 	 	29	 
	Section 3.7.
	 	Payment of Interest; Interest Rights Preserved	 	 	30	 
	Section 3.8.
	 	Persons Deemed Owners	 	 	31	 
	Section 3.9.
	 	Cancellation	 	 	31	 
	Section 3.10.
	 	Computation of Interest	 	 	32	 
	Section 3.11.
	 	CUSIP or CINS Numbers	 	 	32	 
	 
	 	 	 	 	 	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE	 	 	32	 
	Section 4.1.
	 	Satisfaction and Discharge of Indenture	 	 	32	 
	Section 4.2.
	 	Application of Trust Money	 	 	33	 

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	 	 	 	 	Page	 
	ARTICLE FIVE REMEDIES	 	 	33	 
	Section 5.1.
	 	Events of Default	 	 	33	 
	Section 5.2.
	 	Acceleration of Maturity; Rescission and Annulment	 	 	34	 
	Section 5.3.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	 	35	 
	Section 5.4.
	 	Trustee May File Proofs of Claim	 	 	36	 
	Section 5.5.
	 	Trustee May Enforce Claims Without Possession of Securities	 	 	36	 
	Section 5.6.
	 	Application of Money Collected	 	 	36	 
	Section 5.7.
	 	Limitation on Suits	 	 	37	 
	Section 5.8.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	 	 	37	 
	Section 5.9.
	 	Restoration of Rights and Remedies	 	 	37	 
	Section 5.10.
	 	Rights and Remedies Cumulative	 	 	38	 
	Section 5.11.
	 	Delay or Omission Not Waiver	 	 	38	 
	Section 5.12.
	 	Control by Holders	 	 	38	 
	Section 5.13.
	 	Waiver of Past Defaults	 	 	38	 
	Section 5.14.
	 	Undertaking for Costs	 	 	39	 
	Section 5.15.
	 	Waiver of Stay or Extension Laws	 	 	39	 
	 
	 	 	 	 	 	 
	ARTICLE SIX THE TRUSTEE	 	 	39	 
	Section 6.1.
	 	Certain Duties and Responsibilities	 	 	39	 
	Section 6.2.
	 	Notice of Defaults	 	 	40	 
	Section 6.3.
	 	Certain Rights of Trustee	 	 	41	 
	Section 6.4.
	 	Not Responsible for Recitals or Issuance of Securities	 	 	42	 
	Section 6.5.
	 	May Hold Securities	 	 	42	 
	Section 6.6.
	 	Money Held in Trust	 	 	42	 
	Section 6.7.
	 	Compensation and Reimbursement	 	 	42	 
	Section 6.8.
	 	Disqualification; Conflicting Interests	 	 	43	 
	Section 6.9.
	 	Corporate Trustee Required; Eligibility	 	 	43	 
	Section 6.10.
	 	Resignation and Removal; Appointment of Successor	 	 	43	 
	Section 6.11.
	 	Acceptance of Appointment by Successor	 	 	45	 
	Section 6.12.
	 	Merger, Conversion, Consolidation or Succession to Business	 	 	46	 
	Section 6.13.
	 	Preferential Collection of Claims Against Company	 	 	46	 
	Section 6.14.
	 	Appointment of Authenticating Agent	 	 	46	 
	 
	 	 	 	 	 	 
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	 	48	 
	Section 7.1.
	 	Company to Furnish Trustee Names and Addresses of Holders	 	 	48	 
	Section 7.2.
	 	Preservation of Information; Communications to Holders	 	 	48	 
	Section 7.3.
	 	Reports by Trustee	 	 	49	 
	Section 7.4.
	 	Reports by Company	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE EIGHT CONSOLIDATION, AMALGAMATION, MERGER AND SALE	 	 	50	 
	Section 8.1.
	 	Company May Consolidate, Etc., Only on Certain Terms	 	 	50	 
	Section 8.2.
	 	Successor Substituted	 	 	50	 
	 
	 	 	 	 	 	 
	ARTICLE NINE AMENDMENT, SUPPLEMENT AND WAIVER	 	 	50	 
	Section 9.1.
	 	Without Consent of Holders	 	 	50	 
	Section 9.2.
	 	With Consent of Holders	 	 	52	 
	Section 9.3.
	 	Execution of Amendments and Supplemental Indentures	 	 	54	 
	Section 9.4.
	 	Effect of Amendments and Supplemental Indentures	 	 	54	 
	Section 9.5.
	 	Conformity with Trust Indenture Act	 	 	54	 
	Section 9.6.
	 	Reference in Securities to Amendments or Supplemental Indentures	 	 	54	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE TEN COVENANTS	 	 	54	 
	Section 10.1.
	 	Payment of Principal, Premium and Interest	 	 	54	 
	Section 10.2.
	 	Maintenance of Office or Agency	 	 	54	 
	Section 10.3.
	 	Money for Securities Payments to Be Held in Trust	 	 	55	 
	Section 10.4.
	 	Existence	 	 	56	 
	Section 10.5.
	 	Statement by Officers as to Default	 	 	56	 
	 
	 	 	 	 	 	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES	 	 	56	 
	Section 11.1.
	 	Applicability of Article	 	 	56	 
	Section 11.2.
	 	Election to Redeem; Notice to Trustee	 	 	57	 
	Section 11.3.
	 	Selection by Trustee of Securities to Be Redeemed	 	 	57	 
	Section 11.4.
	 	Notice of Redemption	 	 	57	 
	Section 11.5.
	 	Deposit of Redemption Price	 	 	58	 
	Section 11.6.
	 	Securities Payable on Redemption Date	 	 	58	 
	Section 11.7.
	 	Securities Redeemed in Part	 	 	58	 
	 
	 	 	 	 	 	 
	ARTICLE TWELVE SINKING FUNDS	 	 	59	 
	Section 12.1.
	 	Applicability of Article	 	 	59	 
	Section 12.2.
	 	Satisfaction of Sinking Fund Payments with Securities	 	 	59	 
	Section 12.3.
	 	Redemption of Securities for Sinking Fund	 	 	59	 
	 
	 	 	 	 	 	 
	ARTICLE THIRTEEN DEFEASANCE	 	 	60	 
	Section 13.1.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	 	 	60	 
	Section 13.2.
	 	Legal Defeasance and Discharge	 	 	60	 
	Section 13.3.
	 	Covenant Defeasance	 	 	60	 
	Section 13.4.
	 	Conditions to Legal or Covenant Defeasance	 	 	61	 
	Section 13.5.
	 	Deposited Money and U.S. Government
Obligations to be Held in Trust, Other Miscellaneous Provisions	 	 	62	 
	Section 13.6.
	 	Repayment	 	 	63	 
	Section 13.7.
	 	Reinstatement	 	 	63	 
	 
	 	 	 	 	 	 
	ARTICLE FOURTEEN GUARANTEE OF SECURITIES	 	 	63	 
	Section 14.1.
	 	Securities Guarantee	 	 	63	 
	Section 14.2.
	 	Limitation on Guarantor Liability	 	 	64	 
	Section 14.3.
	 	Execution and Delivery of Securities Guarantee Notation	 	 	65	 

NOTE: This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.

iii

 

PARTIES

     INDENTURE, dated as of                     , 20___, among ROWAN COMPANIES, INC., a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”), the
Guarantors (as defined hereinafter) and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
as trustee (the “Trustee”).

RECITALS OF THE COMPANY:

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured senior debentures, notes or other evidences of
indebtedness (herein called the “Securities”), which may but are not required to be guaranteed by
the Guarantors, to be issued in one or more series as provided in this Indenture.

     All things necessary to make this Indenture a valid agreement of the Company and of the
Guarantors, in accordance with its terms, have been done.

     This Indenture is subject to the provisions of the Trust Indenture Act that are required to be
a part of this Indenture and, to the extent applicable, shall be governed by such provisions.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1. Definitions.

     For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

     (a) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;

     (b) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with GAAP;

     (c) the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision;

     (d) the words “Article” and “Section” refer to an Article and Section, respectively, of
this Indenture;

     (e) the word “includes” and its derivatives means “includes, but is not limited to” and
corresponding derivative definitions; and

     (f) references to any officer of any partnership or limited liability company that does
not have officers but is managed or controlled, directly or indirectly, by an entity that
does have officers, shall be deemed to be references to the officers of such managing or
controlling entity.

 

     Certain terms, used principally in Article Six, are defined in that Article.

     “Act,” when used with respect to any Holder, has the meaning specified in Section 1.5.

     “Additional Defeasible Provision” means a covenant or other provision that is (a) made part of
this Indenture pursuant to an indenture supplemental hereto, a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 3.1, and (b) pursuant to the terms set forth in such
supplemental indenture, Board Resolution or Officer’s Certificate, made subject to the provisions
of Article Thirteen.

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

     “Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the
Trustee to authenticate Securities.

     “Banking Day” means, in respect of any city, any date on which commercial banks are open for
business in that city.

     “Bankruptcy Law” means any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law.

     “Board of Directors” means:

     (a) 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;

     (b) with respect to a partnership, the Board of Directors of the general partner of the
partnership;

     (c) with respect to a limited liability company, the managing member or members or any
controlling committee of managers or members thereof or any board or committee serving a similar
management function; and

     (d) with respect to any other Person, the individual or board or committee of such Person
serving a management function similar to those described in clauses (a), (b) or (c) of this
definition.

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company or a Guarantor, the principal financial officer of the Company or a
Guarantor, any other authorized officer of the Company or a Guarantor, or a person duly authorized
by any of them, in each case as applicable, to have been duly adopted by the Board of Directors and
to be in full force and effect on the date of such certification, and delivered to the Trustee.
Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution
(including the establishment of any series of the Securities and the forms and terms thereof), such
action may be taken by any committee,
officer or employee of the Company or a Guarantor, as applicable, authorized to take such
action by the Board of Directors, as evidenced by a Board Resolution.

     “Business Day”, when used with respect to any Place of Payment or other location, means,
except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, each

2

 

Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment or other location are authorized or obligated by law,
executive order or regulation to close.

     “CINS” means CUSIP International Numbering System.

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

     “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor or resulting Person shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Company” shall mean such successor or resulting Person.

     “Company Request” or “Company Order” means, in the case of the Company, a written request or
order signed in the name of the Company by its Chairman of the Board, its Chief Executive Officer,
its Chief Financial Officer, its President, any of its Vice Presidents or any other duly authorized
officer of the Company or any person duly authorized by any of them, and delivered to the Trustee
and, in the case of a Guarantor, a written request or order signed in the name of such Guarantor by
its Chairman of the Board, its Chief Executive Officer, its President, any of its Vice Presidents
or any other duly authorized officer of such Guarantor or any person duly authorized by any of
them, and delivered to the Trustee.

     “Corporate Trust Office” means the office of the Trustee at the address specified in
Section 3.5 or such other address as to which the Trustee may give notice to the Company.

     “corporation,” when used in reference to the Trustee or any prospective Trustee, shall include
any corporation, company, association, partnership, limited partnership, limited liability company,
joint-stock company and trust, in each case, satisfying the requirements of Section 310(a)(1) of
the Trust Indenture Act.

     “Covenant Defeasance” has the meaning specified in Section 13.3.

     “CUSIP” means the Committee on Uniform Securities Identification Procedures.

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

     “Debt” means any obligation created or assumed by any Person for the repayment of money
borrowed and any purchase money obligation created or assumed by such Person and any guarantee of
the foregoing.

     “Default” means, with respect to a series of Securities, any event that is, or after notice or
lapse of time or both would be, an Event of Default.

     “Defaulted Interest” has the meaning specified in Section 3.7.

     “Definitive Security” means a security other than a Global Security or a temporary Security.

     “Depositary” means, with respect to the Securities of any series issuable or issued in whole
or in part in the form of one or more Global Securities, a clearing agency registered under the
Exchange Act that is designated to act as Depositary for such Securities as contemplated by
Section 3.1, until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and

3

 

thereafter shall mean or include each Person which is a
Depositary hereunder, and if at any time there is more than one such Person, shall be a collective
reference to such Persons.

     “Dollar” or “$” means the coin or currency of the United States of America, which at the time
of payment is legal tender for the payment of public and private debts.

     “Event of Default” has the meaning specified in Section 5.1.

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

     “Foreign Currency” means a currency used by the government of a country other than the United
States of America.

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect from time to time, including those set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as approved by a significant segment of the accounting profession.
All ratios and computations based on GAAP contained in this Indenture will be computed in
conformity with GAAP.

     “Global Security” means a Security in global form that evidences all or part of a series of
Securities and is authenticated and delivered to, and registered in the name of, the Depositary for
the Securities of such series or its nominee.

