Document:

exv4w1

Exhibit 4.1

Execution Copy

EASTMAN KODAK COMPANY,

the GUARANTORS party hereto

and

THE BANK OF NEW YORK MELLON,

as Trustee and Second Lien Collateral Agent

INDENTURE

Dated as of March 5, 2010

9.75% Senior Secured Notes due March 1, 2018

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	 	1	 
	Section 1.01
	 	Definitions
	 	 	1	 
	Section 1.02
	 	Other Definitions
	 	 	30	 
	Section 1.03
	 	Rules of Construction
	 	 	31	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 2 THE NOTES	 	 	32	 
	Section 2.01
	 	Form, Dating and Denominations; Legends
	 	 	32	 
	Section 2.02
	 	Execution and Authentication; Additional Notes
	 	 	33	 
	Section 2.03
	 	Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust
	 	 	34	 
	Section 2.04
	 	Replacement of Notes
	 	 	34	 
	Section 2.05
	 	Outstanding Notes
	 	 	34	 
	Section 2.06
	 	Temporary Notes
	 	 	35	 
	Section 2.07
	 	Cancellation
	 	 	35	 
	Section 2.08
	 	CUSIP and CINS Numbers
	 	 	36	 
	Section 2.09
	 	Registration, Transfer and Exchange
	 	 	36	 
	Section 2.10
	 	Restrictions on Transfer and Exchange
	 	 	39	 
	Section 2.11
	 	Temporary Offshore Global Notes
	 	 	41	 
	Section 2.12
	 	Title and Terms
	 	 	42	 
	Section 2.13
	 	Persons Deemed Owners
	 	 	42	 
	Section 2.14
	 	Payment of Interest Rights Preserved
	 	 	42	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 3 REDEMPTION; OFFER TO PURCHASE	 	 	44	 
	Section 3.01
	 	Optional Redemption
	 	 	44	 
	Section 3.02
	 	Redemption with Proceeds of Public Equity Offering
	 	 	44	 
	Section 3.03
	 	Other Redemptions
	 	 	44	 
	Section 3.04
	 	Method and Effect of Redemption
	 	 	45	 
	Section 3.05
	 	Offer to Purchase
	 	 	46	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 4 COVENANTS	 	 	49	 
	Section 4.01
	 	Payment of Notes
	 	 	49	 
	Section 4.02
	 	Maintenance of Office or Agency
	 	 	49	 
	Section 4.03
	 	Money for Payments to Be Held in Trust
	 	 	50	 
	Section 4.04
	 	Financial Reports
	 	 	51	 
	Section 4.05
	 	Certificates to Trustee
	 	 	52	 
	Section 4.06
	 	Limitation on Debt and Disqualified or Preferred Stock
	 	 	52	 
	Section 4.07
	 	Limitation on Restricted Payments
	 	 	56	 

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TABLE OF CONTENTS
(Continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	 	 	 
	 	 	 	 
	Section
4.08
	 	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	 	 	60	 
	Section 4.09
	 	Limitation on Asset Sales
	 	 	62	 
	Section 4.10
	 	Limitation on Transactions with Affiliates
	 	 	64	 
	Section 4.11
	 	Limitation on Liens
	 	 	66	 
	Section 4.12
	 	Repurchase of Notes upon a Change of Control
	 	 	66	 
	Section 4.13
	 	Limitation on Line of Business
	 	 	66	 
	Section 4.14
	 	Limited Applicability of Covenants when Notes are Rated Investment-Grade
	 	 	67	 
	Section 4.15
	 	Existence
	 	 	68	 
	Section 4.16
	 	Payment of Taxes and Other Claims
	 	 	68	 
	Section 4.17
	 	Maintenance of Properties and Insurance
	 	 	68	 
	Section 4.18
	 	Additional Note Guaranties
	 	 	69	 
	Section 4.19
	 	Designation of Restricted and Unrestricted Subsidiaries
	 	 	69	 
	Section 4.20
	 	Further Assurances; Collateral Inspections
	 	 	71	 
	 	 	 	 	 	 
	ARTICLE 5 CONSOLIDATION, MERGER OR SALE OF ASSETS	 	 	72	 
	Section 5.01
	 	Consolidation, Merger or Sale of Assets by the Company
	 	 	72	 
	Section 5.02
	 	Consolidation, Merger or Sale of Assets by a Guarantor
	 	 	73	 
	Section 5.03
	 	Opinion of Counsel to Trustee
	 	 	74	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 6 REMEDIES	 	 	74	 
	Section 6.01
	 	Events of Default
	 	 	74	 
	Section 6.02
	 	Acceleration
	 	 	76	 
	Section 6.03
	 	Other Remedies
	 	 	76	 
	Section 6.04
	 	Waiver of Past Defaults
	 	 	77	 
	Section 6.05
	 	Control by Majority
	 	 	77	 
	Section 6.06
	 	Limitation on Suits
	 	 	77	 
	Section 6.07
	 	Rights of Holders to Receive Payment
	 	 	78	 
	Section 6.08
	 	Collection Suit by Trustee
	 	 	78	 
	Section 6.09
	 	Trustee May File Proofs of Claim
	 	 	78	 
	Section 6.10
	 	Priorities
	 	 	79	 
	Section 6.11
	 	Undertaking for Costs
	 	 	79	 
	Section 6.12
	 	Restoration of Rights and Remedies
	 	 	79	 
	Section 6.13
	 	Rights and Remedies Cumulative
	 	 	80	 
	Section 6.14
	 	Waiver of Stay, Extension or Usury Laws
	 	 	80	 
	Section 6.15
	 	Delay or Omission Not Waiver
	 	 	80	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 7 THE TRUSTEE	 	 	80	 
	Section 7.01
	 	Certain Duties and Responsibilities
	 	 	80	 

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TABLE OF CONTENTS
(Continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	 	 	 
	 	 	 	 
	Section 7.02
	 	Notice of Defaults
	 	 	81	 
	Section 7.03
	 	Certain Rights of Trustee
	 	 	82	 
	Section 7.04
	 	Not Responsible for Recitals or Issuance of Notes
	 	 	83	 
	Section 7.05
	 	Trustee’s Disclaimer
	 	 	83	 
	Section 7.06
	 	May Hold Notes
	 	 	84	 
	Section 7.07
	 	Money Held in Trust
	 	 	84	 
	Section 7.08
	 	Compensation and Reimbursement
	 	 	84	 
	Section 7.09
	 	Conflicting Interests
	 	 	84	 
	Section 7.10
	 	Corporate Trustee Required; Eligibility
	 	 	85	 
	Section 7.11
	 	Resignation and Removal; Appointment of Successor
	 	 	85	 
	Section 7.12
	 	Acceptance of Appointment by Successor
	 	 	86	 
	Section 7.13
	 	Merger, Conversion, Consolidation or Succession to Business
	 	 	87	 
	Section 7.14
	 	Preferential Collection of Claims Against the Company
	 	 	87	 
	Section 7.15
	 	Appointment of Authenticating Agent
	 	 	87	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 8 HOLDERS’ LIST AND REPORTS BY THE TRUSTEE AND THE COMPANY	 	 	88	 
	Section 8.01
	 	The Company to Furnish Trustee Names and Addresses of Holders; Stock Exchange Listing
	 	 	88	 
	Section 8.02
	 	Preservation of Information; Communications to Holders
	 	 	88	 
	Section 8.03
	 	Reports by Trustee
	 	 	89	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 9 AMENDMENT, SUPPLEMENT OR WAIVER	 	 	89	 
	Section 9.01
	 	Without Consent of the Holders
	 	 	89	 
	Section 9.02
	 	With Consent of Holders
	 	 	90	 
	Section 9.03
	 	Effect of Consent
	 	 	91	 
	Section 9.04
	 	Trustee’s Rights and Obligations
	 	 	92	 
	Section 9.05
	 	Conformity With Trust Indenture Act
	 	 	92	 
	Section 9.06
	 	Payments for Consents
	 	 	92	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 10 DEFEASANCE AND DISCHARGE	 	 	92	 
	Section 10.01
	 	Discharge of Company’s Obligations
	 	 	92	 
	Section 10.02
	 	Legal Defeasance
	 	 	93	 
	Section 10.03
	 	Covenant Defeasance
	 	 	94	 
	Section 10.04
	 	Application of Trust Money
	 	 	95	 
	Section 10.05
	 	Repayment to Company
	 	 	95	 
	Section 10.06
	 	Reinstatement
	 	 	95	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 11 NOTE GUARANTIES	 	 	96	 
	Section 11.01
	 	The Guarantees
	 	 	96	 

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TABLE OF CONTENTS
(Continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	 	 	 
	 	 	 	 
	Section 11.02
	 	Guarantee Unconditional
	 	 	96	 
	Section 11.03
	 	Discharge; Reinstatement
	 	 	97	 
	Section 11.04
	 	Waiver by the Guarantors
	 	 	97	 
	Section 11.05
	 	Subrogation and Contribution
	 	 	97	 
	Section 11.06
	 	Stay of Acceleration
	 	 	97	 
	Section 11.07
	 	Limits of Guarantees
	 	 	97	 
	Section 11.08
	 	Execution and Delivery of Note Guaranty
	 	 	98	 
	Section 11.09
	 	Release of Note Guaranty
	 	 	98	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 12 SECURITY INTEREST	 	 	99	 
	Section 12.01
	 	Grant of Security Interest
	 	 	99	 
	Section 12.02
	 	Release of Security Interest
	 	 	100	 
	Section 12.03
	 	Documents to be Delivered Prior to Release of Security Interest
	 	 	102	 
	Section 12.04
	 	Pledge of
Additional Collateral; Etc.
	 	 	102	 
	Section 12.05
	 	Second Lien Collateral Agent
	 	 	103	 
	Section 12.06
	 	Replacement of Second Lien Collateral Agent
	 	 	103	 
	Section 12.07
	 	Collateral Trust Agreement
	 	 	103	 
	Section 12.08
	 	Agreement for the Benefit of Holders of First-Priority Liens
	 	 	103	 
	Section 12.09
	 	Notes and Note Guaranties Not Subordinated
	 	 	104	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 13 MISCELLANEOUS	 	 	104	 
	Section 13.01
	 	Trust Indenture Act of 1939
	 	 	104	 
	Section 13.02
	 	Noteholder Communications
	 	 	105	 
	Section 13.03
	 	Notices
	 	 	105	 
	Section 13.04
	 	Certificate and Opinion as to Conditions Precedent
	 	 	106	 
	Section 13.05
	 	Statements Required in Certificate or Opinion
	 	 	106	 
	Section 13.06
	 	Payment Date Other Than a Business Day
	 	 	107	 
	Section 13.07
	 	Governing Law; Submission to Jurisdiction
	 	 	107	 
	Section 13.08
	 	No Adverse Interpretation of Other Agreements
	 	 	107	 
	Section 13.09
	 	Successors
	 	 	107	 
	Section 13.10
	 	Duplicate Originals
	 	 	107	 
	Section 13.11
	 	Separability
	 	 	108	 
	Section 13.12
	 	Table of Contents and Headings
	 	 	108	 
	Section 13.13
	 	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders
	 	 	108	 
	Section 13.14
	 	Acts of Holders; Record Dates
	 	 	108	 
	Section 13.15
	 	Waiver of Jury Trial
	 	 	110	 
	Section 13.16
	 	Force Majeure
	 	 	110	 

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TABLE OF CONTENTS
(Continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	 	 	 
	 	 	 	 
	EXHIBIT A	 	Form of Note
	 	 	 	 
	EXHIBIT B	 	Form of Supplemental Indenture
	 	 	 	 
	EXHIBIT C	 	Restricted Legend
	 	 	 	 
	EXHIBIT D	 	DTC Legend
	 	 	 	 
	EXHIBIT E	 	OID Legend
	 	 	 	 
	EXHIBIT F	 	Rule 144A Certificate
	 	 	 	 
	EXHIBIT G	 	Certificate of Beneficial Ownership
	 	 	 	 
	EXHIBIT H	 	Temporary Offshore Global Note Legend
	 	 	 	 
	EXHIBIT I	 	Regulation S Certificate
	 	 	 	 

-v-

 

     INDENTURE, dated as of March 5, 2010 (as amended, supplemented or otherwise modified from
time to time, this “Indenture”), among EASTMAN KODAK COMPANY, a New Jersey corporation (as further
defined herein, the “Company”), the Guarantors party hereto and The Bank of New York Mellon, as
trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Second Lien Collateral Agent”).

RECITALS

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of up to $500,000,000 aggregate principal amount of the Company’s 9.75% Senior Secured
Notes due March 1, 2018, and, if and when issued, any Additional Notes (as defined below) as
provided in this Indenture (the “Notes”). All things necessary to make this Indenture a valid
agreement of the Company, in accordance with its terms, have been done, and the Company has done
all things necessary to make the Notes (and in the case of any Additional Notes, when duly
authorized), when executed by the Company and authenticated and delivered by the Trustee and duly
issued by the Company, the valid obligations of the Company as hereinafter provided.

     In addition, the Guarantors party hereto have duly authorized the execution and delivery of
this Indenture as guarantors of the Notes. All things necessary to make this Indenture a valid
agreement of each Guarantor, in accordance with its terms, have been done, and each Guarantor has
done all things necessary to make the Note Guaranties, when the Notes are executed by the Company
and authenticated and delivered by the Trustee and duly issued by the Company, the valid
obligations of such Guarantor as hereinafter provided.

     This Indenture is subject to, and will be governed by, the provisions of the Trust Indenture
Act that are required to be a part of and govern indentures qualified under the Trust Indenture Act
except as set forth herein.

THIS INDENTURE WITNESSETH: 

     For and in consideration of the premises and the purchase of the Notes by the Holders (as
defined herein) thereof, the parties hereto covenant and agree, for the equal and proportionate
benefit of all Holders, as follows:

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     Section 1.01 Definitions.

     “Acquired Debt” means Debt of a Person existing at the time the Person merges with or into or
becomes a Restricted Subsidiary and not Incurred in connection with, or in contemplation of, the
Person merging with or into or becoming a Restricted Subsidiary.

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     “Additional Assets” means any long-term assets or other assets or inventory that are used or
useful in a Permitted Business.

     “Additional Notes” means any Notes issued under this Indenture in addition to the Initial
Notes having the same terms in all respects as the Initial Notes, except that interest may accrue
on the Additional Notes from their date of issuance, and any Notes issued in replacement thereof.

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

     “Agent” means any Registrar, Paying Agent or Authenticating Agent.

     “Agent Member” means a member of, or a participant in, the Depositary.

     “Asset Sale” means any sale, lease, transfer or other disposition (including a Sale and
Leaseback Transaction) of any assets by the Company or any Restricted Subsidiary, including by
means of a merger, consolidation or similar transaction and including any sale or issuance of the
Equity Interests of any Restricted Subsidiary (each of the above referred to as a “disposition”),
provided that the following are not included in the definition of “Asset Sale”:

          (1) a disposition to the Company or a Restricted Subsidiary, including the sale or issuance by
the Company or any Restricted Subsidiary of any Equity Interests of any Restricted Subsidiary to
the Company or any Restricted Subsidiary;

          (2) (x) the disposition by the Company or any Restricted Subsidiary of cash and Cash
Equivalents and (y) the disposition by the Company or any Restricted Subsidiary in the ordinary
course of business of (i) inventory and other assets acquired and held for resale in the ordinary
course of business, (ii) damaged, worn out, surplus or obsolete assets and (iii) rights granted to
others pursuant to leases or licenses (including licenses or sublicenses of intellectual property);

          (3) the sale or discount of accounts receivable arising in the ordinary course of business in
connection with the compromise or collection thereof;

          (4) a transaction subject to Section 5.01;

          (5) a Restricted Payment permitted under Section 4.07 or a Permitted Investment;

-2-

 

          (6) the issuance of Disqualified or Preferred Stock pursuant to Section 4.06;

          (7) dispositions of accounts receivable and related assets by or to a Securitization
Subsidiary in connection with a Permitted Receivables Financing;

          (8) any disposition in a transaction or series of related transactions of assets with a Fair
Market Value of less than $25,000,000;

          (9) any Event of Loss; provided that the Net Cash Proceeds in respect thereof shall be deemed
Net Cash Proceeds of an Asset Sale for purposes of Section 4.09 to the extent that the Net Cash
Proceeds of such Event of Loss exceed $25,000,000;

          (10) the granting of any option or other right to purchase, lease or otherwise acquire
inventory in the ordinary course of business;

          (11) the issuance of Equity Interests of Restricted Subsidiaries that are directors’
qualifying shares or local ownership shares;

          (12) the creation of any Lien permitted by this Indenture;

          (13) the settlement, waiver, release or surrender of claims or litigation rights of any kind
(including any settlement with respect to claims involving intellectual property rights); and

          (14) any sale of property to the lessor thereof in connection with a Capital Lease.

     “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 7.15 to
act on behalf of the Trustee to authenticate Notes of one or more series.

     “Average Life” means, with respect to any Debt, the quotient obtained by dividing (i) the sum
of the products of (x) the number of years from the date of determination to the dates of each
successive scheduled principal payment of such Debt and (y) the amount of such principal payment by
(ii) the sum of all such principal payments. For purposes of this definition, a principal payment
will be deemed to be scheduled on any date such payment is required pursuant to any mandatory
redemption or repurchase provision (but excluding any provision providing for the redemption or
repurchase of such security at the option of the holder thereof upon the happening of any
contingency beyond the control of the issuer unless such contingency has occurred).

     “Board of Directors” means:

          (a) with respect to a corporation, the board of the directors of the corporation or a duly
authorized committee thereof;

-3-

 

          (b) with respect to a partnership, the board of directors of the general partner or a duly
authorized committee of such partnership or general partner serving a similar function; and

          (c) with respect to any other Person, the board or committee of such Person serving a similar
function.

     “Borrowing Base Amount” means the sum of (a) 85% of the gross book value of the accounts
receivable of the Company and its Restricted Subsidiaries as to which the account debtor is
organized under, or has its principal place of business or substantially all of its assets located
in, the United States of America or Canada plus (b) 65% of the gross book value of the inventory of
the Company and its Restricted Subsidiaries that is located in the United States of America or
Canada plus (c) 50% of the net book value of the real property of the Company and its Restricted
Subsidiaries that is located in the United States of America plus (d) 75% of the net book value of
the equipment of the Company and its Restricted Subsidiaries that is located in the United States
of America (in each case as of the most recent quarter end, pro forma to give effect to any
acquisition or disposition of a Person, division or line of business subsequent thereto and prior
to the date of determination).

     “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
in The City of New York are authorized by law to close.

     “Capital Lease” means, with respect to any Person, any lease of any property which, in
conformity with GAAP, is required to be capitalized on the balance sheet of such Person.

     “Capital Stock” means, with respect to any Person, any and all shares of stock of a
corporation, partnership interests or other equivalent interests (however designated, whether
voting or non-voting) in such Person’s equity, entitling the holder to receive a share of the
profits and losses, and a distribution of assets, after liabilities, of such Person.

     “Cash Equivalents” means

          (1) United States dollars, or money in other currencies;

          (2) U.S. Government Obligations, or certificates representing an ownership interest in U.S.
Government Obligations, with maturities not exceeding one year from the date of acquisition;

          (3) (i) demand deposits, (ii) time deposits and certificates of deposit with maturities of one
year or less from the date of acquisition, (iii) bankers’ acceptances with maturities not exceeding
one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any bank
or trust company organized or licensed under the laws of the United States of America or any state
thereof having capital, surplus and undivided profits in excess of

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$500 million whose short-term
debt is rated “A-2” (or the then equivalent grade) or higher by S&P or “P-2” (or the then
equivalent grade) or higher by Moody’s;

          (4) repurchase obligations with a term of not more than seven days for underlying securities
of the type described in clauses (2) and (3) above entered into with any financial institution
meeting the qualifications specified in clause (3) above;

          (5) commercial paper rated at least P-1 (or the then equivalent grade) by Moody’s or A-1 (or
the then equivalent grade) by S&P and maturing within 270 days after the date of acquisition;

          (6) money market funds at least 95% of the assets of which consist of investments of the type
described in clauses (1) through (5) above and (7) below; and

          (7) substantially similar investments, of comparable credit quality, denominated in the
currency of any jurisdiction in which the Company or any of its Subsidiaries conducts business.

     “Certificate of Beneficial Ownership” means a certificate substantially in the form of Exhibit
G.

     “Certificated Note” means a Note in registered individual form without interest coupons.

     “CFC” means a “controlled foreign corporation” as defined in the Code.

     “Change of Control” means:

          (1) the merger or consolidation of the Company with or into another Person or the merger of
another Person with or into the Company, or the sale of all or substantially all the assets of the
Company and its Subsidiaries, taken as a whole, to another Person, unless holders of the Voting
Stock of the Company, immediately prior to such transaction, hold securities of the surviving or
transferee Person that represent, immediately after such transaction, at least a majority of the
aggregate voting power of the Voting Stock of the surviving Person;

          (2) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d)
of the Exchange Act) is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under
the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting
Stock of the Company;

          (3) during any period of up to 24 consecutive months, commencing before or after the Issue
Date, individuals who at the beginning of such 24 consecutive month period constituted the board of
directors of the Company, together with any new directors whose election by the board of directors
or whose nomination for election by the stockholders of the Company was approved, either by a
specific vote or by approval of a proxy statement issued by

-5-

 

the Company on behalf of its entire
board of directors in which such individual is named as a nominee for director, by a majority of
the directors then still in office who were either directors or whose election or nomination for
election was previously so approved, cease for any reason to constitute a majority of the board of
directors of the Company then in office; or

          (4) the adoption of a plan relating to the liquidation or dissolution of the Company.

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

     “Collateral” means, collectively, all assets or property (including Equity Interests) in which
Liens are purported to be granted pursuant to the Security Agreements as security for the
obligations of the Company and the Guarantors under the Notes and the Note Guaranties.

     “Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of the Issue Date,
among the Company, the Subsidiaries of the Company party thereto, the Trustee and The Bank of New
York Mellon, as collateral agent, as amended, restated, supplemented or otherwise modified from
time to time.

     “Company” means Eastman Kodak Company, a New Jersey corporation, and any successor in interest
thereto.

     “Company Request,” “Company Order” and “Company Consent” mean, respectively, a written
request, order or consent signed in the name of the Company by an Officer.

     “Consolidated Net Income” means, for any period, the aggregate net income (or loss) of the
Company and its Restricted Subsidiaries for such period determined on a consolidated basis in
conformity with GAAP, provided that the following (without duplication) will be excluded in
computing Consolidated Net Income:

          (1) the net income (but not loss) of any Person that is not a Restricted Subsidiary, except to
the extent of the lesser of

               (x) the dividends or other distributions actually paid in cash to the Company or any of its
Restricted Subsidiaries (subject to clause (3) below) by such Person during such period, and

               (y) the Company’s pro rata share of such Person’s net income earned during such period;

          (2) any net income (or loss) of any Person acquired in a pooling of interests transaction for
any period prior to the date of such acquisition;

-6-

 

          (3) the net income (but not loss) of any Restricted Subsidiary to the extent that the
declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such
net income would not have been permitted for the relevant period by charter or by any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such
Restricted Subsidiary;

          (4) any net after-tax extraordinary gains or losses;

          (5) any net after-tax non-cash goodwill impairment charges;

          (6) any net after-tax income (or loss) from the early extinguishment of Debt; and

          (7) any net after-tax income (or loss) from Hedging Agreements until such income (or loss) is
actually realized (at which time such income (or loss) shall be included).

     In calculating the aggregate net income (or loss) of the Company and its Restricted
Subsidiaries on a consolidated basis, income attributable to Unrestricted Subsidiaries will be
excluded altogether.

     “Corporate Trust Office” means the principal office of the Trustee, at which at any particular
time its corporate trust business shall be administered, which office on the Issue Date is located
at 101 Barclay Street, 8W, New York, New York, 10286, Attention: Corporation Trust Administration,
or such other address as the Trustee may designate from time to time by notice to the Holders and
the Company, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Holders and the
Company).

     “Credit Agreement” means the amended and restated credit agreement, dated as of March 31,
2009, among the Company, Kodak Canada, Inc., the lenders party thereto, Citicorp USA, Inc., as
agent, and the other agents an arrangers party thereto, together with any related documents
(including any security documents and guarantee agreements), as such agreement or related documents
may be amended, restated, modified, supplemented, extended, renewed, refinanced or replaced or
substituted from time to time.

     “Credit Facilities” means one or more (i) credit agreements (including the Credit Agreement)
or debt facilities to which the Company and/or one or more of its Restricted Subsidiaries is party
from time to time, in each case with banks, investment banks, insurance companies, mutual funds,
institutional investors or any other lenders or (ii) indentures, in each case, providing for
revolving credit loans, term loans, debt securities, bankers acceptances, receivables financing
(including through the sale of receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables), swing-line or commercial paper or letters of
credit or note facilities, in each case as such agreements or

-7-

 

facilities may be amended, restated,
modified or supplemented from time to time, including any agreement refinancing the Credit
Agreement, whether in the bank or debt capital markets or otherwise (or combination thereof)
(including increasing the amount of available borrowings thereunder or adding Subsidiaries as
additional borrowers or guarantors thereunder).

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

          (1) all indebtedness of such Person for borrowed money;

          (2) all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments;

          (3) all obligations of such Person in respect of letters of credit, bankers’ acceptances or
other similar instruments, excluding obligations in respect of trade letters of credit, bankers’
acceptances or similar instruments issued in respect of trade payables to the extent not drawn upon
or presented, or, if drawn upon or presented, the resulting obligation of the Person is paid within
10 Business Days;

          (4) all obligations of such Person to pay the deferred and unpaid purchase price of property
or services which are recorded as liabilities under GAAP, excluding accounts payable arising in the
ordinary course of business;

          (5) all obligations of such Person as lessee under Capital Leases;

          (6) all Debt of other Persons Guaranteed by such Person to the extent so Guaranteed;

          (7) all Debt of other Persons secured by a Lien on any asset of such Person, whether or not
such Debt is assumed by such Person;

          (8) the amount of all Permitted Receivables Financings of such Person; and

          (9) all obligations of such Person under Hedging Agreements,

if and only to the extent the items (other than letters of credit and obligations referred to in
clauses (5), (6), (7), (8) and (9) above) would appear as a liability on a balance sheet in
accordance with GAAP.

     The amount of Debt of any Person will be deemed to be:

          (A) with respect to contingent obligations, the maximum liability upon the occurrence of the
contingency giving rise to the obligation;

-8-

 

          (B) with respect to Debt secured by a Lien on an asset of such Person but not otherwise the
obligation, contingent or otherwise, of such Person, the lesser of (x) the Fair Market Value of
such asset on the date the Lien attached and (y) the amount of such Debt;

          (C) with respect to any Debt issued with original issue discount, the face amount of such Debt
less the remaining unamortized portion of the original issue discount of such Debt;

          (D) with respect to any Hedging Agreement, the net amount payable if such Hedging Agreement
terminated at that time due to default by such Person;

          (E) with respect to any Permitted Receivables Financing, (1) the aggregate principal or stated
amount of the Debt, fractional undivided interests (which stated amount may be described as a “net
investment” or similar term reflecting the amount invested in such undivided interest) or other
securities incurred or issued pursuant to such Permitted Receivables Financing, in each case
outstanding at such time, or (2) in the case of any Permitted Receivables Financing in respect of
which no such Debt, fractional undivided interests or securities are incurred or issued, the cash
purchase price paid by the buyer (other than any Securitization Subsidiary) in connection with its
purchase of Receivables less the amount of collections received by the Company or any Subsidiary in
respect of such Receivables and paid to such buyer, excluding any amounts applied to purchase fees
or discount or in the nature of interest; and

          (F) otherwise, the outstanding principal amount thereof.

     In no event shall the term “Debt” include (a) any indebtedness under any overdraft or cash
management facilities so long as any such indebtedness is repaid in full no later than ten Business
Days following the date on which it was incurred or in the case of such indebtedness in respect of
credit or purchase cards, within 60 days of its incurrence, (b) obligations in respect of
performance, appeal or other surety bonds or completion guarantees or in respect of reimbursement
obligations for undrawn letters of credit, bankers’ guarantees or bankers’ acceptances (whether or
not secured by a Lien), each incurred in the ordinary course of business and not as a part of a
financing transaction, (c) any liability for Federal, state, local or other taxes, (d) any balances
that constitute accrued expenses, accounts payable or trade payables in the ordinary course of
business, (e) any obligations in respect of a lease properly classified as an operating lease in
accordance with GAAP or (f) any customer deposits or advance payments received in the ordinary
course of business.

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

     “Depositary” means DTC, its nominees and successors.

-9-

 

     “Designated Non-Cash Consideration” means consideration which (x) is not cash or Cash
Equivalents received by the Company or a Restricted Subsidiary or (y) is not received by the
Company or a Restricted Subsidiary at the closing of such Asset Sale that is so designated as
Designated Non-Cash Consideration by the Company, setting forth the Fair Market Value thereof as
determined in good faith by the Company and the basis of such calculation.

     “Disqualified Equity Interests” means Equity Interests that by their terms or upon the
happening of any event are

          (1) required to be redeemed or redeemable at the option of the holder prior to the Stated
Maturity of the Notes for consideration other than Qualified Equity Interests, or

          (2) convertible at the option of the holder into Disqualified Equity Interests or exchangeable
for Debt;

provided that Equity Interests will not constitute Disqualified Equity Interests solely because of
provisions giving holders thereof the right to require repurchase or redemption upon an “asset
sale” or “change of control” occurring prior to the Stated Maturity of the Notes if those
provisions specifically state that repurchase or redemption pursuant thereto will not be required
prior to the Company’s repurchase of the Notes as required by this Indenture.

     “Disqualified Stock” means Capital Stock constituting Disqualified Equity Interests.

     “Domestic Restricted Subsidiary” means any Domestic Subsidiary that is a Restricted
Subsidiary.

     “Domestic Subsidiary” means any Subsidiary formed under the laws of the United States of
America or any jurisdiction thereof.

     “DTC” means The Depository Trust Company, a New York corporation, and its successors.

     “DTC Legend” means the legend set forth in Exhibit D.

     “EBITDA” means, for any period, the sum of

          (1) Consolidated Net Income, plus

          (2) Fixed Charges, to the extent deducted in calculating Consolidated Net Income, plus

          (3) to the extent deducted in calculating Consolidated Net Income and as determined on a
consolidated basis for the Company and its Restricted Subsidiaries in conformity with GAAP and
without duplication:

-10-

 

               (A) income taxes, other than income taxes or income tax adjustments (whether positive or
negative) attributable to extraordinary gains or losses; and

               (B) depreciation, amortization and all other non-cash items reducing Consolidated Net Income
(other than any such non-cash items in a period which reflect cash payments made or to be made in
another period), less all non-cash items increasing Consolidated Net Income (other than any such
non-cash items in a period that will result in a cash receipt or a reduction in a cash payment in
another period); plus

          (4) without duplication, net after-tax non-recurring losses (minus any net after-tax
non-recurring gains), to the extent reducing Consolidated Net Income, plus

          (5) without duplication, the amount of any restructuring charges deducted (and not added back)
in such period in computing Consolidated Net Income.

     “Enforcement Action” means the exercise of the First Lien Agent’s rights and remedies in
respect of the collateral securing the First-Priority Lien Obligations pursuant to the
First-Priority Documents.

     “Equal and Ratable Assets” means, collectively, (i) each Principal Property and (ii) all
Equity Interests and all indebtedness of each 1988 Indenture Restricted Subsidiary; provided, in
each case, that any such asset shall constitute an “Equal and Ratable Asset” only for so long as,
and to the extent that, the granting of a security interest in or a Lien thereon would trigger an
obligation on the part of the Company or any Subsidiary, pursuant to Section 1010 of the 1988
Indenture as in effect on the Issue Date, to equally and ratably secure any securities issued
pursuant to the 1988 Indenture that are subject to the provisions of such section.

     “Equity Interests” means all Capital Stock and all warrants or options with respect to, or
other rights to purchase, Capital Stock, but excluding Debt convertible into equity.

     “Equity Offering” means an offering, after the Issue Date, of Qualified Stock of the Company
pursuant to an effective registration statement under the Securities Act or pursuant to a
transaction exempt from the registration requirements of the Securities Act, other than an issuance
registered on Form S-4 or S-8 or any successor thereto or any issuance pursuant to employee benefit
plans or otherwise in compensation to officers, directors or employees.

     “Event of Loss” means, with respect to any property or asset (tangible or intangible, real or
personal), any of the following:

          (1) any loss, destruction or damage of such property or asset;

          (2) any institution of any proceeding for the condemnation or seizure of such property or
asset or for the exercise of any right of eminent domain;

-11-

 

          (3) any actual condemnation, seizure or taking by exercise of the power of eminent domain or
otherwise of such property or asset, or confiscation of such property or asset or the requisition
of the use of such property or asset; or

          (4) any settlement in lieu of the matters described in clauses (2) or (3) above.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules and
regulations promulgated thereunder.

     “Excluded Property” has the meaning given to such term in the Security Agreement entered into
on the Issue Date.

     “Excluded Subsidiary” means (i) any Immaterial Subsidiary, (ii) any Subsidiary of a Foreign
Subsidiary, (iii) any 1988 Indenture Restricted Subsidiary and (iv) any Securitization Subsidiary.

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

     “First Lien Agent” means the agent under the Credit Agreement and any other collateral agent
for any First-Priority Lien Obligations.

     “First Lien Secured Parties” has the meaning set forth in the Intercreditor Agreement.

     “First-Priority Documents” means the Credit Agreement, any additional agreement or instrument
evidencing any First-Priority Lien Obligation, any guarantee of the obligations under any of the
foregoing and any security document securing any of the foregoing.

     “First-Priority Lien Obligations” has the meaning assigned to such term in clause (2) under
“Permitted Liens.”

     “First-Priority Liens” means all Liens that secure the First-Priority Lien Obligations.

     “Fixed Charge Coverage Ratio” means, on any date (the “transaction date”), the ratio of

          (x) the aggregate amount of EBITDA for the four fiscal quarters immediately prior to the
transaction date for which internal financial statements are available (the “reference period”) to

          (y) the aggregate Fixed Charges during such reference period, excluding (i) amortization of
debt issuance costs and (ii) non-cash interest on (A) the 2017 Senior Secured Notes that exists by
virtue of the allocation of a portion of the net proceeds thereof to the

-12-

 

warrants issued by the
Company simultaneously with the issuance of the 2017 Senior Secured Notes in accordance with GAAP
and (B) any convertible or exchangeable notes that exists by virtue of the bifurcation of the debt
and equity components of such convertible or exchangeable notes in accordance with GAAP.

     In making the foregoing calculation,

          (1) pro forma effect will be given to any Debt, Disqualified Stock or Preferred Stock Incurred
during or after the reference period to the extent the Debt, Disqualified Stock or Preferred Stock
is outstanding or is to be Incurred on the transaction date as if the Debt, Disqualified Stock or
Preferred Stock had been Incurred on the first day of the reference period;

          (2) pro forma calculations of interest on Debt bearing a floating interest rate will be made
as if the rate in effect on the transaction date (taking into account any Hedging Agreement
applicable to the Debt if the Hedging Agreement has a remaining term of at least 12 months) had
been the applicable rate for the entire reference period;

          (3) Fixed Charges related to any Debt, Disqualified Stock or Preferred Stock no longer
outstanding or to be repaid or redeemed on the transaction date, except for Interest Expense
accrued during the reference period under a revolving credit to the extent of the commitment
thereunder (or under any successor revolving credit) in effect on the transaction date, will be
excluded;

          (4) pro forma effect will be given to

               (A) the creation, designation or redesignation of Restricted and Unrestricted Subsidiaries,

               (B) the acquisition or disposition of companies, divisions or lines of businesses by the
Company and its Restricted Subsidiaries, including any acquisition or
disposition of a company, division or line of business since the beginning of the reference
period by a Person that became a Restricted Subsidiary after the beginning of the reference
period, and

               (C) the discontinuation of any discontinued operations but, in the case of Fixed Charges, only
to the extent that the obligations giving rise to the Fixed Charges will not be obligations of the
Company or any Restricted Subsidiary following the transaction date

that have occurred since the beginning of the reference period as if such events had occurred, and,
in the case of any disposition, the proceeds thereof applied, on the first day of the reference
period. To the extent that pro forma effect is to be given to an acquisition or disposition of a
company, division or line of business, the pro forma calculation will be based upon the most recent
four full fiscal quarters for which the relevant financial information is available.

     “Fixed Charges” means, for any period, the sum of

-13-

 

          (1) Interest Expense for such period; and

          (2) the product of

          (x) (i) cash and non-cash dividends paid on any Disqualified Stock or Preferred Stock of the
Company or a Restricted Subsidiary plus (ii) without duplication, declared, accrued or accumulated
on any Disqualified Stock of the Company or a Restricted Subsidiary, in each case except for
dividends payable in the Company’s Qualified Stock or paid to the Company or to a Restricted
Subsidiary, and

          (y) a fraction, the numerator of which is one and the denominator of which is one minus the
sum of the currently effective combined Federal, state, local and foreign tax rate applicable to
the Company and its Restricted Subsidiaries.

     “Foreign Restricted Subsidiary” means any Restricted Subsidiary that is a Foreign Subsidiary.

     “Foreign Subsidiary” means a Subsidiary that is a CFC or a Subsidiary all or substantially all
of the assets of which are Foreign Subsidiaries, and any Subsidiary which would be a CFC except for
any alternate classification under Treasury Regulation 301.7701-3, or any successor provisions to
the foregoing.

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect as of the Issue Date. Except as otherwise specifically provided for herein, all
calculations made for purposes of determining compliance with the terms of the provisions of this
Indenture shall utilize GAAP as in effect on such date.

     “Global Note” means a Note in registered global form without interest coupons.

     “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the
generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such
Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Debt or other obligation of such other Person (whether arising by virtue of partnership
arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to
take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for
purposes of assuring in any other manner the obligee of such Debt or other obligation of the
payment thereof or to protect such obligee against loss in respect thereof, in whole or in part;
provided that the term “Guarantee” does not include endorsements for collection or deposit in the
ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.

     “Guarantor” means (i) each Wholly-Owned Domestic Restricted Subsidiary that Guarantees the
Notes on the Issue Date and (ii) each other Wholly-Owned Domestic Restricted

-14-

 

Subsidiary that
executes a supplemental indenture providing for the guaranty of the payment of the Notes, or any
successor obligor under its Note Guaranty pursuant to Section 5.02, in each case unless and until
such Guarantor is released from its Note Guaranty pursuant to this Indenture.

     “Hedging Agreement” means (i) any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement or other agreement designed to manage fluctuations in interest rates
or (ii) any foreign exchange forward contract, currency swap agreement, currency option or other
agreement designed to manage fluctuations in foreign exchange rates or (iii) any commodity or raw
material futures contract, commodity option agreement, commodity swap agreement or any other
agreement designed to manage fluctuations in commodity raw material (as defined under the Commodity
Exchange Act) prices; provided, that solely for purposes of the definition of “Secured Agreement”,
the term “Hedging Agreement” shall mean any interest rate, currency or commodity swap, cap or
collar agreements, interest rate, currency or commodity future or option contracts and other
similar agreements.

     “Holder” with respect to any Note, means the registered holder thereof.

     “Immaterial Subsidiary” means any Subsidiary that (i) has not Guaranteed any other Debt of the
Company or any of its Subsidiaries (other than Permitted Credit Facility Debt) and (ii) together
with its Subsidiaries, has total assets (determined in accordance with GAAP but excluding any
intercompany receivables from the Company or a Guarantor) of less than $10,000,000, in each case as
of the as last day of the fiscal year most recently ended.

     “Incur” means, with respect to any Debt or Capital Stock, to incur, create, issue, assume or
Guarantee such Debt or Capital Stock. If any Person becomes a Restricted Subsidiary on any date
after the date of this Indenture (including by redesignation of an Unrestricted Subsidiary or
failure of an Unrestricted Subsidiary to meet the qualifications necessary to remain an
Unrestricted Subsidiary), the Debt and Capital Stock of such Person outstanding on such date will
be deemed to have been Incurred by such Person on such date for purposes of Section 4.06, but will
not be considered the sale or issuance of Equity Interests for purposes of Section 4.09. The
accretion of original issue discount or payment of interest in kind will not be considered an
Incurrence of Debt.

     “Initial Notes” means the Notes issued on the Issue Date and any Notes issued in replacement
thereof.

     “Initial Purchasers” means the initial purchasers party to a purchase agreement with the
Company relating to the sale by the Company of the Initial Notes or any Additional Notes.

     “Intercreditor Agreement” means, collectively, (i) the Intercreditor Agreement, dated as of
the Issue Date, among the Second Lien Collateral Agent, the First Lien Agent, the Company and each
Guarantor, as such agreement may be amended, restated, supplemented or

-15-

 

otherwise modified from time
to time, and (ii) any other Intercreditor Agreement entered into by the Second Lien Collateral
Agent (on terms not less favorable to the Holders) with any First Lien Agent.

     “Interest Expense” means, for any period, the consolidated interest expense of the Company and
its Restricted Subsidiaries, plus, to the extent not included in such consolidated interest
expense, and to the extent incurred, accrued or payable by the Company or its Restricted
Subsidiaries, without duplication, (i) amortization of debt discount and debt issuance costs (other
than any such amortization resulting from the issuance of the Notes or any other Debt Incurred on
or prior to the Issue Date), (ii) capitalized interest, (iii) non-cash interest expense (excluding
non-cash interest expense attributable to required marking-to-market of obligations under Hedging
Agreements or other derivative instruments in accordance with GAAP), (iv) commissions, discounts
and other fees and charges owed with respect to letters of credit, bankers’ acceptances and similar
instruments, (v) net payments, if any, made (less net payments, if any, received) pursuant to
Hedging Agreements (including the amortization of fees), (vi) any of the above expenses with
respect to Debt of another Person Guaranteed by the Company or any of its Restricted Subsidiaries
to the extent of such expenses accruing after such Guarantee is called upon and (vii) any premiums,
fees, discounts, expenses and losses on the sale of accounts receivable (and any amortization
thereof) payable by the Company or any Restricted Subsidiary in connection with a Permitted
Receivables Financing, and any yields or other charges or other amounts comparable to, or in the
nature of, interest payable by the Company or any Restricted Subsidiary under any Permitted
Receivables Financing, as determined on a consolidated basis and in accordance with GAAP.

     “Interest Payment Date” means each March 1 and September 1 of each year, commencing September
1, 2010.

     “Investment” means

          (1) any advance, loan or other extension of credit to another Person,

          (2) any capital contribution to another Person, by means of any transfer of cash or other
property or in any other form,

          (3) any purchase or acquisition of Equity Interests, bonds, notes or other Debt, or other
instruments or securities issued by another Person, including the receipt of any of the above as
consideration for the disposition of assets or rendering of services, or

          (4) any Guarantee of any obligation of another Person.

     If the Company or any Restricted Subsidiary (x) sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary so that, after giving effect to that sale
or disposition, such Person is no longer a Subsidiary of the Company, or (y) designates any

-16-

 

Restricted Subsidiary as an Unrestricted Subsidiary in accordance with the provisions of this
Indenture, all remaining Investments of the Company and the Restricted Subsidiaries in such Person
shall be deemed to have been made at such time.

     “Investment Grade” designates a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s
(or the equivalent of such ratings from any rating agency that has been substituted for S&P or
Moody’s in accordance with the definition of “Rating Agencies”).

