Document:

exv4w10

 

Exhibit 4.10

[FACE OF SECURITY]

			
	REGISTERED
	 	REGISTERED

No. FXR

CUSIP

CATERPILLAR FINANCIAL SERVICES CORPORATION

POWERNOTE®

     This Note is a Global Security within the meaning of the Indenture hereinafter referred to and
is registered in the name of a Depositary or a nominee of a Depositary. This Global Security is
exchangeable for Notes registered in the name of a Person other than the Depositary or its nominee
only in the limited circumstances described in the Indenture, and no transfer of this Note (other
than a transfer of this Note as a whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary) may be registered
except in such limited circumstances.

     Unless this Certificate is presented by an authorized representative of The Depository Trust
Company (55 Water Street, New York, New York) to the issuer or its agent for registration of
transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co.
or such other name as requested by an authorized representative of The Depository Trust Company and
any payment hereon made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an
interest herein.

     THE FOLLOWING SUMMARY OF TERMS IS SUBJECT TO THE INFORMATION SET FORTH ON THE REVERSE HEREOF:

PRINCIPAL AMOUNT:

	 	 	 	 	 
	ORIGINAL ISSUE DATE:

	 	INTEREST RATE:
	 	MATURITY DATE:
	 
	 	 	 	 
	ORIGINAL ISSUE DISCOUNT NOTE:

	 	TOTAL AMOUNT OF OID:
	 	ISSUE PRICE
(expressed as a
percentage of
aggregate principal
amount)
	 
	 	 	 	 
	 ̈ Yes        ̈ No
	 	 	 	 

INTEREST PAYMENT DATES (check one
if applicable)

	 	 	 	 	 
	 ̈ Monthly

 ̈ Semi-annual

	 	 ̈ Quarterly

 ̈ Annual
	 	 

	 	 	 
	REDEMPTION DATE(S) (including any

	 	REDEMPTION PRICE(S):
	applicable regular or special 

record dates):
	 	 
	 
	 	 
	REPAYMENT DATE(S) (including any

	 	REPAYMENT PRICE(S):
	applicable regular or special 

record dates):
	 	 

 

 

SURVIVORS OPTION:

 ̈ Yes        ̈ No

     CATERPILLAR FINANCIAL SERVICES CORPORATION, a corporation duly organized and existing under
the laws of Delaware (herein called the “Company”, which term includes any successor Person under
the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., as nominee for The Depository Trust Company, or registered assigns, the Principal
Amount stated above on the Maturity Date shown above, and to pay interest thereon from and
including the Original Issue Date shown above or, in the case of a Note issued upon registration of
transfer or exchange, from and including the most recent Interest Payment Date to which interest
has been paid or duly provided for as follows: the Interest Payment Dates for a Note that provides
for monthly interest payments shall be the fifteenth day of each calendar month (or the next
Business Day), commencing in the calendar month that next succeeds the month of the Original Issue
Date; in the case of a Note that provides for quarterly interest payments, the Interest Payment
Dates shall be the fifteenth day of each third month (or the next Business Day), commencing in the
third succeeding calendar month following the month of the Original Issue Date; in the case of a
Note that provides for semi-annual interest payments, the Interest Payment dates shall be the
fifteenth day of each sixth month (or the next Business Day), commencing in the sixth succeeding
calendar month following the month of the Original Issue Date; and in the case of a Note that
provides for annual interest payments, the Interest Payment Date shall be the fifteenth day of
every twelfth month (or the next Business Day), commencing in the twelfth succeeding calendar month
following the month of the Original Issue Date. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of
business on the Regular Record Date for such interest, which shall be the date fifteen days prior
to such Interest Payment Date, whether or not such date shall be a Business Day; provided,
however, that interest payable at the Maturity Date will be payable to the Person to whom
principal shall be payable. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days
prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes of this series may
be listed, and upon such notice as may be required by such exchange, all as more fully provided in
said Indenture.

     Payments of principal of and interest on this Note will be made in United States dollars.
Payment of the principal of and interest on this Note due at Maturity in United States dollars will

2

 

be made in immediately available funds, provided that this Note is presented to the
Trustee in time for the Trustee to make such payment in accordance with its normal procedures.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE.

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

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     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	CATERPILLAR FINANCIAL SERVICES
	 	 	 	 	     CORPORATION
	 
	 	 	 	 	 	 	 	 
	[SEAL]
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Name:
	 	 

James A. Duensing
	 	 
	 

	 	 	 	Title:
	 	Executive Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	ATTEST:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	   	 	 
	 	 	 	 	Secretary	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes of the series
designated therein referred to in the within-

mentioned Indenture.

