Document:

EMPLOYEE AGREEMENT

EXHIBIT 10.1

EMPLOYEE AGREEMENT

THIS EMPLOYEE AGREEMENT made as of January 13, 2010, by and between Lightwave Logic, Inc., a Nevada corporation (the “Company”), whose principal place of business is at 121 Continental Drive, Suite 110, Newark, Delaware 19713; and Philips W. Smith (“Employee”), who resides at 5636 E. Mockingbird Lane, Paradise Valley Arizona 85253.  

WHEREAS, the Company wishes to procure the services of Employee under the terms and conditions set forth and Employee wishes to be employed on these terms and conditions.

WHEREAS, the parties to this Employee Agreement wish to enter into a written expression of their relationship as Employer and Employee.

THEREFORE, in consideration of the agreements contained in this Employee Agreement, the parties, intending to be legally bound, agree as follows:

ARTICLE 1

Employment

1.1.

Employment. The Company agrees to employ Employee, and Employee accepts employment with the Company, on and subject to the terms and conditions set forth in this Employee Agreement. 

1.2.

Term.

Subject to the provisions for termination as provided in Article 9 of this Employee Agreement, the term of this agreement shall begin on January 13, 2010 and shall terminate 36 months thereafter.

ARTICLE 2

Duties 

2.1.

Position and Duties. The Company agrees to employ Employee to act as its full-time, non-executive Chair of the Board of Directors. Employee shall be responsible for performing the following duties: (i) chair the board of directors of the Company; (ii) provide support and advice to the CEO and other executive officers; (iii) serve as the Company’s representative and spokesperson to the business and financial community; and (iv) perform such other duties that may be delegated to him by the CEO and/or the board of directors commensurate with Employee’s position. Employee agrees that he will serve the Company faithfully and to the best of his ability during the term of employment, under the direction of the chief executive officer and the board of directors of the Company. The Company and Employee may jointly from time to time to change the nature of Employee’s duties and job title. 

2.2.

Time Devoted to Work.  Employee agrees that he will devote all of the necessary business time, attention, and energies, as well as Employee’s best talents and abilities to the business of the Company in accordance with the Company’s instructions and directions.  

1

Employee may engage in other business activities unrelated to the Company during the term of this Employee Agreement so long as such other business activities do not interfere with the terms and conditions of this Employee Agreement.

ARTICLE 3

Place of Employment

3.1.

Place of Employment.   Employee shall perform his duties under this Employee Agreement at 5636 E. Mockingbird Lane, Paradise Valley Arizona 85253.

ARTICLE 4

Compensation of Employee

4.1. 

Base Compensation.  For all services rendered by Employee under this Employee Agreement, the Company agrees to compensate Employee as follows:  Employee will be issued a warrant, of even date hereof, to purchase up to 650,000 shares of the Company’s common stock at an exercise price of $1.51 per share for a period of up to five years. The warrant will vest pursuant to the terms of the warrant agreement as follows: 162,500 warrants vest on January 13, 2009, and the remaining warrants vest in three (3) equal annual installments of 162,500 warrants per year commencing on January 13, 2010.  No additional compensation will be paid to Employee for him serving as a member of the Company’s board of directors.

4.2.

 Reimbursement for Business Expenses.  Subject to the approval of the Company, the Company shall promptly pay or reimburse Employee for all reasonable business expenses incurred by Employee in performing Employee’s duties and obligations under this Employee Agreement, but only if Employee properly accounts for expenses in accordance with the Company’s policies.

ARTICLE 5

Vacations and Other Paid Absences

5.1. 

Vacation Days.  Employee shall be entitled to the same paid vacation days each calendar year during the term of this Employee Agreement as authorized by the Company for its other employees.

5.2. 

Holidays.   Employee shall be entitled to the same paid holidays as authorized by the Company for its other employees.

5.3.

Sick Days and Personal Absence Days.  Employee shall be entitled to the same number of paid sick days and personal absence days as authorized by the Company for its other employees.

ARTICLE 6

Intentionally Left Blank

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ARTICLE 7

Intentionally Left Blank

ARTICLE 8

Maintenance of Liability Insurance

So long as Employee shall serve as an officer of the Company pursuant to this Employee Agreement, the Company shall obtain and maintain in full force and effect a policy of director’s and officer’s liability insurance in reasonable amounts from an established and reputable insurer. In all policies of such insurance, Employee shall be named as an insured in such manner as to provide Employee the same rights and benefits as are accorded to the most favorably insured of the Company’s officers or directors. 

ARTICLE 9

Termination of Employment

9.1.

Termination of Employment. Employee’s employment hereunder shall automatically terminate upon (i) his death (ii) the expiration of the term of this Employee Agreement; or (iii) Employee voluntarily leaving the employ of the Company. 

9.2.

Termination For Employee’s Failure to Meet Performance Standard.  Employee’s employment with the Company shall terminate, at the Company’s discretion, upon 15 days prior written notice to Employee if the Company terminates his employment hereunder for "cause". For purposes hereof, "cause" shall include (i) Employee’s willful malfeasance, misfeasance, nonfeasance or gross negligence, (ii) any willful misrepresentation or concealment of a material fact made by Employee in connection with this Employee Agreement; (iii) the willful breach of any covenant made by Employee hereunder; or (iv) the failure of Employee to meet the performance standards more fully described in Appendix A attached hereto and made a part hereof.

Notwithstanding the above, if the Employee is terminated by the Company without cause, the Company shall be obligated to pay to Employee the compensation set forth in Section 4 hereof for the remainder of the term of this Employee Agreement.

ARTICLE 10

Confidential Information

10.1.

 Disclosures While Employed by the Company.  Employee acknowledges that, in performing the duties required by this Employee Agreement, Employee will be making use of, acquiring and adding to the confidential and proprietary information of the Company and/or those persons or entities directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Company (each an “Affiliate” and collectively, the “Affiliates”), which (i) is of a special nature and value, (ii) is not public information or is not generally known or available to the Company’s and/or the Affiliates’ competitors, (iii) is known only by the Company and/or the Affiliates and those of their respective employees, independent contractors, consultants, suppliers, customers or agents to whom such data and information must be confided in order to apply it to the uses intended, and (iv) relates to matters such as, but not 

3

limited to, the Company’s and the Affiliates’ respective methods of operation, internal structure, financial affairs, programs, software, equipment and techniques, existing and contemplated facilities, products and services, know-how, inventions, systems, devices (whether or not patentable), methods, ideas, procedures, manuals, confidential studies and reports, lists of suppliers and customers and prospective suppliers and customers, financial information and practices, plans, pricing, selling techniques, sales and marketing programs and methods, names, addresses and telephone numbers of the Company’s and/or the Affiliates’ suppliers and customers, credit and financial data of the Company’s and/or the Affiliates’ suppliers and customers, particular business requirements of the Company’s and/or the Affiliates’ suppliers and customers, special methods and processes involved in designing, producing and selling the Company’s and/or the Affiliates’ products and services, any other information related to the Company’s and/or the Affiliates’ suppliers and customers that could be used as a competitive advantage by the Company’s and/or the Affiliates’ competitors if revealed or disclosed to such competitors or to persons or entities revealing or disclosing same to such competitors, and all “trade secrets” (as that term is defined in O.C.G.A.  s. 10-1-761, as amended) of the Company and/or the Affiliates, all of which, together with any and all extracts, summaries and photo, electronic or other copies or reproductions, in whole or in part thereof, stored in whatever medium (including electronic or magnetic), shall be deemed the Company’s and/or the Affiliates’ exclusive property, as applicable, and shall be deemed to be “Confidential Information.”  Employee acknowledges that the Confidential Information has been and will continue to be of central importance to the business of the Company and the Affiliates, and that disclosure of it to, or its use by, others could cause substantial loss to the Company and the Affiliates.  In consideration of Employee’s employment hereunder, Employee agrees that, at all times during the term of this Employee Agreement, and (i) with respect to all Confidential Information constituting “trade secrets,” for so long thereafter as such Confidential Information continues to constitute “trade secrets” (or for the period beginning on the last day of the term of this Employee Agreement and ending five (5) years thereafter, whichever is longer); and (ii) with respect to all Confidential Information not constituting “trade secrets,” for the period beginning on the last day of the term of this Employee Agreement and ending five (5) years thereafter, Employee shall not, directly or indirectly, use, divulge or disclose to any person or entity, other than those persons or entities employed or engaged by the Company who or which are authorized to receive such information, any of such Confidential Information, and Employee shall hold all of the Confidential Information confidential and inviolate and will not use such Confidential Information against the best interests of the Company or any of the Affiliates.

10.2.

Disclosures After Employment Terminates; Return of Records.  Employee acknowledges and agrees that all supplier, customer, employee and contractor files, contracts, agreements, financial books, records, instruments and documents, supplier and customer lists, memoranda, data, reports, sales documentation and literature, software, rolodexes, telephone and address books, letters, research, listings, and any other instruments, records or documents relating or pertaining to (i) the customers or suppliers of the Company and/or any of the Affiliates serviced by or serving the Company, any of the Affiliates or Employee, (ii) the duties performed hereunder by Employee, or (iii) the business of the Company and/or any of the Affiliates (collectively, the “Records”) shall at all times be and remain the exclusive property of the Company and/or the Affiliates, as applicable.  Upon termination of Employee’s employment hereunder for any reason whatsoever, Employee shall promptly return to the Company all 

4

Records (whether furnished by the Company or any of the Affiliates or prepared by Employee), and Employee shall neither make nor retain, nor allow any third party to make or retain, any photo, electronic or other copy or other reproduction of any of such Records after such termination.  

10.3

Assignment of Inventions and Works Made for Hire.   Employee hereby irrevocably assigns and transfers, and agrees to assign and transfer, to the Company all of Employee’s right, title and interest in and to any and all Inventions and Works Made for Hire (each as hereinafter defined) made, generated or conceived by Employee at any time during the term of this Employee Agreement, whether alone or with the assistance of others, whether or not made, generated or conceived during normal business hours, and whether or not his employment with the Company is hereafter terminated for any reason whatsoever.  For purposes of this Employee Agreement, “Inventions” shall mean any and all discoveries, improvements, innovations, ideas, formulae, devices, systems, software programs, processes, products and any other creations similar thereto which pertain or relate to the Company’s electro-optical polymer technology.  For purposes of this Employee Agreement, “Works Made for Hire” shall mean any and all “work made for hire”, as that term is defined in Section 101 of the United States Copyright Law, Title 17 of the United States Code, as amended.  Upon the Company’s request, Employee will promptly execute and sign any and all applications, assignments, and other documents, and will promptly render all assistance, which may be reasonably necessary for the Company to obtain patent, copyright or any other form of intellectual property protection. 

ARTICLE 11

Protective Covenants

Employee acknowledges that his specialized skills, abilities and contacts are important to the success of the Company, and agrees that he shall faithfully and strictly adhere to the following covenants:

11.1.

Non-competition. Employee acknowledges that by reason of the character and nature of the Company’s business activities and operations, and further by reason of the scope of the territory in which Employee will perform the services under this Employee Agreement, in order to protect the Company’s legitimate business interests it is necessary for Employee to agree not to engage in certain specified activities in such territory at any time during the term of this Employment Agreement and for a period of time thereafter.  Therefore, at all times during the term of this Employee Agreement, and for a period of five (5) years thereafter, Employee will not, directly or indirectly, within the Territory (as defined below), (a) for himself, in his capacity as a Competing Business, (b) as a consultant, manager, supervisor, employee or owner of a Competing Business (as defined below), or (c) as an independent contractor for a Competing Business, engage in any business in which Employee provides services which are the same as or substantially similar to the services Employee is providing hereunder. “Competing Business” shall mean any person, business or entity who or which sells, markets or distributes products and/or sells, furnishes or provides services substantially the same as those sold, marketed, distributed, furnished or supplied or expected to be sold, marketed, distributed, furnished or supplied by the Company during the term of this Employee Agreement. “Territory” shall mean the (i) the United States of America; (ii) any market area that the Company conducts its business; 

5

or (iii) any contemplated market area that the Company intends to conduct its business within the following five (5) years of the date of Employee’s termination. “Contemplated Market Area” shall mean any market area which the Company has evaluated, is evaluating, or expects to evaluate and the Company has a reasonable expectation that the Company will conduct business in such area. Employee agrees that he and the Company may amend the definition of “Territory” from and after the date hereof to reflect any significant contraction or expansion of the geographical area in which he performs the services hereunder.  

11.2

Non-solicitation of Customers. Employee agrees that all customers whose relationships are managed by Employee, or with whom Employee has contact during the term of this Employee Agreement, are the Company’s customers, and that all fees and revenues produced from such relationships or contacts are the exclusive property of the Company.  Employee hereby waives and releases all claims and rights of ownership to such customer relationships, fees and revenues.  Furthermore, at all times during the term of this Employee Agreement and for a period of five (5) years thereafter, Employee will not directly or indirectly, on his own behalf or on behalf of any person, firm, partnership, association, corporation, business organization, entity or enterprise, solicit, call upon or attempt to solicit or call upon, any customer or prospective customer of the Company, or any representative of any customer or prospective customer of the Company, with a view to the sale or provision of any product or service competitive or potentially competitive with any product or service sold or provided, or under development, by the Company at any time during the shorter in duration of the term of this Employee Agreement and the last five (5) years thereof; provided that the restrictions set forth in this sentence shall apply only to customers or prospective customers of the Company, or representatives of customers or prospective customers of the Company, with which Employee had contact at any time during the shorter in duration of the term of this Employee Agreement and the last five (5) years thereof.

11.3

Non-solicitation of Employees and Independent Contractors.  At all times during the term of this Employee Agreement and for a period of five (5) years thereafter, Employee will not directly or indirectly solicit or encourage any employee or independent contractor of the Company to leave such employment or engagement with the Company, or directly or indirectly employ or engage in any capacity any former employee or independent contractor of the Company, unless such former employee or independent contractor of the Company shall have ceased to be so employed or engaged by the Company for a period of at least two (2) years immediately prior to such action by Employee.

ARTICLE 12

Construction

Employee acknowledges and agrees that the covenants and agreements contained in Sections 10 and 11 of this Employee Agreement are the essence of this Employee Agreement, and that each of such covenants and agreements is reasonable and necessary to protect and preserve the interests and business of the Company.  Employee further acknowledges and agrees that: (i) each of such covenants and agreements is separate, distinct and severable, not only from the other of such covenants and agreements, but also from the remaining provisions of this Employee Agreement, (ii) the unenforceability of any such covenants or agreements shall not 

6

affect the validity or enforceability of any other such covenants or agreements or any other provision or provisions of this Employee Agreement, and (iii) in the event any court of competent jurisdiction or arbitrator, as applicable, determines, rules or holds that any such covenant or agreement hereof is overly broad or against the public policy of the state, then said court or arbitrator, as the case may be, is specifically authorized to reform and narrow said covenant or agreement to the extent necessary to make said reformed and narrowed covenant or agreement valid and enforceable to the maximum enforceable restriction permitted by law.

  

ARTICLE 13

Remedies

It is specifically understood and agreed that (i) any breach of any of the provisions of Section 10 or 11 of this Employee Agreement is likely to result in irreparable injury to the Company, (ii) the remedy at law alone will be an inadequate remedy for such breach, and (iii) in addition to any other remedy it may have for such breach, the Company shall be entitled to enforce the specific performance of this Employee Agreement by Employee and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages.  Notwithstanding any other provision of this Employee Agreement to the contrary, any and all obligations of the Company to pay any compensation to Employee for any reason shall cease and terminate upon the breach by Employee of any of the obligations of Employee under Sections 10 or 11 of this Employee Agreement.

ARTICLE 14

Existing Restrictive Covenants and Indemnification

Employee represents and warrants that (i) Employee is not a party to or subject to any outstanding contract, agreement or order whereby Employee is prohibited from entering into this Employee Agreement, or any outstanding restrictive covenant or noncompetition agreement which would interfere with or prevent Employee’s employment hereunder as contemplated by this Employee Agreement; (ii) Employee has performed any and all duties or obligations that he may have under any contract or agreement with a former Employer or other party, including, without limitation, the return of all confidential materials; and (iii) Employee is currently not in possession of any confidential materials or property belonging to any such former Employer or other party.  Employee acknowledges and agrees that he shall advise the Company in the event that his duties with the Company should be changed or enlarged in such a manner as to conflict with any such prior contract, agreement, order or restrictive covenant.  Without limitation on any other rights or remedies available to the Company with respect to Employee’s breach of his obligations hereunder, Employee shall defend, indemnify and hold the Company, the Affiliates, and each of their respective shareholders, officers, directors, employees, counsel, agents, affiliates and assigns (collectively, the “Company Indemnities”) harmless from and against any and all direct or indirect demands, claims, payments, obligations, recoveries, deficiencies, fines, penalties, assessments, actions, causes of action, suits, losses, diminution in the value of assets of the Company, compensatory, punitive, exemplary or consequential damages (including, without limitation, lost income and profits and interruptions of business), liabilities, costs, expenses, and interest on any amount payable to a third party as a result of the foregoing, whether accrued, absolute, contingent, known, unknown or otherwise asserted against, imposed upon or incurred 

7

by Company Indemnities, or any of them, by reason of or resulting from, arising out of, based upon or otherwise in respect of (1) any conflict between Employee’s employment hereunder and any prior employment, duty, contract, express or implied agreement, order or restrictive covenant, or (2) any misrepresentation by Employee hereunder as to any facts which are the subject matter of any conflict or violation of any prior contract, agreement, order or restrictive covenant on the part of Employee.

