Document:

exv4w2

 

Exhibit 4.2

 

 

CRUM & FORSTER HOLDINGS CORP.

as Issuer,

73/4% Senior Notes due 2017

______________________

INDENTURE

Dated as of May 7, 2007

______________________

THE BANK OF NEW YORK,

as Trustee

 

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 	 	 	 	 
	Trust Indenture Act Section	 	 	 	Indenture Section
	310 (a)(1)	 	 	 	7.10
	 

	 	(a)(2)
	 	 	 	7.10
	 

	 	(a)(3)
	 	 	 	N.A.
	 

	 	(a)(4)
	 	 	 	N.A.
	 

	 	(a)(5)
	 	 	 	7.10
	 

	 	(b)
	 	 	 	7.3,  7.8,  7.10
	 

	 	(c)
	 	 	 	N.A.
	311 (a)	 	 	 	7.11
	 

	 	(b)
	 	 	 	7.11
	 

	 	(c)
	 	 	 	N.A.
	312 (a)	 	 	 	2.5
	 

	 	(b)
	 	 	 	11.3
	 

	 	(c)
	 	 	 	11.3
	313 (a)	 	 	 	7.6
	 

	 	(b)(1)
	 	 	 	7.6
	 

	 	(b)(2)
	 	 	 	7.6,  7.7
	 

	 	(c)
	 	 	 	7.5,  7.6,  11.2
	 

	 	(d)
	 	 	 	7.6
	314 (a)	 	 	 	4.3,  4.4,  11.2,  11.5
	 

	 	(b)
	 	 	 	N.A.
	 

	 	(c)(1)
	 	 	 	11.4
	 

	 	(c)(2)
	 	 	 	11.4
	 

	 	(c)(3)
	 	 	 	11.4
	 

	 	(d)
	 	 	 	N.A.
	 

	 	(e)
	 	 	 	11.5
	 

	 	(f)
	 	 	 	N.A.
	315 (a)	 	 	 	7.1;  7.2
	 

	 	(b)
	 	 	 	7.5,  11.2
	 

	 	(c)
	 	 	 	7.1
	 

	 	(d)
	 	 	 	7.1
	 

	 	(e)
	 	 	 	6.11
	316 (a)(last sentence)	 	 	 	2.9
	 

	 	(a)(1)(A)
	 	 	 	6.5
	 

	 	(a)(1)(B)
	 	 	 	6.4
	 

	 	(a)(2)
	 	 	 	N.A.
	 

	 	(b)
	 	 	 	6.7
	 

	 	(c)
	 	 	 	2.12
	317 (a)(1)	 	 	 	6.8
	 

	 	(a)(2)
	 	 	 	6.9
	 

	 	(b)
	 	 	 	2.4
	318 (a)	 	 	 	11.1
	 

	 	(b)
	 	 	 	N.A.
	 

	 	(c)
	 	 	 	11.1

N.A. means Not Applicable

 

			
	*	 	This Cross-Reference Table shall not, for any purpose, be deemed a part of the Indenture

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 	 	ARTICLE I.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 1.1.
	 	Definitions

	 	 	1	 
	Section 1.2.
	 	Other Definitions

	 	 	6	 
	Section 1.3.
	 	Incorporation by Reference of Trust Indenture Act

	 	 	7	 
	Section 1.4.
	 	Rules of Construction

	 	 	7	 
	Section 1.5.
	 	Acts of Holders

	 	 	7	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE II.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	THE NOTES
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 2.1.
	 	Form and Dating

	 	 	8	 
	Section 2.2.
	 	Execution and Authentication

	 	 	9	 
	Section 2.3.
	 	Registrar and Paying Agent

	 	 	10	 
	Section 2.4.
	 	Paying Agents To Hold Money in Trust

	 	 	10	 
	Section 2.5.
	 	Holder Lists

	 	 	10	 
	Section 2.6.
	 	Transfer and Exchange

	 	 	10	 
	Section 2.7.
	 	Replacement Notes

	 	 	17	 
	Section 2.8.
	 	Outstanding Notes

	 	 	17	 
	Section 2.9.
	 	Treasury Notes

	 	 	17	 
	Section 2.10.
	 	Temporary Notes

	 	 	18	 
	Section 2.11.
	 	Cancellation

	 	 	18	 
	Section 2.12.
	 	Defaulted Interest

	 	 	18	 
	Section 2.13.
	 	Persons Deemed Owners

	 	 	18	 
	Section 2.14.
	 	CUSIP Numbers

	 	 	18	 
	Section 2.15.
	 	Designation

	 	 	19	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE III.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	REDEMPTION AND REPURCHASE
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 3.1.
	 	Notices to Trustee

	 	 	19	 
	Section 3.2.
	 	Selection of Notes

	 	 	19	 
	Section 3.3.
	 	Notice of Optional or Special Redemption

	 	 	19	 
	Section 3.4.
	 	Effect of Notice of Redemption

	 	 	20	 
	Section 3.5.
	 	Deposit of Redemption Price or Purchase Price

	 	 	20	 
	Section 3.6.
	 	Notes Redeemed or Repurchased in Part

	 	 	21	 
	Section 3.7.
	 	Optional Redemption

	 	 	21	 
	Section 3.8.
	 	Repurchase upon Change of Control Offer

	 	 	21	 

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	 	 	 	 	Page
	 	 	 
	 	 	 	 
	 	 	ARTICLE IV.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	COVENANTS
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 4.1.
	 	Payment of Principal and Interest

	 	 	22	 
	Section 4.2.
	 	Maintenance of Office or Agency

	 	 	23	 
	Section 4.3.
	 	Reports

	 	 	23	 
	Section 4.4.
	 	Compliance Certificate

	 	 	24	 
	Section 4.5.
	 	Corporate Existence

	 	 	24	 
	Section 4.6.
	 	Limitation on Liens on Capital Stock of Restricted Subsidiaries

	 	 	24	 
	Section 4.7.
	 	Offer To Repurchase upon Change of Control

	 	 	24	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE V.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	SUCCESSORS
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 5.1.
	 	Merger, Consolidation and Sale of Assets

	 	 	25	 
	Section 5.2.
	 	Successor Corporation Substituted

	 	 	25	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE VI.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	DEFAULTS AND REMEDIES
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 6.1.
	 	Events of Default

	 	 	25	 
	Section 6.2.
	 	Acceleration

	 	 	26	 
	Section 6.3.
	 	Other Remedies

	 	 	27	 
	Section 6.4.
	 	Waiver of Past Defaults

	 	 	28	 
	Section 6.5.
	 	Control by Majority

	 	 	28	 
	Section 6.6.
	 	Limitation on Suits

	 	 	28	 
	Section 6.7.
	 	Rights of Holders of Notes to Receive Payment

	 	 	28	 
	Section 6.8.
	 	Collection Suit by Trustee

	 	 	29	 
	Section 6.9.
	 	Trustee May File Proofs of Claim

	 	 	29	 
	Section 6.10.
	 	Priorities

	 	 	29	 
	Section 6.11.
	 	Undertaking for Costs

	 	 	30	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE VII.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	TRUSTEE
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 7.1.
	 	Duties of Trustee

	 	 	30	 
	Section 7.2.
	 	Rights of Trustee

	 	 	31	 
	Section 7.3.
	 	Individual Rights of Trustee

	 	 	32	 
	Section 7.4.
	 	Trustee’s Disclaimer

	 	 	32	 
	Section 7.5.
	 	Notice of Defaults

	 	 	32	 
	Section 7.6.
	 	Reports by Trustee to Holders of the Notes

	 	 	32	 
	Section 7.7.
	 	Compensation, Reimbursement and Indemnity

	 	 	32	 
	Section 7.8.
	 	Replacement of Trustee

	 	 	33	 
	Section 7.9.
	 	Successor Trustee by Merger, Etc.

	 	 	34	 
	Section 7.10.
	 	Eligibility; Disqualification

	 	 	34	 
	Section 7.11.
	 	Preferential Collection of Claims Against Company

	 	 	34	 

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	 	 	 	 	Page
	 	 	 
	 	 	 	 
	 	 	ARTICLE VIII.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 8.1.
	 	Option To Effect Legal Defeasance or Covenant Defeasance