U.S. BANK TRUST NATIONAL ASSOCIATION,
as Trustee

	 	 	 	 	 
	By

	 	 

Authorized Officer
	 	 

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[BACK OF SECURITY]

CATERPILLAR FINANCIAL SERVICES CORPORATION

POWERNOTE®

     This Note is one of a duly authorized issue of securities of the Company (herein called the
“Notes”), issued and to be issued in one or more series under an Indenture dated as of April 15,
1985, as supplemented from time to time (herein called the “Indenture”), between the Company and
U.S. Bank Trust National Association, as successor Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the
Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This
Note is one of the series designated on the face hereof. The Notes of this series may bear
different dates, mature at different times and bear interest at different rates.

     Interest payments for this Note will include interest accrued from and including the last date
in respect of which interest has been paid or duly provided for (or from and including the Original
Issue Date if no interest has been paid or provided for) to but excluding the Interest Payment
Dates or the Maturity Date, as the case may be. Interest payments for this Note shall be computed
and paid on the basis of a 360-day year of twelve 30-day months.

     Unless one or more Redemption Dates is specified on the face hereof, this Note shall not be
redeemable at the option of the Company before the Maturity Date specified on the face hereof. If
one or more Redemption Dates (or ranges of Redemption Dates) is so specified, this Note is subject
to redemption on any such date (or during any such range) at the option of the Company, upon notice
by first-class mail, mailed not less than 30 days nor more than 60 days prior to the Redemption
Date specified in such notice, at the applicable Redemption Price specified on the face hereof
(expressed as a percentage of the principal amount of this Note), together in the case of any such
redemption with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is prior to the Redemption Date will be payable to the Holder of this Note, or one or more
predecessor Notes, of record at the close of business on the relevant Regular or Special Record
Dates referred to on the face hereof, all as provided in the Indenture. The Company may elect to
redeem less than the entire principal amount hereof, provided that the principal amount, if
any, of this Note that remains outstanding after such redemption is U.S. $1,000 or any integral
multiple of U.S. $1,000 in excess thereof (an “Authorized Denomination”).

     Unless one or more Repayment Dates is specified on the face hereof, this Note shall not be
repayable at the option of the Holder on any date prior to the Maturity Date specified on the face
hereof, other than any applicable Survivor’s Option (defined below). If one or more Repayment
Dates (or ranges of Repayment Dates) is so specified, this Note is subject to repayment on any such
date (or during any such range) at the option of the Holder at the applicable Repayment Price
specified on the face hereof (expressed as a percentage of the

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principal amount of this Note), together in the case of any such repayment with accrued
interest to the Repayment Date, but interest installments whose Stated Maturity is prior to the
Repayment Date will be payable to the Holder of this Note, or one or more predecessor Notes, of
record at the close of business on the relevant Regular or Special Record Dates referred to on the
face hereof, all as provided in the Indenture. For this Note to be repaid at the option of the
Holder, the Trustee must receive at the principal office of its Corporate Trust Department in The
City of New York, at least 30 days but not more than 45 days prior to the Repayment Date on which
this Note is to be repaid, this Note and a statement that the option to elect repayment is being
exercised thereby. Exercise of the repayment option by the Holder shall be irrevocable. The
repayment option with respect to this Note may be exercised by the Holder for less than the entire
principal amount hereof, provided that the principal amount, if any, of this Note that
remains outstanding after such repayment is an Authorized Denomination.

     If so specified on the face hereof, the holder of this Note shall have the option to elect
repayment of this Note in the event of their death (the “Survivor’s Option”). This paragraph and
the four paragraphs following this paragraph shall apply only if the Survivor’s Option is so
specified. If the Survivor’s Option is so specified, the Company shall, at its option, repay or
purchase this Note (or portion thereof) properly tendered for repayment by or on behalf of the
person (the “Representative”) that has authority to act on behalf of the deceased owner of the
beneficial interest in this Note under the laws of the appropriate jurisdiction (including, without
limitation, the personal representative, executor, surviving joint tenant or surviving tenant by
the entirety of such deceased beneficial owner) at a price equal to 100% of the principal amount of
the beneficial interest of the deceased owner in this Note plus accrued interest to the date of
such repayment (or, if this is a zero-coupon Note, at a price equal to the amortized face on the
date of such repayment), subject to the following limitations. The Survivor’s Option may not be
exercised until twelve (12) months following the Original Issue Date. In addition, the Company
may, in its sole discretion, limit the aggregate principal amount of Notes (or portions thereof) as
to which exercises of the Survivor’s Option shall be accepted in any calendar year (the “Annual
Put Limitation”) to one percent (1%) of the outstanding aggregate principal amount of the Notes as
of the end of the most recent fiscal year, but not less than $1,000,000 in any such calendar year,
or such greater amount as the Company in its sole discretion may determine for any calendar year,
and may limit to $200,000, or such greater amount as the Company in its sole discretion may
determine for any calendar year, the aggregate principal amount of Notes (or portions thereof) as
to which exercise of the Survivor’s Option will be accepted in such calendar year with respect to
any individual deceased owner or beneficial interests in Notes with the Survivor’s Option (the
“Individual Put Limitation”). The Company shall not make principal repayments pursuant to exercise
of the Survivor’s Option in amounts that are less than $1,000, and in the event that the
limitations described in the preceding sentence would result in the partial repayment of this Note,
the principal amount of this Note remaining outstanding after repayment must be at least $1,000
(the minimum Authorized Denomination). Other than as described in the immediately following
paragraph, exercise of the Survivor’s Option shall be irrevocable.

