Document:

exv10w3

EXHIBIT 10.3

REVOLVING NOTE

	 	 	 
	$16,666,666.66
	 	March 31, 2011

          FOR VALUE RECEIVED, the undersigned, MOTORCAR PARTS OF AMERICA, INC., a New York corporation
(“Borrower”), hereby promises to pay to the order of BRANCH BANKING & TRUST COMPANY, a
North Carolina banking corporation (“Payee”), on or before the Revolving Loans Maturity
Date, in lawful money of the United States of America and in immediately available funds, the
principal sum of SIXTEEN MILLION SIX HUNDRED SIXTY-SIX THOUSAND SIX HUNDRED SIXTY-SIX AND 66/100THS
DOLLARS ($16,666,666.66), or such lesser sum as shall equal the aggregate outstanding principal
amount of the Revolving Loans made by Payee to Borrower pursuant to the Credit Agreement (as
defined below).

          Borrower further promises to make principal reduction payments on the outstanding principal amount
of this Revolving Note (this “Note”) in the amounts and on the dates specified in the
Credit Agreement.

          Borrower further promises to pay interest on the outstanding principal amount of this Note at such
rates of interest, including the Default Rate, if applicable, and at such dates as are specified in
the Credit Agreement.

          Except as otherwise provided in the Credit Agreement, if any payment or prepayment on this Note
becomes due and payable on a day other than a Business Day, the due date thereof shall be extended
to the next succeeding Business Day and, with respect to payments of principal, interest thereon
shall be payable at the then applicable rate during such extension.

          Borrower shall make all payments due hereunder to Administrative Agent for the account of Payee in
immediately available Dollars, not later than 12:00 p.m., Pacific time, on the day of payment, by
wire transfer pursuant to the wire instructions set forth below or pursuant to such other wire
instructions as Administrative Agent may from time to time specify by notice to Borrower:

Union Bank, N.A.

ABA#: 122-000-496

Account#: 77070196431

Account: Wire Transfer Clearing

Attn: Commercial Loan Operations

          Upon the occurrence and during the continuance of an Event of Default, this Note may, without
demand, notice, or legal process of any kind, except as otherwise provided by Section 8.2
of the Credit Agreement, be declared, and upon such declaration immediately shall become, or upon
certain circumstances set forth in the Credit Agreement may become without declaration, due and
payable.

          Capitalized terms or matters of construction defined or established in Article 1 of the Revolving
Credit and Term Loan Agreement dated as of October 28, 2009, by and among the

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Lenders, Union Bank,
N.A., as Administrative Agent for the Lenders, and
Borrower (including all annexes, exhibits and schedules thereto, and as the same may be
subsequently amended, restated, supplemented, or otherwise modified from time to time, the
“Credit Agreement”), shall be applied herein as defined or established therein. This Note
is issued pursuant to the Credit Agreement, is one of the “Revolving Notes” referred to therein,
and is entitled to the benefit and security of the Loan Documents provided for therein, to which a
reference is hereby made for a statement of all of the terms and conditions under which the
Revolving Loans are made and are to be repaid. All of the terms, covenants, and conditions of the
Credit Agreement and all other instruments evidencing or securing the Obligations hereunder,
including the Loan Documents, are hereby made a part of this Note and are deemed incorporated
herein in full. The principal balance of the Revolving Loans owing to Payee, the rates of interest
applicable thereto and the date and amount of each payment made on account of the principal thereof
shall be recorded by Payee and Administrative Agent on their respective books and records;
provided, that the failure by Payee or Administrative Agent to make any such recordation
shall not affect the obligations of Borrower to make payment when due of any amount owing under the
Loan Documents in respect of the Revolving Loans owed to Payee.

          This Note is secured by the liens and security interests granted to Administrative Agent for the
benefit of Lenders and Bank Product Providers pursuant to the Loan Documents.

          Time is of the essence of this Note. To the fullest extent permitted by applicable law, Borrower
waives presentment for payment, notice of dishonor, protest and notice of protest.

          THIS NOTE IS SUBJECT TO THE TERMS OF ANY ALTERNATIVE DISPUTE RESOLUTION AGREEMENT NOW OR HEREAFTER
ENTERED INTO PURSUANT TO OR IN CONNECTION WITH THE CREDIT AGREEMENT.

          THIS NOTE SHALL BE GOVERNED BY, AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF CALIFORNIA, WITHOUT REGARD FOR PRINCIPLES OF CONFLICT OF LAWS, AND ANY APPLICABLE LAWS OF
THE UNITED STATES OF AMERICA.

[remainder of page intentionally left blank]

2

 

	 	 	 	 	 
	 	MOTORCAR PARTS OF AMERICA, INC.,

a New York corporation

 	 
	 	By:  	/s/ Selwyn Joffe
 	 
	 	 	Name:  	Selwyn Joffe 	 
	 	 	Title:  	CEO 	 
	 

Revolving Note-Branch Banking & Trust Companyexv4w2

Exhibit 4.2

 

Schlumberger N.V.

 

INDENTURE

Dated as of [__________], 2011

 

[Name of Trustee]

as Trustee

Unsubordinated Debt Securities

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE 
	 	 	1	 
	Section 1.1. Definitions 
	 	 	1	 
	Section 1.2. Other Definitions 
	 	 	5	 
	Section 1.3. Rules of Construction 
	 	 	6	 
	ARTICLE II. THE SECURITIES 
	 	 	6	 
	Section 2.1. Issuable in Series 
	 	 	6	 
	Section 2.2. Establishment of Terms of Series of Securities 
	 	 	6	 
	Section 2.3. Execution and Authentication 
	 	 	9	 
	Section 2.4. Registrar, Paying Agent and Transfer Agent 
	 	 	10	 
	Section 2.5. Paying Agent to Hold Money in Trust 
	 	 	11	 
	Section 2.6. Securityholder Lists 
	 	 	11	 
	Section 2.7. Transfer and Exchange 
	 	 	11	 
	Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities 
	 	 	12	 
	Section 2.9. Outstanding Securities 
	 	 	13	 
	Section 2.10. Treasury Securities 
	 	 	13	 
	Section 2.11. Temporary Securities 
	 	 	13	 
	Section 2.12. Cancellation 
	 	 	14	 
	Section 2.13. Defaulted Interest 
	 	 	14	 
	Section 2.14. Global Securities 
	 	 	14	 
	Section 2.15. CUSIP Numbers 
	 	 	16	 
	ARTICLE III. REDEMPTION 
	 	 	16	 
	Section 3.1. Notice to Trustee; No Liability for Calculations 
	 	 	16	 
	Section 3.2. Selection of Securities to be Redeemed 
	 	 	16	 
	Section 3.3. Notice of Redemption 
	 	 	17	 
	Section 3.4. Effect of Notice of Redemption 
	 	 	18	 
	Section 3.5. Deposit of Redemption Price 
	 	 	18	 
	Section 3.6. Securities Redeemed in Part 
	 	 	18	 
	Section 3.7. Sinking Fund 
	 	 	18	 
	Section 3.8. Satisfaction of Sinking Fund Payments with Securities 
	 	 	19	 
	Section 3.9. Redemption of Securities for Sinking Fund 
	 	 	19	 
	Section 3.10. Redemption Upon Changes in Tax Law 
	 	 	19	 
	ARTICLE IV. COVENANTS 
	 	 	20	 
	Section 4.1. Payment of Principal, Premium and Interest 
	 	 	20	 
	Section 4.2. Compliance Certificate 
	 	 	21	 
	Section 4.3. Stay, Extension and Usury Laws 
	 	 	21	 
	Section 4.4. Corporate Existence 
	 	 	21	 
	Section 4.5. Limitation on Liens 
	 	 	21	 
	Section 4.6. Additional Amounts 
	 	 	23	 
	Section 4.7. Reports 
	 	 	25	 
	ARTICLE V. SUCCESSORS 
	 	 	26	 
	Section 5.1. Consolidation, Merger and Sale of Assets 
	 	 	26	 
	ARTICLE VI. DEFAULTS AND REMEDIES 
	 	 	26	 
	Section 6.1. Events of Default 
	 	 	26	 

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	 	 	Page
	Section 6.2. Acceleration of Maturity; Rescission and Annulment 
	 	 	27	 
	Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee 
	 	 	28	 
	Section 6.4. Trustee May File Proofs of Claim 
	 	 	29	 
	Section 6.5. Trustee May Enforce Claims Without Possession of Securities 
	 	 	29	 
	Section 6.6. Application of Money Collected 
	 	 	29	 
	Section 6.7. Limitation on Suits 
	 	 	30	 
	Section 6.8. Unconditional Right of Holders to Receive Principal and Interest 
	 	 	30	 
	Section 6.9. Restoration of Rights and Remedies 
	 	 	31	 
	Section 6.10. Rights and Remedies Cumulative 
	 	 	31	 
	Section 6.11. Delay or Omission Not Waiver 
	 	 	31	 
	Section 6.12. Control by Holders 
	 	 	31	 
	Section 6.13. Waiver of Past Defaults 
	 	 	32	 
	Section 6.14. Undertaking for Costs 
	 	 	32	 
	ARTICLE VII. TRUSTEE 
	 	 	32	 
	Section 7.1. Duties of Trustee 
	 	 	32	 
	Section 7.2. Rights of Trustee 
	 	 	33	 
	Section 7.3. May Hold Securities 
	 	 	35	 
	Section 7.4. Trustee’s Disclaimer 
	 	 	35	 
	Section 7.5. Notice of Defaults 
	 	 	35	 
	Section 7.6. Compensation and Indemnity 
	 	 	35	 
	Section 7.7. Replacement of Trustee 
	 	 	36	 
	Section 7.8. Successor Trustee by Merger, etc. 
	 	 	38	 
	Section 7.9. Eligibility; Disqualification 
	 	 	38	 
	Section 7.10. Preferential Collection of Claims Against Company 
	 	 	38	 
	ARTICLE VIII. DISCHARGE OF INDENTURE 
	 	 	39	 
	Section 8.1. Termination of Company’s Obligations 
	 	 	39	 
	Section 8.2. Application of Trust Money 
	 	 	42	 
	Section 8.3. Repayment to Company 
	 	 	42	 
	Section 8.4. Reinstatement 
	 	 	43	 
	ARTICLE IX. AMENDMENTS AND WAIVERS 
	 	 	43	 
	Section 9.1. Without Consent of Holders 
	 	 	43	 
	Section 9.2. With Consent of Holders 
	 	 	44	 
	Section 9.3. Limitations 
	 	 	45	 
	Section 9.4. Form of Amendments 
	 	 	45	 
	Section 9.5. Revocation and Effect of Consents 
	 	 	46	 
	Section 9.6. Notation on or Exchange of Securities 
	 	 	46	 
	Section 9.7. Trustee Protected 
	 	 	46	 
	ARTICLE X. MISCELLANEOUS 
	 	 	46	 
	Section 10.1. Notices 
	 	 	46	 
	Section 10.2. Communication by Holders with Other Holders 
	 	 	48	 
	Section 10.3. Certificate and Opinion as to Conditions Precedent 
	 	 	48	 
	Section 10.4. Statements Required in Certificate or Opinion 
	 	 	48	 
	Section 10.5. Rules by Trustee and Agents 
	 	 	49	 
	Section 10.6. Legal Holidays 
	 	 	49	 
	Section 10.7. No Personal Liability of Directors, Officers, Employees and Certain Others
	 	 	49	 

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	 	 	Page
	Section 10.8. Counterparts 
	 	 	49	 
	Section 10.9. Governing Laws 
	 	 	49	 
	Section 10.10. No Adverse Interpretation of Other Agreements 
	 	 	50	 
	Section 10.11. Successors 
	 	 	50	 
	Section 10.12. Severability 
	 	 	50	 
	Section 10.13. Table of Contents, Headings, Etc.
	 	 	50	 
	Section 10.14. Judgment Currency 
	 	 	50	 
	Section 10.15. English Language 
	 	 	51	 
	Section 10.16. Submission to Jurisdiction; Appointment of Agent 
	 	 	51	 
	Section 10.17. Waiver of Immunity 
	 	 	51	 
	Section 10.18. Waiver of Jury Trial 
	 	 	52	 

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          Indenture dated as of [__________], 2011 between Schlumberger N.V. (the “Company”) and
[__________], as trustee (the “Trustee”).

          Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders (as defined below) of the Securities (as defined below) issued under
this Indenture.

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.1. Definitions.

          “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under common control with such specified Person. For the purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”), 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 or policies of such
Person, whether through the ownership of voting securities or by agreement or otherwise.

          “Agent” means any Registrar, Paying Agent or Transfer Agent or any other agent appointed
pursuant to this Indenture.

          “Board of Directors” means the Board of Directors of the Company, or any duly authorized
committee thereof.

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

          “Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or
supplemental indenture for a particular Series, any day except a Saturday, Sunday or a Legal
Holiday in The City of New York on which banking institutions are authorized or required by law,
regulation or executive order to close.

          “Capital Stock” means (1) in the case of a corporation, corporate stock; (2) in the case of an
association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; (3) in the case of a partnership or limited
liability company, partnership interests (whether general or limited) or membership interests; and
(4) any other interest or participation that confers on a Person the right to receive a share of
the profits and losses of, or distributions of assets of, the issuing Person, but excluding from
all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt
securities include any right of participation with Capital Stock.

          “Certificated Securities” means definitive Securities in registered non-global certificated
form.

 

 

          “Company” means Schlumberger N.V. until a successor replaces it and thereafter means the
successor.

          “Company Order” or “Company Request” means a written order signed in the name of the Company
by one of the Company’s Officers.

          “Consolidated Net Worth” means the amount of total stockholders’ equity shown in the Company’s
most recent quarterly consolidated statement of financial position.

          “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered, which, as of the date hereof is the
address set forth in Section 10.1.

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

          “Depositary” means, with respect to the Securities of any Series issuable or issued in whole
or in part in the form of one or more Global Securities, the Person designated as Depositary for
such Series by the Company which Depositary shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such Person, “Depositary” as used with
respect to the Securities of any Series shall mean the Depositary with respect to the Securities of
such Series.

          “Discount Security” means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.2.

          “Dollars” or “$” means the currency of The United States of America.

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

          “GAAP” means accounting principles generally accepted in the United States of America 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 have been approved
by a significant segment of the accounting profession, which are in effect from time to time.

          “Global Security” or “Global Securities” means a Security or Securities, as the case may be,
in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities,
issued to the Depositary for such Series or its nominee, and registered in the name of such
Depositary or nominee.

          “Government Obligations” means securities which are (i) direct obligations of The United
States of America for the payment of which its full faith and credit is pledged or (ii)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of The United States of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by The United States of America, and which in the case of (i) and (ii) are

2

 

not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such Government
Obligation or a specific payment of interest on or principal of any such Government Obligation held
by such custodian for the account of the holder of a 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 with respect to the
Government Obligation evidenced by such depository receipt.

          “Holder” or “Securityholder” means a Person in whose name a Security is registered in the
register maintained by the Registrar.

          “Indenture” means this Indenture as amended or supplemented from time to time and shall
include the form and terms of particular Series of Securities established as contemplated
hereunder.

          “Issue Date” means, with respect to any Security, the date of original issuance of such
Security.

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

          “Mortgage” means and includes any mortgage, pledge, lien, security interest, conditional sale
or other title retention agreement or other similar encumbrance.

          “Non-recourse Debt” means indebtedness as to which (a) neither the Company, nor any of its
Subsidiaries (x) provides credit support of any kind or (y) is directly or indirectly liable as a
guarantor or otherwise and (b) as to which the lenders have been notified in writing that they will
not have any recourse to the stock or assets of the Company or any of its Subsidiaries.

          “Officer” means the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, any Vice-President, the Treasurer, a Director, the Chairman, the Secretary, any
Assistant Treasurer or any Assistant Secretary of the Company.

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

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

          “Periodic Offering” means an offering of Securities of a Series from time to time, during
which any or all of the specific terms of the Securities, including the rate or rates of interest,
if any, thereon, the maturity or maturities thereof and the redemption provisions, if any, with
respect thereto, are to be determined by the Company or its agents upon the issuance of such
Securities in accordance with the terms of the relevant supplemental indenture.

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

3

 

organization,
including a government or political subdivision or an agency or instrumentality thereof.

          “principal” of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts with respect to, the Security.

          “Responsible Officer” means any officer of the Trustee in its Corporate Trust Office
responsible for the administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom any corporate trust matter is referred because of
his or her knowledge of and familiarity with a particular subject.

          “Restricted Property” means any real property, manufacturing plant, warehouse, office building
or other physical facility, or any item of marine, transportation or construction equipment or
other like depreciable assets of the Company or any of its Restricted Subsidiaries, whether owned
on or acquired after the Issue Date of the Securities of any Series, unless, in the opinion of the
Board of Directors, such plant or facility or other asset is not of material importance to the
total business conducted by the Company and its Restricted Subsidiaries taken as a whole.

          “Restricted Security”, with respect to any Series of Securities, means a Security of such
Series, unless or until it has been (i) effectively registered under the Securities Act and
disposed of in accordance with a registration statement with respect to such Series or (ii)
distributed to the public pursuant to Rule 144 under the Securities Act or any similar provision
then in force.

          “Restricted Subsidiary” means any Subsidiary of the Company which owns a Restricted Property.

          “SEC” means the Securities and Exchange Commission.

          “Securities” means the debentures, notes or other debt instruments of the Company of any
Series authenticated and delivered under this Indenture.

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

          “Series” or “Series of Securities” means each series of Securities of the Company created
pursuant to Sections 2.1 and 2.2 hereof.

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

          “Subsidiary” means, with respect to any specified Person, (a) any corporation, association or
other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting
agreement or stockholders’ agreement that effectively transfers voting
power) to vote in the election of directors, managers or trustees of the corporation,
association or other business entity is at the time owned or controlled, directly or indirectly, by
that Person or

4

 

one or more of the other subsidiaries of that Person (or a combination thereof); and
(b) any partnership or limited liability company of which (x) more than 50% of the capital
accounts, distribution rights, total equity and voting interests or general and limited partnership
interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or
more of the other subsidiaries of that Person or a combination thereof, whether in the form of
membership, general, special or limited partnership interests or otherwise, and (y) such Person or
any subsidiary of such Person is a controlling general partner or otherwise controls such entity.

          “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to
the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

          “Unrestricted Securities”, with respect to any Series of Securities, means a Security (i)
effectively registered under the Securities Act and disposed of in accordance with a registration
statement with respect to such Series or (ii) distributed to the public pursuant to Rule 144 under
the Securities Act or any similar provision then in force.

     Section 1.2. Other Definitions.

	 	 	 	 	 
	 	 	DEFINED IN
	TERM	 	SECTION
	“Additional Amounts”

	 	 	4.6	(a)
	“Bankruptcy Law”

	 	 	6.1	 
	“Company Tax Jurisdiction”

	 	 	4.6	(a)
	“covenant defeasance”

	 	 	8.1	(b)
	“Custodian”

	 	 	6.1	 
	“Event of Default”

	 	 	6.1	 
	“Judgment Currency”

	 	 	10.14	 
	“legal defeasance”

	 	 	8.1	(c)
	“Legal Holiday”

	 	 	10.6	 
	“New York Banking Day”

	 	 	10.14	 
	“Paying Agent”

	 	 	2.4	 
	“Process Agent”

	 	 	10.16	 
	“Registrar”

	 	 	2.4	 
	“Related Proceeding”

	 	 	10.16	 
	“Required Currency”

	 	 	10.14	 
	“Taxes”

	 	 	4.6	(a)
	“Tax Redemption Date”

	 	 	3.10	 
	“Tax Jurisdiction”

	 	 	4.6	(a)
	“TIA”

	 	 	7.10	 
	“Transfer Agent”

	 	 	2.4	 

5

 

     Section 1.3. Rules of Construction.

          Unless the context otherwise requires:

     (a) a term has the meaning assigned to it;

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

     (c) “or” is not exclusive and “including” means including without limitation;

     (d) words in the singular include the plural, and in the plural include the singular;
and

     (e) provisions apply to successive events and transactions.

ARTICLE II.

THE SECURITIES

     Section 2.1. Issuable in Series.

          The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities
of a Series shall be identical except as may be set forth in, or pursuant to a Board Resolution,
Officer’s Certificate or supplemental indenture establishing the terms of such Series of
Securities.

     Section 2.2. Establishment of Terms of Series of Securities.

          At or prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such
Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through
2.2.28) by or pursuant to a Board Resolution, Officer’s Certificate or supplemental indenture:

          2.2.1. the title of the Series of Securities (which shall distinguish the Securities of that
particular Series from the Securities of any other Series);

          2.2.2. any limit upon the aggregate principal amount of the Securities of the Series which may
be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

          2.2.3. the date or dates on which the principal and premium, if any, of the Securities of the
Series is payable;

          2.2.4. the rate or rates, which may be fixed or variable, at which the Securities of the
Series shall bear interest or the manner of calculation of such rate or rates, if

6

 

any, including any procedures to vary or reset such rate or rates, and the basis upon which interest will be
calculated if other than that of a 360-day year or twelve 30-day months;

          2.2.5. the date or dates from which interest shall accrue, the dates on which such interest
will be payable or the manner of determination of such dates, and the record date for the
determination of holders to whom interest is payable on any such dates;

          2.2.6. the place or places where the principal of and interest, if any, on the Securities of
the Series shall be payable, where the Securities of such Series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Company with
respect to the Securities of such Series and this Indenture may be served, and the method of such
payment, if by wire transfer, mail or other means if other than as set forth in this Indenture;

          2.2.7. the right, if any, to extend the interest payment periods or defer the payment of
interest and the duration of such extension or deferral;

          2.2.8. if applicable, the period or periods within which, the price or prices at which and the
terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part,
at the option of the Company if other than as set forth in this Indenture;

          2.2.9. the obligation, if any, of the Company to redeem or purchase, if other than as set
forth herein, the Securities of the Series pursuant to any sinking fund or analogous provisions,
including payments made in cash in anticipation of future sinking fund obligations, or at the
option of a Holder thereof and the period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the Series shall be redeemed, purchased or
repaid, in whole or in part, pursuant to such obligation;

          2.2.10. the terms of any repurchase or remarketing rights;

          2.2.11. if other than denominations of $2,000 or integral multiples of $1,000 in excess
thereof, the denominations in which the Securities of the Series shall be issuable;

          2.2.12. the forms of the Securities of the Series including the form of the Trustee’s
certificate of authentication for such Series;

          2.2.13. any trustees, authenticating agents or paying agents with respect to the Securities of
the Series, if different from those set forth in this Indenture;

          2.2.14. if the Securities of the Series shall be issued in whole or in part in the form of a
Global Security or Securities, the type of Global Security to be issued; the terms and
conditions, if different from those contained in this Indenture, upon which such Global
Security or Securities may be exchanged in whole or in part for other individual Securities in
definitive registered form; the Depositary for such Global Security or Securities; and the form of
any legend or legends to be borne by any such Global Security or Securities in addition to or in
lieu of the legend referred to in Section 2.14.2;

          2.2.15. any provisions granting special rights to Holders when a specified event occurs;

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          2.2.16. if the amount of principal of or any premium or interest on Securities of any Series
may be determined with reference to an index or pursuant to a formula, the manner in which such
amounts will be determined;

          2.2.17. any special tax implications of the Securities, including provisions for original
issue discount securities, if offered;

          2.2.18. whether and upon what terms Securities of the Series may be defeased if different from
the provisions set forth in this Indenture;

          2.2.19. with regard to the Securities of any Series that do not bear interest, the dates for
certain required reports to the Trustee;

          2.2.20. whether the Securities of any Series will be issued as Unrestricted Securities or
Restricted Securities, and, if issued as Restricted Securities, the rule or regulation promulgated
under the Securities Act in reliance on which they will be sold;

          2.2.21. any guarantees on the Securities of the Series;

          2.2.22. the currency or currencies in which payment of the principal of, premium, if any, and
interest on, the Securities of the Series shall be payable;

          2.2.23. if the principal amount payable at the Stated Maturity of Securities of the Series
will not be determinable as of any one or more dates prior to such Stated Maturity, the amount
which will be deemed to be such principal amount as of any such date for any purpose, including the
portion of the principal amount thereof that will be due and payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2 or upon any maturity other than the
Stated Maturity or that will be deemed to be outstanding as of any such date, or, in any such case,
the manner in which such deemed principal amount is to be determined;

          2.2.24. the provisions, if any, relating to any security provided for the Securities of the
Series;

          2.2.25. any additional restrictive covenants or Events of Default that will apply to the
Securities of the Series, or any changes to the restrictive covenants set forth in Article IV or
the Events of Default set forth in Section 6.01 that will apply to the Securities of the Series,
which may consist of establishing different terms or provisions from those set forth in Article IV
or Section 6.01 or eliminating any such restrictive covenant or Event of Default with respect to
the Securities of the Series;

          2.2.26. any Depositaries, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those appointed herein;

          2.2.27. whether the Securities of the Series will be convertible into or exchangeable for
other Securities, common shares or other securities of any kind of the Company or another obligor,
and, if so, the terms and conditions upon which such Securities will be so convertible or
exchangeable, including the initial conversion or exchange price or rate or

8

 

the method of
calculation, how and when the conversion price or exchange ratio may be adjusted, whether
conversion or exchange is mandatory, at the option of the holder or at the Company’s option, the
conversion or exchange period, and any other provision in addition to or in lieu of those described
herein; and

          2.2.28. any and all additional, eliminated or changed terms that shall apply to the Securities
of the Series, including any terms that may be required by or advisable under United States laws or
regulations, including the Securities Act and the rules and regulations promulgated thereunder, or
advisable in connection with the marketing of Securities of that Series.