     “Guaranteed Securities” has the meaning specified in Section 14.1.

     “Guarantor” means each Person that becomes a guarantor of any Securities pursuant to the
applicable provisions of this Indenture.

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

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more amendments or indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and
any such amendment or supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be part of and govern this instrument and any such amendment or supplemental indenture,
respectively. The term “Indenture” also shall include the terms of particular series of Securities
established as contemplated by Section 3.1.

     “interest,” when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity.

     “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.

     “Judgment Currency” has the meaning specified in Section 1.18.

     “Legal Defeasance” has the meaning specified in Section 13.2.

     “mandatory sinking fund payment” has the meaning specified in Section 12.1.

     “Market Exchange Rate” has the meaning specified in Section 1.17.

4

 

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

     “Notice of Default” means a written notice of the kind specified in Section 5.1(c) or
Section 5.1(d).

     “Officer’s Certificate” means, in the case of the Company, a certificate signed by the
Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice President or any other duly authorized officer of the Company, or a person duly authorized by
any of them, and delivered to the Trustee and, in the case of a Guarantor, a certificate signed by
the Chairman of the Board, the Chief Executive Officer, the President, any Vice President or any
other duly authorized officer of such Guarantor, or a person duly authorized by any of them, and
delivered to the Trustee.

     “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel
for the Company or a Guarantor, as the case may be, and who shall be reasonably acceptable to the
Trustee.

     “optional sinking fund payment” has the meaning specified in Section 12.1.

     “Original Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2.

     “Outstanding,” when used with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture, except:

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

     (b) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided, however, that, if such
Securities are to be redeemed, notice of such redemption has been duly given pursuant to
this Indenture or provision therefor satisfactory to the Trustee has been made;

     (c) Securities which have been paid pursuant to Section 3.6 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a bona
fide purchaser in whose hands such Securities are valid obligations of the Company; and

     (d) Securities, except to the extent provided in Section 13.2 and Section 13.3, with
respect to which the Company has effected Legal Defeasance or Covenant Defeasance as
provided in Article Thirteen, which Legal Defeasance or Covenant Defeasance then
continues in effect;

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be
deemed to

5

 

be Outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the Maturity thereof on such date
pursuant to Section 5.2, (ii) the principal amount of a Security denominated in one or more
currencies or currency units other than U.S. dollars shall be the U.S. dollar equivalent of such
currencies or currency units, determined in the manner provided as contemplated by Section 3.1 on
the date of original issuance of such Security or by Section 1.17, if not otherwise so provided
pursuant to Section 3.1, of the principal amount (or, in the case of an Original Issue Discount
Security, the U.S. dollar equivalent (as so determined) on the date of original issuance of such
Security of the amount determined as provided in clause (i) above) of such Security, and (iii)
Securities owned by the Company, any Guarantor or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Securities which
the Trustee knows to be so owned shall be so disregarded. Securities so owned as described in
clause (iii) of the immediately preceding sentence which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right to act with respect to such Securities and that the pledgee is not the Company, a Guarantor
or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of and any
premium or interest on any Securities on behalf of the Company.

     “Periodic Offering” means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest or
formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or
Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if
any, with respect thereto, and any other terms specified as contemplated by Section 3.1 with
respect thereto, are to be determined by the Company upon the issuance of such Securities.

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

     “Place of Payment,” when used with respect to the Securities of any series, means, unless
otherwise specifically provided for with respect to such series as contemplated by Section 3.1, the
office or agency of the Company and such other place or places where, subject to the provisions of
Section 10.2, the principal of and any premium and interest on the Securities of that series are
payable as contemplated by Section 3.1.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

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

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

6

 

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.1.

     “Required Currency” has the meaning specified in Section 1.18.

     “Responsible Officer,” when used with respect to the Trustee, means any officer within the
Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer
of the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

     “SEC” means the Securities and Exchange Commission, as from time to time constituted, created
under the Exchange Act, or, if at any time after the execution of this instrument such commission
is not existing and performing the duties now assigned to it under the Trust Indenture Act, then
the body performing such duties at such time.

     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.

     “Securities Guarantee” means each guarantee of the obligations of the Company under this
Indenture and the Securities by a Guarantor in accordance with the provisions hereof.

     “Security Register” and “Security Registrar” have the respective meanings specified in
Section 3.5.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

     “Stated Maturity,” when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include 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 shall mean the Trustee with respect to Securities of that series.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force at the
date as of which this instrument was executed, except as provided in Section 9.5; provided,
however, that if the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act”
means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

     “U.S. Person” shall have the meaning assigned to such term in Section 7701(a)(30) of the Code.

     “U.S. Government Obligations” means securities which are (a) direct obligations of the United
States for the payment of which its full faith and credit is pledged, or (b) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality of the United States,
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the
United States, and which are not callable or redeemable at the option of the issuer thereof.

7

 

     “Vice President,” when used with respect to the Company, the Guarantor or the Trustee, means
any vice president, regardless of whether designated by a number or a word or words added before or
after the title “vice president.”

Section 1.2. Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act
terms used in this Indenture have the following meanings:

“commission” means the SEC.

“indenture securities” means the Securities.

“indenture security holder” means a Holder.

“indenture to be qualified” means this Indenture.

“indenture trustee” or “institutional trustee” means the Trustee.

“obligor” on the indenture securities means the Company, the Guarantor (if
applicable) or any other obligor on the indenture securities.

     All terms used in this Indenture that are defined by the Trust Indenture Act, defined by a
Trust Indenture Act reference to another statute or defined by an SEC rule under the Trust
Indenture Act have the meanings so assigned to them.

Section 1.3. Compliance Certificates and Opinions.

     Upon any application or request by the Company or a Guarantor to the Trustee to take any
action under any provision of this Indenture, the Company or such Guarantor, as the case may be,
shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be
furnished except as required under Section 314(c) of the Trust Indenture Act.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (except for certificates provided for in Section 10.5) shall include:

     (a) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (b) 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;

     (c) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether such covenant or condition has been complied with; and

8

 

     (d) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

Section 1.4. Form of Documents Delivered to Trustee.

     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 with respect to some matters and one or more
other such Persons as to other matters, and any 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 a 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, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company or the Guarantor, as the case may be, stating that the information with
respect to such factual matters is in the possession of the Company or the Guarantor, as the case
may be, 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 1.5. Acts of Holders; Record Dates.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed (either
physically or by means of a facsimile or an electronic transmission, provided that such
electronic transmission is transmitted through the facilities of a Depositary) by such
Holders in person or by agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the Company or
the Guarantors. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor
of the Trustee, the Company and, if applicable, the Guarantors, if made in the manner
provided in this Section.

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

9

 

     (c) The ownership, principal amount and serial numbers of Securities held by any
Person, and the date of commencement of such Person’s holding of same, shall be proved by
the Security Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by
the Trustee, the Company or, if applicable, the Guarantors in reliance thereon, regardless
of whether notation of such action is made upon such Security.

     (e) Without limiting the foregoing, a Holder entitled to give or take any action
hereunder with regard to any particular Security may do so with regard to all or any part of
the principal amount of such Security or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any different part of such
principal amount.

     (f) The Company may set any day as the record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give or take any request,
demand, authorization, direction, notice, consent, waiver or other Act provided or permitted
by this Indenture to be given or taken by Holders of Securities of such series, but the
Company shall have no obligation to do so. With regard to any record date set pursuant to
this paragraph, the Holders of Outstanding Securities of the relevant series on such record
date (or their duly appointed agents), and only such Persons, shall be entitled to give or
take the relevant action, regardless of whether such Holders remain Holders after such
record date.

Section 1.6. Notices, Etc., to Trustee, Company and Guarantors.

     (a) Any notice or communication by the Company, any of the Guarantors or the Trustee to
the others is duly given if in writing and delivered in Person or mailed by first class mail
(registered or certified, return receipt requested), telecopier or overnight air courier
guaranteeing next day delivery, to the others’ address:

If to the Company and/or any Guarantor:

Rowan Companies, Inc.

2800 Post Oak Boulevard, Suite 5450

Houston, Texas 77056

Telephone: (713) 621-7800

Facsimile: [                    ]

Attention: [                    ]

with a copy to:

Andrews Kurth LLP

600 Travis, Suite 4200

Houston, Texas 77002

Telephone: (713) 220-4200

Facsimile: (713) 220-4285

Attention: Robert V. Jewell

10

 

If to the Trustee:

U.S.
Bank National Association

[                    ]

[                    ]

Telephone: [                    ]

Facsimile: [                    ]

Attention: [                    ]

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

     (c) All notices and communications (other than those sent to Holders) shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered; three
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

Section 1.7. Notice to Holders; Waiver.

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it appears in
the Security Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice
mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, regardless of whether such Holder actually receives such notice.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

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

Section 1.8. Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required under such Act to be a part of and govern this Indenture, the provision of the
Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any
provision of the Trust Indenture Act that may be so modified or excluded, the provision of the
Trust Indenture Act shall be deemed to apply to this Indenture as so modified or excluded, as the
case may be.

Section 1.9. Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

11

 

Section 1.10. Successors and Assigns.

     All covenants and agreements in this Indenture by each of the Company and the Guarantors shall
bind their respective successors and assigns, whether so expressed or not.

Section 1.11. Separability Clause.

     In case any provision in this Indenture or in the Securities or, if applicable, the Securities
Guarantee 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 1.12. Benefits of Indenture.

     Nothing in this Indenture or in the Securities or, if applicable, the Securities Guarantee,
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
Indenture.

Section 1.13. Force Majeure.

     In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the
circumstances.

Section 1.14. Waiver of Jury Trial.

     EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS INDENTURE.

Section 1.15. Governing Law.

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

Section 1.16. Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities or, if applicable, the Securities Guarantee (other
than a provision of the Securities of any series or, if applicable, the Securities Guarantee that
specifically states that such provision shall apply in lieu of this Section 1.16)) payment of
interest or principal and any premium need not be made at such Place of Payment on such date, but
may be made on the next succeeding Business Day at such Place of Payment with the same force and
effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, and
if payment is so made, no interest shall accrue for the

12

 

period from and after such Interest Payment
Date, Redemption Date or Stated Maturity, as the case may be.

Section 1.17. Securities in a Composite Currency, Currency Unit or Foreign Currency.

     Unless otherwise specified in a Board Resolution, Officer’s Certificate or indenture
supplemental hereto delivered pursuant to Section 3.1 of this Indenture with respect to a
particular series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all series or
all series affected by a particular action at the time Outstanding and, at such time, there are
Outstanding Securities of any affected series which are denominated in a coin, currency or
currencies other than Dollars (including, but not limited to, any composite currency, currency
units or Foreign Currency), then the principal amount of Securities of such
series which shall be deemed to be Outstanding for the purpose of taking such action shall be
that amount of Dollars that could be obtained for such amount at the Market Exchange Rate. For
purposes of this Section 1.17, the term “Market Exchange Rate” shall mean the noon Dollar buying
rate in The City of New York for cable transfers of such currency or currencies as published by the
Federal Reserve Bank of New York, as of the most recent available date. If such Market Exchange
Rate is not so available for any reason with respect to such currency, the Trustee shall use, in
its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank
of New York as of the most recent available date, or quotations or rates of exchange from one or
more major banks in The City of New York or in the country of issue of the currency in question,
which for purposes of Euros shall be Brussels, Belgium, or such other quotations or rates of
exchange as the Trustee shall deem appropriate. The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a series denominated in a
currency other than Dollars in connection with any action taken by Holders of Securities pursuant
to the terms of this Indenture.

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

Section 1.18. Payment in Required Currency; Judgment Currency.

     Each of the Company and the Guarantors agrees, to the fullest extent that it may effectively
do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is
necessary to convert the sum due in respect of the principal of or interest on the Securities of
any series (the “Required Currency”) into a currency in which a judgment will be rendered (the
“Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such
day is not a Banking Day, then, to the extent permitted by applicable law, the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the Banking
Day next preceding the day on which final unappealable judgment is entered and (b) its obligations
under this Indenture to make payments in the Required Currency (i) shall not be discharged or
satisfied by any tender, or any recovery pursuant to any judgment (regardless of whether entered in
accordance with subclause (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the payee, of the full
amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be
enforceable as an alternative or additional cause of action for the purpose of recovering in the
Required Currency the amount, if any, by which such actual receipt shall fall short of the full
amount of

13

 

the Required Currency so expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this Indenture.

Section 1.19. Language of Notices, Etc.

     Any request, demand, authorization, direction, notice, consent, waiver or Act required or
permitted under this Indenture shall be in the English language, except that any published notice
may be in an official language of the country of publication.