     Each Note with the Survivor’s Option (or portion thereof) that is tendered pursuant to a valid
exercise of the Survivor’s Option shall be accepted promptly in the order all such Notes are
tendered, except for any Note (or portion thereof) the acceptance of which would contravene (i)

6

 

the Annual Put Limitation, if applied, or (ii) the Individual Put Limitation, if applied, with
respect to the relevant individual deceased owner of beneficial interests therein. If, as of the
end of any calendar year, the aggregate principal amount of Notes (or portions thereof) that have
been accepted pursuant to exercise of the Survivor’s Option during such year has not exceeded the
Annual Put Limitation, if applied, for such year, any exercise(s) of the Survivor’s Option with
respect to Notes (or portions thereof) not accepted during such calendar year because such
acceptance would have contravened the Individual Put Limitation, if applied, with respect to an
individual deceased owner of beneficial interests therein shall be accepted in the order all such
Notes (or portions thereof) were tendered, to the extent that any such exercise would not trigger
the Annual Put Limitation for such calendar year. This Note (or any portion hereof) accepted for
payment pursuant to exercise of the Survivor’s Option shall be repaid no later than the first
Interest Payment Date that occurs 20 or more calendar days after the date of such acceptance. This
Note (or any portion hereof) tendered for repayment that is not accepted in any calendar year due
to the application of the Annual Put Limitation shall be deemed to be tendered in the following
calendar year in the order in which all Notes with the Survivor’s Option (or portions thereof) were
originally tendered, unless any such Note (or portion thereof) is withdrawn by the Representative
for the deceased owner prior to its repayment. In the event that this Note (or any portion hereof)
tendered for repayment pursuant to the valid exercise of the Survivor’s Option is not accepted, the
Trustee shall deliver a notice by first-class mail to the holder hereof at its last known address
as indicated in the Register, that states the reason this Note (or portion hereof) has not been
accepted for payment.

     Subject to the foregoing, in order for a Survivor’s Option to be validly exercised with
respect to this Note (or portion hereof), the Trustee must receive from the Representative of the
deceased owner (i) a written request for repayment signed by the Representative, and such signature
must be guaranteed by a member firm of a registered national securities exchange or of the
Financial Industry Regulatory Authority, Inc. (“FINRA”) or a commercial bank or trust company
having an office or correspondent in the United States, (ii) tender of this Note (or portion to be
repaid hereof), (iii) appropriate evidence satisfactory to the Trustee that (A) the Representative
has authority to act on behalf of the deceased beneficial owner, (B) the death of such beneficial
owner has occurred and (C) the deceased was the owner of a beneficial interest in this Note at the
time of death, (iv) if applicable, a properly executed assignment or endorsement, and (v) if the
beneficial interest in this Note is held by a nominee of the deceased beneficial owner, a
certificate satisfactory to the Trustee from such nominee attesting to the deceased’s ownership of
a beneficial interest in this Note. Subject to the Company’s right hereunder to limit the
aggregate principal amount of Notes as to which exercises of the Survivor’s Option shall be
accepted in any one calendar year, all questions as to the eligibility or validity of any exercise
of the Survivor’s Option will be determined by the Trustee, in its sole discretion, which
determination shall be final and binding on all parties. The Trustee will disburse payments it
receives pursuant to exercise of the Survivor’s Option on the Interest Payment Date following the
first Regular Record Date upon which the Trustee shall have received the documents described in
clauses (i) through (v) of this paragraph.