          All Securities of any one Series need not be issued at the same time and may be issued from
time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, Officer’s Certificate or supplemental indenture referred to above.

     Section 2.3. Execution and Authentication.

          An Officer of the Company shall sign the Securities for the Company by manual or facsimile
signature.

          If an Officer whose signature is on a Security no longer holds that office at the time the
Security is authenticated, the Security shall nevertheless be valid.

          A Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.

          The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, Officer’s Certificate or
supplemental indenture, upon receipt by the Trustee of a Company Order. Each Security shall be
dated the date of its authentication unless otherwise provided by the relevant Board Resolution,
Officer’s Certificate or supplemental indenture.

          Notwithstanding the provisions of Section 2.2 and the preceding paragraph, in the case of
Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such
Securities from time to time in accordance with a Company Order or such other procedures acceptable
to the Trustee as may be specified by or pursuant to a supplemental indenture or the
written order of the Company delivered to the Trustee prior to the time of the first
authentication of Securities of such Series.

          The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, Officer’s Certificate or supplemental indenture delivered pursuant to Section 2.2.

          Prior to the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,

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Officer’s Certificate or supplemental indenture establishing the form of the Securities of that
Series or of Securities within that Series and the terms of the Securities of that Series or of
Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an
Opinion of Counsel complying with Section 10.4. With respect to Securities of a Series subject to
a Periodic Offering, the Trustee conclusively may rely, as to the authorization by the Company of
any of such Securities, the forms and terms thereof and the legality, validity, binding effect and
enforceability thereof, upon the written order of the Company, Opinion of Counsel, Officer’s
Certificate and other documents delivered pursuant to this Section 2.3 at or prior to the time of
the first authentication of Securities of such Series unless and until such written order, Opinion
of Counsel, Officer’s Certificate or other documents have been superseded or revoked, and written
notice thereof is provided to Trustee, or expire by their terms.

          The Trustee shall have the right to decline to authenticate and deliver any Securities of such
Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken
lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive
committee or a committee of Responsible Officers shall determine that such action would expose the
Trustee to personal liability.

          The Trustee may appoint an authenticating agent to authenticate Securities. An authenticating
agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture
to authentication by the Trustee includes authentication by such agent. An authenticating agent
has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

     Section 2.4. Registrar, Paying Agent and Transfer Agent.

          The Company will maintain one or more paying agents (each, a “Paying Agent”) for the
Securities in the Borough of Manhattan, City of New York. The initial Paying Agents will be
[__________] and thereafter “Paying Agent” shall mean or include each Person who is then a Paying
Agent hereunder, and if at any time there is more than one such Person, “Paying Agent” as used with
respect to the Securities of any Series shall mean the Paying Agent with respect to Securities of
that Series. The Company, upon written notice to the Trustee accompanied by an Officer’s
Certificate, may appoint one or more paying agents, other than the Trustee, for all or any series
of the Securities. If the Company fails to appoint or maintain
another entity as paying agent, the Trustee shall act as such. The Company or any of its
Subsidiaries, upon notice to the Trustee, may act as paying agent.

          The Company will maintain one or more registrars (each, a “Registrar”) for the Securities in
the Borough of Manhattan, City of New York. The initial Registrar will be [__________] and
thereafter “Registrar” shall mean or include each Person who is then a Registrar hereunder, and if
at any time there is more than one such Person, “Registrar” as used with respect to the Securities
of any Series shall mean the Registrar with respect to Securities of that Series. The Company,
upon written notice to the Trustee accompanied by an Officer’s Certificate, may appoint one or more
registrars, other than the Trustee, for all or any series of the Securities. If the Company fails
to appoint or maintain another entity as registrar, the Trustee shall act as such. The Company or
any of its Subsidiaries, upon notice to the Trustee, may act as registrar.

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          The Company will also maintain a transfer agent (each, a “Transfer Agent”) for the Securities
in the Borough of Manhattan, City of New York. The initial Transfer Agent will be [__________] and
thereafter “Transfer Agent” shall mean or include each Person who is then a Transfer Agent
hereunder, and if at any time there is more than one such Person, “Transfer Agent” as used with
respect to the Securities of any Series shall mean the Transfer Agent with respect to Securities of
that Series. The Company, upon written notice to the Trustee accompanied by an Officer’s
Certificate, may appoint one or more transfer agents, other than the Trustee, for all or any series
of the Securities. If the Company fails to appoint or maintain another entity as transfer agent,
the Trustee shall act as such. The Company or any of its Subsidiaries, upon notice to the Trustee,
may act as transfer agent.

          The Company may change any Paying Agent, Registrar or Transfer Agent for its Securities
without prior notice to the Holders.

     Section 2.5. Paying Agent to Hold Money in Trust.

          The Company shall require each Paying Agent appointed by it other than the Trustee to agree in
writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series
of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of
or interest on the Series of Securities, and will notify the Trustee of any default by the Company
in making any such payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying
Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability
for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of
Securities all money held by it as Paying Agent.

     Section 2.6. Securityholder Lists.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders of each Series of Securities.
If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days
before each interest payment date and at such other times as the Trustee may request in writing a
list, in such form and as of such date as the Trustee may reasonably require, of the names and
addresses of Securityholders of each Series of Securities.

     Section 2.7. Transfer and Exchange.

          Where Securities of a Series are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if the requirements for such
transactions set forth in this Indenture are met. To permit registrations of transfers and
exchanges, the Trustee shall authenticate Securities at the Registrar’s request upon the Trustee’s
receipt of a Company Order from the Company. No service charge shall be made for any registration
of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar

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governmental charge
payable in connection therewith (other than any such transfer tax or similar governmental charge
payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

          Neither the Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Securities of any Series for the period beginning at the opening of business
fifteen days immediately preceding the delivery of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such delivery, or
(b) to register the transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

     Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities.

          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 the same Series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

          If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) 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 protected
purchaser, the Company shall execute and upon receipt of a Company Order, the
Trustee shall authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same Series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding.

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

          Upon the issuance of any new Security under this Section 2.8, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

          Every new Security of any Series issued pursuant to this Section 2.8 in lieu of any 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 of that Series duly issued hereunder.

          The provisions of this Section 2.8 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.

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     Section 2.9. Outstanding Securities.

          The Securities outstanding at any time are all the Securities authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest on a Security, if applicable, effected by the Trustee in accordance with the provisions
hereof and those described in this Section 2.9 as not outstanding.

          If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the
Trustee receives proof satisfactory to it that the replaced Security is held by a protected
purchaser.

          If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of
the Company) holds on the Maturity of Securities of a Series money sufficient to pay such
Securities payable on that date, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue.

          The Company may purchase or otherwise acquire the Securities, whether by open market
purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security.

          In determining whether the Holders of the requisite principal amount of outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of a Discount Security that shall be deemed to be
outstanding for such purposes shall be the amount of the principal thereof that would be due
and payable as of the date of such determination upon a declaration of acceleration of the Maturity
thereof pursuant to Section 6.2.

     Section 2.10. Treasury Securities.

          In determining whether the Holders of the required principal amount of Securities of a Series
have concurred in any request, demand, authorization, direction, notice, consent or waiver,
Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded,
except that for the purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, direction, notice, consent or waiver only Securities of a
Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded.

     Section 2.11. Temporary Securities.

          Until definitive Securities are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be
substantially in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee upon request shall authenticate definitive Securities of the same Series
and date of maturity in exchange for temporary Securities. Until so exchanged, temporary
securities shall have the same rights under this Indenture as the definitive Securities.

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     Section 2.12. Cancellation.

          The Company at any time may deliver Securities to the Trustee for cancellation. The Agents
shall forward to the Trustee any Securities surrendered to them for registration of transfer,
exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall destroy such canceled Securities (subject to the
record retention requirement of the Exchange Act) and deliver a certificate of such destruction to
the Company unless the Company otherwise directs. The Company may not issue new Securities to
replace Securities that it has paid or delivered to the Trustee for cancellation.

     Section 2.13. Defaulted Interest.

          If the Company defaults in a payment of interest on a Series of Securities, it shall pay the
defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the Persons who are Securityholders of the Series on a subsequent special record date.
The Company shall fix the record date and payment date. At least 10 days before
the record date, the Company shall deliver to the Trustee and to each Securityholder of the
Series a notice that states the record date, the payment date and the amount of interest to be
paid. The Company may pay defaulted interest in any other lawful manner.

     Section 2.14. Global Securities.

          2.14.1. Transfer and Exchange. Notwithstanding any provisions to the contrary
contained in Section 2.7 of this Indenture and in addition thereto, any Global Security shall be
exchangeable pursuant to Section 2.7 of this Indenture for Securities registered in the names of
Holders other than the Depositary for such Security or its nominee only if (i) such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered
as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company
executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global
Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for Securities registered in such names as the Depositary
shall direct in writing in an aggregate principal amount equal to the principal amount of the
Global Security with like tenor and terms.

          Except as provided in this Section 2.14.1, a Global Security may not be transferred except as
a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by
a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such a successor
Depositary.

          Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or
inquire as to compliance with any tax or securities laws with respect to any restrictions on
transfer imposed under this Indenture or under applicable law (including any transfers between or
among Depositary participants, members or beneficial owners in any Global Security) other than to
require delivery of such certificates and other documentation or evidence

14

 

as are expressly required
by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements hereof.

          2.14.2. Legend. Any Global Security issued hereunder shall bear a legend in
substantially the following form:

          “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY
IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
A SUCCESSOR DEPOSITARY.”

          2.14.3. Acts of Holders. The Depositary, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand, authorization, direction,
notice, consent, waiver or other action which a Holder is entitled to give or take under this
Indenture.

          2.14.4. Payments. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if
any, on any Global Security shall be made to the Holder thereof, which in the case of a Depositary
therefore will be made in accordance with its applicable procedures.

          2.14.5. Holders. The Company, the Trustee and each Agent shall treat the Person in
whose name any Security is registered in the register maintained by the Registrar as the Holder for
all purposes including for purposes of obtaining any consents, declarations, waivers or directions
permitted or required to be given by the Holders pursuant to this Indenture.

          2.14.6. None of the Trustee or any Agent shall have any responsibility or obligation to any
beneficial owner of an interest in a Global Security, a member of, or a participant in, the
Depositary or other Person with respect to the accuracy of the records of the Depositary or its
nominee or of any participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery to any participant, member, beneficial owner or other
Person (other than the Depositary) of any notice (including any notice of redemption) or the
payment of any amount or delivery of any Securities (or other security or property) under or with
respect to such Securities. All notices and communications to be given to the Holders and all
payments to be made to Holders with respect to the Securities shall be given or made only to or
upon the order of the registered Holders (which shall be the Depositary or its nominee in the case
of a Global Security). The rights of beneficial owners in any Global Security shall be exercised
only through the Depositary subject to the applicable rules and procedures of the Depositary. The
Trustee and each Agent may rely and shall be fully protected

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in relying upon information furnished
by the Depositary with respect to its members, participants and any beneficial owners.