	 	 	34	 
	Section 8.2.
	 	Legal Defeasance and Discharge

	 	 	34	 
	Section 8.3.
	 	Covenant Defeasance

	 	 	35	 
	Section 8.4.
	 	Conditions to Legal or Covenant Defeasance

	 	 	35	 
	Section 8.5.
	 	Deposited Money and U.S. Government Securities
To Be Held in Trust; Other Miscellaneous Provisions

	 	 	37	 
	Section 8.6.
	 	Repayment to the Company

	 	 	37	 
	Section 8.7.
	 	Reinstatement

	 	 	37	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE IX.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 9.1.
	 	Without Consent of Holders of Notes

	 	 	38	 
	Section 9.2.
	 	With Consent of Holders of Notes

	 	 	38	 
	Section 9.3.
	 	Compliance with Trust Indenture Act

	 	 	39	 
	Section 9.4.
	 	Revocation and Effect of Consents

	 	 	39	 
	Section 9.5.
	 	Notation on or Exchange of Notes

	 	 	40	 
	Section 9.6.
	 	Trustee To Sign Amendment, Etc.

	 	 	40	 
	Section 9.7.
	 	Effect of Supplemental Indentures

	 	 	40	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE X.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	SATISFACTION AND DISCHARGE
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 10.1.
	 	Satisfaction and Discharge

	 	 	40	 
	Section 10.2.
	 	Application of Trust

	 	 	41	 
	 	 	 
	 	 	 	 
	 	 	ARTICLE XI.
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	MISCELLANEOUS
	 	 	 	 
	 	 	 
	 	 	 	 
	Section 11.1.
	 	Trust Indenture Act Controls

	 	 	41	 
	Section 11.2.
	 	Notices

	 	 	41	 
	Section 11.3.
	 	Communication by Holders of Notes with Other Holders of Notes

	 	 	42	 
	Section 11.4.
	 	Certificate and Opinion as to Conditions Precedent

	 	 	42	 
	Section 11.5.
	 	Statements Required in Certificate or Opinion

	 	 	43	 
	Section 11.6.
	 	Rules by Trustee and Agents

	 	 	43	 
	Section 11.7.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders

	 	 	43	 
	Section 11.8.
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial

	 	 	43	 
	Section 11.9.
	 	No Adverse Interpretation of Other Agreements

	 	 	44	 
	Section 11.10.
	 	Successors

	 	 	44	 
	Section 11.11.
	 	Severability

	 	 	44	 
	Section 11.12.
	 	Counterpart Originals

	 	 	44	 
	Section 11.13.
	 	Table of Contents, Headings, Etc.

	 	 	44	 
	Section 11.14.
	 	Qualification of Indenture

	 	 	44	 
	Section 11.15.
	 	Force Majeure

	 	 	44	 

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	 	 	 	 	Page
	 	 	 
	 	 	 	 
	Signatures
	 	 

	 	S-1 

	 	 	 
	 	 	 	 
	 	 	EXHIBITS
	 	 	 	 
	 	 	 
	 	 	 	 
	Exhibit A-1	 	Form of Note
	Exhibit A-2	 	Form of Exchange Note
	Exhibit B(1)	 	Form of Regulation S Certification
	Exhibit B(2)	 	Form of Certificate to Be Delivered upon Exchange or Registration of Transfer of Notes
	Exhibit C	 	Form of Certificate to Be Delivered in Connection with Transfers to Non-QIB Accredited Investors
	Exhibit D	 	Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation S

-iv-

 

INDENTURE

     INDENTURE dated as of May 7, 2007 among Crum & Forster Holdings Corp., a Delaware corporation,
and The Bank of New York, a New York banking corporation, 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 Company’s 73/4% Senior Notes due 2017:

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.1. Definitions.

          “Additional Interest” means all additional interest then owing pursuant to Section
2(d) of the Registration Rights Agreement or the comparable section of any registration rights
agreement entered into in connection with the issuance of any additional Notes issued under this
Indenture.

          “Additional Notes” means Notes other than the Initial Notes issued under this
Indenture in accordance with Section 2.2 hereof.

          “Affiliate” means, with respect to any specified Person, any other Person who directly
or indirectly through one or more intermediaries controls, or is controlled by, or is under common
control with, such specified Person. The term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative of the foregoing.

          “Agent” means any Registrar, Paying Agent or co-registrar.

          “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or state law for the
relief of debtors.

          “Board of Directors” means, as to any Person, the board of directors (or similar
governing body) of such Person or any duly authorized committee thereof.

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

          “Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at a place of payment are authorized by law, regulation or
executive order to remain closed. If a payment date is not a Business Day at a place of payment,
payment may be made at that place on the next succeeding day that is a Business Day, and no
interest shall accrue for the intervening period.

          “Capital Stock” means:

     (1) with respect to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not voting) of
corporate stock, including each class of Common Stock and Preferred Stock of such Person and
all options, warrants or other rights to purchase or acquire any of the foregoing; and

 

 

     (2) with respect to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person and all options, warrants or other
rights to purchase or acquire any of the foregoing.

          For the avoidance of doubt, “Capital Stock” includes, without limitation, “trust preferred” or
other equity or equity-like securities that can or may be treated as equity, capital or surplus of
the Insurance Subsidiaries.

          “Clearstream” shall mean Clearstream Banking, Société Anonyme, Luxembourg.

          “Change of Control” means the occurrence of one or more of the following events:

     (1) any sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the assets of the Company to any Person
or group of related Persons for purposes of Section 13(d) of the Exchange Act (a
“Group”), together with any Affiliates thereof (whether or not otherwise in
compliance with the provisions of this Indenture) other than to Fairfax Financial Holdings
Limited or any Person controlled by Fairfax Financial Holdings Limited;

     (2) any Person or Group (other than Fairfax Financial Holdings Limited or any Person
controlled by, or controlling, Fairfax Financial Holdings Limited) shall become the owner,
directly or indirectly, beneficially or of record, of shares representing more than 50% of
the voting power of the Voting Stock of the Company; or

     (3) the replacement of a majority of the Board of Directors of the Company over a
two-year period from the directors who constituted the Board of Directors of the Company at
the beginning of such period, and such replacement shall not have been approved by a vote of
at least a majority of the Board of Directors of the Company then still in office who either
were members of such Board of Directors at the beginning of such period or whose election as
a member of such Board of Directors was previously so approved.

          “Commission” means the Securities and Exchange Commission.

          “Common Stock” of any Person means any and all shares, interests or other
participations in, and other equivalents (however designated and whether voting or non-voting) of,
such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date,
and includes, without limitation, all series and classes of such common stock.

          “Company” means Crum & Forster Holdings Corp., until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter means such
successor Person.

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

          “Default” means an event or condition the occurrence of which is, or with the lapse of
time or the giving of notice or both would be, an Event of Default.

          “Depositary” means, with respect to the Notes issuable in whole or in part in global
form, the Person specified in Section 2.6(g) as the Depositary with respect to the Notes, until a
successor shall have been ap-

-2-

 

pointed and become such pursuant to the applicable provisions or this Indenture, and,
thereafter, “Depositary” shall mean or include such successor.