Section 1.20. Incorporators, Shareholders, Officers and Directors of the Company and the
Guarantors Exempt from Individual Liability.

     No recourse under or upon any obligation, covenant or agreement of or contained in this
Indenture or of or contained in any Security or, if applicable, the Securities Guarantee, or for
any claim based thereon or otherwise in respect thereof, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator, shareholder, member,
officer, manager, employee, partner or director, as such, past, present or future, of the Company,
any Guarantor or any successor Person, either directly or through the Company, any Guarantor or any
successor Person, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a part of the
consideration for, the execution of this Indenture and the issue of the Securities.

ARTICLE TWO

SECURITY FORMS

Section 2.1. Forms Generally.

     The Securities of each series and, if applicable, the notation thereon relating to the
Securities Guarantee, shall be in substantially the form set forth in this Article Two, or in such
other form or forms as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities and, if applicable,
the Securities Guarantee, as evidenced by their execution thereof.

     The definitive Securities 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. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by an authorized officer or other authorized person on behalf of the
Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated
by Section 3.3 for the authentication and delivery of such Securities.

     The forms of Global Securities of any series shall have such provisions and legends as are
customary for Securities of such series in global form, including without limitation any legend
required by the Depositary for the Securities of such series.

14

 

Section 2.2. Form of Face of Security.

[If the Security is an Original Issue Discount Security and is not “publicly offered” within the
meaning of Treasury Regulations Section 1.1275-1(h), insert—FOR PURPOSES OF SECTION 1275 OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY WAS ISSUED WITH ORIGINAL
ISSUE DISCOUNT, THE AMOUNT OF THE ORIGINAL ISSUE
DISCOUNT IS [                    % OF ITS PRINCIPAL AMOUNT] [$                      PER $1,000 OF PRINCIPAL AMOUNT],
THE ISSUE DATE IS                     , 20                     AND, THE YIELD TO MATURITY IS                               
          , COMPOUNDED
[SEMIANNUALLY OR OTHER PROPER PERIOD].

[In the alternative instead of providing such legend, insert the following legend—FOR PURPOSES OF
SECTION 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED THIS SECURITY WAS
ISSUED WITH ORIGINAL ISSUE DISCOUNT, AND                      [THE NAME OR TITLE AND ADDRESS OR TELEPHONE
NUMBER OF A REPRESENTATIVE OF THE COMPANY] WILL, BEGINNING NO LATER THAN 10 DAYS AFTER THE ISSUE
DATE, PROMPTLY MAKE AVAILABLE TO HOLDERS THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, THE
YIELD TO MATURITY AND ANY OTHER INFORMATION REQUIRED BY APPLICABLE TREASURY REGULATIONS.]

[Insert any other legend required by the Code or the regulations thereunder.]

[If a Global Security,—insert legend required by Section 2.4 of the Indenture] [If applicable,
insert —UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), 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.]

ROWAN COMPANIES, INC.

[TITLE OF SECURITY]

			
	No                     
	 	U.S. $                    

[CUSIP No. ]

ROWAN COMPANIES, INC., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor or resulting Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to                                                             , or
registered assigns, the principal sum of                                         
United States Dollars on
                                                             
[If the Security is to bear interest prior to Maturity,
insert—, and to pay interest thereon from                                          or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually on                     and
                     in each year, commencing                     , at the rate of                      % per annum, until the
principal hereof is paid or made available for payment [if applicable, insert—, and at the rate of
___% per annum on any overdue principal and premium and on any installment of interest (to the
extent that the payment of such interest shall be legally enforceable)].

15

 

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 (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest,
which shall be the                      or                      (regardless of whether a Business Day), as the case may be,
next 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 whose name this Security (or one or more Predecessor Securities) 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 to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture].

[If the Security is not to bear interest prior to Maturity, insert—The principal of this Security
shall not bear interest except in the case of a default in payment of principal upon acceleration,
upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall
bear interest at the rate of                    % per annum (to the extent that the payment of such interest
shall be legally enforceable), which shall accrue from the date of such default in payment to the
date payment of such principal has been made or duly provided for. Interest on any overdue
principal shall be payable on demand. Any such interest on any overdue principal that is not so
paid on demand shall bear interest at the rate of                      % per annum (to the extent that the
payment of such interest shall be legally enforceable), which shall accrue from the date of such
demand for payment to the date payment of such interest has been made or duly provided for, and
such interest shall also be payable on demand.]

[If a Global Security, insert—Payment of the principal of (and premium, if any) and [if applicable,
insert—any such] interest on this Security will be made by transfer of immediately available funds
to a bank account in                      designated by the Holder in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts
[state other currency].]

[If a Definitive Security, insert—Payment of the principal of (and premium, if any) and [if
applicable, insert—any such] interest on this Security will be made at the office or agency of the
Company maintained for that purpose in                                         , in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts] [state other currency] [or subject to any laws or regulations applicable thereto and to the
right of the Company (as provided in the Indenture) to rescind the designation of any such Paying
Agent, at the [main] offices of                      in                     , or at such other offices or
agencies as the Company may designate, by [United States Dollar] [state other currency] check drawn
on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in The
City of New York (so long as the applicable Paying Agency has received proper transfer instructions
in writing at least ___days prior to the payment date)] [if applicable, insert—; provided,
however, that payment of interest may be made at the option of the Company by [United States
Dollar] [state other currency] check mailed to the addresses of the Persons entitled thereto as
such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar]
[state other currency] account maintained by the payee with a bank in The City of New York [state
other Place of Payment] (so long as the applicable Paying Agent has received proper transfer
instructions in writing by the record date prior to the applicable Interest Payment Date)].]

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

16

 

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

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

     Dated:

	 	 	 	 	 
	 	ROWAN COMPANIES, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

Section 2.3. Form of Reverse of Security.

This Security is one of a duly authorized issue of senior securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
___, 20___(herein called the “Indenture”), between the Company, the Guarantors, if any, and
[                    ], as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Guarantors, if any, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. As provided in the Indenture, the Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may mature at different
times, may bear interest, if any, at different rates, may be subject to different redemption
provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may
be subject to different covenants and Events of Default and may otherwise vary as in the Indenture
provided or permitted. This Security is one of the series designated on the face hereof [, limited
in aggregate principal amount to $                                         ].

This security is the general, unsecured, senior obligation of the Company [if applicable,
insert—and is guaranteed pursuant to a guarantee (the “Securities Guarantee”) by [insert name of
each Guarantor] (the “Guarantors”). The Securities Guarantee is the general, unsecured, senior
obligation of each Guarantor.]

[If applicable, insert—The Securities of this series are subject to redemption upon not less than
        days’ notice by mail, [if applicable, insert, —(1) on                      in any year
commencing with the year                      and ending with the year                      through operation of the sinking
fund for this series at a Redemption Price equal to 100% of the principal amount, and (2) ] at any
time [on or after                                         , 20                    ], as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the principal amount): If
redeemed [on or before                                         ,                     %, and if redeemed] during the
12-month period beginning                      of the years indicated,

	 	 	 	 	 	 	 
	Year	 	Redemption Price	 	Year	 	Redemption Price
	 	 	 	 	 	 	 

17

 

and thereafter at a Redemption Price equal to                     % of the principal amount, together in the
case of any such redemption [if applicable, insert—(whether through operation of the sinking fund
or otherwise)]
with accrued interest to the Redemption Date, but interest installments the Stated Maturity of
which is on or prior to such Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, of record at the close of business on the relevant record dates
referred to on the face hereof, all as provided in the Indenture.]

[If applicable, insert—The Securities of this series are subject to redemption upon not less
than ___nor more than ___days’ notice by mail, (1) on                      in any year commencing with
the year                      and ending with the year                      through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below, and (2) at anytime [on or after
                                         ], as a whole or in part, at the election of the Company, at the Redemption
Prices for redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning                                          of the years indicated,

	 	 	 	 	 
	 	 	 	 	Redemption Price for
	 	 	Redemption Price For	 	Redemption Otherwise Than
	 	 	Redemption Through	 	Through Operation of the
	Year	 	Operation of the Sinking Fund	 	Sinking Fund
	 	 	 	 	 

and thereafter at a Redemption Price equal to                     % of the principal amount, together in the
case of any such redemption (whether through operation of the sinking fund or otherwise) with
accrued interest to the Redemption Date, but interest installments the Stated Maturity of which is
on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business on the relevant record dates
referred to on the face hereof, all as provided in the Indenture.]

[If applicable, insert—Notwithstanding the foregoing, the Company may not, prior to                     , redeem any
Securities of this series as contemplated by [clause (2) of] the preceding
paragraph as a part of, or in anticipation of, any refunding operation by the application, directly
or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance
with generally accepted financial practice) of less than                     % per annum.]

[If applicable, insert—The sinking fund for this series provides for the redemption on
                    in each year beginning with the year                     and ending with the year                     of [not
less than] $
                     [ (“mandatory sinking fund”) and not more than $                     ]
aggregate principal amount of Securities of this series. [Securities of this series
acquired or redeemed by the Company otherwise than through [mandatory] sinking fund payments may be
credited against subsequent [mandatory] sinking fund payments otherwise required to be made [If
applicable, insert— in the inverse order in which they become due].]

18

 

[If the Securities are subject to redemption in part of any kind, insert—In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for
the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

[If applicable, insert—The Securities of this series are not redeemable prior to Stated Maturity.]

[If the Security is not an Original Issue Discount Security,—If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the
Indenture.]

[If the Security is an Original Issue Discount Security,—If an Event of Default with respect to
Securities of this series shall occur and be continuing, an amount of principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to —insert formula for determining the amount. Upon payment
(i) of the amount of principal so declared due and payable and (ii) of interest on any overdue
principal and overdue interest (in each case to the extent that the payment of such interest shall
be legally enforceable), all of the Company’s obligations in respect of the payment of the
principal of and interest, if any, on the Securities of this series shall terminate.]

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company [If applicable, insert—and the
Guarantors] and the rights of the Holders of the Securities of each series to be affected under the
Indenture at any time by the Company [If applicable, insert—and the Guarantors] and the Trustee
with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. 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 [If applicable, insert—and the Guarantors] 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 this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, regardless of whether notation of such consent or waiver is
made upon this Security.

No reference herein to the Indenture and no provision of this Security 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 on this Security at the times, place(s) and rate,
and in the coin or currency, herein prescribed.

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for
Definitive Securities of this series except in the limited circumstances provided in the Indenture.
The holders of beneficial interests in this Global Security will not be entitled to receive
physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]

[If a Definitive Security, insert—As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registerable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Company in
[if applicable, insert—any place where the principal of and any premium and interest on this
Security are payable] [if applicable, insert—The City of New York [, or, subject to any laws or
regulations applicable thereto and to the right of the Company (limited as provided in the
Indenture) to rescind the designation of any such transfer agent, at the [main] offices of
                     in                      or at such other offices or agencies as the

19

 

Company may
designate]], duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new 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 denominations
of U.S. $                      and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of 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 this Security for registration of transfer, the Company, [If
applicable, insert—any Guarantor,] the Trustee and any agent of the Company [If applicable,
insert—, a Guarantor] or the Trustee may treat the Person in whose name this Security is registered
as the owner hereof for all purposes, regardless of whether this Security be overdue, and none of
the Company, [If applicable, insert—the Guarantors,] the Trustee nor any such agent shall be
affected by notice to the contrary.

No recourse under or upon any obligation, covenant or agreement of or contained in the Indenture or
of or contained in any Security, [If applicable, insert—, or the Securities Guarantee endorsed
thereon,] or for any claim based thereon or otherwise in respect thereof, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, member, officer, manager or director, as such, past, present or future, of the Company
[If applicable, insert—or any Guarantor] or of any successor Person, either directly or through the
Company [If applicable, insert—or any Guarantor] or any successor Person, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment, penalty or
otherwise; it being expressly understood that all such liability is hereby expressly waived and
released by the acceptance hereof and as a condition of, and as part of the consideration for, the
Securities and the execution of the Indenture.

The Indenture provides that the Company [If applicable, insert—and the Guarantors] (a) will be
discharged from any and all obligations in respect of the Securities (except for certain
obligations described in the Indenture), or (b) need not comply with certain restrictive covenants
of the Indenture, in each case if the Company [If applicable, insert—or a Guarantor] deposits, in
trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which
through the payment of interest thereon and principal thereof in accordance with their terms will
provide money, in an amount sufficient to pay all the principal of and interest on the Securities,
but such money need not be segregated from other funds except to the extent required by law.

Except as otherwise defined herein, all terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

[If a Definitive Security, insert as a separate page—

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

(Please Print or Type Name and Address of Assignee)

20

 

the within instrument of ROWAN COMPANIES, INC. and does hereby irrevocably constitute and appoint
                                         Attorney to transfer said instrument on the books of the within-named Company,
with full power of substitution in the premises.