     The death of a person owning this Note in joint tenancy or tenancy by the entirety with
another or others shall be deemed the death of the holder of this Note, and the entire principal
amount of this Note so held shall be subject to repayment, together with interest accrued thereon

7

 

to the repayment date. The death of a person owning this Note by tenancy in common shall be
deemed the death of a holder of this Note only with respect to the deceased holder’s interest in
this Note so held by tenancy in common; except that in the event this Note is held by husband and
wife as tenants in common, the death of either shall be deemed the death of the holder of this
Note, and the entire principal amount of this Note shall be subject to repayment. The death of a
person who, during his or her lifetime, was entitled to substantially all of the beneficial
interests of ownership of this Note shall be deemed the death of the holder thereof for the purpose
of this provision, regardless of the registered holder, if such beneficial interest can be
established to the satisfaction of the Trustee. Such beneficial interest shall be deemed to exist
in typical cases of nominee ownership, ownership under the Uniform Gifts to Minors Act, community
property or other joint ownership arrangements between a husband and wife and trust arrangements
where one person has substantially all of the beneficial ownership interest in this Note during his
or her lifetime.

     For so long as this Note is a Global Note, the Depositary or its nominee shall be the holder
of this Note and shall be the only entity that can exercise the Survivor’s Option for the
beneficial holders of this Note. To exercise the Survivor’s Option with respect to this Note, the
Representative must provide to the broker or other entity through which the beneficial interest in
this Note is held by the deceased owner (i) the documents described in clauses (i) and (iii) of the
second preceding paragraph and (ii) instructions to such broker or other entity to notify the
Depositary of such Representative’s desire to obtain repayment pursuant to exercise of the
Survivor’s Option. Such broker or other entity shall provide to the Trustee (i) the documents
received from the Representative referred to in clause (i) of the preceding sentence and (ii) a
certificate satisfactory to the Trustee from such broker or other entity stating that it represents
the deceased beneficial owner. Such broker or other entity shall be responsible for disbursing any
payments it receives pursuant to exercise of the Survivor’s Option to the appropriate
Representative.

     In the event of redemption or repayment of this Note or the exercise of the Survivor’s Option
in part only, the principal amount of this Note shall be reduced.

     If an Event of Default with respect to Notes of this series shall occur and be continuing, the
principal of the Notes of this series may be declared due and payable in the manner and with the
effect provided in the Indenture. Unless otherwise specified on the face hereof, if any Original
Issue Discount Note (as defined below) is redeemed by the Company or repaid at the option of the
Holder, each as described above, or if the principal of any Original Issue Discount Note is
declared to be due and payable immediately pursuant to this paragraph, the amount of principal due
and payable with respect to this Note shall be limited to the sum of the aggregate principal amount
of this Note multiplied by the Issue Price (expressed as a percentage of the aggregate principal
amount) plus the original issue discount accrued from the date of issue to the date of redemption,
repayment or declaration, as applicable, which accrual shall be calculated using the “interest
method” (computed in accordance with generally accepted accounting principles) in effect on the
date of redemption, repayment or declaration. Unless otherwise specified on the face hereof, an
Original Issue Discount Note is a Note which has a stated redemption price at maturity that exceeds
its Issue Price by at least 0.25% of its stated

8

 

redemption price at maturity, multiplied by the number of complete years from the Original
Issue Date to the Maturity Date for this Note.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Notes of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of not less than 66 2/3% in principal amount of the Notes at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Notes of each series at the time
Outstanding on behalf of the Holders of all Notes of such series, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of (and premium, if any) and interest on this Note at the times, places and rate, and in
the coin or currency, herein prescribed. However, the Indenture limits the Holder’s right to
enforce the Indenture and this Note.

     As provided in the Indenture and subject to certain limitations set forth therein and as may
be set forth on the face hereof, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or agency of the Company in
any place where the principal of (and premium, if any) and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of this series of like tenor, of Authorized
Denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     This Note is a Global Note and shall be exchangeable for Notes registered in the names of
Persons other than the Depositary with respect to this Global Note or its nominee only if (A) such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this
Global Note or at any time ceases to be a clearing agency registered as such under the Securities
Exchange Act of 1934, as amended, (B) the Company in its discretion executes and delivers to the
Trustee a Company Order that this Global Note shall be exchangeable or (C) there shall have
occurred and be continuing an Event of Default with respect to the Notes. If this Global Note is
exchangeable pursuant to the preceding sentence, it shall be exchangeable for Notes issuable in
denominations of $1,000 and any integral multiple of $1,000 in excess thereof, registered in such
names as such Depositary shall direct.