          “Euroclear” means Euroclear Bank S.A./N.V. as operator of the Euroclear System.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute or statutes thereto.

          “Exchange Notes” means the Notes issued in the Exchange Offer or pursuant to a
registered Exchange Offer for Transfer Restricted Securities issued after the Issue Date in
accordance with Section 2.2 hereof, substantially in the form of Exhibit A-2 hereto.

          “Exchange Offer” means the offer to exchange Exchange Notes for the Initial Notes to
be made by the Company pursuant to the Registration Rights Agreement.

          “Exchange Offer Registration Statement” has the meaning set forth in the Registration
Rights Agreement.

          “Final Memorandum” shall mean the Company’s final offering memorandum dated April 23,
2007 relating to the offering of the Initial Notes.

          “GAAP” means generally accepted accounting principles 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 may be approved by a significant segment of the
accounting profession of the United States, which are in effect as of the date of determination.

          “Holder” means a Person in whose name a Note is registered.

          “Indebtedness” means with respect to any Person, without duplication:

     (1) all Obligations of such Person for borrowed money; and

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

          “Indenture” means this Indenture, as amended or supplemented from time to time.

          “Initial Notes” means $330.0 million aggregate principal amount of Notes issued on the
Issue Date.

          “Initial Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS
Securities LLC.

          “Insurance Subsidiary” means any Subsidiary of the Company that is regulated as an
“insurance company” under applicable Insurance Laws or as an equivalent entity under corresponding
applicable foreign law or regulation, or otherwise holds itself out as a provider of insurance or
reinsurance.

          “Issue Date” means May 7, 2007, the date of original issuance of the Notes.

          “Lien” means any lien, mortgage, hypothecation, pledge, security interest, charge or
encumbrance of any kind.

-3-

 

          “Note Custodian” means the Trustee, as custodian with respect to the Notes in global
form, or any successor entity thereto.

          “Notes” means the notes, if any, that are issued in accordance with Section 2.2 hereof
under this Indenture, as amended or supplemented from time to time. For all purposes of this
Indenture, the term “Notes” shall include any Additional Notes that may be issued under this
Indenture in accordance with Section 2.2 hereof.

          “Obligations” means all obligations for principal, premium, interest, penalties, fees,
indemnification, reimbursement, damages and other liabilities payable under the documentation
governing any Indebtedness.

          “Officer” means, (a) with respect to any Person that is a corporation, the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer, the Controller, the Secretary or any Vice-President of such
Person and (b) with respect to any other Person, the individuals selected by such Person to perform
functions similar to those of the officers listed in clause (a).

          “Officers’ Certificate” means a certificate signed on behalf of the Company by two
Officers of the Company, one of whom must be the Chief Executive Officer, the Chief Financial
Officer, the Treasurer or the principal accounting officer of the Company, that meets the
requirements of Sections 11.4 and 11.5 hereof. An Officers’ Certificate given pursuant to Section
4.4 shall be signed by an authorized financial or accounting officer of the Company and contain the
information specified in Section 4.4, but need not contain the information specified in Section
11.4 hereof.

          “Opinion of Counsel” means an opinion from legal counsel that meets the requirements
of Sections 11.4 and 11.5. The counsel may be an employee of or counsel to the Company, any
Subsidiary of the Company.

          “Person” means an individual, partnership, corporation, limited liability company,
association, unincorporated organization, trust or joint venture, or a governmental agency or
political subdivision thereof.

          “PORTAL Market” means the Portal Market operated by the National Association of
Securities Dealers, Inc. or any successor thereto.

          “Preferred Stock” of any Person means any Capital Stock of such Person that has
preferential rights to any other Capital Stock of such Person with respect to dividends or
redemptions or upon liquidation.

          “Purchase Date” means, with respect to any Note to be repurchased, the date fixed for
such repurchase by or pursuant to this Indenture.

          “Purchase Money Lien” means (i) any Lien upon any capital stock of any Restricted
Subsidiary acquired after the date hereof if such Purchase Money Lien is for the purpose of
financing, and does not exceed, the cost to the Company or any Subsidiary of acquiring the Capital
Stock of such Restricted Subsidiary and such financing is effected concurrently with, or within 180
days after, the date of such acquisition, and (ii) any extension, renewal or refinancing of any
Purchase Money Lien so long as the principal amount of obligations secured thereby shall not exceed
the original principal amount of obligations so secured at the time of such extension, renewal or
refinancing.

          “Purchase Price” means the amount payable for the repurchase of any Note on a Purchase
Date, exclusive of accrued and unpaid interest (if any) thereon to the Purchase Date, unless
otherwise specifically provided.

          “QIB” means a qualified institutional buyer as defined in Rule 144A under the
Securities Act.

-4-

 

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

          “Redemption Price” means the amount payable for the redemption of any Note on a
Redemption Date, exclusive of accrued and unpaid interest (if any) thereon to the Redemption Date,
unless otherwise specifically provided.

          “Registration Rights Agreement” means the registration rights agreement dated as of
the Issue Date among the Company and the Initial Purchasers and, with respect to any Additional
Notes, one or more registrations rights agreements between the Company and the other parties
thereto relating to the rights given by the Company to the purchasers of Additional Notes to
register such Additional Notes under the Securities Act.

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

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

          “Restricted Subsidiary” means any Subsidiary that is a licensed insurance company,
other than any licensed insurance company that the Board of Directors, in good faith, by Board
Resolution, determines is not, individually or together with any other licensed insurance company
as to which a similar determination has been made, material to the business of the Company and its
Subsidiaries, considered as a whole.

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

          “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute or statutes thereto.

          “Significant Subsidiary,” with respect to any Person, means any Restricted Subsidiary
of such Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1.02(w)
of Regulation S-X under the Exchange Act.

          “Shelf Registration Statement” means the Shelf Registration Statement as defined in
the Registration Rights Agreement.

          “Subsidiary”, with respect to any Person, means:

     (1) any corporation of which the outstanding Capital Stock having at least a majority
of the votes entitled to be cast in the election of directors under ordinary circumstances
shall at the time be owned, directly or indirectly, by such Person; or

     (2) any other Person of which at least a majority of the voting interest under ordinary
circumstances is at the time, directly or indirectly, owned by such Person.

          “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect
on the date on which this Indenture is qualified under the TIA; provided that in the event
the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by
any such amendment, the Trust Indenture Act of 1939 as so amended.

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          “Transfer Restricted Security” means a Note that is a restricted security as defined
in Rule 144(a)(3) under the Securities Act.

          “Trustee” means the party named as such above until a successor replaces it in
accordance with the applicable provisions of this Indenture, and thereafter means the successor
serving hereunder.

          “U.S. Government Securities” shall mean 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, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depository receipt issued
by a bank or trust company as custodian with respect to any such U.S. Government Securities or a
specific payment of interest on or principal of any such U.S. Government Securities 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 in respect of the
U.S. Government Securities or the specific payment of interest on or principal of the U.S.
Government Securities evidenced by such depository receipt.

          “U.S. Person” means any U.S. Person as defined in Regulation S.

          “Voting Stock” of any Person means any class or classes of Capital Stock which entitle
the holders thereof under ordinary circumstances to elect at least a majority of the Board of
Directors of such Person (irrespective of whether or not, at the time, stock of any other class or
classes shall have, or might have, voting power by reason of the happening of any contingency).

Section 1.2. Other Definitions.