     Section 2.15. CUSIP Numbers.

          The Company in issuing the Securities may use “CUSIP,” “ISIN” and or “Common Code” numbers (if
then generally in use), and, if so, the Trustee shall use “CUSIP,” “ISIN” and or “Common Code”
numbers in notices of redemption as a convenience to Holders; provided 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 and that reliance may be placed only on
the other elements of identification printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers.

ARTICLE III.

REDEMPTION

     Section 3.1. Notice to Trustee; No Liability for Calculations.

          The Company may, with respect to any Series of Securities, reserve the right to redeem and pay
such Series of Securities or may covenant to redeem and pay such Series of Securities or any part
thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in
Sections 3.9 and 3.10 hereof or, as applicable, in the Board Resolution, Officer’s Certificate or
supplemental indenture relating to such Series. If a Series of Securities is redeemable and the
Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the
Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in
writing of the redemption date and the principal amount of Series of Securities to be redeemed at
least 40 days before a redemption date (or such shorter notice as may be acceptable to the
Trustee). The Trustee shall have no liability with respect to or obligation to calculate the
redemption price of any Securities to be redeemed pursuant to this Indenture.

     Section 3.2. Selection of Securities to be Redeemed.

          Unless otherwise indicated for a particular Series by a Board Resolution, Officer’s
Certificate or a supplemental indenture, if less than all of the Securities of a Series are to be
redeemed at any time, the Trustee will select the Securities of a Series to be redeemed on a pro
rata basis (or, in the case of Securities issued in global form based on a method that most nearly
approximates a pro rata selection as the Trustee deems fair and appropriate) unless otherwise
required by law or applicable stock exchange or Depositary requirements. The Trustee will not be
liable for selections made by it as contemplated in this section.

          No Securities of a Series in principal amount of $2,000 or less can be redeemed in part.

          Notices of purchase or redemption will be given to each Holder pursuant to Section 3.3 and
Section 10.1.

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     Section 3.3. Notice of Redemption.

          Unless otherwise indicated for a particular Series by Board Resolution, Officer’s Certificate
or supplemental indenture, at least 30 days but not more than 60 days before a redemption date, the
Company will deliver a notice of redemption to each Holder whose Securities are to be redeemed in
accordance with Section 10.1, except that redemption notices
may be given more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture
pursuant to Article VIII hereof.

          The notice shall identify the Securities to be redeemed and corresponding CUSIP, ISIN or
Common Code numbers, as applicable, and will state:

     (a) the redemption date;

     (b) the redemption price and the amount of accrued interest, if any, and Additional
Amounts, if any, to be paid;

     (c) if any Global Security is being redeemed in part, the portion of the principal
amount of such Global Security to be redeemed and that, after the redemption date upon
surrender of such Global Security, the principal amount thereof will be decreased by the
portion thereof redeemed pursuant thereto;

     (d) if any Certificated Security is being redeemed in part, the portion of the
principal amount of such Security to be redeemed, and that, after the redemption date, upon
surrender of such Security, a new Certificated Security or Certificated Securities in
principal amount equal to the unredeemed portion thereof will be issued in the name of the
Holder thereof upon cancellation of the original Certificated Security;

     (e) the name and address of the Paying Agent(s) to which the Securities are to be
surrendered for redemption;

     (f) that Securities called for redemption must be surrendered to the relevant Paying
Agent to collect the redemption price, plus accrued and unpaid interest, if any, and
Additional Amounts, if any;

     (g) that, unless the Company defaults in making such redemption payment, interest and
Additional Amounts, if any, on Securities called for redemption cease to accrue on and after
the redemption date;

     (h) that Securities of the Series called for redemption must be surrendered to the
Paying Agent to collect the redemption price;

     (i) the paragraph of the Securities and/or Section of this Indenture pursuant to which
the Securities called for redemption are being redeemed; and

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

          At the Company’s written request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense; provided, however, that the Company has delivered to the
Trustee, at least 40 days prior to the redemption date, an Officer’s Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such
notice as provided in the preceding paragraph.

     Section 3.4. Effect of Notice of Redemption.

          Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and at the redemption
price. Unless otherwise indicated for a particular Series by Board Resolution, Officer’s
Certificate or supplemental indenture, a notice of redemption may not be conditional. Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued
interest to the redemption date.

          On or after any purchase or redemption date, unless the Company defaults in payment of the
purchase or redemption price, interest shall cease to accrue on Securities or portions thereof
tendered for purchase or called for redemption.

     Section 3.5. Deposit of Redemption Price.

          On or before 10:00 a.m., New York City time, on the redemption date, the Company shall deposit
with the Paying Agent money in immediately available funds sufficient to pay the redemption price
of and accrued interest, if any, on all Securities to be redeemed on that date.

     Section 3.6. Securities Redeemed in Part.

          Upon surrender of a Certificated Security that is redeemed in part, the Trustee shall
authenticate for the Holder a new Certificated Security of the same Series and the same maturity
equal in principal amount to the unredeemed portion of the Security surrendered.

          In relation to Certificated Securities, a new Security in principal amount equal to the
unpurchased or unredeemed portion of any Security purchased or redeemed in part will be issued in
the name of the Holder thereof upon cancellation of the original Certificated Security.

     Section 3.7. Sinking Fund.

          Unless otherwise indicated for a particular Series by Board Resolution, Officer’s Certificate
or supplemental indenture, the provisions of Sections 3.7, 3.8 and 3.9 shall be applicable to any
sinking fund for the retirement of Securities of a Series.

          The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is referred to as a “mandatory sinking fund payment,” and any payment

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in excess of such
minimum amount provided for by the terms of Securities of any series is referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 3.8. Each sinking
fund payment shall be applied to the redemption of Securities of any Series as provided for by the
terms of Securities of such Series.

     Section 3.8. Satisfaction of Sinking Fund Payments with Securities.

          The Company (i) may deliver outstanding Securities of a Series other than any Securities
previously called for redemption and (ii) may apply as a credit Securities of a Series that have
been redeemed either at the election of the Company pursuant to the terms of such Securities or
through the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such Series required to be made pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the redemption price specified in
such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

     Section 3.9. Redemption of Securities for Sinking Fund.

          Not less than 30 days prior to each sinking fund payment date for any Series of Securities,
the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next
ensuing sinking fund payment for that Series pursuant to the terms of the Series, the portion
thereof, if any, that is to be satisfied by payment of cash in the currency in which the Securities
of such Series are denominated (except as provided pursuant to Section 2.2), the portion thereof,
if any, that is to be satisfied by delivering and crediting Securities of that Series pursuant to
Section 3.8 and the basis for such credit. Together with such Officer’s Certificate, the Company
will deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 3.3 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 3.3.

     Section 3.10. Redemption Upon Changes in Tax Law.

          The Company may redeem the Securities, in whole but not in part, at its discretion at any time
upon giving notice to the Holders of such of the Securities in accordance with Section 3.3 (which
notice will be irrevocable), at a redemption price equal to 100% of the aggregate principal amount
thereof, together with accrued and unpaid interest, if any, to the date
fixed by the Company for redemption (a “Tax Redemption Date”) and all Additional Amounts (if
any) then due and which will become due on the Tax Redemption Date as a result of the redemption or
otherwise (subject to the right of Holders of such Securities on the relevant record date to
receive interest due on the relevant interest payment date and Additional Amounts (if any) in
respect thereof), if on the next date on which any amount would be payable with respect to such
Securities, the Company is or would be required to pay Additional Amounts, and the

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Company cannot
avoid any such payment obligation by taking reasonable measures available, and the requirement
arises as a result of:

     (a) any amendment to, or change in, the laws (or any regulations or rulings promulgated
thereunder) of a relevant Tax Jurisdiction which change or amendment becomes effective on or
after the Issue Date (or, if the applicable Tax Jurisdiction became a Tax Jurisdiction on a
date after the Issue Date, such later date), or

     (b) any amendment to, or change in, an official interpretation or application of such
laws, regulations or rulings (including by virtue of a holding, judgment, order by a court
of competent jurisdiction or a change in published administrative practice) which amendment
or change becomes effective on or after the Issue Date (or, if the applicable Tax
Jurisdiction became a Tax Jurisdiction on a date after the Issue Date, such later date).

          The Company, as applicable, will not give any such notice of redemption earlier than 90 days
prior to the earliest date on which the Company would be obligated to make such payment or
withholding if a payment with respect to the applicable Securities was then due, and the obligation
to pay Additional Amounts must be in effect at the time such notice is given. Prior to the
publication or, where relevant, mailing of any notice of redemption of the Securities pursuant to
the foregoing, the Company will deliver to the Trustee an opinion of independent tax counsel to the
effect that there has been such amendment or change which would entitle the Company to redeem such
Securities hereunder. In addition, before the Company publishes or mails notice of redemption of
such Securities as described above, it will deliver to the Trustee an Officer’s Certificate to the
effect that it cannot avoid its obligation to pay Additional Amounts by taking reasonable measures
available to the Company.

          The Trustee will accept and shall be entitled to rely on such Officer’s Certificate and
Opinion of Counsel as sufficient evidence of the existence and satisfaction of the conditions
precedent as described above, in which event it will be conclusive and binding on the Holders of
the Securities.

          The foregoing will apply mutatis mutandis to any jurisdiction in which any successor Person to
the Company is incorporated or organized, or any jurisdiction from or through which payment is made
by or on behalf of such Person on the Securities and any political subdivision thereof or therein.

ARTICLE IV.

COVENANTS

     Section 4.1. Payment of Principal, Premium and Interest.

          The Company covenants and agrees for the benefit of the Holders of each Series of Securities
that it will duly and punctually pay the principal of, premium, if any, and interest, on the
Securities of that Series in accordance with the terms of such Securities and this Indenture.
Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture for
a particular Series, on or before 10:00 a.m., New York City time, on the applicable payment date,
the Company shall deposit with the Paying Agent money sufficient

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to pay the principal of, premium,
if any, and interest on the Securities of each such Series in accordance with the terms of such
Securities and this Indenture.

     Section 4.2. Compliance Certificate.

          The Company shall deliver to the Trustee, within 120 days after the end of its fiscal year
(which as of the date of this Indenture is December 31, or if the fiscal year with respect to the
Company is changed so that it ends on a date other than December 31, such other fiscal year end
date as the Company shall notify to the Trustee in writing) of the Company, an Officer’s
Certificate stating that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officer with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that to
his/her knowledge the Company is not in default in the performance or observance of any of the
terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he may have knowledge). Such Officer’s
Certificate need not include a reference to any non-compliance that has been fully cured prior to
the date as of which such certificate speaks.

          The Company will, so long as any of the Securities are outstanding, deliver to the Trustee,
within 30 days upon becoming aware of any Default or Event of Default, an Officer’s Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to
take with respect thereto.

     Section 4.3. Stay, Extension and Usury Laws.

          The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture or the Securities; and the Company (to
the extent it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not, by resort to any such law, 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 has been enacted.

     Section 4.4. Corporate Existence.

          Subject to Article V, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence and rights (charter and statutory);
provided, however, that the Company shall not be required to preserve any such right if its Board
of Directors shall determine that the preservation thereof is no longer desirable in the conduct of
its business and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any
material respect to the Holders of the Securities.

     Section 4.5. Limitation on Liens.