     The Notes of this series are issuable in denominations of U.S. $1,000 and any integral
multiple of U.S. $1,000 in excess thereof.

9

 

     “Business Day” means with respect to any Note, any day that is not a Saturday or Sunday and
that, in The City of New York, is not a day on which banking institutions generally are authorized
or obligated by law to close.

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

     The Notes of this series may be issued in the form of one or more Global Securities to The
Depository Trust Company as depositary for the Global Securities of this series (the “Depositary”)
or its nominee and registered in the name of the Depositary or such nominee.

     Prior to due presentment of this 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 this Note is
registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

     The Indenture and the Notes shall be governed by and construed in accordance with the laws of
the State of New York.

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

                                                            

10

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations.

	 	 	 	 	 
	 

	 	TEN COM -
	 	as tenants in common
	 
	 

	 	TEN ENT -
	 	as tenants by the entireties
	 
	 

	 	JT TEN -
	 	as joint tenants with right of survivorship and not as tenants in common

	 	 	 	 	 	 	 	 	 
	 

	 	UNIF GIFT MIN ACT -
	 	                                        
	 	Custodian
	 	                                        
	 

	 	 	 	(Cust)
	 	 	 	          (Minor)

Under Uniform Gifts to Minors Act

 

(State)

Additional abbreviations may also be used though not in the above list.

 

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

/                                        /                                
                             

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL 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.

	 	 	 
	Dated:                     
	 	 
	 

	 	 
 NOTICE:
The signature to this assignment must correspond with
the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any
change whatever.EX-4.2

 

EXHIBIT 4.2

 

FIRST SUPPLEMENTAL INDENTURE

dated as of April 10, 2008

between

POLYONE CORPORATION

and

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

as Successor Trustee

8.875% Senior Notes Due 2012

 

 

 

          THIS FIRST SUPPLEMENTAL INDENTURE (the “First Supplemental Indenture”) is entered into as of
April 10, 2008, between PolyOne Corporation, an Ohio Corporation (the “Company”), and The Bank of
New York Trust Company, N.A., as successor trustee (the “Trustee”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture (defined below).

RECITALS

          WHEREAS, the Company and the Trustee entered into an indenture, dated as of April 23, 2002
(the “Indenture”), relating to the Company’s 8.875% Senior Notes Due 2012 (the “Notes”);

          WHEREAS, in accordance with Sections 2.03 and 2.18 of the Indenture, the Trustee shall at any
time and from time to time, upon receipt of an Officers’ Certificate, authenticate for original
issue Additional Notes in the aggregate principal amount specified in such Officers’ Certificate,
provided that certain conditions set forth in Sections 2.03 and 2.18 of the Indenture are
satisfied;

          WHEREAS, in accordance with Sections 2.03 and 2.18 of the Indenture, subject to applicable
law, the aggregate principal amount of the Notes which may be authenticated and delivered under the
Indenture is unlimited;

          WHEREAS, in accordance with Section 9.01 of the Indenture, the Company and the Trustee may
amend or supplement the Indenture without the consent of the Holders to, among other things, make
any change that does not adversely affect the rights of Holders;

          WHEREAS, the Board of Directors has authorized the amendment of the Indenture pursuant to this
First Supplemental Indenture to update the provisions of the Indenture governing Transfer
Restricted Securities to reflect changes in law, in connection with the issuance of $80,000,000
aggregate principal amount of Additional Notes on the date hereof; and

          WHEREAS, all things necessary to make this First Supplemental Indenture a valid supplement to
the Indenture according to its terms have been done;

          NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:

          For and in consideration of the premises, and of other valuable consideration the sufficiency
of which is hereby acknowledged, the Company agrees with the Trustee, for the equal and
proportionate benefit of all Holders, as follows:

ARTICLE I

AMENDMENTS

          Section 1.1. Amendment to Section 2.02. Section 2.02(a)(i) of the Indenture is hereby
amended and restated in its entirety as follows:

1

 

     (i) Each Global Note and Physical Note that constitutes a Restricted Security
or is sold in compliance with Regulation S shall bear the following legend (the
“Private Placement Legend”) on the face thereof until after the first anniversary of
the later of the Issue Date and the last date on which the Company or any Affiliate
of the Company was the owner of such Note (or any predecessor note), or such longer
period of time as may be required under the Securities Act or applicable state
securities laws in the opinion of counsel for the Company, unless otherwise agreed
by the Company and the Holder thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) AND NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN (OR THEREIN) MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ITS
ACCEPTANCE OF THIS SECURITY, AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS SECURITY
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE DATE THAT IS
ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THIS SECURITY (THE “RESALE
RESTRICTION TERMINATION DATE”) OTHER THAN (1) TO EITHER ISSUER OR ITS SUBSIDIARIES,
(2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO
WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE
CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY IF THIS SECURITY IS NOT IN
BOOK-ENTRY FORM), (3) TO A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” (AS SUCH
TERMS ARE DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY THE
TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY IF THIS
SECURITY IS NOT IN BOOK-ENTRY FORM), (4) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE EXEMPTION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, OR (5) PURSUANT TO AN
EFFECTIVE