	 	 	 	 	 
	Term	 	Defined in Section
	 
	 	 	 	 
	“Agent Members”

	 	 	2.6	(b)
	“Certificated Notes”

	 	 	2.1	 
	“Change of Control Offer”

	 	 	4.7	 
	“Change of Control Offer Period”

	 	 	3.8	 
	“Covenant Defeasance”

	 	 	8.3	 
	“Event of Default”

	 	 	6.1	 
	“Foreign Person”

	 	 	2.6	(c)
	“Global Notes”

	 	 	2.1	 
	“Institutional Accredited Investors”

	 	 	2.1	 
	“Legal Defeasance”

	 	 	8.2	 
	“Offshore Certificated Notes”

	 	 	2.1	 
	“Optional Redemption”

	 	 	3.7	 
	“Paying Agent”

	 	 	2.3	 
	“Permanent Regulation S Global Note”

	 	 	2.1	 
	“Private Placement Legend”

	 	 	2.6	(h)
	“Registrar”

	 	 	2.3	 
	“Regulation S Global Note”

	 	 	2.1	 
	“Rule 144A Global Note”

	 	 	2.1	 
	“Temporary Regulation S Global Note”

	 	 	2.1	 
	“U.S. Certificated Notes”

	 	 	2.1	 

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Section 1.3. Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture.

          The following TIA terms used in this Indenture have the following meanings:

          “indenture securities” means the Notes;

          “indenture security holder” means a Holder;

          “indenture to be qualified” means this Indenture;

          “indenture trustee” or “institutional trustee” means the Trustee;

          “obligor” on the Notes means the Company and any successor obligor upon the Notes.

          All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by Commission rule under the TIA have the meanings so assigned to
them.

Section 1.4. 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;

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

     (e) provisions apply to successive events and transactions;

     (f) any reference herein or in the Notes to “unpaid interest” or “interest, if any, on
the Notes” shall be deemed to include Additional Interest, if any, on the Notes; and

     (g) references to sections of or rules under the Securities Act, the Exchange Act and
the TIA shall be deemed to include substitute, replacement and successor sections or rules
adopted by the Commission from time to time.

Section 1.5. Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders
signing or bound by such instrument or instruments. Proof of execution of any such instrument or

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of a writing appointing any such agent shall be sufficient for any purpose of this Indenture
and (subject to Section 7.1) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section.

          (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by the certificate of any notary public
or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such
execution is by an officer of a corporation or a member of a partnership, on behalf of such
corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of
his or her authority.

          (c) The ownership of Notes shall be proved by the register maintained by the Registrar.

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

ARTICLE II.

THE NOTES

Section 2.1. Form and Dating.

          The Notes and the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A-1. The Notes may have notations, legends or endorsements required by law,
stock exchange rule or usage in addition to those set forth in Exhibit A-1. The Exchange
Notes shall be substantially in the form of Exhibit A-2 hereto. Each Note shall be dated
the date of its authentication. The Notes shall be in denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

          The terms and provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Indenture, and the Company and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby.

          Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of a
single permanent global Note in registered form, substantially in the form set forth in Exhibit
A-1 (the “Rule 144A Global Note”), deposited with the Trustee, as custodian for the
Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided.
The aggregate principal amount of the Rule 144A Global Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for the Depositary or its
nominee, as hereinafter provided.

          Notes offered and sold in offshore transactions in reliance on Regulation S shall be issued
initially in the form of a single temporary global Note in registered form substantially in the
form set forth in Exhibit A-1 (the “Temporary Regulation S Global Note”), deposited
with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated
by the Trustee as hereinafter provided. At any time following 40 days after the later of the
commencement of the offering of the Notes and the Issue Date, upon receipt by the Trustee and the
Company of a duly executed certificate substantially in the form of Exhibit B(1), a single
permanent Global Note in registered form substantially in the form set forth in Exhibit A-1
(the “Permanent Regulation S Global Note,” and together with the Temporary Regulation S
Global Note, the “Regulation S Global Note”) duly executed by the Company and authenticated
by the Trustee as hereinafter provided shall be deposited with the Trustee, as custodian for the
Depositary, and the Registrar shall reflect on its books and records the date and a decrease in the
principal

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amount of the Regulation S Global Note in an amount equal to the principal amount of the
beneficial interest in the Regulation S Global Note transferred.

          Notes offered and sold to institutional accredited investors (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) (“Institutional Accredited Investors”) shall be
issued in the form of permanent U.S. Certificated Notes in registered form in substantially the
form set forth in Exhibit A-1 (the “U.S. Certificated Notes”). Securities issued
pursuant to Section 2.6 in exchange for interests in the Rule 144A Global Note or the Regulation S
Global Note shall be in the form of permanent Certificated Notes in registered form substantially
in the form set forth in Exhibit A-1 (the “Offshore Certificated Notes”).

          The Offshore Certificated Notes and U.S. Certificated Notes are sometimes together referred to
as the “Certificated Notes.” The Rule 144A Global Note and the Regulation S Global Note
are sometimes together referred to as the “Global Notes.”

Section 2.2. Execution and Authentication.

          One Officer of the Company shall sign the Notes for the Company by manual or facsimile
signature.

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

          A Note shall not be valid until authenticated by the manual signature of the Trustee. The
signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

          The Trustee, upon a written order of the Company signed by an Officer of the Company, together
with the other documents required by Sections 11.4 and 11.5, shall authenticate (i) Initial Notes
for original issue on the Issue Date in the aggregate principal amount not to exceed $330.0
million, (ii) Exchange Notes; provided that such Exchange Notes shall be issuable only upon
the valid surrender for cancellation of Initial Notes of a like aggregate principal amount in
accordance with the Exchange Offer and the provisions of the Registration Rights Agreement and
(iii) Additional Notes in an aggregate principal amount specified in such written order of the
Company for original issue after the Issue Date (and if such Notes are Transfer Restricted
Securities, a like amount of Exchange Notes in exchange therefor upon consummation of a registered
exchange offer) equal in rank to the Initial Notes in all respects (or in all respects except for
the payment of interest accruing prior to the issue date of such Additional Notes, or except for
the first payment of interest following the issue date of such Additional Notes) so that the
Additional Notes may be consolidated and form a single series with the Initial Notes and have the
same terms as to status, redemption and otherwise as the Initial Notes. All Notes issued under
this Indenture shall vote and consent together on all matters as one class and no series of Notes
will have the right to vote or consent as a separate class on any matter. Exchange Notes may have
such distinctive series designations and such changes in the form thereof as are specified in the
order of the Company referred to in the first sentence of this paragraph. Such written order of
the Company shall specify the amount of Notes to be authenticated and the date on which the
original issue of Notes is to be authenticated.

          The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. An authenticating agent may authenticate Notes 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. Each Paying Agent is designated as an authenticating agent for purposes of this
Indenture.

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Section 2.3. Registrar and Paying Agent.

          The Company shall maintain an office or agency where Notes may be presented for registration
of transfer or for exchange (“Registrar”) and an office or agency where Notes may be
presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes
and of their transfer and exchange. At the option of the Company, payment of interest and
Additional Interest may be made by check mailed to the Holders at their addresses set forth in the
register of Holders, provided that payment by wire transfer of immediately available funds
will be required with respect to principal, Redemption Price and Purchase Price of, and interest
and Additional Interest (if any) on, all Global Notes and all other Notes the Holders of which
shall have provided wire transfer instructions to the Trustee or the Paying Agent.

          The Company may appoint one or more co-registrars and one or more additional paying agents.
The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder.
The Company shall notify the Trustee in writing of the name and address of any Paying Agent not a
party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar
or Paying Agent, the Trustee shall act as such. The Company may act as Paying Agent or Registrar.
The Depositary shall, by acceptance of a Global Note, agree that transfers of beneficial interests
in such Global Note may be effected only through a book-entry system maintained by the Depositary
(or its agent), and that ownership of a beneficial interest in the Note shall be required to be
reflected in a book entry.

          The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act
as Note Custodian with respect to the Global Notes.