Please Insert Social Security or Other Identifying Number of Assignee:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 

(Signature)
	 	 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.]

[If a Security to which Article Fourteen has been made applicable, insert the following Form of
Notation on such Security relating to the Securities Guarantee—

Each of the Guarantors (which term includes any successor Person in such capacity 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 of this series and all other
amounts due and payable under the Indenture and the Securities of this series by the Company.

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

	 	 	 	 	 
	 	Guarantors:

[NAME OF EACH GUARANTOR]

 	 
	 	By:  	 	 
	 	 	______________________________________] 	 
	 	 	 	 
	 

Section 2.4. Global Securities.

     Every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES
REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF
AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR OR IN LIEU

21

 

OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

     If Securities of a series are issuable in whole or in part in the form of one or more Global
Securities, as specified as contemplated by Section 3.1, then, notwithstanding clause (i) of
Section 3.1 and the provisions of Section 3.2, any Global Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and
that the aggregate amount of Outstanding Securities represented thereby may from time to time be
reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global
Security to reflect the amount, or any reduction or increase in the amount, of Outstanding
Securities represented thereby shall be made in such manner and upon instructions given by such
Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions
of Section 3.3, Section 3.4 and Section 3.5, the Trustee shall deliver and redeliver any Global
Security in the manner and upon instructions given by the Person or Persons specified therein or in
the applicable Company Order. Any instructions by the Company with respect to endorsement or
delivery or redelivery of a Global Security shall be in a Company Order (which need not comply with
Section 1.3 and need not be accompanied by an Opinion of Counsel).

     The provisions of the last sentence of Section 3.3 shall apply to any Security represented by
a Global Security if such Security was never issued and sold by the Company and the Company
delivers to the Trustee the Global Security together with a Company Order (which need not comply
with Section 1.3 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
or increase, as the case may be, in the principal amount of Securities represented thereby,
together with the written statement contemplated by the last sentence of Section 3.3.

Section 2.5. Form of Trustee’s Certificate of Authentication.

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

This is one of the Securities of the series designated [insert title of applicable
series] referred to in the within-mentioned Indenture.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

ARTICLE THREE

THE SECURITIES

Section 3.1. Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

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

22

 

     (a) the title of the Securities of the series (which shall distinguish the Securities
of the series from all other Securities and which may be part of a series of Securities
previously issued);

     (b) any limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6 or
Section 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never
to have been authenticated and delivered hereunder);

     (c) the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest;

     (d) the date or dates on which the principal of the Securities of the series is payable
or the method of determination thereof;

     (e) the rate or rates at which the Securities of the series shall bear interest, if
any, or the formula, method or provision pursuant to which such rate or rates are
determined, the date or dates from which such interest shall accrue or the method of
determination thereof, the Interest Payment Dates on which such interest shall be payable
and the Regular Record Date for the interest payable on any Interest Payment Date;

     (f) the place or places where, subject to the provisions of Section 10.2, the principal
of and any premium and interest on Securities of the series shall be payable, Securities of
the series may be surrendered for registration of transfer, Securities of the series may be
surrendered for exchange, and notices and demands to or upon the Company in respect of the
Securities of the series and this Indenture may be served;

     (g) the period or periods within which, the price or prices 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;

     (h) the obligation, if any, of the Company to redeem or purchase 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 at which and the terms
and conditions upon which Securities of the series shall be redeemed or purchased, in whole
or in part, pursuant to such obligation;

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

     (j) whether payment of principal of and premium, if any, and interest, if any, on the
Securities of the series shall be without deduction for taxes, assessments or governmental
charges paid by Holders of the series;

     (k) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 5.2;

23

 

     (l) if the amount of payments of principal of and any premium or interest on the
Securities of the series may be determined with reference to an index, the manner in which
such amounts shall be determined;

     (m) if and as applicable, that the Securities of the series shall be issuable in whole
or in part in the form of one or more Global Securities and, in such case, the Depositary or
Depositaries for such Global Security or Global Securities and any circumstances other than
those set forth in Section 3.5 in which any such Global Security may be transferred to, and
registered and exchanged for Securities registered in the name of, a Person other than the
Depositary for such Global Security or a nominee thereof and in which any such transfer may
be registered;

     (n) any deletions from, modifications of or additions to the Events of Default set
forth in Section 5.1 or the covenants of the Company set forth in Article Ten with respect
to the Securities of such series;

     (o) whether and under what circumstances the Company will pay additional amounts on the
Securities of the series held by a Person who is not a U.S. Person in respect of any tax,
assessment or governmental charge withheld or deducted and, if so, whether the Company will
have the option to redeem the Securities of the series rather than pay such additional
amounts;

     (p) if the Securities of the series are to be issuable in definitive form (whether upon
original issue or upon exchange of a temporary Security of such series) only upon receipt of
certain certificates or other documents or satisfaction of other conditions, the form and
terms of such certificates, documents or conditions;

     (q) if the Securities of the series are to be convertible into or exchangeable for any
other security or property of the Company, including, without limitation, securities of
another Person held by the Company or its Affiliates and, if so, the terms thereof;

     (r) if other than as provided in Section 13.2 and Section 13.3, the means of Legal
Defeasance or Covenant Defeasance as may be specified for the Securities of the series;

     (s) if other than the Trustee, the identity of the initial Security Registrar and any
initial Paying Agent;

     (t) whether the Securities of the series will be guaranteed pursuant to the Securities
Guarantee set forth in Article Fourteen, any modifications to the terms of Article Fourteen
applicable to the Securities of such series and the applicability of any other guarantees;
and

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

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officer’s
Certificate referred to above or in any such indenture supplemental hereto.

     All Securities of any one series need not be issued at the same time and, unless otherwise
provided, a series may be reopened, without the consent of the Holders, for increases in the
aggregate principal amount of such series of Securities and issuances of additional Securities of
such series or for the establishment of additional terms with respect to the Securities of such
series.

24

 

     If any of the terms of the series are established by action taken by or pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by an authorized
officer or other authorized person on behalf of the Company and, if applicable, the Guarantors and
delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth, or
providing the manner for determining, the terms of the series.

     With respect to Securities of a series subject to a Periodic Offering, such Board Resolution
or Officer’s Certificate may provide general terms for Securities of such series and provide either
that the specific terms of particular Securities of such series shall be specified in a Company
Order or that such terms shall be determined by the Company and, if applicable, the Guarantors or
one or more agents thereof designated in an Officer’s Certificate, in accordance with a Company
Order.

Section 3.2. Denominations.

     The Securities of each series shall be issuable in registered form without coupons in such
denominations as shall be specified as contemplated by Section 3.1. In the absence of any such
provisions with respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $1,000 and any integral multiple thereof.

Section 3.3. Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, its Chief Financial Officer or any of its Vice Presidents
and need not be attested. The signature of any of these officers on the Securities may be manual
or facsimile. Any Securities Guarantee endorsed on the Securities shall be executed on behalf of
the applicable Guarantor by its Chairman of the Board, its Chief Executive Officer, its President,
its Chief Financial Officer or any of its Vice Presidents and need not be attested. The signature
of any of these officers on any endorsement of the Securities Guarantee may be manual or facsimile.

     Securities and any endorsement of a Securities Guarantee bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company or a Guarantor,
as the case may be, shall bind the Company or such Guarantor, as the case may be, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Securities or did not hold such offices at the date of such Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities; provided, however, that in the case of Securities offered in a Periodic Offering,
the Trustee shall authenticate and deliver such Securities from time to time in accordance with
such other procedures (including, without limitation, the receipt by the Trustee of oral or
electronic instructions from the Company or its duly authorized agents, thereafter promptly
confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company
Order delivered to the Trustee prior to the time of the first authentication of Securities of such
series. If the forms 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 and Section 3.1, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive such documents as it may reasonably
request. The Trustee shall also be entitled to receive, and (subject to Section 6.1) shall be
fully protected in relying upon, an Opinion of Counsel stating:

25

 

     (a) if the form or forms of such Securities has been established in or pursuant to a
Board Resolution as permitted by Section 2.1, that each such form has been established in
conformity with the provisions of this Indenture;

     (b) if the terms of such Securities have been, or in the case of Securities of a series
offered in a Periodic Offering will be, established in or pursuant to a Board Resolution as
permitted by Section 3.1, that such terms have been, or in the case of Securities of a
series offered in a Periodic Offering will be, established in conformity with the provisions
of this Indenture, subject, in the case of Securities of a series offered in a Periodic
Offering, to any conditions specified in such Opinion of Counsel; and

     (c) that such Securities when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions and assumptions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the Company
and, if applicable, the Guarantors, enforceable in accordance with their terms, subject to
the following limitations: (i) bankruptcy, insolvency, moratorium, reorganization,
liquidation, fraudulent conveyance or transfer and other similar laws of general
applicability relating to or affecting the enforcement of creditors’ rights, or to general
equity principles, (ii) the availability of equitable remedies being subject to the
discretion of the court to which application therefor is made; and (iii) such other usual
and customary matters as shall be specified in such Opinion of Counsel.

If such form or forms or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

     Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officer’s Certificate otherwise required pursuant to Section 3.1 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
time of authentication of each Security of such series if such documents are delivered at or prior
to the authentication upon original issuance of the first Security of such series to be issued.

     With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely,
as to the authorization by the Company of any of such Securities, on the form or forms and terms
thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of
Counsel and the other documents delivered pursuant to Section 2.1 and Section 3.1 and this Section,
as applicable, in connection with the first authentication of Securities of such series.

     Each Security shall be dated the date of its authentication.

     No Security, nor any Securities Guarantee endorsed thereon, shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by
the Trustee by manual signature of an authorized officer, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 3.9, 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.

26

 

Section 3.4. Temporary Securities.

     Pending the preparation of Definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the Definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.

     If temporary Securities of any series are issued, the Company will cause Definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of Definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
Definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Securities of the same series and tenor of authorized denominations.
Until so exchanged the temporary Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as Definitive Securities of such series.

Section 3.5. Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the office or agency of the Company in a Place of
Payment required by Section 10.2 a register (the register maintained in such office being herein
sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed as the initial “Security Registrar” for the purpose
of registering Securities and transfers of Securities as herein provided, and its corporate trust
office, which, at the date hereof, is located at [                                                            ], is the initial
office or agency where the Securities Register will be maintained. The Company may at any time
replace such Security Registrar, change such office or agency or act as its own Security Registrar.
The Company will give prompt written notice to the Trustee of any change of the Security Registrar
or of the location of such office or agency.

     Upon surrender for registration of transfer of any Security of any series at the office or
agency maintained pursuant to Section 10.2 for such purpose, the Company and, if applicable, the
Guarantors shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities, with an endorsement of the
Securities Guarantee, if applicable, executed by the Guarantors, of the same series and tenor, of
any authorized denominations and of a like aggregate principal amount.

     At the option of the Holder, Securities of any series (except a Global Security) may be
exchanged for other Securities of the same series and tenor, of any authorized denominations and of
a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office
or agency. Whenever any Securities are so surrendered for exchange, the Company and, if
applicable, the Guarantors shall execute and the Trustee shall authenticate and deliver, the
Securities, with an endorsement of the Securities Guarantee, if applicable, executed by the
Guarantors, which the Holder making the exchange is entitled to receive.

     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company and, if applicable, the Guarantors evidencing the same debt, and
entitled to

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the same benefits under this Indenture, as the Securities surrendered upon such registration
of transfer or exchange.

     Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed, by the Holder thereof or his attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.4, Section 9.6 or Section 11.7 not involving
any transfer.

     The Company shall not be required (a) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days before the
day of the mailing of a notice of redemption of Securities of that series selected for redemption
under Section 11.3 and ending at the close of business on the day of such mailing, or (b) to
register the transfer of or exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part.

     Notwithstanding any other provisions of this Indenture and except as otherwise specified with
respect to any particular series of Securities as contemplated by Section 3.1, a Global Security
representing all or a portion of the Securities of a series may not be transferred, except as a
whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any
such nominee to a successor Depositary for such series or a nominee of such successor Depositary.
Every Security authenticated and delivered upon registration of, transfer of, or in exchange for or
in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs
immediately following.