     “Issue Date” means the date on which the Initial Notes are originally issued under this
Indenture.

     “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including any conditional sale or other title retention agreement or Capital Lease).

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

     “Net Cash Proceeds” means, with respect to any Asset Sale or Event of Loss, the proceeds of
such Asset Sale or Event of Loss in the form of cash (including (i) payments in respect of deferred
payment obligations to the extent corresponding to, principal, but not interest, when received in
the form of cash, (ii) proceeds from the conversion of other consideration received when converted
to cash and (iii) insurance proceeds and condemnation awards), net of

          (1) brokerage commissions and other fees and expenses related to such Asset Sale or Event of
Loss, including fees and expenses of counsel, accountants and investment bankers;

          (2) provisions for taxes paid or payable as a result of such Asset Sale or Event of Loss
(taking into account any available tax credits or deductions);

          (3) payments required to be made (i) to holders of minority interests in Restricted
Subsidiaries as a result of such Asset Sale or Event of Loss (except to the extent that the
applicable property or assets constitute Collateral) or (ii) to repay Debt outstanding at the time
of such Asset Sale or Event of Loss that is secured by a Lien on the property or assets sold or
subject to the Event of Loss (except, with respect to property or assets constituting Collateral,
to the extent that the Lien securing the applicable Debt ranks equal or junior in priority to the
Lien securing the notes or the applicable Note Guaranty); and

          (4) appropriate amounts to be provided as a reserve against liabilities associated with such
Asset Sale or Event of Loss, including pension and other post-employment benefit liabilities,
liabilities related to environmental matters and indemnification obligations associated with such
Asset Sale or Event of Loss, with any subsequent reduction of the reserve
other than by payments made and charged against the reserved amount to be deemed a receipt of
cash.

-17-

 

     “1988 Indenture” means the indenture dated as of January 1, 1988 between the Company and The
Bank of New York (predecessor in interest to The Bank of New York Mellon), as trustee, as amended
or supplemented from time to time.

     “1988 Indenture Restricted Subsidiary” means a “Restricted Subsidiary” as defined in the 1988
Indenture as in effect on the Issue Date; provided, that a Subsidiary shall constitute a 1988
Indenture Restricted Subsidiary only for so long as, and to the extent that, the granting of a
security interest in or a Lien on the assets, shares of stock or indebtedness of such Subsidiary
would trigger an obligation on the part of the Company or any Subsidiary, pursuant to Section 1010
of the 1988 Indenture as in effect on the Issue Date, to equally and ratably secure any securities
issued pursuant to the 1988 Indenture that are subject to the provisions of such section.

     “Non-Recourse Debt” means Debt as to which neither the Company nor any Restricted Subsidiary
provides any Guarantee and as to which the providers thereof have been notified in writing, or have
otherwise agreed, that they will not have any recourse to the stock or assets of the Company or any
Restricted Subsidiary other than the specific asset securing such Debt.

     “Notes” has the meaning assigned to such term in the Recitals.

     “Note Guaranty” means the guaranty of the Notes by a Guarantor pursuant to this Indenture.

     “Obligations” means, with respect to any Debt, all obligations (whether in existence on the
Issue Date or arising afterwards, absolute or contingent, direct or indirect) for or in respect of
principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase
pursuant to a mandatory offer to purchase, or otherwise), premium, interest, penalties, fees,
indemnification, reimbursement and other amounts payable and liabilities with respect to such Debt,
including all interest accrued or accruing after the commencement of any bankruptcy, insolvency or
reorganization or similar case or proceeding at the contract rate (including, without limitation,
any contract rate applicable upon default) specified in the relevant documentation, whether or not
the claim for such interest is allowed as a claim in such case or proceeding.

     “Officer” means, with respect to the Company, the Company’s president, chief executive
officer, chief financial officer or treasurer.

     “Officer’s Certificate” means a certificate signed in the name of the Company by an Officer.

     “Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to
Regulation S.

     “OID Legend” means the legend set forth in Exhibit E.

-18-

 

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

     “Paying Agent” refers to any Person authorized by the Company to perform on behalf of the
Company the Company’s obligations in respect of payments to be made to Holders in respect of the
Notes.

     “Permanent Offshore Global Note” means an Offshore Global Note that does not bear the
Temporary Offshore Global Note Legend.

     “Permitted Business” means any of the businesses in which the Company and its Restricted
Subsidiaries are engaged on the Issue Date, and any business reasonably related, incidental,
complementary or ancillary thereto.

     “Permitted Investments” means:

          (1) any Investment in the Company or in a Restricted Subsidiary of the Company;

          (2) any Investment in Cash Equivalents;

          (3) any Investment by the Company or any Subsidiary of the Company in a Person, if as a result
of such Investment,

               (A) such Person becomes a Restricted Subsidiary of the Company, or

               (B) such Person is merged or consolidated with or into, or transfers or conveys substantially
all its assets to, or is liquidated into, the Company or a Restricted Subsidiary;

          (4) Investments received as non-cash consideration in an Asset Sale made pursuant to and in
compliance with Section 4.09; provided, that any such Investments received in an Asset Sale in
exchange for Collateral shall be pledged as Collateral;

          (5) any Investment acquired solely in exchange for Qualified Stock of the Company;

          (6) Hedging Agreements otherwise permitted under this Indenture;

          (7) (i) receivables owing to the Company or any Restricted Subsidiary if created or acquired
in the ordinary course of business, (ii) Cash Equivalents or other liquid or portfolio securities
pledged as collateral pursuant to Section 4.11, (iii) endorsements for collection or deposit in the
ordinary course of business, and (iv) securities, instruments or other obligations received in
compromise or settlement of debts created in the ordinary course of

-19-

 

business, or by reason of a
composition or readjustment of debts or reorganization of another Person, or in satisfaction of
disputes, claims or judgments;

          (8) Investments in Unrestricted Subsidiaries in an aggregate amount, taken together with all
other Investments made in reliance on this clause, not to exceed $100,000,000 (net of, with respect
to the Investment in any particular Person, the cash return thereon received after the Issue Date
as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash
realization (not included in Consolidated Net Income), not to exceed the amount of Investments in
such Person made after the Issue Date in reliance on this clause);

          (9) payroll, travel and other loans or advances to, or Guarantees issued to support the
obligations of, officers and employees, in each case in the ordinary course of business, not in
excess of $25,000,000 outstanding at any time;

          (10) extensions of credit to or on behalf of customers, distributors and suppliers in the
ordinary course of business;

          (11) Investments arising as a result of any Permitted Receivables Financing;

          (12) Investments existing on the Issue Date and Investments purchased or received in exchange
for any such Investment (which initial Investment is not otherwise permitted under any other clause
of this definition); provided, that any additional consideration provided by the Company or any
Restricted Subsidiary in any such exchange is permitted pursuant to another clause of this
definition;

          (13) Investments in any other Person in an aggregate amount not to exceed $300,000,000 (net
of, with respect to the Investment in any particular Person made pursuant to this clause, the cash
return thereon received after the Issue Date as a result of any sale for cash, repayment,
redemption, liquidating distribution or other cash realization (not included in Consolidated Net
Income) not to exceed the amount of such Investments made after the Issue Date in reliance on this
clause);

          (14) lease, utility, workers’ compensation, unemployment insurance, performance and other
deposits made in the ordinary course of business;

          (15) Investments consisting of the purchase or acquisition of inventory, supplies, materials
and equipment in the ordinary course of business;

          (16) prepaid expenses and negotiable instruments held for collection in the ordinary course of
business;

          (17) Investments in Persons domiciled in, or substantially all of the assets of which are
located in, the People’s Republic of China in an aggregate amount not to exceed $100,000,000 (net
of, with respect to the Investment in any particular Person made pursuant to

-20-

 

this clause, the cash
return thereon received after the Issue Date as a result of any sale for cash, repayment,
redemption, liquidating distribution or other cash realization (not included in Consolidated Net
Income) not to exceed the amount of such Investments made after the Issue Date in reliance on this
clause);

          (18) Investments received in settlement of claims against another Person in connection with
(A) a bankruptcy proceeding against such Person, (B) accounts receivable arising from or trade
credit granted to, in the ordinary course of business, a financially troubled account debtor and
(C) disputes regarding intellectual property rights; and

          (19) Guarantees of Debt permitted to be Incurred under Section 4.06.

     “Permitted Liens” means

          (1) Liens existing on the Issue Date (other than Liens securing Obligations under the Credit
Agreement);

          (2) Liens on the Collateral and Liens on assets of Excluded Subsidiaries that are not
Guarantors securing:

               (A) the Notes (other than Additional Notes), the Note Guaranties and other Obligations under
this Indenture and in respect thereof and any obligations owing to the Trustee or the Second Lien
Collateral Agent under this Indenture or the Security Agreements;

               (B) (1) Debt Incurred under clause (i) of the definition of Permitted Debt (and all
Obligations incurred, issued or arising under such secured credit facilities that permit borrowings
not in excess of the limit set forth in such clause (i)) and (2) Obligations of the Company and its
Subsidiaries under Hedging Agreements and other agreements, including in respect of (x) treasury
management services provided by and (y) letters of credit issued by, entered into with lenders
under the Debt referred to in the preceding clause (1) or their affiliates (so long as such Persons
remain lenders (or affiliates thereof) after entry into such agreements or arrangements) in an
aggregate amount for this clause (2) not to exceed the sum of (a) the excess, if any, of the amount
of Debt permitted to be Incurred under clause (i) of the definition of Permitted Debt over the
amount of Debt actually Incurred under clause (i) of the definition of Permitted Debt plus (b)
$100,000,000, which Liens incurred under this clause (B) may, subject to the limitations set forth
in the Intercreditor Agreement, be on a first-lien priority basis compared to the liens securing
the Notes and the other Obligations referred to in the preceding clause (A) on the terms set forth
in the Intercreditor Agreement (collectively and as limited by such limitations, “First-Priority
Lien Obligations”);

               (C) Debt (including Additional Notes) the proceeds of which are used substantially
simultaneously to repay, redeem, repurchase, refinance or refund, including by way of defeasance,
the 2013 Senior Notes; provided, that any such Liens incurred pursuant to this

-21-

 

clause (C) shall be
on all or a portion of the Collateral and shall have the same priority with respect to the
Collateral as the Liens securing the Notes and the Note Guaranties and shall be subordinated to the
Liens on the Collateral that secure the First-Priority Lien Obligations on the terms set forth in
the Intercreditor Agreement;

          (3) pledges or deposits under worker’s compensation laws, unemployment insurance laws or
similar legislation, or good faith deposits in connection with bids, tenders, contracts or leases,
or to secure public or statutory obligations, surety bonds, customs duties and
the like, or for the payment of rent, in each case incurred in the ordinary course of business
and not securing Debt;

          (4) Liens imposed by law, such as landlords’, suppliers’, carriers’, vendors’, warehousemen’s,
materialmen’s, workmen’s, repairman’s and mechanics’ liens, in each case for sums not yet due or
being contested in good faith and by appropriate proceedings;

          (5) Liens in respect of taxes and other governmental assessments and charges, levies or claims
which are not yet due or which are being contested in good faith and by appropriate proceedings;

          (6) Liens securing reimbursement obligations with respect to letters of credit that encumber
documents and other property relating to such letters of credit and the proceeds thereof;

          (7) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of
others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning or other restrictions as to the use of real property, not
interfering in any material respect with the conduct of the business of the Company and its
Restricted Subsidiaries;

          (8) licenses or leases or subleases as licensor, lessor or sublessor of any of its property,
including intellectual property, in the ordinary course of business, and any interest of
co-sponsors, co-owners or co-developers of intellectual property;

          (9) customary Liens in favor of trustees and escrow agents, and netting and setoff rights,
banker’s liens and the like in favor of financial institutions and counterparties to financial
obligations and instruments, including Hedging Agreements;

          (10) Liens on assets pursuant to merger agreements, stock or asset purchase agreements and
similar agreements in respect of the disposition of assets subject thereto;

          (11) options, put and call arrangements, rights of first refusal and similar rights relating
to Investments in joint ventures, partnerships and the like;

-22-

 

          (12) judgment liens, and Liens securing appeal bonds or letters of credit issued in support of
or in lieu of appeal bonds, so long as no Event of Default then exists under Section 6.01(6);

          (13) Liens incurred in the ordinary course of business not securing Debt and not in the
aggregate materially detracting from the value of the properties or their use in the operation of
the business of the Company and its Restricted Subsidiaries;

          (14) Liens (including the interest of a lessor under a Capital Lease) on property that secure
Debt Incurred for the purpose of financing or refinancing all or any part of the purchase price or
cost of construction or improvement of such property and which attach within
365 days after the date of such purchase or the completion of construction or improvement
(including Liens securing Acquired Debt of the type described in this clause (14); provided that
such Debt was permitted to be incurred under this Indenture);

          (15) Liens on property or shares of Capital Stock of a Person at the time such Person becomes
a Subsidiary of the Company, provided such Liens were not created in contemplation thereof and do
not extend to any other property of the Company or any Restricted Subsidiary;

          (16) Liens on property at the time the Company or any of the Restricted Subsidiaries acquires
such property, including any acquisition by means of a merger or consolidation with or into the
Company or a Restricted Subsidiary of such Person, provided such Liens were not created in
contemplation thereof and do not extend to any other property of the Company or any Restricted
Subsidiary;

          (17) Liens on accounts receivable and related assets and proceeds thereof arising in
connection with a Permitted Receivables Financing in accordance with Section 4.06(b)(xv);

          (18) Liens on assets of Foreign Restricted Subsidiaries securing Debt of such Foreign
Restricted Subsidiaries or other obligations of such Foreign Restricted Subsidiaries permitted
under this Indenture;

          (19) extensions, renewals or replacements of any Liens referred to in clauses (1), (2)(a),
(2)(c), (14), (15) or (16) in connection with the refinancing of the obligations secured thereby,
provided that (x) such Lien does not extend to any other property and, except as contemplated by
the definition of “Permitted Refinancing Debt”, the amount secured by such Lien is not increased
and (y) in the case of Liens on Collateral, such Lien has the same or lower priority as the Lien
being extended, renewed or replaced;

          (20) Liens on Equal and Ratable Assets so long as the Notes have been secured equally and
ratably with (or, if the obligation to be secured by the Lien is subordinated in right of

-23-

 

payment
to the Notes or any Note Guaranty, prior to) the obligations so secured for so long as such
obligations are so secured;

          (21) Liens securing obligations in an aggregate amount not to exceed $25,000,000 at any time
outstanding;

          (22) Liens securing Debt or other obligations of the Company or any Guarantor owing to the
Company or another Guarantor;

          (23) Liens arising from precautionary Uniform Commercial Code financing statement filings
regarding operating leases (other than Sale and Leaseback Transactions) entered into by the Company
or a Restricted Subsidiary in the ordinary course of business;

          (24) Liens on assets set aside or deposited to defease Debt pursuant to the terms thereof,
which defeasance is otherwise permitted under this Indenture; and

          (25) Liens on the Collateral securing Debt (including Additional Notes) in an aggregate amount
not to exceed $200,000,000 at any time outstanding; provided, that any such Liens shall have the
same priority with respect to the Collateral as the Liens securing the Notes and the Note
Guaranties and shall be subordinated to the Liens on the Collateral that secure the First-Priority
Lien Obligations on the terms set forth in the Intercreditor Agreement.

     “Permitted Receivables Financing” means any receivables financing facility or arrangement
pursuant to which a Securitization Subsidiary purchases or otherwise acquires Receivables of the
Company or any Restricted Subsidiaries and enters into a third party financing thereof on terms
that the Board of Directors of the Company has concluded are customary and market terms fair to the
Company and its Restricted Subsidiaries.

     “Person” means an individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity, including a government or political subdivision or an
agency or instrumentality thereof.

     “Preferred Stock” means, with respect to any Person, any and all Capital Stock which is
preferred as to the payment of dividends or distributions, upon liquidation or otherwise, over
another class of Capital Stock of such Person.

     “Principal Property” means any manufacturing plant or manufacturing facility which is (i)
located within the continental United States of America and (ii) in the opinion of the Board of
Directors of the Company materially important to the total business conducted by the Company and
its Subsidiaries that own Principal Properties, taken as a whole; provided, that no such
manufacturing plant or manufacturing facility shall constitute a “Principal Property” unless the
pledge thereof to secure the Notes or the Note Guaranties would trigger an obligation on the part

-24-

 

of the Company or any Restricted Subsidiary to equally and ratably secure the Company’s existing
unsecured public bonds.

     “Qualified Equity Interests” means all Equity Interests of a Person other than Disqualified
Equity Interests.

     “Qualified Stock” means all Capital Stock of a Person other than Disqualified Stock.

     “Rating Agencies” means S&P and Moody’s; provided, that if either S&P or Moody’s (or both)
shall cease issuing a rating on the notes for reasons outside the control of the Company, the
Company may select a nationally recognized statistical rating agency to substitute for S&P or
Moody’s (or both).

     “Receivables” means accounts receivable (including all rights to payment created by or arising
from the sale of goods, leases of goods or the rendition of services, no matter how evidenced
(including in the form of a chattel paper) and whether or not earned by performance.

     “Redemption Date” when used with respect to any Note to be redeemed or purchased means the
date fixed for such redemption or purchase by or pursuant to this Indenture.

     “Redemption Price” when used with respect to any Note to be redeemed or purchased means the
price at which it is to be redeemed or purchased pursuant to this Indenture.

     “Regular Record Date” for the interest payable on any Interest Payment Date means the February
15 or August 15 (whether or not a Business Day) next preceding such Interest Payment Date.

     “Regulation S” means Regulation S under the Securities Act.

     “Regulation S Certificate” means a certificate substantially in the form of Exhibit I hereto.

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

     “Restricted Legend” means the legend set forth in Exhibit C.

-25-

 

     “Restricted Period” means the relevant 40-day distribution compliance period as defined in
Regulation S.

     “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted
Subsidiary.

     “Rule 144” means Rule 144 promulgated under the Securities Act.

     “Rule 144A” means Rule 144A promulgated under the Securities Act.

     “Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit F hereto
or (ii) a written certification addressed to the Company and the Trustee to the effect that the
Person making such certification (x) is acquiring the applicable Note (or beneficial interest) for
its own account or one or more accounts with respect to which it exercises sole investment
discretion and that it and each such account is a qualified institutional buyer within the meaning
of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in
reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule
144A, and (z) acknowledges that it has received such information regarding the Company as it has
requested pursuant to Rule 144A(d)(4) or has determined not to request such information.

     “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. and its
successors.

     “Sale and Leaseback Transaction” means, with respect to any Person, an arrangement whereby
such Person enters into a lease (other than a Capital Lease) of property previously transferred by
such Person to the lessor.

     “SEC” means the Securities and Exchange Commission.

     “Second-Priority Documents” means, collectively, (a) this Indenture, the Notes, the Note
Guaranties, the Security Agreements, the Collateral Trust Agreement and the other “Second Lien Note
Documents” (as defined in the Collateral Trust Agreement), (b) the “New Second Lien Documents” (as
defined in the Collateral Trust Agreement) and (c) each of the other agreements, documents and
instruments providing for or evidencing any Second-Priority Lien Obligation, and any other document
or instrument executed or delivered at any time in connection with any Second-Priority Lien
Obligation, including pursuant to the Security Agreements and any intercreditor or joinder
agreement among holders of Second-Priority Lien Obligations (or binding upon one or more of them
through their representatives), including, without limitation, the Collateral Trust Agreement to
the extent such are effective at the relevant time, as each may be amended, restated, supplemented,
modified, renewed or extended from time to time.

-26-

 

     “Second-Priority Lien Obligations” means (a) all Obligations in respect of the Notes and
the Note Guaranties and all other obligations of the Company and the Guarantors, if any, from time
to time arising under or in respect of the due and punctual payment of (i) the principal of and
premium, if any, and interest (including any post-petition interest) on the Notes, when and as due,
whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and
(ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether
primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred
during the pendency of any insolvency proceeding with respect to the Company or any Guarantor,
regardless of whether allowed or allowable in such proceeding), of the Company and the Guarantors
under this Indenture and the other “Second Lien Note Documents” (as defined in the Collateral Trust
Agreement) owing to the holders of such obligations (in their capacity as such) and (b) subject to
Section 2.3 of the Collateral Trust Agreement, any “New Second Lien Obligations” (as defined in the
Collateral Trust Agreement).

     “Second-Priority Liens” means all Liens that secure the Second-Priority Lien Obligations.

     “Secured Agreement” means, to the extent that the obligations thereunder are secured by the
Collateral pursuant to the First-Priority Documents, any and all agreements and other documents
relating to any treasury management services provided by any First Lien Secured Parties and their
Affiliates to the Company and any of its Subsidiaries, all agreements evidencing any other
obligations of the Company and any of its Subsidiaries owing to any of the First Lien Secured
Parties and their Affiliates including, without limitation, all letters of credit issued by any of
the First Lien Secured Parties and their Affiliates for the benefit of the Company or any of its
Subsidiaries, all Hedging Agreements entered into with the Company or any of its Subsidiaries by
any of the First Lien Secured Parties and their Affiliates, and each agreement or instrument
delivered by the Company or any Subsidiary of the Company pursuant to any of the foregoing, as the
same may be amended from time to time.

     “Securities Act” means the Securities Act of 1933, as amended and the rules and regulations
promulgated thereunder.

     “Securitization Subsidiary” means a Subsidiary of the Company

          (1) that is designated a “Securitization Subsidiary” by the Board of Directors of the Company,

          (2) that does not engage in, and whose charter prohibits it from engaging in, any activities
other than Permitted Receivables Financings and any activity necessary, incidental or related
thereto,

          (3) no portion of the Debt or any other obligation, contingent or otherwise, of which

-27-

 

               (A) is Guaranteed by the Company or any Restricted Subsidiary of the Company,

               (B) is recourse to or obligates the Company or any Restricted Subsidiary of the Company in any
way, or

               (C) subjects any property or asset of the Company or any Restricted Subsidiary of the Company,
directly or indirectly, contingently or otherwise, to the satisfaction thereof,

          (4) with respect to which neither the Company nor any Restricted Subsidiary of the Company
(other than an Unrestricted Subsidiary) has any obligation to maintain or preserve its financial
condition or cause it to achieve certain levels of operating results,

other than, in respect of clauses (3) and (4), pursuant to customary representations, warranties,
covenants and indemnities entered into in connection with a Permitted Receivables Financing.

     “Security Agreement” means the Security Agreement, dated as of the Issue Date, among the
Company, the Guarantors and the Collateral Agent, as may be amended, restated, supplemented or
otherwise modified from time to time.

     “Security Agreements” means (i) the Security Agreement, (ii) the Intercreditor Agreement and
(iii) all other security agreements, pledge agreements, collateral assignments and other security
documents or other grants or transfers for security or agreements related thereto creating or
perfecting (or purporting to create or perfect) a Lien in any assets of any Person to secure the
Obligations under the Notes and the Note Guaranties, or under which rights or remedies with respect
to such Liens are governed (including the Collateral Trust Agreement), as each may be amended,
restated, supplemented or otherwise modified from time to time.

     “Significant Subsidiary” means any Subsidiary, or group of Subsidiaries, that would, taken
together, be a “significant subsidiary” as defined in Article 1, Rule 1-02 (w)(1) or (2) of
Regulation S-X promulgated under the Securities Act, as such regulation is in effect on the date of
this Indenture.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 2.14(a).

     “Stated Maturity” means (i) with respect to any Debt, the date specified as the fixed date on
which the final installment of principal of such Debt is due and payable or (ii) with respect to
any scheduled installment of principal of or interest on any Debt, the date specified as the fixed
date on which such installment is due and payable as set forth in the documentation governing such
Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly
scheduled date for payment.

-28-

 

     “Subordinated Debt” means any Debt of the Company or any Guarantor which is subordinated in
right of payment to the Notes or the Note Guaranty, as applicable, pursuant to a written agreement
to that effect.

     “Subsidiary” means with respect to any Person, any corporation, association or other business
entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by,
or, in the case of a partnership, the sole general partner or the managing partner or the only
general partners of which are, such Person and one or more Subsidiaries of such Person (or a
combination thereof). Unless otherwise specified, “Subsidiary” means a Subsidiary of the Company.

     “substantially concurrent” means with respect to any two events, such events occur within 45
days of each other.

     “Temporary Offshore Global Note” means an Offshore Global Note that bears the Temporary
Offshore Global Note Legend.

     “Temporary Offshore Global Note Legend” means the legend set forth in Exhibit H.

     “Total Assets” means the total consolidated assets of the Company and its Restricted
Subsidiaries, as shown on the most recent balance sheet of the Company in accordance with GAAP.

     “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption
Date of United States Treasury securities with a constant maturity (as compiled and published in
the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available
at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no
longer published, any publicly available source of similar market data)) most nearly equal to the
period from the Redemption Date to March 1, 2014; provided, however, that if the period from the
Redemption Date to March 1, 2014 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. sections 77aaa-77bbbb)
as in effect on the Issue Date, except as provided by Section 9.05.

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

     “2013 Senior Notes” means the Company’s 7.25% Senior Notes due 2013, issued on October 10,
2003 pursuant to a supplement to the 1988 Indenture.

-29-

 

     “2017 Convertible Senior Notes” means the Company’s 7.00% Convertible Senior Notes due 2017,
issued on September 23, 2009.

     “2017 Senior Secured Notes” means the Company’s 10.50% Senior Notes due 2017, issued on
September 29, 2009.

     “U.S. Government Obligations” means obligations issued or directly and fully guaranteed or
insured by the United States of America or by any agent or instrumentality thereof, provided that
the full faith and credit of the United States of America is pledged in support thereof.

     “Unrestricted Subsidiary” means any Subsidiary that at the time of determination has
previously been designated, and continues to be, an Unrestricted Subsidiary in accordance with
Section 4.19.

     “Voting Stock” means, with respect to any Person, Capital Stock of any class or kind
ordinarily having the power to vote for the election of directors, managers or other voting members
of the governing body of such Person.

     “Wholly Owned” means with respect to any Restricted Subsidiary, a Restricted Subsidiary all of
the outstanding Capital Stock of which (other than any director’s qualifying shares) is owned by
the Company and one or more Wholly Owned Restricted Subsidiaries (or a combination thereof).

          Section 1.02 Other Definitions.

	 	 	 	 	 
	Term	 	Defined in Section
	Acceptable Commitment
	 	 	4.09	 
	Act
	 	 	13.14	 
	Additional Interest
	 	 	6.03	 
	Applicable Premium
	 	 	3.03	 
	Bankruptcy Default
	 	 	6.01	 
	Defaulted Interest
	 	 	2.14	 
	Event of Default
	 	 	6.01	 
	Excess Proceeds
	 	 	4.09	 
	Expiration Date
	 	 	13.14	 
	Offer to Purchase
	 	 	3.05	 
	Outstanding Notes
	 	 	2.05	 
	Permitted Credit Facility Debt
	 	 	4.06	 
	Permitted Debt
	 	 	4.06	 
	Permitted Refinancing Debt
	 	 	4.06	 
	Place of Payment
	 	 	4.02	 

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	Term	 	Defined in Section
	purchase date
	 	 	3.05	 
	purchase amount
	 	 	3.05	 
	refinance
	 	 	4.06	 
	Register
	 	 	2.09	 
	Registrar
	 	 	2.09	 
	Related Party Transaction
	 	 	4.10	 
	repurchase deadline
	 	 	3.05	 
	Restricted Payment
	 	 	4.07	 
	Reversion Date
	 	 	4.14	 
	Second Commitment
	 	 	4.09	 
	Suspended Covenants
	 	 	4.14	 
	Suspension Period
	 	 	4.14	 

     Section 1.03 Rules of Construction. Unless the context otherwise requires or except as
otherwise expressly provided,

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

          (b) “or” is not exclusive;

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

          (d) all references to Sections or Articles or Exhibits refer to Sections or Articles or
Exhibits of or to the Indenture unless otherwise indicated;

          (e) references to agreements or instruments, or to statutes or regulations, are to such
agreements or instruments, or statutes or regulations, as amended from time to time (or to
successor statutes and regulations);

          (f) in the event that a transaction meets the criteria of more than one category of permitted
transactions or listed exceptions the Company may classify such transaction as it, in its sole
discretion, determines.

          (g) all references to “$” or “dollars” shall refer to the lawful currency of the United States
of America;

          (h) the words “include,” “included” and “including” as used herein shall be deemed in each
case to be followed by the phrase “without limitation,” if not expressly followed by such phrase or
the phrase “but not limited to”; and

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          (i) words in the singular include the plural, and words in the plural include the singular.

ARTICLE 2

THE NOTES

     Section 2.01 Form, Dating and Denominations; Legends.
The Notes and the Trustee’s certificate of authentication will be substantially in the
form attached as Exhibit A. The terms and provisions contained in the form of the Notes annexed as
Exhibit A constitute, and are hereby expressly made, a part of this Indenture. The Notes may have
notations, legends or endorsements required by law, rules of or agreements with national securities
exchanges to which the Company is subject, or usage. Each Note will be dated the date of its
authentication. The Notes will be issuable in denominations of $2,000 in principal amount and any
multiple of $1,000 in excess thereof.

          (b) (1) Except as otherwise provided in Section 2.01(c), Section 2.09(b)(4), the last sentence
of Section 2.10(b)(3), the last sentence of Section 2.10(b)(5), or Section 2.10(c), each Initial
Note or Additional Note (other than a Permanent Offshore Global Note) will bear the Restricted
Legend.

               (2) Each Global Note, whether or not an Initial Note or Additional Note, will bear the DTC
Legend.

               (3) Each Temporary Offshore Global Note will bear the Temporary Offshore Global Note Legend.

               (4) Initial Notes and Additional Notes offered and sold in reliance on Regulation S will be
issued as provided in Section 2.11(a).

               (5) Each Note will bear the OID Legend.

          (c) (1) If the Company determines (upon the advice of counsel and such other certifications
and evidence as the Company may reasonably require) that a Note is eligible for resale pursuant to
Rule 144 under the Securities Act (or a successor provision) (without the need for public
information) and that the Restricted Legend is no longer necessary or appropriate in order to
ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in
compliance with the Securities Act, or

               (2) after an Initial Note or any Additional Note is sold pursuant to a registration statement
that is effective under the Securities Act at the time of such sale or transfer,

-32-

 

the Company may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its
transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or
its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such
instruction.

          (d) By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in
such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the
restrictions on transfer of such Note (and any such beneficial interest) set forth in this
Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such
beneficial interest) only in accordance with this Indenture and such legend.

     Section 2.02 Execution and Authentication; Additional Notes.

          (a) An Officer shall execute the Notes for the Company by facsimile or manual signature in the
name and on behalf of the Company. If an Officer whose signature is on a Note no longer holds that
office at the time the Note is authenticated, the Note will still be valid.

          (b) A Note will not be valid until the Trustee manually signs the certificate of
authentication on the Note, with the signature conclusive evidence that the Note has been
authenticated under this Indenture.

          (c) At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Notes executed by the Company to the Trustee for authentication. The Trustee
will authenticate and deliver

     (i) Initial Notes for original issue in the aggregate principal amount not to
exceed $500,000,000 and

     (ii) Additional Notes from time to time for original issue in aggregate
principal amounts specified by the Company; provided that such Additional Notes are
fungible with the Initial Notes for U.S. federal income tax purposes,

in each case so long as the Trustee shall have received an Officer’s Certificate specifying

     (A) the amount of Notes to be authenticated and the date on which the Notes are
to be authenticated,

     (B) whether the Notes are to be Initial Notes or Additional Notes,

     (C) in the case of Additional Notes, that the issuance of such Notes does not
contravene any provision of Article 4, and

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     (D) whether the Notes are to be issued as one or more Global Notes or
Certificated Notes.

     Section 2.03 Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in
Trust.

          (a) The Company may appoint one or more Registrars and one or more Paying Agents, and the
Trustee may appoint an Authenticating Agent in accordance with Section 7.15, in which case each
reference in this Indenture to the Trustee in respect of the obligations of the Trustee to be
performed by that Agent will be deemed to be references to the Agent. The Company may act as
Registrar or (except for purposes of Article 10) Paying Agent. In each case the Company and the
Trustee will enter into an appropriate agreement with the Agent implementing the provisions of this
Indenture relating to the obligations to be performed by the Agent and the related rights. The
Company initially appoints the Trustee as Registrar and Paying Agent.

          (b) The Company will require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by
the Paying Agent for the payment of principal of and interest on the Notes and will promptly notify
the Trustee of any default by the Company in making any such payment. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee and account for any funds
disbursed, and the Trustee may at any time during the continuance of any payment default, upon
written request to a Paying Agent, require the Paying Agent to pay all money held by it to the
Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no
further liability for the money so paid over to the Trustee.

     Section 2.04 Replacement of Notes. If a mutilated Note is surrendered to the Trustee or if a
Holder claims that its Note has been lost, destroyed or wrongfully taken, the Company will issue
and the Trustee will authenticate a replacement Note of like tenor and principal amount and bearing
a number not contemporaneously outstanding. Every replacement Note is an additional obligation of
the Company and entitled to the benefits of this Indenture. If required by the Trustee or the
Company, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and
the Company to protect the Company and the Trustee from any loss they may suffer if a Note is
replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in
replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has become or is
about to become due and payable, the Company in its discretion may pay the Note instead of issuing
a replacement Note.

     Section 2.05 Outstanding Notes.

          (a) “Outstanding Notes” at any time are all Notes that have been authenticated by the Trustee
except for:

     (1) Notes cancelled by the Trustee or delivered to it for cancellation;

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     (2) any Note which has been replaced pursuant to Section 2.04 unless and until
the Trustee and the Company receive proof satisfactory to them that the replaced
Note is held by a bona fide purchaser; and

     (3) on or after the maturity date or any Redemption Date or date for purchase
of the Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed
or purchased on that date for which the Trustee (or Paying Agent, other than the
Company or an Affiliate of the Company) holds money sufficient to pay all amounts
then due.

          (b) A Note does not cease to be an Outstanding Note because the Company or one of its
Affiliates holds the Note, provided that in determining whether the Holders of the requisite
principal amount of the Outstanding Notes have given or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder, Notes owned by the Company or any
Affiliate of the Company will be disregarded and deemed not to be Outstanding Notes (it being
understood that in determining whether the Trustee is protected in relying upon
any such request, demand, authorization, direction, notice, consent, waiver or other action,
only Notes which the Trustee knows to be so owned will be so disregarded). Notes so owned which
have been pledged in good faith may be regarded as Outstanding Notes if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that
the pledgee is not the Company or any Affiliate of the Company.

     Section 2.06 Temporary Notes. Until definitive Notes are ready for delivery, the Company may
prepare and the Trustee will authenticate temporary Notes. Temporary Notes will be substantially
in the form of definitive Notes but may have insertions, substitutions, omissions and other
variations determined to be appropriate by the Officer executing the temporary Notes, as evidenced
by the execution of the temporary Notes. If temporary Notes are issued, the Company will cause
definitive Notes to be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the
temporary Notes at the office or agency of the Company designated for the purpose pursuant to
Section 4.02, without charge to the Holder. Upon surrender for cancellation of any temporary Notes
the Company will execute and the Trustee will authenticate and deliver in exchange therefor a like
principal amount of definitive Notes of authorized denominations. Until so exchanged, the
temporary Notes will be entitled to the same benefits under this Indenture as definitive Notes.

     Section 2.07 Cancellation The Company at any time may deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes
previously authenticated hereunder which the Company has not issued and sold. Any Registrar or the
Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or
payment. The Trustee will cancel all Notes surrendered for transfer, exchange, payment or
cancellation and dispose of them in accordance with its normal procedures or the

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written
instructions of the Company. The Company may not issue new Notes to replace Notes it has paid in
full or delivered to the Trustee for cancellation.

     Section 2.08 CUSIP and CINS Numbers. The Company in issuing the Notes may use “CUSIP” and
“CINS” numbers, and the Trustee will use CUSIP numbers or CINS numbers in notices of redemption or
exchange or in Offers to Purchase as a convenience to Holders, the notice to state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as
contained in any notice of redemption or exchange or Offer to Purchase. The Company will promptly
notify the Trustee of any change in the CUSIP or CINS numbers.

     Section 2.09 Registration, Transfer and Exchange.

          (a) The Notes will be issued in registered form only, without coupons, and the Company shall
cause the Trustee to maintain a register (the “Register”) of the Notes, for registering the record
ownership of the Notes by the Holders and transfers and exchanges of the Notes. The Trustee is
hereby appointed “Registrar” for the purpose of registering the record ownership of the Notes by
the Holders and transfers and exchanges of Notes, as provided for herein.

     (b) (1) Each Global Note will be registered in the name of the Depositary or its
nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend.

          (2) Each Global Note will be delivered to the Trustee as custodian for the Depositary.
Transfers of a Global Note (but not a beneficial interest therein) will be limited to
transfers thereof in whole, but not in part, to the Depositary, its successors or their
respective nominees, except as set forth in Section 2.09(b)(4).

          (3) Agent Members will have no rights under this Indenture with respect to any Global
Note held on their behalf by the Depositary, and the Depositary may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and
Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the
Depositary or its nominee may grant proxies and otherwise authorize any Person (including
any Agent Member and any Person that holds a beneficial interest in a Global Note through an
Agent Member) to take any action which a Holder is entitled to take under this Indenture or
the Notes, and nothing herein will impair, as between the Depositary and its Agent Members,
the operation of customary practices governing the exercise of the rights of a holder of any
security.

          (4) If (x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for a Global Note and a successor depositary is not

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appointed by the
Company within 90 days of the notice or (y) an Event of Default has occurred and is
continuing and the Trustee has received a request from the Depositary, the Trustee will
promptly exchange each beneficial interest in the Global Note for one or more Certificated
Notes in authorized denominations having an equal aggregate principal amount registered in
the name of the owner of such beneficial interest, as identified to the Trustee by the
Depositary, and thereupon the Global Note will be deemed canceled. If such Note does not
bear the Restricted Legend, then the Certificated Notes issued in exchange therefor will not
bear the Restricted Legend. If such Note bears the Restricted Legend, then the Certificated
Notes issued in exchange therefor will bear the Restricted Legend, provided that any Holder
of any such Certificated Note issued in exchange for a beneficial interest in a Temporary
Offshore Global Note will have the right upon presentation to the Trustee of a duly
completed Certificate of Beneficial Ownership after the Restricted Period to exchange such
Certificated Note for a Certificated Note of like tenor and amount that does not bear the
Restricted Legend, registered in the name of such Holder.

     (c) Each Certificated Note will be registered in the name of the holder thereof or its
nominee.

     (d) A Holder may transfer a Note (or a beneficial interest therein) to another Person
or exchange a Note (or a beneficial interest therein) for another Note or Notes of any
authorized denomination by presenting to the Trustee a written request therefor stating the
name of the proposed transferee or requesting such an exchange, accompanied
by any certification, opinion or other document required by Section 2.10. The Trustee
will promptly register any transfer or exchange that meets the requirements of this Section
by noting the same in the register maintained by the Trustee for the purpose; provided that

     (x) no transfer or exchange will be effective until it is registered in such
register and

     (y) the Trustee will not be required (i) to issue, register the transfer of or
exchange any Note for a period of 15 days before a selection of Notes to be redeemed
or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or
exchange any Note so selected for redemption or purchase in whole or in part,
except, in the case of a partial redemption or purchase, that portion of any Note
not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to
an Offer to Purchase is to occur after a Regular Record Date but on or before the
corresponding Interest Payment Date, to register the transfer of or exchange any
Note on or after the Regular Record Date and before the date of redemption or
purchase. Prior to the registration of any transfer, the Company, the Trustee and
their agents will treat the Person in whose name the Note is

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registered as the owner
and Holder thereof for all purposes (whether or not the Note is overdue), and will
not be affected by notice to the contrary.

     From time to time the Company will execute and the Trustee will authenticate additional
Notes as necessary in order to permit the registration of a transfer or exchange in
accordance with this Section.

     No service charge will be imposed in connection with any transfer or exchange of any
Note, but the Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than a transfer tax or
other similar governmental charge payable upon exchange pursuant to subsection (b)(4) of
this Section 2.09).

     (e) (1) Global Note to Global Note. If a beneficial interest in a Global Note is
transferred or exchanged for a beneficial interest in another Global Note, the Trustee will
(x) record a decrease in the principal amount of the Global Note being transferred or
exchanged equal to the principal amount of such transfer or exchange and (y) record a like
increase in the principal amount of the other Global Note. Any beneficial interest in one
Global Note that is transferred to a Person who takes delivery in the form of an interest in
another Global Note, or exchanged for an interest in another Global Note, will, upon
transfer or exchange, cease to be an interest in such Global Note and become an interest in
the other Global Note and, accordingly, will thereafter be subject to all transfer and
exchange restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Note for as long as it remains such an interest.

          (2) Global Note to Certificated Note. If a beneficial interest in a Global Note is
transferred or exchanged for a Certificated Note, the Trustee will (x)
record a decrease in the principal amount of such Global Note equal to the principal amount
of such transfer or exchange and (y) deliver one or more new Certificated Notes in
authorized denominations having an equal aggregate principal amount to the transferee (in
the case of a transfer) or the owner of such beneficial interest (in the case of an
exchange), registered in the name of such transferee or owner, as applicable.

          (3) Certificated Note to Global Note. If a Certificated Note is transferred or
exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such
Certificated Note, (y) record an increase in the principal amount of such Global Note equal
to the principal amount of such transfer or exchange and (z) in the event that such transfer
or exchange involves less than the entire principal amount of the canceled Certificated
Note, deliver to the Holder thereof one or more new Certificated Notes in authorized
denominations having an aggregate principal amount equal to the untransferred or unexchanged
portion of the canceled Certificated Note, registered in the name of the Holder thereof.

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          (4) Certificated Note to Certificated Note. If a Certificated Note is transferred or
exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note
being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized
denominations having an aggregate principal amount equal to the principal amount of such
transfer or exchange to the transferee (in the case of a transfer) or the Holder of the
canceled Certificated Note (in the case of an exchange), registered in the name of such
transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than
the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof
one or more Certificated Notes in authorized denominations having an aggregate principal
amount equal to the untransferred or unexchanged portion of the canceled Certificated Note,
registered in the name of the Holder thereof.

     Section 2.10 Restrictions on Transfer and Exchange.

          (a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made
in accordance with this Section, Section 2.09 and, if applicable, Section 2.11, and, in the case of
a Global Note (or a beneficial interest therein), the applicable rules and procedures of the
Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not
comply with the preceding sentence.

          (b) Subject to Section 2.10(c), the transfer or exchange of any Note (or a beneficial interest
therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of
the type set forth opposite in column B below may only be made in compliance with the certification
requirements (if any) described in the clause of this paragraph set forth opposite in column C
below.

	 	 	 	 	 	 	 
	A	 	B	 	C
	U.S. Global Note

	 	U.S. Global Note
	 	 	(1	)
	U.S. Global Note

	 	Offshore Global Note
	 	 	(2	)
	U.S. Global Note

	 	Certificated Note
	 	 	(3	)
	Offshore Global Note

	 	U.S. Global Note
	 	 	(4	)
	Offshore Global Note

	 	Offshore Global Note
	 	 	(2	)
	Offshore Global Note

	 	Certificated Note
	 	 	(5	)
	Certificated Note

	 	U.S. Global Note
	 	 	(4	)
	Certificated Note

	 	Offshore Global Note
	 	 	(2	)
	Certificated Note

	 	Certificated Note
	 	 	(3	)

 

			
	(1)	 	No certification is required.
	 