ARTICLE 15

Notice to Future Employers

If Employee’s employment hereunder terminates for any reason, (i) Employee shall, during the five (5) year period after the effective date of such termination, inform any subsequent employers, business partners or colleagues of the existence and provisions of Sections 11.1 and 11.2 of this Employee Agreement and, if requested, provide a copy of such Sections of this Employee Agreement to any such employer, business partner or colleague; and the Company may, at any time, notify any future employer, business partner or colleague of Employee of the existence and provisions of Sections 11.1 and 11.2 of this Employee Agreement. 

ARTICLE 16

Notices

Any notice given under this Employee Agreement to either party shall be made in writing.  Notices shall be deemed given when delivered by hand, document delivery service, or when mailed by registered or certified mail, return receipt requested, postage prepaid, and addressed to the party at the address set forth below.

Employee address: 

Mr. Philips W. Smith

5636 E. Mockingbird Lane

Paradise Valley Arizona 85253

with a copy to:

________________

________________

Company address: 

Mr. James S. Marcelli

Lightwave Logic, Inc.

121 Continental Drive, Suite 110

Newark, Delaware 19713

with a copy to:

David M. Bovi, Esq.

319 Clematis Street, Suite 700

West Palm Beach, Florida 33401

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Each party may designate a different address for receiving notices by giving written notice of the different address to the other party. The written notice of the different address will be deemed given when it is received by the other party.

ARTICLE 17

Binding Agreement

17.1.

Company’s Successors.  The rights and obligations of the Company under this Employee Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company.

17.2.

Employee’s Successors.  This Employee Agreement shall inure to the benefit and be enforceable by Employee’s personal representatives, legatees, and heirs. If Employee dies while amounts are still owed, such amounts shall be paid to Employee’s legatees or, if no such person or persons have been designated, to Employee’s estate.

ARTICLE 18

Waivers

The waiver by either party of a breach of any provision of this Employee Agreement shall not operate or be construed as a waiver of any subsequent breach.

ARTICLE 19

Entire Agreement

19.1.

No Other Agreements.  This instrument contains the entire agreement of the parties pertaining to the employment of Employee by the Company.  The parties have not made any agreements or representations, oral or otherwise, express or implied, pertaining to the employment of Employee by the Company other than those specifically included in this Employee Agreement.

19.2. 

Prior Agreements. This Employee Agreement supersedes any prior employee agreements pertaining to or connected with or arising in any manner out of the employment of Employee by the Company. All such agreements are terminated and are of no force or effect whatsoever.

ARTICLE 20

Amendment of Agreement

No change or modification of this Employee Agreement shall be valid unless it is in writing and signed by the party against whom the change or modification is sought to be enforced. No change or modification by the Company shall be effective unless it is approved by the Company’s Board of Directors and signed by an officer specifically authorized to sign such documents.

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ARTICLE 21

Severability of Provisions

If any provision of this Employee Agreement is invalidated or held unenforceable, the invalidity or unenforceability of that provision or provisions shall not affect the validity or enforceability of any other provision of this Employee Agreement.

ARTICLE 22

Assignment of Agreement

Otherthan as otherwise provided for in this Employee Agreement, so long as Employee is an Employee pursuant to this Employee Agreement, the Company shall not assign this Employee Agreement without Employee’s prior written consent, which consent shall not be unreasonably withheld. Employee may not assign this Employee Agreement.

ARTICLE 23

Governing Law and Venue

 This Agreement shall be deemed to have been entered into by all parties within the State of Delaware and all questions regarding the validity and interpretation of this Employee Agreement shall be governed by and construed and enforced in all respects in accordance with the laws of the State of Delaware as applied to contracts made and to be performed entirely within Delaware without regard to choice of law provisions.  The sole and proper venue shall be New Castle County, Delaware.

ARTICLE 24

Arbitration of Disputes

If a dispute arises out of or relates to this Employee Agreement, or the breach thereof, and if the dispute cannot be settled through negotiation, the parties agree first to try in good faith to settle the dispute by mediation administered by the American Arbitration Association under its Employment Mediation Rules before resorting to arbitration, litigation or some other dispute resolution procedure.

IN WITNESS, the parties have executed this Employee Agreement in duplicate on the date and year first above written.

Employee,

_______________

________________________

Witness

Philips W. Smith

Lightwave Logic, Inc.,

_______________

By: _____________________

Witness 

      James S. Marcelli, CEO

10exv4w1

Exhibit 4.1

 

 

TEEKAY CORPORATION, as Issuer

TO

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

INDENTURE

Dated as of                           , 2010

$300,000,000

[     ]% Senior Notes Due                           , 2020

 

 

 

 

TEEKAY SHIPPING CORPORATION

Reconciliation and tie between Sections 310 through 318, inclusive, of the

Trust Indenture Act of 1939 and this Indenture

	 	 	 	 	 
	Trust Indenture	 	 	 	Indenture
	Act Sections	 	 	 	Section
	ss.310
	 	(a)(1)	 	6.09
	 
	 	(a)(2)	 	6.09
	 
	 	(a)(3)	 	Not Applicable
	 
	 	(a)(4)	 	Not Applicable
	 
	 	(b)	 	6.08, 6.10
	ss.311
	 	(a)	 	6.13
	 
	 	(b)	 	6.13
	ss.312
	 	(a)	 	7.01, 7.02
	 
	 	(b)	 	7.02
	 
	 	(c)	 	7.02
	 
	 	(b)	 	7.03
	 
	 	(c)	 	7.03
	 
	 	(d)	 	7.03
	ss.314
	 	(a)	 	7.04
	 
	 	(a)(4)	 	10.11
	 
	 	(b)	 	Not Applicable
	 
	 	(c)(1)	 	1.02
	 
	 	(c)(2)	 	1.02
	 
	 	(c)(3)	 	Not Applicable
	 
	 	(d)	 	Not Applicable
	 
	 	(e)	 	10.11
	ss.315
	 	(a)	 	6.01
	 
	 	(b)	 	6.02
	 
	 	(c)	 	6.03
	 
	 	(d)	 	6.01
	 
	 	(d)(1)	 	6.01
	 
	 	(e)	 	5.14
	ss.316
	 	(a)	 	1.01
	 
	 	(a)(l)(A)	 	5.02, 5.12
	 
	 	(a)(l)(B)	 	5.13
	 
	 	(a)(2)	 	Not Applicable
	 
	 	(b)	 	5.08
	ss.317
	 	(a)(1)	 	5.03
	 
	 	(a)(2)	 	5.04
	 
	 	(b)	 	10.03
	ss.318
	 	(a)	 	1.07

 

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

 

 

TABLE OF CONTENTS*

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	 
	 	 	 	 
	SECTION 1.01 Definitions
	 	 	1	 
	SECTION 1.02 Compliance Certificates and Opinions
	 	 	12	 
	SECTION 1.03 Form of Documents Delivered to Trustee
	 	 	13	 
	SECTION 1.04 Acts of Holders; Record Dates
	 	 	13	 
	SECTION 1.05 Notices, Etc., to Trustee and Company
	 	 	15	 
	SECTION 1.06 Notice to Holders; Waiver
	 	 	15	 
	SECTION 1.07 Conflict with Trust Indenture Act
	 	 	16	 
	SECTION 1.08 Effect of Headings and Table of Contents
	 	 	16	 
	SECTION 1.09 Successors and Assigns
	 	 	16	 
	SECTION 1.10 Separability Clause
	 	 	16	 
	SECTION 1.11 Benefits of Indenture
	 	 	16	 
	SECTION 1.12 Governing Law
	 	 	16	 
	SECTION 1.13 Legal Holidays
	 	 	16	 
	SECTION 1.14 Consent to Service; Jurisdiction
	 	 	17	 
	SECTION 1.15 Conversion of Currency
	 	 	17	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	FORMS OF SECURITY

	 
	 	 	 	 
	SECTION 2.01 Forms Generally
	 	 	18	 
	SECTION 2.02 Form of Face of Security
	 	 	18	 
	SECTION 2.03 Form of Reverse of Security
	 	 	20	 
	SECTION 2.04 Form of Trustee’s Certificate of Authentication
	 	 	22	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	THE SECURITIES

	 
	 	 	 	 
	SECTION 3.01 Title and Terms
	 	 	23	 
	SECTION 3.02 Denominations
	 	 	23	 
	SECTION 3.03 Execution, Authentication, Delivery and Dating
	 	 	23	 
	SECTION 3.04 Temporary Securities
	 	 	24	 
	SECTION 3.05 Registration; Registration of Transfer and Exchange
	 	 	25	 
	SECTION 3.06 Mutilated, Destroyed, Lost and Stolen Securities
	 	 	27	 
	SECTION 3.07 Payment of Interest; Interest Rights Preserved
	 	 	27	 
	SECTION 3.08 Persons Deemed Owners
	 	 	28	 
	SECTION 3.09 Cancellation
	 	 	28	 
	SECTION 3.10 Computation of Interest
	 	 	28	 
	SECTION 3.11 CUSIP Numbers
	 	 	29	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	SATISFACTION AND DISCHARGE

	 
	 	 	 	 
	SECTION 4.01 Satisfaction and Discharge of Indenture
	 	 	29	 
	SECTION 4.02 Application of Trust Money
	 	 	30	 

 

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

ii

 

	 	 	 	 	 
	 	 	Page
	ARTICLE V

	 
	 	 	 	 
	REMEDIES

	 
	 	 	 	 
	SECTION 5.01 Events of Default
	 	 	30	 
	SECTION 5.02 Acceleration of Maturity; Rescission and Annulment
	 	 	31	 
	SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	32	 
	SECTION 5.04 Trustee May File Proofs of Claim
	 	 	32	 
	SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities
	 	 	33	 
	SECTION 5.06 Application of Money Collected
	 	 	33	 
	SECTION 5.07 Limitation on Suits
	 	 	33	 
	SECTION 5.08 Unconditional Right of Holders to Receive Principal, Premium
and Interest
	 	 	34	 
	SECTION 5.09 Restoration of Rights and Remedies
	 	 	34	 
	SECTION 5.10 Rights and Remedies Cumulative
	 	 	34	 
	SECTION 5.11 Delay or Omission Not Waiver
	 	 	34	 
	SECTION 5.12 Control by Holders
	 	 	35	 
	SECTION 5.13 Waiver of Past Defaults
	 	 	35	 
	SECTION 5.14 Undertaking for Costs
	 	 	35	 
	SECTION 5.15 Waiver of Usury, Stay or Extension Laws
	 	 	35	 
	SECTION 5.16 No Personal Liability of Incorporators, Shareholders, Officers,
Directors or Employees
	 	 	35	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	THE TRUSTEE

	 
	 	 	 	 
	SECTION 6.01 Certain Duties and Responsibilities
	 	 	36	 
	SECTION 6.02 Notice of Defaults
	 	 	36	 
	SECTION 6.03 Certain Rights of Trustee
	 	 	36	 
	SECTION 6.04 Not Responsible for Recitals or Issuance of Securities
	 	 	37	 
	SECTION 6.05 May Hold Securities and Act as Trustee Under Other
	 	 	37	 
	SECTION 6.06 Money Held in Trust
	 	 	38	 
	SECTION 6.07 Compensation and Reimbursement
	 	 	38	 
	SECTION 6.08 Disqualification: Conflicting Interests
	 	 	38	 
	SECTION 6.09 Corporate Trustee Required; Eligibility
	 	 	38	 
	SECTION 6.10 Resignation and Removal; Appointment of Successor
	 	 	38	 
	SECTION 6.11 Acceptance of Appointment by Successor
	 	 	39	 
	SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	40	 
	SECTION 6.13 Preferential Collection of Claims Against Company
	 	 	40	 
	SECTION 6.14 Appointment of Authenticating Agent
	 	 	40	 
	SECTION 6.15 Trustee’s Application for Instructions from the Company
	 	 	41	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

	 
	 	 	 	 
	SECTION 7.01 Company to Furnish Trustee Names and Addresses of Holders
	 	 	41	 
	SECTION 7.02 Preservation of Information; Communications to Holders
	 	 	42	 
	SECTION 7.03 Reports by Trustee
	 	 	42	 
	SECTION 7.04 Reports by Company
	 	 	42	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	CONSOLIDATIONS, MERGERS AND CERTAIN SALES OF ASSETS

	 
	 	 	 	 
	SECTION 8.01 The Company May Consolidate, Etc. Only on Certain Terms
	 	 	43	 
	SECTION 8.02 Successor Substituted
	 	 	43	 

iii

 

	 	 	 	 	 
	 	 	Page
	ARTICLE IX

	 
	 	 	 	 
	SUPPLEMENTAL INDENTURES

	 
	 	 	 	 
	SECTION 9.01 Supplemental Indentures Without Consent of Holders
	 	 	43	 
	SECTION 9.02 Supplemental Indentures With Consent of Holders
	 	 	44	 
	SECTION 9.03 Execution of Supplemental Indentures
	 	 	45	 
	SECTION 9.04 Effect of Supplemental Indentures
	 	 	45	 
	SECTION 9.05 Conformity with Trust Indenture Act
	 	 	45	 
	SECTION 9.06 Reference in Securities to Supplemental Indentures
	 	 	45	 
	 
	 	 	 	 
	ARTICLE X

	 
	 	 	 	 
	COVENANTS

	 
	 	 	 	 
	SECTION 10.01 Payment of Principal Amount, Premium and Interest
	 	 	45	 
	SECTION 10.02 Maintenance of Office or Agency
	 	 	45	 
	SECTION 10.03 Money for Securities Payments to be Held in Trust
	 	 	46	 
	SECTION 10.04 Corporate Existence
	 	 	47	 
	SECTION 10.05 Maintenance of Properties
	 	 	47	 
	SECTION 10.06 Payment of Taxes and Other Claims
	 	 	47	 
	SECTION 10.07 Maintenance of Insurance
	 	 	47	 
	SECTION 10.08 Limitation on Liens
	 	 	48	 
	SECTION 10.09 Change of Control Triggering Event
	 	 	48	 
	SECTION 10.10 Provision of Financial Information
	 	 	48	 
	SECTION 10.11 Statement By Officers as to Default; Compliance Certificates
	 	 	49	 
	SECTION 10.12 Waiver of Certain Covenants
	 	 	49	 
	SECTION 10.13 Indemnification of Judgment Currency
	 	 	50	 
	SECTION 10.14 Payments for Consent
	 	 	50	 
	SECTION 10.15 Additional Amounts
	 	 	50	 
	 
	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 
	REDEMPTION OF SECURITIES

	 
	 	 	 	 
	SECTION 11.01 Right of Redemption
	 	 	52	 
	SECTION 11.02 Applicability of Article
	 	 	52	 
	SECTION 11.03 Election to Redeem; Notice to Trustee
	 	 	52	 
	SECTION 11.04 Selection by Trustee of Securities to Be Redeemed
	 	 	53	 
	SECTION 11.05 Notice of Redemption
	 	 	53	 
	SECTION 11.06 Deposit of Redemption Price
	 	 	53	 
	SECTION 11.07 Securities Payable on Redemption Date
	 	 	54	 
	SECTION 11.08 Securities Redeemed in Part
	 	 	54	 
	 
	 	 	 	 
	ARTICLE XII

	 
	 	 	 	 
	DEFEASANCE AND COVENANT DEFEASANCE

	 
	 	 	 	 
	SECTION 12.01 Company’s Option to Effect Defeasance or Covenant Defeasance
	 	 	54	 
	SECTION 12.02 Defeasance and Discharge
	 	 	54	 
	SECTION 12.03 Covenant Defeasance
	 	 	55	 
	SECTION 12.04 Conditions to Defeasance or Covenant Defeasance
	 	 	55	 
	SECTION 12.05 Deposited Money and United States Government Obligations to be
Held in Trust; Other Miscellaneous Provisions
	 	 	56	 
	SECTION 12.06 Reinstatement
	 	 	57	 
	 
	 	 	 	 
	Testimonium
	 	 	 	 
	Signatures and Seals
	 	 	 	 

iv

 

     INDENTURE, dated as of                                               , 2010, between Teekay Corporation, a corporation
duly incorporated and existing under the laws of the Republic of the Marshall Islands, as issuer
(herein called the “Company”), having its principal operating office at 550 Burrard Street, Suite
2000 Bentall 5, Vancouver, British Columbia, Canada, V6C 2K2, and The Bank of New York Mellon Trust
Company, N.A., as Trustee (herein called the “Trustee”).

RECITALS OF THE COMPANY

     The Company has duly authorized the creation of an issue of its [       ]% Senior Notes due
                          , 2020 of substantially the tenor and amount hereinafter set forth (the
“Securities”), and to provide therefor the Company has duly authorized the execution and delivery
of this Indenture.

     All things necessary to make the Securities, when executed by the Company and authenticated
and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been
done.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.01 Definitions.