          The Company will not, and will not permit any of its respective Subsidiaries to, incur, issue,
assume or guarantee any notes, bonds, debentures or other similar evidences of

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indebtedness for
money borrowed, secured by a Mortgage on any Restricted Property, or on any shares of stock,
ownership interests in, or indebtedness of a Restricted Subsidiary, without effectively providing
concurrently with the incurrence, issuance, assumption or guarantee of such secured indebtedness
that the Securities (together with, if the Company shall so determine, any of its other
indebtedness or the indebtedness of any such Restricted Subsidiary then existing or thereafter
created ranking on a parity with the Securities) shall be secured equally and ratably with (or
prior to) such secured indebtedness, so long as such secured indebtedness shall be so secured,
unless, after giving effect thereto, the aggregate amount of all such secured indebtedness
(excluding any indebtedness secured by Mortgages of the types referred to in clauses (1) through
(10) below) would not exceed 20% of Consolidated Net Worth as shown on the Company’s most recent
consolidated quarterly financial statements; provided, however, that these provisions shall not
apply to:

     (a) Mortgages existing on the date of original issuance of the Securities;

     (b) Mortgages on property or assets of, or on any shares of stock, ownership interests
in or indebtedness of, any Person existing at the time such Person becomes a Subsidiary
(including a Restricted Subsidiary) of the Company;

     (c) Mortgages on property or assets existing at the time of acquisition thereof
(including acquisition through merger or consolidation) or to secure the payment of all or
any part of the purchase price or cost of construction, development, expansion or
improvement thereof or to secure any indebtedness incurred prior to, at the time of, or
within 12 months after, the acquisition or completion of construction, development,
expansion or improvement of such property or assets or its commencement of commercial
operations for the purpose of financing all or any part of the purchase price or cost of
construction, development, expansion or improvement thereof;

     (d) Mortgages in favor of the Company or any of its Subsidiaries;

     (e) the Mortgage of any of the Company’s property or assets or any property or assets
of any of its Restricted Subsidiaries in favor of the United States of America or any other
sovereign entity, or any state, province or other political subdivision thereof, or any
entity, department, agency, instrumentality or comparable authority thereof, to secure
partial, progress, advance or other payments pursuant to the provisions of any contract,
statute, law, rule or regulation;

     (f) the Mortgage of any property or assets to secure indebtedness of the pollution
control, industrial revenue or other revenue bond type;

     (g) Mortgages incurred or deposits made (including Mortgages and deposits securing
letters of credit or similar financial assurance) to secure the performance of or in
connection with bids, tenders, statutory, governmental or private contractual or other
obligations, surety, performance, completion, appeal or similar bonds, leases,
return-of-money bonds and other obligations similar to any of the foregoing, in each case in
the ordinary course of business;

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     (h) Mortgages arising by operation of law, including but not limited to Mortgages for
taxes, assessments or similar charges that are not yet due or the validity of which is being
contested in good faith by appropriate proceedings;

     (i) Mortgages created in connection with the acquisition of property or assets, or a
project financed with, Non-recourse Debt; and

     (j) any extension, renewal or replacement (or successive extensions, renewals or
replacements), as a whole or in part, of any Mortgage referred to in the foregoing clauses,
inclusive; provided, that such extension, renewal or replacement Mortgage shall be limited
to all or a part of the same property or assets that secured the Mortgage extended, renewed
or replaced, plus improvements on such property or assets.

     Section 4.6. Additional Amounts.

     (a) All payments made by the Company under or with respect to the Securities will be
made free and clear of and without withholding or deduction for, or on account of, any
present or future tax, duty, levy, assessment or other governmental charge, including any
related interest, penalties or additions to tax (“Taxes”) unless the withholding or
deduction of such Taxes is then required by law or by interpretation or administration of
law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by
or on behalf of (1) any jurisdiction in which the Company is then incorporated or organized
or any political subdivision thereof or therein (each, a “Company Tax Jurisdiction”) or (2)
any jurisdiction from or through which payment is made by or on behalf of the Company
(including the jurisdiction of any Paying Agent for the applicable Securities) or any
political subdivision thereof or therein (each, together with each Company Tax Jurisdiction,
a “Tax Jurisdiction”) will at any time be required to
be made from any payments made by the Company under or with respect to the Securities,
including payments of principal, redemption price, interest or premium, the Company will pay
such additional amounts (the “Additional Amounts”) as may be necessary in order that the net
amounts received with respect to such payments by each holder of the applicable Securities
after such withholding, deduction or imposition (including any such withholding, deduction
or imposition from such Additional Amounts) will equal the respective amounts that would
have been received with respect to such payments in the absence of such withholding or
deduction; provided, however, that no Additional Amounts will be payable with respect to:

     (1) any Taxes, to the extent such Taxes would not have been imposed but for the
existence of any actual or deemed present or former connection between the Holder or
the beneficial owner of such Securities and the relevant Tax Jurisdiction (including
being or having been a national, resident or citizen of, being or having been
engaged in a trade or business in, being or having been physically present in, or
having or having had a permanent establishment in, such jurisdiction for Tax
purposes), other than the holding of such Security, the enforcement of rights under
such Security or the receipt of any payments with respect to such Security;

23

 

     (2) any Taxes, to the extent such Taxes were imposed as a result of the
presentation of such Security for payment (where presentation is required) more than
30 days after the relevant payment is first made available for payment to the holder
(except to the extent that the holder would have been entitled to Additional Amounts
had the applicable Security been presented on the last day of such 30 day period);

     (3) any estate, inheritance, gift, sales, transfer, personal property or
similar Taxes;

     (4) any Tax imposed on or with respect to any payment by the Company to the
Holder if such Holder is a fiduciary, partnership, limited liability company or
other Person other than the sole beneficial owner of such payment to the extent that
Taxes would not have been imposed on such payment had such Holder been the sole
beneficial owner of such Security;

     (5) with respect to any Taxes imposed by the United States, any such Taxes
imposed by reason of the failure of such Holder to fulfill the statement
requirements of Sections 871(h) or 881(c) of the Internal Revenue Code of 1986, as
amended;

     (6) Taxes imposed on or with respect to a payment made to a Holder or
beneficial owner of such Security who would have been able to avoid such withholding
or deduction by presenting such Security (where presentation is required) to another
Paying Agent;

     (7) any Taxes payable other than by deduction or withholding from payments
under, or with respect to, such Securities or the Guarantee;

     (8) any Taxes to the extent such Taxes are imposed or withheld by reason of the
failure of the Holder or beneficial owner of such Security, to comply with any
written request of the Company addressed to the Holder or beneficial owner to
satisfy any certification, identification, information or other reporting
requirements, whether required by statute, treaty, regulation or administrative
practice of a relevant Tax Jurisdiction, as a precondition to exemption from, or
reduction in the rate of deduction or withholding of, Taxes imposed by the relevant
Tax Jurisdiction (including a certification that the Holder or beneficial owner is
not resident in such Tax Jurisdiction), but in each case, only to the extent the
Holder or beneficial owner is legally entitled to provide such certification or
documentation; or

     (9) any combination of items (1) through (8) of this Section 4.6(a).

     (b) In addition to the foregoing, the Company will also pay and indemnify the Holders
for any present or future stamp, issue, registration, court or documentary Taxes, or any
other excise or property Taxes, charges or similar levies (including penalties, interest and
any other reasonable expenses related thereto) which are levied by a relevant Tax
Jurisdiction on the execution, delivery, issuance, or registration of the Securities, or

24

 

the
related Indenture, or any other document or instrument referred to therein in connection
with a transfer of such Securities at the time of the initial resale by the initial
purchasers.

     (c) If the Company becomes aware that it will be obligated to pay Additional Amounts
with respect to any payment under or with respect to the Securities, the Company will
deliver to the Trustee on a date that is at least 30 days prior to the date of that payment
(unless the obligation to pay Additional Amounts arises fewer than 45 days prior to that
payment date, in which case the Company shall notify the Trustee promptly thereafter) an
Officer’s Certificate stating the fact that Additional Amounts will be payable and the
amount estimated to be so payable. The Officer’s Certificate(s) must also set forth any
other information reasonably necessary to enable the Paying Agents to pay such Additional
Amounts to Holders on the relevant payment date. The Trustee shall be entitled to rely
solely on such Officer’s Certificate as conclusive proof that such payments are necessary.

     (d) The Company will make all withholdings and deductions required by law with respect
to the Securities, and will remit the full amount deducted or withheld to the relevant Tax
authority in accordance with applicable law. The Company will use its reasonable efforts to
obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted
or withheld. Upon reasonable written request, the Company will furnish to the Trustee (or
to a Holder or beneficial owner upon written request), within a reasonable time after the
date the payment of any Taxes so deducted or withheld is made, certified copies of Tax
receipts evidencing payment by the Company or if,
notwithstanding the Company’s efforts to obtain receipts, receipts are not obtained,
other evidence of payments (reasonably satisfactory to the Trustee).

     (e) Whenever in this Indenture there is mentioned, in any context, the payment of
amounts based upon the principal amount of the Securities or of principal, interest or of
any other amount payable under, or with respect to, any of the Securities, such mention
shall be deemed to include mention of the payment of Additional Amounts to the extent that,
in such context, Additional Amounts are, were or would be payable in respect thereof.

          The obligations in this Section 4.6 will survive any termination, defeasance or discharge of
this Indenture, any transfer by a Holder or beneficial owner of its Securities, and will apply,
mutatis mutandis, to any jurisdiction in which any successor Person to the Company is incorporated
or organized, or any jurisdiction from or through which payment is made by or on behalf of such
Person on the Securities and any political subdivision thereof or therein.

     Section 4.7. Reports.

     (a) So long as any Securities are outstanding, the Company shall file with the Trustee,
within 15 days after the Company files with the SEC, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing
as the SEC may from time to time by rules and regulations prescribe) that the Company may be
required to file with the SEC pursuant to Section 13

25

 

or Section 15(d) of the Exchange Act.
The Company shall be deemed to have complied with the previous sentence to the extent that
such information, documents and reports are filed with the SEC via EDGAR (or any successor
electronic delivery procedure).

     (b) Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

ARTICLE V.

SUCCESSORS

     Section 5.1. Consolidation, Merger and Sale of Assets.

          The Company may not consolidate with or merge into any other Person or transfer or lease all
or substantially all of its assets to any Person unless any successor or purchaser expressly
assumes its obligations under this Indenture and the Securities, by an indenture supplemental to
this Indenture to which the Company is a party to, and immediately after which, no Default or Event
of Default, shall have happened and be continuing. An
Officer’s Certificate and an Opinion of Counsel will be delivered to the Trustee, which will
serve as conclusive evidence of compliance with this Section 5.1.

ARTICLE VI.

DEFAULTS AND REMEDIES

     Section 6.1. Events of Default.

          The following are “Events of Default” with respect to the Securities of any Series, unless in
the establishing Board Resolution, Officer’s Certificate or supplemental indenture, it is provided
that such Series shall not have the benefit of said Event of Default:

     (a) failure to pay any interest on the Securities within 30 days after such interest
becomes due and payable;

     (b) failure to pay principal of the Securities at maturity, or if applicable, the
redemption price, when the same become due and payable;

     (c) failure to pay any sinking fund installment as and when the same shall become due
and payable by the terms of the Securities, and continuance of such default for a period of
30 days;

     (d) failure to comply with any of the covenants or agreements in the Securities or this
Indenture (other than an agreement or covenant that the Company has included in this
Indenture solely for the benefit of another Series of Securities) for 90 days after written
notice by the Trustee or by the Holders of at least 25% in principal amount of all
outstanding debt securities affected by that failure;

26

 

     (e) the Company pursuant to or within the meaning of any Bankruptcy Law:

     (1) commences a voluntary case,

     (2) consents to the entry of an order for relief against it in an involuntary
case,

     (3) consents to the appointment of a Custodian of it or for all or
substantially all of its property,

     (4) makes a general assignment for the benefit of its creditors, or

     (5) generally is unable to pay its debts as the same become due; or

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

     (1) is for relief against the Company in an involuntary case,

     (2) appoints a Custodian of the Company or for all or substantially all of its
property, or

     (3) orders the liquidation of the Company,

and the order or decree remains unstayed and in effect for 60 days; and

     (g) any other Event of Default provided in the supplemental indenture or Board
Resolution under which such Series of Securities is issued or in the form of Security for
such Series.

          The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for
the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.

          A Default under one Series of Securities issued under this Indenture will not necessarily be a
default under another Series of Securities under this Indenture.

     Section 6.2. Acceleration of Maturity; Rescission and Annulment.

          If an Event of Default for a Series of Securities occurs and is continuing (other than an
Event of Default referred to in Section 6.1(e) or (f)), the Trustee or the Holders of at least 25%
in principal amount of such Series of Securities may require the Company to pay immediately the
principal amount plus accrued and unpaid interest on such Securities. If an Event of Default
referred to in Section 6.1(e) or (f) occurs, the principal amount plus accrued and unpaid interest
on such Series of Securities will become immediately due and payable without any action on the part
of the Trustee or any Holder.