Section 2.4. Paying Agents To Hold Money in Trust.

          The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal, premium, if any, and interest on the Notes, 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 and to account for any funds disbursed. Upon payment over to the Trustee, the Paying Agent
(if other than the Company) shall have no further liability for the money. If the Company acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Company, the Trustee shall serve as Paying Agent for the Notes.

Section 2.5. Holder 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 all Holders and shall otherwise comply with TIA
§ 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least
seven Business 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 the Holders of Notes, and the Company shall otherwise comply with TIA
§ 312(a).

Section 2.6. Transfer and Exchange.

          (a) Transfer and Exchange Generally; Book Entry Provisions. Upon surrender for
registration of transfer of any Note to the Registrar and the satisfaction of the requirements for
such transfer set forth in this Section 2.6, the Company shall execute and the Trustee shall
authenticate and deliver, in the name of the designated

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transferee or transferees, one or more new Notes of any authorized denominations and of a like
aggregate principal amount and bearing such restrictive legends as may be required by this
Indenture.

          Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at any such office or agency
maintained by the Company pursuant to Section 4.2. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes
which the Holder making the exchange is entitled to receive bearing registration numbers not
contemporaneously outstanding.

          All Notes presented or surrendered for registration of transfer or exchange shall be duly
endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and the Registrar, and the Notes shall be duly executed by the Holder thereof or his
attorney duly authorized in writing. Except as otherwise provided in this Indenture, and in
addition to the requirements set forth in the legend referred to in Section 2.6(h)(i), any request
for transfer of Transfer Restricted Securities shall be accompanied by a certification to the
Trustee relating to the manner of such transfer substantially in the form of Exhibit B(2).

          (b) Book-Entry Provisions for the Global Notes. The Rule 144A Global Note and
Regulation S Global Note initially shall (i) be registered in the name of the Depositary or the
nominee of such Depositary, (ii) be delivered to the Trustee as custodian for the Depositary and
(iii) bear legends as set forth in Section 2.6(h).

          Members of, or participants in, the Depositary (“Agent Members”) shall have no rights
under this Indenture with respect to any Rule 144A Global Note or Regulation S Global Note, as the
case may be, held on their behalf by the Depositary, or the Trustee as its custodian, or under the
Rule 144A Global Note or Regulation S Global Note, as the case may be, and the Depositary may be
treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of Rule 144A Global Note or Regulation S Global Note, as the case may be, for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee
or any agent of the Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by the Depositary or impair, as between the Depositary and its
Agent Members, the operation of customary practices governing the exercise of the rights of a
holder of any Note.

          Transfers of the Rule 144A Global Note and the Regulation S Global Note shall be limited to
transfers of such Rule 144A Global Note or Regulation S Global Note in whole, but not in part, to
the Depositary, its successors or their respective nominees. Beneficial interests in the Rule 144A
Global Note and the Regulation S Global Note may be transferred in accordance with the applicable
rules and procedures of the Depositary and the provisions of this Section 2.6. The registration of
transfer and exchange of beneficial interests in the Global Note, which does not involve the
issuance of a Certificated Note, shall be effected through the Depositary, in accordance with this
Indenture (including the restrictions on transfer set forth herein) and the procedures of the
Depositary therefor. The Trustee shall have no responsibility or liability for any act or omission
of the Depositary.

          (c) Transfers to Non-QIB Institutional Accredited Investors. The following provisions
shall apply with respect to the registration of any proposed transfer of a Transfer Restricted
Security to any Institutional Accredited Investor that is not a QIB, other than any Person that is
not a U.S. Person as defined under Regulation S (a “Foreign Person”):

     (i) The Registrar shall register the transfer of any Note, whether or not such Note
bears the Private Placement Legend, if (x) (A) the requested transfer is at least two years
after the Issue Date of the Notes and (B) the proposed transferee has certified to the
Registrar that the requested transfer is at least two years after the last date on which
such Note was held by the Company or an Affiliate of the Company, or (y) the proposed
transferee has delivered to the Registrar (A) a certificate substantially in the form of
Exhibit C hereto and (B) such certifications, legal opinions and other information
as the Trustee and the Company may reasonably request to confirm that such transaction is in
compliance with the Securities Act; and

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     (ii) If the proposed transferor is an Agent Member holding a beneficial interest in the
Global Note, upon receipt by the Registrar of (x) the documents, if any, required by clause
(i) and (y) instructions given in accordance with the Depositary’s and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and a decrease in
the principal amount of the Global Note in an amount equal to the principal amount of the
beneficial interest in the Global Note to be transferred, and the Company shall execute, and
the Trustee shall authenticate and deliver, one or more Certificated Notes of like tenor and
amount.

     (d) Transfers to QIBs. The following provisions shall apply with respect to the
registration of any proposed transfer of a Transfer Restricted Security to a QIB (other than
Foreign Persons):

     (i) if the Note to be transferred consists of Certificated Notes or an interest in the
Regulation S Global Note, the Registrar shall register the transfer if such transfer is
being made by a proposed transferor who has checked the box provided for on a certificate
substantially in the form of Exhibit B(2) stating, or has otherwise advised the
Company and the Registrar in writing, that the sale has been made in compliance with the
provisions of Rule 144A to a transferee who is a QIB within the meaning of Rule 144A and is
aware that the sale to it is being made in reliance on Rule 144A; and

     (ii) if the proposed transferee is an Agent Member, and the Note to be transferred
consists of Certificated Notes or an interest in the Regulation S Global Note, upon receipt
by the Registrar of the documents referred to in clause (i) and instructions given in
accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect
on its books and records the date and an increase in the principal amount of the Rule 144A
Global Note in an amount equal to the principal amount of the Certificated Notes or the
interest in the Regulation S Global Note, as the case may be, to be transferred, and the
Trustee shall cancel the Certificated Notes or decrease the amount of the Regulation S
Global Note so transferred.

          (e) Transfers of Interests in the Temporary Regulation S Global Note. The following
provisions shall apply with respect to the registration of any proposed transfer of interests in
the Temporary Regulation S Global Note:

     (i) The Registrar shall register the transfer of an interest in the Temporary
Regulation S Global Certificate if (x) the proposed transferor has delivered to the
Registrar a certificate substantially in the form of Exhibit D hereto stating, among
other things, that the proposed transferee is a Foreign Person or (y) the proposed
transferee is a QIB and the proposed transferor has checked the box provided for on a
certificate substantially in the form of Exhibit B(2) stating, or has otherwise
advised the Company and the Registrar in writing, that the sale has been made in compliance
with the provisions of Rule 144A to a transferee who is a QIB within the meaning of Rule
144A, and is aware that the sale to it is being made in reliance on Rule 144A; and

     (ii) if the proposed transferee is an Agent Member, upon receipt by the Registrar of
the documents referred to in clause (i)(y) above and instructions given in accordance with
the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books
and records the date and an increase in the principal amount of the Rule 144A Global Note in
an amount equal to the principal amount of the Temporary Regulation S Global Note to be
transferred, and the Trustee, as Note Custodian, shall decrease the amount of the Temporary
Regulation S Global Note.