2

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING
CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE PROPERTY
OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL,
AND SUBJECT TO THE RIGHT OF THE ISSUER OR THE TRUSTEE FOR THE SECURITIES PRIOR TO
ANY SUCH SALE, PLEDGE OR OTHER TRANSFER PURSUANT TO CLAUSE (4) ABOVE (OTHER THAN
SALES PURSUANT TO RULE 144) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND
WILL BE REMOVED UPON REQUEST OF THE HOLDER ON OR AFTER THE RESALE RESTRICTION
TERMINATION DATE.

          Section 1.2. Amendment to Section 2.09(a). Section 2.09(a) of the Indenture is
hereby amended and restated in its entirety as follows:

     (a) Transfers of Restricted Securities. The following provisions shall
apply with respect to the registration of any proposed transfer of a Note
constituting a Restricted Security (excluding transfers to a QIB pursuant to Rule
144A under the Securities Act):

          (i) the Registrar shall register the transfer of any Note constituting a
Restricted Security whether or not such Note bears the Private Placement Legend, if:

     (w) the requested transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement;

     (x) the requested transfer is effected after the first anniversary of
the Issue Date;

     (y) the requested transfer is effected after the date that is six
months after the Issue Date and prior to the first anniversary of the Issue
Date and no written request by the Company suspending the operation of this
Section 2.09(a)(i)(y) has been received by the Trustee, which written
request has not been rescinded by the Company; provided, however, that the
Company may only suspend the operation of this Section 2.09(a)(i)(y) when
adequate current public information, within the meaning of Rule 144 under
the Securities Act, is not available with respect to the Company; or

     (z) (1) in the case of a transfer to an Institutional Accredited
Investor which is not a QIB (excluding Non-U.S. Persons), the proposed
transferee has delivered to the Registrar a certificate substantially in the
form of Exhibit C hereto and any legal opinions and certifications
required

3

 

thereby or (2) in the case of a transfer to a Non-U.S. Person, the
proposed transferor has delivered to the Registrar a certificate
substantially in the form of Exhibit D hereto; and

          (ii) in the case of a transfer pursuant to Paragraph 2.09(a)(i)(w), (x) or (y),
upon receipt by the Registrar of written instructions given in accordance with the
Depositary’s and the Registrar’s procedures, the Registrar reflect on its books and
records the date and an increase in the principal amount of a Global Note that does
not bear the Transfer Restricted Securities Legend in an amount equal to the
principal amount of the Notes to be transferred (and if no such Global Note exists,
the Company shall execute and the Trustee shall authenticate and deliver a Global
Note that does not bear the Transfer Restricted Securities Legend in an amount equal
to the principal amount of the Notes to be transferred) and (x) if the transfer
involves the transfer of outstanding Physical Notes, the Trustee shall cancel the
Physical Notes so transferred or (y) if the transfer involves a beneficial interest
in a Global Note, the Registrar shall reflect on its books and records the date and
a decrease in the principal amount of such Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred;

          (iii) in the case of a transfer pursuant to Paragraph 2.09(a)(i)(z)(1), if the
proposed transferor is a Participant holding a beneficial interest in the Global
Note, upon receipt by the Registrar of (x) the certificate, if any, required by
paragraph (i)(z) above and (y) written instructions given in accordance with the
Depositary’s and the Registrar’s procedures; whereupon (a) the Registrar shall
reflect on its books and records the date and (if the transfer does not involve a
transfer of outstanding Physical Notes) a decrease in the principal amount of such
Global Note in an amount equal to the principal amount of the beneficial interest in
the Global Note to be transferred, and (b) the Company shall execute and the Trustee
shall authenticate and deliver, one or more Physical Notes of like tenor and amount;
and

          (iv) in the case of a transfer to a non-U.S. Person pursuant to Paragraph
2.09(a)(i)(z)(2), if the proposed transferee is a Participant, and the Notes to be
transferred consist of Physical Notes which after transfer are to be evidenced by an
interest in a Regulation S Global Note, upon receipt by the Registrar of written
instructions given in accordance with the Depositary’s and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and an
increase in the principal amount of such Regulation S Global Note in an amount equal
to the principal amount of the Physical Notes to be transferred, and the Trustee
shall cancel the Physical Notes so transferred.