          At any time after such a declaration of acceleration with respect to any Series has been made
and before a judgment or decree for payment of the money due has been obtained by

27

 

the Trustee as
hereinafter in this Article VI provided, the Holders of a majority in principal amount of the
outstanding Securities of that Series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if all Events of Default with respect to
Securities of that Series, other than the non-payment of the principal and interest, if any, of
Securities of that Series which have become due solely by such declaration of acceleration, have
been cured or waived as provided in Section 6.13.

     No such rescission shall affect any subsequent Default or impair any right consequent thereon.

     Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee.

          The Company covenants that if

     (a) 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

     (b) default is made in the payment of principal of any Security at the Maturity
thereof, or

     (c) default is made in the deposit of any sinking fund payment when and as due by the
terms of a Security,

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

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

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

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     Section 6.4. Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise,

     (a) to file and prove a claim for the whole amount of principal and interest owing and
unpaid with respect to the Securities and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, 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 7.6.

          Nothing herein contained 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 with respect to the claim of any Holder in any such proceeding.

     Section 6.5. Trustee May Enforce Claims Without Possession of Securities.

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

     Section 6.6. Application of Money Collected.

          Any money collected by the Trustee pursuant to this Article VI shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of

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such
money on account of principal 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 7.6;
Second: To the payment of the amounts then due and unpaid for principal of, premium, if any,
and interest on the Securities with respect to which or for the benefit of which such money has
been collected, ratably, without preference or priority of any kind, according to the amounts due
and payable on such Securities for principal and interest, respectively; and

          Third: To the Company.

     Section 6.7. Limitation on Suits.

          A Holder of Securities of any Series may pursue any remedy under this Indenture applicable to
such Securities only if:

     (a) the Holder gives the Trustee written notice of a continuing Event of Default for
such Series of Securities;

     (b) the Holders of at least 25% in principal amount of such outstanding Series of
Securities make a written request to the Trustee to pursue the remedy;

     (c) the Holders furnish to the Trustee indemnity reasonably satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with
such request;

     (d) the Trustee fails to act for a period of 60 days after receipt of notice and
furnishing of indemnity; and

     (e) during that 60-day period, the Holders of a majority in principal amount of such
Securities do not give the Trustee a direction inconsistent with the request.

          This provision does not, however, affect the right of a Holder of Securities to sue for
enforcement of any overdue payment with respect to such Securities.

     Section 6.8. Unconditional Right of Holders to Receive Principal 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 of and
interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.

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     Section 6.9. Restoration of Rights and Remedies.

          If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been 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 6.10. Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.8, 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,
to the extent permitted by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy.

     Section 6.11. 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 VI or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

     Section 6.12. Control by Holders.

          The Holders of a majority in principal amount of the outstanding Securities of any Series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such Series, provided that

     (a) such direction shall not be in conflict with any rule of law or with this
Indenture,

     (b) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and

     (c) the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the
proceeding so directed would involve the Trustee in personal liability or that it will not
be adequately indemnified against the costs, expenses and liabilities which might be
incurred by it in complying with such direction.

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     Section 6.13. Waiver of Past Defaults.

          The Holders of not less than a majority in principal amount of the outstanding Securities of
any Series may on behalf of the Holders of all the Securities of such Series waive any past Default
hereunder with respect to such Series and its consequences, except a Default in the payment of the
principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an
acceleration and its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

     Section 6.14. Undertaking for Costs.

          All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit instituted by the Company
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the outstanding Securities of any
Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption date).

ARTICLE VII.

TRUSTEE

     Section 7.1. Duties of Trustee.

     (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of
care and skill in such exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

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

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

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	 	(2)	 	in the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee shall examine such certificates
and opinions to determine whether, on their face, they appear to
conform to the requirements of this Indenture.

     (c) The Trustee may not be relieved from liabilities for its own grossly negligent
action, its own grossly negligent failure to act or its own willful misconduct, except that:

	 	(1)	 	this paragraph does not limit the effect of
paragraph (b) of this Section 7.1; and
	 
	 	(2)	 	the Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was grossly negligent in ascertaining the
pertinent facts.

     (d) Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to the provisions of this Article VII.

     (e) No provision of this Indenture shall require the Trustee to expend or risk its own
funds or incur any liability. The Trustee may refuse to perform any duty or exercise any
right or power unless it receives indemnity reasonably satisfactory to it against any loss,
liability or expense.

     (f) The Trustee shall not be liable for interest on or investment of any money received
by it except as the Trustee may agree in writing with the Company. Money held in trust by
the Trustee need not be segregated from other funds except to the extent required by law.
All money received by the Trustee shall, until applied as herein provided, be held in trust
for the payment of the principal of, premium (if any) and interest on and Additional Amounts
with respect to the Securities.

     Section 7.2. Rights of Trustee.

     (a) The Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting, upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, note, debenture or other paper or
document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, security or other paper or document.

     (b) Before the Trustee acts or refrains from acting, it may require instruction, an
Officer’s Certificate or an Opinion of Counsel or both to be provided. The Trustee

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shall
not be liable for any action it takes or omits to take in good faith in reliance on such
instruction, Officer’s Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection with respect to any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon.

     (c) The Trustee may act through agents, attorneys, custodians or nominees and shall not
be responsible for the misconduct or negligence of any agent, attorney, custodian or nominee
appointed with due care.

     (d) The Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers conferred upon it by
this Indenture or with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it from the Holders of a majority in aggregate
principal amount of the relevant Series of Securities.

     (e) Unless otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an Officer of the
Company.

     (f) Anything in this Indenture to the contrary notwithstanding, in no event shall the
Trustee be liable under or in connection with this Indenture for indirect, special,
incidental, punitive or consequential losses or damages of any kind whatsoever, including
but not limited to lost profits, whether or not foreseeable, even if the Trustee has been
advised of the possibility thereof and regardless of the form of action in which such
damages are sought.

     (g) The Trustee shall be under no obligation to exercise any of the trusts or powers
vested in it by this Indenture at the request, order or direction of any of the Holders of
Securities pursuant to the provisions of this Indenture, unless such Holders of Securities
shall have offered to the Trustee, security or indemnity reasonably satisfactory to the
Trustee against the costs, expenses and liabilities which might be incurred therein or
thereby.

     (h) The Trustee shall not be deemed to have notice of any Event of Default with respect
to the Securities unless a Responsible Officer of the Trustee has actual knowledge thereof
or unless written notice of any event which is in fact such a default is received by the
Trustee at the Corporate Trust Office of the Trustee, and such notice references the
Securities and this Indenture.

     (i) The Trustee may at any time request, and the Company shall deliver an Officer’s
Certificate setting forth the specimen signatures and the names of individuals and/or titles
of Officers authorized at such time to take specified actions pursuant to this Indenture,
which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s
Certificate, including any Person specified as so authorized in any such certificate
previously delivered and not superseded.

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     (j) Notwithstanding any provision herein to the contrary, in no event shall the Trustee
be liable for any failure or delay in the performance of its obligations under this
Indenture because of circumstances beyond its control, including, but not limited to, acts
of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work
stoppages for any reason, embargo, government action, including any laws, ordinances,
regulations or the like which restrict or prohibit the providing of the services
contemplated by this Indenture, inability to obtain material, equipment, or communications
or computer facilities, or the failure of equipment or interruption of communications or
computer facilities, and other causes beyond its control whether or not of the same class or
kind as specifically named above.

     (k) The rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder, each Agent, and each other agent, custodian and
other Person employed to act hereunder.

     Section 7.3. May Hold Securities.

          The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or any of its Affiliates with the same rights it
would have if it were not Trustee. Any Agent may do the same with like rights and duties.
However, the Trustee is subject to Sections 7.9 and 7.10.

     Section 7.4. Trustee’s Disclaimer.

          The Trustee makes no representation as to the validity, sufficiency or adequacy of any
offering materials, this Indenture or the Securities, it shall not be accountable for the Company’s
use of the proceeds from the Securities or any money paid to the Company or upon the Company’s
direction under any provision hereof, it shall not be responsible for any statement or recital
herein or any statement in any offering materials or the Securities other than its certificate of
authentication.

     Section 7.5. Notice of Defaults.

          If a Default or Event of Default with respect to the Securities of any Series occurs and is
continuing and it is actually known to the Trustee, the Trustee shall mail to Holders of Securities
of such Series a notice of the Default or Event of Default within 90 days after it occurs. Except
in the case of a Default or Event of Default in payment of principal of, premium (if any) and
interest on and Additional Amounts or any sinking fund installment with respect to the Securities
of such Series, the Trustee may withhold the notice if and so long as a Responsible Officer in good
faith determines that withholding the notice is in the interests of Holders of Securities of such
Series to do so.

     Section 7.6. Compensation and Indemnity.

          The Company agrees to pay to the Trustee for its acceptance of this Indenture and services
hereunder such compensation as the Company and the Trustee shall from time to time agree in
writing. The Trustee’s compensation shall not be limited by any law on compensation

35

 

of a trustee
of an express trust. The Company agrees to reimburse the Trustee upon request for all reasonable
disbursements, advances and expenses incurred by it. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel.

          The Company hereby indemnifies the Trustee from, and hold it harmless against any damage,
cost, claim, loss, liability or expense (including the reasonable fees and expenses of the
Trustee’s agents and counsel) incurred by it arising out of or in connection with its acceptance
and administration of the trusts set forth under this Indenture, the performance of its obligations
and/or the exercise of its rights hereunder, including the reasonable costs and expenses of
defending itself against any claim, except as set forth in the next following paragraph. The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The
Company shall defend the claim, with counsel reasonably acceptable to the Trustee, and the Trustee
shall cooperate in the defense, unless, the Trustee, in its reasonable discretion, determines that
any actual or potential conflict of interest may exist, in which case the Trustee may have separate
counsel, reasonably acceptable to the Company and the Company shall pay the reasonable fees and
expenses of such counsel. The Company need not pay for any settlement made without its consent.

          The Company shall not be obligated to reimburse any expense or indemnify against any loss or
liability incurred by the Trustee through the Trustee’s own gross negligence or bad faith.

          To secure the payment obligations of the Company in this Section 7.6, the Trustee shall have a
lien prior to the Securities on all money or property held or collected by the Trustee, except that
held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts with
respect to Securities of any Series. Such lien and the obligations of the Company under this
Section 7.6 shall survive the satisfaction and discharge of this Indenture, the payment of the
Securities and/or the resignation or removal of the Trustee.

          When the Trustee incurs expenses or renders services in connection with an Event of Default,
the expenses (including the reasonable charges and expenses of its counsel) and the compensation
for the services are intended to constitute expenses of administration under any applicable Federal
or State bankruptcy, insolvency or other similar law.

     Section 7.7. Replacement of Trustee.

          A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section
7.7.

          The Trustee may resign and be discharged at any time with respect to the Securities of one or
more Series by so notifying the Company. The Holders of a majority in principal amount of the then
outstanding Securities of any Series may remove the Trustee with respect to the Securities of such
Series by so notifying the Trustee and the Company. The Company may remove the Trustee for any or
all Series of the Securities if:

     (a) the Trustee fails to comply with Section 7.9;

36

 

     (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

     (c) a Custodian or public officer takes charge of the Trustee or its property; or

     (d) the Trustee becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, with respect to the Securities of one or more Series, the Company shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those Series (it being
understood that any such successor Trustee may be appointed with respect to the Securities of one
or more or all of such Series). Within one year after the successor Trustee with respect to the
Securities of any series takes office, the Holders of a majority in principal amount of the
Securities of such Series then outstanding may appoint a successor Trustee to replace the successor
Trustee appointed by the Company.

          If a successor Trustee with respect to the Securities of any Series does not take office
within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company
or the Holders of at least 10% in principal amount of the then outstanding Securities of such
Series may petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such Series.

          If the Trustee with respect to the Securities of a Series fails to comply with Section 7.9,
any Holder of Securities of such Series may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee with respect to the Securities of
such Series.

          In case of the appointment of a successor Trustee with respect to all Securities, each such
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and
to the Company. Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture. The successor Trustee shall give a notice of its succession to
Holders in accordance with Section 10.2. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6.