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

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

     (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

     (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles in the United States
(whether or not such is indicated herein), and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to any
computation required or permitted hereunder shall mean such accounting principles as are
generally accepted in the United States as consistently applied by the Company at the date
of such computation;

     (4) unless the context otherwise requires, any reference to an “Article” or a
“Section”, or to an “Annex” or a “Schedule”, refers to an Article or Section of, or to an
Annex or a Schedule attached to, this Indenture, as the case may be;

     (5) unless the context otherwise requires, any reference to a statute, rule or
regulation refers to the same (including any successor statute, rule or regulation thereto)
as it may be amended from time to time;

     (6) “including” means including without limitation; and

 

 

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

     (b) Certain terms, used principally in Article VI, are defined in that Article. Other terms are
defined as follows:

     “Acquired Debt” means Debt of a Person existing at the time such Person became a Subsidiary
and not Incurred in connection with, or in contemplation of, such Person becoming a Subsidiary.

     “Additional Amounts” has the meaning specified in Section 10.15.

     “Additional Securities” means any additional Securities that may be issued under a
supplemental indenture after the date that the Securities are first issued by the Company and
authenticated by the Trustee under this Indenture, which shall rank pari passu with the Securities
initially issued in all respects.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” as used with respect to any Person, shall mean 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 agreement or
otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person shall
be deemed to be control. For purposes of this definition, the terms “controlling”, “controlled by”
and “under common control with” have meanings correlative to the foregoing.

     “Agent Members” means members of, or direct participants in, the United States Depository.

     “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on
behalf of the Trustee to authenticate Securities.

     “Bankruptcy Laws” means                                         .

     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee of that board authorized to act for it in respect thereof.

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

     “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which banking institutions in the City of New York, New York or such other city in which the
Corporate Trust Office of the Trustee is located, are authorized or obligated by law, regulation or
executive order to close.

     “Capitalized Lease” is defined to mean, as applied to any Person, any lease of any property
(whether real, personal or mixed) of which the discounted present value of the rental obligations
of such Person, as lessee, in conformity with GAAP, is required to be capitalized on the balance
sheet of such Person; and “Capitalized Lease Obligation” is defined to mean the rental obligations,
as aforesaid, under such lease.

     “Capital Stock” is defined to mean, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person’s capital stock or ownership interests, whether outstanding prior to or issued after the
date of this Indenture, including, without limitation, all Common Stock and Preferred Stock.

     “Change of Control” has the meaning specified in Section 10.09.

2

 

     “Change of Control Triggering Event” is defined to mean the occurrence of a Change of Control
and a Rating Decline.

     “Clearstream” is defined to mean Clearstream Banking, S.A.

     “Commission” means the United States Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

     “Common Stock” of any Person means Capital Stock of such Person that does not rank prior, as
to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of such Person, to shares of Capital Stock of any other
class of such Person.

     “Company Request” or “Company Order” means a written request or order signed in the name of
the Company (or its successor Person) by its Chief Executive Officer, its President or a
Vice-President, and by its Chief Financial Officer, its Vice President, Finance, its Treasurer, an
Assistant Treasurer, its Controller, its Corporate Secretary or an Assistant Secretary, and
delivered to the Trustee.

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

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

     “Corporate Trust Office” means the corporate trust office of the Trustee or its affiliate at
which at any particular time its corporate trust business may be administered and any additional
office it may designate in writing to the Company. At the date of this Indenture, the Corporate
Trust Office of the Trustee is located at 700 S. Flower St., Suite 500, Los Angeles, CA 90014,
Attention: Corporate Trust Administration.

     “corporation” means a corporation, association, company, joint-stock company, limited
liability company, partnership or business trust.

     “Currency Agreement” is defined to mean any foreign exchange contract, currency swap agreement
or other similar agreement or arrangement designed to protect the Company or any of its
Subsidiaries against fluctuations in currency values to or under which the Company or any of its
Subsidiaries is a party or a beneficiary on the date of this indenture or becomes a party or a
beneficiary thereafter.

     “Debt” is defined to mean, with respect to any Person at any date of determination (without
duplication):

     (1) all debt of such Person for borrowed money,

3

 

     (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 or other similar
instruments (including reimbursement obligations with respect thereto),

     (4) all obligations of such Person to pay the deferred purchase price of property or services,
which purchase price is due more than six months after the date of placing such property in service
or taking delivery thereto or the completion of such services, except trade payables,

     (5) all obligations of such Person as lessee under Capitalized Leases,

     (6) all Debt of Persons other than such Person secured by a Lien on any asset of such person,
whether or not such Debt is assumed by such Person; provided that the amount of such Debt shall be
the lesser of (A) the fair market value of such asset at such date of determination and (B) the
amount of such Debt,

     (7) all Debt of Persons other than such Person guaranteed by such Person to the extent such
Debt is guaranteed by such Person, and

     (8) to the extent not otherwise included in this definition, obligations under Currency
Agreements and Interest Rate Agreements.

     The amount of Debt of any Person at any date shall be the outstanding balance at such date of
all unconditional obligations as described above and, with respect to contingent obligations, the
maximum liability upon the occurrence of the contingency giving rise to the obligation, provided
that the amount outstanding at any time of any Debt issued with original issue discount is the face
amount of such Debt less the remaining unamortized portion of the original issue discount of such
Debt at such time as determined in conformity with GAAP; and provided further that Debt shall not
include any liability for federal, state, local, foreign or other taxes.

     “Default” is defined to mean any event that is, or after the passage of time or both would be,
an Event of Default.

     “Defaulted Interest” has the meaning specified in Section 3.07.

     “Disqualified Equity Interests” of any Person means any class of Equity Interests of such
Person that, by its terms, or by the terms of any related agreement or of any security into or for
which it is convertible, puttable or exchangeable, is, or upon the happening of any event or the
passage of time would be, required to be redeemed by such Person, whether or not at the option of
the holder thereof, or matures or is mandatorily redeemable, pursuant to a sinking fund obligation
or otherwise, in whole or in part, on or prior to the date which is 91 days after the final
maturity date of the Securities; provided, however, that any class of Equity Interests of such
Person that, by its terms, authorizes such Person to satisfy in full its obligations with respect
to the payment of dividends or upon maturity, redemption (pursuant to a sinking fund or otherwise)
or repurchase thereof or otherwise by the delivery of Equity Interests that are not Disqualified
Equity Interests, and that is not convertible, puttable or exchangeable into or for Disqualified
Equity Interests or Debt, will not be deemed to be Disqualified Equity Interests so long as such
Person satisfies its obligations with respect thereto solely by the delivery of Equity Interests
that are not Disqualified Equity Interests; provided, further, however, that any Equity Interests
that would not constitute Disqualified Equity Interests but for provisions thereof giving holders
thereof (or the holders of any security into or for which such Equity Interests are convertible,
exchangeable or exercisable) the right to require the Company to redeem such Equity Interests upon
the occurrence of a change in control occurring prior to the 91st day after the final maturity date
of the Securities shall not constitute Disqualified Equity Interests if the change of control
provisions applicable to such Equity Interests are no more favorable to such holders than
provisions of Section 10.09, and such Equity Interests specifically

4

 

provide that the Company will not redeem any such Equity Interests pursuant to such provisions
prior to the Company’s purchase of the notes as required pursuant to the provisions of Section 10.09.

     “Equity Interests” of any Person means (1) any and all shares and other equity interests
(including common stock, preferred stock, limited liability company interests and partnership
interests) in such person and (2) all rights to purchase, warrants or options (whether or not
currently exercisable), participations or other equivalents of or interests in (however designated)
such shares or other interests in such Person.

     “Euroclear” is defined to mean Euroclear Bank S.A./N.V., as operator of the Euroclear System.

     “Event of Default” has the meaning specified in Section 5.01.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor act
thereto.

     “Expiration Date” has the meaning specified in Section 1.04.

     “generally accepted accounting principles” and “GAAP” are defined to mean generally accepted
accounting principles in the United States as in effect as of the date of this Indenture,
including, without limitation, those set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as approved by a significant segment of the accounting profession.

     “Global Security” means a Security that is registered in the Security Register in the name of
the United States Depository or its nominee.

     “Governing Board Members” means the individuals serving as members of the protectorate or
governing boards of (x) the Trust or its trustee or (y) if the individuals serving as members of
the protectorate or governing boards of the Trust or its trustee immediately prior to any
restructuring or dissolution of the Trust or any transfer of Capital Stock of the Company held
directly or indirectly thereby represent at least a majority of the members of the protectorate or
governing board of the Trust (or trustee thereof) or other entity replacing the Trust as a direct
or indirect owner of the Capital Stock of the Company held directly or indirectly by the Trust
immediately prior to such restructuring, dissolution or transfer, such replacement trust (or its
trustee) or entity, together with any new members whose election or appointment was approved by at
least two-thirds of the members of such board.

     “Gradation” is defined to mean a gradation within a Rating Category or a change to another
Rating Category, which shall include:

     (1) “+” and “-” in the case of S&P’s current Rating Categories (e.g., a decline from BB+ to BB
would constitute a decrease of one gradation),

     (2) 1 and 2 in the case of Moody’s current Rating Categories (e.g., a decline from B1 to B2
would constitute a decrease of one gradation), or

     (3) the equivalent in respect of successor Rating Categories of S&P or Moody’s or Rating
Categories used by Rating Agencies other than S&P and Moody’s.

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

     “Incur” means with respect to any Debt, to incur, create, issue, assume, guarantee or
otherwise become liable for or with respect to, or become responsible for, the payment of,
contingently or otherwise, such Debt, including an incurrence of Acquired Debt by reason of the
acquisition of more than 50% of the Capital Stock of any Person; provided that neither the accrual
of interest nor the accretion of original issue discount shall be considered an Incurrence of Debt.

5

 

     “Indenture” means this instrument as originally executed and as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to
the applicable provisions hereof.

     “Independent Investment Banker” means J.P. Morgan Securities Inc. or its successor or, if such
firm is unwilling or unable to select the Comparable Treasury Issue, one of the remaining Reference
Treasury Dealers appointed by the Company.

     “Interest Payment Date” has the meaning specified in Section 2.02.

     “Interest Rate Agreement” means any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement
or arrangement designed to protect the Company or any of its Subsidiaries against fluctuations in
interest rates to or under which the Company or any of its Subsidiaries is a party or a beneficiary
on the date hereof or becomes a party or a beneficiary hereafter.

     “Investment Grade” is defined to mean:

     (1) BBB- or above in the case of S&P (or its equivalent under any successor Rating Categories
of S&P);

     (2) Baa3 or above, in the case of Moody’s (or its equivalent under any successor Rating
Categories of Moody’s); and

     (3) the equivalent in respect of the Rating Categories of any Rating Agencies substituted for
S&P or Moody’s.

     “Kattegat” means Kattegat Limited, a Bermudian exempt company, which on the date of this
Indenture is wholly owned by the Trust.

     “Lien” is defined to mean, any mortgage, lien, pledge, security interest, encumbrance or
charge of any kind (including, without limitation, any conditional sale or other title retention
agreement or lease in the nature thereof, any sale with recourse against the seller or any
Affiliate of the seller, or any agreement to give any security interest).

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

     “Moody’s” is defined to mean Moody’s Investors Service, Inc., a subsidiary of Moody’s
Corporation, and its successors.

     “Notice of Default” means a written notice of the kind specified in Section 5.01(4).

     “Offer” has the meaning specified in the definition of Offer to Purchase.

     “Offer Expiration Date” has the meaning specified in the definition of Offer to Purchase.

     “Offer to Purchase” means a written offer (the “Offer”) sent by the Company by first class
mail, postage prepaid, to each Holder at his address appearing in the Security Register on the date
of the Offer offering to purchase up to the principal amount of Securities specified in such Offer
at the purchase price specified in such Offer (as determined pursuant to this Indenture). Unless
otherwise required by applicable law, the Offer shall specify an expiration date (the “Offer
Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary requirements of
applicable law, not less than 30 days or more than 60 days after the date of such Offer and a
settlement date (the “Purchase Date”) for purchase

6

 

of Securities within five Business Days after the Offer Expiration Date. The Company shall
notify the Trustee at least 15 Business Days (or such shorter period as is acceptable to the
Trustee) prior to the mailing of the Offer of the Company’s obligation to make an Offer to
Purchase, and the Offer shall be mailed by the Company or, at the Company’s request, by the Trustee
in the name and at the expense of the Company. The Offer shall contain information concerning the
business of the Company and its Subsidiaries which the Company in good faith believes will enable
such Holders of the Securities to make an informed decision with respect to the Offer to Purchase
(which at a minimum will include):

     (1) the most recent annual and quarterly financial statements and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” contained in the documents required to
be filed with the Trustee pursuant to this Indenture (which requirements may be satisfied by
delivery of such documents together with the Offer),

     (2) a description of material developments in the Company’s business subsequent to the date of
the latest of such financial statements referred to in clause (1) (including a description of the
events requiring the Company to make the Offer to Purchase),

     (3) if applicable, appropriate pro forma financial information concerning the Offer to
Purchase and the events requiring the Company to make the Offer to Purchase and

     (4) any other information required by applicable law to be included therein.

     The Offer shall contain all instructions and materials necessary to enable such Holders of the
Securities to tender Securities pursuant to the Offer to Purchase. The Offer shall also state:

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

     (2) the Expiration Date and the Purchase Date;

     (3) the aggregate principal amount of the Outstanding Securities offered to be purchased by
the Company pursuant to the Offer to Purchase (including, if less than 100%, the manner by which
such has been determined pursuant to the Section hereof requiring the Offer to Purchase) (the
“Purchase Amount”);

     (4) the purchase price to be paid by the Company for each U.S.$1,000 aggregate principal
amount of Securities accepted for payment (as specified pursuant to this Indenture) (the “Purchase
Price”);

     (5) that the Holder may tender all or any portion of the Securities registered in the name of
such Holder and that any portion of a Security tendered must be tendered in a minimum denomination
of U.S.$2,000 principal amount and integral multiples of U.S.$1,000 principal amount in excess
thereof;

     (6) the place or places where Securities are to be surrendered for tender pursuant to the
Offer to Purchase;

     (7) that interest on any Security not tendered or tendered but not purchased by the Company
pursuant to the Offer to Purchase will continue to accrue;

     (8) that on the Purchase Date, the Purchase Price will become due and payable upon each
Security being accepted for payment pursuant to the Offer to Purchase and that interest thereon
shall cease to accrue on and after the Purchase Date;

     (9) that each Holder of the Securities electing to tender a Security pursuant to the Offer to
Purchase will be required to surrender such Security at the place or places specified in the Offer
prior to the close of business on the Expiration Date (such Security being, if the Company or the
Trustee so

7

 

requires, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing);

     (10) that Holders of the Securities will be entitled to withdraw all or any portion of
Securities tendered if the Company (or its Paying Agent) receives, not later than the close of
business on the Expiration Date, a telegram, telex, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Security the Holder tendered, the certificate
number of the Security the Holder tendered and a statement that such Holder is withdrawing all or a
portion of his tender;

     (11) that (a) if Securities 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
shall purchase all such Securities and (b) if Securities in an aggregate principal amount in excess
of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the
Company shall purchase Securities having an aggregate principal amount equal to the Purchase Amount
on a pro rata basis (with such adjustments as may be deemed appropriate so that only Securities in
denominations of $2,000 or integral multiples of $1,000 in excess thereof shall be purchased); and

     (12) that in the case of any Holder whose Security is purchased only in part, the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security
without service charge, a new Security or Securities, of any authorized denomination as requested
by such Holder, in an aggregate principal amount equal to and in exchange for the unpurchased
portion of the Security so tendered.

     Any Offer to Purchase shall be governed by and effected in accordance with the Offer for such
Offer to Purchase.

     “Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the
President or a Vice President, and by the Chief Financial Officer, the Vice President, Finance, the
Treasurer, an Assistant Treasurer, the Controller, the Corporate Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company,
including an employee of the Company, and who shall be reasonably acceptable to the Trustee.

     “Outstanding” when used with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture, except:

     (1) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     (2) Securities, or portions thereof, for whose payment or redemption money in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company)
in trust or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made;

     (3) Securities, except to the extent provided in Sections 12.02 and 12.03, with respect to
which the Company has effected defeasance and/or covenant defeasance as provided in Article Twelve;
and

     (4) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, other than
any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Company;

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provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver or other action, only
Securities which the Trustee knows to be so owned by written notice delivered at its notice address
specified in Section 1.05 hereof, shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of
such other obligor.

     “pari passu”, when used with respect to the ranking of any Debt of any Person in relation to
other Debt of such Person, means that each such Debt (a) either (i) is not subordinated in right of
payment to any other Debt of such Person or (ii) is subordinate in right of payment to the same
Debt of such Person as is the other and is so subordinate to the same extent and (b) is not
subordinate in right of payment to the other or to any Debt of such Person as to which the other is
not so subordinate.

     “Path” means Path Spirit Limited, an English company limited by guarantee which is the trust
protector of the Trust.

     “Paying Agent” means any Person authorized by the Company to pay the principal of (and
premium, if any) or interest on any Securities on behalf of the Company, which initially shall be
the Trustee.

     “Permitted Holder” is defined to mean the Trust, a majority of the Governing Board Members
(each in his or her capacity as a Governing Board Member), or any other entity (including Resolute,
Kattegat and Path), more than 50% of the total voting power of the Voting Stock or other
controlling interest of which is, at the time of any transfer of Capital Stock of the Company by
the Trust or any such other entity, “beneficially owned” by the Trust or by a majority of the
Governing Board Members (each in his or her capacity as a Governing Board Member).