	(2)	 	The Person requesting the transfer or exchange must deliver or cause to be
delivered to the Trustee a duly completed Regulation S Certificate; provided that if
the requested transfer or exchange is made by the Holder of a

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	 	 	Certificated Note or a
beneficial interest in a Global Note that either does not bear the Restricted Legend
or is no longer subject to the restrictions on transfer set forth in the Restricted
Legend, then no certification is required.
	 
	(3)	 	The Person requesting the transfer or exchange must deliver or cause to be
delivered to the Trustee (x) a duly completed Rule 144A Certificate or (y) a duly
completed Regulation S Certificate and/or an Opinion of Counsel and such other
certifications and evidence as the Company may reasonably require in order to
determine that the proposed transfer or exchange is being made in compliance with
the Securities Act and any applicable securities laws of any state of the United
States; provided that if the requested transfer or exchange is made by the Holder of
a Certificated Note or a beneficial interest in a Global Note that either does not
bear the Restricted Legend or is no longer subject to the restrictions on transfer
set forth in the Restricted Legend, then no certification is required. In the event
that (i) the requested transfer or exchange takes place after the Restricted Period
and a duly completed Regulation S Certificate is delivered to the Trustee or (ii) a
Certificated Note or a beneficial interest in a Global Note that either does not
bear the Restricted Legend or is no longer subject to the restrictions on transfer
set forth in the Restricted Legend, is surrendered for transfer or exchange, upon
transfer or exchange the Trustee will deliver a Certificated Note that does not bear
the Restricted Legend.
	 
	(4)	 	The Person requesting the transfer or exchange must deliver or cause to be
delivered to the Trustee a duly completed Rule 144A Certificate if such transfer
occurs prior to the termination of the Rule 144 holding period for the applicable
Certificated Notes.
	 
	(5)	 	Notwithstanding anything to the contrary contained herein, no such exchange
is permitted if the requested exchange involves a beneficial interest in a Temporary
Offshore Global Note. If the requested transfer involves a beneficial interest in a
Temporary Offshore Global Note, the Person requesting the transfer
must deliver or cause to be delivered to the Trustee a duly completed Rule 144A
Certificate and/or an Opinion of Counsel and such other certifications and evidence
as the Company may reasonably require in order to determine that the proposed
transfer is being made in compliance with the Securities Act and any applicable
securities laws of any state of the United States. If the requested transfer or
exchange involves a beneficial interest in a Permanent Offshore Global Note, no
certification is required and the Trustee will deliver a Certificated Note that does
not bear the Restricted Legend.

          (c) No certification is required in connection with any transfer or exchange of any Note (or a
beneficial interest therein)

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     (1) after such Note is eligible for resale pursuant to Rule 144 under the
Securities Act (or a successor provision); provided that the Company has provided
the Trustee with an Officer’s Certificate to that effect, and the Company may
require from any Person requesting a transfer or exchange in reliance upon this
clause (1) an opinion of counsel and any other reasonable certifications and
evidence in order to support such certificate; or

     (2) sold pursuant to a registration statement that is effective under the
Securities Act at the time of such transfer or exchange.

          Any Certificated Note delivered in reliance upon this paragraph will not bear the Restricted
Legend.

          (d) The Trustee will retain copies of all certificates, opinions and other documents received
in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the
Company will have the right to inspect and make copies thereof at any reasonable time upon written
notice to the Trustee.

     Section 2.11 Temporary Offshore Global Notes.

          (a) Each Note originally sold by the Initial Purchasers in reliance upon Regulation S will be
evidenced by one or more Offshore Global Notes that bear the Temporary Offshore Global Note Legend.

          (b) An owner of a beneficial interest in a Temporary Offshore Global Note (or a Person acting
on behalf of such an owner) may provide to the Trustee (and the Trustee will accept) a duly
completed Certificate of Beneficial Ownership at any time after the Restricted Period (it being
understood that the Trustee will not accept any such certificate during the Restricted Period).
Promptly after acceptance of a Certificate of Beneficial Ownership with respect to such a
beneficial interest, the Trustee will cause such beneficial interest to be exchanged for an
equivalent beneficial interest in a Permanent Offshore Global Note, and will (x) permanently reduce
the principal amount of such Temporary Offshore Global Note by the amount of such beneficial
interest and (y) increase the principal amount of such Permanent Offshore Global Note by the amount
of such beneficial interest.

          (c) Notwithstanding paragraph (b), if after the Restricted Period any Initial Purchaser owns a
beneficial interest in a Temporary Offshore Global Note, such Initial Purchaser may, upon written
request to the Trustee accompanied by a certification as to its status as an Initial Purchaser,
exchange such beneficial interest for an equivalent beneficial interest in a Permanent Offshore
Global Note, and the Trustee will comply with such request and will (x) permanently reduce the
principal amount of such Temporary Offshore Global Note by the amount of such beneficial interest
and (y) increase the principal amount of such Permanent Offshore Global Note by the amount of such
beneficial interest.

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          (d) Notwithstanding anything to the contrary contained herein, any owner of a beneficial
interest in a Temporary Offshore Global Note shall not be entitled to receive payment of principal
or interest on such beneficial interest or other amounts in respect of such beneficial interest
until such beneficial interest is exchanged for an interest in a Permanent Offshore Global Note or
transferred for an interest in another Global Note or a Certificated Note.

     Section 2.12 Title and Terms.

          (a) The Notes shall be known and designated as the “9.75% Senior Secured Notes due March 1,
2018” of the Company. The final Stated Maturity of the Notes shall be March 1, 2018. Interest on
the outstanding principal amount of Notes will accrue at the rate of 9.75% per annum in cash and
will be payable semiannually in arrears on each Interest Payment Date, to Holders of record at the
close of business on each Regular Record Date. Interest on the Notes will accrue from the most
recent date to which interest has been paid or duly provided for or, if no interest has been paid,
from the Issue Date (except as provided in the definition of “Additional Notes”); provided that if
any Note is surrendered for exchange on or after a Regular Record Date for an Interest Payment Date
that will occur on or after the date of such exchange, interest on the Note received in exchange
thereof will accrue from the date of such Interest Payment Date.

          (b) Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.

          (c) All the Notes shall vote and consent together on all matters as one class, and none of the
Notes will have the right to vote or consent as a class separate from one another on any matter.

     Section 2.13 Persons Deemed Owners. Prior to due presentment of a Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name such Note is registered as the owner of such Note for the purpose of receiving
payment of principal of (and premium, if any, on) and (subject to Section 2.14) interest on such
Note, whether at Stated Maturity, any Redemption Date, purchase date or otherwise, and for all
other purposes whatsoever, whether or not such Note be overdue, and none of the Company, the
Guarantors, the Trustee or any agent of the Company, the Guarantors or the Trustee shall be
affected by notice to the contrary.

     Section 2.14 Payment of Interest Rights Preserved.

     Interest on any Note that 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 Note (or one or more
predecessor Notes) is registered at the close of business on the Regular Record Date for such
interest.

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     Any interest on any Note that 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 registered Holder on the relevant Regular Record Date by virtue of having been such Holder;
and such Defaulted Interest shall be paid by the Company, as provided in Section 2.14(a) or Section
2.14(b) below:

          (a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Notes (or their respective predecessor Notes) are registered at the close of business on
a Special Record Date for the payment of such Defaulted Interest, which shall be fixed as provided
in this Section 2.14(a). The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Note 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 reasonably
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 provided in this Section 2.14(a). Thereupon the Trustee shall fix a Special Record Date
for the payment of such Defaulted Interest which shall be not more than 15 nor less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest, the amount thereof and the Special Record Date and
payment date therefor to be delivered to each Holder 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 delivered, such Defaulted Interest shall be paid to the Persons in whose
names the Notes (or their respective predecessor Notes) are registered on such Special Record Date
and shall no longer be payable pursuant to the following Section 2.14(b).

          (b) The Company may make payment of any Defaulted Interest in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes 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 (b), such payment shall be deemed
practicable by the Trustee.

     Subject to the foregoing provisions of this Section 2.14, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall
carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other
Note.

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ARTICLE 3

REDEMPTION; OFFER TO PURCHASE

     Section 3.01 Optional Redemption. At any time and from time to time on or after March 1,
2014, the Company may redeem the Notes, in whole or in part, at a redemption price equal to the
percentage of principal amount set forth below plus accrued and unpaid interest to, but excluding,
the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date
to receive interest due on the relevant Interest Payment Date).

	 	 	 
	12-month period	 	 
	commencing	 	 
	March 1	 	 
	in Year	 	Percentage
	2014
	 	104.875%
	2015
	 	102.438%
	2016 and thereafter
	 	100.000%

     Section 3.02 Redemption with Proceeds of Public Equity Offering. At any time and from time to
time prior to March 1, 2013, the Company may redeem Notes with the net cash proceeds received by
the Company from any Equity Offering at a Redemption Price equal to 109.75% of the principal amount
plus accrued and unpaid interest to, but excluding, the Redemption Date, in an aggregate principal
amount for all such redemptions not to exceed 35% of the original aggregate principal amount of the
Notes, including any Additional Notes, provided that

     (1) in each case the redemption takes place not later than 120 days after the closing of the
related Equity Offering, and

     (2) not less than 65% of the original aggregate principal amount of the Notes, including any
Additional Notes, remains outstanding immediately thereafter.

     Section 3.03 Other Redemptions. At any time and from time to time prior to March 1, 2014,
upon not less than 30 nor more than 60 days’ notice, the Company may redeem some or all of the
Notes at a price of 100% of the principal amount of the Notes redeemed plus the Applicable Premium
(defined below), plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

“Applicable Premium” means, with respect to any Note on any Redemption Date, the greater of:

	 	(1)	 	1.0% of the principal amount of such Note; and

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	 	(2)	 	the excess, if any, of (a) the present value at such Redemption Date of
(i) the Redemption Price of such Note on March 1, 2014 (as stated in Section 3.01),
plus (ii) all required interest payments due on such Note through March 1, 2014
(excluding accrued but unpaid interest, if any, to the Redemption Date), computed
using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50
basis points; over (b) the principal amount of such Note.

     Except as set forth in Sections 3.01, 3.02 and 3.03, the Notes are not redeemable at the
option of the Company.

     Section 3.04 Method and Effect of Redemption.

          (a) If the Company elects to redeem Notes, it must notify the Trustee of the Redemption Date
and the principal amount of Notes to be redeemed by delivering an Officer’s Certificate at least 5
Business Days before the date the notice of redemption in respect thereof is to be sent (unless a
shorter period is satisfactory to the Trustee). If fewer than all of the Notes are being redeemed,
the Trustee will select the Notes to be redeemed pro rata, by lot or by any other method the
Trustee in its sole discretion deems fair and appropriate, in denominations of $2,000 principal
amount and integral multiples of $1,000 thereof. The Trustee will notify the Company promptly of
the Notes or portions of Notes to be called for redemption. Notice of redemption must be sent by
the Company or at the Company’s request, by the Trustee in the name and at the expense of the
Company, to Holders whose Notes are to be redeemed at least 30 days but not more than 60 days
before the Redemption Date.

          (b) The notice of redemption will identify the Notes to be redeemed and will include or state
the following:

     (1) the Redemption Date;

     (2) the Redemption Price, including the portion thereof representing any
accrued interest;

     (3) the place or places where Notes are to be surrendered for payment of the
Redemption Price and the name and address of the Paying Agents (if any);

     (4) that Notes called for redemption must be so surrendered in order to collect
the Redemption Price;

     (5) that on the Redemption Date the Redemption Price will become due and
payable on Notes called for redemption, and interest on Notes called for redemption
will cease to accrue on and after the Redemption Date;

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     (6) that if any Note is redeemed in part, on and after the Redemption Date,
upon surrender of such Note, new Notes equal in principal amount to the unredeemed
portion will be issued; and

     (7) that if any Note contains a CUSIP or CINS number, no representation is
being made as to the correctness of the CUSIP or CINS number either as printed on
the Notes or as contained in the notice of redemption and that the Holder should
rely only on the other identification numbers printed on the Notes.

          (c) Once notice of redemption is sent to the Holders, Notes called for redemption become due
and payable at the Redemption Price on the Redemption Date, and upon surrender of the Notes called
for redemption, the Company shall redeem such Notes at the Redemption Price. Commencing on the
Redemption Date, Notes redeemed will cease to accrue interest. Upon surrender of any Note redeemed
in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of
the surrendered Note.

          (d) If any Note (or portion thereof) 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 borne by the Note (or portion thereof).

          (e) For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Notes shall relate, in the case of any Note redeemed or to be
redeemed only in part, to the portion of the principal of such Note that has been or is to be
redeemed.

          (f) Any Note that is to be redeemed only in part shall be surrendered at a Place of Payment
(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 such Holder’s attorney duly authorized in writing) and the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Note without service charge, a new Note or
Notes, 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 Note so surrendered.

     Section 3.05 Offer to Purchase.

          (a) An “Offer to Purchase” means an offer by the Company to purchase Notes required by Section
4.09 or Section 4.12 of this Indenture. An Offer to Purchase must be made by written offer (the
“offer”) sent to the Holders. The Company will notify the Trustee at least 10 days (or such
shorter period as is acceptable to the Trustee) prior to sending the offer to Holders of its
obligation to make an Offer to Purchase, and the Offer to Purchase will be sent by

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the Company or,
at the Company’s request, by the Trustee in the name and at the expense of the Company.

          (b) The Offer to Purchase must state the following:

     (1) the provision of this Indenture pursuant to which the Offer to Purchase is
being made;

     (2) the aggregate principal amount of the Outstanding Notes offered to be
purchased by the Company pursuant to the Offer to Purchase (including, if less than
100%, the manner by which such amount has been determined pursuant to this
Indenture) (the “purchase amount”);

     (3) the purchase price, including the portion thereof representing accrued
interest;

     (4) a deadline date for tendering notes (the “repurchase deadline”) not less
than 30 days or more than 60 days after the date of the offer, and a settlement date
for purchase (the “purchase date”) not more than five Business Days after the
repurchase deadline;

     (5) information concerning the business of the Company and its Subsidiaries
which the Company in good faith believes will enable the Holders to make an informed
decision with respect to the Offer to Purchase;

     (6) a Holder may tender all or any portion of its Notes, subject to the
requirement that any portion of a Note tendered must be in a multiple of $1,000
principal amount;

     (7) the place or places where Notes are to be surrendered for tender pursuant
to the Offer to Purchase and the name and address of the Paying Agents (if any);

     (8) each Holder electing to tender a Note pursuant to the offer will be
required to surrender such Note at the place or places specified in the offer prior
to the close of business on the repurchase deadline (such Note being, if the Company
or the Trustee so requires, duly endorsed or accompanied by a duly executed written
instrument of transfer);

     (9) interest on any Note not tendered, or tendered but not purchased by the
Company pursuant to the Offer to Purchase, will continue to accrue;

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     (10) on the purchase date the purchase price will become due and payable on
each Note accepted for purchase, and interest on Notes purchased will cease to
accrue on and after the purchase date;

     (11) Holders are entitled to withdraw Notes tendered by giving notice, which
must be received by the Company or the Trustee not later than the close of business
on the repurchase deadline, setting forth the name of the Holder, the principal
amount of the tendered Notes, the certificate number of the tendered Notes and a
statement that the Holder is withdrawing all or a portion of the tender;

     (12) (i) if Notes in an aggregate principal amount less than or equal to the
purchase amount are duly tendered and not withdrawn pursuant to the Offer to
Purchase, the Company will purchase all such Notes, and (ii) if the Offer to
Purchase is for less than all of the Outstanding Notes and Notes in an aggregate
principal amount in excess of the purchase amount are tendered and not withdrawn
pursuant to the offer, the Company will purchase Notes having an
aggregate principal amount equal to the purchase amount on a pro rata basis,
with adjustments so that only Notes in multiples of $1,000 principal amount will be
purchased;

     (13) if any Note is purchased in part, new Notes equal in principal amount to
the unpurchased portion of the Note will be issued; and

     (14) if any Note contains a CUSIP or CINS number, no representation is being
made as to the correctness of the CUSIP or CINS number either as printed on the
Notes or as contained in the offer and that the Holder should rely only on the other
identification numbers printed on the Notes.

          (c) On or prior to the purchase date, the Company will accept tendered Notes for purchase as
required by the Offer to Purchase and deliver to the Trustee all Notes so accepted together with an
Officer’s Certificate specifying which Notes have been accepted for purchase. On the purchase date
the purchase price will become due and payable on each Note accepted for purchase, and interest on
Notes purchased will cease to accrue on and after the purchase date. The Trustee will promptly
return to Holders any Notes not accepted for purchase and send to Holders new Notes equal in
principal amount to any unpurchased portion of any Notes accepted for purchase in part.

          (d) The Company will comply with Section 14(e) under the Exchange Act (including Rule 14e-1
thereunder) and all securities laws, rules, regulations and other applicable laws (to the extent
such Section 14(e) or applicable laws, rules and regulations are applicable to such Offer to
Purchase) in making any Offer to Purchase, and the above procedures will be deemed modified as
necessary to permit such compliance.

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ARTICLE 4

COVENANTS

     Section 4.01 Payment of Notes.

          (a) The Company agrees to pay the principal of and interest on the Notes on the dates and in
the manner provided in the Notes and this Indenture. Not later than 11:00 A.M. (New York City
time) on the due date of any principal of or interest on any Notes, or any redemption or purchase
price of the Notes, the Company will deposit with the Trustee (or Paying Agent) money in
immediately available funds sufficient to pay such amounts, provided that if the Company or any
Affiliate of the Company is acting as Paying Agent, it will, on or before each due date, segregate
and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay
such amounts until paid to such Holders or otherwise disposed of as provided in this Indenture. In
each case the Company will promptly notify the Trustee of its compliance with this paragraph.

          (b) An installment of principal or interest will be considered paid on the date due if the
Trustee (or Paying Agent, other than the Company or any Affiliate of the Company)
holds on that date money designated for and sufficient to pay the installment. If the Company
or any Affiliate of the Company acts as Paying Agent, an installment of principal or interest will
be considered paid on the due date only if paid to the Holders.

          (c) The Company agrees to pay interest on overdue principal and overdue installments of
interest at the rate per annum specified in the Notes.

          (d) Payments in respect of the Notes represented by the Global Notes shall be made by wire
transfer of immediately available funds to the accounts specified by the Holders of the Global
Notes. With respect to Certificated Notes, the Company will make all payments by wire transfer of
immediately available funds to the accounts specified by the Holders thereof or, if no such account
is specified, by mailing a check to each such Holder’s registered address.

     Section 4.02 Maintenance of Office or Agency. The Company will maintain an office or agency
where Notes may be presented or surrendered for payment, where Notes may be surrendered for
transfer or exchange and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served (each, a “Place of Payment”). The Company will give prompt
written notice to the Trustee of the location, and of any change in the location, of such office or
agency. If at any time the Company shall fail to maintain such 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 hereby designates
the Corporate Trust Office as an initial Place of Payment and as such office of the Company, and
appoints the Trustee as its agent to receive all

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such presentations, surrenders, notices and
demands so long as such Corporate Trust Office remains a Place of Payment.

     The Company may also from time to time designate one or more other Places of Payment 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 Place of Payment.

     Section 4.03 Money for Payments to Be Held in Trust. If the Company shall at any time act as
its own Paying Agent, it will, on or before each due date of the principal of (and premium, if any)
or interest on, any of the Notes, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal (and premium, if any) or 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.

     If the Company is not acting as its own Paying Agent, it will, prior to each due date of the
principal of (and premium, if any) or interest on, any Notes, deposit with a Paying Agent a sum
sufficient to pay the principal (and premium, if any) 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.

     If the Company is not acting as its own Paying Agent, the Company will cause any Paying Agent
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 4.03, that such
Paying Agent will:

          (a) hold all sums held by it for the payment of principal of (and premium, if any) or interest
on Notes 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
Notes) in the making of any such payment of principal (and premium, if any) or interest;

          (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; and

          (d) acknowledge, accept and agree to comply in all respects with the provisions of this
Indenture and the Trust Indenture Act relating to the duties, rights and liabilities of such Paying
Agent.

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     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same 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.

     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 premium, if any) or interest on any Note and
remaining unclaimed for the earlier of (i) two years after such principal (and premium, if any) or
interest has become due and payable and (ii) the date such funds would escheat, shall be paid in
the appropriate proportion to the Company upon a Company Request, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Note 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.

     Section 4.04 Financial Reports.

          (a) Whether or not the Company is subject to the reporting requirements of Section 13 or 15(d)
of the Exchange Act, so long as any Notes are outstanding, the Company must provide the Trustee and
the Holders of the Notes, within 15 days after it is or would be required to file such reports with
the SEC with (i) all quarterly and annual financial information that would be required to be
contained in a filing with the SEC on Forms 10-Q and 10-K if the
Company were required to file such forms, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and, with respect to annual information only, a
report thereon by the Company’s certified independent public accountants, and (ii) all current
reports that would be required to be filed with the SEC on Form 8-K if the Company were required to
file such reports. For the avoidance of doubt, such information and reports referred to in clauses
(i) and (ii) above shall not be required to contain separate financial information for Guarantors
or Subsidiaries whose securities are pledged to secure the notes that would be required under Rule
3-10 or Rule 3-16 of Regulation S-X promulgated by the SEC.

          (b) The Company shall be deemed to have complied with this covenant, and shall be deemed to
have provided such documents to the Holders, to the extent the Company has filed or furnished
documents and reports referred to in clauses (a)(i) and (a)(ii) of this Section 4.04 with the SEC
via the EDGAR system or any successor electronic delivery procedures within the time periods
specified in Section 4.04(a).

          (c) For so long as any of the Notes remain outstanding and constitute “restricted securities”
under Rule 144, the Company will furnish to the holders of the notes and

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prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

          (d) Compliance with the foregoing shall constitute delivery by the Company of such reports to
the Trustee in compliance with this Section 4.04. The Trustee shall have no duty to search for or
obtain any electronic or other filings that the Company makes with the SEC, regardless of whether
such filings are periodic, supplemental or otherwise. Delivery of such reports, information and
documents to the Trustee pursuant to this Section 4.04 is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officer’s Certificates).

     Section 4.05 Certificates to Trustee.

          (a) The Company will deliver to the Trustee within 90 days after the end of each fiscal year a
certificate stating that no Default then exists under this Indenture or, if a Default then exists,
specifying the Default and its nature and status; and

          (b) The Company will deliver to the Trustee, as soon as possible and in any event within 30
days after the Company becomes aware or should reasonably become aware of the occurrence of a
Default, an Officer’s Certificate setting forth the details of the Default, and the action which
the Company proposes to take with respect thereto.

     Section 4.06 Limitation on Debt and Disqualified or Preferred Stock.

          (a) The Company

               (i) will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt; and

               (ii) will not, and will not permit any Restricted Subsidiary to, Incur any Disqualified Stock,
and will not permit any of its Restricted Subsidiaries to Incur any Preferred Stock (other than
Disqualified Stock or Preferred Stock of Restricted Subsidiaries held by the Company or a
Restricted Subsidiary, so long as it is so held);

provided that the Company or any Guarantor may Incur Debt and the Company or any Guarantor may
Incur Disqualified Stock and any Guarantor may Incur Preferred Stock if, on the date of the
Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds
therefrom, the Fixed Charge Coverage Ratio is not less than 2.0:1.0.

          (b) Notwithstanding the foregoing, the Company and, to the extent provided below, any
Restricted Subsidiary may Incur the following (“Permitted Debt”):

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               (i) (A) Debt of the Company or any Restricted Subsidiary pursuant to Credit Facilities
(“Permitted Credit Facility Debt”); provided that the aggregate principal amount of such Debt at
any time outstanding shall not exceed (x) the greater of (i) $500,000,000 minus any amount of such
Debt permanently repaid under Section 4.09(a)(iii)(A)(1) and (ii) the Borrowing Base Amount minus
(y) the amount of any Permitted Receivables Financing outstanding, and (B) Guarantees of such Debt
by the Company or any Restricted Subsidiary;

               (ii) Debt of the Company or any Restricted Subsidiary (other than a Securitization Subsidiary)
to the Company or any Restricted Subsidiary so long as such Debt continues to be owed to the
Company or a Restricted Subsidiary and which, if the obligor is the Company or a Guarantor and the
obligee is not the Company or a Guarantor, is subordinated in right of payment to the notes (it
being understood that such subordination need not include payment blockage rights prior to an
insolvency or bankruptcy);

               (iii) Debt of the Company pursuant to the Notes (other than Additional Notes) and Debt of any
Guarantor pursuant to a Note Guaranty of the Notes (including Additional Notes);

               (iv) Debt (“Permitted Refinancing Debt”) constituting an extension or renewal of, replacement
of or substitution for, or issued in exchange for, or the net proceeds of which are used to repay,
redeem, repurchase, refinance or refund, including by way of defeasance (all of the above, for
purposes of this clause, “refinance”) then outstanding Debt, in whole or in part, in an amount not
to exceed the principal amount and accrued interest of the Debt so refinanced, plus premiums,
commissions, costs, fees and expenses; provided that:

                    (A) in case the Debt to be refinanced is subordinated in right of payment to the Notes, the
new Debt, by its terms or by the terms of any agreement or instrument pursuant to which it is
outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent
that the Debt to be refinanced is subordinated to the Notes,

                    (B) the new Debt does not have a Stated Maturity prior to the Stated Maturity of the Debt to
be refinanced and the Average Life of the new Debt is at least equal to the remaining Average Life
of the Debt to be refinanced,

                    (C) in no event may Debt of the Company or any Guarantor be refinanced pursuant to this clause
by means of any Debt of any Restricted Subsidiary that is not a Guarantor unless such Restricted
Subsidiary was an obligor on the Debt being refinanced, and

                    (D) Debt Incurred pursuant to clauses (i), (ii), (v), (vi) and (x) through (xix) may not be
refinanced pursuant to this clause;

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               (v) Hedging Agreements of the Company or any Restricted Subsidiary entered into in the
ordinary course of business for the purpose of limiting risks associated with the business of the
Company and its Restricted Subsidiaries and not for speculation;

               (vi) Debt of the Company or any Restricted Subsidiary with respect to letters of credit, bank
guarantees, and bankers’ acceptances issued in the ordinary course of business, including letters
of credit supporting performance, surety or appeal bonds, and indemnification, adjustment of
purchase price (including earn-outs) or similar obligations incurred in connection with the
acquisition or disposition of any stock, business or assets;

               (vii) (i) Acquired Debt; provided that after giving effect to the Incurrence thereof, (x) the
Company could Incur at least $1.00 of Debt under the proviso set forth in paragraph (a) above or
(y) the Fixed Charge Coverage Ratio would not be less than the Fixed Charge Coverage Ratio
immediately prior to such Incurrence and (ii) other Acquired Debt in an aggregate principal amount
not to exceed $25,000,000 at any time outstanding less the aggregate outstanding amount of
Permitted Refinancing Debt Incurred to refinance Debt Incurred pursuant to this clause (ii);

               (viii) Debt of the Company or any Restricted Subsidiary outstanding on the Issue Date (and,
for purposes of clause (iv)(D) of this Section 4.06(b), not otherwise constituting Permitted Debt);

               (ix) Debt of the Company or any Restricted Subsidiary, which may include Capital Leases,
Incurred on or after the Issue Date no later than 365 days after the date of purchase or completion
of construction or improvement of property for the purpose of financing or refinancing all or any
part of the purchase price or cost of construction or improvement, provided that the principal
amount of any Debt Incurred pursuant to this clause may not exceed (A) $200,000,000 less (B) the
aggregate outstanding amount of Permitted Refinancing Debt Incurred to refinance Debt Incurred
pursuant to this clause;

               (x) Debt of any Restricted Subsidiary organized under the laws of, or substantially all of the
business of which is conducted in, the People’s Republic of China in an aggregate amount not to
exceed $200,000,000 at any time outstanding;

               (xi) Debt of Kodak International Finance Limited, a company organized and existing under the
laws of England, Incurred to finance its short term working capital needs, in an aggregate amount
not to exceed $100,000,000 at any time outstanding;

               (xii) Debt of the Company or any Restricted Subsidiary consisting of Guarantees of Debt of the
Company or any Restricted Subsidiary Incurred under any other clause of this Section 4.06;

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               (xiii) Debt consisting of Guarantees of amounts owing by customers of the Company and its
Subsidiaries under equipment and vendor financing programs in an aggregate amount not to exceed
$75,000,000 at any time outstanding;

               (xiv) Debt of any Foreign Restricted Subsidiary in an aggregate principal amount not to exceed
$75,000,000 at any time outstanding;

               (xv) any Permitted Receivables Financing in an aggregate principal amount at any time
outstanding not to exceed (A) the greater of (1) $500,000,000 and (2) the Borrowing Base Amount
minus (B) the amount of Debt Incurred under clause (i) outstanding at such time;

               (xvi) Debt of the Company or any Guarantor Incurred on or after the Issue Date not otherwise
permitted in an aggregate principal amount not to exceed $50,000,000 at any time outstanding;

               (xvii) Debt consisting of Guarantees of obligations (other than Debt) of suppliers, licensors
or franchisees in the ordinary course of business;

               (xviii) Debt of the Company or a Restricted Subsidiary to the extent the net proceeds thereof
are promptly deposited to defease or discharge the Notes as set forth under Article 10; and

               (xix) Debt of the Company or a Restricted Subsidiary consisting of Guarantees in respect of
obligations of joint ventures as to which the Company or a Restricted Subsidiary is a joint venture
partner; provided that the aggregate principal amount of Debt incurred pursuant to this clause
(xix) shall not exceed $100,000,000 outstanding at any time.

          (c) Notwithstanding any other provision of this Section 4.06, for purposes of determining
compliance with this Section 4.06, increases in Debt solely due to fluctuations in the exchange
rates of currencies will not be deemed to exceed the maximum amount that the Company or a
Restricted Subsidiary may Incur under this Section 4.06. For purposes of determining compliance
with any U.S. dollar-denominated restriction on the Incurrence of Debt, the U.S. dollar-equivalent
principal amount of Debt denominated in a foreign currency shall be calculated based on the
relevant currency exchange rate in effect on the date such Debt was Incurred; provided that if such
Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing
would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such
refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such refinancing Debt does not exceed the principal
amount of such Debt being refinanced. The principal amount of any Debt Incurred to refinance other
Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based
on

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the currency exchange rate applicable to the currencies in which such respective Debt is
denominated that is in effect on the date of such refinancing.

          (d) In the event that an item of Debt meets the criteria of more than one of the types of Debt
described in this Section 4.06, the Company, in its sole discretion, will classify items of Debt
and will only be required to include the amount and type of such Debt in one of such clauses and
the Company will be entitled to divide and classify an item of Debt in more than one of the types
of Debt described in this Section 4.06, and may change the classification of an item of Debt (or
any portion thereof) to any other type of Debt described in this Section 4.06 at any time; provided
that Debt under the Credit Agreement outstanding on the Issue Date shall be deemed at all times to
be incurred under clause (b)(i) of this Section 4.06. For purposes of determining any particular
amount of Debt described in this Section 4.06, Guarantees, liens or obligations, in each case, in
support of letters of credit supporting Debt shall not be included to the extent such letters of
credit are included in the amount of Debt.

          (e) Accrual of interest or dividends, the accretion of accreted value, the accretion or
amortization of original issue discount and the payment of interest or dividends in the form of
additional Debt of the same class will not be deemed to be an Incurrence of Debt for purposes of
this Section 4.06 but will be included in subsequent calculations of the amount of outstanding Debt
for purposes of Incurring future Debt.

          (f) Neither the Company nor any Guarantor may Incur any Debt that is subordinate in right of
payment to other Debt of the Company or the Guarantor unless such Debt is also subordinate in right
of payment to the Notes or the relevant Note Guaranty, as the case may be, to the extent and in the
same manner as such Debt is subordinated to other Debt. This does not apply to distinctions between
categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but
not all of such Debt otherwise permitted hereunder. For purposes of this Indenture (i) unsecured
Debt shall not be deemed subordinated or junior to secured Debt merely because it is unsecured and
(ii) senior Debt shall not be deemed subordinated or junior to any other senior Debt merely because
it has a junior priority with respect to the same collateral.

     Section 4.07 Limitation on Restricted Payments.

          (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or
indirectly (the payments and other actions described in the following clauses being collectively
“Restricted Payments”):

               (i) declare or pay any dividend or make any distribution on its Equity Interests (other than
dividends or distributions paid in the Company’s Qualified Equity Interests) held by Persons other
than the Company or any of its Restricted Subsidiaries;

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               (ii) purchase, redeem or otherwise acquire or retire for value any Equity Interests of the
Company or any Restricted Subsidiary held by Persons other than the Company or any of its
Restricted Subsidiaries;

               (iii) repay, redeem, repurchase, defease or otherwise acquire or retire for value, or make any
payment on or with respect to, any Subordinated Debt except (A) (x) a payment of interest or
principal at Stated Maturity or (y) the repayment, redemption, repurchase, defeasance or other
acquisition or retirement for value, or the payment of Subordinated Debt in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity, in each case, within
one year of such repayment, redemption, repurchase, defeasance or other acquisition or retirement
for value and (B) any prepayment, repayment, redemption, repurchase, defeasance or other
acquisition or retirement for value of Debt Incurred under Section 4.06(b)(ii); or

               (iv) make any Investment other than a Permitted Investment;

unless, at the time of, and after giving effect to, the proposed Restricted Payment:

     (1) no Default has occurred and is continuing,

     (2) the Company could Incur at least $1.00 of Debt under the Fixed Charge Coverage Ratio set
forth in the proviso to Section 4.06(a), and

     (3) the aggregate amount expended for all Restricted Payments made on or after the Issue Date
would not, subject to Section 4.07(c), exceed the sum of

          (A) 50% of the aggregate amount of the Consolidated Net Income accrued on a cumulative basis
during the period, taken as one accounting period, beginning on the first day of the fiscal quarter
during which the Issue Date occurs and ending on the last day of the Company’s most recently
completed fiscal quarter for which internal financial statements are available at the time of such
Restricted Payment, or in the case such Consolidated Net Income for such period is a deficit, minus
100% of such deficit, plus

          (B) subject to Section 4.07(c), the aggregate net cash proceeds and Fair Market Value of any
property or assets received by the Company (other than from a Subsidiary) on or after the Issue
Date from the issuance and sale of its Qualified Equity Interests, including by way of issuance of
its Disqualified Equity Interests or Debt to the extent since converted into Qualified Equity
Interests of the Company, plus

          (C) an amount equal to the sum, for all Unrestricted Subsidiaries, of the following:

          (x) the cash return, after the Issue Date, on Investments in an Unrestricted Subsidiary
made after the Issue Date pursuant to this Section 4.07(a) as a

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result of any sale for cash,
repayment, redemption, liquidating distribution or other cash realization (to the extent not
included in Consolidated Net Income), plus

          (y) the portion (proportionate to the Company’s or Restricted Subsidiary’s, as
applicable, equity interest in such Subsidiary) of the Fair Market Value of the assets less
liabilities of an Unrestricted Subsidiary at the time such Unrestricted Subsidiary is
designated a Restricted Subsidiary,

not to exceed, in the case of any Unrestricted Subsidiary, the amount of Investments made
after the Issue Date by the Company and its Restricted Subsidiaries in such Unrestricted
Subsidiary pursuant to this Section 4.07(a), plus

          (D) the cash return, after the Issue Date, on any other Investment made after the Issue Date
pursuant to this Section 4.07(a), as a result of any sale for cash, repayment, redemption,
liquidating distribution or other cash realization (to the extent not included in Consolidated Net
Income), not to exceed the amount of such Investment so made.

The amount expended in any Restricted Payment, if other than in cash, will be deemed to be the Fair
Market Value of the relevant non-cash assets, as determined in good faith by the Board of Directors
of the Company or an executive officer of the Company, whose determination will be conclusive and,
if made by the Board of Directors of the Company, evidenced by a Board Resolution.

          (b) The foregoing will not prohibit:

               (i) the payment of any dividend or distribution within 60 days after the date of declaration
thereof if, at the date of declaration, such payment would comply with Section 4.07(a);

               (ii) the accrual, declaration and payment of dividends or distributions by a Restricted
Subsidiary, on a pro rata basis or on a basis more favorable to the Company or to the Restricted
Subsidiary that is the parent of such Restricted Subsidiary, as the case may be, to all holders of
any class of Capital Stock of such Restricted Subsidiary a majority of which is held, directly or
indirectly through Restricted Subsidiaries, by the Company;

               (iii) the repayment, redemption, repurchase, defeasance or other acquisition or retirement for
value of Subordinated Debt or Disqualified Stock with the proceeds of, or in exchange for,
Permitted Refinancing Debt;

               (iv) the purchase, redemption or other acquisition or retirement for value of Equity Interests
of the Company or any Restricted Subsidiary in exchange for, or out of the proceeds of a
substantially concurrent offering of, Qualified Equity Interests of the Company;

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               (v) the repayment, redemption, repurchase, defeasance or other acquisition or retirement of
Subordinated Debt or Disqualified Stock of the Company in exchange for, or out of the proceeds of,
a substantially concurrent offering of, Qualified Equity Interests of the Company;

               (vi) any Investment made in exchange for, or out of the net cash proceeds of, a substantially
concurrent offering of Qualified Equity Interests of the Company;

               (vii) the purchase, redemption or other acquisition or retirement for value of Equity
Interests of the Company held by officers, directors or employees or former officers, directors or
employees (or their estates or beneficiaries under their estates), upon death, disability,
retirement, severance or termination of employment or pursuant to any agreement under which the
Equity Interests were issued; provided that the aggregate cash consideration paid therefor in any
twelve-month period after the Issue Date does not exceed an aggregate amount of $5,000,000;

               (viii) the repurchase of any Subordinated Debt or Disqualified Stock at a purchase price not
greater than 101% of the principal amount thereof in the event of (A) a change of control pursuant
to a provision not materially more favorable to the holders thereof than Section 4.12 or (B) an
Asset Sale pursuant to a provision not materially more favorable to the holders thereof than
Section 4.09, provided that, in each case, prior to the repurchase the Company has made an Offer to
Purchase and repurchased all Notes that were validly tendered for payment in connection with the
Offer to Purchase;

               (ix) other Restricted Payments in an aggregate amount not to exceed $125,000,000;

               (x) repurchases or other acquisitions of Equity Interests deemed to occur upon exercise of
stock options or warrants or upon the vesting of restricted stock or restricted stock units if such
Equity Interests represent the exercise price of such options or warrants or represent withholding
taxes due upon such exercise or vesting;

               (xi) the purchase of fractional shares of Capital Stock of the Company arising out of stock
dividends, splits or combinations or mergers, consolidations or other acquisitions or the payment
of cash in lieu of fractional shares upon the exercise of warrants, options or other securities
convertible into or exercisable for Capital Stock of the Company;

               (xii) in connection with any acquisition by the Company or by any of its Restricted
Subsidiaries, the receipt or acceptance of the return to the Company or any of its Restricted
Subsidiaries of Capital Stock of the Company or any Restricted Subsidiaries constituting a portion
of the purchase price consideration in settlement of indemnification claims or as a result of a
purchase price adjustment (including earn-outs and similar obligations);

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               (xiii) the distribution of rights pursuant to any customary shareholder rights plan or the
redemption of such rights in accordance with the terms of any such shareholder rights plan; and

               (xiv) payments or distributions to stockholders of a Person acquired by the Company or a
Restricted Subsidiary (the shareholders of which are not Affiliates of the Company) pursuant to
appraisal rights required under applicable law in connection with any merger, consolidation or
other acquisition by the Company or any Restricted Subsidiary;

provided that, in the case of clauses (vii) and (ix) no Default has occurred and is continuing or
would occur as a result thereof.

          (c) Proceeds of the issuance of Qualified Equity Interests will be included under clause (3)
of Section 4.07(a) only to the extent they are not applied as described in clause (iv), (v) or (vi)
of Section 4.07(b). Restricted Payments permitted pursuant to clause (i), (ii) (but only to the
extent paid to Persons other than the Company or a Restricted Subsidiary), (vii) and (ix) of
Section 4.07(b) will be included in making the calculations under clause (3) of Section 4.07(a),
and Restricted Payments permitted pursuant to any other clause of Section 4.07(b) shall be excluded
in the making of such calculation.

     Section 4.08 Limitation on Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

          (a) Except as provided in Section 4.08(b), the Company will not, and will not permit any
Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to:

               (i) pay dividends or make any other distributions on any Equity Interests of the Restricted
Subsidiary owned by the Company or any other Restricted Subsidiary;

               (ii) pay any Debt or other obligation owed to the Company or any other Restricted Subsidiary;

               (iii) make loans or advances to the Company or any other Restricted Subsidiary; or

               (iv) transfer any of its property or assets to the Company or any other Restricted Subsidiary.

          (b) The provisions of Section 4.08(a) do not apply to any encumbrances or restrictions

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               (i) existing on the Issue Date in the Credit Agreement, this Indenture or any other agreements
in effect on the Issue Date, and any extensions, renewals, replacements or refinancings of any of
the foregoing; provided that the encumbrances and restrictions in the extension, renewal,
replacement or refinancing are (as determined in good faith by the Company), taken as a whole, no
less favorable in any material respect to the Holders than the encumbrances or restrictions being
extended, renewed, replaced or refinanced;

               (ii) existing under or by reason of applicable law, regulation, order, approval, license,
permit, grant or similar restriction, in each case, issued or imposed by a governmental authority;

               (iii) existing

                    (A) with respect to any Person, or to the property or assets of any Person, at the time the
Person is acquired by the Company or any Restricted Subsidiary (including those existing by reason
of Acquired Debt), or

                    (B) with respect to any Unrestricted Subsidiary at the time it is designated or is deemed to
become a Restricted Subsidiary,

which encumbrances or restrictions (x) are not applicable to any other Person or the property or
assets of any other Person (other than the Subsidiaries of the Person so acquired) and (y) were not
put in place in anticipation of such event and any extensions, renewals, replacements or
refinancings of any of the foregoing, provided the encumbrances and restrictions in the extension,
renewal, replacement or refinancing are, taken as a whole, no less favorable in any material
respect to the Holders than the encumbrances or restrictions being extended, renewed, replaced or
refinanced;

               (iv) of the type described in clause (iv) of Section 4.08(a) arising or agreed to in the
ordinary course of business (including Debt permitted to be incurred, as set forth under Section
4.06, that imposes such restrictions) (A) that restrict in a customary manner the subletting,
assignment, licensing or transfer of any property or asset that is subject to a lease, license or
other agreement or (B) by virtue of any Lien on, or agreement to transfer, option or similar right
with respect to any property or assets of, the Company or any Restricted Subsidiary;

               (v) with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been
entered into for the sale or disposition of all or substantially all of the Capital Stock of, or
property and assets of, the Restricted Subsidiary that is permitted by this Indenture;

               (vi) consisting of customary restrictions pursuant to any Permitted Receivables Financing;

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               (vii) contained in the terms governing any Debt permitted under this Indenture if (as
determined in good faith by the Company) (A) the encumbrances or restrictions are ordinary and
customary for a financing of that type and (B) the encumbrances or restrictions either would not,
at the time agreed to, be expected to materially adversely affect the ability of the Company to
make payments on the Notes or any Guarantor to make payments in respect of its Note Guaranty;

               (viii) required pursuant to this Indenture;

               (ix) consisting of customary provisions in joint venture agreements, leases, licenses,
purchase and sale or merger agreements and other agreements entered into in the ordinary course of
business;

               (x) that exist as a result of Permitted Liens;

               (xi) under any customary provisions with respect to cash or other deposit or net worth
requirements under agreements, instruments or contracts entered into in the ordinary course of
business;

               (xii) under any agreement, instrument or contract entered into in connection with the
incurrence of Debt of the type described in Section 4.06(b)(xvi); or

               (xiii) any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or obligations referred to
in clauses (i) through (xii) of this Section 4.08(b); provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in
the good faith judgment of the Company, not materially more restrictive as a whole with respect to
such encumbrances and restrictions than those prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing.