          (f) Transfers to Foreign Persons. The following provisions shall apply with respect
to any transfer of a Transfer Restricted Security to a Foreign Person:

     (i) the Registrar shall register any proposed transfer of a Note to a Foreign Person
upon receipt of a certificate substantially in the form of Exhibit D hereto from the
proposed transferor and such

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certifications, legal opinions and other information as the Trustee or the Company may
reasonably request; and

     (ii) (a) If the proposed transferor is an Agent Member holding a beneficial interest in
the Rule 144A Global Note or the Note to be transferred consists of Certificated Notes, upon
receipt by the Registrar of (x) the documents, if any, required by paragraph (i) and (y)
instructions in accordance with the Depositary’s and the Registrar’s procedures, the
Registrar shall reflect on its books and records the date and a decrease in the principal
amount of the Rule 144A Global Note in an amount equal to the principal amount of the
beneficial interest in the Rule 144A Global Note or cancel the Certificated Notes, as the
case may be, to be transferred, and (b) if the proposed transferee is an Agent Member, upon
receipt by the Registrar of instructions given in accordance with the Depositary’s and the
Registrar’s procedures, the Registrar shall reflect on its books and records the date and an
increase in the principal amount of the Regulation S Global Note in an amount equal to the
principal amount of the Certificated Notes to be transferred, and the Trustee shall decrease
the amount of the Rule 144A Global Note.

          (g) The Depositary. The Depositary shall be a clearing agency registered under the
Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary
with respect to the Global Note. Initially, the Rule 144A Global Note and the Regulation S Global
Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the
Depositary, and deposited with the Note Custodian for Cede & Co.

          Notes in Certificated form issued in exchange for all or a part of a Global Note pursuant to
this Section 2.6 shall be registered in such names and in such authorized denominations as the
Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such
Certificated Notes in Certificated form to the persons in whose names such Notes in Certificated
form are so registered.

          Certificated Notes shall be transferred to all beneficial owners in exchange for their
beneficial interests in the Rule 144A Global Note or the Permanent Regulation S Global Note, as the
case may be, if at any time:

     (i) the Depositary for the Notes notifies the Company that the Depositary is unwilling
or unable to continue as Depositary for the Rule 144A Global Note or the Permanent
Regulation S Global Note, as the case may be, and a successor Depositary is not appointed by
the Company within 90 days after delivery of such notice; or

     (ii) the Company, at its sole discretion, notifies the Trustee in writing that it
elects to cause the issuance of Certificates Notes under this Indenture,

and the Company shall execute, and the Trustee shall, upon receipt of an authentication order in
accordance with Section 2.2, authenticate and deliver Certificated Notes in an aggregate principal
amount equal to the principal amount of the Rule 144A Global Note or the Permanent Regulation S
Global Note, as the case may be, in exchange for such Global Notes.

          (h) Legends.

     (i) Except as permitted by the following paragraphs (ii) and (iii), each Note
certificate evidencing Global Notes and Certificated Notes (and all Notes issued in exchange
therefor or substitution thereof) shall (x) be subject to the restrictions on transfer set
forth in this Section 2.6 (including those set forth in the legend below) unless such
restrictions on transfer shall be waived by written consent of the Company, and the holder
of each Transfer Restricted Security, by such Holder’s acceptance thereof, agrees to be
bound by all such restrictions on transfer and (y) bear the legend set forth below (the
“Private Placement Legend”):

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THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT
HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR
TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE
LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY
AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON
IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE
THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)
TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE
SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER
OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) OR (F) TO REQUIRE THE DELIVERY
OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO
EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

     (ii) Upon any sale or transfer of a Transfer Restricted Security (including any
Transfer Restricted Security represented by a Global Note) pursuant to Rule 144 under the
Securities Act or pursuant to an effective registration statement under the Securities Act:

     (a) in the case of any Transfer Restricted Security that is a Certificated
Note, the Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Security for a Certi-

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ficated Note that does not bear the legend set forth in (i) above and rescind
any restriction on the transfer of such Transfer Restricted Security; and

     (b) in the case of any Transfer Restricted Security represented by a Global
Note, such Transfer Restricted Security shall not be required to bear the legend set
forth in (i) above, but shall continue to be subject to the provisions of Section
2.6(b); provided, however, that with respect to any request for an
exchange of a Transfer Restricted Security that is represented by a Global Note for
a Certificated Note that does not bear the legend set forth in (i) above, which
request is made in reliance upon Rule 144, the Holder thereof shall certify in
writing to the Registrar that such request is being made pursuant to Rule 144 (such
certifications to be substantially in the form of Exhibit B(2)).

     (iii) Notwithstanding the foregoing, upon consummation of the Exchange Offer, the
Company shall issue and, upon receipt of an authentication order in accordance with Section
2.2, the Trustee shall authenticate Exchange Notes in exchange for Notes accepted for
exchange in the Exchange Offer, which Exchange Notes shall not bear the legend set forth in
(i) above, and the Registrar shall rescind any restriction on the transfer of such Notes, in
each case unless the Company has notified the Registrar in writing that the Holder of such
Notes is either (A) a broker-dealer, (B) a Person participating in the distribution of the
Notes or (C) a Person who is an affiliate (as defined in Rule 144A) of the Company.

     (iv) Each Global Note, whether or not a Transfer Restricted Security, shall also bear
the following legend on the face thereof:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     (v) Any Global Note may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of this Indenture
as may be required by the Note Custodian, the Depositary or by the National Association of
Securities Dealers, Inc. in order for the

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Notes to be tradable on the PORTAL Market or tradable on Euroclear or Clearstream or as
may be required for the Notes to be tradable on any other market developed for trading of
securities pursuant to Rule 144A or Regulation S under the Securities Act or required to
comply with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange or automated quotation system upon which the Notes
may be listed or traded or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which any particular Notes are subject.

          (i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in Global Notes have been exchanged for Certificated Notes, redeemed, repurchased or
canceled, all Global Notes shall be returned to or retained and canceled by the Trustee in
accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest
in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or canceled, the
principal amount of Notes represented by such Global Notes shall be reduced accordingly and an
endorsement shall be made on such Global Note by the Trustee or the Note Custodian, at the
direction of the Trustee, to reflect such reduction. In the event of any transfer of any
beneficial interest between the Rule 144A Global Note and the Regulation S Global Note in
accordance with the standing procedures and instructions between the Depositary and the Note
Custodian and the transfer restrictions set forth herein, the aggregate principal amount of each of
the Rule 144A Global Note and the Regulation S Global Note shall be appropriately increased or
decreased, as the case may be, and an endorsement shall be made on each of the Rule 144A Global
Note and the Regulation S Global Note by the Trustee or the Note Custodian, at the direction of the
Trustee, to reflect such reduction or increase.

          (j) General Provisions Relating to Transfers and Exchanges.

     (i) To permit registrations of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate Certificated Notes and Global Notes at the Registrar’s
request.

     (ii) No service charge shall be made to a Holder for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith (other than any such transfer
taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections
3.6 and 9.5).

     (iii) The Registrar shall not be required to register the transfer of or exchange any
Note selected for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part.

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

     (v) The Company shall not be required:

     (a) to issue, to register the transfer of or to exchange Notes during a period
beginning at the opening of business 15 days before the day of any selection of
Notes for redemption under Section 3.2 and ending at the close of business on the
day of selection; or

     (b) to register the transfer of or to exchange any Note so selected for
redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part; or

     (c) to register the transfer of or to exchange a Note between a record date and
the next succeeding interest payment date.

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     (d) Prior to due presentment of the registration of a transfer of any Note, the
Trustee, any Agent and the Company may deem and treat the Person in whose name any
Note is registered as the absolute owner of such Note for the purpose of all
payments with respect to such Notes, and neither the Trustee, any Agent nor the
Company shall be affected by notice to the contrary.

     (vi) The Trustee shall authenticate Certificated Notes and Global Notes in accordance
with the provisions of Section 2.2.

Section 2.7. Replacement Notes.

          If any mutilated Note is surrendered to the Trustee or either the Company or the Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company
shall issue and the Trustee shall authenticate a replacement Note if the Trustee’s requirements for
replacement of Notes are met. If required by the Trustee or the Company, an indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect
the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Trustee and the Company may charge the Holder for their expenses
in replacing a Note.