          In case of the appointment of a successor Trustee with respect to the Securities of one or
more Series, the Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more Series shall execute and deliver an indenture supplemental hereto in
which each successor Trustee shall accept such appointment and that (1) shall confer to each
successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the
Securities of that or those Series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall confirm that all the
rights, powers and duties of the retiring Trustee with respect to the Securities of that or those
Series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee and (3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee. Nothing

37

 

herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, and each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee. Upon the execution and delivery of such supplemental indenture, the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee shall have all the rights, powers and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such successor Trustee
relates. On request of the Company, or any successor Trustee, such retiring Trustee shall transfer
to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the
Securities of that or those Series to which the appointment of such successor Trustee relates.
Such retiring Trustee shall, however, have the right to deduct its unpaid fees and expenses,
including attorneys’ fees.

Notwithstanding replacement of the Trustee or Trustees pursuant to this Section 7.7, the
obligations of the Company under Section 7.6 shall continue for the benefit of the retiring Trustee
or Trustees.

     Section 7.8. Successor Trustee by Merger, etc.

          Subject to Section 7.9, if the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business (including this transaction) to, another
corporation, the successor corporation without any further act shall be the successor Trustee.

          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; and in case at that time any
of the Securities shall not have been authenticated, any successor to the Trustee may authenticate
such Securities either in the name of any predecessor hereunder or in the name of the successor to
the Trustee; and in all such cases such certificates shall have the full force which it is anywhere
in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

     Section 7.9. Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States, any State thereof or the District of Columbia
and authorized under such laws to exercise corporate trust power, shall be subject to supervision
or examination by Federal or State (or the District of Columbia) authority and shall have, or be a
subsidiary of a bank or bank holding company having, a combined capital and surplus of at least $50
million as set forth in its most recent published annual report of condition.

     Section 7.10. Preferential Collection of Claims Against Company.

          The Trustee is subject to and shall comply with the provisions of the Trust Indenture Act of
1933, as amended (the “TIA”) § 311(a), as if such section applied hereto, excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been

38

 

removed shall be subject
to TIA § 311(a), as if such section applied hereto, to the extent indicated therein.

ARTICLE VIII.

DISCHARGE OF INDENTURE

     Section 8.1. Termination of Company’s Obligations.

     (a) This Indenture shall cease to be of further effect with respect to the Securities of a
Series (except that all obligations of the Company under Section 7.6, the Trustee’s and Paying
Agent’s obligations under Section 8.3 and the rights, powers, protections and privileges accorded
the Trustee under Article VII shall survive), and the Trustee, on written demand of the Company
shall execute instruments acknowledging the satisfaction and discharge of this Indenture with
respect to the Securities of such Series, when:

     (1) either

(A) all outstanding Securities of such Series theretofore
authenticated and issued (other than destroyed, lost or stolen
Securities that have been replaced or paid) have been delivered
to the Trustee for cancellation; or

(B) all outstanding Securities of such Series not theretofore
delivered to the Trustee for cancellation:

(i) have become due and payable, or

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

(iii) 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, in the case of clause (i), (ii) or (iii) above, the Company has irrevocably deposited
or caused to be deposited with the Trustee as funds (immediately available to the Holders in
the case of clause (i)) in trust for such purpose (x) cash in an amount, or (y) Government
Obligations, maturing as to principal and interest at such times and in such amounts as will
ensure the availability of cash in an amount or (z) a combination thereof which will be
sufficient, in the opinion (in the case of (y) or (z)) of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge the entire indebtedness on the Securities of such Series for
principal and interest to the date of such deposit (in the case of Securities which have
become due and payable) or for principal, premium, if any, and interest to the Stated
Maturity or redemption date, as the case may be; or

39

 

(C) the Company has properly fulfilled such other means of
satisfaction and discharge, as contemplated by Section 2.2 to be
applicable to the Securities of such Series:

     (2) the Company has paid or caused to be paid all other sums payable by it
hereunder with respect to the Securities of such Series; and

     (3) the Company has delivered to the Trustee an Officer’s Certificate stating
that all conditions precedent to satisfaction and discharge of this Indenture with
respect to the Securities of such Series have been complied with, together with an
Opinion of Counsel to the same effect.

     (b) Unless this Section 8.1(b) is specified as not being applicable to Securities of a Series
as contemplated by Section 2.2, the Company may terminate certain of its obligations under this
Indenture (“covenant defeasance”) with respect to the Securities of a Series if:

     (1) the Company has irrevocably deposited or caused to be irrevocably deposited
with the Trustee 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 Securities of such Series, (i) money, or (ii) Government
Obligations with respect to such Series, maturing as to principal and interest at
such times and in such amounts as will ensure the availability of money in the
currency in which payment of the Securities of such Series is to be made in an
amount or (iii) a combination thereof, that is sufficient, in the opinion (in the
case of (ii) and (iii)) of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee,
to pay the principal of and premium (if any) and interest on all Securities of such
Series on each date that such principal, premium (if any) or interest is due and
payable and (at the Stated Maturity thereof or upon redemption as provided in
Section 8.1(e)) to pay all other sums payable by it hereunder; provided that the
Trustee shall have been irrevocably instructed to apply such money and/or the
proceeds of such Government Obligations to the payment of said principal, premium
(if any) and interest with respect to the Securities of such Series as the same
shall become due;

     (2) the Company has delivered to the Trustee an Officer’s Certificate stating
that all conditions precedent to satisfaction and discharge of this Indenture with
respect to the Securities of such Series have been complied with, and an Opinion of
Counsel to the same effect;

     (3) no Default or Event of Default with respect to the Securities of such
Series shall have occurred and be continuing on the date of such deposit (other than
a Default or Event of Default resulting from the borrowing of funds to be applied to
such deposit and the grant of any lien securing such borrowings);

     (4) the Company shall have delivered to the Trustee an Opinion of Counsel from
a nationally recognized counsel acceptable to the Trustee or a tax

40

 

ruling to the effect that the Holders will not recognize income, gain or loss
for Federal income tax purposes as a result of such Company’s exercise of its option
under this Section 8.1(b) and will be subject to 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 option had not been exercised; and

     (5) the Company has complied with any additional conditions specified pursuant
to Section 2.2 to be applicable to the discharge of Securities of such Series
pursuant to this Section 8.1.

          In such event, this Indenture shall cease to be of further effect (except as set forth in this
paragraph), and the Trustee, on written demand of the Company, shall execute instruments
acknowledging satisfaction and discharge under this Indenture. However, the Company’s obligations
in Sections 2.4, 2.5, 2.6, 2.7, 2.8, 4.1, 5.1, 7.6 and 7.7, the Trustee’s and Paying Agent’s
obligations in Section 8.3 and the rights, powers, protections and privileges accorded the Trustee
under Article VII shall survive until all Securities of such Series are no longer outstanding.
Thereafter, only the obligations of the Company in Section 7.6 and the Trustee’s and Paying Agent’s
obligations in Section 8.3 shall survive with respect to Securities of such Series.

          In order to have money available on a payment date to pay principal of or premium (if any) or
interest on the Securities, the Government Obligations shall be payable as to principal or interest
on or before such payment date in such amounts as will provide the necessary money. Government
Obligations shall not be callable at the issuer’s option.

     (c) If the Company has previously complied or is concurrently complying with the conditions
set forth in Section 8.1(b) (other than any additional conditions specified pursuant to Section 2.2
that are expressly applicable only to covenant defeasance) with respect to Securities of a Series,
then unless this Section 8.1(c) is specified as not being applicable to Securities of such Series
as contemplated by Section 2.2, the Company may elect to be discharged (“legal defeasance”) from
its obligations to make payments with respect to Securities of such Series, if:

     (1) unless otherwise specified with respect to Securities of such Series as
contemplated by Section 2.2, the Company has delivered to the Trustee an Opinion of
Counsel from a nationally recognized counsel acceptable to the Trustee to the effect
referred to in Section 8.1(b)(4) with respect to such legal defeasance, which
opinion is based on (i) a private ruling of the Internal Revenue Service addressed
to the Company, (ii) a published ruling of the Internal Revenue Service or (iii) a
change in the applicable federal income tax law (including regulations) after the
date of this Indenture; the Company has complied with any other conditions specified
pursuant to Section 2.2 to be applicable to the legal defeasance of Securities of
such Series pursuant to this Section 8.1(c); and

     (2) the Company has delivered to the Trustee a Company Request requesting such
legal defeasance of the Securities of such Series and an Officer’s Certificate
stating that all conditions precedent with respect to such legal

41

 

defeasance of the Securities of such Series have been complied with, together
with an Opinion of Counsel to the same effect.

          In such event, the Company will be discharged from its obligations under this Indenture and
the Securities of such Series to pay principal of, premium (if any) and interest on, and any
Additional Amounts with respect to, Securities of such Series, the Company’s obligations under
Sections 4.1 and 5.1 shall terminate with respect to such Securities, and the entire indebtedness
of the Company evidenced by such Securities shall be deemed paid and discharged.

     (d) If and to the extent additional or alternative means of satisfaction, discharge or
defeasance of Securities of a Series are specified to be applicable to such Series as contemplated
by Section 2.2, the Company may terminate any or all of its obligations under this Indenture with
respect to its Securities of a Series and any or all of its obligations under the Securities of
such Series if it fulfills such other means of satisfaction and discharge as may be so specified,
as contemplated by Section 2.2, to be applicable to the Securities of such Series.

     (e) If Securities of any Series subject to subsections (a), (b), (c) or (d) of this Section
8.1 are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption
provisions or in accordance with any mandatory or optional sinking fund provisions, the terms of
the applicable trust arrangement shall provide for such redemption, and the Company shall make such
arrangements as are reasonably satisfactory to the Trustee for the giving of notice of redemption
in the name, and at the expense, of the Company.

     Section 8.2. Application of Trust Money.

          The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money
or Government Obligations deposited with it pursuant to Section 8.1 hereof. It shall apply the
deposited money and the money from Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal of premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the Series with respect to which the
deposit was made.

     Section 8.3. Repayment to Company.

          The Trustee and the Paying Agent shall promptly pay to the Company upon written request any
excess money or Government Obligations (or proceeds therefrom) held by them at any time upon the
written request of the Company.

          Subject to the requirements of any applicable abandoned property laws, the Trustee and the
Paying Agent shall pay to the Company upon written request any money held by them for the payment
of principal, premium (if any), interest or any Additional Amounts that remains unclaimed for two
years after the date upon which such payment shall have become due. After payment to the Company,
Holders entitled to the money must look to the Company for
payment as general creditors unless an applicable abandoned property law designates another
Person, and all liability of the Trustee and the Paying Agent with respect to such money shall
cease.

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     Section 8.4. Reinstatement.

          If the Trustee or the Paying Agent is unable to apply any money or Government Obligations
deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any
legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the obligations of the Company
under this Indenture with respect to the Securities of such Series and under the Securities of such
Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1
until such time as the Trustee or the Paying Agent is permitted to apply all such money or
Government Obligations in accordance with Section 8.1; provided, however, that if the Company has
made any payment of principal of, premium (if any) or interest on or any Additional Amounts with
respect to any Securities because of 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
or Government Obligations held by the Trustee or the Paying Agent.

ARTICLE IX.

AMENDMENTS AND WAIVERS

     Section 9.1. Without Consent of Holders.

          Without the consent of any Holder of Securities of a Series, the Company and the Trustee may
amend or supplement this Indenture or the Series of Securities in the following circumstances:

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

     (2) to provide for the assumption of the Company’s obligations under this
Indenture by a successor upon any merger, consolidation or asset transfer;

     (3) to provide for uncertificated Securities in addition to or in place of
Certificated Securities;

     (4) to provide any security for or guarantees of its Securities or for the
addition of an additional obligor on its Securities;

     (5) to comply with any requirement to effect or maintain the qualification of
this Indenture under the Trust Indenture Act of 1939, as amended, if applicable;

     (6) to add covenants that would benefit the Holders of its Securities or to
surrender any rights the Company has under this Indenture;

     (7) to change or eliminate any of the provisions of this Indenture, provided
that any such change or elimination shall not become effective with respect to any
outstanding Securities of any Series created prior to the execution of such
supplemental indenture which is entitled to the benefit of such provision;

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     (8) to provide for the issuance of and establish forms and terms and conditions
of a new series of Securities;

     (9) to permit or facilitate the defeasance and discharge of the Securities;

     (10) to issue additional Securities of any Series, provided that such
additional Securities have the same terms as, and be deemed part of the same Series
as, the applicable Series of Securities to the extent required under this Indenture;

     (11) to evidence and provide for the acceptance of and appointment by a
successor trustee with respect to the Securities of one or more Series and to add to
or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trust by more than one trustee;

     (12) to add additional Events of Default with respect to Securities; and

     (13) to make any change that does not adversely affect any of its outstanding
Securities in any material respect.