     Section 4.09 Limitation on Asset Sales.

          (a) The Company will not, and will not permit any Restricted Subsidiary to, make any Asset
Sale unless the following conditions are met:

               (i) The Asset Sale is for at least Fair Market Value, as determined in good faith by the
Company in a manner consistent with its customary practices.

               (ii) At least 75% of the consideration (the valuation thereof to be reasonably determined by
the Company) consists of cash or Cash Equivalents received at closing, which cash or Cash
Equivalents shall be pledged as Collateral to the extent the assets disposed of were (or were
required to be) Collateral. For purposes of this clause (ii), (A) the assumption by the purchaser
of Debt or other obligations (other than Subordinated Debt or other

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obligations subordinated by
their terms in right of payment to the Notes) of the Company or a Restricted Subsidiary pursuant to
a customary novation agreement, and instruments or securities received from the purchaser that are
promptly, but in any event within 180 days of the closing, converted by the Company to cash, to the
extent of the cash actually so received, shall be considered cash received at closing and (B) any
Designated Non-Cash Consideration received by the Company or a Restricted Subsidiary having an
aggregate Fair Market Value (measured at the time received and without giving effect to any
subsequent change in value), taken together with all other Designated Non-Cash Consideration
received pursuant to this clause (B) that has not been transferred, sold or otherwise exchanged
for, or otherwise converted into, cash, not to exceed 5.0% of the Total Assets of the Company and
its Restricted Subsidiaries at the time of the receipt of such Designated Non-Cash Consideration,
shall be considered cash received at closing.

               (iii) Within 360 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Net
Cash Proceeds may be used at the Company’s option:

                    (A) to permanently repay (1) First-Priority Lien Obligations of the Company or a Guarantor or,
if the assets disposed of were not (and were not required to be) Collateral, any Debt of
 a Restricted Subsidiary that is not a Guarantor (and in the case of a
revolving credit, permanently reduce the commitment thereunder by such amount), in each case owing
to a Person other than the Company or any Restricted Subsidiary or (2) Debt of the type described
in Section 4.06(b)(ix) to the extent such Debt is secured by the property or assets that are the
subject of such Asset Sale,

                    (B) to acquire all or substantially all of the assets of a Permitted Business, or a majority
of the Voting Stock of another Person that thereupon becomes a Restricted Subsidiary engaged in a
Permitted Business, or to make capital expenditures or otherwise acquire Additional Assets;
provided that to the extent the assets disposed of were (or were required to be) Collateral, the
assets acquired shall be pledged as Collateral, or

                    (C) any combination of clauses (A) through (B) above,

provided that, in the cases of this clause (iii), a binding commitment shall be treated as a
permitted application of Net Cash Proceeds from the date of such commitment so long as the Company
or such other Restricted Subsidiary enters into such commitment with the good faith expectation
that such Net Cash Proceeds will be applied to satisfy such commitment within 180 days of such
commitment (an “Acceptable Commitment”) and, in the event that any Acceptable Commitment is later
cancelled or terminated for any reason before the Net Cash Proceeds are applied in connection
therewith, the Company or such Restricted Subsidiary enters into another Acceptable Commitment (a
“Second Commitment”) or applies such Net Cash Proceeds in accordance with clause (A), (B) or (C)
above within 180 days of such cancellation or termination; provided, further, that if any Second
Commitment is later cancelled or terminated for any reason before such Net Cash Proceeds are
applied, then such Net Cash Proceeds shall constitute Excess Proceeds.

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               (iv) The Net Cash Proceeds of an Asset Sale not applied pursuant to clause (iii) of this
Section 4.09(a) within 360 days of the Asset Sale constitute “Excess Proceeds”. Excess Proceeds of
less than $50,000,000 will be carried forward and accumulated. When accumulated Excess Proceeds
equal or exceed such amount, the Company must, within 60 days, make an Offer to Purchase Notes
having a principal amount equal to

                    (A) accumulated Excess Proceeds, multiplied by

                    (B) a fraction (1) the numerator of which is equal to the outstanding principal amount of the
Notes and (2) the denominator of which is equal to the outstanding principal amount of the Notes
and all Debt secured by Liens on the Collateral of the same priority as the Liens securing the
Notes similarly required to be repaid, redeemed or tendered for in connection with the Asset Sale,

rounded down to the nearest $1,000. The purchase price for the Notes will be 100% of the principal
amount plus accrued interest to, but excluding, the date of purchase. If the Offer to Purchase is
for less than all of the Outstanding Notes and Notes in an aggregate principal amount in excess of
the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase
Notes having an aggregate principal amount equal to the purchase
amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 principal
amount will be purchased. Upon completion of the Offer to Purchase, the amount of the Excess
Proceeds will be reset at zero, and any previously deemed Excess Proceeds remaining after
consummation of the Offer to Purchase may be used for any purpose not otherwise prohibited by this
Indenture.

          (b) The Company will comply with Section 14(e) under the Exchange Act (including Rule 14e-1
thereunder) and all securities laws, rules, regulations and other applicable laws (to the extent
such Section 14(e) or applicable laws, rules and regulations are applicable to such Offer to
Purchase) in making any Offer to Purchase, and the above procedures will be deemed modified as
necessary to permit such compliance.

          (c) Pending the application of any such Excess Proceeds, the Company or such Restricted
Subsidiary may use such Excess Proceeds to temporarily reduce revolving indebtedness under a Credit
Facility, if any, or otherwise invest such Excess Proceeds in cash or Cash Equivalents.

     Section 4.10 Limitation on Transactions with Affiliates.

          (a) The Company will not, and will not permit any Restricted Subsidiary to, enter into, renew
or extend any transaction or arrangement, including the purchase, sale, lease or exchange of
property or assets, or the rendering of any service, with any Affiliate of the Company or any
Restricted Subsidiary (a “Related Party Transaction”), except upon fair and reasonable terms no
less favorable, taken as a whole, to the Company or the Restricted

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Subsidiary than could be
obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the
Company.

          (b) Any Related Party Transaction or series of Related Party Transactions with an aggregate
value in excess of $50,000,000 must first be approved by a majority of the Board of Directors of
the Company who are disinterested in the subject matter of the transaction pursuant to a Board
Resolution, unless there are no members of the Board of Directors of the Company that are
disinterested in the subject matter of the transaction, in which case such transaction must be
approved by a majority of the Board of Directors of the Company.

          (c) The foregoing paragraphs do not apply to

               (i) any transaction between the Company and any of its Restricted Subsidiaries or between
Restricted Subsidiaries of the Company;

               (ii) the payment of reasonable and customary regular fees to, and the reimbursement of
expenses of, directors of the Company who are not employees of the Company;

               (iii) any Restricted Payments of a type permitted under Section 4.07(a);

               (iv) transactions or payments pursuant to any employee, officer or director compensation,
benefit plans, collective bargaining agreement or other similar arrangements (including vacation,
health, insurance, deferred compensation, retirement, savings, severance, change of control
payments and incentive arrangements or other similar plans) entered into in the ordinary course of
business;

               (v) transactions entered into as part of a Permitted Receivables Financing;

               (vi) transactions pursuant to any contract or agreement in effect on the date of this
Indenture, as amended, modified or replaced from time to time so long as the amended, modified or
new agreements, taken as a whole, are not materially less favorable to the Company and its
Restricted Subsidiaries than those in effect on the date of this Indenture;

               (vii) indemnification or similar arrangements (including director and officer liability
insurance) for officers, directors, employees or agents of the Company or any of its Restricted
Subsidiaries pursuant to charter, bylaw, contractual or statutory provisions;

               (viii) any transactions between the Company or any of its Restricted Subsidiaries and any
Affiliate of the Company the Equity Interests of which Affiliate are owned solely by the Company or
any of its Restricted Subsidiaries, on the one hand, and by persons who are not Affiliates of the
Company or Restricted Subsidiaries, on the other hand;

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               (ix) loans and advances to directors, employees or officers made in the ordinary course of
business in compliance with applicable laws, provided that such loans and advances do not exceed
$25,000,000 in the aggregate at any one time outstanding;

               (x) transactions with Persons who are Affiliates of the Company solely as a result of the
Company’s or a Restricted Subsidiary’s Investment in such Person; and

               (xi) any transactions as to which the Company has obtained a favorable written opinion from a
nationally recognized investment banking firm as to the fairness of the transaction to the Company
and its Restricted Subsidiaries from a financial point of view.

     Section 4.11 Limitation on Liens.

          (a) The Company will not, and will not permit any Restricted Subsidiary to, incur or permit to
exist any Lien of any nature whatsoever on any of its properties or assets, whether owned at the
Issue Date or thereafter acquired, other than Permitted Liens.

          (b) If the Company or any Guarantor creates any additional Lien to secure any First-Priority
Lien Obligations upon any asset that is not at the time Collateral, it must promptly (and in no
event more than two Business Days thereafter) grant a second priority Lien upon such asset as
security for the Notes or Note Guaranty, such that the applicable asset becomes Collateral.

     Section 4.12 Repurchase of Notes upon a Change of Control.

          (a) Not later than 30 days following a Change of Control, unless the Company has previously or
concurrently delivered a redemption notice with respect to all Outstanding Notes as set forth under
Section 3.01, the Company will make an Offer to Purchase all Outstanding Notes at a purchase price
equal to 101% of the principal amount plus accrued interest to, but excluding, the date of
purchase.

          (b) The Company will not be required to make an Offer to Purchase upon a Change of Control if
a third party makes the Offer to Purchase in the manner, at the times and otherwise in compliance
with the requirements applicable to an Offer to Purchase upon a Change of Control.

          (c) Notwithstanding anything to the contrary herein, an Offer to Purchase may be made in
advance of a Change of Control, conditional upon the occurrence of such Change of Control, if a
definitive agreement is in place for the Change of Control at the time of making of the Offer to
Purchase.

     Section 4.13 Limitation on Line of Business. The Company will not, and will not permit any of
its Restricted Subsidiaries, to engage in any business other than a Permitted

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Business, except to
an extent that so doing would not be material to the Company and its Restricted Subsidiaries, taken
as a whole.

     Section 4.14 Limited Applicability of Covenants when Notes are Rated Investment-Grade.

          (a) During any period of time after the Issue Date that (i) the Notes are rated Investment
Grade by each of S&P and Moody’s (or, if either (or both) of S&P and Moody’s have been substituted
in accordance with the definition of “Rating Agencies”, by each of the then applicable Rating
Agencies) and (ii) no Default has occurred and is continuing, the Company and its Restricted
Subsidiaries will not be subject to the covenants in Sections 4.06, 4.07, 4.08, 4.09, 4.10 or
clause (3) of Section 5.01(a) (the “Suspended Covenants”).

          (b) Additionally, at such time as the above referenced covenants are suspended (a “Suspension
Period”), the Company will no longer be permitted to designate any Restricted Subsidiary as an
Unrestricted Subsidiary unless the Company would have been permitted to designate such Subsidiary
as an Unrestricted Subsidiary if a Suspension Period had not been in effect for any period and such
designation shall be deemed to have created a Restricted Payment as set forth in Section 4.07
following the Reversion Date (as defined below).

          (c) In the event that the Company and its Restricted Subsidiaries are not subject to the
Suspended Covenants for any period of time as a result of Section 4.14(a), and on any subsequent
date (the “Reversion Date”) the condition set forth in clause (i) of Section 4.14(a) is no longer
satisfied, then the Company and its Restricted Subsidiaries will thereafter again be subject to the
Suspended Covenant with respect to future events.

          (d) On each Reversion Date, all Debt incurred during the Suspension Period prior to such
Reversion Date will be deemed to be Debt incurred pursuant to Section 4.06(b)(viii). For purposes
of calculating the amount available to be made as Restricted Payments under clause (3) of Section
4.07(a), calculations under Section 4.07 shall be made as though such covenant had been in effect
during the entire period of time after the Issue Date (including the Suspension Period).
Restricted Payments made during the Suspension Period not otherwise permitted pursuant under
Section 4.07(b) will reduce the amount available to be made as Restricted Payments under clause (3)
of Section 4.07(a); provided that the amount available to be made as Restricted Payments on the
Reversion Date shall not be reduced to below zero solely as a result of such Restricted Payments.

For purposes of Section 4.09, on the Reversion Date, the amount of Excess Proceeds will be reset to
the amount of Excess Proceeds in effect as of the first day of the Suspension Period ending on such
Reversion Date.

Notwithstanding the foregoing, neither (i) the continued existence, after the Reversion Date, of
facts and circumstances or obligations that were incurred or otherwise came into existence

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during a Suspension Period nor (ii) the performance of any such obligations, shall constitute a breach of
any covenant set forth in this Indenture or cause a Default or Event of Default; provided that (x)
the Company and its Restricted Subsidiaries did not incur or otherwise cause such facts and
circumstances or obligations to exist in anticipation of a withdrawal or downgrade by the
applicable Rating Agency below an Investment Grade Rating and (y) the Company reasonably believed
that such incurrence or actions would not result in such withdrawal or downgrade.

     Section 4.15 Existence. The Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence and the existence of each of its
Restricted Subsidiaries in accordance with their respective organizational documents, and the
material rights, licenses and franchises of the Company and each Restricted Subsidiary, provided
that the Company is not required to preserve any such right, license or franchise, or the existence
of any Restricted Subsidiary, if the maintenance or preservation thereof is no longer desirable in
the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; and
provided further that this Section does not prohibit any transaction otherwise permitted by Section
4.09 or Article 5.

     Section 4.16 Payment of Taxes and Other Claims. The Company will pay or discharge and shall
cause each of its Restricted Subsidiaries to pay or discharge, or cause to be paid or discharged,
before the same shall become delinquent (a) all material taxes, assessments and governmental
charges levied or imposed upon (i) the Company or any such Subsidiary, (ii) the income or profits
of any such Subsidiary which is a corporation or (iii) the property of the Company or any such
Subsidiary and (b) all material lawful claims for labor materials and supplies that, if unpaid,
might by law become a Lien upon the property of the Company or any such Subsidiary; provided that
the Company shall not be required to pay or discharge, or cause to be paid or discharged, any such
tax, assessment, charge or claim the amount, applicability or
validity of which is being contested in good faith by appropriate proceedings and for which
adequate reserves have been established in accordance with GAAP.

     Section 4.17 Maintenance of Properties and Insurance.

          (a) The Company will cause all material assets necessary in the conduct of its business or the
business of any of its Restricted Subsidiaries, to be maintained and kept in good condition, repair
and working order (ordinary wear and tear excepted) and will cause to be made all necessary
repairs, renewals and replacements thereof, all as in the judgment of the Company may be necessary
so that the business carried on in connection therewith may be properly conducted at all times;
provided that nothing in this Section 4.17 shall prevent the Company or any such Restricted
Subsidiary from discontinuing the use, operation or maintenance of any of such assets or disposing
or abandoning of any of them, if such discontinuance, disposal or abandonment is, in the judgment
of the Company, desirable in the conduct of the business of the Company or such Restricted
Subsidiary.

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          (b) The Company will maintain, and will cause each of its Restricted Subsidiaries to
maintain (either in the Company’s name or in such Subsidiary’s own name) insurance on all their
respective properties consistent with the insurance maintained on the Issue Date or otherwise in at
least such amounts (with no materially greater risk retention) and against at least such risks as
are usually maintained, retained or insured against in the same general area by companies of
established repute owning similar properties in such area and engaged in the same or a similar
business, in either case, to the extent available to the Company and its Restricted Subsidiaries on
commercially reasonable terms, provided that the Company and its Restricted Subsidiaries may
self-insure to the extent consistent with prudent business practices.

     Section 4.18 Additional Note Guaranties. If (a) the Company or any of its Restricted
Subsidiaries acquires or creates a Wholly Owned Domestic Restricted Subsidiary (other than any such
Subsidiary that is an Excluded Subsidiary) or (b) any Wholly Owned Domestic Restricted Subsidiary
that is an Excluded Subsidiary ceases to be an Excluded Subsidiary, such Wholly Owned Domestic
Restricted Subsidiary must provide a Note Guaranty within 30 days after such acquisition or
creation or after the date on which such Subsidiary ceases to be an Excluded Subsidiary, as the
case may be, by executing the Supplemental Indenture attached hereto as Exhibit B.

     Section 4.19 Designation of Restricted and Unrestricted Subsidiaries.

          (a) The Board of Directors of the Company may designate any Subsidiary, including a newly
acquired or created Subsidiary, to be an Unrestricted Subsidiary if it meets the following
qualifications and the designation would not cause a Default:

               (i) Such Subsidiary does not own any Capital Stock of the Company or any Restricted Subsidiary
(other than any Subsidiary of such Subsidiary that is also being designated to be an Unrestricted
Subsidiary) or hold any Debt of, or any Lien on any property of, the Company or any Restricted
Subsidiary (other than any Subsidiary of such Subsidiary that is also being designated to be an
Unrestricted Subsidiary);

               (ii) At the time of the designation, the Investment by the Company and its Restricted
Subsidiaries in such Subsidiary would be permitted under Section 4.07 as provided in clause (i) of
Section 4.19(c);

               (iii) To the extent the Debt of the Subsidiary is not Non-Recourse Debt, any Guarantee or
other credit support thereof by the Company or any Restricted Subsidiary is permitted under Section
4.06 and Section 4.07;

               (iv) The Subsidiary is not party to any transaction or arrangement with the Company or any
Restricted Subsidiary that would not be permitted under Section 4.10; and

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               (v) Neither the Company nor any Restricted Subsidiary has any obligation to subscribe for
additional Equity Interests of the Subsidiary or to maintain or preserve its financial condition or
cause it to achieve specified levels of operating results, except to the extent permitted by
Section 4.06 and Section 4.07.

Once so designated the Subsidiary will remain an Unrestricted Subsidiary, subject to Section
4.19(b).

          (b) (i) A Subsidiary previously designated an Unrestricted Subsidiary which fails to meet the
qualifications set forth in Section 4.19(a) will be deemed to become at that time a Restricted
Subsidiary, subject to the consequences set forth in Section 4.19(d).

               (ii) The Board of Directors of the Company may designate an Unrestricted Subsidiary to be a
Restricted Subsidiary if the designation would not cause a Default.

          (c) Upon a Restricted Subsidiary becoming an Unrestricted Subsidiary,

               (i) all existing Investments of the Company and the Restricted Subsidiaries therein (valued at
the Company’s proportional share of the Fair Market Value of its assets less liabilities) will be
deemed made at that time; provided that Investments held by any Person prior to the time such
Person becomes a Subsidiary that (A) are Permitted Investments of the type described in clause (8),
(9), (13) or (17) of the definition thereof, or (B) are made pursuant to Section 4.07(a) will not
be deemed to be Investments at the time such Person becomes a Subsidiary and is designated an
Unrestricted Subsidiary;

               (ii) all existing Capital Stock or Debt of the Company or a Restricted Subsidiary held by it
will be deemed Incurred at that time, and all Liens on property of the Company or a Restricted
Subsidiary held by it will be deemed incurred at that time;

               (iii) all existing transactions between it and the Company or any Restricted Subsidiary not
described in clauses (i) and (ii) of this Section 4.19(c) will be deemed entered into at that time;

               (iv) it is released at that time from its Note Guaranty (if any), and Liens on its assets
securing its Note Guaranty (if any) are released; and

               (v) it will cease to be subject to the provisions of this Indenture as a Restricted
Subsidiary.

          (d) Upon an Unrestricted Subsidiary becoming, or being deemed to become, a Restricted
Subsidiary,

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               (i) all of its Debt and Disqualified or Preferred Stock will be deemed Incurred at that time
for purposes of Section 4.06, but will not be considered the sale or issuance of Equity Interests
for purposes of Section 4.09;

               (ii) Investments therein previously made as Restricted Payments under Section 4.07 will be
credited thereunder;

               (iii) it may be required to issue a Note Guaranty pursuant to Section 4.18 and grant Liens on
its assets pursuant to the Security Agreements and/or Section 12.04; and

               (iv) it will thenceforward be subject to the provisions of this Indenture as a Restricted
Subsidiary.

          (e) Any designation by the Board of Directors of the Company of a Subsidiary as a Restricted
Subsidiary or Unrestricted Subsidiary will be evidenced to the Trustee by promptly filing with the
trustee a copy of the Board Resolution giving effect to the designation and an Officer’s
Certificate certifying that the designation complied with this Section 4.19.

     Section 4.20 Further Assurances; Collateral Inspections.

          (a) The Company and each of the Guarantors will make, execute, endorse, acknowledge, file,
record, register and/or deliver such agreements, documents, instruments, and further assurances
(including, without limitation, Uniform Commercial Code financing statements, mortgages, deeds of
trust, vouchers, invoices, schedules, confirmatory assignments, conveyances, transfer endorsements,
powers of attorney, certificates, real property surveys, reports, landlord waivers, bailee
agreements and control agreements), and take such other actions, as may be required under
applicable law or as the Trustee or the Second Lien Collateral Agent may deem reasonably
appropriate or advisable to create, perfect, preserve or protect the security interest in the
Collateral of the secured parties under the Security Agreements, all at the Issuer’s expense, but
in each case subject to the limitations specified in the Security Agreements.

          (b) Upon written request of the Trustee or the Second Lien Collateral Agent at any time after
an Event of Default has occurred and is continuing, the Company will, and will cause the Guarantors
to, subject to such party entering into a reasonable and customary confidentiality agreement,
permit the Trustee or the Second Lien Collateral Agent or any advisor, auditor, consultant,
attorney or representative acting for the Trustee or the Second Lien Collateral Agent, upon
reasonable notice to the Company and during normal business hours, to visit and inspect any of the
property of the Company and each Guarantor, to review, make extracts from and copy the books and
records of the Company and the Guarantors relating to any such property, and to discuss any matter
pertaining to any such property with the officers and employees of the Company and the Guarantors.

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ARTICLE 5

CONSOLIDATION, MERGER OR SALE OF ASSETS

     Section 5.01 Consolidation, Merger or Sale of Assets by the Company.

          (a) The Company will not:

               (i) consolidate with or merge with or into any Person, or

               (ii) sell, convey, transfer, lease or otherwise dispose of all or substantially all of the
assets of the Company and its Subsidiaries as an entirety or substantially an entirety, in one
transaction or a series of related transactions, to any Person, or

               (iii) permit any Person to merge with or into the Company
unless

               (1) either (x) the Company is the continuing or surviving Person or (y) the resulting,
surviving or transferee Person is a corporation organized and validly existing under the laws of
the United States of America or any jurisdiction thereof and expressly assumes by supplemental
indenture (or other joinder agreement, as applicable) all of the obligations of the Company under
this Indenture, the Notes and the Security Agreements;

               (2) immediately after giving effect to the transaction, no Default has occurred and is
continuing;

               (3) immediately after giving effect to the transaction on a pro forma basis, either (x) the
Company or the resulting surviving or transferee Person could Incur at least $1.00 of Debt under
the Fixed Charge Coverage Ratio set forth in the proviso to Section 4.06(a) or (y) the Fixed Charge
Coverage Ratio of the Company or the resulting, surviving or transferee Person would not be less
than the Fixed Charge Coverage Ratio of the Company immediately prior to the transaction; and

               (4) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel
(subject to customary exceptions and qualifications), each stating that the consolidation, merger
or transfer and the supplemental indenture (if any) comply with this Indenture;

provided, that the foregoing clauses (2) and (3) do not apply (i) to the consolidation or merger of
the Company with or into a Wholly Owned Restricted Subsidiary or the consolidation or merger of a
Wholly Owned Restricted Subsidiary with or into the Company or (ii) to any consolidation or merger
if, in the good faith determination of the Board of Directors of the Company, whose determination
is evidenced by a Board Resolution, the sole purpose of such consolidation or

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merger is to change
the jurisdiction of incorporation of the Company. Any sale or other disposition of assets by
Subsidiaries which would constitute substantially all of the assets of the Company and its
Subsidiaries, taken as whole, would be subject to the provisions set forth above.

          (b) Upon the consummation of any transaction effected in accordance with the provisions of
Section 5.01(a), if the Company is not the continuing Person, the resulting, surviving or
transferee Person will succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture and the Notes with the same effect as if such successor Person
had been named as the Company in this Indenture. Upon such substitution, unless the successor is
one or more of the Company’s Subsidiaries, the Company
will be released from its obligations under this Indenture and the Notes; provided that, in
the case of a lease of all or substantially all of the assets of the Company and its Subsidiaries,
the predecessor company shall not be released from any of the obligations or covenants under this
Indenture and the Notes, including with respect to the payment of the Notes.

     Section 5.02 Consolidation, Merger or Sale of Assets by a Guarantor.

          (a) No Guarantor may

               (i) consolidate with or merge with or into any Person, or

               (ii) sell, convey, transfer, lease or dispose of, all or substantially all its assets as an
entirety or substantially as an entirety, in one transaction or a series of related transactions,
to any Person, or

               (iii) permit any Person to merge with or into such Guarantor
unless

               (1) the other Person is the Company or any Restricted Subsidiary that is a Guarantor or that
becomes a Guarantor concurrently with the transaction; or

               (2) (A) either (x) the Guarantor is the continuing or surviving Person or (y) the resulting,
surviving or transferee Person expressly assumes by supplemental indenture (or other joinder
agreement, as applicable) all of the obligations of the Guarantor under its Note Guaranty, this
Indenture and the Security Agreements; and

                    (B) immediately after giving effect to the transaction, no Default has occurred and is
continuing; or

               (3) the transaction constitutes a sale or other disposition (including by way of consolidation
or merger) of the Guarantor or the sale or disposition of all or substantially all the assets of
the Guarantor (in each case other than to the Company or a Domestic Restricted Subsidiary)
otherwise permitted by this Indenture.

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          (b) Upon the consummation of any transaction effected in accordance with the provisions of
Section 5.02(a), if the Guarantor is not the continuing Person, the resulting, surviving or
transferee Person will succeed to, and be substituted for, and may exercise every right and power
of, the Guarantor under this Indenture and the Notes with the same effect as if such successor
Person had been named as the Guarantor in this Indenture (unless the Guarantor’s Note Guaranty will
be released in connection therewith as set forth in Section 11.09). Upon such substitution, unless
the successor is one or more of the Guarantor’s Subsidiaries, the Guarantor will be released from
its obligations under this Indenture and the Notes; provided that, in the case of a lease of all or
substantially all of the assets of the Guarantor, the predecessor company shall not be released
from any of the obligations or covenants under this Indenture and the Notes, including with respect
to the payment of the Notes.

     Section 5.03 Opinion of Counsel to Trustee. The Trustee, subject to the provisions of
Sections 7.01 and 7.03, shall be provided with an Opinion of Counsel (subject to customary
exceptions and qualifications) as conclusive evidence that any such consolidation, merger,
conveyance, sale, transfer, lease, exchange or other disposition referred to in Section 5.01 or
5.02 complies with the applicable provisions of this Indenture.

ARTICLE 6

REMEDIES

     Section 6.01 Events of Default. Each of the following constitutes an “Event of Default”:

          (1) the Company defaults in the payment of the principal of any Note when the same becomes due
and payable at maturity, upon acceleration or redemption, or otherwise (other than pursuant to an
Offer to Purchase);

          (2) the Company defaults in the payment of interest on any Note when the same becomes due and
payable, and the default continues for a period of 30 days;

          (3) the Company fails to make an Offer to Purchase and thereafter accept and pay for Notes
tendered when and as required pursuant to Section 4.09 or Section 4.12, or the Company or any
Guarantor fails to comply with Article 5;

          (4) the Company defaults in the performance of or breaches any other covenant or agreement of
the Company in this Indenture or under the Notes and the default or breach continues for a period
of 60 consecutive days after written notice to the Company by the Trustee or to the Company and the
Trustee by the Holders of 25% or more in aggregate principal amount of the Notes;

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          (5) there occurs with respect to any Debt of the Company or any of its Subsidiaries having an
outstanding principal amount of $50,000,000 or more in the aggregate for all such Debt of all such
Persons (i) an event of default that results in such Debt being due and payable prior to its
scheduled maturity or (ii) failure to make a principal payment at scheduled maturity and, in each
case, such defaulted payment is not made, waived or extended within the applicable grace period;

          (6) one or more final judgments or orders for the payment of money are rendered against the
Company or any of its Subsidiaries and are not paid or discharged, and there is a period of 60
consecutive days following entry of the final judgment or order that causes the aggregate amount
for all such final judgments or orders outstanding and not paid or discharged against all such
Persons to exceed $50,000,000 (in excess of amounts which the Company’s insurance carriers have
agreed to pay under applicable policies) during which a stay of enforcement, by reason of a pending
appeal or otherwise, is not in effect;

          (7) an involuntary case or other proceeding is commenced against the Company or any
Significant Subsidiary with respect to it or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its property, and such
involuntary case or other proceeding remains undismissed and unstayed for a period of 60 days; or
an order for relief is entered against the Company or any Significant Subsidiary under the federal
bankruptcy laws as now or hereafter in effect;

          (8) the Company or any of its Significant Subsidiaries (i) commences a voluntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents
to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Company or any of its Significant Subsidiaries or for all
or substantially all of the property and assets of the Company or any of its Significant
Subsidiaries or (iii) effects any general assignment for the benefit of creditors (an event of
default specified in clause (7) or (8) a “Bankruptcy Default”);

          (9) any Note Guaranty ceases to be in full force and effect, other than in accordance with the
terms of this Indenture, or a Guarantor denies or disaffirms its obligations under its Note
Guaranty; or

          (10) (i) the Liens created by the Security Agreements shall at any time not constitute a valid
and (to the extent perfection by filing, registration, recordation or possession is required by
this Indenture or the Security Agreements) perfected Lien on any material portion of the Collateral
intended to be covered thereby other than (A) in accordance with the terms of the relevant Security
Agreement and this Indenture, (B) in connection with the satisfaction in full of all Obligations
under this Indenture or (C) as a result of the release or amendment of any such Lien in accordance
with the terms of this Indenture or the Security Agreements, or (ii) any of the

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Security Agreements
shall for whatever reason be terminated or cease to be in full force and effect (except for
expiration in accordance with its terms or amendment, modification, waiver, termination or release
in accordance with the terms of this Indenture and the relevant Security Agreement), or the
enforceability thereof shall be contested by the Company or any Guarantor.

     Section 6.02 Acceleration.

          (a) If an Event of Default, other than a Bankruptcy Default with respect to the Company,
occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to
the Trustee if the notice is given by the Holders), may, and the Trustee at the request of such
Holders shall, declare the principal of and accrued interest on the Notes to be immediately due and
payable. Upon a declaration of acceleration, such principal and interest will become immediately
due and payable. If a Bankruptcy Default occurs with respect to the Company, the principal of and
accrued interest on the Notes then outstanding will become immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder.

          (b) The Holders of a majority in principal amount of the Outstanding Notes by written notice
to the Company and to the Trustee may waive all past defaults and rescind and annul a declaration
of acceleration and its consequences if

     (1) all existing Events of Default, other than the nonpayment of the principal of,
premium, if any, and interest on the Notes that have become due solely by the declaration of
acceleration, have been cured or waived, and

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

     Section 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may
pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at
law or in equity to collect the payment of principal of and interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture. The Trustee may maintain a proceeding
even if it does not possess any of the Notes or does not produce any of them in the proceeding.

     Notwithstanding any other provision of this Indenture, if the Company so elects, the sole
remedy of the Holders for (x) a failure to comply with any obligations that the Company may have or
may be deemed to have pursuant to Section 314(a)(1) of the Trust Indenture Act or (y) the Company’s
failure to comply with Section 4.04, will for the first 180 days after the occurrence of such
failure consist exclusively of the right to receive additional interest on the Notes at a rate per
annum: equal to (i) 0.25% for the first 90 days after the occurrence of such failure (which 90th
day will be the 150th day after written notice of such failure to comply is

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provided as set forth
above) and (ii) 0.50% from the 91st day to, and including, the 180th day after the occurrence of
such failure (“Additional Interest”). Additional Interest will accrue on all Outstanding Notes from
and including the date on which such failure first occurs until such violation is cured or waived
and shall be payable on each relevant Interest Payment Date to Holders of record on the Regular
Record Date immediately preceding such Interest Payment Date. On the 181st day after such failure
(if such violation is not cured or waived prior to such 181st day), such failure will then
constitute an Event of Default without any further notice or lapse of time and the Notes will be
subject to acceleration as provided above. Unless the context requires otherwise, all references
to “interest” contained herein shall be deemed to include Additional Interest.

     Section 6.04 Waiver of Past Defaults. Except as otherwise provided in Sections 6.02, 6.07 and
9.02, the Holders of a majority in principal amount of the Outstanding Notes may, by notice to the
Trustee, waive an existing Default and its consequences. Upon such waiver, the Default will cease
to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such
waiver will extend to any subsequent or other Default or impair any right consequent thereon.

     Section 6.05 Control by Majority. The Holders of a majority in principal amount of the
Outstanding Notes may 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
under this Indenture or the Security Agreements. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or the Security Agreements, that may involve it
in personal liability, or that it determines in good faith may be unduly prejudicial to the rights
of Holders of Notes not joining in the giving of such direction, and may take any other action it
deems proper that is not inconsistent with any such direction received from Holders of the Notes;
provided, that (x) the rights of the Trustee, in its capacity as Second Lien Collateral Agent, to
exercise remedies with respect to the Collateral are subject in all respects to the Collateral
Trust Agreement, which provides that the Second Lien Collateral Agent shall at all times act in
accordance with the direction of the Majority Holders (as defined in the Collateral Trust
Agreement) and (y) the rights of the Second Lien Collateral Agent to exercise remedies with respect
to the Collateral are subject in all respects to the Intercreditor Agreement, notwithstanding any
directions received from the Holders of the Notes and any other Second-Priority Lien Obligations.

     Section 6.06 Limitation on Suits. A Holder may not institute any proceeding, judicial or
otherwise, with respect to this Indenture, the Notes or the Collateral, or for the appointment of a
receiver or trustee, or for any other remedy under this Indenture, the Notes or the Security
Agreements, unless:

          (1) the Holder has previously given to the Trustee written notice of a continuing Event of
Default;

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          (2) Holders of at least 25% in aggregate principal amount of Outstanding Notes have made
written request to the Trustee to institute proceedings in respect of the Event of Default in its
own name as Trustee under this Indenture or as Second Lien Collateral Agent under the Security
Agreements, as applicable;

          (3) Holders have offered to the Trustee (including in its capacity as Second Lien Collateral
Agent) indemnity reasonably satisfactory to the Trustee against any costs, liabilities or expenses
to be incurred in compliance with such request;

          (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity
has failed to institute any such proceeding; and

          (5) during such 60-day period, the Holders of a majority in aggregate principal amount of the
Outstanding Notes have not given the Trustee a direction that is inconsistent with such written
request.

     Section 6.07 Rights of Holders to Receive Payment. Notwithstanding anything to the contrary,
the right of a Holder of a Note to receive payment of principal of or interest on its Note on or
after the Stated Maturities thereof, or to bring suit for the enforcement of any such payment on or
after such respective dates, may not be impaired or affected without the consent of that Holder;
provided that no Holder may institute any such suit (and shall promptly dismiss such suit upon
request by the trustee or Holders of a majority in aggregate principal amount of the Notes), if and
to the extent that the institution or prosecution thereof or the entry of judgment therein
would, under applicable law, result in the surrender, impairment, waiver, or loss of the Lien
of such Indenture upon any property subject to such Lien.

     Section 6.08 Collection Suit by Trustee. If an Event of Default in payment of principal or
interest specified in clause (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may
recover judgment in its own name and as trustee of an express trust for the whole amount of
principal and accrued interest remaining unpaid, together with interest on overdue principal and
overdue installments of interest, in each case at the rate specified in the Notes, and such further
amount as is sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any
other amounts due the Trustee hereunder.

     Section 6.09 Trustee May File Proofs of Claim. The Trustee may file proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee hereunder) and the Holders allowed in any
judicial proceedings relating to the Company or any Guarantor or their respective creditors or
property, and is entitled and empowered to collect, receive and distribute any money, securities or
other property payable or deliverable upon conversion or exchange of the Notes or upon any such
claims, subject to any applicable restrictions set forth in the

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Intercreditor Agreement. 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 consents to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agent and counsel, and any other amounts due the Trustee hereunder. Nothing in
this Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt
on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition
affecting the Notes 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.

     Section 6.10 Priorities. If the Trustee collects any money pursuant to this Article 6 or from
the exercise of remedies with respect to the Collateral, it shall, subject to the provisions of the
Intercreditor Agreement and the Collateral Trust Agreement, pay out the money in the following
order:

     First: to the Trustee for all amounts due to it hereunder;

     Second: to Holders for amounts then due and unpaid for principal of and interest on the Notes,
ratably, without preference or priority of any kind, according to the amounts due and payable on
the Notes for principal and interest; and

     Third: to the Company or to such party as a court of competent jurisdiction shall direct.

     The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10 upon five Business Days prior notice to the Company.

     Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as
Trustee, a court may require any party litigant in such suit to file an undertaking to pay the
costs of the suit, and the court may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant (other than the Trustee) in the suit having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply
to a suit by a Holder to enforce payment of principal of or interest on any Note on the respective
due dates, or a suit by Holders of more than 10% in principal amount of the Outstanding Notes.

     Section 6.12 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture or any Note and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to such Holder, then and in every such case the Company, any other obligor upon the Notes, the
Trustee and the Holders shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and

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thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.

     Section 6.13 Rights and Remedies Cumulative. No right or remedy conferred or reserved to the
Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or
remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in
addition to every other right and remedy hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not
prevent the concurrent assertion or exercise of any other right or remedy.

     Section 6.14 Waiver of Stay, Extension or Usury Laws. The Company and each Guarantor
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 or any usury law or other law that would prohibit or forgive the Company or the Guarantor from
paying all or any portion of the principal of, or interest on the Notes as contemplated herein,
wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the
performance of this Indenture. The Company and each Guarantor hereby expressly waives, to the
extent that it may lawfully do so, 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.

     Section 6.15 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
Holder to exercise any right or remedy accruing upon any Event of Default will 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 6 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.

ARTICLE 7

THE TRUSTEE

     Section 7.01 Certain Duties and Responsibilities.

          (a) Except during the continuance of an Event of Default,

               (i) the Trustee need perform only those duties that are specifically set forth in this
Indenture and no others, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

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               (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. However, in
the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein).

          (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 person would exercise or use under the circumstances in the
conduct of such person’s 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 paragraph does not limit the effect of Section 7.01(a); and (ii)
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.05.

          (d) The Trustee may refuse to perform any duty or exercise any right or power or expend or
risk its own funds or otherwise incur any financial liability unless it receives indemnity
reasonably satisfactory to it against any loss, liability or expense.

          (e) Whether or not 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 Sections 7.01 and 7.03.

     Section 7.02 Notice of Defaults.

          (a) If any Default occurs and is continuing and is known to the Trustee, the Trustee will send
notice of the Default to each Holder within 90 days after it occurs, unless the Default has been
cured; provided that, except in the case of a default in the payment of the principal of or
interest on any Note, the Trustee may withhold the notice if and so long as the
board of directors, the executive committee or a trust committee of directors of the Trustee
in good faith determines that withholding the notice is in the interest of the Holders. Notice to
Holders under this Section will be given in the manner and to the extent provided in Trust
Indenture Act Section 313(c).

          (b) The Trustee shall not be required to take notice or be deemed to have notice or knowledge
of any event or of any Default (except default in the payment of monies to the Trustee which are
required to be paid to the Trustee on or before a specified date or within a specified time after
receipt by the Trustee of a notice or a certificate which was in fact received),

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unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless the Trustee shall receive
from the Company or a Holder at the Corporate Trust Office written notice stating that the same has
occurred and is continuing, specifying the same and referencing the Notes and this Indenture, and,
in the absence of such knowledge or notice, the Trustee may conclusively assume that the same does
not exist, except as aforesaid.

     Section 7.03 Certain Rights of Trustee. Subject to the provisions of Section 7.01:

               (i) the Trustee may conclusively rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, 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;

               (ii) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or a Company Order thereof, and any resolution of the Company’s Board of
Directors shall be sufficiently evidenced if certified by an Officer as having been duly adopted
and being in full force and effect on the date of such certificate;

               (iii) 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) may, in the absence of bad
faith on its part, rely upon the Officer’s Certificates of the Company;

               (iv) the Trustee may consult with counsel of its selection and the advice of such counsel or
any Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall
be full and complete authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon;

               (v) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory
to it against any loss, liability or expense which might be incurred by it in compliance with such
request or direction;

               (vi) 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, note, other evidence of indebtedness or other paper
or document, but the Trustee, in its reasonable discretion, may make further inquiry or
investigation into such facts or matters, 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, upon reasonable notice to the Company and during
normal business hours;

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               (vii) 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;

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

               (ix) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by
it in good faith and reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Indenture, unless the Trustee’s conduct constitutes willful
misconduct, bad faith or negligence;

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

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

               (xii) 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 Notes and this Indenture.

     Section 7.04 Not Responsible for Recitals or Issuance of Notes. The recitals contained herein
and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Notes, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Notes and perform its
obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for
the use or application by the Company of the Notes or the proceeds thereof.

     Section 7.05 Trustee’s Disclaimer. The Trustee makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the
proceeds from the Notes, it shall not be responsible for any statement in this Indenture or the
Notes (other than its certificate of authentication), the acts of a prior Trustee hereunder, or the
determination as to which beneficial owners are entitled to receive any notices hereunder.

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     Section 7.06 May Hold Notes. The Trustee, any Authenticating Agent, any Paying Agent, any
Registrar or any other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Notes and, subject to Section 7.09 and Section 7.14, may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Registrar or such other agent.

     Section 7.07 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.

     Section 7.08 Compensation and Reimbursement. The Company and the Guarantors, jointly and
severally, agree:

          (a) to pay to the Trustee from time to time such compensation as the Company and the Trustee
shall from time to time agree in writing 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) to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture
(including the reasonable compensation and the expenses, advances and disbursements of its agents
and counsel), except any such expense, disbursement or advance as shall be determined to have been
caused by the Trustee’s own negligence or willful misconduct; and

          (c) to indemnify the Trustee and any predecessor Trustee for, and to hold it harmless against,
any loss, damage, claims, liability or expense (including taxes, other than taxes based on the
income of the Trustee) incurred without negligence or willful misconduct on its part, arising out
of or in connection with the acceptance or administration of this trust, including the reasonable
costs and expenses of defending itself against any claim (whether asserted by a Holder or any other
person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder.

     The Company’s payment obligations pursuant to this Section 7.08 shall survive the discharge of
this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses
after the occurrence of a Bankruptcy Default, the expenses are intended to constitute expenses of
administration under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect.