     If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Company that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no longer be eligible to
continue as Depositary under Section 3.1 or ceases to be a clearing agency registered under the
Exchange Act, the Company shall appoint a successor Depositary with respect to such Securities. If
a successor Depositary for such Securities is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the Company’s election
pursuant to Section 3.1 that such Securities be represented by one or more Global Securities shall
no longer be effective and the Company and, if applicable, the Guarantors will execute and the
Trustee, upon receipt of a Company Order for the authentication and delivery of Definitive
Securities of such series, will authenticate and deliver, Securities, with an endorsement of the
Securities Guarantee, if applicable, executed by the Guarantors, of such series in definitive
registered form without coupons, in any authorized denominations, in an aggregate principal amount
equal to the principal amount of the Global Security or Securities representing such Securities in
exchange for such Global Security or Securities registered in the names of such Persons as the
Depositary shall direct.

     The Company may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Company and, if applicable, the Guarantors will
execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of
Definitive Securities of such series, will authenticate and deliver, Securities, with an
endorsement of the Securities Guarantee, if applicable, executed by the Guarantors, of such series
in definitive registered form without coupons, in

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any authorized denominations, in an aggregate principal amount equal to the principal amount
of the Global Security or Securities representing such Securities in exchange for such Global
Security or Securities registered in the names of such Persons as the Depositary shall direct.

     If specified by the Company pursuant to Section 3.1 with respect to Securities represented by
a Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series and tenor in definitive registered
form on such terms as are acceptable to the Company, the Trustee and such Depositary. Thereupon,
the Company and, if applicable, the Guarantors shall execute, and the Trustee, upon receipt of a
Company Order for the authentication and delivery of Securities in definitive registered form,
shall authenticate and deliver, without service charge:

     (i) to the Person specified by such Depositary a new Security or Securities, with an
endorsement of the Securities Guarantee, if applicable, executed by the Guarantors, of the
same series and tenor, of any authorized denominations as requested by such Person, in an
aggregate principal amount equal to and in exchange for such Person’s beneficial interest in
the Global Security; and

     (ii) to such Depositary a new Global Security, with an endorsement of the Securities
Guarantee, if applicable, executed by the Guarantors, in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (i)
above.

Every Person who takes or holds any beneficial interest in a Global Security agrees that:

     (A) the Company, the Guarantors (if applicable) and the Trustee may deal with the
Depositary as sole owner of the Global Security and as the authorized representative of such
Person;

     (B) such Person’s rights in the Global Security shall be exercised only through the
Depositary and shall be limited to those established by law and agreement between such
Person and the Depositary and/or direct and indirect participants of the Depositary;

     (C) the Depositary and its participants make book-entry transfers of beneficial
ownership among, and receive and transmit distributions of the principal of (and premium, if
any) and interest on the Global Securities to, such Persons in accordance with their own
procedures; and

     (D) none of the Company, the Guarantors (if applicable), the Trustee, nor any agent of
any of them will have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership
interests.

Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security is surrendered to the Trustee, together with, in proper cases, such
security or indemnity as may be required by the Company, the Guarantors (if applicable) or the
Trustee to save each of them and any agent of any of them harmless, the Company and, if applicable,
the Guarantors shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security, with an endorsement of the Securities Guarantee, if applicable, executed by the
Guarantors, of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

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     If there shall be delivered to the Company, the Guarantors (if applicable) and the Trustee
(a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such
security or indemnity as may be required by them to save each of them and any agent of any of them
harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company and, if applicable, the Guarantors shall execute and
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security,
a new Security, with an endorsement of the Securities Guarantee, if applicable, executed by the
Guarantors, of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

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

     Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

     Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company and, if applicable, the Guarantors, regardless of whether the destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of that series duly
issued hereunder.

     The provisions of this Section 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 stolen Securities.

Section 3.7. Payment of Interest; Interest Rights Preserved.

     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, interest on any Security 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 that Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest.

     Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may 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 of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the 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 of such series and the date of the proposed payment, 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 Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not

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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 therefor to be mailed, first-class
postage prepaid, to each Holder of Securities of such series at his address as it appears in
the Security Register, 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 therefor having
been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Securities of such series (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 on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such 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, 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 accrued and unpaid, and to accrue, which were carried by such other
Security.

Section 3.8. Persons Deemed Owners.

     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, prior to due presentment of a Security for registration of transfer, the Company, the
Trustee and, if applicable, the Guarantors and any agent thereof may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Section 3.5 and Section 3.7) any interest on such
Security and for all other purposes whatsoever, regardless of whether such Security be overdue, and
none of the Company, the Trustee nor, if applicable, the Guarantors nor any agent of any of them
shall be affected by notice to the contrary.

     No holder of any beneficial interest in any Global Security held on its behalf by a Depositary
shall have any rights under this Indenture with respect to such Global Security, and such
Depositary may be treated by the Company, the Trustee, and, if applicable, the Guarantors and any
agent of thereof as the owner of such Global Security for all purposes whatsoever.

Section 3.9. Cancellation.

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in
accordance with its customary practices, and the Trustee shall thereafter deliver to the Company a
certificate with respect to such disposition from time to time upon written request.

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Section 3.10. Computation of Interest.

     Except as otherwise specified as contemplated by Section 3.1 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a year of twelve 30-day
months.

Section 3.11. CUSIP or CINS Numbers.

     The Company in issuing the Securities may use “CUSIP” or “CINS” numbers (if then generally in
use, and in addition to the other identification numbers printed on the Securities), and, if so,
the Trustee shall use “CUSIP” or “CINS” numbers in notices of redemption as a convenience to
Holders; provided, however, that any such notice may state that no representation is made as to the
correctness of such “CUSIP” or “CINS” numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected by any defect in
or omission of such “CUSIP” or “CINS” numbers.

ARTICLE FOUR

SATISFACTION AND DISCHARGE

Section 4.1. Satisfaction and Discharge of Indenture.

     This Indenture shall cease to be of further effect and will be discharged with respect to the
Securities of any series (except as to any surviving rights of registration of transfer or exchange
of Securities and certain rights of the Trustee, in each case, herein expressly provided for), and
the Trustee, upon Company Request and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to such
Securities, when:

          (a) either:

     (i) all such Securities theretofore authenticated and delivered (other than
(A) such Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 3.6, and (B) such Securities for the payment
of which money has theretofore been deposited in trust or segregated and held in
trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 10.3) have been delivered to the Trustee for
cancellation; or

     (ii) all such Securities not theretofore delivered to the Trustee for
cancellation:

     (A) have become due and payable; or

     (B) will become due and payable at their Stated Maturity within one
year; or

     (C) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company,

and the Company, in the case of (ii)(A), (B) or (C) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose an amount
sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to

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the Trustee for cancellation, for principal (and premium, if any) and interest to
the date of such deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may be, together
with instructions from the Company irrevocably directing the Trustee to apply such
funds to the payment thereof at maturity or redemption, as the case may be;

     (b) the Company has paid or caused to be paid all other sums payable hereunder by the
Company with respect to such Securities; and

     (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, which, taken together, state that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture with respect to such Securities
have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Securities of
any series, (x) the obligations of the Company to the Trustee under Section 6.7, the obligations of
the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign
under Section 6.10 shall survive, and (y) if money shall have been deposited with the Trustee
pursuant to clause (a) of this Section, the obligations of the Company and the Trustee under
Section 4.2, Section 6.6, Section 10.2 and the last paragraph of Section 10.3 shall survive.

Section 4.2. Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for the payment of
which such money has been deposited with the Trustee.

ARTICLE FIVE

REMEDIES

Section 5.1. Events of Default.

     “Event of Default,” wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

     (a) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days; or

     (b) default in the payment of the principal of (or premium, if any, on) any Security of
that series at its Maturity; or

     (c) default in the performance, or breach, of any covenant set forth in Article Ten in
this Indenture (other than a covenant a default in the performance of which or the breach of
which 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 or breach for a period of 60 days after there has
been given, by registered or certified

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mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of
at least 25% in 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; or

     (d) default in the performance, or breach, of any covenant in this Indenture (other
than a covenant in Article Ten or any other covenant a default in the performance of which
or the breach of which 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 or breach for a period of 120 days
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 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;
or

     (e) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a
voluntary case, (ii) consents to the entry of any order for relief against it in an
involuntary case, (iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property, or (iv) makes a general assignment for the benefit of its
creditors; or

     (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a
Custodian of the Company or for all or substantially all of its property, or (iii) orders
the liquidation of the Company; and the order or decree remains unstayed and in effect for
60 consecutive days; or

     (g) default in the deposit of any sinking fund payment when due; or

     (h) any other Event of Default provided with respect to Securities of that series in
accordance with Section 3.1.

Section 5.2. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of 25% in aggregate principal
amount of the Outstanding Securities of that series may declare the principal amount (or, if the
Securities of that series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) of all of the Securities of that series to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) shall become
immediately due and payable. Notwithstanding the foregoing, if an Event of Default specified in
clause (e) or (f) of Section 5.1 occurs, the Securities of any series at the time Outstanding shall
be due and payable immediately without further action or notice.

     At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article Five provided, the Holders of a majority in principal amount
of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if:

     (a) the Company or, if applicable, one or more of the Guarantors has paid or deposited
with the Trustee a sum sufficient to pay:

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     (i) all overdue interest on all Securities of that series;

     (ii) the principal of (and premium, if any, on) any Securities of that series
which have become due otherwise than by such declaration of acceleration and any
interest thereon at the rate or rates prescribed therefor in such Securities;

     (iii) to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such Securities; and

     (iv) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and

     (b) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 5.13.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

Section 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee.

     The Company covenants that if:

     (a) default is made in the payment of any installment of interest on any Security when
such interest becomes due and payable and such default continues for a period of 30 days; or

     (b) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and any premium
and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and any premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

     If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or, if applicable, the Guarantors or any other obligor upon
such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by
law out of the property of the Company or, if applicable, the Guarantors or any other obligor upon
such Securities, wherever situated.

     If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy.

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Section 5.4. Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or, if applicable, any Guarantor or any other obligor upon the Securities, their property
or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then
be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand on the Company or, if applicable, the Guarantors for the
payment of overdue principal or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of principal (and premium, if any)
and interest owing and unpaid in respect of the Securities and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding; and

     (b) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, if 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 counsel, and any other amounts due the Trustee under
Section 6.7.

     No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, compromise,
arrangement, adjustment or composition affecting the Securities or, if applicable, the Securities
Guarantee or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of
the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member
of a creditors’ or other similar committee.

Section 5.5. Trustee May Enforce Claims Without Possession of Securities.

     All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.

Section 5.6. Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article Five shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal or any premium or interest, upon presentation of the Securities and
the notation thereon of the payment if only partially paid and upon surrender thereof if fully
paid:

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     FIRST: To the payment of all amounts due the Trustee under Section 6.7;

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

     THIRD: The balance, if any, to the Company.

Section 5.7. Limitation on Suits.

     No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture (including, if applicable, the Securities
Guarantee), or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

     (a) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;

     (b) the Holders of not less than 25% in principal amount of the Outstanding Securities
of that series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;

     (c) such Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;

     (d) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     (e) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all such Holders.

Section 5.8. Unconditional Right of Holders to Receive Principal, Premium and Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional (subject to Section 3.7 and Section 9.2), to receive
payment of the principal of and any premium and interest on such Security on the Stated Maturity
or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights shall not be
impaired without the consent of such Holder.

Section 5.9. Restoration of Rights and Remedies.

     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been

37

 

determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

Section 5.10. Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

Section 5.11. Delay or Omission Not Waiver.

     To fullest extent permitted by applicable law, no delay or omission of the Trustee or of any
Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article Five or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by
the Trustee or by the Holders, as the case may be.

Section 5.12. Control by Holders.

     The Holders of not less than a majority in principal amount of the Outstanding Securities of
any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series; provided, however, that:

     (a) such direction shall not be in conflict with any rule of law or with this
Indenture;

     (b) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction; and

     (c) subject to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall determine that the
proceeding so directed would involve the Trustee in personal liability.

Section 5.13. Waiver of Past Defaults.

     By written notice to the Company and the Trustee, the Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series waive any past default hereunder with respect to such series and its
consequences, except:

     (a) a continuing default in the payment of the principal of or any premium or interest
on any Security of such series; or

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     (b) a default in respect of a covenant or provision hereof which under Article Nine
cannot be modified or amended without the consent of the Holder of each Outstanding Security
of such series affected.

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other default or impair any right consequent thereon.

Section 5.14. Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant, other than
the Trustee, in such suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit
instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Security on or after the
Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date).

Section 5.15. Waiver of Stay or Extension Laws.

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

ARTICLE SIX

THE TRUSTEE

Section 6.1. Certain Duties and Responsibilities.

     (a) Except during the continuance of an Event of Default:

     (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and as are provided by the Trust Indenture
Act, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

     (ii) 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 or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions which by any

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provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether they conform
to the requirements of this Indenture.