     “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

     “Preferred Stock” of any Person means Capital Stock of such Person of any class or classes
(however designated) that ranks prior, as to the payment of dividends or as to the distribution of
assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to
shares of Capital Stock of any other class of such Person.

     “Purchase Amount” has the meaning specified in the definition of Offer to Purchase.

     “Purchase Date” has the meaning specified in the definition of Offer to Purchase.

     “Purchase Price” has the meaning specified in the definition of Offer to Purchase.

     “Qualified Equity Interests” of any Person is defined to mean Equity Interests of such Person
other than Disqualified Equity Interests; provided that such Equity Interests shall not be deemed
Qualified Equity Interests to the extent sold or owed to a Subsidiary of such Person or financed,
directly or indirectly, using funds (1) borrowed from such Person or any Subsidiary of such Person
until and to the extent such borrowing is repaid or (2) contributed, extended, guaranteed or
advanced by such Person or

9

 

any Subsidiary of such Person (including, without limitation, in respect of any employee stock
ownership or benefit plan). Unless otherwise specified, Qualified Equity Interests refer to
Qualified Equity Interests of the Company.

     “Qualified Equity Offering” is defined to mean the issuance and sale of Qualified Equity
Interests of the Company to Persons other than any Person who is, prior to such issuance and sale,
an Affiliate of the Company which proceeds are contributed to the Company; provided, however, that
cash proceeds therefrom equal to not less than the Redemption Price of the Securities to be
redeemed are received by the Company as a capital contribution immediately prior to such
redemption.

     “Rating Agencies” is defined to mean:

     (1) S&P and Moody’s; or

     (2) if S&P or Moody’s or both of them are not making ratings of the Securities publicly
available, a nationally recognized United States rating agency or agencies, as the case may be,
selected by the Company, which will be substituted for S&P or Moody’s or both, as the case may be.

     “Rating Category” is defined to mean:

     (1) with respect to S&P, any of the following categories (any of which may include a “+” or
"-”): AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories);

     (2) with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa,
Ca, C and D (or equivalent successor categories); and

     (3) the equivalent of any such categories of S&P or Moody’s used by another Rating Agency, if
applicable.

     “Rating Decline” is defined to mean that at any time within 90 days (which period shall be
extended so long as the rating of the Securities is under publicly announced consideration for
possible downgrade by any Rating Agency) after the date of public notice of a Change of Control, or
of the intention of the Company or of any person to effect a Change of Control, the rating of the
Securities is decreased by both Rating Agencies by one or more Gradations and the rating by such
Rating Agencies on the Securities following such downgrade is below Investment Grade.

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

     “Redemption Price” when used with respect to any Security to be redeemed, in whole or in part,
means the price at which it is to be redeemed pursuant to this Indenture.

     “Reference Treasury Dealer” means (i) each of J.P. Morgan Securities Inc. and any other
primary United States Government Securities dealer in New York City (a “Primary Treasury Dealer”)
designated by, and not affiliated with, J.P. Morgan Securities Inc., provided however, that if J.P.
Morgan Securities Inc. or any of its designees shall cease to be a Primary Treasury Dealer, the
Company will appoint another Primary Treasury Dealer as a substitute for such entity and (ii) any
other Primary Treasury Dealer selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee of the bid and asked prices for
the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount)
quoted in writing to the trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such Redemption Date.

     “Regular Record Date” has the meaning specified in Section 2.02.

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     “Relevant Debt” means any debt for borrowed money in the form of bonds, notes, debentures or
other debt securities issued by way of public offering or private placement, including any
guarantee or indemnity given in respect of debt of any third party for money borrowed in the form
of bonds, notes, debentures or other debt securities issued by way of a public offering or private
placement, but, for greater clarity, shall not include loans (or collateral debt securities
relating to such loans) made by banks or other financial institutions, customers or strategic
partners.

     “Reporting Failure” means the failure of the Company to file or furnish with the Commission
and furnish to the Trustee and each Holder of Securities, within the time periods specified in
Section 10.10 (after giving effect to any grace period specified under Rule 12b-25 under the
Exchange Act), the reports and information which the Company may be required to file or furnish
with the Commission pursuant to such provision.

     “Resolute” means Resolute Investments, Ltd., a Bermudian exempt company, which on the date of
this Indenture is wholly owned by Kattegat.

     “S&P” is defined to mean Standard & Poor’s Ratings Services, a division of The McGraw Hill
Companies Inc., and its successors.

     “Securities Act” means the United States Securities Act of 1933, as amended, and (unless the
context otherwise requires) includes the rules and regulations of the Commission promulgated
thereunder.

     “Security” and “Securities” have the meaning set forth in the first recital of this Indenture
and more particularly means any Securities authenticated and delivered under this Indenture. For
all purposes of this Indenture, the term “Securities” shall include any Additional Securities that
may be issued under a supplemental indenture and, for purposes of this Indenture, both the
Securities and the Additional Securities shall vote together as one series of Securities under this
Indenture.

     “Security Register” and “Security Registrar” have the respective meanings specified in Section
3.05.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.07.

     “Stated Maturity” means, when used with respect to any Security or any installment of
principal thereof or interest thereon, the date specified in such Security as the fixed date on
which the principal of such Security or such installment of principal or interest is due and
payable.

     “Subsidiary” is defined to mean, with respect to the Company, any business entity of which
more than 50% of the outstanding Voting Stock is owned directly or indirectly by the Company and
one or more other Subsidiaries of the Company.

     “Successor Company” has the meaning specified in Section 8.02.

     “Successor Security” of any particular Security means every Security issued after, and
evidencing all or a portion of the same debt as that evidenced by, such particular Security; and
for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

     “Taxing Jurisdiction” is defined to mean the Republic of The Marshall Islands or any
jurisdiction from or through which payment on the Securities is made, or any political subdivision
thereof, or any authority or agency therein or thereof having power to tax.

     “Treasury Yield” means, with respect to any Redemption Date, the rate per year equal to the
semi-annual equivalent yield to Maturity of the Comparable Treasury Issue, assuming a price for the

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Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date.

     “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.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as in force at the date
of which this instrument was executed; provided, however, that in the event the Trust Indenture Act
of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by such
amendment, the Trust Indenture Act of 1939 as so amended.

     “Trust” is defined to mean The Kattegat Trust, a Bermudian charitable trust, the trustee of
which is Kattegat Private Trustees (Bermuda) Limited.

     “United States” means the United States of America (including the States thereof and the
District of Columbia), its territories, its possessions and other areas subject to its
jurisdiction.

     “United States Depositary” means The Depository Trust Company until a successor United States
Depositary shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter “United States Depositary” shall mean each successor United States Depositary.

     “U.S. Dollars” and “$” means such coin or currency of the United States which is legal tender
for payment of public and private debts.

     “United States Government Obligations” has the meaning specified in Section 12.04.

     “United States Government Securities” is defined to mean securities that are direct
obligations of the United States, direct obligations of the Federal Home Loan Mortgage Corporation,
direct obligations of the Federal National Mortgage Association, securities which the timely
payment of whose principal and interest is unconditionally guaranteed by the full faith and credit
of the United States, trust receipts or other evidence of indebtedness of a direct claim upon the
instrument described above and money market mutual funds that invest solely in such securities.

     “Vice President”, when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president”.

     “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote in the election of the board of directors or similar governing body of
such Person.

SECTION 1.02 Compliance Certificates and Opinions.

     (a) Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee and Officer’s Certificate and
such other certificates and Opinions of Counsel as may be required under the Trust Indenture Act or
as set forth herein. Each such certificate, Opinion of Counsel or other expert opinion shall be
reasonably satisfactory in form and substance to the Trustee and shall include

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

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     (3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition precedent, if any, has been complied with; and

     (4) a statement as to whether, in the opinion of each such individual, such condition
or covenant necessary for any action in the Trustee’s opinion has been complied with;

     (5) when an Opinion of Counsel, a statement that all conditions or covenants necessary
for any action of the Trustee has been complied with.

SECTION 1.03 Form of Documents Delivered to Trustee.

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

     (b) Any certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which his or her certificate or opinion is based are erroneous. Any such certificate or
opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the Company, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous.

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

SECTION 1.04 Acts of Holders; Record Dates.

     (a) 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 may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments and the Holders bound
thereby. 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 6.01) conclusive in favor
of the Trustee and the Company, if made in the manner provided in this Section.

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

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     (c) The ownership of Securities (including the stated amount at Maturity and serial numbers of
Securities held by any Person, and the date of holding the same) shall be proved by the Security
Register.

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

     (e) The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to give, make or take any request, demand, authorization,
direction, vote, notice, consent, waiver or other action provided or permitted by this Indenture to
be given, made or taken by Holders of Securities, 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 the next paragraph. If not
set by the Company prior to the first solicitation of a Holder made by any Person in respect of any
such matter referred to in the foregoing sentence, the record date for any such matter shall be the
30th day (or, if later, the date of the most recent list of Holders required to be provided
pursuant to Section 7.01) prior to such first solicitation. If any record date is set pursuant to
this paragraph, the Holders of Outstanding Securities on such record date, and no other Holders,
shall be entitled to take the relevant action, 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 stated amount at Maturity of
Outstanding Securities 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 paragraph (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
paragraph shall be construed to render ineffective any action taken by Holders of the requisite
stated amount at Maturity of Outstanding Securities on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, 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 of Securities in the manner set forth in
Section 1.06.

     (f) The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to join in the giving or making of (1) any Notice of Default, (2)
any declaration of acceleration referred to in Section 5.02, (3) any request to institute
proceedings referred to in Section 5.07(b) or (4) any direction referred to in Section 5.12. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities 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 stated amount at Maturity of Outstanding Securities on such record
date. Nothing in this paragraph 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
paragraph (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 paragraph shall be construed to render
ineffective any action taken by Holders of the requisite stated amount at Maturity of Outstanding
Securities on the date such action is taken. Promptly after any record date is set pursuant to
this paragraph, the Trustee, at the Company’s expense, 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 of Securities in the manner set forth in Section 1.06.

     (g) With respect to any record date set pursuant to this Section, the party hereto which sets
such record date 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 other party hereto in writing,
and to each Holder of Securities in the manner set forth in Section 1.06, on or prior to the
existing Expiration Date. If an

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Expiration Date is not designated with respect to any record date set pursuant to this
Section, the party hereto which 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.

     (h) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Security may do so with regard to all or any part of the stated
amount at Maturity of such Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal amount.

SECTION 1.05 Notices, Etc., to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

     (a) the Trustee by any Holder or by the Company shall be sufficient for purposes other than
with respect to securities for payment or for registrations of transfer or exchange, if made,
given, furnished or filed in writing (or by facsimile transmissions to The Bank of New York Mellon
Trust Company, N.A., 700 S. Flower Street, Suite 500, Los Angeles, CA 90017 Attn: Corporate Trust
Administration, Telecopy: (213) 630-6298, provided that oral confirmation of receipt shall have
been received) to or with the Trustee at its Corporate Trust Office, Attention: Corporation Trust
Administration;

     (b) if, for purpose of Section 305 (with respect to securities for payment or for
registrations of transfer or exchange) to The Bank of New York Mellon, 111 Sanders Creek Parkway,
Syracuse, New York 13057; or

     (c) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to it at the address of its principal office specified in
the first paragraph of this instrument or at any other address previously furnished in writing to
the Trustee by the Company, Attention: General Counsel.

     Notwithstanding anything to the contrary herein, 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 including “*.pdf” form; provided,
however, that (a) the party providing such written instruction, after such transmission, promptly
provides the originally executed instruction or direction to the Trustee, (b) such originally
execute instruction or direction is signed by an authorized representative of the party providing
such instruction or direction and (c) such instructions or which incumbency certificate shall be
amended whenever a person is to be added or deleted from the listing. If the party elects to
transmit to the Trustee electronic instructions as described above upon which the Trustee, in its
discretion, elects to act, the Trustee’s understanding of such instructions shall be deemed
controlling and conclusive in the case of any dispute arising out of any action or event related
thereto.

SECTION 1.06 Notice to Holders; Waiver.

     (a) Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at its address as it appears in
the Security Register, not later than the latest date (if any), and not earlier than the earliest
date (if any), prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the

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Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     (b) In case by reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder.

     Notwithstanding anything to the contrary contained herein, as long as the Securities are in
the form of a Global Security, notice to the Holders may be made electronically in accordance with
procedures of the Depositary.

SECTION 1.07 Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required under such Act to be a part of and govern this Indenture, the 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 to apply to
this Indenture as so modified or to be excluded, as the case may be.

SECTION 1.08 Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

SECTION 1.09 Successors and Assigns.

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind
its successors.

SECTION 1.10 Separability Clause.

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

SECTION 1.11 Benefits of Indenture.

     Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto, any Paying Agent, any Securities Registrar and their successors
hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

SECTION 1.12 Governing Law.

     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

SECTION 1.13 Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date, Purchase Date or Stated Maturity
of any Security shall not be a Business Day, then (notwithstanding any other provision of this
Indenture or of the Securities) payment of interest or stated amount at Maturity (and premium, if
any) need not be made on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the Interest Payment Date, Redemption Date or Purchase Date, or
at the Stated Maturity, provided that no interest shall accrue for the period from and after such
Interest Payment Date, Redemption Date or Purchase Date or Stated Maturity, as the case may be.

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SECTION 1.14 Consent to Service; Jurisdiction.

     (a) The Company and the Trustee agree that any legal suit, action or proceeding arising out of
or relating to this Indenture, and the Company agrees that any legal suit, action or proceeding
arising out of or relating to the Securities, may be instituted in any federal or state court in
the Borough of Manhattan, the City of New York, waives any objection which it may now or hereafter
have to the laying of the venue of any such legal suit, action or proceeding, waives any immunity
from jurisdiction or to service of process in respect of any such suit, action or proceeding, and
irrevocably submits to the exclusive jurisdiction of any such court in any such suit, action or
proceeding.

     (b) The Company hereby designates and appoints Watson, Farley & Williams (New York) LLP, New
York, New York as its authorized agent upon which process may be served in any legal suit, action
or proceeding arising out of or relating to this Indenture or the Securities which may be
instituted in any federal or state court in the Borough of Manhattan, the City of New York, New
York, and agrees that service of process upon such agent, and written notice of said service to the
Company by the Person serving the same, shall be deemed in every respect effective service of
process upon the Company in any such suit, action or proceeding and further designates its
domicile, the domicile of New York, New York specified above and any domicile it may have in the
future as its domicile to receive any notice hereunder (including service of process). Service of
process, to be effective upon the Trustee, must be served at the Trustee’s Corporate Trust Office
in The City of New York. If for any reason Watson, Farley & Williams (New York) LLP, New York, New
York (or any successor agent for this purpose) shall cease to act as agent for service of process
as provided above, the Company will promptly appoint a successor agent for this purpose reasonably
acceptable to the Trustee. The Company agrees to take any and all actions as may be necessary to
maintain such designation and appointment of such agent in full force and effect.

SECTION 1.15 Conversion of Currency.

     The Company covenants and agrees that the following provisions shall apply to conversion of
currency in the case of the Securities and this Indenture in the event the Company is in default
under the terms of this Indenture:

     (a) If for the purpose of obtaining judgment in, or enforcing the judgment of, any court in
any country, it becomes necessary to convert into a currency (the “judgment currency”) an amount
due in U.S. Dollars, then the conversion shall be made at the rate of exchange prevailing on the
Business Day before the day on which the judgment is given or the order of enforcement is made, as
the case may be (unless a court shall otherwise determine).

     (b) If there is a change in the rate of exchange prevailing between the Business Day before
the day on which the judgment is given or an order of enforcement is made, as the case may be (or
such other date as a court shall determine), and the date of receipt of the amount due, the Company
will pay such additional amount (or, as the case may be, be refunded such lesser amount), if any,
as may be necessary so that the amount paid in the judgment currency when converted at the rate of
exchange prevailing on the date of receipt will produce the amount in U.S. Dollars originally due.

     (c) In the event of the winding-up of the Company at any time while any amount or damages
owing under the Securities of this Indenture, or any judgment or order rendered in respect thereof,
shall remain outstanding, the Company shall indemnify and hold the Holders and the Trustees
harmless against any deficiency arising or resulting from any variation in rates of exchange
between (1) the date as of which the equivalent of the amount in U.S. Dollars due or contingently
due under the Securities and this Indenture (other than under this Subsection (c)) is calculated
for the purposes of such winding-up and (2) the final date for the filing of proofs of claim in
such winding-up. For the purpose of this Subsection (c), the final date for the filing of proofs
of claim in the winding-up of the Company shall be the date fixed by the liquidator or otherwise in
accordance with the relevant provisions of applicable law as being the latest practicable date as
at which liabilities of the Company may be ascertained for such winding-up prior to payment by the
liquidator or otherwise in respect thereto.

17

 

     (d) The obligations contained in Subsections (b) and (c) of this Section 1.15 shall constitute
separate and independent obligations of the Company from its other obligations under the Securities
and this Indenture, shall give rise to separate and independent causes of action against the
Company, shall apply irrespective of any waiver or extension granted by any Holders or the Trustees
or any of them from time to time and shall continue in full force and effect notwithstanding any
judgment or order or the filing of any proof of claim in the winding-up of the Company for a
liquidated sum in respect of amounts due hereunder (other than under subsection (c) above) or under
any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss
suffered by the Holders or the Trustee, as the case may be, and no proof or evidence of any actual
loss shall be required by the Company or the liquidator or otherwise or any of them which shall be
liable for such deficiency. In the case of Subsection (c) above, the amount of such deficiency
shall not be deemed to be reduced by any variation in rates of exchange occurring between the said
final date and the date of any liquidating distribution.