     Section 7.09 Conflicting Interests. If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, within 90 days the Trustee shall either
eliminate such conflicting interest, apply to the SEC for permission to continue as Trustee with

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such conflicting interest, or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act,
the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under
this Indenture with respect to Notes, or a trustee under any other indenture between the Company
and the Trustee.

     Section 7.10 Corporate Trustee Required; Eligibility. There shall at all times be one (and
only one) Trustee hereunder. The Trustee shall be a Person that is eligible pursuant to the Trust
Indenture Act to act as such and has a combined capital and surplus of at least $100,000,000. If
any such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of this Section 7.10
and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such
Person 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 the Trustee shall cease to be eligible in
accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article.

     Section 7.11 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 7.12.

          (b) The Trustee may resign at any time by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 7.12 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 (and the Company shall reimburse the resigning Trustee for any reasonable
out-of-pocket expenses that it incurs in connection with any such petition).

          (c) The Trustee may be removed at any time by Act of the Holders of a majority in principal
amount of the Outstanding Notes, delivered to the Trustee and to the Company. If the instrument of
acceptance by a successor Trustee required by Section 7.12 shall not have been delivered to the
Trustee within 30 days after the giving of such notice of removal, the Trustee being removed may
petition any court of competent jurisdiction for the appointment of a successor Trustee (and the
Company shall reimburse the Trustee being removed for any reasonable out-of-pocket expenses that it
incurs in connection with any such petition).

     If at any time:

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               (i) the Trustee shall fail to comply with Section 7.09 after written request therefor by the
Company or by any Holder who has been a bona fide Holder for at least six months, or

               (ii) the Trustee shall cease to be eligible under Section 7.10 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 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 may remove the Trustee, or (B) subject to Section 6.11, any
Holder who has been a bona fide Holder for at least six months may, on behalf of itself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee or Trustees.

          (d) 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, the Company shall promptly appoint a successor
Trustee and shall comply with the applicable requirements of Section 7.12. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee shall be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Notes 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 7.12, become the successor Trustee and to that extent supersede
the successor Trustee appointed by the Company. If no successor Trustee shall have been so
appointed by the Company or the Holders and accepted appointment in the manner required by Section
7.12, then, subject to Section 6.11, any Holder who has been a bona fide Holder for at least six
months may, on behalf of itself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee.

          (e) The Company shall give notice of each resignation and each removal of the Trustee and each
appointment of a successor Trustee to all Holders in the manner provided in Section 13.03. Each
notice shall include the name of the successor Trustee and the address of its Corporate Trust
Office.

     Section 7.12 Acceptance of Appointment by Successor.

          (a) In case of the appointment hereunder of a successor Trustee, every such successor Trustee
so appointed shall execute, acknowledge and deliver to the Company 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

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of the retiring
Trustee; but, on the request of the Company 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) Upon request of any such successor Trustee, the Company 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 above.

          (c) 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 7.

     Section 7.13 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 7, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Notes 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 Notes so authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes.

     Section 7.14 Preferential Collection of Claims Against the Company. If and when the Trustee
shall be or become a creditor of the Company (or any other obligor upon the Notes), the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims
against the Company (or any such other obligor).

     Section 7.15 Appointment of Authenticating Agent. The Trustee may appoint an Authenticating
Agent acceptable to the Company to authenticate the Notes. Any such appointment shall be evidenced
by an instrument in writing signed by a Responsible Officer, a copy of which instrument shall be
promptly furnished to the Company. Unless limited by the terms of such appointment, an
Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication (or execution of a certificate of authentication) by the Trustee
includes authentication (or execution of a certificate of authentication) by such Authenticating
Agent. An Authenticating Agent has the same rights as any Registrar, Paying Agent or agent for
service of notices and demands.

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ARTICLE 8

HOLDERS’ LIST AND REPORTS BY THE TRUSTEE AND THE COMPANY

     Section 8.01 The Company to Furnish Trustee Names and Addresses of Holders; Stock Exchange
Listing.

          (a) The Company will furnish or cause to be furnished to the Trustee

               (i) semi-annually, not more than 15 days after each Regular Record Date, a list, in such form
as the Trustee may reasonably require, of the names and addresses of the Holders as of such Regular
Record Date, and

               (ii) 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 Registrar, no such list need be
furnished pursuant to this Section 8.01.

          (b) The Company will promptly notify the Trustee when any Notes are listed on any stock
exchange and of any delisting thereof.

     Section 8.02 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, if any, furnished to the Trustee as
provided in Section 8.01 and the names and addresses of Holders received by the Trustee in its
capacity as Registrar; provided, however, that if and so long as the Trustee shall be the
Registrar, the Register shall satisfy the requirements relating to such list. None of the Company,
the Trustee or any other Person shall be under any responsibility with regard to the accuracy of
such list. The Trustee may destroy any list furnished to it as provided in Section 8.01 upon
receipt of a new list so furnished.

          (b) The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Notes, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.

          (c) Every Holder, by receiving and holding the same, agrees with the Company and the Trustee
that neither the Company nor the Trustee nor any agent of either of them shall be held accountable
by reason of any disclosure of information as to names and addresses of Holders made pursuant to
the Trust Indenture Act.

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     Section 8.03 Reports by Trustee. Within 60 days after each May 15, beginning with May 15,
2011, the Trustee will mail to each Holder, as provided in Trust Indenture Act Section 313(c), a
brief report dated as of such May 15, if required by Trust Indenture Act Section 313(a),
and file such reports with each stock exchange, if any, upon which Notes are listed and with
the SEC if required by Trust Indenture Act Section 313(d).

ARTICLE 9

AMENDMENT, SUPPLEMENT OR WAIVER

     Section 9.01 Without Consent of the Holders. The Company and the Trustee (including in its
capacity as Second Lien Collateral Agent) may amend or supplement this Indenture, the Notes or the
Security Agreements without notice to or the consent of any Holder:

          (1) to cure any ambiguity, defect or inconsistency in this Indenture, the Notes or the
Security Agreements;

          (2) to comply with Article 5;

          (3) to comply with any requirements of the SEC in connection with the qualification of this
Indenture under the Trust Indenture Act;

          (4) to evidence and provide for the acceptance of an appointment by a successor Trustee or
Second Lien Collateral Agent;

          (5) to provide for uncertificated Notes in addition to or in place of certificated Notes;

          (6) to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence
the release, termination or discharge of any Guarantee of or Lien securing the Notes when such
release, termination or discharge is permitted by this Indenture and, in the case of a release,
termination or discharge of a Lien securing the Notes, the Collateral Trust Agreement;

          (7) to provide for or confirm the issuance of Additional Notes;

          (8) to conform the text of this Indenture, the Notes or the Security Agreements to any
provision of the “Description of Notes” section of the offering memorandum dated February 24, 2010
relating to the offering by the Company of the Notes;

          (9) to add to the covenants of the Company or its Restricted Subsidiaries, as applicable, for
the benefit of the Holders of such Notes or to surrender any right or power conferred upon the
Company or its Restricted Subsidiaries by this Indenture; or

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          (10) to make any other change that does not materially and adversely affect the rights of any
Holder.

     Section 9.02 With Consent of Holders.

          (a) Except as otherwise provided in Section 6.07 or Section 9.02(b), the Company and the
Trustee (including in its capacity as Second Lien Collateral Agent) may amend this Indenture, the
Notes and, subject to the Intercreditor Agreement and the Collateral Trust Agreement, the Security
Agreements with the written consent of the Holders of a majority in principal amount of the
Outstanding Notes, and the Holders of a majority in principal amount of the Outstanding Notes may
waive future compliance by the Company with any provision of this Indenture, the Notes or the
Security Agreements, in each case, including consents or waivers obtained in connection with a
tender offer or exchange offer for the Notes; provided, that pursuant to the Collateral Trust
Agreement, amendments to any of the Security Agreements shall also require the consent of the
requisite holders of each other series of Second-Priority Lien Obligations then outstanding (if
any), in accordance with the amendment provisions of the Second-Priority Documents governing such
other Second-Priority Lien Obligations, except to the extent that any such amendment would only
adversely affect the Second-Priority Lien Obligations of a particular series, in which case only
the written consent of the requisite holders of such series shall be required.

          (b) Notwithstanding the provisions of Section 9.02(a), without the consent of each Holder
affected, an amendment or waiver may not

               (i) reduce the principal amount of or change the Stated Maturity of any installment of
principal of any Note;

               (ii) reduce the rate of or change the Stated Maturity of any interest payment on any Note;

               (iii) reduce the amount payable upon the redemption of any Note or change the time of any
mandatory redemption or, in respect of an optional redemption, the times at which any Note may be
redeemed or, once notice of redemption has been given, the time at which it must thereupon be
redeemed;

               (iv) after the time an Offer to Purchase is required to have been made, reduce the purchase
amount or purchase price, or extend the latest repurchase deadline or purchase date thereunder;

               (v) make any Note payable in money other than that stated in the Note;

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               (vi) impair the right of any Holder of Notes to receive any principal payment or interest
payment on such Holder’s Notes, on or after the Stated Maturity thereof, or to institute suit for
the enforcement of any such payment;

               (vii) make any change in the percentage of the principal amount of the Notes required for
amendments or waivers;

               (viii) subordinate any Notes to any other obligation of the Company or subordinate any Note
Guaranty to any other obligation of the applicable Guarantor;

               (ix) release all or substantially all of the Collateral, except as permitted by this
Indenture; or

               (x) make any change in any Note Guaranty that would adversely affect the Holders.

          (c) It is not necessary for Holders to approve the particular form of any proposed amendment,
supplement or waiver, but is sufficient if their consent approves the substance thereof.

          (d) An amendment, supplement or waiver under this Section will become effective on receipt by
the Trustee of written consents from the Holders of the requisite percentage in principal amount of
the Outstanding Notes. After an amendment, supplement or waiver under this Section becomes
effective, the Company will send to the Holders affected thereby a notice briefly describing the
amendment, supplement or waiver. The Company will send supplemental indentures to Holders upon
request. Any failure of the Company to send such notice, or any defect therein, will not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver.

     Section 9.03 Effect of Consent.

          (a) After an amendment, supplement or waiver becomes effective, it will bind every Holder
unless it is of the type requiring the consent of each Holder affected. If the amendment,
supplement or waiver is of the type requiring the consent of each Holder affected, the amendment,
supplement or waiver will bind each Holder that has consented to it and every subsequent Holder of
a Note that evidences the same debt as the Note of the consenting Holder.

          (b) If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require
the Holder to deliver it to the Trustee so that the Trustee may place an appropriate notation of
the changed terms on the Note and return it to the Holder, or exchange it for a new Note that
reflects the changed terms. The Trustee may also place an appropriate notation on any Note
thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver is not
affected by any failure to annotate or exchange Notes in this fashion.

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     Section 9.04 Trustee’s Rights and Obligations. The Trustee shall be provided with, and will
be fully protected in relying upon, an Opinion of Counsel stating that the execution of any
amendment, supplement or waiver authorized pursuant to this Article 9 is authorized or permitted by
this Indenture. If the Trustee has received such an Opinion of Counsel, it shall sign the
amendment, supplement or waiver so long as the same does not adversely affect the rights of the
Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver
that affects the Trustee’s own rights, duties or immunities under this Indenture.

     Section 9.05 Conformity With Trust Indenture Act. Every supplemental indenture executed
pursuant to this Article 9 shall conform to the requirements of the Trust Indenture Act if required
by the Trust Indenture Act as then in effect.

     Section 9.06 Payments for Consents. Neither the Company nor any of its Subsidiaries or
Affiliates may, directly or indirectly, pay or cause to be paid any consideration, whether by way
of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes unless such
consideration is offered to be paid or agreed to be paid to all Holders of the Notes that consent,
waive or agree to amend such term or provision within the time period set forth in the solicitation
documents relating to the consent, waiver or amendment.

ARTICLE 10

DEFEASANCE AND DISCHARGE

     Section 10.01 Discharge of Company’s Obligations.

          (a) Subject to Section 10.01(b), the Company’s obligations under the Notes and this Indenture,
and each Guarantor’s obligations under its Note Guaranty, will terminate if:

     (1) all Notes previously authenticated and delivered (other than (i) destroyed, lost or
stolen Notes that have been replaced or (ii) Notes that are paid pursuant to Section 4.01 or
(iii) Notes for whose payment money or U.S. Government Obligations have been held in trust
and then repaid to the Company pursuant to Section 10.05) have been delivered to the Trustee
for cancellation and the Company has paid all sums payable by it hereunder; or

     (2) (A) the Notes mature within one year, or all of them are to be called for
redemption within one year under arrangements satisfactory to the Trustee for giving the
notice of redemption,

          (B) the Company irrevocably deposits in trust with the Trustee, as trust funds solely
for the benefit of the Holders, money or U.S. Government Obligations or a combination
thereof sufficient, in the opinion of a nationally recognized firm of

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independent public
accountants expressed in a written certificate delivered to the Trustee, without
consideration of any reinvestment, to pay principal of and interest on the Notes to maturity
or redemption, as the case may be, and to pay all other sums payable by it hereunder,

          (C) no Default has occurred and is continuing on the date of the deposit,

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

          (E) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of
Counsel, in each case stating that all conditions precedent provided for herein relating to
the satisfaction and discharge of this Indenture have been complied with.

          (b) After satisfying the conditions in clause (1) of Section 10.01(a), only the Company’s
obligations under Section 7.08 will survive. After satisfying the conditions in clause (2) of
Section 10.01(a), only the Company’s obligations in Article 2 and Sections 4.01, 4.02, 4.03, 7.08,
7.11, 10.05 and 10.06 will survive. In either case, the Trustee upon request will acknowledge in
writing the discharge of the Company’s obligations under the Notes and this Indenture other than
the surviving obligations.

     Section 10.02 Legal Defeasance. After the 123rd day following the deposit referred to in
clause (1) of this Section 10.02, the Company will be deemed to have paid and will be discharged
from its obligations in respect of the Notes and this Indenture, other than its obligations in
Article 2 and Sections 4.01, 4.02, 4.03, 7.08, 7.11, 10.05 and 10.06, and each Guarantor’s
obligations under its Note Guaranty will terminate, provided the following conditions have been
satisfied:

     (1) The Company has irrevocably deposited in trust with the Trustee, as trust funds
solely for the benefit of the Holders, money or U.S. Government Obligations or a combination
thereof sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certificate thereof delivered to the Trustee, without
consideration of any reinvestment, to pay principal of and interest on the Notes to maturity
or redemption, as the case may be, provided that any redemption before maturity has been
provided for under irrevocable arrangements satisfactory to the Trustee.

     (2) No Default has occurred and is continuing on the date of the deposit or occurs at
any time during the 123-day period following the deposit.

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

     (4) The Company has delivered to the Trustee

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

     (B) an Opinion of Counsel to the effect that (i) the creation of the defeasance
trust does not violate the Investment Company Act of 1940, (ii) the
Holders have a valid first-priority security interest in the trust funds
(subject to customary exceptions), and (iii) after the passage of 123 days following
the deposit, the trust funds will not be subject to the effect of Section 547 of the
United States Bankruptcy Code or Section 15 of the New York Debtor and Creditor Law.

     (5) If the Notes are listed on a national securities exchange, the Company has
delivered to the Trustee an Opinion of Counsel to the effect that the deposit and defeasance
will not cause the Notes to be delisted.

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

     Prior to the end of the 123-day period, none of the Company’s obligations under this Indenture
will be discharged. Thereafter, the Trustee upon request will acknowledge in writing the discharge
of the Company’s obligations under the Notes and this Indenture except for the surviving
obligations specified above.

     Section 10.03 Covenant Defeasance. After the 123rd day following the deposit referred to in
clause (1) of Section 10.02, the Company’s obligations set forth in Sections 4.06 through 4.13,
inclusive, 4.18, 4.19, and clause (3) of Section 5.01(a), and each Guarantor’s obligations under
its Note Guaranty, will terminate, and clauses (3), (4), (5), (6), (9) and (10) of Section 6.01
will no longer constitute Events of Default, provided the following conditions have been satisfied:

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     (1) The Company has complied with clauses (1), (2), (3), 4(B), (5) and (6) of Section
10.02; and

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

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

     Section 10.04 Application of Trust Money. Subject to Section 10.05, the Trustee will hold in
trust the money or U.S. Government Obligations deposited with it pursuant to Section 10.01, 10.02
or 10.03, and apply the deposited money and the proceeds from deposited U.S. Government Obligations
to the payment of principal of and interest on the Notes in accordance with the Notes and this
Indenture. Such money and U.S. Government Obligations need not be segregated from other funds
except to the extent required by law. The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed or assessed against the money or U.S. Government Obligations
deposited pursuant to Section 10.01, 10.02 or 10.03 or the
principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the Outstanding Notes.

     Section 10.05 Repayment to Company. Subject to Sections 7.08, 10.01, 10.02 and 10.03, the
Trustee will promptly pay to the Company upon request any excess money held by the Trustee at any
time and thereupon be relieved from all liability with respect to such money. The Trustee will pay
to the Company upon request any money held for payment with respect to the Notes that remains
unclaimed for two years, provided that before making such payment the Trustee may at the expense of
the Company publish once in a newspaper of general circulation in New York City, or send to each
Holder entitled to such money, notice that the money remains unclaimed and that after a date
specified in the notice (at least 30 days after the date of the publication or notice) any
remaining unclaimed balance of money will be repaid to the Company. After payment to the Company,
Holders entitled to such money must look solely to the Company for payment, unless applicable law
designates another Person, and all liability of the Trustee with respect to such money will cease.

     Section 10.06 Reinstatement. If and for so long as the Trustee is unable to apply any money
or U.S. Government Obligations held in trust pursuant to Section 10.01, 10.02 or 10.03 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under
this Indenture and the Notes will be reinstated as though no such deposit in trust had been made.
If the Company makes any payment of principal of or interest on any Notes because of the
reinstatement of its obligations, it will be subrogated to the rights of the

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Holders of such Notes
to receive such payment from the money or U.S. Government Obligations held in trust.

ARTICLE 11

NOTE GUARANTIES

     Section 11.01 The Guarantees. Subject to the provisions of this Article 11, each Guarantor
hereby irrevocably and unconditionally guarantees, jointly and severally, on a secured basis, the
full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an
Offer to Purchase or acceleration, or otherwise) of the principal of, premium, if any, and interest
on, and all other amounts payable under, each Note, and the full and punctual payment of all other
amounts payable by the Company under this Indenture. Upon failure by the Company to pay punctually
any such amount, each Guarantor shall forthwith on demand pay the amount not so paid at the place
and in the manner specified in this Indenture.

     Section 11.02 Guarantee Unconditional. The obligations of each Guarantor hereunder are
unconditional and absolute and, without limiting the generality of the foregoing, will not be
released, discharged or otherwise affected by:

          (a) any extension, renewal, settlement, compromise, waiver or release in respect of any
obligation of the Company under this Indenture or any Note, by operation of law or otherwise;

          (b) any modification or amendment of or supplement to this Indenture or any Note;

          (c) any release, impairment, non-perfection or invalidity of any direct or indirect security
for any obligation of the Company or any Guarantor hereunder;

          (d) any change in the corporate existence, structure or ownership of the Company, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its
assets or any resulting release or discharge of any obligation of the Company contained in this
Indenture or any Note;

          (e) the existence of any claim, set-off or other rights which such Guarantor may have at any
time against the Company, the Trustee or any other Person, whether in connection with this
Indenture or any unrelated transactions, provided that nothing herein shall prevent the assertion
of any such claim by separate suit or compulsory counterclaim;

          (f) any invalidity or unenforceability relating to or against the Company for any reason of
this Indenture, any Note or any Security Agreement, or any provision of applicable

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law or
regulation purporting to prohibit the payment by the Company of the principal of or interest on any
Note or any other amount payable by the Company under this Indenture; or

          (g) any other act or omission to act or delay of any kind by the Company, the Trustee or any
other Person or any other circumstance whatsoever which might, but for the provisions of this
paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations
hereunder.

     Section 11.03 Discharge; Reinstatement. Each Guarantor’s obligations hereunder will remain in
full force and effect until the principal of, premium, if any, and interest on the Notes and all
other amounts payable by the Company under this Indenture have been paid in full. If at any time
any payment of the principal of, premium, if any, or interest on any Note or any other amount
payable by the Company under this Indenture is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s
obligations hereunder with respect to such payment will be reinstated as though such payment had
been due but not made at such time.

     Section 11.04 Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and any notice not provided for herein, as well as any requirement
that at any time any action be taken by any Person against the Company or any other Person.

     Section 11.05 Subrogation and Contribution. Upon making any payment with respect to any
obligation of the Company under this Article 11, the Guarantor making such payment will be
subrogated to the rights of the payee against the Company with respect to such obligation; provided
that such Guarantor may not enforce either any right of subrogation, or any right to receive
payment in the nature of contribution, or otherwise, from any other Guarantor, with
respect to such payment, so long as any amount payable by the Company hereunder or under the
Notes remains unpaid.

     Section 11.06 Stay of Acceleration. If acceleration of the time for payment of any amount
payable by the Company under this Indenture or the Notes is stayed upon the insolvency, bankruptcy
or reorganization of the Company, all such amounts otherwise subject to acceleration under the
terms of this Indenture are nonetheless payable by the Guarantors hereunder forthwith on demand by
the Trustee or the Holders.

     Section 11.07 Limits of Guarantees. Notwithstanding anything to the contrary in this Article
11, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Note Guaranty of such Guarantor not constitute a fraudulent
conveyance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code
or any comparable provision of state law. To effectuate the foregoing intention, the Trustee, the
Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under
its Note Guaranty are limited to the maximum amount that

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would not render the Guarantor’s
obligations subject to avoidance under applicable fraudulent conveyance provisions of the United
States Bankruptcy Code or any comparable provision of state law. In addition, each Guarantor and,
by its acceptance of the Notes, each Holder hereby acknowledges that the rights and remedies of
such Guarantor and Holders are subject to the terms of the Intercreditor Agreement.

     Section 11.08 Execution and Delivery of Note Guaranty. The execution by each Guarantor of
this Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guaranty
of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds
that office at the time of authentication of any Note. The delivery of any Note by the Trustee
after authentication constitutes due delivery of the Note Guaranty set forth in this Indenture on
behalf of each Guarantor.

     Section 11.09 Release of Note Guaranty.

          (a) A Guarantor shall be released from all of its obligations under its Note Guaranty, this
Indenture and the Security Agreements (if applicable):

               (i) upon a sale or other disposition (including by way of consolidation, merger, liquidation
or dissolution) of the Guarantor following which such Guarantor ceases to be a direct or indirect
Restricted Subsidiary of the Company, or the sale or disposition of all or substantially all the
assets of the Guarantor (other than to the Company or a Restricted Subsidiary) otherwise permitted
by this Indenture;

               (ii) upon the designation of such Guarantor as an Unrestricted Subsidiary, in accordance with
the terms of this Indenture;

               (iii) upon the Guarantor becoming an Excluded Subsidiary; provided, that if the applicable
Subsidiary ceases to be an Excluded Subsidiary it shall again become a Guarantor pursuant to
Section 4.18;

               (iv) upon defeasance or discharge of the Notes, as provided in Article 10; or

               (v) as provided for in the Intercreditor Agreement (provided that a release pursuant to
Section 4.02(b) of the Intercreditor Agreement shall not occur unless such release is also
permitted hereunder without giving effect to this clause (v));

and in each case the Company has delivered to the Trustee an Officer’s Certificate, stating that
all conditions precedent herein relating to such release have been complied with and that such
release is authorized and permitted hereunder.

          (b) If all of the conditions to release contained in this Section 11.09 have been satisfied,
the Trustee shall execute any documents reasonably requested by the Company or any

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Guarantor in
order to evidence the release of such Guarantor from its obligations under its Note Guaranty and
the Security Agreements (if applicable).

ARTICLE 12

SECURITY INTEREST

     Section 12.01 Grant of Security Interest.

          (a) The Company’s and the Guarantors’ obligations to pay the principal (and premium, if any)
and interest, including Additional Interest, if any, on the Notes in accordance with the terms of
the Notes and this Indenture and all other obligations of the Company and the Guarantors hereunder,
under the Notes, the Note Guaranties and the Security Agreements shall be secured as provided in
the Security Agreements.

          (b) As among the Holders, the Collateral as now or hereafter constituted shall be held for the
equal and ratable benefit of the Holders, without preference, priority or distinction of any
thereof over any other by reason of differences in time of issuance, sale or otherwise, as security
for the Obligations under the Indenture and the Notes.

          (c) To the extent applicable, within 60 days after each May 15, beginning with May 15, 2011,
the Company will comply with Sections 313(b) and 314(b) of the Trust Indenture Act, relating to
reports with respect to the Collateral and annual opinions as to the validity of the Liens securing
the Notes.

          (d) Each Holder, by its acceptance of the Notes, (i) authorizes and directs the Trustee (x) to
enter into the Security Agreements, whether as Trustee or Second Lien Collateral Agent, and to
perform its obligations and exercise its rights thereunder in accordance therewith, and (y) to
receive for the benefit of the Holders any funds collected or distributed under the Security
Agreements to which the Trustee, whether as Trustee or Second Lien Collateral Agent, is a party and
to make further distributions of such funds to the Holders according to the provisions of this
Indenture and (ii) without limiting the foregoing, consents and agrees to all of the terms and
conditions of the Intercreditor Agreement, the Collateral Trust Agreement and the
other Security Agreements (including, without limitation, the provisions providing for
foreclosure and release of Collateral); provided that if any provision of the Security Agreements
limit qualify or conflict with the requirements of the Trust Indenture Act, the Trust Indenture Act
will control if this Indenture is required to be qualified under the Trust Indenture Act.

          (e) In acting in its capacity as Second Lien Collateral Agent, the Trustee shall not be (i)
deemed to have breached its fiduciary duty as Trustee to the Holders as a result of the performance
of its duties as Second Lien Collateral Agent to the extent that it acts in compliance with the
terms and provisions of the Security Agreements and (ii) liable to the Holders for any action taken
or omitted in compliance with the terms and provisions of the Security Agreements.

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          (f) In the event (i) the Trustee shall receive any written request from the Company, a
Guarantor or the Second Lien Collateral Agent under any Security Agreement for consent or approval
with respect to any matter or thing relating to any Collateral or the Company’s or such Guarantor’s
obligations with respect thereto, (ii) there shall be due to or from the Trustee or the Second Lien
Collateral Agent under the provisions of any Security Agreement any material performance or the
delivery of any material instrument or (iii) the Trustee shall become aware of any nonperformance
by the Company or a Guarantor of any covenant or any breach of any representation or warranty of
the Company or such Guarantor set forth in any Security Agreement, then, in each such event, the
Trustee shall be entitled to hire experts, consultants, agents and attorneys to advise the Trustee
on the manner in which the Trustee should respond, or direct the Second Lien Collateral Agent to
respond, to such request or render any requested performance or respond, or direct the Second Lien
Collateral Agent to respond, to such nonperformance or breach; provided that the Trustee’s right to
direct the Second Lien Collateral Agent to respond shall be subject to the terms of the Security
Agreements. The Trustee shall be fully protected in the taking of any action recommended or
approved by any such expert, consultant, agent or attorney or agreed to by the Holders of a
majority in principal amount of the Outstanding Notes.

     Section 12.02 Release of Security Interest.

          (a) Upon the occurrence of any of the following events and the delivery by the Company to the
Trustee of an Officer’s Certificate (which shall set forth in reasonable detail such event and the
Collateral subject to such event) requesting that the Second Lien Collateral Agent’s Liens upon the
Collateral subject to such event be released, upon the receipt of such Officer’s Certificate the
Trustee shall instruct the Second Lien Collateral Agent to release the Collateral subject to such
event (it being understood that any release of Collateral in the circumstances set forth in the
following clauses (i) and (ii) shall be applicable only to the Liens that secure the Notes and the
Note Guaranties, and not to the Liens securing any other Second-Priority Lien Obligations (if
any)):

               (i) upon discharge or defeasance of the Notes as set forth in Article 10;

               (ii) upon payment in full of principal, interest and all other Obligations on the
Notes;

          (iii) with the consent of (i) the requisite Holders of the Notes in accordance with
Section 9.02, including, without limitation, consents obtained in connection with a tender
offer or exchange offer for, or purchase of, Notes and (ii) the requisite Holders of each
other series of Second-Priority Lien Obligations then outstanding (if any), in accordance
with the amendment or release provisions of the Second-Priority Documents governing such
other Second-Priority Lien Obligations, in each case with respect to that portion of the
Collateral that is the subject of such consent;

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provided, that any release of Collateral
that is effective with respect to Second-Priority Lien Obligations of a particular class or
series (including the Notes) may be effected with the consent of the requisite holders of
such class or series, in accordance with the amendment or release provisions of the
documents governing such Second-Priority Lien Obligations;

          (iv) as to any Collateral that is sold, transferred or otherwise disposed of by the
Company or any Guarantor to a Person that is not (either before or after the consummation of
such sale, transfer or disposition) the Company or a Restricted Subsidiary that is permitted
by this Indenture (but excluding any transaction subject to Article 5 where the recipient is
required to become the obligor on the Notes or a Guarantor);

          (v) upon the Incurrence of Debt permitted by Section 4.06(b)(ix) that is secured by a
Lien of the type described in clause (14) of the definition of “Permitted Liens”, but only
(x) to the extent that the terms of such Debt (or of the Lien securing such Debt) prohibit
the existence of a junior Lien on the applicable property and (y) if any First-Priority Lien
on the applicable property shall have also been released;

          (vi) upon the release by the First-Priority Secured Parties of their First-Priority
Liens on any Collateral in connection with an Enforcement Action (including any sale or
other disposition of Collateral pursuant thereto);

          (vii) upon a release by the First-Priority Secured Parties their First-Priority Liens
on any Collateral in connection with a release, sale or other disposition of such Collateral
that is permitted by the First-Priority Documents (other than in connection with an
Enforcement Action or payment in full of the First-Priority Lien Obligations); provided that
the release, sale or other disposition of such Collateral is also permitted under the
documents governing the Second-Priority Lien Obligations (without giving effect to this
clause (vii));

          (viii) with respect to the Second-Priority Liens securing the Note Guaranty of any
Guarantor, automatically upon the release of such Guarantor’s Note Guaranty in accordance
with this Indenture or the Intercreditor Agreement; and

          (ix) as otherwise provided for in Section 7.1 of the Collateral Trust Agreement.

          (b) The release of the Second Lien Collateral Agent’s Liens in any part of the Collateral
shall not be deemed to impair any such Liens in other parts of the Collateral under this Indenture
or the Security Agreements or be deemed to be in contravention of the provisions of this Indenture
or of any Security Agreement if and to the extent such Liens in such part of the Collateral are
released pursuant to the terms of this Indenture and the Security Agreements.

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          (c) Whenever any part of or all of the Second Lien Collateral Agent’s Liens upon the
Collateral are to be released pursuant to this Section 12.02 and the Security Agreements, the
Trustee or the Second Lien Collateral Agent, as applicable, shall, if necessary, execute any
reasonable document or termination statement necessary to release, or confirm the release of, such
Liens. Nothing set forth in this Section 12.02 shall limit the automatic Lien release provisions
of any Security Agreement.

          (d) Any release of Liens pursuant to this Section 12.02 shall occur only in accordance with
the requirements set forth in Section 7.1 of the Collateral Trust Agreement.

     Section 12.03 Documents to be Delivered Prior to Release of Security Interest. To the extent
applicable, the Company and the Guarantors shall, only if the indenture is qualified under the
Trust Indenture Act, comply with Section 314(d) of the Trust Indenture Act relating to the release
of property from the Liens in favor of the Second Lien Collateral Agent pursuant to the Security
Agreements and to the substitution therefor of any property to be pledged as collateral for the
Notes. Any certificate or opinion required by Section 314(d) of the Trust Indenture Act may be
made by an Officer except in cases where Section 314(d) requires that such certificate or opinion
be made by an independent engineer, appraiser or other expert, who shall be reasonably satisfactory
to the Trustee. Notwithstanding anything to the contrary in this Indenture, the Company and its
Subsidiaries will not be required to comply with all or any portion of Section 314(d) of the Trust
Indenture Act if they determine, in good faith based on advice of outside counsel, that under the
terms of that section and/or any interpretation or guidance as to the meaning thereof of the SEC
and its staff, including “no action” letters or exemptive orders, all or any portion of Section
314(d) of the Trust Indenture Act is inapplicable to the released Collateral.

     Section 12.04 Pledge of Additional Collateral; Etc.

          (a) The Company and the Guarantors shall comply with (i) the requirements set forth in the
Security Agreement with respect to the pledge of additional Collateral, the perfection of the
related security interests and the taking of related actions and (ii) all other covenants,
agreements and obligations applicable to them contained in the Security Agreements.

          (b) If the Company or any Guarantor shall at any time hold a fee interest in any parcel of
real property that (x) is located in the United States, (y) has a fair market value (as determined
in good faith by the Company) of $25,000,000 or more and (z) is not a Principal Property, the
Company or the applicable Guarantor shall, at its own expense and within 60 days after the
preceding conditions shall have been satisfied, execute and deliver to the Second Lien Collateral
Agent, with respect to each such parcel of real property, (i) a real property mortgage in customary
form and substance (and substantially similar to that used to grant a security interest
in such parcel of real property to secure any First-Priority Lien Obligations) and any other
documents or instruments as are required to vest in the Second Lien Collateral Agent, as collateral
security for the Second-Priority Lien Obligations, a valid and perfected second priority

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security
interest (subject to Liens permitted under Section 4.11) in such parcel of real property and (ii) a
customary survey, title insurance policy and Opinion of Counsel with respect to such parcel of real
property and such real property mortgage as applicable.

     Section 12.05 Second Lien Collateral Agent.

          (a) The Bank of New York Mellon is appointed as Second Lien Collateral Agent for the benefit
of the Holders of the Notes and shall initially act as Second Lien Collateral Agent under this
Indenture and the Security Agreements.

          (b) Subject to the terms of the Intercreditor Agreement and the Collateral Trust Agreement,
the Second Lien Collateral Agent will hold (directly or through co-trustees or agents), and will be
entitled to enforce on behalf of the Holders of Notes, all Liens on the Collateral.

          (c) All of the rights, protections, benefits, privileges, indemnities and immunities granted
to the Trustee hereunder shall inure to the benefit of the Second Lien Collateral Agent acting
hereunder and under the Security Agreements.

     Section 12.06 Replacement of Second Lien Collateral Agent. The Second Lien Collateral Agent
may resign or may be removed in accordance with the provisions set forth in the Collateral Trust
Agreement.

     Section 12.07 Collateral Trust Agreement. This Article 12 and the provisions of each Security
Agreement are subject to the terms, conditions and benefits set forth in the Collateral Trust
Agreement.

     Section 12.08 Agreement for the Benefit of Holders of First-Priority Liens. The Trustee and
each Holder of Notes by accepting a Note agrees, that:

          (a) The Liens on the Collateral are, to the extent and in the manner provided in the
Intercreditor Agreement, subject to and subordinate in ranking to all present and future Liens on
the Collateral with a first-priority; and the Intercreditor Agreement will be enforceable by the
First Lien Agent, for the benefit of the holders of First-Priority Lien Obligations, until the
satisfaction pursuant to the terms thereof of all such Obligations outstanding at the time of such
release.

          (b) As among the First Lien Agent, the Trustee, the Second Lien Collateral Agent and the
Holders of the Notes and the holders of the First-Priority Lien Obligations, the holders of the
First-Priority Lien Obligations and the First Lien Agent will have the sole ability to control and
obtain remedies with respect to all Collateral without the necessity of any consent or of any
notice to the Trustee, the Second Lien Collateral Agent or any such Holder, subject to the
limitations set forth in the Intercreditor Agreement.

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     Section 12.09 Notes and Note Guaranties Not Subordinated. The provisions of Section 12.08 are
intended solely to set forth the relative ranking, as Liens, of the Liens on the Collateral
securing the Notes and the Note Guaranties as against the Liens on the Collateral securing the
First-Priority Lien Obligations. The Notes and the Note Guaranties are senior obligations of the
Company and the Guarantors. Neither the Notes and the Note Guaranties nor the exercise or
enforcement of any right or remedy for the payment or collection thereof (other than the exercise
of rights and remedies in respect of the Collateral, which are subject to the Intercreditor
Agreement) are intended to be, or will ever be by reason of the provisions of Section 12.08, in any
respect subordinated, deferred, postponed, restricted or prejudiced.

ARTICLE 13

MISCELLANEOUS

     Section 13.01 Trust Indenture Act of 1939.

          (a) Except as otherwise provided herein, the Indenture shall incorporate and be governed by
the provisions of the Trust Indenture Act that are required to be part of and to govern indentures
qualified under the Trust Indenture Act. Any terms incorporated by reference in this Indenture
that are defined by the Trust Indenture Act, defined by any Trust Indenture Act reference to
another statute or defined by SEC rule under the Trust Indenture Act, have the meanings so assigned
to them therein. The following Trust Indenture Act terms have the following meanings:

     “indenture securities” means the Notes.

     “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, any Guarantor and any other obligor
on the indenture securities.

          (b) If any provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under the Trust Indenture Act to be a part of and govern this
Indenture, the latter provision 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 latter
provision shall be deemed (i) to apply to this Indenture as so modified or (ii) to be excluded, as
the case may be.

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     Section 13.02 Noteholder Communications. The rights of Holders to communicate with other
Holders with respect to this Indenture or the Notes are as provided by the Trust Indenture Act, and
the Trustee shall comply with the requirements of Trust Indenture Act Section 312(b). Neither the
Company nor the Trustee will be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

     Section 13.03 Notices.

          (a) Any notice or communication to the Company will be deemed given if in writing (i) when
delivered in person or (ii) five days after mailing when mailed by first class mail, (iii) when
sent by facsimile transmission, with transmission confirmed or (iv) the next Business Day when sent
by a recognized overnight courier. Notices or communications to a Guarantor will be deemed given
if given to the Company. Any notice to the Trustee will be effective only upon receipt. In each
case the notice or communication should be addressed as follows:

   if to the Company:

Eastman Kodak Company

343 State Street

Rochester, NY 14650

Attention: General Counsel

Facsimile: (585) 724-9549

and

Attention: Treasurer

Facsimile: (585) 724-5174

   if to the Trustee:

The Bank of New York Mellon

101 Barclay Street, 8W

New York, NY 10286

Attention: Corporate Trust Administration

Telephone: (212) 815-4779

Facsimile: (732) 667-9185

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

          (b) Except as otherwise expressly provided with respect to published notices, any notice or
communication to a Holder will be deemed given when delivered to the Holder at its address as it
appears on the Register or, as to any Global Note registered in the name of DTC

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or its nominee, in
accordance with applicable DTC procedures. Copies of any notice or communication to a Holder, if
given by the Company, will be delivered to the Trustee at the same time. Defect in delivery of a
notice or communication to any particular Holder will not affect its sufficiency with respect to
any other Holder.

          (c) Where this Indenture provides for notice, the notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and the
waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with
the Trustee, but such filing is not a condition precedent to the validity of any action taken in
reliance upon such waivers.

          (d) The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic
methods; provided, however, that (i) the party providing such written instructions, subsequent to
such transmission of written instructions, shall provide the originally executed instructions or
directions to the Trustee in a timely manner, and (ii) such originally executed instructions or
directions shall be signed by an authorized representative of the party providing such instructions
or directions. The Trustee shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such instructions. The party
providing electronic instructions agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or
interception and misuse by third parties.

     Section 13.04 Certificate and Opinion as to Conditions Precedent Upon any request or
application by the Company to the Trustee to take any action under this Indenture, the Company will
furnish to the Trustee:

     (1) an Officer’s Certificate stating that, in the opinion of the signer, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with; and

     (2) an Opinion of Counsel stating that all such conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with.

     Section 13.05 Statements Required in Certificate or Opinion. Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture must include:

     (1) a statement that each person signing the certificate or opinion has read the
covenant or condition and the related definitions;

-106-

 

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statement or opinion contained in the certificate or opinion is based;

     (3) a statement that, in the opinion of each such person, that person has made such
examination or investigation as is necessary to enable the person to express an informed
opinion as to whether or not such covenant or condition has been complied with; and

     (4) a statement as to whether or not, in the opinion of each such person, such
condition or covenant has been complied with, provided that an Opinion of Counsel may
rely on an Officer’s Certificate or certificates of public officials with respect to
matters of fact.

     Section 13.06 Payment Date Other Than a Business Day. If any payment with respect to any
principal of, premium, if any, or interest on any Note (including any payment to be made on any
date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day,
then the payment need not be made on such date, but may be made on the next Business Day with the
same force and effect as if made on such date, and no interest will accrue for the intervening
period.

     Section 13.07 Governing Law; Submission to Jurisdiction. This Indenture, including any Note
Guaranties, and the Notes shall be governed by, and construed in accordance with, the laws of the
State of New York. To the extent permitted by law, the Trustee, the Company, the Guarantors, any
other obligors in respect of the Notes and (by their acceptance of the Notes) the Holders agree to
submit to the non-exclusive jurisdiction of any United States federal or state court located in the
Borough of Manhattan in the City of New York in any action or proceeding arising out of or relating
to this Indenture or the Notes.

     Section 13.08 No Adverse Interpretation of Other Agreements. The Indenture may not be used to
interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the
Company, and no such indenture or loan or debt agreement may be used to interpret this Indenture.

     Section 13.09 Successors. All agreements of the Company or any Guarantor in this Indenture
and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind
its successors.

     Section 13.10 Duplicate Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

-107-

 

     Section 13.11 Separability. In case any provision in this Indenture or in the Notes is
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

     Section 13.12 Table of Contents and Headings. The Table of Contents, Cross-Reference Table
and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and in no way modify or restrict
any of the terms and provisions of this Indenture.

     Section 13.13 No Liability of Directors, Officers, Employees, Incorporators, Members and
Stockholders. No director, officer, employee, incorporator, member or stockholder of the Company
or any Guarantor, as such, will have any liability for any obligations of the Company or such
Guarantor under the Notes, any Note Guaranty or this Indenture or for any claim based on, in
respect of, or by reason of, such obligations. Each Holder of Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes.

     Section 13.14 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 by such Holders in person or by agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective irrevocably as to the Holder when such instrument or instruments are delivered to
the Trustee, and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of 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 7.01) conclusive in favor of the Trustee, the Company and
any other obligor upon the Notes, if made in the manner provided in this Section 13.14.

          (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 the certificate of any 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 an officer of a corporation or a member of a partnership or other entity, on behalf of such
corporation or partnership or other entity, such certificate or affidavit shall also constitute
sufficient proof of such Person’s authority. The fact and date of the execution of any such
instrument or writing, or the authority of the person executing the same, may also be proved in any
other manner that the Trustee deems sufficient.

          (c) The ownership of Notes shall be conclusively established by the Register.

-108-

 

          (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Note shall bind the Holder of every Note issued upon the transfer thereof or in
exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the
Trustee, the Company or any other obligor on the Notes in reliance thereon, whether or not notation
of such action is made upon such Note.