     (b) In case an Event of Default has occurred and is continuing, the Trustee shall
exercise such of 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 man would exercise or use under the
circumstances in the conduct of his own affairs.

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

     (i) this Subsection shall not be construed to limit the effect of Subsection
(a) of this Section;

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

     (iii) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the
Holders of a majority in principal amount of the Outstanding Securities of any
series, given pursuant to Section 5.12, relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such series; and

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

     (d) Regardless of whether therein expressly so provided, 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.

Section 6.2. Notice of Defaults.

     Within 90 days after the occurrence of any Default hereunder with respect to the Securities of
any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as
their names and addresses appear in the Security Register, notice of such Default hereunder known
to the Trustee, unless such Default shall have been cured or waived; provided, however, that,
except in the case of a Default in the payment of the principal of or any premium or interest on
any Security of such series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee may withhold from Holders of Securities notice of any
continuing Default or Event of Default if a Responsible Officer of the Trustee in good faith
determines that the withholding of such notice is in the interest of the Holders of Securities of
such series; and, provided, further, that in the case of any Default of the character specified in
Section 5.1(c) with respect to Securities of such series, no such notice to Holders shall be given
until at least 90 days after the occurrence thereof and that in the case of any Default of the
character

40

 

specified in Section 5.1(d) with respect to Securities of such series, no such notice to
Holders shall be given until at least 180 days after the occurrence thereof.

Section 6.3. Certain Rights of Trustee.

     Subject to the provisions of Section 6.1:

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

     (b) any request or direction of the Company or a Guarantor mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order (other than delivery of any
Security to the Trustee for authentication and delivery pursuant to Section 3.3, which shall
be sufficiently evidenced as provided therein) and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

     (c) whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
shall be entitled to receive and may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate;

     (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection from liability in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

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

     (f) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney;

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

     (h) the Trustee may request that the Company and, if applicable, the Guarantors deliver
an Officer’s Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which
Officer’s Certificate may be

41

 

signed by any person authorized to sign an Officer’s Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded;

     (i) the Trustee shall be entitled to the rights and protections afforded to the Trustee
pursuant to this Article Six in acting as a Paying Agent or Security Registrar hereunder;

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

     (k) anything in this Indenture notwithstanding, in no event shall the Trustee be liable
for any special, indirect, punitive, incidental or consequential loss or damage of any kind
whatsoever (including but not limited to loss of profit), even if the Company has been
advised as to the likelihood of such loss or damage and regardless of the form of action.

Section 6.4. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company or, if applicable, the Guarantors,
and the Trustee or any Authenticating Agent assumes no responsibility for their correctness.
Neither the Trustee nor any Authenticating Agent makes any representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall
not be accountable for the use or application by the Company of Securities or the proceeds thereof.

Section 6.5. May Hold Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company or, if applicable, any Guarantor, in its individual or any other capacity, may
become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust
Indenture Act and Section 6.8, Section 6.9 and Section 6.13, may otherwise deal with the Company
or, if applicable, the Guarantors with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other agent.

Section 6.6. Money Held in Trust.

     Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company or, if applicable,
one or more of the Guarantors.

Section 6.7. Compensation and Reimbursement.

     The Company agrees:

     (a) to pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

     (b) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee

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in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and

     (c) to indemnify each of the Trustee and its officers, directors, agents and employees
for, and to hold it and them harmless against, any loss, liability or expense incurred
without negligence, bad faith or willful misconduct on its or their part, arising out of or
in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself or themselves against any claim or
liability in connection with the exercise or performance of any of its or their powers or
duties hereunder.

     As security for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the payment of the principal of (and premium,
if any) or interest on particular Securities.

     Without limiting any rights available to the Trustee under applicable law, when the Trustee
incurs expenses or renders services in connection with an Event of Default specified in
Section 5.1(e) or Section 5.1(f), the expenses (including the reasonable charges and expenses of
its counsel) and the compensation for the services of the Trustee are intended to constitute
expenses of administration under any applicable Bankruptcy Law.

     The provisions of this Section 6.7 shall survive the resignation or removal of the Trustee and
the termination or satisfaction and discharge of this Indenture and the Legal Defeasance of the
Securities.

Section 6.8. Disqualification; Conflicting Interests.

     Reference is made to Section 310(b) of the Trust Indenture Act. There shall be excluded from
the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture with respect to the
Securities of more than one series.

Section 6.9. Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital
and surplus required by the Trust Indenture Act, subject to supervision or examination by Federal
or State authority. If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. The
Trustee shall not be an obligor upon the Securities or an Affiliate thereof. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article Six.

Section 6.10. Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of Section 6.11.

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     (b) The Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company. If the instrument of acceptance of
appointment by a successor Trustee required by Section 6.11 shall not have been delivered to
the Trustee within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

     (c) The Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series, delivered to the Trustee and to the Company.

     (d) If at any time:

     (i) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture
Act after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Security for at least six months; or

     (ii) the Trustee shall cease to be eligible under Section 6.9 and shall fail to
resign after written request therefor by the Company or by any such Holder; or

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

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (B) subject to Section 5.14, any Holder who has
been a bona fide Holder of a Security for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the
appointment of a successor Trustee or Trustees.

     (e) If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those series (it
being understood that any such successor Trustee may be appointed with respect to the
Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.11. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect
to the Securities of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the Company and
the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of
Section 6.11, become the successor Trustee with respect to the Securities of such series and
to that extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so appointed by the
Company or the Holders and accepted appointment in the manner required by Section 6.11, any
Holder who has been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of
such series.

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     (f) The Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor Trustee
with respect to the Securities of any series to all Holders of Securities of such series in
the manner provided in Section 1.7. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its Corporate Trust
Office.

Section 6.11. Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor Trustee with respect to all
Securities, the successor Trustee so appointed shall execute, acknowledge and deliver to the
Company, the Guarantors (if applicable) and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company, any Guarantor (if applicable) or the successor Trustee,
such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder.

     (b) In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the Guarantors (if applicable),
the retiring Trustee and each successor Trustee with respect to the Securities of one or
more series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts 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, (ii) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts 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 (iii) shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees
of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such
Trustee; and 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, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts 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; but, on request of the Company, any Guarantor (if applicable) or any successor
Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee with respect to the Securities of the series to which the appointment of
such successor relates and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder with respect to the
Securities of such series.

     (c) Upon request of any such successor Trustee, the Company and, if applicable, the
Guarantors shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in
paragraph (a) or (b) of this Section, as the case may be.

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     (d) No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this Article and the
Trust Indenture Act.

Section 6.12. Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article Six, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.

Section 6.13. Preferential Collection of Claims Against Company.

     Reference is made to Section 311 of the Trust Indenture Act. For purposes of Section 311(b)
of the Trust Indenture Act:

     (a) the term “cash transaction” means any transaction in which full payment for goods
or securities sold is made within seven days after delivery of the goods or securities in
currency or in checks or other orders drawn upon banks or bankers and payable upon demand;

     (b) the term “self-liquidating paper” means any draft, bill of exchange, acceptance or
obligation which is made, drawn, negotiated or incurred by the Company or, if applicable,
any Guarantor for the purpose of financing the purchase, processing, manufacturing,
shipment, storage or sale of goods, wares or merchandise and which is secured by documents
evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the
receivables or proceeds arising from the sale of the goods, wares or merchandise previously
constituting the security, provided the security is received by the Trustee simultaneously
with the creation of the creditor relationship with the Company or, if applicable, such
Guarantor arising from the making, drawing, negotiating or incurring of the draft, bill of
exchange, acceptance or obligation.

Section 6.14. Appointment of Authenticating Agent.

     The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Company and shall at all times be a
corporation organized and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $50,000,000 and subject to supervision or
examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or
examining

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authority, then for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time an Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.

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

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

     Except with respect to an Authenticating Agent appointed at the request of the Company or, if
applicable, the Guarantors, the Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section 6.14, and the Trustee shall be
entitled to be reimbursed by the Company or, if applicable, the Guarantors for such payments,
subject to the provisions of Section 6.7.

     If an appointment with respect to one or more series is made pursuant to this Section 6.14,
the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternate certificate of authentication in the following form:

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

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	 	 
	 	 	As Authenticating Agent 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

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ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1. Company to Furnish Trustee Names and Addresses of Holders.

     The Company will furnish or cause to be furnished to the Trustee:

     (a) semi-annually, not more than 15 days after each Regular Record Date for a series of
Securities, a list for such series of Securities, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities of such series as of such
Regular Record Date; and

     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished;

     provided, however, that if and so long as the Trustee shall be the Security Registrar, no such
list need be furnished with respect to such series of Securities.

Section 7.2. Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to the Trustee as
provided in Section 7.1 and the names and addresses of Holders received by the Trustee in
its capacity as Security Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.1 upon receipt of a new list so furnished.

     (b) If three or more Holders (herein referred to as “applicants”) apply in writing to
the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned
a Security for a period of at least six months preceding the date of such application, and
such application states that the applicants desire to communicate with other Holders with
respect to their rights under this Indenture or under the Securities and is accompanied by a
copy of the form of proxy or other communication which such applicants propose to transmit,
then the Trustee shall, within five business days after the receipt of such application, at
its election, either:

     (i) afford such applicants access to the information preserved at the time by
the Trustee in accordance with Section 7.2(a); or

     (ii) inform such applicants as to the approximate number of Holders whose names
and addresses appear in the information preserved at the time by the Trustee in
accordance with Section 7.2(a), and as to the approximate cost of mailing to such
Holders the form of proxy or other communication, if any, specified in such
application.

     If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants, mail to
each Holder whose name and address appear in the information preserved at the time
by the Trustee in accordance with Section 7.2(a) a copy of the form of proxy or
other communication which is specified in such request, with reasonable promptness
after a tender to the Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of mailing, unless within five
days after such tender the Trustee shall mail to such applicants and file with the
SEC, together with a copy of the material to be

48

 

mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interest of the Holders or would be in
violation of applicable law. Such written statement shall specify the basis of such
opinion. If the SEC, after opportunity for a hearing upon the objections specified
in the written statement so filed, shall enter an order refusing to sustain any of
such objections or if, after the entry of an order sustaining one or more of such
objections, the SEC shall find, after notice and opportunity for hearing, that all
the objections so sustained have been met and shall enter an order so declaring, the
Trustee shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise
the Trustee shall be relieved of any obligation or duty to such applicants
respecting their application.

     (c) Every Holder of Securities, by receiving and holding the same, agrees with the
Company, the Guarantors (if applicable) and the Trustee that none of the Company, the
Guarantors (if applicable) nor the Trustee nor any agent of any of them shall be held
accountable by reason of the disclosure of any such information as to the names and
addresses of the Holders in accordance with Section 7.2(b), regardless of the source from
which such information was derived, and that the Trustee shall not be held accountable by
reason of mailing any material pursuant to a request made under Section 7.2(b).

Section 7.3. Reports by Trustee.

     Any Trustee’s report required pursuant to Section 313(a) of the Trust Indenture Act shall be
dated as of May 15, and shall be transmitted within 60 days after May 15 of each year (but in all
events at intervals of not more than 12 months), commencing with the year 20___, by mail to all
Holders, as their names and addresses appear in the Security Register. A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock
exchange upon which any Securities are listed, with the SEC and with the Company. The Company will
notify the Trustee when any Securities are listed on any stock exchange.

Section 7.4. Reports by Company.

     So long as clauses (1), (2) and (3) of Section 314(a) of the Trust Indenture Act (or any
successor provisions of law) are applicable to this Indenture, the Company shall:

     (a) file with 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 may be required to file with the SEC pursuant
to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to
file information, documents or reports pursuant to either of said Sections, then it shall
file with the Trustee and the SEC, in accordance with rules and regulations prescribed from
time to time by the SEC, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Exchange Act in respect of a
security listed and registered on a national securities exchange as may be prescribed from
time to time in such rules and regulations;

     (b) file with the Trustee and the SEC, in accordance with rules and regulations
prescribed from time to time by the SEC, such additional information, documents and reports
with respect to compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and

49

 

     (c) transmit by mail to all Holders, as their names and addresses appear in the
Security Register, within 30 days after the filing thereof with the Trustee, such summaries
of any information, documents and reports required to be filed by the Company pursuant to
clauses (a) and (b) of this Section as may be required by rules and regulations prescribed
from time to time by the SEC.

ARTICLE EIGHT

CONSOLIDATION, AMALGAMATION, MERGER AND SALE

Section 8.1. Company May Consolidate, Etc., Only on Certain Terms.