     (e) The term “rate(s) of exchange” shall mean the rate of exchange quoted by The Bank of New
York as its central foreign exchange desk in its head office in New York, New York at 12:00 noon
(New York City time) for the purchases of U.S. Dollars with the judgment currency other than U.S.
Dollars referred to in subsections (a) and (c) above and includes any premiums and costs of
exchange payable.

     (f) The Trustee shall have no duty or liability with respect to monitoring or enforcing this
Section 1.15 and shall have no liability to the Holders due to fluctuations in currency rates.

ARTICLE II

FORMS OF SECURITY

SECTION 2.01 Forms Generally.

     (a) The Securities and the Trustee’s certificates of authentication shall be in substantially
the forms set forth in this Article, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules of any securities exchange or as may, consistently herewith, be determined
by the officers executing such Securities, as evidenced by their execution of the Securities.

     (b) The definitive Securities shall be printed, lithographed or engraved or produced by any
combination of these methods on steel engraved borders or may be produced in any other manner,
provided that such manner is permitted by the rules of any securities exchange on which the
Securities may be listed, all as determined by the officers executing such Securities, as evidenced
by their execution of such Securities.

     (c) In certain cases described elsewhere herein, the legends set forth in the first and second
paragraphs of Section 2.02 may be omitted from Securities issued hereunder.

SECTION 2.02 Form of Face of Security.

     [INCLUDE IF SECURITY IS A GLOBAL SECURITY — THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

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     [INCLUDE IF SECURITY IS A GLOBAL SECURITY AND THE DEPOSITORY
TRUST COMPANY IS THE UNITED STATES DEPOSITARY — UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, 55 WATER STREET, NEW YORK, NEW YORK 10004,
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 CEDE & CO., AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

TEEKAY CORPORATION

[     ]% Senior Notes due                                                              , 2020

			
	CUSIP NO.                    
	 	ISIN NO.                     
	No.                     
	 	$                    

     Teekay Corporation, a corporation duly incorporated and existing under the laws of the
Republic of The Marshall Islands (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of                      U.S. Dollars [IF THE SECURITY IS
A GLOBAL SECURITY, THEN INSERT -, which principal sum may from time to time be increased or
decreased to such other principal sum at maturity, as may be set forth in the records of the
Trustee hereinafter referred to in accordance with the Indenture,] on                      ___, 2020, and
to pay interest thereon at a rate of [     ]% per annum in cash semi-annually to the Holder of
record at the close of business on                      ___and                      ___, as the case may be, (the
“Regular Record Date”) immediately preceding the applicable Interest Payment Date, on                     
___and                      ___of each year (the “Interest Payment Dates”), commencing on                     
___, 2010. This Security will bear interest on the overdue stated amount at maturity and premium,
if any, and to the extent permitted by law, overdue interest at a rate of [     ]% plus 1% per
annum (to the extent that the payment of interest shall be legally enforceable) from the date due
until the principal hereof is paid.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be                      or                      (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice of which states the Special Record Date, the
payment date (which shall be not less than five nor more than 10 days after the Special Record
Date), and the amount to be paid, and such notice shall be given to Holders of Securities not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in
said Indenture. Interest on this Security shall be computed on the basis set forth in the
Indenture.

19

 

     Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the
City of New York, in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the
Company, payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

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

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 

	 	 	 	 
	 	 	 	 	TEEKAY CORPORATION
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

SECTION 2.03 Form of Reverse of Security.

     This Security is one of a duly authorized issue of Securities of the Company designated as its
[     ]% Senior Notes due                      ___, 2020 (herein called the “Securities”), issued and
to be issued under an indenture dated as of                                          ___, 2010 (herein called the
“Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), to
which Indenture and 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 Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered.

     As provided for in the Indenture, the Company may, subject to certain limitations, from time
to time, without notice or other consent of the Holders, create and issue Additional Securities
ranking pari passu with the Securities issued the date hereof so that such Additional Securities
shall be consolidated and form a single series with the Securities initially issued by the Company
and shall have the same terms as to status, redemption or otherwise as Securities originally
issued. Any Additional Securities shall be issued with the benefit of any indenture supplemental
to the Indenture.

     At the Company’s option, the Company may redeem the Securities in whole or in part at any time
at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities to
be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal
and interest on the Securities to be redeemed (excluding the portion of any such interest accrued
to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Yield, plus 50 basis points, plus,
in each case, accrued and unpaid interest to the Redemption Date.

     The Securities shall be subject to redemption, at the option of the Company, as a whole but
not in part, at any time upon not fewer than 30 nor more than 60 days’ notice mailed to each Holder
of Securities at the addresses appearing in the Security Register at a Redemption Price equal to
100% of the principal amount of the Securities plus accrued interest to but excluding the
Redemption Date if the Company has become or would become obligated to pay on the next date on
which any amount would be payable under or with respect to the Securities, any Additional Amounts
as a result of any change or

20

 

amendment to the laws (including any regulations promulgated thereunder) of any Taxing
Jurisdiction, or any change in or amendment to any official position regarding the application or
interpretation of such laws or regulations, which change or amendment is announced or becomes
effective on or after                                          ___, 2010.

     At any time or from time to time prior to                      ___, 2013, the Company, at its option,
may redeem up to 35% of the aggregate principal amount of the Securities issued under the Indenture
with the net cash proceeds of one or more Qualified Equity Offerings at a Redemption Price equal to
___% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest
thereon, if any, to the Redemption Date; provided that (1) at least 65% of the aggregate principal
amount of Securities issued under the Indenture remains outstanding immediately after the
occurrence of such redemption and (2) the redemption occurs within 60 days of the date of the
closing of any such Qualified Equity Offering.

     If less than all of the Securities are to be redeemed at any time, the Trustee shall select
the Securities to be redeemed by such method as the Trustee shall deem fair and appropriate in the
aggregate principal amount specified by the Company. The Trustee may select for redemption
Securities and portions of Securities in amounts of U.S.$2,000 or whole multiples of U.S.$1,000 in
excess thereof.

     The Securities do not have the benefit of any sinking fund obligations.

     In the event of redemption or purchase pursuant to an Offer to Purchase of this Security in
part only, a new Security or Securities for the unredeemed or unpurchased portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

     If an Event of Default shall occur and be continuing, the stated amount at maturity of all the
Securities may be declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture provides that, subject to certain conditions, if a Change of Control Triggering
Event occurs, the Company shall be required to make an Offer to Purchase for all or a specified
portion of the Securities.

     The Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of
this Security or (ii) certain restrictive covenants and Events of Default with respect to this
Security, in each case upon compliance with certain conditions set forth therein.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in aggregate principal amount of the Securities at the time Outstanding. The
Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities,
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 Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

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

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in the Borough of Manhattan,
the City of New York, 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

21

 

thereupon one or more new Securities, of authorized denominations and for the same aggregate
stated amount at maturity, will be issued to the designated transferee or transferees.

     The Securities are issuable only in registered form without coupons in stated amounts of
U.S.$2,000 at maturity and any integral multiple of U.S.$1,000 in excess thereof. As provided in
the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for
a like aggregate stated amount at maturity of Securities of a different authorized denomination, as
requested by the Holder surrendering the same.

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

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

     Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day
months.

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

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

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Security purchased in its entirety by the Company pursuant
to Section 10.09 of the Indenture, check the box: o

     If you want to elect to have only a part of this Security purchased by the Company pursuant to
Section 10.09 of the Indenture, state the amount (which must be in denominations of $2,000 or
integral multiples of U.S.$1,000 in excess thereof):

$                    

	 	 	 	 	 	 	 
	Dated:

	 	 
	 	Your Signature:
	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	(Sign exactly as name appears on the other side of
this Security)
	 
	 	 	 	 	 	 
	 

	 	 	 	Signature Guarantee:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	(Signature must be guaranteed by a member firm of the New York Stock
Exchange or a commercial bank or trust company)

SECTION 2.04 Form of Trustee’s Certificate of Authentication.

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

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

22

 

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., not
in its individual capacity but solely as Trustee

	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

ARTICLE III

THE SECURITIES

SECTION 3.01 Title and Terms.

     (a) The aggregate stated amount at Maturity of Securities which may be authenticated and
delivered under this Indenture is not limited.

     (b) The Securities shall be known and designated as the “[     ]% Senior Notes due
                     ___, 2020” of the Company. Their Stated Maturity shall be                      ___, 2020 and
they shall bear interest thereon at a rate of [     ]% per annum in cash semi-annually to the
Holder of record at the close of business on the Regular Record Date immediately preceding the
applicable Interest Payment Date, on the Interest Payment Date, commencing on                      ___,
2010.

     (c) The stated amount at Maturity of (and premium, if any) and interest on the Securities
shall be payable at the office or agency of the Company in the Borough of Manhattan, City of New
York, New York maintained for such purpose or at any other office or agency maintained by the
Company for such purpose; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.

     (d) The Securities shall be subject to repurchase by the Company pursuant to an Offer to
Purchase as provided in Section 10.09.

     (e) The Securities shall be redeemable as provided in Article XI.

     (f) The Securities shall be subject to defeasance at the option of the Company as provided in
Article XII.

     (g) Additional Securities ranking pari passu with the Securities issued the date hereof may be
created and issued from time to time by the Company without notice to or consent of the Holders and
shall be consolidated with and form a single series with the Securities initially issued and shall
have the same terms as to status, redemption or otherwise as the Securities originally issued. Any
Additional Securities shall be issued with the benefit of an indenture supplemental to this
Indenture.

SECTION 3.02 Denominations.

     The Securities shall be issuable only in registered form without coupons and only in stated
amounts of $2,000 at Maturity and any integral multiple of $1,000 in excess thereof.

SECTION 3.03 Execution, Authentication, Delivery and Dating.

     (a) The Securities shall be executed on behalf of the Company by its Chief Executive Officer,
its President, its Chief Financial Officer attested to by its Corporate Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities may be manual or
facsimile.

23

 

     (b) Securities bearing the manual or facsimile signatures of individuals who were at any
time the proper officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities.

     (c) At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities executed by the Company to the Trustee for authentication, together
with a Company Order for the authentication and delivery of such Securities; and the Trustee in
accordance with the Company Order shall authenticate and deliver such Securities.

     (d) Each Security shall be dated the date of its authentication.

     (e) No Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder.

     (f) In case the Company, pursuant to Article Eight, shall be consolidated or merged with or
into any other Person or shall convey, transfer, lease or otherwise dispose of substantially all of
its properties and assets to any Person, and the successor Person resulting from such
consolidation, or surviving such merger, or into which the Company shall have been merged, or the
successor Person which shall have received a conveyance, transfer, lease or other disposition as
aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to
Article Eight, any of the Securities authenticated or delivered prior to such consolidation,
merger, conveyance, transfer, lease or other disposition may, from time to time, at the request of
the successor Person, be exchanged for other Securities executed in the name of the successor
Person with such changes in phraseology and form as may be appropriate, but otherwise in substance
of like tenor as the Securities surrendered for such exchange and of like principal amount; and the
Trustee upon Company Order of the successor Person, shall authenticate and deliver replacement
Securities as specified in such request for the purpose of such exchange. If replacement
Securities shall at any time be authenticated and delivered in any new name of a successor Person
pursuant to this Section in exchange or substitution for or upon registration of transfer of any
Securities, such successor Person, at the option of any Holder but without expense to such Holder,
shall provide for the exchange of all Securities at the time outstanding held by such Holder for
Securities authenticated and delivered in such new name.

SECTION 3.04 Temporary Securities.

     (a) Pending the preparation of definitive Securities, the Company may execute, and upon
Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of such Securities.

     (b) If temporary Securities are issued, the Company will cause definitive Securities to be
prepared without unreasonable delay. After the preparation of definitive Securities, the temporary
Securities shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at any office or agency of the Company designated pursuant to Section 10.02, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of authorized denominations. Until so exchanged the
temporary Securities shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities.

24

 

SECTION 3.05 Registration; Registration of Transfer and Exchange.

     (a) Registration, Registration of Transfer and Exchange Generally.

     (1) The Company shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office and in any other office or agency
designated pursuant to Section 10.02 being herein sometimes collectively referred to as the
“Security Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities and of transfers and exchanges
of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers and exchanges of Securities as herein provided.

     (2) Upon surrender for registration of transfer of any Security at an office or agency
of the Company designated pursuant to Section 10.02 for such purpose, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of any authorized denominations and of
a like aggregate stated amount at Maturity bearing such restrictive legends as may be
required by this Indenture.

     (3) At the option of the Holder, and subject to the other provisions of this Section
3.05, Securities may be exchanged for other Securities of any authorized denominations and
of a like tenor or aggregate principal amount, upon surrender of the Securities to be
exchanged at such office or agency of the Company. Whenever any Securities are so
surrendered for exchange, and subject to the other provisions of this Section 3.05, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

     (4) All Securities issued upon any registration of transfer or exchange of Securities
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.

     (5) Every Security presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed, by the Holder thereof or its attorney duly authorized in
writing.

     (6) No service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06 or
11.08 or in accordance with any Offer to Purchase pursuant to Section 10.09 not involving
any transfer.

     (7) The Company shall not be required (i) to issue, register the transfer of or
exchange any Securities during a period beginning at the opening of business 15 days before
the day of the mailing of a notice of redemption of Securities selected for redemption under
Section 11.04 and ending at the close of business on the day of such mailing, or (ii) to
register the transfer of or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.

(b) [Intentionally Omitted]

(c) [Intentionally Omitted]

25

 

     (d) The provisions of clauses (1), (2), (3), (4) and (5) of this Subsection (d) shall apply
only to Global Securities:

     (1) Each Global Security authenticated under this Indenture shall be registered in the
name of the United States Depositary or a nominee thereof and delivered to the United States
Depositary or a nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

     (2) Notwithstanding any other provision in this Indenture or the Securities, no Global
Security may be exchanged in whole or in part for Securities registered, and no transfer of
a Global Security in whole or in part may be registered, in the name of any Person other
than the United States Depositary or a nominee thereof unless (A) the United States
Depositary (i) has notified the Company that it is unwilling or unable to continue as United
States Depositary for such Global Security or (ii) has ceased to be a clearing agency
registered under the Exchange Act, and in either case the Company thereupon fails to appoint
a successor depositary within 120 days of such notice, (B) the Company, at its option,
executes and delivers to the Trustee a Company Order that such Global Security shall be
exchanged in whole for Securities that are not Global Securities, or (C) there shall have
occurred and be continuing an Event of Default with respect to such Global Security.

     (3) Securities issued in exchange for a Global Security or any portion thereof pursuant
to clause (2) of this Subsection (d) shall be issued in definitive, fully registered form,
without interest coupons, shall have an aggregate principal amount equal to that of such
Global Security or portion thereof to be so exchanged, shall be registered in such names and
be in such authorized denominations as the United States Depositary shall designate and
shall bear any legends required hereunder. Any Global Security to be exchanged in whole
shall be surrendered by the United States Depositary to the Trustee, as Security Registrar.
With regard to any Global Security to be exchanged in part, either such Global Security
shall be so surrendered for exchange or, if the Trustee is acting as custodian for the
United States Depositary or its nominee with respect to such Global Security, the principal
amount thereof shall be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of an appropriate adjustment made on the records of the Trustee and the
United States Depositary. Upon any such surrender or adjustment, the Trustee shall
authenticate and deliver the Security issuable on such exchange to or upon the order of the
United States Depositary or an authorized representative thereof.

     (4) In the event of the occurrence of any of the events specified in clause (2) of this
Subsection (d), the Company will promptly make available to the Trustee a reasonable supply
of certificated Securities in definitive, fully registered form, without interest coupons.

     (5) Neither any Agent Members nor any other Persons on whose behalf Agent Members may
act (including Euroclear and Clearstream and account holders and participants therein) shall
have any rights under this Indenture with respect to any Global Security, or under any
Global Security, and the United States Depositary or such nominee, as the case may be, 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 Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any
agent of the Company or the Trustee from giving effect to any written certification, proxy
or other authorization furnished by the United States Depositary or such nominee, as the
case may be, or impair, as between the United States Depositary, its Agent Members and any
other person on whose behalf an Agent Member may act, the operation of customary practices
of such Persons governing the exercise of the rights of a Holder of any Security.

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SECTION 3.06 Mutilated, Destroyed, Lost and Stolen Securities.

     (a) If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of like tenor and
principal amount and bearing a number not contemporaneously outstanding.

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

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

     (b) Upon the issuance of any new Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

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

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

SECTION 3.07 Payment of Interest; Interest Rights Preserved.

     (a) Interest on any Security which is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest.

     (b) Any interest on any Security which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be
payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each case, as provided in
clause (1) or (2) of this Subsection (b):

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities (or their respective Predecessor Securities) are registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Security and the
date of the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit

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of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days prior to the date of
the proposed payment and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly notify the Company of such
Special Record Date and, in the name and at the expense of the Company, shall cause notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor to
be mailed, first-class postage prepaid, to each Holder at his address as it appears in the
Security Register, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been
so mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Securities (or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2).