          (e) (i) The Company may set any day as a record date for the purpose of determining the
Holders of Outstanding Notes entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders, provided that the Company may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in Section 13.14(e)(ii). If any record date is set
pursuant to this clause, the Holders of Outstanding Notes on such record date (or their duly
designated proxies), and no other Holders, shall be entitled to take the relevant action, whether
or not such Persons remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to any applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Notes on such record date. Nothing in
this paragraph shall be construed to prevent the Company from setting a new record date for any
action for which a record date has previously been set pursuant to this clause (whereupon the
record date previously set shall automatically and with no action by any Person be cancelled and of
no effect, whether or not the Expiration Date, if any, with respect to a record date has previously
passed), and nothing in this clause shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Notes on the date such action is taken.
Promptly after any record date is set pursuant to this clause, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder in the manner set forth in
Section 13.03.

          (ii) The Trustee may set any day as a record date for the purpose of determining the Holders
of Outstanding Notes entitled to join in the giving or making of (w) any notice of Default, (x) any
declaration of acceleration referred to in Section 6.02, (y) any request to institute proceedings
referred to in Section 6.06(2), or (z) any direction referred to in Section 6.05, in each case with
respect to Notes, and shall set an Expiration Date for such Acts. If any record date is set
pursuant to this clause, the Holders of Outstanding Notes on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or direction, whether or
not such Holders remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Notes on such record date. Nothing in this clause shall
be construed to prevent the Trustee from setting a new record date for any action for which a
record date has previously been set pursuant to this clause (whereupon the record date previously
set shall automatically and with no action by any Person be cancelled and of no effect), and
nothing in this clause shall be construed to render ineffective any action taken by Holders of the
requisite principal amount of Outstanding Notes on the date such action is taken.

-109-

 

Promptly after
any record date is set pursuant to this clause, the Trustee, at the expense of the Company, shall
cause notice of such record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Company in writing and to each Holder in the manner set forth in Section 13.03.

          (iii) With respect to any record date set pursuant to this Section 13.14, the party hereto
that sets such record dates may designate any day as the “Expiration Date” and from time to time
may change the Expiration Date to any earlier or later day; provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the Company or the Trustee
(whichever such party is not setting a record date pursuant to this Section 13.14(e)) in writing,
and to each Holder in the manner set forth in Section 13.03, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date set pursuant to this
Section, the party hereto that set such record date shall be deemed to have initially designated
the 180th day after such record date as the Expiration Date with respect thereto, subject to its
right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing,
no Expiration Date shall be later than the 180th day after the applicable record date.

          (iv) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Note may do so with regard to all or any part of the principal amount
of such Note or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount, provided however, that unless
otherwise expressly stated in such Holder’s Act, any Act shall be deemed to have been given with
respect to the entire principal amount of such Holders Note or Notes.

     Section 13.15 Waiver of Jury Trial. EACH OF THE COMPANY, EACH GUARANTOR AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR
THE TRANSACTIONS CONTEMPLATED HEREBY.

     Section 13.16 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, without limitation, 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.

[signature pages follow]

-110-

 

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

	 	 	 	 	 
	 	EASTMAN KODAK COMPANY

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title:  	Treasurer 	 
	 
	 	CREO MANUFACTURING AMERICA

LLC

KODAK AVIATION LEASING LLC

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title:  	Manager 	 
	 
	 	EASTMAN GELATINE CORPORATION

EASTMAN KODAK INTERNATIONAL

CAPITAL COMPANY, INC.

FAR EAST DEVELOPMENT LTD.

FPC INC.

KODAK (NEAR EAST), INC.

KODAK AMERICAS, LTD.

KODAK IMAGING NETWORK, INC.

KODAK PORTUGUESA LIMITED

KODAK REALTY, INC.

LASER EDIT, INC.

LASER-PACIFIC MEDIA

CORPORATION

PACIFIC VIDEO, INC.

PAKON, INC.

QUALEX INC.

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title:  	Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	KODAK PHILIPPINES, LTD.

NPEC INC.

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title 	Assistant Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

as Trustee and Second Lien Collateral Agent

 	 
	 	By:  	/s/ Franca M. Ferrera 	 
	 	 	Name:  	Franca M. Ferrera 	 
	 	 	Title:  	Senior Associate 	 
	 

 

 

EXHIBIT A

[FACE OF NOTE]

EASTMAN KODAK COMPANY

9.75% Senior Secured Note due March 1, 2018

	 	 	 
	No.                                         

	 	[CUSIP/CINS] No.                                         
	 
	 	 
	 

	 	$                                        

     EASTMAN KODAK COMPANY, a New Jersey corporation (the “Company”, which term includes any
successor under the Indenture hereinafter referred to), for value received, promises to pay to
                                        ,
or its registered assigns, the principal sum of
[  ] DOLLARS ($[  ]) [or
such other amount as indicated on the Schedule of Exchange of Notes attached hereto]1,
on March 1, 2018.

	 	 	 
	Interest Rate:

	 	9.75% per annum
	 
	 	 
	Interest Payment Dates:

	 	March 1 and September 1 of each year commencing
September 1, 2010
	 
	 	 
	Regular Record Dates:

	 	February 15 and August 15 of each year

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

 

			
	1	 	To be included in any Global Note.

A-1

 

     IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by
its duly authorized officers.

	 	 	 	 	 
	 	EASTMAN KODAK COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-2

 

	 	 	 	 	 

(Form of Trustee’s Certificate of Authentication)

     This is one of the 9.75% Senior Secured Notes due March 1, 2018 described in the Indenture
referred to in this Note.

	 	 	 	 	 
	 	The Bank of New York Mellon, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Dated: ___________________

A-3

 

[REVERSE SIDE OF NOTE]

EASTMAN KODAK COMPANY

9.75% Senior Secured Note due March 1, 2018

1. Principal and Interest.

     The Company promises to pay the principal of this Note on March 1, 2018.

     The Company promises to pay interest on the principal amount of this Note on each interest
payment date, as set forth on the face of this Note, at the rate of 9.75% per annum.

     Interest will be payable in cash semiannually in arrears (to the holders of record of the
Notes at the close of business on the February 15 or August 15 immediately preceding the interest
payment date) on each interest payment date, commencing September 1, 2010.

     Interest on this Note will accrue from the most recent date to which interest has been paid on
this Note (or, if there is no existing default in the payment of interest and if this Note is
authenticated between a regular record date and the next interest payment date, from such interest
payment date) or, if no interest has been paid, from [the Issue Date].2 Interest will
be computed in the basis of a 360-day year of twelve 30-day months.

     The Company will pay interest on overdue principal and, to the extent lawful, pay interest on
overdue interest, at the rate otherwise applicable to the Notes. Interest not paid when due and
any interest on principal, premium or interest not paid when due will be paid to the Persons that
are Holders on a special record date, which will be the 15th day preceding the date fixed by the
Company for the payment of such interest, whether or not such day is a Business Day. At least 15
days before a special record date, the Company will send to each Holder and to the Trustee a notice
that sets forth the special record date, the payment date and the amount of interest to be paid.

2. Indenture; Note Guaranty

     This is one of the Notes issued under an Indenture dated as of March 5, 2010 (as amended from
time to time, the “Indenture”), among the Company, the Guarantors party thereto and The Bank of New
York Mellon, as Trustee. Capitalized terms used herein are used as defined in the Indenture unless
otherwise indicated. The terms of the Notes include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act. The

 

			
	2	 	For Additional Notes, may be the date of their
original issue or the most recent interest payment date.

A-4

 

Notes are subject to all such
terms, and Holders are referred
to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent
permitted by applicable law, in the event of any inconsistency between the terms of this Note and
the terms of the Indenture, the terms of the Indenture will control.

     The Notes are general obligations of the Company which are secured by the Security Agreements.
The Indenture limits the original aggregate principal amount of the Notes to $500,000,000, but
Additional Notes may be issued pursuant to the Indenture, and the originally issued Notes and all
such Additional Notes vote together for all purposes as a single class. This Note is guarantied as
set forth in the Indenture.

3. Redemption and Repurchase; Discharge Prior to Redemption or Maturity.

     This Note is subject to optional redemption, and may be the subject of an Offer to Purchase,
as further described in the Indenture. There is no sinking fund or mandatory redemption applicable
to this Note.

     If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to
pay the then outstanding principal of, premium, if any, and accrued interest on the Notes to
redemption or maturity, the Company may in certain circumstances be discharged from the Indenture
and the Notes or may be discharged from certain of its obligations under certain provisions of the
Indenture.

4. Registered Form; Denominations; Transfer; Exchange.

     The Notes are in registered form without coupons in denominations of $2,000 principal amount
and any integral multiple of $1,000 in excess thereof. A Holder may register the transfer or
exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the
Trustee will not be required to issue, register the transfer of or exchange any Note or certain
portions of a Note.

5. Defaults and Remedies.

     If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due
and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is
continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture
or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory
to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a
majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise
of remedies.

A-5

 

6. Amendment and Waiver.

     Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be
waived, with the consent of the Holders of a majority in principal amount of the Outstanding Notes.
Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any
ambiguity, defect or inconsistency.

7. Authentication.

     This Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of
authentication on the other side of this Note.

8. Governing Law.

     This Note shall be governed by, and construed in accordance with, the laws of the State of New
York.

9. Abbreviations.

     Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to
Minors Act).

     The Company will furnish a copy of the Indenture to any Holder upon written request and
without charge.

A-6

 

[FORM OF TRANSFER NOTICE]

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

Insert Taxpayer Identification No.

 

 

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

 

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

 

attorney to transfer said Note on the books of the Company with full power of substitution in the
premises.

A-7

 

[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

     In connection with any transfer of this Note occurring prior to                                         , the
undersigned confirms that such transfer is made without utilizing any general solicitation or
general advertising and further as follows:

Check One

o     (1) This Note is being transferred to a “qualified institutional buyer” in compliance with
Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit F
to the Indenture is being furnished herewith.

o     (2) This Note is being transferred to a Non-U.S. Person in compliance with the exemption from
registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and
certification in the form of Exhibit I to the Indenture is being furnished herewith.

or

o     (3) This Note is being transferred other than in accordance with (1) or (2) above and
documents are being furnished which comply with the conditions of transfer set forth in this Note
and the Indenture.

     If none of the foregoing boxes is checked, the Trustee is not obligated to register this Note
in the name of any Person other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein and in the Indenture have been satisfied.

Date:                                         

	 	 	 	 	 
	 	
Seller

 	 
	 	By  	
 	 
	 

NOTICE: The signature to this assignment must correspond with

the name as written upon the face of the within-mentioned

instrument in every particular, without alteration or any change

whatsoever.

A-8

 

Signature Guarantee:3 ____________________________

	 	 	 	 	 
	 	 	 
	 	By  	 	 
	 	 	To be executed by an executive officer 	 
	 	 	 	 
	 

 

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

A-9

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you wish to have all of this Note purchased by the Company pursuant to Section 4.09 or
Section 4.12 of the Indenture, check the box: <

     If you wish to have a portion of this Note purchased by the Company pursuant to Section 4.09
or Section 4.12 of the Indenture, state the amount (in original principal amount in multiples of
$1,000) below:

          $                                        .

Date:                     

Your Signature:                                         

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

Signature Guarantee:4                                         

 

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

A-10

 

SCHEDULE OF EXCHANGES OF NOTES5

The following exchanges of a part of this Global Note for Certificated Notes or a part of another
Global Note have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal amount of	 	 
	 	 	 	 	 	 	this Global Note	 	 
	 	 	Amount of decrease	 	Amount of increase	 	following such	 	Signature of
	 	 	in principal amount	 	in principal amount	 	decrease (or	 	authorized officer of
	Date of Exchange	 	of this Global Note	 	of this Global Note	 	increase)	 	Trustee
	 
	 	 	 	 	 	 	 	 

 

			
	5	 	For Global Notes

A-11

 

EXHIBIT B

SUPPLEMENTAL INDENTURE

dated as of 
                
                ,
           

among

EASTMAN KODAK COMPANY,

THE GUARANTORS PARTY HERETO

and

THE BANK OF NEW YORK MELLON,

as Trustee

9.75% Senior Secured Notes due March 1, 2018

 

 

     THIS SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), entered into as of
___________,
_____, among EASTMAN KODAK COMPANY, a New Jersey corporation (the “Company”), [INSERT EACH GUARANTOR
EXECUTING THIS SUPPLEMENTAL INDENTURE AND ITS JURISDICTION OF INCORPORATION] (each an
“Undersigned”) and THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”).

RECITALS

     WHEREAS, the Company, the Guarantors party thereto and the Trustee entered into the Indenture,
dated as of March 5, 2010 (the “Indenture”), relating to the Company’s 9.75% Senior Secured Notes
due March 1, 2018 (the “Notes”);

     WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the
Notes by the Holders, the Company agreed pursuant to Section 4.18 of the Indenture to cause (x) any
newly acquired or created Wholly Owned Domestic Restricted Subsidiary (other than any such
Subsidiary that is an Excluded Subsidiary) and (y) any Wholly Owned Domestic Restricted Subsidiary
that had been, but ceases to be, an Excluded Subsidiary, to provide Note Guaranties.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and
intending to be legally bound, the parties hereto hereby agree as follows:

     Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined
in the Indenture.

     Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a
Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to
Guarantors, including, but not limited to, Article 11 thereof.

     Section 3. This Supplemental Indenture shall be governed by and construed in accordance with
the laws of the State of New York.

     Section 4. This Supplemental Indenture may be signed in various counterparts which together
will constitute one and the same instrument.

     Section 5. This Supplemental Indenture is an amendment supplemental to the Indenture and the
Indenture and this Supplemental Indenture will henceforth be read together.

B-2

 

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

	 	 	 	 	 
	 	EASTMAN KODAK COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[GUARANTORS]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NEW YORK MELLON,

as Trustee and Second Lien Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

B-3

 

	 	 	 	 	 

EXHIBIT C

RESTRICTED LEGEND

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

     (1) REPRESENTS THAT

     (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, OR

     (B) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT) AND

(2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE
SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY

(A) TO THE COMPANY,

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE
SECURITIES ACT,

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT,

(D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, OR

(E) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY
COMPLETED AND SIGNED CERTIFICATE (THE

C-1

 

FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) MUST BE
DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E)
ABOVE, THE COMPANY RESERVES THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE
REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE
AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

C-2

 

EXHIBIT D

DTC LEGEND

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

TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE
INDENTURE.

D-1

 

EXHIBIT E

OID LEGEND

THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES. FOR INFORMATION REGARDING THE ISSUE PRICE, THE TOTAL AMOUNT OF ORIGINAL ISSUE DISCOUNT,
THE ISSUE DATE, AND THE YIELD TO MATURITY OF THIS SECURITY, PLEASE CONTACT THE TREASURER OF EASTMAN
KODAK COMPANY AT 343 STATE STREET, ROCHESTER, NEW YORK 14650, (FACSIMILE: (585) 724-5174)

E-1

 

EXHIBIT F

Rule 144A Certificate

                     
       ,            

The Bank of New York Mellon

101 Barclay Street, 8W

New York, New York, 10286

Attention: Corporation Trust Administration

	Re: 	 	EASTMAN KODAK COMPANY

9.75% Senior Secured Notes due March 1, 2018 (the “Notes”)

Issued under the Indenture (the “Indenture”)

Dated as of March 5, 2010

Ladies and Gentlemen:

     TO BE COMPLETED BY PURCHASER IF (1) ABOVE IS CHECKED.

     This Certificate relates to:

     [CHECK A OR B AS APPLICABLE.]

	 	o  A.	 	Our proposed purchase of $ ___ principal amount of Notes issued under the Indenture.
	 
	 	o  B.	 	Our proposed exchange of $ ___ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

     We and, if applicable, each account for which we are acting in the aggregate owned and
invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such
accounts, if applicable), as of                          ,
20__, which is a date on or since
close of our most recent fiscal year. We and, if applicable, each account for which we are acting,
are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the
Securities Act of 1933, as amended (the “Securities Act”). If we are acting on behalf of an
account, we exercise sole investment discretion with respect to such account. We are aware that the
transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the
exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to
the date of this Certificate we have received such information regarding the Company as we have
requested pursuant to Rule 144A(d)(4) or have determined not to request such information.

F-1

 

     You and the Company are entitled to rely upon this Certificate and are irrevocably authorized
to produce this Certificate or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	Very truly yours,

[NAME OF PURCHASER (FOR TRANSFERS)

OR OWNER (FOR EXCHANGES)]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     Date:                                         

F-2

 

EXHIBIT G

[COMPLETE FORM I OR FORM II AS APPLICABLE.]

[FORM I]

Certificate of Beneficial Ownership

The Bank of New York Mellon

101 Barclay Street, 8W

New York, New York, 10286

Attention: Corporation Trust Administration

[or Name of DTC Participant]

	 	Re: 	 	 EASTMAN KODAK COMPANY

9.75% Senior Secured Notes due March 1, 2018 (the “Notes”)

Issued under the Indenture (the “Indenture”) dated as
as of March 5, 2010 relating to the Notes

Ladies and Gentlemen:

     We are the beneficial owner of $___ principal amount of Notes issued under the Indenture and
represented by a Temporary Offshore Global Note (as defined in the Indenture).

     We hereby certify as follows:

     [CHECK A OR B AS APPLICABLE.]

	 	o  A.	 	We are a non-U.S. person (within the meaning of Regulation S under the Securities
Act of 1933, as amended).
	 
	 	o  B.	 	We are a U.S. person (within the meaning of Regulation S under the Securities Act
of 1933, as amended) that purchased the Notes in a transaction that did not require
registration under the Securities Act of 1933, as amended.

     You and the Company are entitled to rely upon this Certificate and are irrevocably authorized
to produce this Certificate or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

G-1

 

	 	 	 	 	 
	 	Very truly yours,

[NAME OF BENEFICIAL OWNER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Address:  	 	 
	 

Date:                                         

[FORM II]

Certificate of Beneficial Ownership

	 	 	 
	To:

	 	The Bank of New York Mellon
	 

	 	101 Barclay Street, 8W
	 

	 	New York, New York, 10286
	 

	 	Attention: Corporation Trust Administration
	 
	 	 
	Re:

	 	EASTMAN KODAK COMPANY
	 

	 	9.75% Senior Secured Notes due March 1, 2018 (the “Notes”)
	 

	 	Issued under the Indenture (the “Indenture”) dated as
	 

	 	as of March 5, 2010 relating to the Notes

Ladies and Gentlemen:

     This is to certify that based solely on certifications we have received in writing, by tested
telex or by electronic transmission from Institutions appearing in our records as persons being
entitled to a portion of the principal amount of Notes represented by a Temporary Offshore Global
Note issued under the above-referenced Indenture, that as of the date hereof, $____ principal
amount of Notes represented by the Temporary Offshore Global Note being submitted herewith for
exchange is beneficially owned by persons that are either (i) non-U.S. persons (within the meaning
of Regulation S under the Securities Act of 1933, as amended) or (ii) U.S. persons that purchased
the Notes in a transaction that did not require registration under the Securities Act of 1933, as
amended.

     We further certify that (i) we are not submitting herewith for exchange any portion of such
Temporary Offshore Global Note excepted in such certifications and (ii) as of the date hereof we
have not received any notification from any Institution to the effect that the statements made by
such Institution with respect to any portion of such Temporary

G-2

 

 Offshore Global Note submitted
herewith for exchange are no longer true and cannot be relied upon as of the date hereof.

     You and the Company are entitled to rely upon this Certificate and are irrevocably authorized
to produce this Certificate or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	Yours faithfully,

[Name of DTC Participant]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Address:  	 	 
	 

Date:                                         

G-3

 

     EXHIBIT H

THIS NOTE IS A TEMPORARY GLOBAL NOTE. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE
HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON
OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS HEREIN
ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE
TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES
ACT.

NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF
PRINCIPAL OR INTEREST HEREON UNTIL SUCH BENEFICIAL INTEREST IS EXCHANGED OR TRANSFERRED FOR AN
INTEREST IN ANOTHER NOTE

H-1

 

EXHIBIT I

Regulation S Certificate

            
              ,  
       

	 	 	 
	To:

	 	The Bank of New York Mellon
	 

	 	101 Barclay Street, 8W
	 

	 	New York, New York, 10286
	 

	 	Attention: Corporation Trust Administration
	 
	 	 
	Re:

	 	EASTMAN KODAK COMPANY
	 

	 	9.75% Senior Secured Notes due March 1, 2018 (the “Notes”)
	 

	 	Issued under the Indenture (the “Indenture”) dated as
	 

	 	as of March 5, 2010 relating to the Notes

Ladies and Gentlemen:

     Terms are used in this Certificate as used in Regulation S (“Regulation S”) under the
Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein.

     [CHECK A OR B AS APPLICABLE.]

	 	o  A.	 	This Certificate relates to our proposed transfer of $____ principal amount of
Notes issued under the Indenture. We hereby certify as follows:

	 	1.	 	The offer and sale of the Notes was not and will not be
made to a person in the United States (unless such person is excluded from
the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the
account held by it for which it is acting is excluded from the definition
of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances
described in Rule 902(h)(3)) and such offer and sale was not and will not
be specifically targeted at an identifiable group of U.S. citizens abroad.
	 
	 	2.	 	Unless the circumstances described in the parenthetical
in paragraph 1 above are applicable, either (a) at the time the buy order
was originated, the buyer was outside the United States or we and any
person acting on our behalf reasonably believed that the buyer was outside
the United States or (b) the transaction was executed in, on 

I-1

 

	 	 	 	or through the
facilities of a designated offshore securities market, and neither we nor any person acting on our behalf knows that the
transaction was pre-arranged with a buyer in the United States.
	 
	 	3.	 	Neither we, any of our affiliates, nor any person
acting on our or their behalf has made any directed selling efforts in the
United States with respect to the Notes.
	 
	 	4.	 	The proposed transfer of Notes is not part of a plan or
scheme to evade the registration requirements of the Securities Act.
	 
	 	5.	 	If we are a dealer or a person receiving a selling
concession, fee or other remuneration in respect of the Notes, and the
proposed transfer takes place during the Restricted Period (as defined in
the Indenture), or we are an officer or director of the Company or an
Initial Purchaser (as defined in the Indenture), we certify that the
proposed transfer is being made in accordance with the provisions of Rule
904(b) of Regulation S.

	 	o  B.	 	This Certificate relates to our proposed exchange of $____ principal amount of
Notes issued under the Indenture for an equal principal amount of Notes to be held by
us. We hereby certify as follows:

	 	1.	 	At the time the offer and sale of the Notes was made to
us, either (i) we were not in the United States or (ii) we were excluded
from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the
account held by us for which we were acting was excluded from the
definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the
circumstances described in Rule 902(h)(3); and we were not a member of an
identifiable group of U.S. citizens abroad.
	 
	 	2.	 	Unless the circumstances described in paragraph 1(ii)
above are applicable, either (a) at the time our buy order was originated,
we were outside the United States or (b) the transaction was executed in,
on or through the facilities of a designated offshore securities market and
we did not pre-arrange the transaction in the United States.
	 
	 	3.	 	The proposed exchange of Notes is not part of a plan or
scheme to evade the registration requirements of the Securities Act.

I-2

 

     You and the Company are entitled to rely upon this Certificate and are irrevocably authorized
to produce this Certificate or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	Very truly yours,

[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Address:  	 	 
	 

Date:                                         

I-3exv10w1

Exhibit 10.1

Execution Copy

SECURITY AGREEMENT

Dated as of March 5, 2010

Among

EACH OF THE GRANTORS REFERRED TO HEREIN

as Grantors

and

THE BANK OF NEW YORK MELLON

as Collateral Agent

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	Section	 	 	 	Page	 
	Section 1.	 	Grant of Security
	 	 	2	 
	Section 2.	 	Security for Obligations; Intercreditor Agreement
	 	 	6	 
	Section 3.	 	Grantors Remain Liable
	 	 	7	 
	Section 4.	 	Delivery and Control of Security Collateral
	 	 	7	 
	Section 5.	 	Maintaining the Account Collateral
	 	 	9	 
	Section 6.	 	Representations and Warranties
	 	 	10	 
	Section 7.	 	Further Assurances
	 	 	14	 
	Section 8.	 	As to Equipment and Inventory
	 	 	15	 
	Section 9.	 	Insurance
	 	 	16	 
	Section 10.	 	Post-Closing Changes; Collections on Assigned Agreements and Receivables
	 	 	17	 
	Section 11.	 	As to Intellectual Property Collateral
	 	 	18	 
	Section 12.	 	Voting Rights; Dividends; Etc.
	 	 	19	 
	Section 13.	 	As to the Assigned Agreements
	 	 	20	 
	Section 14.	 	As to Letter-of-Credit Rights
	 	 	21	 
	Section 15.	 	Transfers and Other Liens; Additional Shares; Additional Security
	 	 	22	 
	Section 16.	 	Collateral Agent Appointed Attorney in Fact
	 	 	24	 
	Section 17.	 	Collateral Agent May Perform
	 	 	24	 
	Section 18.	 	The Collateral Agent’s Duties
	 	 	25	 
	Section 19.	 	Remedies
	 	 	26	 
	Section 20.	 	Collateral Trust Agreement; Requests by Collateral Agent
	 	 	27	 
	Section 21.	 	Amendments; Waivers; Additional Grantors; Etc.
	 	 	27	 
	Section 22.	 	Confidentiality; Notices; References
	 	 	28	 
	Section 23.	 	Continuing Security Interest; Transfers Under the Second Lien Documents
	 	 	30	 
	Section 24.	 	Release
	 	 	30	 
	Section 25.	 	Execution in Counterparts
	 	 	30	 
	Section 26.	 	Governing Law
	 	 	30	 
	Section 27.	 	Intercreditor Agreement.
	 	 	30	 

i

 

	 	 	 	 	 
	Schedules
	 	 	 	 
	 
	 	 	 	 
	Schedule I

	 	-
	 	Investment Property
	Schedule II

	 	-
	 	Pledged Deposit Accounts
	Schedule III

	 	-
	 	Receivables and Agreement Collateral
	Schedule IV

	 	 	 	Intellectual Property
	Schedule V

	 	-
	 	Location, Chief Executive Office, Type of Organization, Jurisdiction of
Organization and Organizational Identification Number
	Schedule VI

	 	-
	 	Changes in Name, Location, Etc.
	Schedule VII

	 	-
	 	Letters of Credit
	Schedule VIII

	 	-
	 	Equipment Locations
	Schedule IX

	 	-
	 	Inventory Locations
	Schedule X

	 	-
	 	Closing Date Pledged Deposit Accounts
	Schedule XI

	 	-
	 	Commercial Tort Claims
	 
	 	 	 	 
	Exhibits
	 	 	 	 
	 
	 	 	 	 
	Exhibit A

	 	-
	 	Form of Intellectual Property Security Agreement
	Exhibit B

	 	-
	 	Form of Intellectual Property Security Agreement Supplement
	Exhibit C

	 	-
	 	Form of Security Agreement Supplement

ii

 

          This SECURITY AGREEMENT, dated as of March 5, 2010 (as amended, amended and restated,
supplemented or otherwise modified from time to time, this “Agreement”), is made by EASTMAN KODAK
COMPANY, a New Jersey corporation (the “Company”), each direct or indirect subsidiary of the
Company listed on the signature pages hereof, or which at any time executes and delivers a Security
Agreement Supplement (the Company and such subsidiaries, collectively, the “Grantors”, and each,
individually, a “Grantor”), in favor of THE BANK OF NEW YORK MELLON, as collateral agent (in such
capacity, together with its successors and assigns from time to time, the “Collateral Agent”) for
the Second Lien Secured Parties.

PRELIMINARY STATEMENTS:

          WHEREAS, the Company, the Guarantors, the Collateral Agent and The Bank of New York Mellon, as
trustee (in such capacity, together with its successors and assigns from time to time, the
“Trustee”) and as Collateral Agent, are parties to that certain Indenture, dated as of March 5,
2010 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Indenture”);

          WHEREAS, the Company, Kodak Canada Inc., the Guarantors, Citicorp USA, Inc., as agent (in such
capacity, together with its successors and assigns from time to time, the “First Lien Agent”), and
certain financial institutions party thereto from time to time are parties to that certain Amended
and Restated Credit Agreement, dated as of March 31, 2009 (as amended by Amendment No. 1 to the
Amended and Restated Credit Agreement, dated as of September 17, 2009, and by Amendment No. 2 to
the Amended and Restated Credit Agreement, dated as of February 10, 2010, and as further amended,
amended and restated, supplemented or otherwise modified from time to time, and any Permitted
Refinancing thereof (as such term is defined in the Intercreditor Agreement set forth below) the
“First Lien Credit Agreement”);

          WHEREAS, the Company, the Guarantors, the Collateral Agent, on behalf of the Second Lien
Secured Parties, and the First Lien Agent, on behalf of the First Lien Secured Parties (as defined
therein), are parties to that certain Intercreditor Agreement, dated as of March 5, 2010 (as
amended, amended and restated, supplemented or otherwise modified from time to time, the
“Intercreditor Agreement”);

          WHEREAS, the Company, the Guarantors, the Trustee and the Collateral Agent are parties to that
certain Collateral Trust Agreement, dated as of March 5, 2010 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Collateral Trust Agreement”);

          WHEREAS, the Company or any other Grantor may from time to time incur additional indebtedness
permitted to be secured on an equal and ratable basis with the obligations under the Indenture,
which additional indebtedness shall be incurred in accordance with the First Lien Credit Agreement,
the Indenture and the Collateral Trust Agreement;

          WHEREAS, each Grantor is the owner of the shares of stock or other equity interests (such
shares of stock or other equity interests, for so long as the issuer thereof is a Material
Subsidiary, the “Initial Pledged Equity”) set forth opposite such Grantor’s name on and

 

 

as otherwise described in Part I of Schedule I hereto and issued by the Persons named therein
and of the indebtedness owed to such Grantor (the “Initial Pledged Debt”) set forth opposite such
Grantor’s name on and as otherwise described in Part II of Schedule I hereto and issued by the
obligors named therein;

          WHEREAS, each Grantor is the owner of the deposit accounts (the “Pledged Deposit Accounts”)
set forth opposite such Grantor’s name on Schedule II hereto;

          WHEREAS, the Company is or may become the owner of an “L/C Cash Deposit Account” as defined in
the First Lien Credit Agreement as in effect on the date hereof (the “L/C Cash Deposit Account”)
created in accordance with the First Lien Credit Agreement and subject to the security interest
granted under this Agreement on terms and conditions acceptable to the First Lien Agent;

          WHEREAS, it is a requirement under the Indenture that the Grantors shall have granted the
security interest contemplated by this Agreement. Each Grantor will derive substantial direct or
indirect benefit from the transactions contemplated by this Agreement, the Indenture and the other
related Second Lien Documents; and

          WHEREAS, capitalized terms not defined herein shall have the meanings ascribed to such terms
in the Collateral Trust Agreement, and, if a capitalized term is not defined herein or in the
Collateral Trust Agreement, it shall have the meaning ascribed thereto in the Indenture. Further,
unless otherwise defined in this Agreement, the Collateral Trust Agreement or in the Indenture,
terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement as such
terms are defined in such Article 8 or 9. “UCC” means the Uniform Commercial Code as in effect
from time to time in the State of New York; provided that, if perfection or the effect of
perfection or non-perfection or the priority of the security interest in any Collateral is governed
by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction
for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority.

          NOW, THEREFORE, in consideration of the premises and in order to induce the Holders from time
to time to hold the Notes, and the Trustee to enter into the Indenture, each Grantor hereby agrees
with the Collateral Agent, for the ratable benefit of the Second Lien Secured Parties, as follows:

          Section 1. Grant of Security. Each Grantor hereby grants to the Collateral Agent, for the
ratable benefit of the Second Lien Secured Parties, a security interest in such Grantor’s right,
title and interest in and to the following, in each case, as to each type of property described
below, whether now owned or hereafter acquired by such Grantor, wherever located, and whether now
or hereafter existing or arising (collectively, the “Collateral”):

          (a) all equipment in all of its forms, including, without limitation, all machinery, tools,
motor vehicles, vessels, aircraft and furniture (excepting all fixtures), and all parts thereof and
all accessions thereto, including, without limitation, computer programs and

2

 

supporting information that constitute equipment within the meaning of the UCC (any and all
such property being the “Equipment”);

          (b) all inventory in all of its forms, including, without limitation, (i) all raw materials,
work in process, finished goods and materials used or consumed in the manufacture, production,
preparation or shipping thereof, (ii) goods in which such Grantor has an interest in mass or a
joint or other interest or right of any kind (including, without limitation, goods in which such
Grantor has an interest or right as consignee) and (iii) goods that are returned to or repossessed
or stopped in transit by such Grantor, and all accessions thereto and products thereof and
documents therefor, including, without limitation, computer programs and supporting information
that constitute inventory within the meaning of the UCC (any and all such property being the
“Inventory”);

          (c) (i) all accounts, instruments (including, without limitation, promissory notes), deposit
accounts, chattel paper, general intangibles (including, without limitation, payment intangibles)
and other obligations of any kind owing to the Grantors, whether or not arising out of or in
connection with the sale or lease of goods or the rendering of services and whether or not earned
by performance (any and all such instruments, deposit accounts, chattel paper, general intangibles
and other obligations to the extent not referred to in clause (d), (e) or (f) below, being the
“Receivables”), and all supporting obligations, security agreements, Liens, leases, letters of
credit and other contracts owing to the Grantors or supporting the obligations owing to the
Grantors under the Receivables (collectively, the “Related Contracts”), and (ii) all commercial
tort claims now or hereafter described on Schedule XI;

          (d) the following (the “Security Collateral”):

          (i) the Initial Pledged Equity and the certificates, if any, representing the Initial
Pledged Equity, and all dividends, distributions, return of capital, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of
or in exchange for any or all of the Initial Pledged Equity and all warrants, rights or
options issued thereon or with respect thereto;

          (ii) the Initial Pledged Debt and the instruments, if any, evidencing the Initial
Pledged Debt, and all interest, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of
the Initial Pledged Debt;

          (iii) all additional shares of stock and other equity interests from time to time
acquired by such Grantor in any manner of (x) the issuers of such Initial Pledged Equity and
(y) each direct Subsidiary of the Company that, for the most recently completed fiscal year
of the Company for which audited financial statements are available, either (A) has,
together with its Subsidiaries, assets that exceed 5% of the total assets shown on the
consolidated statement of financial condition of the Company as of the last day of such
period or (B) has, together with its Subsidiaries, net sales that exceed 5% of the
consolidated net sales of the Company for such period (each, a “Material Subsidiary”),
provided that not more than 65% of the voting equity in any Foreign Subsidiary shall be
subject to the pledge hereunder (such shares and other equity

3

 

interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and
the certificates, if any, representing such additional shares or other equity interests, and
all dividends, distributions, return of capital, cash, instruments and other property from
time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of such shares or other Equity Interests and all warrants, rights or options
issued thereon or with respect thereto;

          (iv) all additional indebtedness from time to time owed to such Grantor (such
indebtedness, together with the Initial Pledged Debt, being the “Pledged Debt”) and the
instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of
or in exchange for any or all of such indebtedness;

          (v) all security entitlements or commodity contracts carried in a securities account or
commodity account, all security entitlements with respect to all financial assets from time
to time credited to the L/C Cash Deposit Account and all financial assets, and all
dividends, distributions, return of capital, interest, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or in exchange
for any or all of such security entitlements or financial assets and all warrants, rights or
options issued thereon with respect thereto; and

          (vi) all other investment property (including, without limitation, all (A) securities,
whether certificated or uncertificated, (B) security entitlements, (C) securities accounts,
(D) commodity contracts and (E) commodity accounts, but excluding any Equity Interest in any
affiliate excluded from the Pledged Equity) in which such Grantor has now, or acquires from
time to time hereafter, any right, title or interest in any manner and the certificates or
instruments, if any, representing or evidencing such investment property, and all dividends,
distributions, return of capital, interest, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of such investment property and all warrants, rights or options issued thereon or
with respect thereto;

          (e) each Hedging Agreement to which such Grantor is now or may hereafter become a party, in
each case as such agreements may be amended, amended and restated, supplemented or otherwise
modified from time to time (collectively, the “Assigned Agreements”), including, without
limitation, (i) all rights of such Grantor to receive moneys due and to become due under or
pursuant to the Assigned Agreements, (ii) all rights of such Grantor to receive proceeds of any
insurance, indemnity, warranty or guaranty with respect to the Assigned Agreements, (iii) claims of
such Grantor for damages arising out of or for breach of or default under the Assigned Agreements
and (iv) the right of such Grantor to terminate the Assigned Agreements, to perform thereunder and
to compel performance and otherwise exercise all remedies thereunder (all such Collateral being the
“Agreement Collateral”);

          (f) the following (collectively, the “Account Collateral”):

          (i) the Pledged Deposit Accounts, the L/C Cash Deposit Account and all funds and
financial assets from time to time credited thereto (including, without

4

 

limitation, all cash equivalents), and all certificates and instruments, if any, from
time to time representing or evidencing the Pledged Deposit Accounts or the L/C Cash Deposit
Account;

          (ii) all promissory notes, certificates of deposit, checks and other instruments from
time to time delivered to or otherwise possessed by the Collateral Agent for or on behalf of
such Grantor in substitution for or in addition to any or all of the then existing Account
Collateral or possessed by the First Lien Agent as bailee for the Collateral Agent; and

          (iii) all interest, dividends, distributions, cash, instruments and other property from
time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of the then existing Account Collateral; and

          (g) the following (collectively, the “Intellectual Property Collateral”):

          (i) all patents, patent applications, utility models and statutory invention
registrations, all inventions claimed or disclosed therein and all improvements thereto
(other than those patents and related rights currently contemplated to be sold by the
Company or any other Grantor to the extent identified as such in Schedule IV(A)(i) attached
hereto) (“Patents”);

          (ii) all trademarks, service marks, domain names, trade dress, logos, designs, slogans,
trade names, business names, corporate names and other source identifiers, whether
registered or unregistered, together, in each case, with the goodwill symbolized thereby
(“Trademarks”);

          (iii) all copyrights, including, without limitation, copyrights in computer software,
internet web sites and the content thereof, whether registered or unregistered
(“Copyrights”); all confidential and proprietary information, including, without limitation,
know-how, trade secrets, manufacturing and production processes and techniques, inventions,
research and development information, databases and data, including, without limitation,
technical data, financial, marketing and business data, pricing and cost information,
business and marketing plans and customer and supplier lists and information (collectively,
“Trade Secrets”), and all other intellectual, industrial and intangible property of any
type, including, without limitation, industrial designs and mask works;

          (iv) except as set forth above, all registrations and applications for registration for
any of the foregoing, including, without limitation, those registrations and applications
for registration, together with all reissues, divisions, continuations,
continuations-in-part, extensions, renewals and reexaminations thereof;

          (v) all agreements, permits, consents, orders and franchises relating to the license,
development, use or disclosure of any of the foregoing to which such Grantor, now or
hereafter, is a party or a beneficiary (“IP Agreements”); and

5

 

          (vi) any and all claims for damages and injunctive relief for past, present and future
infringement, dilution, misappropriation, violation, misuse or breach with respect to any of
the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages;

          (h) all documents, all money and all letter-of-credit rights; and

          (i) all proceeds of, collateral for, income, royalties and other payments now or hereafter due
and payable with respect to, and supporting obligations relating to, any and all of the Collateral
(including, without limitation, proceeds, collateral and supporting obligations that constitute
property of the types described in clauses (a) through (h) of this Section 1) and, to the extent
not otherwise included, all (A) payments under insurance (whether or not the Collateral Agent is
the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or
damage to or otherwise with respect to any of the foregoing Collateral, and (B) cash;

provided, however, that in no event shall the Collateral hereunder include, and no lien or security
interest shall be created in, any asset which is, or hereafter becomes, a Principal Property or
consists of the Equity Interests in, or indebtedness of, an entity which is, or hereafter becomes,
a 1988 Indenture Restricted Subsidiary to the extent that any lien or security interest in such
asset created under this Agreement would require that the notes or other debt securities issued
pursuant to the 1988 Indenture be equally and ratably secured by such asset under the terms of the
1988 Indenture, and provided, further, that notwithstanding anything herein to the contrary, in no
event shall the Collateral include or the security interest granted under this Section 1 hereof
attach to: (A) any assets of any Grantor located outside the United States (other than equity
interests as otherwise provided in this Agreement), (B) any deposit account for taxes, payroll,
employee benefits or similar items and any other account or financial asset in which such security
interest would be unlawful or in violation of any employee benefit plan or employee benefit
agreement, (C) any lease, license, contract, agreement or other property right (including any
United States of America intent-to-use trademark or service mark application), to which any Grantor
is a party or of any of its rights or interests thereunder if and for so long as the grant of such
security interest shall constitute or result in: (x) the abandonment, invalidation,
unenforceability or other impairment of any right, title or interest of any Grantor therein, or (y)
in a breach or termination pursuant to the terms of, or a default under, any such lease, license,
contract, agreement or other property right, (D) any of the outstanding capital stock of a Foreign
Subsidiary in excess of 65% of the voting power of all classes of capital stock of such Foreign
Subsidiary entitled to vote, or (E) any real property or fixtures (all of the foregoing being
referred to herein as the “Excluded Property”).

          Section 2. Security for Obligations; Intercreditor Agreement.

          (a) This Agreement secures, and the Collateral is collateral security for, the prompt and
complete payment or performance in full when due, whether at stated maturity, by required
prepayment, declaration, acceleration, repurchase, redemption, demand or otherwise (including the
payment of amounts that would become due but for the operation of the automatic stay under Section
362(a) of the Bankruptcy Law, 11 U.S.C. §362(a) (and any successor provision thereof)), of all
Second Lien Obligations (collectively, the “Secured Obligations”).

6

 

          (b) Notwithstanding anything herein to the contrary, the relative rights and remedies of the
Collateral Agent and the Second Lien Secured Parties and the obligations of the Grantors hereunder
shall be subject to and governed by the terms of the Intercreditor Agreement at any time the
Intercreditor Agreement is in effect. At any time prior to the Discharge of First Lien
Obligations, in the case of Collateral as to which possession or control by the Collateral Agent is
required under this Agreement, the Grantors shall be deemed to have satisfied such obligations by
delivery of such Collateral or the grant of control to the First Lien Agent. In the event of any
inconsistency between the terms hereof and the Intercreditor Agreement, the Intercreditor Agreement
shall control at any time the Intercreditor Agreement is in effect.

          Section 3. Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each
Grantor shall remain liable under the contracts and agreements included in such Grantor’s
Collateral to perform all of its duties and obligations thereunder to the extent set forth therein
to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral
Agent of any of the rights hereunder shall not release any Grantor from any of its duties or
obligations under the contracts and agreements included in the Collateral and (c) no Second Lien
Secured Party shall have any obligation or liability under the contracts and agreements included in
the Collateral by reason of this Agreement or any other Second Lien Document, nor shall any Second
Lien Secured Party be obligated to perform any of the obligations or duties of any Grantor
thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

          Section 4. Delivery and Control of Security Collateral.

          (a) Subject to the terms of the Intercreditor Agreement, all certificates or instruments
representing or evidencing existing Security Collateral shall be delivered to and held by or on
behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by
delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank,
all in form and substance reasonably satisfactory to the Collateral Agent except to the extent that
such transfer or assignment is (x) prohibited by applicable law or (y) subject to certain corporate
actions by the holders or issuers of non-US Initial Pledged Equity which have not occurred as of
the date such delivery is required and governmental approvals or consents to pledge or transfer
with respect to non-US Material Subsidiaries which have not yet been obtained as to which Grantor
shall use commercially reasonable effects to complete as soon as practicable after the date hereof.