          Section 1.3. Amendment to Section 2.09(c). Section 2.09(c) of the Indenture is hereby
amended and restated in its entirety as follows:

     (c) Transfer Restricted Securities Legend. Upon the transfer, exchange
or replacement of Notes not bearing the Transfer Restricted Securities

4

 

Legend, the Registrar shall deliver Notes that do not bear the Transfer Restricted
Securities Legend. Upon the transfer, exchange or replacement of Notes bearing the
Transfer Restricted Securities Legend, the Registrar shall deliver only Notes that
bear the Transfer Restricted Securities Legend unless:

     (i) the requested transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement;

     (ii) the requested transfer is effected after the first anniversary of
the Issue Date;

     (iii) the requested transfer is effected after the date that is six
months after the Issue Date and prior to the first anniversary of the Issue
Date and no written request by the Company suspending the operation of this
Section 2.09(c)(iii) has been received by the Trustee, which written request
has not been rescinded by the Company; or

     (iv) there is delivered to the Registrar an Opinion of Counsel
reasonably satisfactory to the Company and the Trustee to the effect that
neither such legend nor the related restrictions on transfer are required in
order to maintain compliance with the provisions of the Securities Act;

provided, however, that the Company may only suspend the operation of
Section 2.09(c)(iii) when adequate current public information, within the
meaning of Rule 144 under the Securities Act, is not available with respect
to the Company.

          Section 1.4. Amendment to Section 2.09(e) Paragraph 2.09(e) of the Indenture is
hereby amended and restated in its entirety as follows:

     (e) General. By its acceptance of any Note bearing the Transfer
Restricted Securities Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and agrees that it
will transfer such Note only as provided in this Indenture. The Registrar shall not
register a transfer of any Note unless such transfer complies with the restrictions
on transfer of such Note set forth in this Indenture. In the case of a transfer
other than a transfer pursuant to Sections 2.09(a)(i)(x) or (y), the Registrar shall
be entitled to receive and rely on written instructions from the Company verifying
that such transfer complies with such restrictions on transfer.

The Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.08 hereof or this Section 2.09. The
Company shall have the right to inspect and make copies of all such letters, notices
or other written communications at any reasonable time upon the giving of reasonable
written notice to the Registrar.

5

 

          Section 1.5. Amendment to Exhibit A. The third paragraph of Exhibit A to the
Indenture is hereby amended and restated in its entirety as follows:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) AND NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN (OR THEREIN) MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ITS
ACCEPTANCE OF THIS SECURITY, AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS SECURITY
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE DATE THAT IS
ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THIS SECURITY (THE “RESALE
RESTRICTION TERMINATION DATE”) OTHER THAN (1) TO EITHER ISSUER OR ITS SUBSIDIARIES,
(2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO
WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE
CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY IF THIS SECURITY IS NOT IN
BOOK-ENTRY FORM), (3) TO A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” (AS SUCH
TERMS ARE DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY THE
TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY IF THIS
SECURITY IS NOT IN BOOK-ENTRY FORM), (4) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE EXEMPTION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, OR (5) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, SUBJECT IN EACH OF THE
FOREGOING CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY OR
THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR
THEIR CONTROL, AND SUBJECT TO THE RIGHT OF THE ISSUER OR THE TRUSTEE

6

 

FOR THE SECURITIES PRIOR TO ANY SUCH SALE, PLEDGE OR OTHER TRANSFER PURSUANT TO
CLAUSE (4) ABOVE (OTHER THAN SALES PURSUANT TO RULE 144) TO REQUIRE THE DELIVERY OF
AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER ON OR AFTER THE
RESALE RESTRICTION TERMINATION DATE.