     Section 9.2. With Consent of Holders.

          This Indenture or the Securities of a Series may be amended or supplemented, and waivers may
be obtained, with the consent of the Holders of at least a majority in aggregate principal amount
of the then outstanding Securities of such Series voting as a single class (including consents
obtained in connection with a tender offer or exchange offer for, or purchase of, such Securities
of a Series), and any existing Default or Event of Default (other than a Default or Event of
Default in the payment of the principal of, premium on, if any, interest or Additional Amounts, if
any, on, such Securities of a Series, except a payment Default resulting from an acceleration that
has been rescinded) or compliance with any provision of this Indenture or the Securities of such
Series may be waived with the consent of the Holders of a majority in aggregate principal amount of
the then outstanding Securities of such Series voting as a single class (including consents
obtained in connection with a purchase of, or tender offer or exchange offer for, such Securities
of a Series).

          The Holders of a majority in principal amount of the outstanding Securities of a Series issued
by the Company may waive any existing or past Default or Event of Default with
respect to those Securities. Those Holders may not, however, waive any Default or Event of
Default in any payment on any Security.

          For the avoidance of doubt, any amendment, supplement or waiver to any Series of Securities
made with the consent of Holders of such Series of Securities, shall be made with respect to that
Series of Securities only, and not any other Series of Securities.

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     Section 9.3. Limitations.

          Without the consent of each Holder of Securities of a Series affected thereby, an amendment,
supplement or waiver may not (with respect to any Securities of such Series held by a
non-consenting Holder):

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

     (2) reduce the rate of or change the time for payment of interest on the
Securities of such Series;

     (3) reduce the principal of the Securities of such Series or change the Stated
Maturity of the Securities of such Series;

     (4) reduce any premium payable on the redemption of the Securities of such
Series or change the time at which the Securities of such Series may or must be
redeemed;

     (5) change any obligation to pay Additional Amounts on the Securities of such
Series;

     (6) make payments on the Security of such Series payable in currency other than
as originally stated in such Security;

     (7) impair the Holder’s right to institute suit for the enforcement of any
payment on the Security of such Series;

     (8) make any change in the percentage of principal amount of the Securities of
such Series necessary to waive compliance with Sections 6.8 and 6.13 of this
Indenture or to make any change in this Section 9.3(8); or

     (9) waive a continuing Default or Event of Default regarding any payment on
Securities of such Series.

          In the event that consent is obtained from some of the Holders but not from all of the Holders
with respect to any amendments or waivers pursuant to clauses (1) through (9) of
this Section 9.3, new Securities of such Series with such amendments or waivers will be issued
to those consenting Holders. Such new Securities shall have separate CUSIP numbers and ISINs from
those Securities of such Series held by non-consenting Holders.

     Section 9.4. Form of Amendments.

          Every amendment to this Indenture or the Securities of one or more Series shall be set forth
in a supplemental indenture.

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     Section 9.5. Revocation and Effect of Consents.

          Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a
consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if
the Trustee receives the written notice of revocation before the date of the supplemental indenture
or the date the waiver becomes effective.

          Any amendment or waiver once effective shall bind every Securityholder of each Series affected
by such amendment or waiver unless it is of the type described in any of clauses (1) through (9) of
Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security or portion of a Security that evidences
the same debt as the consenting Holder’s Security.

     Section 9.6. Notation on or Exchange of Securities.

          The Trustee may place an appropriate notation about an amendment or waiver on any Security of
any Series thereafter authenticated. The Company, in exchange for its Securities of that Series,
may issue and the Trustee shall authenticate upon request new Securities of that Series that
reflect the amendment or waiver.

     Section 9.7. Trustee Protected.

          In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in
relying upon, an Opinion of Counsel 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 supplemental indentures which affect the Trustee’s own rights,
duties, immunities, or indemnities under this Indenture, the Securities or otherwise.

ARTICLE X.

MISCELLANEOUS

     Section 10.1. Notices.

          Any request, direction, instruction, demand, document, notice or communication by the Company
or the Trustee to the other, or by a Holder to the Company or the Trustee, shall be in English and
in writing and delivered in person, mailed by first-class mail, delivered via facsimile or
delivered by overnight courier as follows:

46

 

if to the Company:

Schlumberger Limited

5599 San Felipe Street, 17th Floor

Houston, Texas 77056

Fax: (713) 513-2006

Attention: Vice President Treasurer

with a copy to:

Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, New York 10166

Fax: (212) 351-4035

Attention: Andrew L. Fabens

if to the Trustee:

[__________]

[__________]

[__________]

Attention: [__________]

with a copy to:

[__________]

[__________]

[__________]

Attention: [__________]

          Notices shall be effective upon the recipient’s actual receipt thereof. Any party by notice
to the other parties may designate additional or different addresses for subsequent notices or
communications.

          Any notice or communication to (i) a Securityholder of a Certificated Security shall be mailed
by first-class mail to his address shown on the register kept by the Registrar (ii) a
Securityholder of a Global Security shall be delivered to the Depositary in accordance with its
applicable procedures. Failure to mail a notice or communication to a Securityholder of any Series
or any defect in it shall not affect its sufficiency with respect to other Securityholders of that
or any other Series.

          If a notice or communication to any Securityholder is mailed or published in the manner
provided above, within the time prescribed, it is duly given, whether or not the Securityholder
receives it.

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

          With respect to this Indenture, the Trustee shall not have any duty or obligation to verify or
confirm that the Person sending instructions, directions, reports, notices or other communications
or information by electronic transmission is, in fact, a Person authorized to give such
instructions, directions, reports, notices or other communications or information on behalf of the
party purporting to send such electronic transmission; and the Trustee shall not have any liability
for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of
such reliance upon or compliance with such instructions, directions, reports, notices or other
communications or information. Each other party agrees to assume all risks arising out of the use
of electronic methods to submit instructions, directions, reports, notices or other communications
or information to the Trustee, including the risk of the Trustee acting on unauthorized
instructions, notices, reports or other communications or information, and the risk of interception
and misuse by third parties.

     Section 10.2. Communication by Holders with Other Holders.

          Securityholders of a Series may communicate pursuant to TIA § 312(b), as if such section
applied hereto, with other Securityholders of such Series with respect to their rights under this
Indenture or the Securities.

     Section 10.3. Certificate and Opinion as to Conditions Precedent.

          Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

	 	1.	 	an Officer’s Certificate stating that, in
the opinion of the signer, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have
been complied with; and
	 
	 	2.	 	an Opinion of Counsel stating that, in
the opinion of such counsel, all such conditions precedent have been
complied with.

     Section 10.4. Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

	 	1.	 	a statement that the Person making such
certificate or opinion has read such covenant or condition;
	 
	 	2.	 	a brief statement as to the nature and
scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based;
	 
	 	3.	 	a statement that, in the opinion of such
Person, he has made such examination or investigation as is
necessary to enable him to

48

 

	 	 	 	express an informed opinion as to whether
or not such covenant or condition has been complied with; and
	 
	 	4.	 	a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied
with.

     Section 10.5. Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or
more Series. Any Agent may make reasonable rules and set reasonable requirements for its
functions.

     Section 10.6. Legal Holidays.

          Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture
for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment
date is a Legal Holiday at a place of payment, payment may be made at that place on the next
succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.

     Section 10.7. No Personal Liability of Directors, Officers, Employees and Certain
Others.

          No director, officer, employee, incorporator or similar founder, stockholder or member of the
Company will have any liability for or any obligations of the Company under this Indenture or the
Securities or for any claim based on, with respect to or by reason of, such obligations or their
creation. Each Holder of Securities by accepting a Security waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Securities.
The waiver may not be effective to waive liabilities under the federal securities laws.

     Section 10.8. Counterparts.

          This Indenture may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

     Section 10.9. Governing Laws.

          THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR
RELATING TO THIS INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW
OTHER THAN THE LAW OF THE STATE OF NEW YORK.

49

 

     Section 10.10. No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or any Subsidiary of the Company. Any such indenture, loan or debt agreement may not be
used to interpret this Indenture.

     Section 10.11. Successors.

          All agreements of the Company in this Indenture and the Securities shall bind its respective
successors. All agreements of the Trustee in this Indenture shall bind its successor.

     Section 10.12. Severability.

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

     Section 10.13. Table of Contents, Headings, Etc.

          The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not to be considered a
part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

     Section 10.14. Judgment Currency.

          The Company agrees, to the fullest extent that it may effectively do so under applicable law,
that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum
due with respect to the principal of or interest or other amount on the Securities of any Series
(the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the recipient could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered, unless such day is
not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the recipient could purchase in The City of New York the Required
Currency with the Judgment Currency on the New York Banking Day preceding the day on which final
unappealable judgment is entered and (b) its obligations under this Indenture to make payments in
the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant
to any judgment (whether or not entered in accordance with subsection (a)), in any currency other
than the Required Currency, except to the extent that such tender or recovery shall result in the
actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable
with respect to such payments, (ii) shall be enforceable as an alternative or additional cause of
action for the purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so expressed to be
payable, and (iii) shall not be affected by judgment being obtained for any other sum due under
this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a
Saturday, Sunday

50

 

or a Legal Holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to close.

     Section 10.15. English Language.

          This Indenture has been negotiated and executed in the English language. All certificates,
reports, notices and other documents and communications delivered or delivered pursuant to this
Indenture (including any modifications or supplements hereto), shall be in the English language, or
accompanied by a certified English translation thereof. In the case of any document originally
issued in a language other than English, the English language version of any such document shall
for purposes of this Indenture, and absent manifest error, control the meaning of the matters set
out therein.

     Section 10.16. Submission to Jurisdiction; Appointment of Agent.

          Any suit, action or proceeding against the Company or its respective properties, assets or
revenues with respect to this Indenture or the Securities (a “Related Proceeding”) may be brought
in any state or Federal court in the Borough of Manhattan in The City of New York, New York, as the
Person bringing such Related Proceeding may elect in its sole discretion. The Company hereby
consents to the non-exclusive jurisdiction of each such court for the purpose of any Related
Proceeding and has irrevocably waived any objection to the laying of venue of any Related
Proceeding brought in any such court and to the fullest extent it may effectively do so and the
defense of an inconvenient forum to the maintenance of any Related Proceeding or any such suit,
action or proceeding in any such court. The Company hereby agrees that service of all writs,
claims, process and summonses in any Related Proceeding brought against it in the State of New York
may be made upon Schlumberger Limited, 5599 San Felipe Street, 17th Floor, Houston,
Texas 77057 Attention: Vice President Treasurer (the “Process Agent”). The Company irrevocably
appointed the Process Agent as its agent and true and lawful attorney in fact in its name, place
and stead to accept such service of any and all such writs, claims, process and summonses, and
hereby agrees that the failure of the Process Agent to give any notice to it of any such service of
process shall not impair or affect the validity of such service or of any judgment based thereon.
The Company hereby agrees to have an office or to maintain at all times an agent with offices in
the United States of America to act as Process Agent. Nothing in this Indenture shall in any way
be deemed to limit the ability to serve any such writs, process or summonses in any other manner
permitted by applicable law.

     Section 10.17. Waiver of Immunity.

          To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of
any court or from any legal process (whether through service of notice, attachment prior to
judgment, attachment in aid of execution or execution, on the ground of sovereignty or otherwise)
with respect to itself or its property, it hereby irrevocably waives, to the fullest extent
permitted by applicable law, such immunity with respect to its obligations under this Indenture,
and, Securities.

51

 

     Section 10.18. Waiver of Jury Trial.

          EACH OF THE COMPANY AND THE TRUSTEE HERETO HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES, OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.

52

 

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

	 	 	 	 	 
	 	Schlumberger N.V.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Its: 	 
	 

Base Indenture

 

 

	 	 	 	 	 
	 	[Trustee]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Base Indenture

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