          (b) Subject to the terms of the Intercreditor Agreement, with respect to any Security
Collateral representing interest in Material Subsidiaries in which any Grantor has any right, title
or interest and that constitutes an uncertificated security, such Grantor will use commercially
reasonable efforts to cause the issuer thereof to agree in an authenticated record with such
Grantor and the Collateral Agent that, upon notice from the Collateral Agent that an Actionable
Default has occurred and is continuing, such issuer will comply with instructions with respect to
such security originated by the Collateral Agent without further consent of such Grantor, such
authenticated record to be in form and substance reasonably satisfactory to the Collateral Agent.
Upon the request of the Collateral Agent upon the occurrence and during the continuance of an
Actionable Default, each Grantor will notify each issuer of other Security Collateral as provided
in Section 4(e) below.

7

 

          (c) Subject to the terms of the Intercreditor Agreement, with respect to any securities or
commodity account, any Security Collateral that constitutes a security entitlement as to which the
financial institution acting as Collateral Agent hereunder is not the securities intermediary, upon
the request of the Collateral Agent upon the occurrence and during the continuance of an Actionable
Default the relevant Grantor will use its commercially reasonable efforts to cause the securities
intermediary with respect to such security or commodity account or security entitlement to identify
in its records the Collateral Agent as the entitlement holder thereof.

          (d) Subject to the terms of the Intercreditor Agreement, upon the request of Collateral Agent
upon the occurrence and during the continuance of an Actionable Default, each Grantor shall cause
the Security Collateral to be registered in the name of the Collateral Agent or such of its
nominees as the Collateral Agent shall direct, subject only to the revocable rights specified in
Section 12(a). In addition, subject to the terms of the Intercreditor Agreement, the Collateral
Agent shall have the right upon the occurrence and during the continuance of an Actionable Default
to convert Security Collateral consisting of financial assets credited to any securities account or
the L/C Cash Deposit Account to Security Collateral consisting of financial assets held directly by
the Collateral Agent, and to convert Security Collateral consisting of financial assets held
directly by the Collateral Agent to Security Collateral consisting of financial assets credited to
any securities or commodity account or the L/C Cash Deposit Account.

          (e) Upon the request of the Collateral Agent upon the occurrence and during the continuance of
an Actionable Default, each Grantor will notify each issuer of Security Collateral granted by it
hereunder that such Security Collateral is subject to the security interest granted hereunder.

          (f) Notwithstanding anything to the contrary in the Second Lien Documents, (i) with respect to
any security documents under foreign law to be delivered with respect to Material Subsidiaries as
of the date of this Agreement, the Company shall have 120 days from the date of this Agreement to
deliver such security documents to the Collateral Agent, and no Actionable Default shall arise as a
result of any failure to deliver such security documents prior to such time and (ii) the Company
will not be required to perfect under foreign law the security interest granted hereunder in any
Collateral consisting of Capital Stock or other equity interests of any Foreign Subsidiary
(including by entering into a foreign law governed pledge agreement) to the extent that (A) the
granting of a second-priority security interest therein is not permitted by applicable foreign law
or (B) the Company shall have reasonably determined that perfecting such security interest under
applicable foreign law is not commercially feasible; provided that:

     (X) the preceding clause (ii) shall be inapplicable to the security documents
under foreign law to be delivered with respect to Material Subsidiaries as of the
date of this Agreement; and

     (Y) the Company shall not be permitted to rely on the exclusions set forth in
the preceding clause (ii) unless it shall have

          (1) reasonably determined, on the basis of advice of local counsel in the
applicable foreign jurisdiction, that (x) the granting and/or

8

 

perfection of a second priority security interest in the applicable Capital Stock or
other equity interests in favor of the Second Lien Secured Parties is not permitted
by applicable foreign law (if applicable) and (y) that alternative arrangements
designed to provide the same or comparable economic benefit to the Second Lien
Secured Parties as a perfected second priority pledge (including, but not limited
to, surplus pledges and the use of “parallel debt” obligations) are unavailable
under applicable foreign law; and

          (2) delivered to the Collateral Agent an Officer’s Certificate to the effect
that the exclusions set forth in the preceding clause (ii) are available to the
Company and setting forth the rationale therefor and the steps taken by the Company
in attempting to provide a perfected second priority security interest in the
applicable Capital Stock or other equity interests in favor of the Second Lien
Secured Parties.

          It is understood and agreed that, to the extent that the granting of a perfected second
priority security interest in the applicable Capital Stock or other equity interests in favor of
the Second Lien Secured Parties, or the effectuation of alternative arrangements designed to
provide the same or comparable economic benefit to the Second Lien Secured Parties, would require
amendments or other modifications to the Intercreditor Agreement, the Collateral Trust Agreement or
any other Second Lien Collateral Document, the Company shall use commercially reasonable efforts to
procure any required consents to such amendments or modifications from the applicable parties
(which efforts shall not require the payment of any consent fee) before being permitted to rely on
the exclusions set forth in clause (ii) of paragraph (f) (it being understood that the Company
shall not be required to seek consents from any Second Lien Secured Party to the extent that such
Second Lien Secured Party has consented to such amendment or modification pursuant to Section 8.18
of the Collateral Trust Agreement).

          Section 5. Maintaining the Account Collateral. So long as any Second Lien Obligation shall
remain outstanding (other than any indemnification obligations for which no claim or demand for
payment, whether oral or written, has been made):

          (a) Subject to the terms of the Intercreditor Agreement, with respect to any Pledged Deposit
Account, upon the request of the Collateral Agent made upon the occurrence and during the
continuance of an Actionable Default, each Grantor will promptly enter into an agreement with the
financial institution holding the applicable Pledged Deposit Account pursuant to which such
financial institution shall agree with such Grantor and the Collateral Agent to, upon notice from
the Collateral Agent, comply with instructions originated by the Collateral Agent directing the
disposition of funds in such deposit account without the further consent of such Grantor, such
agreement to be in form and substance reasonably satisfactory to the Collateral Agent (a “Deposit
Account Control Agreement”), and instruct each Person obligated at any time to make any payment to
such Grantor for any reason (an “Obligor”) to make such payment to any such Pledged Deposit Account
or the L/C Cash Deposit Account; provided, however, that notwithstanding the foregoing, the
applicable Grantors shall use commercially reasonable efforts to obtain Deposit Account Control
Agreements with respect to the Pledged Deposit Accounts listed on Schedule X hereto within 90 days
following the date hereof.

9

 

          (b) Upon notice from the Collateral Agent that an Actionable Default has occurred and is
continuing, each Grantor agrees to terminate any or all Pledged Deposit Accounts, other than those
Pledged Deposit Accounts (x) maintained with the First Lien Agent, or (y) subject to Deposit
Account Control Agreements, upon request by the Collateral Agent, subject to the terms of the
Intercreditor Agreement.

          (c) Subject to the terms of the Intercreditor Agreement, the Collateral Agent may, at any time
and without notice to, or consent from, the Grantor, transfer, or direct the transfer of, funds
from the Pledged Deposit Accounts or the L/C Cash Deposit Account to satisfy the Grantor’s
obligations under the Second Lien Documents if an Actionable Default shall have occurred and be
continuing. As soon as reasonably practicable after any such transfer, the Collateral Agent agrees
to give written notice thereof to the applicable Grantor.

          Section 6. Representations and Warranties. Each Grantor represents and warrants as follows:

          (a) Such Grantor’s exact legal name, chief executive office, type of organization,
jurisdiction of organization and organizational identification number as of the date hereof is set
forth in Schedule V hereto. Within the twelve months preceding the date hereof, such Grantor has
not changed its name, chief executive office, type of organization, jurisdiction of organization or
organizational identification number from those set forth in Schedule V hereto except as set forth
in Schedule VI hereto.

          (b) Such Grantor is the legal and beneficial owner of the Collateral granted or purported to
be granted by it free and clear of any Lien, claim, option or right of others, except for the
security interest created under this Agreement or Liens permitted under the Indenture. No
effective financing statement or other instrument similar in effect covering all or any part of
such Collateral or listing such Grantor or any trade name of such Grantor as debtor is on file in
any recording office, except such as may exist on the date of this Agreement, have been filed in
favor of the First Lien Agent related to the First Lien Credit Agreement and related documents, the
Collateral Agent relating to the Second Lien Documents or are otherwise permitted under the
Indenture.

          (c) All Equipment of such Grantor having a value in excess of $10,000,000 and Inventory of
such Grantor having a value in excess of $10,000,000 as of the date set forth on the respective
schedule is located at the places specified therefor in Schedule VIII and Schedule IX hereto,
respectively. Such Grantor has exclusive possession and control of its Inventory, other than
Inventory stored at any leased premises or third party warehouse.

          (d) None of the Receivables or Agreement Collateral is evidenced by a promissory note or other
instrument in excess of $10,000,000 that has not been delivered to the Collateral Agent or, at any
time prior to the Discharge of First Lien Obligations, the First Lien Agent. All such Receivables
or Agreement Collateral valued in excess of $10,000,000 as of the date set forth on Schedule III is
listed on Schedule III attached hereto.

          (e) All Security Collateral consisting of certificated securities and instruments with an
aggregate fair market value in excess of $10,000,000 for all such Security Collateral of

10

 

the Grantors have been delivered to the Collateral Agent or, at any time prior to the
Discharge of First Lien Obligations, the First Lien Agent.

          (f) If such Grantor is an issuer of Security Collateral, such Grantor confirms that it has
received notice of the security interest granted hereunder.

          (g) The Pledged Equity pledged by such Grantor hereunder has been duly authorized and validly
issued and is fully paid and non assessable. The Pledged Debt pledged by such Grantor hereunder
has been duly authorized, authenticated or issued and delivered, is the legal, valid and binding
obligation of the issuers thereof and, if evidenced by any promissory notes, such promissory notes
have been delivered to the Collateral Agent or, at any time prior to the Discharge of First Lien
Obligations, the First Lien Agent, and is not in default.

          (h) The Initial Pledged Equity pledged by such Grantor constitutes, as of the date hereof, 65%
of the issued and outstanding voting Equity Interests, and 100% of the issued and outstanding
non-voting Equity Interests, of the issuers thereof indicated on Part I of Schedule I hereto. The
Initial Pledged Debt constitutes all of the outstanding Debt for borrowed money owed to such
Grantor by the issuers thereof as of the date set forth on Schedule I.

          (i) Such Grantor has no investment property with a market value in excess of $10,000,000 as of
the date set forth on Schedule I, other than the investment property listed on Part III of Schedule
I hereto.

          (j) The Assigned Agreements to which such Grantor is a party have been duly authorized,
executed and delivered by such Grantor and, to such Grantor’s knowledge, any material Assigned
Agreements are in full force and effect and are binding upon and enforceable against all parties
thereto in accordance with their terms.

          (k) Such Grantor has no material deposit accounts subject to the grant or security in Section
1 of this Agreement as of the date set forth on Schedule II, other than the Pledged Deposit
Accounts listed on Schedule II hereto.

          (l) Such Grantor is not a beneficiary or assignee under any letter of credit with a stated
amount in excess of $10,000,000 and issued by a United States financial institution as of the date
set forth on Schedule VII, other than the letters of credit described in Schedule VII hereto.

          (m) This Agreement creates in favor of the Collateral Agent, for the benefit of the Second
Lien Secured Parties, a valid security interest in the Collateral (which security interest is prior
to all other Liens on the Collateral other than (A) Liens described in clauses (1), (2)(b), (2)(c)
(to the extent such Liens are pari passu with the Liens granted hereunder), (3), (4), (6), (7),
(8), (9), (12) (except with respect to judgment liens), (13), (14), (15), (16), (17), (18), (19)
(solely as it relates to clauses (2)(a) and 2(c) (in each case to the extent such Liens are pari
passu with the Liens granted hereunder), (20) (to the extent such Liens are pari passu with the
Liens granted hereunder)), 21, 24 and 25 (to the extent such Liens are pari passu with the Liens
granted hereunder) of the definition of “Permitted Liens” under the Indenture and (B) other
Permitted Liens that arise by operation of law and are not voluntarily granted, to the extent such
Liens by law have priority over the Liens granted by this Agreement (the Liens described in the

11

 

preceding clauses (A) and (B), but excluding those Liens described in clauses (2)(c), (19)
(solely as it relates to clauses (2)(a) and 2(c) (in each case to the extent such Liens are pari
passu with the Liens granted hereunder), 20 (to the extent such Liens are pari passu with the Liens
granted hereunder) and 25 (to the extent such Liens are pari passu with the Liens granted
hereunder) of the definition of “Permitted Liens” under the Indenture, collectively, “Permitted
Priority Liens”) granted by such Grantor under this Agreement, securing the payment of the Secured
Obligations except to the extent that control or possession by the Collateral Agent is required for
the creation of the security interest; all filings and other actions necessary to perfect the
security interest in the Collateral granted by such Grantor have been duly made or taken and are in
full force and effect other than (i) actions necessary to obtain control of Collateral as provided
in Sections 9-104, 9-105, 9-106 and 9-107 of the UCC; (ii) actions necessary to perfect the
Collateral Agent’s security interest with respect to Collateral evidenced by a certificate of title
or Collateral consisting of vessels or aircraft; (iii) actions necessary to transfer and prior
approval of or filings with any governmental entity required in connection with any interest in
Pledged Equity; and (iv) filings with respect to Intellectual Property Collateral except as are
required to be made under this Agreement; provided, however, that the Collateral Agent’s security
interest hereunder may not have priority with respect to (1) Account Collateral maintained with a
financial institution other than the First Lien Agent, the Collateral Agent or a financial
institution party to a Deposit Account Control Agreement then in effect, (2) assets encumbered by
Liens on the date of this Agreement (other than assets encumbered by Liens on the date of this
Agreement in favor of the First Lien Agent that secure First Lien Obligations), (3) Collateral
evidenced by a certificate of title or consisting of vessels or aircraft, (4) Collateral subject to
Permitted Priority Liens, (5) Collateral with an aggregate book value of less than $10,000,000 and
(6) other Collateral to the extent consented to by the Collateral Agent (collectively, the
“Specified Collateral”).

          (n) No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body or any other third party is required for (i) the grant by
such Grantor of the security interest granted hereunder or for the execution, delivery or
performance of this Agreement by such Grantor, (ii) the perfection or maintenance of the security
interest created hereunder (including the second priority nature of such security interest in
Collateral that is not Specified Collateral), except for (A) the filing of financing and
continuation statements under the UCC, which financing statements have been duly filed and are in
full force and effect, (B) the recordation of the Intellectual Property Security Agreement with
respect to certain registered copyrights attached thereto, which has been delivered for recording
and is in full force and effect, and the actions described in Section 4 with respect to the
Security Collateral, (C) certain corporate actions by the holders or issuers of non-U.S. Initial
Pledged Equity which have not occurred as of date required hereunder, necessary to transfer or
assign, (D) the governmental filings required to be made or approvals obtained prior to the
creation of security interest in any Pledged Equity issued by a non-US Person and any filings or
approvals required prior to realizing on any such Pledged Equity, and (E) the control of certain
assets as provided in Sections 9-104, 9-105, 9-106 and 9-107 of the UCC, or (iii) the exercise by
the Collateral Agent of its voting or other rights provided for in this Agreement or the remedies
in respect of the Collateral pursuant to this Agreement, except as set forth above, as is required
by the Intercreditor Agreement and as may be required in connection with the disposition of any
portion of the Security Collateral by laws affecting the offering and sale of securities generally.

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          (o) The Inventory that has been produced or distributed by such Grantor has been produced in
compliance with all requirements of applicable law except where the failure to so comply would not
have a material adverse effect on (a) the business, condition (financial or otherwise), operations,
performance or properties of the Company and any Subsidiaries whose accounts are consolidated with
the accounts of the Company in accordance with GAAP, taken as a whole, (b) the rights and remedies
of the Collateral Agent or any Second Lien Secured Party under any Secured Agreement or (c) the
ability of the Company and any other Grantor with assets included in Collateral having a value of
at least $50,000,000 as of the end of the preceding fiscal year of the Company to perform its
obligations under any Second Lien Documents to which it is a party (a “Material Adverse Effect”).

          (p) As to itself and its Intellectual Property Collateral:

          (i) The operation of such Grantor’s business as currently conducted or as contemplated
to be conducted and the use of the Intellectual Property Collateral in connection therewith
do not conflict with, infringe, misappropriate, dilute, misuse or otherwise violate the
intellectual property rights of any third party, except as are not expected to have a
Material Adverse Effect.

          (ii) Such Grantor is the exclusive owner of all right, title and interest in and to
Patents, Trademarks and Copyrights contained in the Intellectual Property Collateral, except
as set forth in Schedule IV hereto with respect to co-ownership of certain Patents; and such
Grantor is entitled to use all such Intellectual Property Collateral in accordance with
applicable law; in each case subject to the terms of the IP Agreements.

          (iii) The Intellectual Property Collateral set forth on Schedule IV hereto includes all
of the registered patents, patent applications, domain names, trademark registrations and
applications, copyright registrations and applications owned by such Grantor as of the date
set forth on Schedule IV.

          (iv) The issued Patents and registered Trademarks contained in the Intellectual
Property Collateral have not been adjudged invalid or unenforceable in whole or part, and to
the knowledge of the Company, are valid and enforceable, except to the extent Grantor has
ceased use of any such registered Trademarks.

          (v) Such Grantor has made or performed all filings, recordings and other acts and has
paid all required fees and taxes, as deemed necessary by Grantor in its reasonable business
discretion, to maintain and protect its interest in each and every material item of
Intellectual Property Collateral owned by such Grantor in full force and effect.

          (vi) No claim has been asserted and is pending by any Person challenging or questioning
the use of any Intellectual Property Collateral or the validity of effectiveness of any such
Intellectual Property Collateral, nor does the Company know of any valid basis for any such
claim, except, in either case, for such claims that in the aggregate are not reasonably
expected to have a Material Adverse Effect. The use of

13

 

such Intellectual Property Collateral by the Company and its Subsidiaries does not
infringe on the rights of any Person, except for such claims and infringements that, in the
aggregate, are not reasonably expected to have a Material Adverse Effect. The consummation
of the transactions contemplated by the Second Lien Documents will not result in the
termination or impairment of any of the Intellectual Property Collateral.

          (vii) With respect to each IP Agreement: (A) to the knowledge of the Company, such IP
Agreement is valid and binding and in full force and effect; (B) such IP Agreement will not
cease to be valid and binding and in full force and effect on terms identical to those
currently in effect as a result of the rights and interest granted herein, nor will the
grant of such rights and interest constitute a breach or default under such IP Agreement or
otherwise give any party thereto a right to terminate such IP Agreement; (C) such Grantor
has not received any notice of termination or cancellation under such IP Agreement within
the six months immediately preceding the date of this Security Agreement; (D) within the six
months immediately preceding the date of this Security Agreement, such Grantor has not
received any notice of a breach or default under such IP Agreement, which breach or default
has not been cured; and (E) neither such Grantor nor, to such Grantor’s knowledge, any other
party to such IP Agreement is in breach or default thereof in any material respect, and no
event has occurred that, with notice or lapse of time or both, would constitute such a
breach or default or permit termination or modification under such IP Agreement; in the case
of each of clauses (A) through (E) above, except as would not reasonably be expected to have
a Material Adverse Effect.

          (viii) To the Company’s knowledge, none of the material Trade Secrets of such Grantor
has been used, divulged, disclosed or appropriated to the detriment of such Grantor for the
benefit of any other Person other than such Grantor within the past two years.

          Section 7. Further Assurances.

          (a) Each Grantor agrees that from time to time, in accordance with the terms of this Agreement
and subject to the terms of the Intercreditor Agreement, at the expense of such Grantor and at the
reasonable request of the Collateral Agent, such Grantor will promptly execute and deliver, or
otherwise authenticate, all further instruments and documents, and take all further action that may
be reasonably necessary or desirable, or that the Collateral Agent may reasonably request, in order
to perfect and protect any pledge or security interest granted or purported to be granted by such
Grantor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies
hereunder with respect to any Collateral of such Grantor. Without limiting the generality of the
foregoing, each Grantor will, subject to the terms of the Intercreditor Agreement, at the
reasonable request of the Collateral Agent, promptly with respect to the Collateral of such
Grantor: (i) mark conspicuously each document included in Inventory, each chattel paper included
in Receivables each Assigned Agreement and, at the request of the Collateral Agent, each of its
records pertaining to such Collateral with a legend, in form and substance reasonably satisfactory
to the Collateral Agent, indicating that such document, Assigned Agreement or Collateral is subject
to the security interest granted hereby; (ii) if any such Collateral shall be evidenced by a
promissory note or other instrument or chattel paper, deliver and pledge to the Collateral Agent
hereunder such note or instrument or chattel paper

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duly indorsed and accompanied by duly executed instruments of transfer or assignment, all in
form and substance reasonably satisfactory to the Collateral Agent; (iii) file such financing or
continuation statements, or amendments thereto, and such other instruments or notices, as may be
reasonably necessary or desirable, or as the Collateral Agent may reasonably request, in order to
perfect and preserve the security interest granted or purported to be granted by such Grantor
hereunder; (iv) at the request of the Collateral Agent, take all action to ensure that the
Collateral Agent’s security interest is noted on any certificate of title related to any Collateral
evidenced by a certificate of title; and (v) deliver to the Collateral Agent evidence that all
other actions that the Collateral Agent may deem reasonably necessary or desirable in order to
perfect and protect the security interest granted or purported to be granted by such Grantor under
this Agreement has been taken.

          (b) Each Grantor hereby authorizes the Collateral Agent to file one or more financing or
continuation statements, and amendments thereto, including, without limitation, one or more
financing statements indicating that such financing statements cover all assets or all personal
property (or words of similar effect) of such Grantor in the United States other than assets now or
hereafter constituting Principal Properties or the equity or indebtedness of any Principal Property
Subsidiaries, or any real property or fixtures, regardless of whether any particular asset
described in such financing statements falls within the scope of the UCC. A photocopy or other
reproduction of this Agreement shall be sufficient as a financing statement where permitted by law.
Each Grantor ratifies its authorization for the Collateral Agent to have filed such financing
statements, continuation statements or amendments filed prior to the date hereof.

          (c) Each Grantor will furnish to the Collateral Agent from time to time statements and
schedules further identifying and describing the Collateral of such Grantor and such other reports
in connection with such Collateral as the Collateral Agent may reasonably request, all in
reasonable detail.

          Section 8. As to Equipment and Inventory.

          (a) Each Grantor will keep its Equipment having a value in excess of $10,000,000 and Inventory
having a value in excess of $10,000,000 (other than Inventory sold in the ordinary course of
business) at the places therefor specified in Schedule VIII and Schedule IX, respectively, or, upon
30 days’ prior written notice to the Collateral Agent, at such other places designated by such
Grantor in such notice.

          (b) Each Grantor will pay promptly before such amounts become delinquent all property and
other taxes, assessments and governmental charges or levies imposed upon, and all claims
(including, without limitation, claims for labor, materials and supplies) against, its Equipment
and Inventory, except to the extent such taxes, assessments or governmental charges or levies are
being contested in good faith and by proper proceedings and as to which appropriate reserves are
being maintained, unless and until any Lien resulting therefrom attaches to its property and
becomes enforceable against its other creditors. In producing its Inventory, each Grantor will
comply with all requirements of applicable law, except where the failure to so comply will not have
a Material Adverse Effect.

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          Section 9. Insurance.

          (a) Each Grantor will, at its own expense, maintain or cause to be maintained, insurance with
respect to its Equipment and Inventory in such amounts, against such risks, in such form and with
such insurers, as shall be customary for similar businesses of the size and scope of the Company on
a consolidated basis, provided, however, that the Grantor may self insure to the extent consistent
with prudent business practice. Subject to the terms of the Intercreditor Agreement, each policy
of each Grantor for liability insurance shall provide for all losses to be paid on behalf of the
First Lien Agent (at any time prior to the Discharge of First Lien Obligations), the Collateral
Agent and such Grantor as their interests may appear, and each policy for property damage insurance
shall provide for all losses, except for losses of less than $25,000,000 per occurrence, to be paid
directly to the Collateral Agent. So long as no Actionable Default shall have occurred and be
continuing, all property damage insurance payments received by the Collateral Agent in connection
with any loss, damage or destruction of Inventory will be released by the Collateral Agent to the
applicable Grantor. Subject to the terms of the Intercreditor Agreement, each such policy shall in
addition (i) name such Grantor, the First Lien Agent (at any time prior to the Discharge of First
Lien Obligations) and the Collateral Agent as insured parties thereunder (without any
representation or warranty by or obligation upon the Collateral Agent) as their interests may
appear, (ii) provide that there shall be no recourse against the Collateral Agent for payment of
premiums or other amounts with respect thereto and (iii) provide that at least 10 days’ prior
written notice of cancellation or of lapse shall be given to the Collateral Agent by the insurer.
Each Grantor will, if so requested by the Collateral Agent, deliver to the Collateral Agent
certificates of insurance evidencing such insurance and, as often as the Collateral Agent may
reasonably request, a report of a reputable insurance broker or the insurer with respect to such
insurance. Further, each Grantor will, at the request of the Collateral Agent, subject to the
terms of the Intercreditor Agreement, duly execute and deliver instruments of assignment of such
insurance policies to comply with the requirements of Section 1(i) and cause the insurers to
acknowledge notice of such assignment.

          (b) Reimbursement under any liability insurance maintained by any Grantor pursuant to this
Section 9 may be paid directly to the Person who shall have incurred damages covered by such
insurance. In case of any loss involving damage to Equipment or Inventory when Section 9(c) below
is not applicable, the applicable Grantor, to the extent determined to be in the business interest
of such Grantor, will make or cause to be made the necessary repairs to or replacements of such
Equipment or Inventory, and any proceeds of insurance properly received by or released to such
Grantor shall be used by such Grantor, except as otherwise required hereunder or by the Indenture,
to pay or as reimbursement for the costs of such repairs or replacements or, if such Grantor
determines not to repair or replace such Equipment or Inventory, treat the loss or damage as an
Event of Loss under the Indenture.

          (c) So long as no Actionable Default shall have occurred and be continuing, all insurance
payments received by the Collateral Agent in connection with any loss, damage or destruction of any
Inventory or Equipment will be released by the Collateral Agent to the applicable Grantor. Upon
the occurrence and during the continuance of any Actionable Default, all insurance payments in
respect of such Equipment or Inventory shall be paid to the Collateral Agent subject to the terms
of the Intercreditor Agreement and shall, in the Collateral Agent’s

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sole discretion, (i) be released to the applicable Grantor for the repair, replacement or
restoration thereof, or (ii) be held as additional Collateral hereunder or applied as specified in
Section 19(b).

          Section 10. Post-Closing Changes; Collections on Assigned Agreements and Receivables.

          (a) No Grantor will change its name, type of organization, jurisdiction of organization or
organizational identification number from those set forth in Schedule V of this Agreement without
first giving at least 15 Business Days prior written notice to the Collateral Agent and taking all
action reasonably required by the Collateral Agent for the purpose of perfecting or protecting the
security interest granted by this Agreement. Each Grantor will hold and preserve its records
relating to the Collateral, including, without limitation, the Assigned Agreements and Related
Contracts, and will permit representatives of the Collateral Agent at any time during normal
business hours, on reasonable notice, to inspect and make abstracts from such records and other
documents; provided that, at any time prior to the occurrence of a continuing Actionable Default,
the right of the Collateral Agent and any of its representatives to visit the property of the
Company and any of its Subsidiaries shall be subject to reasonable rules and restrictions of the
Company for such access, and such visit shall not unreasonably interfere with the ongoing conduct
of the business of the Company and its Subsidiaries at such properties. If any Grantor does not
have an organizational identification number and later obtains one, it will forthwith notify the
Collateral Agent of such organizational identification number.

          (b) Except as otherwise provided in this Section 10(b), each Grantor will continue to collect,
at its own expense, all amounts due or to become due such Grantor under the Assigned Agreements and
Receivables. In connection with such collections, subject to the terms of the Intercreditor
Agreement, such Grantor may take (and, at the Collateral Agent’s direction, will take) such action
as such Grantor or the Collateral Agent may deem necessary or advisable to enforce collection of
the Assigned Agreements and Receivables; provided, however, that the Collateral Agent shall have
the right at any time, subject to the terms of the Intercreditor Agreement, upon the occurrence and
during the continuance of an Actionable Default and upon written notice to such Grantor of its
intention to do so, to notify the Obligors under any Assigned Agreements and Receivables of the
assignment of such Assigned Agreements to the Collateral Agent and to direct such Obligors to make
payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral
Agent and, upon such notification and at the expense of such Grantor, to enforce collection of any
such Assigned Agreements and Receivables, to adjust, settle or compromise the amount or payment
thereof, in the same manner and to the same extent as such Grantor might have done, and to
otherwise exercise all rights with respect to such Assigned Agreements and Receivables, including,
without limitation, those set forth in Section 9-607 of the UCC. After receipt by any Grantor of
the notice from the Collateral Agent referred to in the proviso to the preceding sentence, and
subject to the terms of the Intercreditor Agreement, (i) if any Actionable Default shall have
occurred and be continuing all amounts and proceeds (including, without limitation, instruments)
received by such Grantor in respect of the Assigned Agreements and Receivables of such Grantor
shall be received in trust for the benefit of the Second Lien Secured Parties, shall be segregated
from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the
same form as so received (with any necessary indorsement) and applied as provided in Section 19(b)
of this Agreement, and (ii) such Grantor will not adjust, settle or compromise the amount or
payment of any Receivable or amount due on any Assigned Agreement, release wholly or partly any
Obligor

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thereof or allow any credit or discount thereon other than credits or discounts given in the
ordinary course of business.

          Section 11. As to Intellectual Property Collateral.

          (a) With respect to each item of its Intellectual Property Collateral material to the business
of the Company and its Subsidiaries, each Grantor agrees to take, at its expense, all commercially
reasonable steps as determined in Grantor’s reasonable discretion, including, without limitation,
in the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental
authority, to (i) maintain the validity and enforceability of such Intellectual Property Collateral
and maintain such Intellectual Property Collateral in full force and effect, and (ii) pursue the
registration and maintenance (in accordance with the exercise of such Grantor’s reasonable business
discretion) of each patent, trademark, or copyright registration or application, now or hereafter
included in such Intellectual Property Collateral of such Grantor, including, without limitation,
the payment of required fees and taxes, the filing of responses to office actions issued by the
U.S. Patent and Trademark Office, the U.S. Copyright Office or other governmental authorities, the
filing of applications for renewal or extension, the filing of affidavits under Sections 8 and 15
of the U.S. Trademark Act, the filing of divisional, continuation, continuation-in-part, reissue
and renewal applications or extensions, the payment of maintenance fees and the participation in
interference, reexamination, opposition, cancellation, infringement and misappropriation
proceedings; in each case except where the failure to so file, register or maintain is not
reasonably likely to have a Material Adverse Effect. No Grantor shall discontinue use of or
otherwise abandon any such material Intellectual Property Collateral, or abandon any right to file
an application for patent, trademark, or copyright, unless such Grantor shall have determined that
such use or the pursuit or maintenance of such Intellectual Property Collateral is no longer
necessary or desirable in the conduct of such Grantor’s business and that the loss thereof would
not be reasonably likely to have a Material Adverse Effect.

          (b) Each Grantor agrees to provide, annually to the Collateral Agent an updated Schedule of
its Patents, Trademarks and registered Copyrights.

          (c) In the event that any Grantor becomes aware that any item of the Intellectual Property
Collateral is being infringed or misappropriated by a third party, such Grantor shall take such
commercially reasonable actions determined in its reasonable discretion, at its expense, to protect
or enforce such Intellectual Property Collateral, including, without limitation, suing for
infringement or misappropriation and for an injunction against such infringement or
misappropriation.

          (d) Each Grantor shall take all reasonable steps which it deems appropriate under the
circumstances to preserve and protect each item of its material Trademarks included in the
Intellectual Property Collateral, including, without limitation, maintaining substantially the
quality of any and all products or services used or provided in connection with any of the
Trademarks, consistent with the general quality of the products and services as of the date hereof,
and taking all steps reasonably necessary to ensure that all licensed users of any of the
Trademarks use such consistent standards of quality.

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          (e) With respect to its Intellectual Property Collateral, upon the reasonable request of the
Collateral Agent made upon the occurrence and during the continuance of an Actionable Default, each
Grantor agrees to execute or otherwise authenticate an agreement, in substantially the form set
forth in Exhibit A hereto or otherwise in form and substance satisfactory to the Collateral Agent
(an “Intellectual Property Security Agreement”), for recording the security interest granted
hereunder to the Collateral Agent in such Intellectual Property Collateral with the U.S. Patent and
Trademark Office, the U.S. Copyright Office, and any other governmental authorities necessary to
perfect the security interest hereunder in such Intellectual Property Collateral; provided,
however, that notwithstanding the foregoing, the applicable Grantors shall, on the date hereof,
execute or otherwise authenticate and deliver an Intellectual Property Security Agreement with
respect to each of the Copyrights listed on Schedule IV(D) hereto under the subheading “Copyrights
to be Recorded Against”.

          (f) Upon the occurrence of and during the continuance of an Actionable Default or, with
respect to any Copyright, upon the reasonable request of the Collateral Agent, each entity which
executes a Security Agreement Supplement as Grantor shall execute and deliver to the Collateral
Agent with such written notice, or otherwise authenticate, an agreement substantially in the form
of Exhibit B hereto or otherwise in form and substance satisfactory to the Collateral Agent (an “IP
Security Agreement Supplement”) covering such Intellectual Property, which IP Security Agreement
Supplement shall be recorded with the U.S. Patent and Trademark Office, the U.S. Copyright Office
and any other governmental authorities necessary to perfect the security interest hereunder in such
Intellectual Property.

          Section 12. Voting Rights; Dividends; Etc.

          (a) So long as no Default under Section 6.01(1), (2), (7) or (8) of the Indenture (or any
comparable provision under any other Second Lien Document) shall have occurred and be continuing:

          (i) Each Grantor shall be entitled to exercise any and all voting and other consensual
rights pertaining to the Security Collateral of such Grantor or any part thereof for any
purpose.

          (ii) Each Grantor shall be entitled to receive and retain any and all dividends,
interest and other distributions paid in respect of the Security Collateral of such Grantor
if and to the extent that the payment thereof is not otherwise prohibited by the terms of
the Second Lien Documents; provided, however, that any and all dividends, interest and other
distributions paid or payable in the form of instruments or certificates in respect of, or
in exchange for, any Security Collateral, shall, subject to the terms of the Intercreditor
Agreement, be promptly delivered to the Collateral Agent to hold as Security Collateral and
shall, if received by such Grantor, be received in trust for the benefit of the Second Lien
Secured Parties, be segregated from the other property or funds of such Grantor and be
promptly delivered to the Collateral Agent as Security Collateral in the same form as so
received (with any necessary indorsement).

          (iii) The Collateral Agent will execute and deliver (or cause to be executed and
delivered) to each Grantor all such proxies and other instruments as such
Grantor may reasonably request for the purpose of enabling such Grantor to exercise the

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voting and other rights that it is entitled to exercise pursuant to Section 12(a)(i) above
and to receive the dividends or interest payments that it is authorized to receive and
retain pursuant to Section 12(a)(ii) above.

          (b) Upon the occurrence and during the continuance of a Default under Section 6.01(1), (2),
(7) or (8) of the Indenture (or any comparable provision under any other Second Lien Document),
subject to the terms of the Intercreditor Agreement:

          (i) All rights of each Grantor (A) to exercise or refrain from exercising the voting
and other consensual rights that it would otherwise be entitled to exercise pursuant to
Section 12(a)(i) shall, upon notice to such Grantor by the Collateral Agent, cease and (B)
to receive the dividends, interest and other distributions that it would otherwise be
authorized to receive and retain pursuant to Section 12(a)(ii) shall automatically cease,
and all such rights shall thereupon become vested in the Collateral Agent for the benefit of
the Second Lien Secured Parties, which shall thereupon have the sole right to exercise or
refrain from exercising such voting and other consensual rights and to receive and hold as
Security Collateral such dividends, interest and other distributions.

          (ii) All dividends, interest and other distributions that are received by any Grantor
contrary to the provisions of Section 12(b)(i) above shall be received in trust for the
benefit of the Second Lien Secured Parties, shall be segregated from other funds of such
Grantor and shall be promptly paid over to the Collateral Agent as Security Collateral in
the same form as so received (with any necessary indorsement).

          Section 13. As to the Assigned Agreements.

          (a) Each Grantor will at its expense:

          (i) perform and observe all terms and provisions of the Assigned Agreements to be
performed or observed by it to the extent consistent with its past practice or reasonable
business judgment, maintain the Assigned Agreements to which it is a party in full force and
effect, and enforce the Assigned Agreements to which it is a party in accordance with the
terms thereof and, subject to the terms of the Intercreditor Agreement, take all such action
to such end as may be requested from time to time by the Collateral Agent; and

          (ii) furnish to the Collateral Agent promptly upon receipt thereof copies of all
notices of defaults in excess of $50,000,000 received by such Grantor under or pursuant to
the Assigned Agreements to which it is a party, and from time to time (A) furnish to the
Collateral Agent such information and reports regarding the Assigned Agreements and such
other Collateral of such Grantor as the Collateral Agent may reasonably request and (B) upon
request of the Collateral Agent, subject to the terms of the Intercreditor Agreement, make
to each other party to any Assigned Agreement to which it is a party such demands and
requests for information and reports or for action as such Grantor is entitled to make
thereunder.

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          (b) Each Grantor hereby consents on its behalf and on behalf of its Subsidiaries to the
assignment and pledge to the Collateral Agent for benefit of the Second Lien Secured Parties of
each Assigned Agreement to which it is a party by any other Grantor hereunder.

          (c) Each Grantor agrees, upon the reasonable request of Collateral Agent, to instruct each
other party to each Assigned Agreement to which it is a party, that all payments due or to become
due under or in connection with such Assigned Agreement will be made directly to a Pledged Deposit
Account.

          (d) All moneys received or collected pursuant to Section 13(c) above shall be (i) released to
the applicable Grantor on the terms set forth in Section 5 so long as no Actionable Default shall
have occurred and be continuing or (ii) if any Actionable Default shall have occurred and be
continuing, applied as provided in Section 19(b).

          Section 14. As to Letter-of-Credit Rights and Commercial Tort Claims.

          (a) Except as otherwise permitted by the this Agreement, each Grantor, by granting a security
interest in its Receivables consisting of letter-of-credit rights to the Collateral Agent, hereby
assigns, subject to the terms of the Intercreditor Agreement, to the Collateral Agent such rights
(including its contingent rights) to the proceeds of all Related Contracts consisting of letters of
credit of which it is or hereafter becomes a beneficiary or assignee. Upon request of the
Collateral Agent, subject to the terms of the Intercreditor Agreement, each Grantor will promptly
use commercially reasonable efforts to cause the issuer of each letter-of-credit with a stated
amount in excess of $10,000,000 and each nominated person (as defined in Section 5-102 of the UCC)
(if any) with respect thereto to consent to such assignment of the proceeds thereof pursuant to a
consent in form and substance reasonably satisfactory to the Collateral Agent and deliver written
evidence of such consent to the Collateral Agent.

          (b) Upon the occurrence and during the continuance of an Actionable Default, each Grantor
will, promptly upon request by the Collateral Agent, subject to the terms of the Intercreditor
Agreement, (i) notify (and such Grantor hereby authorizes the Collateral Agent to notify) the
issuer and each nominated person with respect to each of the Related Contracts consisting of
letters of credit that the proceeds thereof have been assigned to the Collateral Agent hereunder
and any payments due or to become due in respect thereof are to be made directly to the Collateral
Agent or its designee and (ii) arrange for the Collateral Agent to become the transferee
beneficiary of letter of credit.

          (c) In the event that any Grantor hereafter acquires or has any commercial tort claim that has
been filed with any court in excess of $25,000,000 in the aggregate, it shall, promptly after such
claim has been filed with such court, deliver a supplement to Schedule XI hereto, identifying such
new commercial tort claim; provided, however, that, with respect to any commercial tort claim in
respect of Intellectual Property Collateral, the obligation set forth in this Section 14(c) shall
only be applicable with respect to any such commercial tort claim to the extent relating to
Intellectual Property Collateral with respect to which the applicable Grantors have executed or
otherwise authenticated (or have an obligation pursuant to Section 11(e) to execute or otherwise
authenticate) an Intellectual Property Security Agreement.

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          Section 15. Transfers and Other Liens; Additional Shares; Additional Security.

          (a) Each Grantor agrees that it will not (i) sell, assign or otherwise dispose of, or grant
any option with respect to, any of the Collateral, other than sales, assignments and other
dispositions of Collateral, and options relating to the Collateral, as are permitted under the
terms of the Second Lien Documents, or (ii) create or suffer to exist any Lien upon or with respect
to any of the Collateral of such Grantor except for the pledge, assignment and security interest
created under this Agreement and Liens permitted under the Second Lien Documents.

          (b) Subject to the terms of the Indenture, this Agreement and the other Second Lien Documents,
each Grantor agrees that it will (i) cause each issuer of the Pledged Equity pledged by such
Grantor not to issue any Equity Interests or other securities in addition to or in substitution for
the Pledged Equity issued by such issuer except to such Grantor or its affiliates, and (ii) pledge
hereunder, promptly upon its acquisition (directly or indirectly) thereof, any and all additional
Equity Interests or other securities as required by Section 15(c) below from time to time acquired
by such Grantor in any manner.