          Section 1.6. Amendment to Exhibit C. The fifth numbered paragraph of Exhibit C to the
Indenture is hereby amended and restated in its entirety as follows:

     (5) We understand that the offer and sale of the Notes have not been registered
under the Securities Act, and that the Notes may not be offered or sold except as
permitted in the following sentence. We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should sell
any Notes prior to the date that is one year after the last original issue date of
the Notes, we will do so only (A) to the Company or any subsidiary thereof, (B) to a
“Qualified Institutional Buyer” (as defined in Rule 144A under the Securities Act)
in compliance with Rule 144A under the Securities Act, (C) to an institutional
“accredited investor” (as defined above) that, prior to such transfer, furnishes to
you a signed letter substantially in the form of this letter and, an opinion of
counsel acceptable to the Company that such transfer is in compliance with the
Securities Act, (D) outside the United States in accordance with Rule 904 under the
Securities Act, (E) pursuant to the exemption from registration provided by Rule 144
under the Securities Act (if available) or (F) pursuant to a registration statement
which has been declared effective under the Securities Act (and continues to be
effective at the time of such transfer), and we further agree to provide to any
person purchasing any of the Notes from us a notice advising such purchaser that
resales of the Notes are restricted as stated herein.

ARTICLE II

CLOSING DOCUMENTS

          Section 2.1. Documents to Be Given to Trustee. Pursuant to the provisions of Sections
9.06 and 10.04 of the Indenture, the Company will deliver to the Trustee an Opinion of Counsel and
an Officers’ Certificate, each dated as of April 10, 2008, satisfying the provisions of Sections
9.06, 10.04 and 10.05 of the Indenture.

ARTICLE III

MISCELLANEOUS

          Section 3.1. Trustee’s Acceptance. The Trustee accepts the provisions of this First
Supplemental Indenture upon the terms and conditions set forth in the Indenture; provided,

7

 

however, that the foregoing acceptance shall not make the Trustee responsible in any manner
whatsoever for the validity or sufficiency of this First Supplemental Indenture or the correctness
of recitals or statements by other parties herein.

          Section 3.2. Indenture to Remain in Full Force and Effect. Except as hereby expressly
provided, the Indenture, as supplemented and amended by this First Supplemental Indenture, is in
all respects ratified and confirmed and all its terms, provisions and conditions shall be and
remain in full force and effect.

          Section 3.3. Trust Indenture Act Controls. The Indenture is subject to the provisions
of the TIA which are required to be part of the Indenture, and shall, to the extent applicable, be
governed by such provisions.

          Section 3.4. Notices. Any notice or communication to the Company or the Trustee is
duly given if in writing and delivered in person or mailed by first-class mail to the address set
forth below:

     If to the Company, addressed to the Company:

PolyOne Corporation

33587 Walker Road

Avon Lake, Ohio 44012

Attention: Treasurer

     with a copy to:

Jones Day

901 Lakeside Avenue

Cleveland, Ohio 44114-1190

Attention: Michael J. Solecki, Esq.

     If to the Trustee or Paying Agent:

The Bank of New York Trust Company, N.A.

2 N. LaSalle Street

Suite 1020

Chicago, Illinois 60602

Attention: Corporate Trust Administration

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

          Any notice or communication to a Holder shall be mailed by first-class mail to his address
shown on the Register kept by the Registrar. Failure to mail a notice or communication to a Holder
or any defect in such notice or communication shall not affect its sufficiency with respect to
other Holders.

8

 

          If a notice or communication is mailed or sent in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it, except that notice to the
Trustee shall only be effective upon receipt thereof by the Trustee.

          If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee
and each Agent at the same time.

          Section 3.5. Duplicate Originals. The parties may sign any number of copies of this
First Supplemental Indenture. One signed copy is enough to prove this First Supplemental
Indenture.

          Section 3.6. Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

          Section 3.7. No Adverse Interpretation of Other Agreements. This First Supplemental
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or
any of its Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret
this First Supplemental Indenture.

          Section 3.8. Successors. All agreements of the Company under this First Supplemental
Indenture shall bind its successors. All agreements of the Trustee in this First Supplemental
Indenture shall bind its successor.

          Section 3.9. Severability. In case any provision in this First Supplemental Indenture
is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

          Section 3.10. Counterpart Originals. This First Supplemental Indenture may be signed
in one or more counterparts. Each signed copy shall be an original, but all of them together
represent the same agreement.

          Section 3.11. No Personal Liability. No director, officer, employee, incorporator,
Affiliate or holder of capital stock of the Company shall have any liability for any obligations of
the Company under the Notes, the Indenture or this First Supplemental 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 shall be part of the
consideration for the issuance of the Notes.

9

 

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

	 	 	 	 	 
	 	POLYONE CORPORATION

 	 
	 	By:  	 /s/
W. David Wilson	 
	 	 	Name: 	W. David Wilson	 
	 	 	Title: 	Senior Vice President and Chief Financial Officer	 

10

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST
 COMPANY, N.A., as Trustee

 	 
	 	By:  	 /s/
L. Garcia	 
	 	 	Name: 	L. Garcia	 
	 	 	Title: 	Vice President	 
	 

11

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