     (2) 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 such Securities
may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this Clause, such
manner of payment shall be deemed practicable by the Trustee.

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

SECTION 3.08 Persons Deemed Owners.

     Prior to due presentment of a Security 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 Security is
registered on the Securities Register as the owner of such Security for the purpose of receiving
payment of stated amount at Maturity of (and premium, if any) and (subject to Section 3.07)
interest on such Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

SECTION 3.09 Cancellation.

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any Offer to Purchase pursuant to Section 10.09 shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it.
The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever,
and may deliver to the Trustee (or any other person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and
all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee
shall be disposed of by the Trustee in accordance with its customary procedures and certification
of their disposal delivered to the Company unless by Company Order the Company shall direct that
cancelled Securities be returned to it.

SECTION 3.10 Computation of Interest.

     Except as otherwise contemplated by Section 3.01, Interest on the Securities shall be computed
on the basis of a 360-day year of twelve 30-day months.

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SECTION 3.11 CUSIP Numbers.

     The Company in issuing the Securities may use “CUSIP” numbers and, if so, the Trustee shall
use “CUSIP” numbers in notices of redemption and other notices to Holders as a convenience to
Holders; provided, however, that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption or other notice and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption or notice shall not be affected by any defect in
or such omission of such numbers.

ARTICLE IV

SATISFACTION AND DISCHARGE

SECTION 4.01 Satisfaction and Discharge of Indenture.

     (a) This Indenture shall cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided for), and the Trustee,
upon a Company Order and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture (including, but not limited to, Article
Twelve), when

     (1) either

     (i) all Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 3.06 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.03) have been delivered to the Trustee for cancellation; or

     (ii) all such Securities not theretofore delivered to the Trustee for
cancellation

     (b) have become due and payable, or

     (c) will become due and payable at their Stated Maturity within one year, or

     (d) are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of
the Company,

and the Company, in the case of subclause (a), (b) or (c) of this Subsection (a)(1)(ii), has
deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money
in an amount sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal amount (and premium, if any)
and interest to the date of such deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may be;

     (1) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     (2) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

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     (e) Notwithstanding the satisfaction and discharge of this Indenture pursuant to this Article
IV, the obligations of the Company to the Trustee under Section 6.07, the obligations of the
Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with
the Trustee pursuant to subclause (ii) of Subsection (a)(1) of this Section, the obligations of the
Trustee under Section 4.02 and Section 10.03(e) shall survive.

SECTION 4.02 Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the
Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, to the principal (and premium, if any) and interest for whose
payment such money has been deposited with the Trustee.

ARTICLE V

REMEDIES

SECTION 5.01 Events of Default.

     (a) “Event of Default”, wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

     (1) default in the payment of the principal of (or premium, if any, on) any Security
when due; or

     (2) default in the payment of any accrued and unpaid interest upon any Security when it
becomes due and payable, and continuance of such default for a period of 30 days; or

     (3) default in the payment of the principal and interest (and premium, if any) on
Securities required to be purchased upon the occurrence of a Change of Control Triggering
Event when due and payable; or

     (4) default in the performance, or breach, of any covenant, warranty or agreement of
the Company in this Indenture (other than a covenant, warranty or agreement default in whose
performance or whose breach is elsewhere in this Section specifically dealt with or which
has expressly been included in this Indenture solely for the benefit of the Securities), and
continuance of such default or breach for a period of 60 consecutive days (or 90 days in the
case of a Reporting Failure) after the receipt by the Company of a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder, which notice has been given by registered or certified mail
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in aggregate principal amount of the Outstanding Securities; or

     (5) a default or defaults with respect to any issue or issues of other Debt of the
Company or any Subsidiary having an outstanding aggregate principal amount of $50 million
for all such issues of all such Persons, whether such Debt now exists or shall hereafter be
created, which default or defaults shall constitute a failure to pay all or any portion of
the principal of such Debt when due and payable or shall have resulted in such Debt becoming
or being declared due and payable prior to the date on which it would otherwise have become
due and payable and such Debt has not been discharged in full or such acceleration has not
been rescinded or annulled (by cure, waiver or otherwise) within 60 days of such
acceleration; provided, however, that any secured Debt in excess of the limits set forth
above shall be deemed to have been

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declared due and payable if the lender in respect thereof takes any action to enforce a
security interest against, or an assignment of, or to collect on, seize, dispose of or apply
any assets of the Company or its Subsidiaries (including lock-box and other similar
arrangements) securing such Debt, or to set off against any bank accounts of the Company or
its Subsidiaries in excess of $50 million in the aggregate; or

     (6) any final judgments or orders (not covered by insurance) for the payment of money
in excess of $50 million in the aggregate for all such final judgments or orders against all
such Persons (treating any deductibles, self-insurance or retention as not so covered) shall
be rendered against the Company or any Subsidiary and shall not be paid or discharged, and
there shall be any period of 60 consecutive days following entry of the final judgment or
order or 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 million in the aggregate
during which a stay of enforcement of such final judgment or order, by reason of a pending
appeal or otherwise, shall not be in effect; or

     (7) the Company or any Subsidiary shall generally not pay its debts as such debts
become due, or shall admit in writing its inability to pay its debts generally, or shall
make a general assignment for the benefit of creditors; or any proceeding shall be
instituted by or against the Company or any Subsidiary seeking to adjudicate it a bankrupt
or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, trustee, custodian or other similar official for it
or for any substantial part of its property and, in the case of any such proceeding
instituted against it (but not instituted by it), either such proceeding shall remain
undismissed or unstayed for a period of 60 days, or any of the actions sought in such
proceeding (including, without limitation, the entry of an order for relief against, or the
appointment of a receiver, trustee, custodian or other similar official for, it or for any
substantial part of its property) shall occur; or the Company or any Subsidiary shall take
any corporate action to authorize any of the actions set forth above in this Subsection (7);

     (8) the Company and/or one or more Subsidiaries fails to make at the final (but not any
interim) fixed maturity of one or more issues of Debt principal payments aggregating $50
million or more, and all such defaulted payments shall not have been made, waived or
extended within 60 days of the payment default that causes the aggregate amount described in
this subsection (8) to exceed $50 million.

SECTION 5.02 Acceleration of Maturity; Rescission and Annulment.

     (a) If an Event of Default (other than an Event of Default specified in Subsection 5.01(a)(7))
shall occur and be continuing, then and in every such case the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Outstanding Securities may, and the Trustee at the
request of such Holders shall, declare the entire unpaid principal of, premium, if any, and accrued
interest on the Securities to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal of, premium,
if any, and accrued interest on the Securities shall become immediately due and payable. If an
Event of Default specified in Subsection 5.01(a)(5) or (8) occurs, such declaration of acceleration
shall be automatically rescinded and annulled if the event triggering such Event of Default
pursuant to Subsection 5.01(a)(5) or (8) shall be remedied or cured by the Company and/or the
relevant Subsidiaries or waived by the Holders of the Relevant Debt within 60 days after the
declaration of acceleration with respect thereto.

     (b) If an Event of Default specified in Subsection 5.01(a)(7) above occurs, all unpaid
principal of, premium, if any, and accrued interest on the Securities then outstanding shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of
the Trustee or any Holder. The Holders of at least a majority in principal amount of the
outstanding Securities by written

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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) the Company has paid or deposited with the Trustee a sum sufficient to pay (A) all
sums paid or advanced by the Trustee under this Indenture and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, (B) all overdue
interest on all Securities, (C) the principal of (and premium, if any, on), any Securities
that have become due otherwise than by such declaration or occurrence of acceleration and
interest thereon at the rate prescribed therefor by such Securities, and (D) to the extent
that payment of such interest is lawful, interest upon overdue interest at the rate
prescribed therefor by such Securities,

     (2) all existing Events of Default, other than the non-payment of the principal of the
Securities that have become due solely by such declaration of acceleration, have been cured
or waived, and

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

SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee.

(a) The Company covenants that if

     (1) default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days, or

     (2) default is made in the payment of the principal amount of (or premium, if any, on)
any Security at the Maturity thereof or, with respect to any Security required to have been
purchased pursuant to an Offer to Purchase made by the Company, at the Purchase Date
thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities, including, as applicable, the
principal amount (and premium, if any) and interest, and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal amount (and premium, if
any) and on any overdue interest, at the rate or rates provided therefore in such Securities, and,
in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

     (b) If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon the Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon the Securities, wherever situated.

     (c) If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy.

SECTION 5.04 Trustee May File Proofs of Claim.

     (a) In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in

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such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture
Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay
to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 6.07.

     (b) No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditor’s or other similar
committee.

SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities.

     All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.

SECTION 5.06 Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal amount (or premium, if any) or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully
paid:

FIRST: To the payment of all amounts due the Trustee under Section 6.07; and

SECOND: To the payment first, of the amounts then due and unpaid for principal amount of
(and premium, if any) and second, interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of
any kind, according to the amounts due and payable on such Securities for principal amount
(and premium, if any) and interest, respectively.

SECTION 5.07 Limitation on Suits.

     No Holder of any Security shall have any right to institute or defend any proceeding, judicial
or otherwise, with respect to this Indenture or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless

     (a) such Holder has previously given written notice to the Trustee as required hereunder of a
continuing Event of Default;

     (b) the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities shall have made written request to the Trustee to institute or defend a suit or
proceeding in respect of such Event of Default in its own name as Trustee hereunder;

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     (c) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to
the Trustee against all costs, expenses and liabilities to be incurred in compliance with such
request;

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

     (e) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding
Securities;

it being understood and intended that no one or more Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference
over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all the Holders.

SECTION 5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal amount of (and
premium, if any) and (subject to Section 3.07) interest on such Security on the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date or in
the case of an Offer to Purchase made by the Company and required to be accepted as to such
Security, on the Purchase Date) and to institute suit for the enforcement of any such payment, and
such rights shall not be impaired or affected without the consent of such Holder.

SECTION 5.09 Restoration of Rights and Remedies.

     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.

SECTION 5.10 Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

SECTION 5.11 Delay or Omission Not Waiver.

     No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article 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 (subject to the limitations contained in the
Indenture) or by the Holders, as the case may be.

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SECTION 5.12 Control by Holders.

     The Holders of a majority in principal amount of the Outstanding Securities shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising any trust or power conferred on the Trustee, provided that (a) such
direction shall not be in conflict with any rule of law or with this Indenture and shall not expose
the Trustee to personal liability, and (b) the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction.

SECTION 5.13 Waiver of Past Defaults.

     (a) The Holders of not less than a majority in principal amount of the Outstanding Securities
may, on behalf of the Holders of all the Securities, waive any past default hereunder and its
consequences, except a default

     (1) in the payment of the principal amount of (or premium, if any) or interest on any
Security, or

     (2) in respect of a covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Security affected.

     (b) Upon any such waiver described in Subsection (a) of this Section, such default shall cease
to exist and any Event of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; provided that no such waiver shall extend to any subsequent or other
default or impair any right consequent thereon.

SECTION 5.14 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, suffered 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 such suit, and may
assess costs against any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided, that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment in any suit
instituted by the Company or the Trustee.

SECTION 5.15 Waiver of Usury, Stay or Extension Laws.

     The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage or 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 5.16 No Personal Liability of Incorporators, Shareholders, Officers, Directors or
Employees.

     No recourse for the payment of the principal of, premium, if any, or interest on, any of the
Securities, or for any claim based thereon or otherwise in respect thereof, and no recourse under
or upon any obligation, covenant or agreement of the Company in this Indenture, or in any of the
Securities, or because of the creation of any Debt represented thereby, shall be had against any
incorporator, shareholder, officer, director, employee, Affiliate or controlling person of the
Company or of any successor Person thereof.

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ARTICLE VI

THE TRUSTEE

SECTION 6.01 Certain Duties and Responsibilities.

     The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.

     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 this Section.

SECTION 6.02 Notice of Defaults.

     The Trustee shall give the Holders notice of any default hereunder as and to the extent
provided by the Trust Indenture Act; provided, however, that in the case of any default of the
character specified in Section 5.01(a)(4), no such notice to Holders shall be given until the
expiration of the applicable period referred to therein. For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both would become, an Event
of Default.

SECTION 6.03 Certain Rights of Trustee.

     (a) Except during the continuance of an Event of Default, The Trustee undertakes to perform
such functions and duties and only such functions and duties as are specifically set forth in this
Indenture, and no implied duties or obligations shall be read into this Indenture against the
Trustee. During the continuance of an Event of Default, the Trustee shall exercise the same degree
of care and skill as a prudent person would exercise under the circumstances in the conduct of such
person’s own affairs. No provision of this Indenture shall be construed to relieve the Trustee
from its duties, except to the extent permitted by the Trust Indenture Act or this Indenture.
Subject to the provisions of Section 6.01, 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 this Section.

(b) (1) the Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, appraisal,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

     (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

     (3) 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 an Officers’ Certificate;

     (4) the Trustee may consult with experts and with legal counsel and the oral or written
advice of such counsel or any Opinion of Counsel 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;

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

     (6) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney;

     (7) the Trustee may execute any of the trusts or powers hereunder and perform any duty
hereunder, either directly or by or through its agents, attorneys, accountants or other
experts and the Trustee shall not be responsible or liable for any misconduct or negligence
on the part of any agent attorney, accountants or other experts if reasonable care has been
exercised in the appointment;

     (8) the Trustee shall not deemed to have notice of any default or Event of Default
unless a Responsible Office of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee and such notice references the Securities and this
Indenture and in the absence of the receipt of such notice or actual knowledge, the Trustee
may conclusively be deemed to have no knowledge thereof; and

     (9) the Trustee may request that the Company deliver an Officers’ Certificate or other
certificate setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which Officers’ Certificate
may be signed by any person authorized to sign an Officers’ Certificate, including any
person specified as so authorized in any such certificate previously delivered and not
superseded.

SECTION 6.04 Not Responsible for Recitals or Issuance of Securities.

     The recitals, statements and representations contained herein and in the Securities, except
the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities issued hereunder, and the
Trustee shall incur no responsibility or liability in respect of such matters.

SECTION 6.05 May Hold Securities and Act as Trustee Under Other.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the
same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

     Subject to the limitations imposed by the Trust Indenture Act, nothing in this Indenture shall
prohibit the Trustee from acting as trustee under other indentures under which other securities, or
certificates of interest or participation in their securities, of the Company and outstanding in
the same manner as if it were not Trustee hereunder.

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SECTION 6.06 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 6.07 Compensation and Reimbursement.

     The Company agrees

     (a) to pay to the Trustee from time to time reasonable compensation for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);

     (b) except as otherwise expressly provided herein, to reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee in
accordance with any provision of this Indenture (including the reasonable compensation and the
expenses and disbursements of its agents and counsel), except any such expense, disbursement or
advance as may be attributable to its negligence, willful misconduct or bad faith; and

     (c) to indemnify the Trustee for, and to hold it harmless against, any loss, liability or
expense incurred without negligence, willful misconduct or bad faith on its part (subject to the
provisions of Sections 6.01 and 6.03), 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 or liability in connection with the exercise or performance of any of its powers
or duties hereunder. The Trustee shall notify the Company promptly of any claim for which it may
seek indemnity. Failure by the Trustee to notify the Company shall not relieve the Company of its
obligations hereunder.

SECTION 6.08 Disqualification: Conflicting Interests.

     If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such 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.

SECTION 6.09 Corporate Trustee Required; Eligibility.

     There shall at all times be one (and only one) Trustee hereunder. The Trustee shall be a
corporation or national banking association, organized and doing business under the laws of the
United States of America or of any state thereof, authorized to exercise corporate trust powers,
and be a Person that is otherwise eligible pursuant to the Trust Indenture Act to act as such and
has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of
such 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, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

SECTION 6.10 Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee under Section 6.11.

     (b) The Trustee may resign at any time by giving written notice thereof to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within

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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.

     (c) The Trustee may be removed at any time by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities, delivered to the Trustee and to the Company.

     (d) If at any time:

     (1) the Trustee shall fail to comply with Section 6.08 after written request therefor
by the Company or by any Holder who has been a bona fide Holder of a Security for at least
six months, or

     (2) the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

     (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee, or (B)
subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

     (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee shall not have been appointed
by the Company or by Act of the Holders of a majority in principal amount at Maturity of the
Outstanding Securities then the Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee. Upon acceptance of such appointment delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment, become the successor Trustee and 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 hereinafter provided, any Holder who has been a bona fide
Holder of a Security for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee.

     (f) 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 1.06. Each
notice shall include the name of the successor Trustee and the address of its Corporate Trust
Office.

SECTION 6.11 Acceptance of Appointment by Successor.

     (a) Every successor Trustee appointed hereunder 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 of the retiring Trustee; but, on 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. 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.

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     (b) 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.

     (c) The Company shall prepare such transfer instruments as are acceptable to the Trustee for
the Successor Trustee to execute perfecting the foregoing vesting in the successor all such rights
and powers and trusts hereunder.

SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.

SECTION 6.13 Preferential Collection of Claims Against Company.

     If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims (whether or not litigated) against the Company (or any such
other obligor).

SECTION 6.14 Appointment of Authenticating Agent.