     The Company shall not consolidate or merge with or into any other Person or sell, convey,
transfer, lease or otherwise dispose of all or substantially all of the properties and assets of
the Company and, if applicable, the Guarantors on a consolidated basis to any other Person unless:

     (a) the Person formed by or surviving any such conversion, consolidation, amalgamation
or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance or other disposition has been made assumes all the obligations of the
Company under the Securities and this Indenture pursuant to agreements reasonably
satisfactory to the Trustee, which may include an indenture supplemental hereto;

     (b) immediately after giving effect to such transaction, no Event of Default, and no
event which, after notice or lapse of time or both, would become an Event of Default, shall
have occurred and be continuing; and

     (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger, conveyance, sale,
transfer or lease and such supplemental indenture, if any, comply with this Article Eight
and that all conditions precedent herein provided for relating to such transaction have been
complied with.

Section 8.2. Successor Substituted.

     Upon any consolidation or merger of the Company with or into any other Person or any sale,
conveyance, transfer, lease or other disposition of all or substantially all of the properties and
assets of the Company and, if applicable, the Guarantors on a consolidated basis in accordance with
Section 8.1, the successor or resulting Person formed by or resulting upon such consolidation or
merger (if other than the Company) or to which such sale, conveyance, transfer, lease or other
disposition is made 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 successor Person had
been named as the Company herein, and thereafter, except in the case of a lease, the predecessor
Company and each of the Guarantors shall be relieved of all obligations and covenants under this
Indenture and the Securities.

ARTICLE NINE

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.1. Without Consent of Holders.

     The Company, the Guarantors and the Trustee may amend or supplement this Indenture, the
Securities Guarantees or the Securities without the consent of any holder of a Security:

50

 

     (a) to cure any ambiguity or defect or to correct or supplement any provision herein
that may be inconsistent with any other provision herein; or

     (b) to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and, to the extent applicable, of
the Securities; or

     (c) to provide for uncertificated Securities in addition to or in place of certificated
Securities; provided that the uncertificated Securities are issued in registered form for
purposes of Section 163(f) of the Code, or in the manner such that the uncertificated
Securities are described in Section 163(f)(2)(B) of the Code; or

     (d) to add a Securities Guarantee and cause any Person to become a Guarantor, and/or to
evidence the succession of another Person to a Guarantor and the assumption by any such
successor of the Securities Guarantee of such Guarantor herein and, to the extent
applicable, endorsed upon any Securities of any series; or

     (e) to secure the Securities of any series; or

     (f) to add to the covenants of the Company such further covenants, restrictions,
conditions or provisions as the Company shall consider to be appropriate for the benefit of
the Holders of all or any series of Securities (and if such covenants, restrictions,
conditions or provisions 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), to make the occurrence, or the occurrence and continuance, of a Default in any such
additional covenants, restrictions, conditions or provisions an Event of Default permitting
the enforcement of all or any of the several remedies provided in this Indenture as herein
set forth, or to surrender any right or power herein conferred upon the Company; provided,
that in respect of any such additional covenant, restriction, condition or provision such
amendment or supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other
defaults), may provide for an immediate enforcement upon such an Event of Default, may limit
the remedies available to the Trustee upon such an Event of Default or may limit the right
of the Holders of a majority in aggregate principal amount of the Securities of such series
to waive such an Event of Default; or

     (g) to make any change to any provision of this Indenture that does not adversely
affect the rights or interests of any Holder of Securities; or

     (h) to provide for the issuance of additional Securities in accordance with the
provisions set forth in this Indenture on the date of this Indenture; or

     (i) to add any additional Defaults or Events of Default in respect of all or any series
of Securities; or

     (j) to add to, change or eliminate any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Securities in bearer
form, registrable or not registrable as to principal, and with or without interest coupons;
or

     (k) to change or eliminate any of the provisions of this Indenture; provided that any
such change or elimination shall become effective only when there is no Security Outstanding
of any

51

 

series created prior to the execution of such amendment or supplemental indenture that
is entitled to the benefit of such provision; or

     (l) to establish the form or terms of Securities of any series as permitted by
Section 2.1 and Section 3.1, including to reopen any series of any Securities as permitted
under Section 3.1; or

     (m) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11(b); or

     (n) to conform the text of this Indenture (and/or any supplemental indenture) or any
debt securities issued thereunder to any provision of a description of such debt securities
appearing in a prospectus, prospectus supplement, offering memorandum or offering circular
to the extent that such provision appears on its face to have been intended to be a verbatim
recitation of a provision of this Indenture (and/or any supplemental indenture) or any debt
securities issued thereunder; or

     (o) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act or under any similar federal statute subsequently enacted, and to add to this Indenture
such other provisions as may be expressly required under the Trust Indenture Act.

     Upon the request of the Company accompanied by a Board Resolution authorizing the execution of
any such amendment or supplemental indenture, and upon receipt by the Trustee of the documents
described in Section 6.3 hereof, the Trustee will join with the Company and any Guarantor in the
execution of any such amendment or supplemental indenture, to make any further appropriate
agreements and stipulations that may be therein contained and to accept the conveyance, transfer,
assignment, mortgage, charge or pledge of any property thereunder, but the Trustee shall not be
obligated to enter into any such amendment or supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

Section 9.2. With Consent of Holders.

     The Company and the Trustee may amend or supplement this Indenture, the Securities Guarantees
and the Securities with the consent of the Holders of a majority in aggregate principal amount of
the Outstanding Securities of each series of Securities affected by such amendment or supplemental
indenture, with each such series voting as a separate class (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for,
Securities) and, subject to Section 5.8 and Section 5.13 hereof, any existing Default or Event of
Default or compliance with any provision of this Indenture, the Securities Guarantees or the
Securities may be waived with respect to each series of Securities with the consent of the Holders
of a majority in principal amount of the Outstanding Securities of such series voting as a separate
class (including consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Securities).

     Upon the request of the Company accompanied by a Board Resolution authorizing the execution of
any such amendment or supplemental indenture, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon
receipt by the Trustee of the documents described in Section 6.3 hereof, the Trustee will join with
the Company and the Guarantors in the execution of such amendment or supplemental indenture unless
such amendment or supplemental indenture directly affects the Trustee’s own rights, duties or
immunities under this Indenture

52

 

or otherwise, in which case the Trustee may in its discretion, but will not be obligated to,
enter into such amendment or supplemental Indenture.

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

     After an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company
will mail to the Holders of Securities affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will
not, however, in any way impair or affect the validity of any such amendment, supplemental
indenture or waiver. Subject to Section 5.8 and Section 5.13 hereof, the application of or
compliance with, either generally or in any particular instance, of any provision of this
Indenture, the Securities or the Securities Guarantees may be waived as to each series of
Securities by the Holders of a majority in aggregate principal amount of the Outstanding Securities
of such series voting as a separate class (including consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Securities). However, without the consent of
each Holder affected, an amendment, supplement or waiver under this Section 9.2 may not (with
respect to any Securities held by a non-consenting Holder):

     (a) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or change the
coin or currency in which any Security or any premium or the interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on or after the
Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or

     (b) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of the Holders of which is required for any such amendment or
supplemental indenture, or the consent of the Holders of which is required for any waiver of
compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences provided for in this Indenture; or

     (c) modify any of the provisions of Section 5.8 or Section 5.13; or

     (d) waive a redemption payment with respect to any Security; provided, however, that
any purchase or repurchase of Securities shall not be deemed a redemption of the Securities;
or

     (e) release any Guarantor from any of its obligations under its Securities Guarantee or
this Indenture, except in accordance with the terms of this Indenture (as amended or
supplemented); or

     (f) make any change in the foregoing amendment and waiver provisions, except to
increase any percentage provided for therein or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby.

     An amendment or supplemental indenture that changes or eliminates any covenant or other
provision of this Indenture that has expressly been included solely for the benefit of one or more
particular series of Securities, or that modifies the rights of the Holders of Securities of such
series with

53

 

respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.

Section 9.3. Execution of Amendments and Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any amendment or supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall
not be obligated to, enter into any such amendment or supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

Section 9.4. Effect of Amendments and Supplemental Indentures.

     Upon the execution of any amendment or supplemental indenture under this Article Nine, this
Indenture shall be modified in accordance therewith, and such amendment or supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

Section 9.5. Conformity with Trust Indenture Act.

     Every amendment or supplemental indenture executed pursuant to this Article Nine shall conform
to the requirements of the Trust Indenture Act as then in effect.

Section 9.6. Reference in Securities to Amendments or Supplemental Indentures.

     Securities of any series authenticated and delivered after the execution of any amendment or
supplemental indenture pursuant to this Article Nine may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such amendment or
supplemental indenture. If the Company shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Company, to any such amendment or
supplemental indenture may be prepared and executed by the Company and authenticated and delivered
by the Trustee in exchange for Outstanding Securities of such series.

ARTICLE TEN

COVENANTS

Section 10.1. Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of and any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.

Section 10.2. Maintenance of Office or Agency.

     The Company will maintain in the United States an office or agency (which may be an office of
the Trustee or Registrar or agent of the Trustee or Registrar) where Securities of each series may
be presented or surrendered for payment and 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 Company will give prompt written notice to the Trustee of
the location, and any

54

 

change in the location, of 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.

     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 such designations. The Company will give prompt written notice
to the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency.

     Except as otherwise specified with respect to a series of Securities as contemplated by
Section 3.1, the Company hereby initially designates the office of the Trustee located at
[                                        ], as the Company’s office or agency for each such purpose for each series of
Securities.

Section 10.3. Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent, with respect to any series of
Securities, it will, on or before each due date of the principal of and any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of and any premium or interest on any Securities of
that series, deposit with a Paying Agent a sum sufficient to pay the principal and any premium or
interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the
Trustee of its action or failure so to act. For purposes of this Section 10.3, should a due
date for principal of and any premium or interest on, or sinking fund payment with respect to any
series of Securities not be on a Business Day, such payment shall be due on the next Business Day
without any interest for the period from the due date until such Business Day.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will:

     (a) hold all sums held by it for the payment of the principal of and any premium or
interest on Securities of that series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

     (b) give the Trustee notice of any Default by the Company (or any other obligor upon
the Securities of that series) in the making of any payment of principal and any premium or
interest on the Securities of that series; and

     (c) at any time during the continuance of any such Default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

     The Company and, if applicable, the Guarantors may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order
direct

55

 

any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying
Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were
held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with respect to such money.

     Subject to any applicable escheat or abandoned property laws, any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
of and any premium or interest on any Security of any series and remaining unclaimed for one year
after such principal, premium or interest has become due and payable shall be paid to the Company
on Company Request, or (if then held by the Company) shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
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 money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid to the Company.

Section 10.4. Existence.

     Subject to Article Eight, the Company and, if any Securities of a series to which Article
Fourteen has been made applicable are Outstanding, each Guarantor will do or cause to be done all
things necessary to preserve and keep in full force and effect its existence, rights (charter and
statutory) and franchises; provided, however, that the Company and, if applicable, each Guarantor
shall not be required to preserve any such right or franchise if the Board of Directors shall
determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company or such
Guarantor, as the case may be.

Section 10.5. Statement by Officers as to Default.

     Annually, within 150 days after the close of each fiscal year beginning with the first fiscal
year during which one or more series of Securities are Outstanding, the Company and, if any
Securities of a series to which Article Fourteen has been made applicable are Outstanding, each
Guarantor will deliver to the Trustee a brief certificate (which need not include the statements
set forth in Section 1.3) from the principal executive officer, principal financial officer or
principal accounting officer of the Company and, if applicable, such Guarantor as to his or her
knowledge of the Company’s or such Guarantor’s, as the case may be, compliance (without regard to
any period of grace or requirement of notice provided herein) with all conditions and covenants
under this Indenture and, if the Company or such Guarantor, as the case may be, shall be in
Default, specifying all such Defaults and the nature and status thereof of which such officer has
knowledge.

ARTICLE ELEVEN

REDEMPTION OF SECURITIES

Section 11.1. Applicability of Article.

     Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Securities of any series) in accordance with this Article Eleven.

56

 

Section 11.2. Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Securities of any
series, the Company shall, at least 15 days prior to the last date for the giving of notice of such
redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date and of the principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities (a) prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company
that is subject to a condition specified in the terms of the Securities of the series to be
redeemed, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance
with such restriction or condition.

Section 11.3. Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed (unless all of the Securities
of such series and of a specified tenor are to be redeemed), the particular Securities to be
redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from
the Outstanding
Securities of such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for redemption of portions
(equal to the minimum authorized denomination for Securities of that series or any integral
multiple thereof) of the principal amount of Securities of such series of a denomination larger
than the minimum authorized denomination for Securities of that series.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed. If the Securities of any series to be redeemed consist of Securities
having different dates on which the principal is payable or different rates of interest, or
different methods by which interest may be determined or have any other different tenor or terms,
then the Company may, by written notice to the Trustee, direct that the Securities of such series
to be redeemed shall be selected from among the groups of such Securities having specified tenor or
terms and the Trustee shall thereafter select the particular Securities to be redeemed in the
manner set forth in the preceding paragraph from among the group of such Securities so specified.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been
or is to be redeemed.