          Every replacement Note is an additional obligation of the Company and shall be entitled to all
of the benefits of this Indenture equally and proportionately with all other Notes duly issued
hereunder.

Section 2.8. Outstanding Notes.

          The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee or the Note Custodian in accordance with the provisions of this
Indenture and those described in this Section as not outstanding. Except as set forth in Section
2.9, a Note does not cease to be outstanding because the Company or an Affiliate of the Company
holds the Note.

          If a Note is replaced pursuant to Section 2.7, it shall cease to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser
for value.

          If the principal amount of any Note is considered paid under Section 4.1, it ceases to be
outstanding and interest on it ceases to accrue.

          If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date,
then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease
to accrue interest.

Section 2.9. Treasury Notes.

          In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or by any Affiliate thereof shall be
considered as though not outstanding, except that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent, only Notes as to
which a Responsible Officer of the Trustee has first-hand knowledge based on information received
from the Company that such Notes are so owned shall be so disregarded. The Company agrees to
notify the Trustee of the existence of any such treasury Notes or Notes owned by the Company or an
Affiliate thereof.

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Section 2.10. Temporary Notes.

          Until Certificated Notes are ready for delivery, the Company may prepare and the Trustee, upon
receipt of an authentication order in accordance with Section 2.2, shall authenticate temporary
Notes. Temporary Notes shall be substantially in the form of Certificated Notes, but may have such
variations as the Company considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee
shall authenticate Certificated Notes in exchange for temporary Notes.

          Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.

Section 2.11. Cancellation.

          The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall dispose of all
canceled Notes in accordance with the Trustee’s usual procedures. The Trustee shall maintain a
record of the disposal of all canceled Notes. Certification of the destruction of all cancelled
Notes shall be delivered to the Company upon its request therefor. The Company may not issue new
Notes to replace Notes that have been paid or that have been delivered to the Trustee for
cancellation.

Section 2.12. Defaulted Interest.

          If the Company defaults in a payment of interest on the Notes, the Company shall pay the
defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the
defaulted interest, to the Persons that are Holders on a subsequent record date, in each case at
the rate provided in the Notes and in Section 4.1. The Company shall notify the Trustee in writing
of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment. The Company shall fix or cause to be fixed each such special record date and payment
date, provided that no such special record date shall be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date,
the Company (or, upon the written request of the Company, the Trustee in the name and at the
expense of the Company) shall mail or cause to be mailed to Holders a notice that states the
special record date, the related payment date and the amount of such interest to be paid.

Section 2.13. Persons Deemed Owners.

          Prior to due presentment of a Note for registration of transfer and subject to Section 2.12,
the Company, the Trustee, any Paying Agent, any co-registrar and any Registrar may deem and treat
the person in whose name any Note shall be registered upon the register of Notes kept by the
Registrar as the absolute owner of such Note (whether or not such Note shall be overdue and
notwithstanding any notation of the ownership or other writing thereon made by anyone other than
the Company, any co-registrar or any Registrar) for the purpose of receiving all payments with
respect to such Note and for all other purposes, and none of the Company, the Trustee, any Paying
Agent, any co-registrar or any Registrar shall be affected by any notice to the contrary.

Section 2.14. CUSIP Numbers.

          The Company in issuing the Notes may use a “CUSIP” number (and shall provide notice to the
Trustee of any change in the CUSIP number of any series of the Notes), and if so, the Trustee shall
use the CUSIP number in notices of redemption or exchange as a convenience to Holders;
provided that any such notice may state that no representation is made as to the
correctness or accuracy of the CUSIP number printed in the notice or on the Notes, and that
reliance may be placed only on the other identification numbers printed on the Notes. The Company
shall promptly notify the Trustee of any change in the CUSIP number.

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Section 2.15. Designation.

          The Indebtedness evidenced by the Notes is hereby irrevocably designated as “senior
indebtedness” or such other term denoting seniority for the purposes of any future Indebtedness of
the Company which the Company makes subordinate to any senior indebtedness or such other term
denoting seniority.

ARTICLE III.

REDEMPTION AND REPURCHASE

Section 3.1. Notices to Trustee.

          If the Company elects to redeem Notes pursuant to the provisions of Section 3.7, it shall
furnish to the Trustee, at least 30 days but not more than 60 days before the Redemption Date, an
Officers’ Certificate setting forth the Section of this Indenture pursuant to which the redemption
shall occur, the Redemption Date, the principal amount of Notes to be redeemed and the Redemption
Price.

          If the Company is required to offer to repurchase Notes pursuant to the provisions of Section
4.7, it shall notify the Trustee in writing, at least 30 days but not more than 60 days before the
Purchase Date, of the Section of this Indenture pursuant to which the repurchase shall occur, the
Purchase Date, the principal amount of Notes required to be repurchased and the Purchase Price and
shall furnish to the Trustee an Officers’ Certificate to the effect that (a) the Company is
required to make or has made a Change of Control Offer and (b) the conditions set forth in Section
4.7 have been satisfied.

          If the Registrar is not the Trustee, the Company shall, concurrently with each notice of
redemption or repurchase, cause the Registrar to deliver to the Trustee a certificate (upon which
the Trustee may rely) setting forth the principal amounts of Notes held by each Holder.

Section 3.2. Selection of Notes.

          If less than all of the Notes are to be redeemed, the Trustee shall select the Notes or
portions thereof to be redeemed in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed; or, if the Notes are not then listed on
a national securities exchange, on a pro rata basis, by lot or by such method as the
Trustee shall deem fair and appropriate. In the event of partial redemption by lot, the particular
Notes or portions thereof to be redeemed shall be selected, unless otherwise provided herein, not
less than 25 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding
Notes not previously called for redemption.

          The Trustee shall promptly notify the Company in writing of the Notes or portions thereof
selected for redemption or repurchase and, in the case of any Note selected for partial redemption
or repurchase, the principal amount thereof to be redeemed or repurchased. Notes and portions
thereof selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of
Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. No Notes of a
principal amount of $2,000 or less shall be redeemed in part.

Section 3.3. Notice of Optional or Special Redemption.

          In the event Notes are to be redeemed pursuant to Section 3.7, at least 30 days but not more
than 60 days before the Redemption Date, the Company shall mail a notice of redemption to each
Holder whose Notes are to be redeemed in whole or in part, with a copy to the Trustee.

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          The notice shall identify the Notes or portions thereof to be redeemed (including, if
applicable, the CUSIP number(s) thereof) and shall state:

     (a) the Redemption Date;

     (b) the Redemption Price;

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

     (d) the name and address of the Paying Agent;

     (e) that Notes called for redemption must be surrendered to the Paying Agent to collect
the Redemption Price, Additional Interest, if any, and, unless the Redemption Date is after
a record date and on or before the succeeding interest payment date, accrued interest
thereon to the Redemption Date;

     (f) that, unless the Company defaults in making the redemption payment, interest and
any Additional Interest on Notes called for redemption will cease to accrue on and after the
Redemption Date, and the only remaining right of the Holders of such Notes is to receive
payment of the Redemption Price, any Additional Interest and, unless the Redemption Date is
after a record date and on or before the succeeding interest payment date, accrued interest
thereon to the Redemption Date upon surrender to the Paying Agent of the Notes redeemed;

     (g) if fewer than all the Notes are to be redeemed, the identification of the
particular Notes (or portions thereof) to be redeemed, as well as the aggregate principal
amount of the Notes to be redeemed and the aggregate principal amount of Notes to be
outstanding after such partial redemption; and

     (h) the paragraph of the Notes pursuant to which the Notes called for redemption are
being redeemed.