     (a) The Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act
on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange,
registration of transfer, partial conversion or partial redemption or pursuant to Section 3.06, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating
Agent shall be acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by Federal or State authority.
If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If
at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions to
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

     (b) Any corporation into which an Authenticating Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to
the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be
an Authenticating Agent, provided such corporation shall otherwise be eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

     (c) An Authenticating Agent may resign at any time by giving written notice thereof to the
Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon
receiving

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such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company
and shall mail written notice of such appointment by first-class mail, postage prepaid, to all
Holders as their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.

     (d) The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be
reimbursed for such payments, subject to the provisions of Section 6.07.

     (e) If an appointment is made pursuant to this Section, the Securities may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form:

     “This is one of the Securities described in the within-mentioned Indenture.

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

	 	By	 	 	 	 
	 

	 	 	 	 

As Authenticating Agent
	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

SECTION 6.15 Trustee’s Application for Instructions from the Company.

     Any application by the Trustee for written instructions from the Company may, at the option of
the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under
the Indenture and the date on and/or after which such action shall be taken or such omission shall
be effective. The Trustee shall not be liable for any action taken by, or omission of the Trustee
in accordance with a proposal included in such application on or after the date specified in such
application (which date shall not be less than three Business Days after the date of any officer of
the Company actually receives such application, unless any such officer shall have consented in
writing to any earlier date), unless prior to taking any such action, or the effective date in the
case of any omission, the Trustee shall have received written instructions in response to such
application specifying the action to be taken or omitted.

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.01 Company to Furnish Trustee Names and Addresses of Holders.

     The Company will furnish or cause to be furnished to the Trustee

     (a) semi-annually, not more than 15 days after each Regular Record Date, 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

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     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished;

excluding from any such list names and addresses received by the Trustee in its capacity as
Security Registrar.

SECTION 7.02 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 furnished to the Trustee as provided in
Section 7.01 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01
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 Securities and the corresponding rights and duties of the Trustee,
shall be as provided by the Trust Indenture Act.

     (c) Every Holder of Securities, 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 the names and addresses of Holders
made pursuant to Section 3.12 of the Trust Indenture Act.

SECTION 7.03 Reports by Trustee.

     (a) Within 60 days after March 1 of each year commencing with the first March 1 after the
first issuance of the Securities, the Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act
at the times and in the manner provided pursuant thereto.

     (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each stock exchange upon which the Securities are listed, with the Commission and
with the Company. The Company will notify the Trustee when the Securities are listed on any stock
exchange.

SECTION 7.04 Reports by Company.

     The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided
that any such information, documents or reports required to be filed with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the
same is so required to be filed with the Commission.

     Delivery of any report hereunder, any other information document or instrument to the Trustee
is for informational purposes only. The Trustee’s receipt thereof does not nor shall not under any
circumstances create any duty or obligation or constitute or be deemed for any purpose whatsoever
to be actual or constructive notice of any information contained therein or determinable for any
purpose information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to and shall have the right to conclusively rely on
Officers’ Certificates).

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ARTICLE VIII

CONSOLIDATIONS, MERGERS AND CERTAIN SALES OF ASSETS

SECTION 8.01 The Company May Consolidate, Etc. Only on Certain Terms

     (a) The Company may not, in a single transaction or a series of related transactions,

     (i) consolidate or merge with or into any other Person or permit any other Person to
consolidate or merge with or into the Company, or

     (ii) directly or indirectly transfer, sell, lease or otherwise dispose of all or substantially
all of its assets,

unless, in the case of clauses (i) or (ii) of this covenant:

     (1) in a transaction in which the Company does not survive or in which the Company
sells, leases or otherwise disposes of all or substantially all of its assets, the successor
entity to the Company is organized under (i) the laws of the United States or any State
thereof or the District of Columbia, (ii) the laws of the Republic of The Marshall Islands,
(iii) the laws of the Commonwealth of the Bahamas, (iv) the laws of the Bermuda Islands, (v)
the laws of the Republic of Liberia or (vi) the laws of any other country recognized by the
United States and which, in the case of any of the events under subclause (i), (ii), (iii),
(iv), (v) or (vi), shall expressly assume, by a supplemental indenture executed and
delivered to the Trustee in form satisfactory to the Trustee, all of the Company’s
obligations under the Indenture;

     (2) immediately before and after giving effect to such transaction, no Event of Default
or event that with the passing of time or the giving of notice, or both, would constitute an
Event of Default shall have occurred and be continuing; and

     (3) the Company, or if applicable, the Successor Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer, lease or acquisition and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture, complies with
this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with.

SECTION 8.02 Successor Substituted.

     Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any transfer, conveyance, sale, lease or other disposition of all or substantially all of the
properties and assets of the Company in accordance with Section 8.01 (in each such case the
successor entity shall be known as the “Successor Company”), the Successor Company shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.

ARTICLE IX

SUPPLEMENTAL INDENTURES

SECTION 9.01 Supplemental Indentures Without Consent of Holders.

     (a) Without the consent of any Holders, the Company, when authorized by a Board Resolution,
and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

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     (1) to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities; or

     (2) to add to the covenants of the Company for the benefit of the Holders, or to
surrender any right or power herein conferred upon the Company; or

     (3) to secure the Securities pursuant to the requirements of Section 10.08 or
otherwise; or

     (4) to comply with any requirements of the Commission in order to effect and maintain
the qualification of this Indenture under the Trust Indenture Act and thereafter maintain
the qualification of this Indenture under the Trust Indenture Act; or

     (5) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make any other provisions with respect
to matters or questions arising under this Indenture which shall not be inconsistent with
the provisions of this Indenture, provided such action pursuant to this clause (5) shall not
adversely affect the interests of the Holders in any material respect; or

     (6) to issue Additional Securities as provided in Section 3.01;

     (7) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee pursuant to the requirements of Section 6.11; or

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

SECTION 9.02 Supplemental Indentures With Consent of Holders.

     (a) With the consent of the Holders of not less than a majority in aggregate principal amount
of the Outstanding Securities, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security affected thereby,

     (1) change the Stated Maturity of the principal amount of, or any installment of
interest on, any Security, or

     (2) reduce the principal amount of, any premium payable, or the rate of interest on,
any Security, or

     (3) change the place of payment where, or the coin or currency in which, the principal
amount of, any premium, or interest on, any Security is payable, or

     (4) impair the right to institute suit for the enforcement of any such payment on, or
with respect to, any Security, or

     (5) reduce the percentage of the aggregate principal amount of the Outstanding
Securities, the consent of whose Holders is necessary to modify or amend this Indenture, or

     (6) modify any provision of this Indenture relating to the modification or amendment of
the Indenture, except as otherwise specified in this Indenture, or

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     (7) reduce the percentage of the aggregate principal amount of the Outstanding
Securities, the consent of whose Holders is required for any waiver of compliance with
certain provisions of this Indenture or certain defaults hereunder and their consequences
provided for in this Indenture.

(b) It shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

SECTION 9.03 Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Sections 6.01 and 6.03) shall be fully
protected in relying upon, an Opinion of Counsel and an Officers’ Certificate stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

SECTION 9.04 Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

SECTION 9.05 Conformity with Trust Indenture Act.

     Every amendment or supplement to this indenture or the Securities executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act as is then in effect so long
as the Indenture and Securities are subject to the Trust Indenture Act.

SECTION 9.06 Reference in Securities to Supplemental Indentures.

     Securities authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee
and the Company, to any such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Securities.

ARTICLE X

COVENANTS

SECTION 10.01 Payment of Principal Amount, Premium and Interest.

     The Company covenants and agrees for the benefit of the Holders that it will duly and
punctually pay the principal amount of (and premium, if any) and interest on the Securities in
accordance with the terms of the Securities and this Indenture.

SECTION 10.02 Maintenance of Office or Agency.

     (a) The Company will maintain in the Borough of Manhattan, The City of New York, an office or
agency where Securities may be presented or surrendered for payment, where Securities may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the

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Company in respect of the Securities and this Indenture may be served. The Company will give
prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee
in New York, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

     (b) The Company may also from time to time designate one or more other offices or agencies (in
or outside the Borough of Manhattan, The City of New York) where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New
York, for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency.

SECTION 10.03 Money for Securities Payments to be Held in Trust.

     (a) If the Company shall at any time act as its own Paying Agent, it will, on or before each
due date of the stated amount at Maturity of (and premium, if any) or interest on any of the
Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay the stated amount at Maturity (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.

     (b) Whenever the Company shall have one or more Paying Agents, it will, prior to each due date
of the stated amount at Maturity of (and premium, if any) or interest on any Securities, deposit
with a Paying Agent a sum sufficient to pay the stated amount at Maturity (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 stated amount at Maturity, 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.

     (c) The Company will cause each 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, that such Paying Agent will:

     (1) hold all sums held by it for the payment of the stated amount at Maturity of (and
premium, if any) or interest on Securities 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;

     (2) give the Trustee notice of any Default by the Company (or any other obligor upon
the Securities) in the making of any payment of the stated amount at Maturity (and premium,
if any) or interest; and

     (3) 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.

     (d) 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.

     (e) Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the stated amount at Maturity of (and premium, if any) or interest on

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any Security and remaining unclaimed for two years after such principal (and premium, if any)
or interest has become due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the expense of the
Company cause to be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Company.

SECTION 10.04 Corporate Existence.

     Subject to Article Eight, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights (charter and statutory) and
franchises; provided, however, that the Company shall not be required to preserve any such right or
franchise if the Board of Directors in good faith shall determine that the preservation thereof is
no longer desirable in the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holders.

SECTION 10.05 Maintenance of Properties.

     The Company will cause all material properties used or useful in the conduct of its business
or the business of any Subsidiary of the Company to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the
judgment of the Company may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; provided, however, that nothing in this
Section shall prevent the Company from discontinuing the operation or maintenance of any of such
properties if such discontinuance is, as determined by the Board of Directors in good faith,
desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous
in any material respect to the Holders.

SECTION 10.06 Payment of Taxes and Other Claims.

     The Company will pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (a) all taxes, assessments and governmental charges levied or imposed upon the
Company or any of its Subsidiaries or upon the income, profits or property of the Company or any of
its Subsidiaries, and (b) all lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien upon the property of the Company or any of its Subsidiaries; provided,
however, 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 whose amount, applicability or validity is
being contested in good faith by appropriate proceedings.

SECTION 10.07 Maintenance of Insurance.

     The Company shall, and shall cause its Subsidiaries to, keep at all times all of their
properties which are of an insurable nature insured against loss or damage with insurers believed
by the Company to be responsible to the extent that property of similar character is usually so
insured by corporations similarly situated and owning like properties in accordance with good
business practice.

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SECTION 10.08 Limitation on Liens.

     The Company may not, directly or indirectly, Incur, assume or suffer to exist any Lien on or
with respect to any property or assets, now owned or hereafter acquired, to secure any present or
future Relevant Debt without making effective provision for securing the Securities:

     (1) in the event such Debt is pari passu with the Securities, equally and ratably with
such Debt as to such property or assets for so long as such Debt will be so secured, or

     (2) in the event such Debt is subordinate in right of payment to the Securities, prior
to such Debt as to such property or assets for so long as such Debt will be so secured.

SECTION 10.09 Change of Control Triggering Event.

     (a) Within 30 days of the occurrence of a Change of Control Triggering Event, unless the
Company has previously exercised its right to redeem all Outstanding Securities under Section
11.01, the Company will be required to make an Offer to Purchase all Outstanding Securities at a
purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if
any, to the date of purchase.

     (b) A “Change of Control” will be deemed to occur at such time as either:

     (1) a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the
Exchange Act), other than any Permitted Holder, becomes the ultimate “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act and including by reason of any change in the
ultimate “beneficial ownership” of the Capital Stock of the Company) of more than 50% of the
total voting power of the Voting Stock of the Company (calculated on a fully diluted basis);
or

     (2) individuals who at the beginning of any period of two consecutive calendar years
constituted the Board of Directors of the Company (together with any new directors whose
election by such Board of Directors or whose nomination for election was approved by a vote
of at least two-thirds of the members of such Board of Directors then still in office who
either were members of such Board of Directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any reason to
constitute at least 50% of the members of such Board of Directors then in office.

     (c) The Company will not be required to make an Offer to Purchase any Securities upon a Change
of Control Triggering Event if it has exercised its right to redeem all of the Securities as
described under Article XI in the manner, at the times and otherwise in compliance with the
requirements set forth in this Indenture applicable to an Offer to Purchase made by the Company and
purchases all of the Securities validly tendered and not withdrawn under such an Offer to Purchase.

     (d) If the Company fails to make the Offer to Purchase or fails to pay the purchase price and
accrued interest described above on the date specified therefor, the Trustee and the Holders of
Securities will have the rights described under Section 5.01.

     (e) In the event that the Company makes an Offer to Purchase the Securities, the Company shall
comply with any applicable securities laws and regulations, including any applicable requirements
of Section 14(e) of, and Rule 14e-1 under, the Exchange Act.

SECTION 10.10 Provision of Financial Information.

     (a) Whether or not the Company is then subject to Section 13(a) or 15(d) of the Exchange Act,
the Company will furnish to the trustee and the holders, so long as the notes are outstanding:

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     (1) within 120 days after the end of each of the first three fiscal quarters in each
fiscal year, quarterly reports on Form 6-K (or any successor form) containing unaudited
financial statements (including a balance sheet and statement of income, changes in
stockholders’ equity and cash flow) and a management’s discussion and analysis of financial
condition and results of operations (or equivalent disclosure) for and as of the end of such
fiscal quarter (with comparable financial statements for the corresponding fiscal quarter of
the immediately preceding fiscal year);

     (2) within 120 days after the end of each fiscal year, an annual report on Form 20-F
(or any successor form) containing the information required to be contained therein for such
fiscal year; and

     (3)
at or prior to such times at would be required to be filed or
furnished to the Commission if the Company was then a ‘‘foreign private issuer’’ subject to Section 13(a) or 15(d) of
the Exchange Act, all such other reports and information that the Company would have been
required pursuant thereto;

provided, however, that to the extent that the Company ceases to qualify as a ‘‘foreign private
issuer’’ within the meaning of the Exchange Act, whether or not the Company is then subject to
Section 13(a) or 15(d) of the Exchange Act, the Company will furnish to the trustee and the
holders, so long as any notes are outstanding (1) if the Company is then subject to
Section 13(a) or 15(d) of the Exchange Act, 30 days of the respective dates on which the Company is
required to file such documents pursuant to the Exchange Act, or (2) if the Company is not then
subject to Section 13(a) or 15(d) under the Exchange Act, the applicable time periods described
above with respect to quarterly, annual and other reports and information, all reports and other
information that would be required to be filed with (or furnished to) the Commission pursuant Section
13(a) or 15(d) of the Exchange Act if it were required to file or furnish such documents under the Exchange
Act.

     (b) In addition, whether or not required by the rules and regulations of the Commission, the Company
will electronically file or furnish, as the case may be, a copy of
all such information and reports with the Commission for public availability within the time periods specified above (unless the Commission will
not accept such a filing). Notwithstanding the foregoing, the Company will be deemed to have
furnished such reports referred to in paragraph (a) of this Section 10.10 to the trustee and the
holders of notes if the Company has filed such reports with the Commission via the EDGAR filing system (or
any successor system) and such reports are publicly available.

SECTION 10.11 Statement By Officers as to Default; Compliance Certificates.

     (a) The Company will deliver to the Trustee, within 120 days after the end of each fiscal year
(which is currently December 31), of the Company ending after the date hereof an Officers’
Certificate, stating that, after conducting a review of the activities of the Company and its
Subsidiaries and of the Company’s and its Subsidiaries performance under this Indenture, the
Company has fulfilled all obligations thereunder, or whether the Company is in default in the
performance and observance of any of the terms, provisions and conditions of this Indenture, and if
the Company shall be in Default, specifying all such Defaults and the nature and status thereof of
which it has knowledge.

     (b) The Company shall deliver to the Trustee, as soon as possible and in any event within 10
days after the Company becomes aware of the occurrence of an Event of Default or an event which,
with notice or the lapse of time or both, would constitute an Event of Default, an Officers’
Certificate setting forth the details of such Event of Default or default, and the action which the
Company proposes to take with respect thereto.

SECTION 10.12 Waiver of Certain Covenants.

     The Company may omit in any particular instance to comply with any covenant or condition set
forth in Section 8.01, Sections 10.04 to 10.10(a), inclusive, and Sections 10.13 to 10.14,
inclusive, if before the time for such compliance the Holders of at least a majority in stated
amount at Maturity of the

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Outstanding Securities shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such covenant or condition shall remain in full force and
effect; provided, however, with respect to an Offer to Purchase as to which an Offer has been
mailed, no such waiver may be made or shall be effective against any Holder tendering Securities
pursuant to such Offer, and the Company may not omit to comply with the terms of such Offer as to
such Holder.

SECTION 10.13 Indemnification of Judgment Currency.