Section 11.4. Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

     All notices of redemption shall state:

     (a) the Redemption Date;

     (b) the Redemption Price, or if not then ascertainable, the manner of calculation
thereof;

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     (c) if less than all the Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts) of the
particular Securities to be redeemed;

     (d) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date;

     (e) the place or places where such Securities are to be surrendered for payment of the
Redemption Price; and

     (f) that the redemption is for a sinking fund, if such is the case.

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by
the Company or, at the Company’s request, by the Trustee in the name and at the expense of the
Company.

Section 11.5. Deposit of Redemption Price.

     Prior to any 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 10.3) an amount of money sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.

Section 11.6. Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. 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 interest to the Redemption Date; provided, however,
that unless otherwise specified with respect to Securities of any series as contemplated in Section
3.1, installments of interest the Stated Maturity of which is on or prior to the Redemption Date
shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant record dates according to their terms
and the provisions of Section 3.7.

     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 from the
Redemption Date at the rate prescribed therefor in the Security.

Section 11.7. Securities Redeemed in Part.

     Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, 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 his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and tenor, of any authorized denomination as requested by
such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

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ARTICLE TWELVE

SINKING FUNDS

Section 12.1. Applicability of Article.

     The provisions of this Article Twelve shall be applicable to any sinking fund for the
retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1
for Securities of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series.

Section 12.2. Satisfaction of Sinking Fund Payments with Securities.

     The Company (a) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (b) may apply as a credit Securities of a series which have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; provided that such Securities have not been
previously so credited. Such Securities shall be received and credited for such purpose by the
Trustee at the Redemption Price specified in such Securities for redemption through operation of
the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

Section 12.3. Redemption of Securities for Sinking Fund.

     Not less than 45 days prior to each sinking fund payment date for any series of Securities
(unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the
Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting Securities of that series pursuant to Section 12.2 and stating the basis
for such credit and that such Securities have not been previously so credited, and will also
deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Section 11.6 and Section 11.7.

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ARTICLE THIRTEEN

DEFEASANCE

Section 13.1. Option to Effect Legal Defeasance or Covenant Defeasance.

     The Company may, at the option of its Board of Directors evidenced by a Board Resolution, and
at any time, elect to have either Section 13.2 or Section 13.3 hereof be applied to all outstanding
Securities upon compliance with the conditions set forth below in this Article Thirteen.

Section 13.2. Legal Defeasance and Discharge.

     Upon the Company’s exercise under Section 13.1 hereof of the option applicable to this Section
13.2, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 13.4 hereof, be deemed to have been discharged from their obligations with
respect to all outstanding Securities (including the Securities Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and
discharged the entire Debt represented by the outstanding Securities (including the Securities
Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section
13.5 hereof and the other sections of this Indenture referred to in clauses (a) and (b) below, and
to have satisfied all their other obligations under such Securities, the Securities Guarantees 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 will survive
until otherwise terminated or discharged hereunder:

     (a) the rights of Holders of Outstanding Securities to receive payments in respect of
the principal of, or interest or premium, if any, on, such Securities when such payments are
due from the trust referred to in Section 13.4 hereof;

     (b) the Company’s obligations with respect to such Securities under Section 3.4,
Section 3.5, Section 3.6, Section 10.2 and Section 10.3 hereof;

     (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s and the Guarantors’ obligations in connection therewith; and

     (d) this Article Thirteen.

     Subject to compliance with this Article Thirteen, the Company may exercise its option under
this Section 13.2 notwithstanding the prior exercise of its option under Section 13.3 hereof.

Section 13.3. Covenant Defeasance.

     Upon the Company’s exercise under Section 13.1 hereof of the option applicable to this Section
13.3, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 13.4 hereof, be released from each of their obligations under the covenants
contained in Section 7.4, Section 8.1 and Section 10.4 hereof as well as any Additional Defeasible
Provisions (such release and termination hereinafter referred to as “Covenant Defeasance”), and the
Securities will thereafter be deemed not “outstanding” for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with
such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Securities will not be deemed outstanding for accounting purposes). For
this purpose, Covenant Defeasance means that, with respect to the outstanding Securities and
Securities Guarantees, the

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Company and the Guarantors may fail to comply with and will 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 failure to comply
will not constitute a Default or an Event of Default under Section 5.1 hereof, but, except as
specified above, the remainder of this Indenture and such Securities and Securities Guarantees will
be unaffected thereby. In addition, upon the Company’s exercise under Section 13.1 hereof of the
option applicable to this Section 13.3 hereof, subject to the satisfaction of the conditions set
forth in Section 13.4 hereof, any Event of Default that constitutes an Additional Defeasible
Provision will no longer constitute an Event of Default.

Section 13.4. Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 13.2
or Section 13.3 hereof:

     (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the Securities, cash in U.S. dollars, non-callable U.S. Government
Obligations, or a combination of cash in U.S. dollars and non-callable U.S. Government
Obligations, in such amounts as will be sufficient, in the opinion of a nationally
recognized investment bank, appraisal firm, or firm of independent public accountants, to
pay the principal of, and interest and premium, if any, on, the Outstanding Securities on
the stated date for payment thereof or on the applicable redemption date, as the case may
be, and the Company must specify whether the Securities are being defeased to such stated
date for payment or to a particular redemption date;

     (b) in the case of an election under Section 13.2 hereof, the Company must deliver to
the Trustee an Opinion of Counsel confirming that:

     (i) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling; or

     (ii) since the Issue Date, 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 will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal Defeasance
and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not
occurred;

     (c) in the case of an election under Section 13.3 hereof, the Company must deliver to
the Trustee an Opinion of Counsel confirming that the Holders of the Outstanding Securities
will not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

     (d) no Default or Event of Default shall have occurred and be continuing 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);

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     (e) the deposit must not result in a breach or violation of, or constitute a default
under, any other instrument to which the Company or any Guarantor is a party or by which the
Company or any Guarantor is bound;

     (f) such Legal Defeasance or Covenant Defeasance must 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;

     (g) the Company must deliver to the Trustee an Officer’s Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders of Securities
over the other creditors of the Company with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company or others;

     (h) the Company must deliver to the Trustee an Officer’s Certificate stating that all
conditions precedent set forth in clauses (a) through (f) of this Section 13.4 have been
complied with; and

     (i) the Company must deliver to the Trustee an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions, qualifications and exclusions) stating that
all conditions precedent set forth in clauses (b), (c) and (f) of this Section 13.4 have
been complied with.

Section 13.5. Deposited Money and U.S. Government Obligations to be Held in Trust, Other
Miscellaneous Provisions.

     Subject to Section 13.6 hereof, all money and non-callable U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 13.5, the “Trustee”) pursuant to Section 13.4 hereof in
respect of the Outstanding Securities will be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee
may determine, to the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.

     The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section 13.4 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.

     Notwithstanding anything in this Article Thirteen to the contrary, the Trustee will deliver or
pay to the Company from time to time upon the request of the Company any money or non-callable U.S.
Government Obligations held by it as provided in Section 13.4 hereof which, in the opinion of a
nationally recognized investment bank, appraisal firm or firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 13.4(a) 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.

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Section 13.6. Repayment .

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or premium, if any, or interest on any Security and
remaining unclaimed for two years after such principal, premium, if any, or interest has become due
and payable shall be paid to the Company on its request or (if then held by the Company) will be
discharged from such trust; and the Holder of such Security will thereafter be permitted to look
only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, will 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 money remains unclaimed and that,
after a date specified therein, which will not be less than 30 days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Company.

Section 13.7. Reinstatement .

     If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable
U.S. Government Obligations in accordance with Section 13.2 or Section 13.3 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 and the Guarantors’
obligations under this Indenture and the Securities and the Securities Guarantees will be revived
and reinstated as though no deposit had occurred pursuant to Section 13.2 or Section 13.3 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 13.2 or Section 13.3 hereof, as the case may be; provided, however, that, if the
Company makes any payment of principal of or premium, if any, or interest on any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of
such Securities to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE FOURTEEN

GUARANTEE OF SECURITIES

Section 14.1. Securities Guarantee.

     (a) Subject to the other provisions of this Article Fourteen, each of the Guarantors
hereby jointly and severally guarantees to each Holder of a Security of each series to which
this Article Fourteen has been made applicable as provided in Section 3.1(t) (the Securities
of such series being referred to herein as the “Guaranteed Securities”) (which Security has
been authenticated and delivered by the Trustee), and to the Trustee and its successors and
assigns, irrespective of the validity and enforceability of this Indenture, the Guaranteed
Securities, or the obligations of the Company hereunder or thereunder, that:

     (i) the principal of and premium, if any, and interest on the Guaranteed
Securities will be promptly paid in full when due, whether at maturity, or by
acceleration, redemption or otherwise, and interest on the overdue principal of and
interest on the
Guaranteed Securities, if any, if lawful, and all other obligations of the
Company to the Holders of Guaranteed Securities, or the Trustee hereunder or
thereunder, will be promptly paid in full or performed, all in accordance with the
terms hereof and thereof; and

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     (ii) in case of any extension of time of payment or renewal of any Guaranteed
Securities or any of such other obligations, that same will be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise.

Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee
of collection.

     (b) To the extent permissible under applicable law, the obligations of the Guarantors
under this Securities Guarantee are unconditional, irrespective of the validity, regularity
or enforceability of the Guaranteed Securities or this Indenture, the absence of any action
to enforce the same, any waiver or consent by any Holder of the Guaranteed Securities with
respect to any provisions hereof or thereof, the recovery of any judgment against the
Company, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. To the extent
permitted by applicable law, each Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Company, any right to require a proceeding first against the Company, protest, notice and
all demands whatsoever and covenants that this Securities Guarantee will not be discharged
except by complete performance of the obligations contained in the Guaranteed Securities and
this Indenture.

     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Company or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Securities Guarantee, to the extent theretofore discharged,
will be reinstated in full force and effect.

     (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby. Each Guarantor further agrees that, to the
extent permitted by applicable law, as between the Guarantors, on the one hand, and the
Holders of Guaranteed Securities and the Trustee, on the other hand, (i) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the
purposes of this Securities Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of such obligations as provided in
Article Five hereof, such obligations (regardless of whether due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Securities Guarantee. The
Guarantors will have the right to seek contribution from any non-paying Guarantor so long as
the exercise of such right does not impair the rights of the Holders under the Securities
Guarantee.

Section 14.2. Limitation on Guarantor Liability.

     Each Guarantor, and by its acceptance of Guaranteed Securities, each Holder thereof, hereby
confirms that it is the intention of all such parties that the Securities Guarantee of such
Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the
Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or
State law to the extent applicable to any Securities Guarantee. To effectuate the foregoing
intention, the Trustee, to the extent permitted under applicable law, the Holders and each
Guarantor hereby irrevocably agree that the

64

 

obligations of such Guarantor will be limited to the
maximum amount that will, after giving effect to such maximum amount and all other contingent and
fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to
any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article Fourteen,
result in the obligations of such Guarantor under its Securities Guarantee not constituting a
fraudulent transfer or conveyance.

Section 14.3. Execution and Delivery of Securities Guarantee Notation.

     To evidence its Securities Guarantee set forth in Section 14.1 hereof, each Guarantor hereby
agrees that a notation of such Securities Guarantee substantially in the form set forth in Section
2.3 or established in or pursuant to a Board Resolution or in an indenture supplemental hereto, in
accordance with the provisions of Section 2.1, will be endorsed by an officer of such Guarantor on
each Guaranteed Security authenticated and delivered by the Trustee and that this Indenture will be
executed on behalf of such Guarantor by one of its officers.

     Each Guarantor hereby agrees that its Securities Guarantee set forth in Section 14.1 hereof
will remain in full force and effect notwithstanding any failure to endorse on each Guaranteed
Security a notation of such Securities Guarantee.

     If an officer whose signature is on this Indenture or on the Securities Guarantee no longer
holds that office at the time the Trustee authenticates the Guaranteed Security on which a
Securities Guarantee is endorsed, the Securities Guarantee will be valid nevertheless.

     The delivery of any Guaranteed Security by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Securities Guarantee of such Guaranteed Security set
forth in this Indenture on behalf of the Guarantors.

* * *

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     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

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

	 	 	 	 	 	 	 
	 	 	ROWAN COMPANIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL
ASSOCIATION,

as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:

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