          (c) Upon (i) the request made by the Collateral Agent, with respect to any property (other
than Excluded Property) of any Grantor, following the occurrence and during the continuance of an
Actionable Default, (ii) the acquisition by any Grantor of any property (other than Excluded
Property), including Equity Interests of any Material Subsidiary (except to the extent constituting
Excluded Property), (iii) any property of any Grantor ceasing to be Excluded Property and (iv) the
formation or acquisition of any new Restricted Subsidiary that becomes a Guarantor (or upon any
existing Restricted Subsidiary becoming a Guarantor) (and in the case of clauses (ii), (iii) and
(iv), with respect to the property of the Company or such Guarantor, as applicable), to the extent
such property is not already subject to a security interest in favor of the Collateral Agent for
the benefit of the Second Lien Secured Parties having the perfection and priority that such
security interest would have been required to have if the applicable assets had been required to be
Collateral on the date hereof, but in each case subject to the terms of the Intercreditor
Agreement, then in each case at the Company’s expense:

          (A) within 45 days after (1) any request described in clause (c)(i) above, any
acquisition of property (other than any Excluded Property) described in clause (c)(ii) above
or any property ceasing to be Excluded Property as described in clause (c)(iii) above, duly
execute and deliver, and cause each Guarantor (and, to the extent the Equity Interests of a
Foreign Subsidiary are required to be pledged under foreign law and solely with respect to
such Equity Interests, each issuer of such Equity Interests, but only to the extent that a
foreign law pledge of such Equity Interests and any documents relating to same are required
to be executed and delivered by the issuer thereof under applicable foreign law) to duly
execute and deliver, to the Collateral Agent such additional pledges (including foreign law
pledges, which may be delivered up to 45 days after the date on which compliance would
otherwise be required pursuant to this clause (A)), assignments, Security Agreement
Supplements, IP Security Agreement Supplements and other security agreements as specified
by, and in form and substance reasonably satisfactory to, the Collateral Agent, securing the
payment or performance of the Secured Obligations and (2) such Restricted Subsidiary
becoming a Guarantor as described in clause (c)(iv) above, duly execute and deliver, and
cause such Guarantor and

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any Guarantor acquiring Equity Interests or indebtedness of such Restricted Subsidiary
to duly execute and deliver, to the Collateral Agent such pledges (including foreign law
pledges), assignments and Security Agreement Supplements related to the Equity Interests,
indebtedness and property of such Restricted Subsidiary that has become a Guarantor (in each
case except to the extent constituting Excluded Property) as specified by, and in form and
substance satisfactory to, the Collateral Agent, securing the payment or performance of the
Secured Obligations; provided that (w) the Equity Interests or indebtedness of any 1988
Indenture Restricted Subsidiary shall not be required to be pledged, (x) not more than 65%
of the voting Equity Interests in any Foreign Subsidiary shall be required to be pledged,
(y) no property that is Excluded Property shall be required to be pledged, and (z) no
Subsidiary that is an Excluded Subsidiary shall be required to become a Grantor hereunder or
otherwise to provide security,

          (B) within 60 days after the occurrence of any of the events set forth in clause
(c)(i), (c)(ii), (c)(iii) or (c)(iv) above, take, and cause each Guarantor (and, to the
extent the Equity Interests of a Foreign Subsidiary are required to be pledged under foreign
law and solely with respect to such Equity Interests, each issuer of such Equity Interests,
but only to the extent that such actions are required to be taken by the issuer thereof
under applicable foreign law) to take, whatever action (including, without limitation, the
filing of Uniform Commercial Code financing statements, the giving of notices and the
endorsement of notices on title documents) may be necessary or advisable in the reasonable
opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of
the Collateral Agent designated by it) valid and subsisting Liens on the properties
purported to be subject to the pledges, assignments, Security Agreement Supplements, IP
Security Agreement Supplements and security agreements delivered pursuant to this Section
15(c), enforceable against (i) the applicable Grantor and (ii) all third parties in
accordance with their terms (other than in respect of (x) any Excluded Property and (y) in
the case of the preceding clause (ii) only, Specified Collateral the security interest in
which is not required to be perfected under the terms of this Agreement) consistent with the
forms and types of agreements required to be delivered by any Grantor party hereto as of the
date of this Agreement,

          (C) within 60 days after the occurrence of any of the events set forth in clause
(c)(i), (c)(ii), (c)(iii) or (c)(iv) above, deliver to the Collateral Agent, upon the
request of the Collateral Agent in its sole discretion, a signed copy of a favorable
opinion, addressed to the Collateral Agent and the other Second Lien Secured Parties, of
counsel for the Company or the applicable Guarantor reasonably acceptable to the Collateral
Agent as to (1) such pledges, assignments, Security Agreement Supplements, IP Security
Agreement Supplements and security agreements described in clauses (A) and (B) above being
legal, valid and binding obligations of the Company and each Guarantor party thereto
enforceable in accordance with their terms and as to the matters contained in clause (B)
above, subject to customary exceptions, (2) such recordings, filings, notices, endorsements
and other actions being sufficient to create valid perfected Liens on such assets, and (3)
such other matters as the Collateral Agent may reasonably request, consistent with the form
of opinion delivered as of the date of this Agreement, and

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          (D) at any time and from time to time, promptly execute and deliver, and cause each
Guarantor and each newly acquired or newly formed direct Wholly Owned Domestic Restricted
Subsidiary other than an Excluded Subsidiary to execute and deliver, any and all further
instruments and documents and take, and cause such Subsidiary to take, all such other action
as the Collateral Agent may deem reasonably necessary or desirable in obtaining the full
benefits of, or in perfecting and preserving the Liens of, such pledges, assignments,
Security Agreement Supplements, IP Security Agreement Supplements and security agreements.

          (b) For purposes of this Section 15, the term “Guarantor” shall have the meaning set forth in
the Indenture; provided, that if at any time no Second Lien Note Obligations are outstanding (other
than contingent indemnification obligations for which no claim or demand for payment, whether oral
or written, has been made), for purposes of this Section 15 the term “Guarantor” shall mean each
Subsidiary of the Company that is obligated in respect of any New Second Lien Obligations.

          Section 16. Collateral Agent Appointed Attorney in Fact.

          Each Grantor hereby irrevocably appoints the Collateral Agent such Grantor’s attorney-in-fact,
with full authority in the place and stead of such Grantor and in the name of such Grantor or
otherwise, from time to time, upon the occurrence and during the continuance of an Actionable
Default, in the Collateral Agent’s discretion, to take any action and to execute any instrument
that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this
Agreement, subject to the terms of the Intercreditor Agreement, including, without limitation:

          (a) to obtain and adjust insurance required to be paid to the Collateral Agent pursuant to
Section 9,

          (b) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance
and receipts for moneys due and to become due under or in respect of any of the Collateral,

          (c) to receive, indorse and collect any drafts or other instruments, documents and chattel
paper, in connection with clause (a) or (b) above, and

          (d) to file any claims or take any action or institute any proceedings that the Collateral
Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to
enforce compliance with the terms and conditions of any Assigned Agreement or the rights of the
Collateral Agent with respect to any of the Collateral.

          Section 17. Collateral Agent May Perform. If any Grantor fails to perform any agreement
contained herein, the Collateral Agent may, but without any obligation to do so, upon notice to the
Company of at least five Business Days in advance and if the Company fails to cure within such
period, itself perform, or cause performance of, such agreement, and the expenses of the Collateral
Agent incurred in connection therewith shall be payable by such Grantor under Section 20.

24

 

          Section 18. The Collateral Agent’s Duties.

          (a) The powers conferred on the Collateral Agent hereunder are solely to protect the Second
Lien Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise
any such powers. Except for the safe custody of any Collateral in its possession and the
accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as
to any Collateral, as to ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any
Second Lien Secured Party has or is deemed to have knowledge of such matters, or as to the taking
of any necessary steps to preserve rights against any parties or any other rights pertaining to any
Collateral. The Collateral Agent shall not be responsible for filing any financing or continuation
statements or recording any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The
Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral
in its possession if the Collateral is accorded treatment substantially equal to that which it
accords its own property and shall not be liable or responsible for any loss or diminution in the
value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency
or other agent or bailee selected by the Collateral Agent in good faith.

          (b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may from
time to time, when the Collateral Agent deems it to be necessary, appoint one or more of its
affiliates (or, with the consent of the Company, any other Persons) subagents (each a “Subagent”)
for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event
that the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the
assignment and pledge of such Collateral and the security interest granted in such Collateral by
each Grantor hereunder shall be deemed for purposes of this Security Agreement to have been made to
such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Second Lien
Secured Parties, as security for the Secured Obligations of such Grantor, (ii) such Subagent shall
automatically be vested, in addition to the Collateral Agent, with all rights, powers, privileges,
interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii)
the term “Collateral Agent,” when used herein in relation to any rights, powers, privileges,
interests and remedies of the Collateral Agent with respect to such Collateral, shall include such
Subagent; provided, however, that no such Subagent shall be authorized to take any action with
respect to any such Collateral unless and except to the extent expressly authorized in writing by
the Collateral Agent.

          (c) The Collateral Agent shall not be responsible for the existence, genuineness or value of
any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in
any of the Collateral, whether impaired by operation of law or by reason of any action or omission
to act on its part hereunder, except to the extent such action or omission constitutes gross
negligence, bad faith or willful misconduct on the part of the Collateral Agent, for the validity
or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity
of the title of the Company to the Collateral, for insuring the Collateral or for the payment of
taxes, charges, assessments or otherwise as to the maintenance of Collateral.

25

 

          Section 19. Remedies.

          If any Actionable Default shall have occurred and be continuing and such Actionable Default
has resulted in the acceleration of any Series of the Secured Obligations, which acceleration has
not been rescinded or otherwise terminated then, subject to the terms of the Intercreditor
Agreement:

          (a) The Collateral Agent may exercise in respect of the Collateral, in addition to other
rights and remedies provided for herein or otherwise available to it, all the rights and remedies
of a secured party upon default under the UCC (whether or not the UCC applies to the affected
Collateral) and also may: (i) require each Grantor to, and each Grantor hereby agrees that it will
at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the
Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a
place and time to be designated by the Collateral Agent that is reasonably convenient to both
parties; (ii) without notice except as specified below, sell the Collateral or any part thereof in
one or more parcels at public or private sale, at any of the Collateral Agent’s offices or
elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral
Agent may deem commercially reasonable; (iii) occupy, consistent with Section 10(a) of this
Agreement, on a non-exclusive basis any premises owned or leased by any of the Grantors where the
Collateral or any part thereof is assembled or located for a reasonable period in order to
effectuate its rights and remedies hereunder or under law, without obligation to such Grantor in
respect of such occupation; and (iv) exercise any and all rights and remedies of any of the
Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral,
including, without limitation, (A) any and all rights of such Grantor to demand or otherwise
require payment of any amount under, or performance of any provision of, the Assigned Agreements,
the Receivables and the other Collateral, (B) withdraw, or cause or direct the withdrawal, of all
funds with respect to the Account Collateral, and (C) exercise all other rights and remedies with
respect to the Assigned Agreements, the Receivables and the other Collateral, including, without
limitation, those set forth in Section 9-607 of the UCC. Each Grantor agrees that, to the extent
notice of sale shall be required by law, at least ten days’ notice to such Grantor of the time and
place of any public sale, or of the time after which any private sale is to be made shall
constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale
of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and
such sale may, without further notice, be made at the time and place to which it was so adjourned.

          (b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or
on behalf of the Collateral Agent in respect of any sale of, collection from, or other realization
upon all or any part of the Collateral shall be applied by the Collateral Agent in accordance with
the Collateral Trust Agreement.

          (c) All payments received by any Grantor under or in connection with any Assigned Agreement or
otherwise in respect of the Collateral shall be received in trust for the benefit of the Collateral
Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the
Collateral Agent in the same form as so received (with any necessary indorsement).

26

 

          (d) The Collateral Agent may, without notice to any Grantor except as required by law and at
any time or from time to time, charge, set off and otherwise apply all or any part of the Secured
Obligations against any funds held with respect to the Account Collateral or in any other deposit
account; provided, however, that no such right shall exist against any deposit designated as being
for the benefit of any governmental authority. The Collateral Agent agrees promptly to notify the
applicable Grantor after any such set-off and application, provided that the failure to give such
notice shall not affect the validity of such set-off and application.

          (e) In the event of any sale or other disposition of any of the Intellectual Property
Collateral of any Grantor, the goodwill symbolized by any Trademarks subject to such sale or other
disposition shall be included therein, and such Grantor shall supply to the Collateral Agent or its
designee, to the extent practicable, such Grantor’s know-how and expertise, and documents and
things relating to any Intellectual Property Collateral subject to such sale or other disposition,
and such Grantor’s customer lists and other records and documents relating to such Intellectual
Property Collateral and to the manufacture, distribution, advertising and sale of products and
services of such Grantor.

          (f) In each case under this Agreement in which the Collateral Agent takes any action with
respect to the Collateral, including proceeds, the Collateral Agent shall provide to the Company
such records and information regarding the possession, control, sale and any receipt of amounts
with respect to such Collateral as may be reasonably requested by the Company as a basis for the
preparation of the company’s financial statements in accordance with GAAP.

          Section 20. Collateral Trust Agreement; Requests by Collateral Agent.

          (a) The provisions of the Collateral Trust Agreement and the Indenture relating to the
Collateral Agent including, without limitation, the provisions relating to resignation or removal
of the Collateral Agent, reimbursement of expenses, exculpatory rights, rights to indemnification
and the powers and duties and immunities of the Collateral Agent are incorporated herein by this
reference and shall survive any termination of the Collateral Trust Agreement or the Indenture, as
applicable.

          (b) Notwithstanding anything to the contrary stated herein, to the extent the provisions
hereunder provide for the Collateral Agent to make any request to any Grantor to take or refrain
from taking any action, the Collateral Agent shall have no duty to make any such request, unless
instructed to do so by the Majority Holders.

          Section 21. Amendments; Waivers; Additional Grantors; Etc.

          (a) No amendment or waiver of any provision of this Agreement, and no consent to any departure
by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and
signed by the Collateral Agent (acting pursuant to, and in accordance with, the Collateral Trust
Agreement) and, with respect to any amendment, the Company on behalf of the Grantors (to the extent
required by the Collateral Trust Agreement), and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. No failure on the part
of the Collateral Agent or any other Second Lien Secured Party to exercise, and no delay in
exercising any right hereunder, shall

27

 

operate as a waiver thereof; nor shall any single or partial exercise of any such right
preclude any other or further exercise thereof or the exercise of any other right.

          (b) Notwithstanding the foregoing, upon the execution and delivery by any Person of a security
agreement supplement in substantially the form of Exhibit C hereto (each a “Security Agreement
Supplement”), such Person shall be referred to as an “Additional Grantor” and shall be and become a
Grantor hereunder, and each reference in this Agreement and the other Second Lien Documents to
“Grantor” shall also mean and be a reference to such Additional Grantor, each reference in this
Agreement and the other Second Lien Documents to the “Collateral” shall also mean and be a
reference to the Collateral granted by such Additional Grantor and each reference in this Agreement
to a Schedule shall also mean and be a reference to the schedules attached to such Security
Agreement Supplement.

          Section 22. Confidentiality; Notices; References.

          (a) The Collateral Agent may not disclose to any Person any confidential, proprietary or
non-public information of any Grantor furnished to the Collateral Agent by any Grantor, including,
without limitation, any information included in the schedules or exhibits to this Agreement (such
information being referred to collectively herein as the “Company Information”), except that the
Collateral Agent may disclose Company Information (i) to its and its affiliates’ managers,
administrators, partners, employees, trustees, officers, directors, agents, advisors and other
representatives solely for purposes of this Agreement, any other Second Lien Documents and the
transactions contemplated hereby and thereby (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Company Information and
instructed to keep such Company Information confidential on terms substantially no less restrictive
than those provided herein), (ii) to the extent requested by any regulatory authority purporting to
have jurisdiction over it, provided that, to the extent permitted by law and practicable under the
circumstances, the Collateral Agent shall provide the Company with prompt notice of such requested
disclosure so that the Company may seek a protective order prior to the time when the Collateral
Agent is required to make such disclosure, (iii) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, provided that, to the extent permitted by
law and practicable under the circumstances, the Collateral Agent shall provide the Company with
prompt notice of such requested disclosure so that the Company may seek a protective order prior to
the time when the Collateral Agent is required to make such disclosure, (iv) as necessary in
connection with any security interest filings or 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, (v) to the extent such Company Information (A) is or becomes generally available to the
public on a non-confidential basis other than as a result of a breach of this Section 23 by the
Collateral Agent or by any Second Lien Secured Party, or (B) is or becomes legally available to the
Collateral Agent on a non-confidential basis from a source other than a Grantor, provided that the
source of such information was not known by the Collateral Agent to be bound by a confidentiality
agreement with or other contractual, legal or fiduciary obligations of confidentiality to a Grantor
or any other party with respect to such information, (vi) with the consent of the Company, and
(vii) to any party hereto.

          (b) All notices and other communications provided for hereunder shall be delivered as provided
in Section 8.3 of the Collateral Trust Agreement.

28

 

          (c) The definitions of certain terms used in this Agreement are set forth in the following
locations:

	 	 	 
	Account Collateral

	 	Section 1(f)
	Additional Grantor

	 	Section 21(b)
	Agreement

	 	Preamble
	Agreement Collateral

	 	Section 1(e)
	Assigned Agreements

	 	Section 1(e)
	Collateral

	 	Section 1
	Collateral Agent

	 	Preamble
	Collateral Trust Agreement

	 	Preliminary Statements
	Company

	 	Preamble
	Company Information

	 	Section 22(a)
	Copyrights

	 	Section 1(g)(iii)
	Deposit Account Control Agreement

	 	Section 5(a)
	Equipment

	 	Section 1(a)
	Excluded Property

	 	Section 1
	First Lien Agent

	 	Preliminary Statements
	First Lien Credit Agreement

	 	Preliminary Statements
	Grantor, Grantors

	 	Preamble
	Indenture

	 	Preliminary Statements
	Initial Pledged Equity

	 	Preliminary Statements
	Initial Pledged Debt

	 	Preliminary Statements
	Intellectual Property Collateral

	 	Section 1(g)
	Intellectual Property Security Agreement

	 	Section 11(e)
	Intercreditor Agreement

	 	Preliminary Statements
	Inventory

	 	Section 1(b)
	IP Agreements

	 	Section 1(g)(v)
	IP Security Agreement Supplement

	 	Section 11(f)
	L/C Cash Deposit Account

	 	Preliminary Statements
	Material Adverse Effect

	 	Section 6(o)
	Material Subsidiary

	 	Section 1(d)(iii)
	Obligor

	 	Section 5(a)
	Patents

	 	Section 1(g)(i)
	Permitted Priority Liens

	 	Section 6(m)
	Pledged Debt

	 	Section 1(d)(iv)
	Pledged Deposit Accounts

	 	Preliminary Statements
	Pledged Equity

	 	Section 1(d)(iii)
	Receivables

	 	Section 1(c)
	Related Contracts

	 	Section 1(c)
	Secured Obligations

	 	Section 2(a)
	Security Agreement Supplement

	 	Section 21(b)
	Security Collateral

	 	Section 1(d)
	Specified Collateral

	 	Section 6(m)
	Subagent

	 	Section 18(b)

29

 

	 	 	 
	Trademarks

	 	Section 1(g)(ii)
	Trade Secrets

	 	Section 1(g)(iii)
	Trustee

	 	Preliminary Statements
	UCC

	 	Preliminary Statements

          Section 23. Continuing Security Interest; Transfers Under the Second Lien Documents. This
Agreement shall create a continuing security interest in the Collateral and shall (a) except as
otherwise provided in Section 24 below, remain in full force and effect until both (i) the payment
in full in cash of the Secured Obligations (other than any indemnification obligations for which no
claim or demand for payment, whether oral or written, has been made) and (ii) the termination or
expiration of all commitments to extend credit under all Second Lien Documents shall have occurred,
(b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the
rights and remedies of the Collateral Agent hereunder, to the benefit of the Second Lien Secured
Parties and their respective successors, permitted transferees and permitted assigns. Without
limiting the generality of the foregoing clause (c), any applicable Second Lien Secured Party may
transfer any of its Notes or any Indebtedness in respect of any Second Lien Documents held by it to
any permitted transferee, and such permitted transferee shall thereupon become vested with all the
benefits in respect thereof granted to such Holder herein or otherwise.

          Section 24. Release. The Collateral Agent’s Liens on the Collateral will be released as
provided in Section 7.1 of the Collateral Trust Agreement.

          Section 25. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Delivery of an executed counterpart of
a signature page to this Agreement by telecopier shall be effective as delivery of an original
executed counterpart of this Agreement.

          Section 26. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.

          Section 27. Jurisdiction; Waiver of Jury Trial.

          (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and
its property, to the nonexclusive jurisdiction of any New York State court or federal court of the
United States of America sitting in New York City, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to this Agreement, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in
any such New York State court or, to the extent permitted by law, in such federal court. Each of
the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that any party may
otherwise have to bring any action or proceeding relating to this Agreement in the courts of any
jurisdiction.

30

 

          (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent
it may legally and effectively do so, any objection that it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New
York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.

          (c) Each of the parties hereto hereby irrevocably waives all right to trial by jury in any
action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or
relating to this Agreement.

          Section 28. Intercreditor Agreement. Notwithstanding anything herein to the contrary, the
Liens and security interest granted to the Collateral Agent, for the benefit of the Second Lien
Secured Parties, pursuant to this Agreement and the exercise of any right or remedy by the
Collateral Agent, for the benefit of the Second Lien Secured Parties, hereunder are subject to the
provisions of the Intercreditor Agreement, among Citicorp USA, Inc. as First Lien Representative,
The Bank of New York Mellon, as Second Lien Representative, the Company, the direct and indirect
Subsidiaries of the Company party thereto and such other parties as may be added thereto from time
to time in accordance with the terms thereof and as the Intercreditor Agreement may be amended,
restated, supplemented or otherwise modified from time to time in accordance with the terms
thereof. In the event of any conflict between the terms of the Intercreditor Agreement and this
Agreement, the terms of the Intercreditor Agreement shall govern.

          Section 29. Foreign Law Pledges. As it relates to the percentage of Equity Interests of any
Material Subsidiary that shall constitute Collateral hereunder, in the event of any conflict
between this Agreement and any foreign law security documents delivered pursuant to this Agreement
with respect to any Material Subsidiary, the terms of this Agreement shall govern.

[Remainder of page intentionally left blank]

31

 

          IN WITNESS WHEREOF, each Grantor and the Collateral Agent have caused this Agreement to be
duly executed and delivered by their respective officers thereunto duly authorized as of the date
first above written.

	 	 	 	 	 
	 	EASTMAN KODAK COMPANY

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title:  	Treasurer 	 
	 
	 	CREO MANUFACTURING AMERICA LLC

KODAK AVIATION LEASING LLC

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title:  	Manager 	 
	 
	 	EASTMAN GELATINE CORPORATION

EASTMAN KODAK INTERNATIONAL
 CAPITAL COMPANY, INC.

FAR EAST DEVELOPMENT LTD.

FPC INC.

KODAK (NEAR EAST), INC.

KODAK AMERICAS, LTD.

KODAK IMAGING NETWORK, INC.

KODAK PORTUGUESA LIMITED

KODAK REALTY, INC.

LASER EDIT, INC.

LASER-PACIFIC MEDIA CORPORATION

PACIFIC VIDEO, INC.

PAKON, INC.

QUALEX INC.

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title:  	Treasurer 	 
	 

 

 

	 	 	 	 	 
	 	KODAK PHILIPPINES, LTD.

NPEC INC.

 	 
	 	By:  	/s/ William G. Love 	 
	 	 	Name:  	William G. Love 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

as Collateral Agent

 	 
	 	By:  	/s/ Franca M. Ferrera 	 
	 	 	Name:  	Franca M. Ferrera 	 
	 	 	Title:  	Senior Associate 	 
	 

 

 

Schedule I, Part I to the

Security Agreement

as of March 5, 2010

INVESTMENT PROPERTY

Part I

Initial Pledged Equity

Part II

Initial Pledged Debt

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Debt	 	 	 	 	 	 	 
	Grantor	 	Issuer	 	 	Description of Debt	 	 	Final Maturity	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

Part III

Other Investment Property

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Certificate	 	 	 	 
	Grantor	 	Issuer	 	 	Name of Investment	 	 	No(s)	 	 	Other Identification	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Schedule II to the

Security Agreement

PLEDGED DEPOSIT ACCOUNTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Name and	 	 	 	 
	 	 	 	 	 	 	Address	 	 	 	 
	Grantor	 	Type of Account	 	 	of Bank	 	 	Account Number	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Schedule III to the

Security Agreement

RECEIVABLES AND AGREEMENT COLLATERAL

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Note	 	 	Description of	 	 	 	 	 	 	 
	Grantor	 	Payee	 	 	Receivable	 	 	Amount ($M)	 	 	Final Maturity	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Schedule IV to the

Security Agreement

INTELLECTUAL PROPERTY

A. Patents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Patent	 	 	 	 	 	 	 	 	 	 	Application	 	 	 	 	 	 	 
	Grantor	 	Titles	 	 	Country	 	 	Patent No.	 	 	No.	 	 	Filing Date	 	 	Issue Date	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

B. Domain Names and Trademarks

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Domain	 	 	 	 	 	 	 	 	 	 	Reg.	 	 	Application	 	 	Filing	 	 	Issue	 
	Grantor	 	Name/Mark	 	 	Country	 	 	Mark	 	 	No.	 	 	No.	 	 	Date	 	 	Date	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

C. Copyrights

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Reg.	 	 	Application	 	 	Filing	 	 	Issue	 
	Grantor	 	Title of Work	 	 	Country	 	 	Title	 	 	No.	 	 	No.	 	 	Date	 	 	Date	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

D. Copyrights to be Recorded Against

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Reg.	 	 	 	 
	Grantor	 	Title	 	 	No.	 	 	Reg. Date	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Schedule V to the

Security Agreement

CHIEF EXECUTIVE OFFICE, TYPE OF ORGANIZATION, JURISDICTION OF

ORGANIZATION AND ORGANIZATIONAL IDENTIFICATION NUMBER

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Chief Executive	 	 	Type of	 	 	Jurisdiction of	 	 	Organizational	 
	Grantor	 	Office	 	 	Organization	 	 	Organization	 	 	ID number	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Schedule VI to the

Security Agreement

CHANGES IN NAME, LOCATION, ETC. WITHIN TWELVE MONTHS PRIOR TO

THE DATE OF THE AGREEMENT

 

 

Schedule VII to the

Security Agreement

LETTERS OF

CREDIT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Financial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Maximum	 	 	 	 
	Beneficiary	 	Institution Issuing	 	 	Nominated Person	 	 	Account	 	 	 	 	 	 	Available	 	 	 	 
	(Grantor)	 	LoC	 	 	(if any)	 	 	Party	 	 	Number	 	 	Amount	 	 	Date	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Schedule VIII to the

Security Agreement

EQUIPMENT LOCATIONS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount	 
	Grantor	 	Location	 	 	($M)	 
	 
	 	 	 	 	 	 	 	 

 

 

Schedule IX to the

Security Agreement

INVENTORY LOCATIONS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount	 
	Grantor	 	Location	 	 	($M)	 
	 
	 	 	 	 	 	 	 	 

 

			
	*	 	Gross Inventory Value, Locations Over $10M Only

 

 

Schedule X to the

Security Agreement

CLOSING DATE PLEDGED DEPOSIT ACCOUNTS

 

 

Schedule XI to the

Security Agreement

COMMERCIAL TORT CLAIMS

 

 

Exhibit A to the

Security Agreement

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT

     This INTELLECTUAL PROPERTY SECURITY AGREEMENT, dated as of [                    ], 2010 (as amended,
amended and restated, supplemented or otherwise modified from time to time, this “IP Security
Agreement”), is made [                                        ] (collectively, the “Grantors” and each, individually, a
“Grantor”), in favor of The Bank of New York Mellon, as collateral agent (in such capacity,
together with its successors and assigns, the “Collateral Agent”) for the Second Lien Secured
Parties.

     WHEREAS, Eastman Kodak Company, a New Jersey corporation (the “Company”), and certain direct
or indirect subsidiaries [(including the Grantors)] of the Company party thereto (such
subsidiaries, the “Guarantors”) have entered into an Indenture, dated as of March 5, 2010 (as
amended, amended and restated, supplemented or otherwise modified from time to time, the
“Indenture”), with The Bank of New York Mellon, as trustee (in such capacity, together with its
successors and assigns, the “Trustee”).

     WHEREAS, in connection with the Indenture, each Grantor and the other Guarantors have executed
and delivered that certain Security Agreement, dated as of March 5, 2010 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Security Agreement”), made in
favor of the Collateral Agent.

     WHEREAS, the Company, the Grantors, the other Guarantors and the Collateral Agent are parties
to that certain Collateral Trust Agreement, dated as of March 5, 2010 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Collateral Trust Agreement”).
Terms defined in the Collateral Trust Agreement and not otherwise defined herein are used herein as
defined in the Collateral Trust Agreement.

     WHEREAS, under the terms of the Security Agreement, each Grantor has granted to the Collateral
Agent, for the ratable benefit of the Second Lien Secured Parties, a security interest in, among
other property, certain intellectual property of such Grantor, and has agreed as a condition
thereof to execute this IP Security Agreement for recording with the United States Copyright Office
and other governmental authorities.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Grantor agrees as follows:

     SECTION 1. Grant of Security. Each Grantor hereby grants to the Collateral Agent,
for the ratable benefit of the Second Lien Secured Parties, a security interest in all of such
Grantor’s right, title and interest in and to the following (the “Collateral”):

     (a) the patents and patent applications set forth in Schedule A hereto (the “Patents”);

 

 

     (b) the trademark and service mark registrations and applications set forth in Schedule
B hereto (provided that no security interest shall be granted in United States intent-to-use
trademark applications to the extent that, and solely during the period in which, the grant
of a security interest therein would impair the validity or enforceability of such
intent-to-use trademark applications under applicable federal law), together with the
goodwill symbolized thereby (the “Trademarks”);

     (c) all copyrights, whether registered or unregistered, now owned or hereafter acquired
by such Grantor, including, without limitation, the copyright registrations and applications
and exclusive copyright licenses set forth in Schedule C hereto (the “Copyrights”);

     (d) all reissues, divisions, continuations, continuations-in-part, extensions, renewals
and reexaminations of any of the foregoing, all rights in the foregoing provided by
international treaties or conventions, all rights corresponding thereto throughout the world
and all other rights of any kind whatsoever of such Grantor accruing thereunder or
pertaining thereto;

     (e) any and all claims for damages and injunctive relief for past, present and future
infringement, dilution, misappropriation, violation, misuse or breach with respect to any of
the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages; and

     (f) any and all proceeds of, collateral for, income, royalties and other payments now
or hereafter due and payable with respect to, and supporting obligations relating to, any
and all of the Collateral of or arising from any of the foregoing.

     SECTION 2. Security for Obligations. The grant of a security interest in, the
Collateral by each Grantor under this IP Security Agreement secures the payment of all obligations
of such Grantor now or hereafter existing under or in respect of the Second Lien Documents, whether
direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations,
interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses
or otherwise. Without limiting the generality of the foregoing, this IP Security Agreement
secures, as to each Grantor, the payment of all amounts that constitute part of the Second Lien
Obligations and that would be owed by such Grantor to any Second Lien Secured Party under the
Second Lien Documents but for the fact that such Second Lien Obligations are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the
Company, any Grantor or any other Guarantor.

     SECTION 3. Recordation. Each Grantor authorizes and requests that the United States
Copyright Office and any other applicable government officer record this IP Security Agreement.

     SECTION 4. Execution in Counterparts. This IP Security Agreement may be executed in
any number of counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement.

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     SECTION 5. Grants, Rights and Remedies. This IP Security Agreement has been entered
into in conjunction with the provisions of the Security Agreement. Each Grantor does hereby
acknowledge and confirm that the grant of the security interest hereunder to, and the rights and
remedies of, the Collateral Agent with respect to the Collateral are more fully set forth in the
Security Agreement, the terms and provisions of which are incorporated herein by reference as if
fully set forth herein.

     SECTION 6. Governing Law. This IP Security Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

     SECTION 7. Intercreditor Agreement. Notwithstanding anything herein to the contrary,
the Liens and security interest granted to the Collateral Agent, for the benefit of the Second Lien
Secured Parties, pursuant to this Agreement and the exercise of any right or remedy by the
Collateral Agent, for the benefit of the Second Lien Secured Parties, hereunder are subject to the
provisions of the Intercreditor Agreement, among Citicorp USA, Inc. as First Lien Representative
(as defined therein), The Bank of New York Mellon, as Second Lien Representative (as defined
therein), the Company, the direct and indirect Subsidiaries of the Company party thereto and such
other parties as may be added thereto from time to time in accordance with the terms thereof and as
the Intercreditor Agreement may be amended, restated, supplemented or otherwise modified from time
to time in accordance with the terms thereof. In the event of any conflict between the terms of
the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall
govern.

[Signature Pages Follow]

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     IN WITNESS WHEREOF, each Grantor has caused this IP Security Agreement to be duly executed and
delivered by its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	EASTMAN KODAK COMPANY

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:
 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	[NAME OF GRANTOR]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	[NAME OF GRANTOR]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:
 	 
	 	 	 
	 	 	 
	 	 	 

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Accepted and Agreed:

THE BANK OF NEW YORK MELLON,

as Collateral Agent

	 	 	 	 	 
	 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 
	Address for Notices:

 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

5

 

Exhibit B to the

Security Agreement

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT SUPPLEMENT

     This INTELLECTUAL PROPERTY SECURITY AGREEMENT SUPPLEMENT, dated as of                     , 20___ (as
amended, amended and restated, supplemented or otherwise modified from time to time, this “IP
Security Agreement Supplement”), is made by [                                        ] (the “Grantor”), in favor of The
Bank of New York Mellon, as collateral agent (in such capacity, together with its successors and
assigns, the “Collateral Agent”) for the Second Lien Secured Parties.

     WHEREAS, Eastman Kodak Company, a New Jersey corporation (the “Company”), and certain direct
or indirect subsidiaries [(including the Grantor)] of the Company party thereto (such subsidiaries,
the “Guarantors”) have entered into an Indenture, dated as of March 5, 2010 (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Indenture”), with The Bank
of New York Mellon, as trustee (in such capacity, together with its successors and assigns, the
“Trustee”).

     WHEREAS, in connection with the Indenture, (a) the Grantor and the other Guarantors have
executed and delivered that certain Security Agreement, dated as of March 5, 2010 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”), made in favor of the Collateral Agent, and (b) the Grantor has executed and delivered
that certain Intellectual Property Security Agreement, dated as of March 5, 2010 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “IP Security
Agreement”), made in favor of the Collateral Agent.

     WHEREAS, the Company, the Grantor, the other Guarantors and the Collateral Agent are parties
to that certain Collateral Trust Agreement, dated as of March 5, 2010 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Collateral Trust Agreement”).
Terms defined in the Collateral Trust Agreement and not otherwise defined herein are used herein as
defined in the Collateral Trust Agreement.

     WHEREAS, under the terms of the Security Agreement, the Grantor has granted to the Collateral
Agent, for the ratable benefit of the Second Lien Secured Parties, a security interest in, among
other property, the Collateral (as defined in Section 1 below) of the Grantor and has agreed as a
condition thereof to execute this IP Security Agreement Supplement for recording with the United
States Copyright Office and other governmental authorities.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Grantor agrees as follows:

     SECTION 1. Grant of Security. The Grantor hereby grants to the Collateral Agent, for
the ratable benefit of the Second Lien Secured Parties, a security interest in all of the Grantor’s
right, title and interest in and to the following (the “Collateral”):

 

 

     (a) the patents and patent applications set forth in Schedule A hereto (the “Patents”);

     (b) the trademark and service mark registrations and applications set forth in Schedule
B hereto (provided that no security interest shall be granted in United States intent-to-use
trademark applications to the extent that, and solely during the period in which, the grant
of a security interest therein would impair the validity or enforceability of such
intent-to-use trademark applications under applicable federal law), together with the
goodwill symbolized thereby (the “Trademarks”);

     (c) the copyright registrations and applications and exclusive copyright licenses set
forth in Schedule C hereto (the “Copyrights”);

     (d) all reissues, divisions, continuations, continuations-in-part, extensions, renewals
and reexaminations of any of the foregoing, all rights in the foregoing provided by
international treaties or conventions, all rights corresponding thereto throughout the world
and all other rights of any kind whatsoever of such Grantor accruing thereunder or
pertaining thereto;

     (e) all any and all claims for damages and injunctive relief for past, present and
future infringement, dilution, misappropriation, violation, misuse or breach with respect to
any of the foregoing, with the right, but not the obligation, to sue for and collect, or
otherwise recover, such damages; and

     (f) any and all proceeds of, collateral for, income, royalties and other payments now
or hereafter due and payable with respect to, and supporting obligations relating to, any
and all of the foregoing or arising from any of the foregoing.

     SECTION 2. Security for Obligations. The grant of a security interest in the
Collateral by the Grantor under this IP Security Agreement Supplement secures the payment of all
obligations of the Grantor now or hereafter existing under or in respect of the Second Lien
Documents, whether direct or indirect, absolute or contingent, and whether for principal,
reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes
of action, costs, expenses or otherwise.

     SECTION 3. Recordation. The Grantor authorizes and requests that the United States
Copyright Office and any other applicable government officer to record this IP Security Agreement
Supplement.

     SECTION 4. Grants, Rights and Remedies. This IP Security Agreement Supplement has
been entered into in conjunction with the provisions of the Security Agreement. The Grantor does
hereby acknowledge and confirm that the grant of the security interest hereunder to, and the rights
and remedies of, the Collateral Agent with respect to the Collateral are more fully set forth in
the Security Agreement, the terms and provisions of which are incorporated herein by reference as
if fully set forth herein.

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     SECTION 5. Execution in Counterparts. This IP Security Agreement may be executed in
any number of counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement.

     SECTION 6. Governing Law. This IP Security Agreement Supplement shall be governed
by, and construed in accordance with, the laws of the State of New York.

     SECTION 7. Intercreditor Agreement. Notwithstanding anything herein to the contrary,
the Liens and security interest granted to the Collateral Agent, for the benefit of the Second Lien
Secured Parties, pursuant to this Agreement and the exercise of any right or remedy by the
Collateral Agent, for the benefit of the Second Lien Secured Parties, hereunder are subject to the
provisions of the Intercreditor Agreement, among Citicorp USA, Inc. as First Lien Representative
(as defined therein), The Bank of New York Mellon, as Second Lien Representative (as defined
therein), the Company, the direct and indirect Subsidiaries of the Company party thereto and such
other parties as may be added thereto from time to time in accordance with the terms thereof and as
the Intercreditor Agreement may be amended, restated, supplemented or otherwise modified from time
to time in accordance with the terms thereof. In the event of any conflict between the terms of
the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall
govern.

[Signature Pages Follow]

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     IN WITNESS WHEREOF, the Grantor has caused this IP Security Agreement Supplement to be duly
executed and delivered by its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	 	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices: 	 
	 	 	 
	 	 	 
	 	 	 

	 	 	 	 	 
	Accepted and Agreed:

THE BANK OF NEW YORK MELLON,

as Collateral Agent

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 
	Address for Notices: 	 	 
	 	 	 
	 	 	 
	 	 	 

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Exhibit C to the

Security Agreement

FORM OF SECURITY AGREEMENT SUPPLEMENT

     Reference is made to that certain (a) Collateral Trust Agreement, dated as of March 5, 2010
(as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Collateral Trust Agreement”), among Eastman Kodak Company, a New Jersey corporation (the
“Company”), the other Trustors party thereto from time to time, The Bank of New York Mellon, as
Trustee and as collateral agent (in such capacity, together with its successors and assigns, the
“Collateral Agent”) for the Second Lien Secured Parties, and each Representative party thereto from
time to time, and (b) Security Agreement dated as of March 5, 2010 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Security Agreement”), made by
the Company and the other Grantors (as defined therein) from time to time party thereto, in favor
of the Collateral Agent. Terms defined in the Collateral Trust Agreement or the Security Agreement
and not otherwise defined herein are used herein as defined in the Collateral Trust Agreement or
the Security Agreement, as applicable.

     This Security Agreement Supplement, dated as of                     , 20___ (this “Security Agreement
Supplement”), is being delivered in connection with the Security Agreement.

     SECTION 1. Grant of Security. The undersigned hereby grants to the Collateral Agent,
for the ratable benefit of the Second Lien Secured Parties, a security interest in all of its
right, title and interest in and to its Collateral consisting of the following, in each case,
whether now owned or hereafter acquired by the undersigned, wherever located and whether now or
hereafter existing or arising (collectively, the undersigned’s “Collateral”): all Equipment,
Inventory, Security Collateral (including, without limitation, the indebtedness set forth on
Schedule A hereto and the securities and securities/deposit accounts set forth on Schedule B
hereto), Receivables, Related Contracts, Agreement Collateral, Account Collateral (including the
deposit accounts set forth on Schedule C hereto), Intellectual Property Collateral, all books and
records (including, without limitation, customer lists, credit files, printouts and other computer
output materials and records) of the undersigned pertaining to any of the undersigned’s Collateral,
and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and
payable with respect to, and supporting obligations relating to, any and all of the undersigned’s
Collateral (including, without limitation, proceeds, collateral and supporting obligations that
constitute property of the types described in this Section 1) and, to the extent not otherwise
included, all (a) payments under insurance (whether or not the Collateral Agent is the loss payee
thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or
otherwise with respect to any of the foregoing Collateral, and (b) cash; provided that, in no event
shall the Collateral include any Excluded Property.

     SECTION 2. Security for Obligations. The grant of a security interest in, the
Collateral by the undersigned under this Security Agreement Supplement and the Security Agreement
secures the payment of all Secured Obligations of the undersigned now or hereafter existing under
or in respect

 

 

of the Second Lien Documents, whether direct or indirect, absolute or contingent, and whether for
principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications,
contract causes of action, costs, expenses or otherwise. Without limiting the generality of the
foregoing, this Security Agreement Supplement and the Security Agreement secures the payment of all
amounts that constitute part of the Secured Obligations and that would be owed by the undersigned
to any Second Lien Secured Parties under the Second Lien Documents but for the fact that such
Secured Obligations are unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving the Company or any Guarantor.

     SECTION 3. Representations and Warranties. The undersigned represents and warrants
as follows:

     (a) The undersigned’s exact legal name, chief executive office, type of organization,
jurisdiction of organization and organizational identification number is set forth in Schedule D
hereto. Within the twelve months preceding the date hereof, the undersigned has not changed its
name, chief executive office, type of organization, jurisdiction of organization or organizational
identification number from those set forth in Schedule E hereto except as set forth in Schedule F
hereto.

     (b) All Equipment having a value in excess of $10,000,000 and all Inventory having a value in
excess of $10,000,000 as of the date hereof of the undersigned is located at the places specified
therefor in Schedule H hereto.

     (c) The undersigned is not a beneficiary or assignee under any letter of credit with a stated
amount in excess of $10,000,000 and issued by a United States financial institution as of the date
hereof, other than the letters of credit described in Schedule I hereto.

     (d) The undersigned hereby makes each other representation and warranty set forth in Section 6
of the Security Agreement with respect to itself and the Collateral granted by it.

     SECTION 4. Obligations Under the Security Agreement. The undersigned hereby agrees,
as of the date first above written, to be bound as a Grantor by all of the terms and provisions of
the Security Agreement to the same extent as each of the other Grantors. The undersigned further
agrees, as of the date first above written, that each reference in the Security Agreement to an
“Additional Grantor” or a “Grantor” shall also mean and be a reference to the undersigned, that
each reference to the “Collateral” or any part thereof shall also mean and be a reference to the
undersigned’s Collateral or part thereof, as the case may be, and that each reference in the
Security Agreement to a Schedule shall also mean and be a reference to the schedules attached
hereto.

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     SECTION 5. Governing Law. This Security Agreement Supplement shall be governed by,
and construed in accordance with, the laws of the State of New York.1

     SECTION 6. Intercreditor Agreement. Notwithstanding anything herein to the contrary,
the Liens and security interest granted to the Collateral Agent, for the benefit of the Second Lien
Secured Parties, pursuant to this Agreement and the exercise of any right or remedy by the
Collateral Agent, for the benefit of the Second Lien Secured Parties, hereunder are subject to the
provisions of the Intercreditor Agreement, among Citicorp USA, Inc. as First Lien Representative,
The Bank of New York Mellon, as Second Lien Representative, the Company, the direct and indirect
Subsidiaries of the Company party thereto and such other parties as may be added thereto from time
to time in accordance with the terms thereof and as the Intercreditor Agreement may be amended,
restated, supplemented or otherwise modified from time to time in accordance with the terms
thereof. In the event of any conflict between the terms of the Intercreditor Agreement and this
Agreement, the terms of the Intercreditor Agreement shall govern.

	 	 	 	 	 
	 	[NAME OF ADDITIONAL GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for notices: 	 
	 	 	 
	 	 	 
	 	 	 

 

			
	1	 	If the Additional Grantor is not concurrently executing a guaranty or other Second Lien Document containing provisions
relating to submission to jurisdiction and jury trial waiver, include them
here.

3

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