     The Company shall indemnify the Trustee and any Holder against any loss incurred by the
Trustee or such Holder, as the case may be, as a result of any judgment or order being given or
made for any amount due under this Indenture or such Security (by reason of the Company being in
default under this Indenture) and being expressed and paid in a currency (the “Judgment Currency”)
other than U.S. Dollars, and as a result of any variation between (i) the rate of exchange at which
the U.S. Dollar amount is converted into the Judgment Currency for the purpose of such judgment or
order and (ii) the spot rate of exchange in The City of New York at which the Trustee or such
Holder, as the case may be, on the date that the amount of the Judgment Currency is actually
received by the Trustee or such Holder. The foregoing indemnity shall constitute a separate and
independent obligation of the Company and shall continue in full force and effect notwithstanding
any such judgment or order as aforesaid. The term “spot rate of exchange” shall include any
premiums and costs of exchange payable in connection with the purchase of, or conversion into, U.S.
Dollars as quoted by The Bank of New York at its central foreign exchange desk in its head office
in New York City at 12:00 noon.

SECTION 10.14 Payments for Consent.

     The Company shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or
otherwise, to any Holder of the Securities for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to be paid or is paid to all Holders of the Securities that consent, waive
or agree to amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement.

SECTION 10.15 Additional Amounts.

     (a) All payments made by the Company under or with respect to the Securities shall be made
free and clear of and without withholding or deduction for or on account of any present or future
tax, duty, levy, impost, assessment or other governmental charge (hereinafter “Taxes”) imposed or
levied by or on behalf of any Taxing Jurisdiction, unless the Company is required to withhold or
deduct Taxes by law or by the interpretation or administration thereof. If the Company is so
required to withhold or deduct any amount of interest for or on account of Taxes from any payment
made under or with respect to the Securities, the Company shall pay such additional amounts of
interest (“Additional Amounts”) as may be necessary so that the net amount received by each Holder
(including Additional Amounts) after such withholding or deduction shall not be less than the
amount the Holder would have received if such Taxes had not been withheld or deducted; provided,
however, that the Company will not pay any Additional Amounts in connection with any Taxes that are
imposed due to any of the following (“Excluded Additional Amounts”):

     (1) the Holder or beneficial owner has some connection with the Taxing Jurisdiction
other than merely holding the Securities or receiving principal or interest payments on the
Securities (such as citizenship, nationality, residence, domicile, or existence of a
business, a permanent establishment, a dependent agent, a place of business or a place of
management present or deemed present within the Taxing Jurisdiction);

     (2) any tax imposed on, or measured by net income;

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     (3) the Holder or beneficial owner fails to comply with any certification,
identification or other reporting requirements concerning its nationality, residence,
identity or connection with the Taxing Jurisdiction, if (A) such compliance is required by
applicable law, regulation, administrative practice or treaty as a precondition to exemption
from all or a part of the Tax, (B) the Holder or beneficial owner is able to comply with
such requirements without undue hardship, and (C) at least 30 calendar days prior to the
first payment date with respect to which such requirements under the applicable law,
regulation, administrative practice or treaty shall apply, the Company has notified such
Holder that such Holder will be required to comply with such requirements;

     (4) the Holder fails to present (where presentation is required) its Security within 30
calendar days after the Company has made available to the Holder a payment of principal or
interest, provided that the Company will pay Additional Amounts which a Holder would have
been entitled to had the Security owned by such Holder been presented on any day (including
the last day) within such 30-day period;

     (5) any estate, inheritance, gift, value added, use or sales Taxes or any similar
Taxes;

     (6) where any Additional Amounts are imposed on a payment on the Securities to an
individual and are required to be made pursuant to European Union Directive 2003/48/EC or
any other directive implementing the conclusions of the Economic and Financial Council of
Ministers of the member states of the European Union (ECOFIN) Council meeting of November
26-27, 2000 on the taxation of savings or any law implementing or complying with, or
introduced in order to conform to, such Directive; or

     (7) where the Holder or beneficial owner could avoid any Additional Amounts by
requesting that a payment on the Securities be made by, or presenting the relevant
Securities for payment to, another Paying Agent located in a Member State of the European
Union.

     (b) The Company shall also (1) make such withholding or deduction and (2) remit the full
amount deducted or withheld to the relevant authority in accordance with applicable law. The
Company shall furnish to the Holders of the Securities, within 30 days after the date the payment
of any Taxes are due pursuant to applicable law, certified copies of tax receipts evidencing such
payment by the Company.

     (c) The Company shall indemnify and hold harmless each Holder for the amount (other than
Excluded Additional Amounts) of (1) any Taxes not withheld or deducted by the Company and levied or
imposed and paid by such Holder as a result of payments made under or with respect to the
Securities, (2) any liability (including penalties, interest and expenses) arising therefrom or
with respect thereto, and (3) any Taxes imposed with respect to any reimbursement under clause (1)
or (2) of this paragraph (c) of this Section 10.15.

     (d) At least 30 days prior to each date on which any payment under or with respect to the
Securities is due and payable, if the Company is aware that it will be obligated to pay Additional
Amounts with respect to such payment, the Company shall deliver to the Trustee an Officers’
Certificate stating the fact that such Additional Amounts will be payable, the amounts so payable
and such other information necessary to enable the Trustee to pay such Additional Amounts to
Holders on the payment date. Whenever in this Indenture there is mentioned, in any context, the
payment of principal (and premium, if any), interest or any other amount payable under or with
respect to any Security, such mention (except where expressly mentioned) shall be deemed to include
mention of the payment of Additional Amounts provided for in this Section 10.15 to the extent that,
in such context, Additional Amounts are, were or would be payable in respect thereof.

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ARTICLE XI

REDEMPTION OF SECURITIES

SECTION 11.01 Right of Redemption.

     (a) At the Company’s option, the Company may redeem the Securities in whole or in part at any
time at a Redemption Price equal to the greater of (i) 100% of the principal amount of the
Securities to be redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities to be redeemed (excluding the portion of any
such interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield, plus 50
basis points, plus, in each case, accrued and unpaid interest to the Redemption Date.

     (b) At the Company’s option, the Company may redeem the Securities in whole, but not in part,
at any time at a Redemption Price equal to 100% of the principal amount of the Securities to be
redeemed together with accrued and unpaid interest thereon to the Redemption Date, and any other
amounts owed to the Holders of the Securities under the terms of this Indenture or the Securities,
upon notice mailed to each Holder of Securities at the addresses appearing in the Security
Register, if, as a result of any change or amendment to the laws (or regulations promulgated
thereunder) of any Taxing Jurisdiction, or any change in or amendment to any official position or
administration or assessing practices regarding the application or interpretation of such laws or
regulations, which change or amendment is announced or becomes effective on or after
                                                             , 2010, the Company has become or would become obligated to pay, on the next
date on which any amount would be payable under or with respect to the Securities, any Additional
Amounts, to a Holder in accordance with Section 10.15 hereof, provided that the Company determines,
in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by
the use of reasonable measures available to the Company which would not involve any liability of
any kind to the Company, except for any cost or expense which is minimal, not including
substitution of the obligor under the Securities.

     (c) At any time or from time to time prior to                                                             
 , 2013, the Company, at its
option, may redeem up to 35% of the aggregate principal amount of the Securities issued under this
Indenture with the net cash proceeds of one or more Qualified Equity Offerings at a Redemption
Price equal to                     % of the principal amount of the Securities to be redeemed, plus accrued and
unpaid interest thereon, if any, to the Redemption Date; provided that (1) at least 65% of the
aggregate principal amount of Securities issued under this Indenture remains outstanding
immediately after the occurrence of such redemption and (2) the redemption occurs within 60 days of
the date of the closing of any such Qualified Equity Offering.

SECTION 11.02 Applicability of Article.

     Redemption of Securities at the election of the Company or otherwise, as permitted or required
by any provision of this Indenture, shall be made in accordance with such provision and this
Article.

SECTION 11.03 Election to Redeem; Notice to Trustee.

     The election of the Company to redeem the Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company, the Company shall, not less than 30 days
nor more than 60 days prior to the Redemption Date fixed by it (unless a shorter notice period
shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the
principal amount of Securities to be redeemed. Such notice shall be accompanied by an Officers’
Certificate and an Opinion of Counsel from the Company to the effect that such redemption shall
comply with the conditions herein.

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SECTION 11.04 Selection by Trustee of Securities to Be Redeemed.

     (a) If less than all the Securities are to be redeemed, the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for redemption of portions
of the principal of Securities; provided, however, that no such partial redemption shall reduce the
portion of the principal amount of a Security not redeemed to less than U.S.$2,000. Securities and
any portions of such Securities selected by the Trustee shall be in amounts of U.S.$2,000 or
integral multiples of U.S.$1,000 in excess thereof.

     (b) The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.

     (c) For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to redemption of Securities shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.

SECTION 11.05 Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

     All notices of redemption shall state:

     (a) the principal amount of each Security held by such Holder to be redeemed;

     (b) the Redemption Date;

     (c) the Redemption Price;

     (d) that on the Redemption Date the Redemption Price will become due and payable upon each
such Security, and that interest thereon shall cease to accrue on and after said date;

     (e) the CUSIP number;

     (f) if fewer than all of the Outstanding Securities are to be redeemed, then the
identification and principal amounts at Maturity of the particular Securities to be redeemed; and

     (g) the place or places where such Securities are to be surrendered for payment of the
Redemption Price.

     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at their request, by the Trustee in the name and at the expense of the
Company.

SECTION 11.06 Deposit of Redemption Price.

     On or prior to any Redemption Date, the Company shall deposit or cause to be deposited with
the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) an amount of money in same day funds (or New York
Clearing House funds if such deposit is made prior to the applicable Redemption Date) sufficient to
pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that date.

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SECTION 11.07 Securities Payable on Redemption Date.

     (a) Notice of redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and
from and after such date (unless the Company shall default in the payment of the Redemption Price
and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Company
at the Redemption Price together with accrued interest to the Redemption Date; provided, however,
that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as
such on the relevant Regular Record Dates according to the terms and the provisions of Section
3.07.

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

SECTION 11.08 Securities Redeemed in Part.

     Any Security that is to be redeemed only in part shall be surrendered to the Paying Agent at
the office of the Paying Agent or to the office or agency referred to in Section 10.02 (with, if
the Company or the Trustee so require, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder’s attorney duly authorized in writing) and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security, without service charge, a replacement
Security or Securities, of any authorized denomination as requested by such Holder in an aggregate
principal amount equal to, and in exchange for, the principal amount of the Security so surrendered
that is not redeemed.

ARTICLE XII

DEFEASANCE AND COVENANT DEFEASANCE

SECTION 12.01 Company’s Option to Effect Defeasance or Covenant Defeasance.

     The Company may at its option by Board Resolution, at any time, elect to have either Section
12.02 or Section 12.03 applied to the Outstanding Securities upon compliance with the conditions
set forth below in this Article Twelve.

SECTION 12.02 Defeasance and Discharge.

     Upon the Company’s exercise of the option provided in Section 12.01 applicable to this
Section, on the 123rd day after the deposit of funds with the Trustee (as more fully discussed
below), the Company shall be deemed to have been discharged from its obligations with respect to
the Outstanding Securities on the date the conditions set forth below are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding Securities and to have
satisfied all its other obligations under such Securities and this Indenture insofar as such
Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which shall survive until otherwise
terminated or discharged hereunder: (A) the rights of Holders of such Securities to receive,
solely from the trust fund described in Section 12.04 and as more fully set forth in such Section,
payments in respect of the stated amount at Maturity of (and premium, if any) and interest on such
Securities when such payments are due, (B) the Company’s obligations with respect to such
Securities under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (C) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and (D) this Article Twelve. Subject to compliance with
this Article Twelve, the Company may exercise its option under this Section 12.02 notwithstanding
the prior exercise of its option under Section 12.03.

54

 

SECTION 12.03 Covenant Defeasance.

     Upon the Company’s exercise of the option provided in Section 12.01 applicable to this
Section, (a) the Company shall be released from its obligations under Sections 10.05 through 10.10,
inclusive and 10.15, and clauses (2) and (3) of Section 8.01(a), (b) the occurrence of an event
specified in Sections 5.01(a)(3), 5.01(a)(4) (with respect to any of Sections 10.05 through 10.10,
inclusive and Section 10.15), 5.01(a)(5), 5.01(a)(6) and 5.01(a)(8) shall not be deemed to be an
Event of Default (hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance
means that the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such Section, Clause or Article, whether directly or
indirectly by reason of any reference elsewhere herein to any such Section, Clause or Article or by
reason of any reference in any such Section, Clause or Article to any other provision herein or in
any other document, but the remainder of this Indenture and such Securities shall be unaffected
thereby.

SECTION 12.04 Conditions to Defeasance or Covenant Defeasance.

     (a) The following shall be the conditions to application of Section 12.02 to the then
Outstanding Securities:

     (1) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 6.09 who shall agree to
comply with the provisions of this Article Twelve applicable to it) as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities, (A) money in an amount,
or (B) United States Government Obligations which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment, money in an amount, or (C) a combination
thereof, sufficient, in the opinion of a nationally recognized firm of independent certified
public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee)
to pay and discharge, the principal of (premium, if any) and each installment of interest,
if any, on the Outstanding Securities on the Stated Maturity (or Redemption Date, if
applicable) of such principal or installment of interest in accordance with the terms of
this Indenture and of such Securities. For this purpose, “United States Government
Obligations” means securities that are (x) direct obligations of the United States for the
payment of which its full faith and credit is pledged or (y) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States
the payment of which is unconditionally guaranteed as a full faith and credit obligation by
the United States, which, in either case, are not callable or redeemable at the option of
the issuer thereof, and shall also include a depository receipt issued by a bank (as defined
in Section 3(a)(2) of the Securities Act) as custodian with respect to any such United
States Government Obligation or a specific payment of principal of or interest on any such
United States Government Obligation held by such custodian for the account of the Holder of
such depository receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the Holder of such depository
receipt from any amount received by the custodian in respect of the United States Government
Obligation or the specific payment of principal of or interest on the United States
Government Obligation evidenced by such depository receipt.

     (2) In the case of an election under Section 12.02, the Company has delivered to the
trustee (A) either (i) an Opinion of Counsel to the effect that Holders will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to U.S. federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit,
defeasance and discharge had not occurred, which Opinion of Counsel must be based upon (and
accompanied by copy of) a ruling of the Internal Revenue Service to the same effect or based
upon a change in applicable U.S. federal income tax law after the date of the indenture or
(ii) a ruling directed to the trustee received from the Internal Revenue Service to the same
effect as the aforementioned

55

 

Opinion of Counsel and (B) an Opinion of Counsel to the effect
that the creation of the defeasance trust does not violate the Investment Company Act of
1940, as amended, and, after the passage of 123 days following the deposit, the trust fund
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.

     (3) Immediately after giving effect to such deposit on a pro forma basis, no Event of
Default, or event that after the giving of notice or lapse of time or both would become an
Event of Default, shall have occurred and be continuing on the date of such deposit or
during the period ending on the 123rd day after the date of such deposit, and such deposit
shall not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which The Company is a party or by which the Company is bound.

     (4) If at such time the Securities are listed on a national securities exchange, the
Company has delivered to the trustee an Opinion of Counsel to the effect that the Securities
will not be delisted as a result of such deposit, defeasance and discharge.

     (5) Such deposit, defeasance or covenant defeasance and discharge shall not result in a
breach or violation of, or constitute a default under, any other agreement or instrument to
which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is
bound.

     (6) The Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for relating to
either the defeasance under Section 12.02 or the covenant defeasance under Section 12.03 (as
the case may be) have been complied with.

     (b) (i) The provisions described in clauses (1), (2)(B), (3) and (4) in Subsection (a) and
(ii) the delivery by the Company or the Trustee of an Opinion of Counsel to the effect that, among
other things, the Holders will not recognize income, gain or loss for federal income tax purposes
as a result of such deposit and defeasance of certain covenants and Events of Default and will be
subject to U.S. federal income tax on the same amount and in the same manner and at the same times
as would have been the case if such deposit and defeasance had not occurred, shall be conditions to
the application of Section 12.03 to the then Outstanding Securities.

			
	SECTION 12.05	 	Deposited Money and United States Government Obligations to be Held in Trust; Other
Miscellaneous Provisions.

     (a) Subject to the provisions of the last paragraph of Section 10.03, all money and United
States Government Obligations (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee—collectively, for purposes of this Section 12.05, the “Trustee”) pursuant to
Section 12.04 in respect of the Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon
in respect of principal (and premium, if any) and interest, but such money need not be segregated
from other funds except to the extent required by law.

     (b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the United States Government Obligations deposited pursuant to
Section 12.04 or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the Outstanding Securities.

     (c) Anything in this Article Twelve to the contrary notwithstanding, the Trustee shall deliver
or pay to the Company from time to time upon Company Request any money or United States Government

56

 

Obligations held by it as provided in Section 12.04 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent defeasance or covenant defeasance.

SECTION 12.06 Reinstatement.

     If the Trustee or the Paying Agent is unable to apply any money in accordance with Section
12.02 or 12.03 by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company’s obligations under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred
pursuant to this Article Twelve until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Section 12.02 or 12.03; provided, however, that if the
Company makes any payment of stated amount at Maturity of (and premium, if any) or interest on any
Security following the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money held by the Trustee
or the Paying Agent.

 

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

57

 

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

	 	 	 	 	 
	 	 	TEEKAY CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Title:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Title:
	 
	 	 	 	 
	ATTEST:
	 	 	 	 
	 
	 	 	 	 
	 
	 	THE BANK OF NEW YORK MELLON TRUST
	 

	 	 	 	COMPANY, N.A.,
	 

	 	 	 	as trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Title: Authorized Signatory

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