          At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense; provided that the Company shall deliver to the Trustee, at least
10 days prior to giving the notice of redemption, an Officers’ 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, Notes or portions thereof called for redemption become
due and payable on the Redemption Date at the Redemption Price. Upon surrender to any Paying
Agent, such Notes or portions thereof shall be paid at the Redemption Price, plus
Additional Interest, if any, and accrued interest to the Redemption Date; provided,
however, that installments of interest which are due and payable on or prior to the
Redemption Date shall be payable to the Holders of such Notes, registered as such, at the close of
business on the relevant record date for the payment of such installment of interest.

Section 3.5. Deposit of Redemption Price or Purchase Price.

          On or before 10:00 a.m., New York City time on each Redemption Date or Purchase Date, the
Company shall irrevocably deposit with the Trustee or with the Paying Agent money sufficient to pay
the aggregate amount due on all Notes to be redeemed or repurchased on that date, including without
limitation any accrued and unpaid interest, if any, to the Redemption Date or Repurchase Date. The
Company, the Trustee or the Paying Agent shall promptly return to the Company any money not
required for that purpose.

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          Unless the Company defaults in making such payment, interest and any Additional Interest on
the Notes to be redeemed or repurchased will cease to accrue on the applicable Redemption Date or
Purchase Date, whether or not such Notes are presented for payment. If any Note called for
redemption shall not be so paid upon surrender because of the failure of the Company to comply with
the preceding paragraph, interest will be paid on the unpaid principal, from the applicable
Redemption Date or Purchase Date until such principal is paid, and on any interest not paid on such
unpaid principal, in each case at the rate provided in the Notes and in Section 4.1.

Section 3.6. Notes Redeemed or Repurchased in Part.

          Upon surrender of a Note that is redeemed or repurchased in part, the Company shall issue and
the Trustee shall authenticate for the Holder without service charge to the Holder a new Note equal
in principal amount to portion of the Note surrendered that is not to be redeemed or repurchased.

Section 3.7. Optional Redemption.

          The Company may redeem any or all of the Notes at any time on or after May 1, 2012 at the
Redemption Prices set forth in the Notes (each such redemption, an “Optional Redemption”).
Any redemption pursuant to this Section 3.7 shall be made pursuant to the provisions of Sections
3.1 through 3.6.

Section 3.8. Repurchase upon Change of Control Offer.

          In the event that, pursuant to Section 4.7, the Company shall be required to commence a Change
of Control Offer, it shall follow the procedures specified below.

          The Change of Control Offer shall remain open for a period from the date of the mailing of the
notice of the Change of Control Offer described in the next paragraph until a date determined by
the Company which is at least 30 but no more than 60 days from the date of mailing of such notice
and no longer, except to the extent that a longer period is required by applicable law (the
“Change of Control Offer Period”). On the Purchase Date, which shall be no later than the
last day of the Change of Control Offer Period, the Company shall purchase the principal amount of
Notes properly tendered in response to the Change of Control Offer. Payment for any Notes so
purchased shall be made in the same manner as interest payments are made.

          Within 30 days following any Change of Control, the Company shall send, by first class mail, a
notice to the Trustee and each of the Holders. The notice shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the Change of Control Offer.
The Change of Control Offer shall be made to all Holders. The notice, which shall govern the
terms of the Change of Control Offer, shall state:

          (a) the transaction or transactions that constitute the Change of Control, providing
information, to the extent publicly available, regarding the Person or Persons acquiring control,
and stating that the Change of Control Offer is being made pursuant to this Section 3.8 and Section
4.7 and that, to the extent lawful, all Notes tendered will be accepted for payment;

          (b) the Purchase Price, the last day of the Change of Control Offer Period, and the Purchase
Date;

          (c) that any Note not properly tendered or otherwise not accepted for repurchase will continue
to accrue interest and Additional Interest, if any;

          (d) that, unless the Company defaults in the payment of the amount due on the Purchase Date,
all Notes or portions thereof accepted for repurchase pursuant to the Change of Control Offer shall
cease to accrue interest and Additional Interest, if any, after the Purchase Date;

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          (e) that Holders electing to have any Notes purchased pursuant to the Change of Control Offer
will be required to tender the Notes, with the form entitled Option of Holder To Elect Purchase on
the reverse of the Notes completed, or transfer by book-entry transfer, to the Company, a
Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice
not later than the third Business Day preceding the Purchase Date;

          (f) that Holders will be entitled to withdraw their election if the Company, the Depositary or
the Paying Agent, as the case may be, receives, not later than the expiration of the Change of
Control Offer Period, a telegram, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of Notes delivered for repurchase, and a statement that such Holder is
withdrawing his election to have the Notes redeemed in whole or in part; and

          (g) that Holders whose Notes are being repurchased only in part will be issued new Notes equal
in principal amount to the portion of the Notes tendered (or transferred by book-entry transfer)
that is not to be repurchased, which portion must be equal to $2,000 in principal amount or an
integral multiple of $1,000 in excess thereof).

          On or before the Purchase Date, the Company shall to the extent lawful, (i) accept for payment
all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii)
deposit with the Paying Agent an amount equal to the Purchase Price, together with accrued and
unpaid interest, if any, thereon to the Purchase Date in respect of all Notes or portions thereof
so tendered and accepted for repurchase and (iii) deliver or cause to be delivered to the Trustee
the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount
of Notes or portions thereof being repurchased by the Company. The Paying Agent shall promptly
(but in any case not later than five days after the Purchase Date) mail to each Holder of Notes so
repurchased the amount due in connection with such Notes, and the Company shall promptly issue a
new Note, and the Trustee, upon written request from the Company in the form of an Officers’
Certificate shall authenticate and mail or deliver (or cause to transfer by book entry) to each
relevant Holder a new Note, in a principal amount equal to any unpurchased portion of the Notes
surrendered to the Holder thereof; provided that each such new Note shall be in a principal
amount of $2,000 or an integral multiple of $1,000 in excess thereof.

          If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, accrued and unpaid interest, if any, in each case to the Purchase Date,
shall be paid to the Person in whose name a Note is registered at the close of business on such
record date, and no additional interest shall be payable to Holders pursuant to the Change of
Control Offer.

ARTICLE IV.

COVENANTS

Section 4.1. Payment of Principal and Interest.

          The Company shall pay or cause to be paid the principal of, interest on and, if applicable,
the Redemption Price and Purchase Price of, the Notes on the dates, in the amounts and in the
manner provided herein and in the Notes. Principal, Redemption Price, Purchase Price and interest
shall be considered paid on the date due if the Paying Agent, if other than the Company, holds as
of 12:00 noon Eastern Time on the due date money deposited by the Company in immediately available
funds and designated for and sufficient to pay the aggregate amount then due. The Company shall
pay all Additional Interest, if any, on the dates, in the amounts and in the manner set forth in
the Registration Rights Agreement.

          The Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal, Redemption Price and Purchase Price at the rate specified in
the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on

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overdue installments of interest and Additional Interest (without regard to any applicable
grace period) at the same rate to the extent lawful.

Section 4.2. Maintenance of Office or Agency.

          The Company shall maintain in the Borough of Manhattan, the City of New York, an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Office of the Trustee.

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

          The Company hereby designates the Corporate Trust Office of the Trustee as one such office or
agency of the Company in accordance with Section 2.3. The Trustee may resign such agency at any
time by giving written notice to the Company no later than 30 days prior to the effective date of
such resignation.

Section 4.3. Reports.

          Whether or not required by the rules and regulations of the Commission, so long as any Notes
are outstanding, the Company will furnish to the Trustee and post on its website, within 15 days
after it files (or would have been required to file) with the Commission, (1) all quarterly and
annual financial information that would be required to be contained in a filing with the Commission
on Forms 10-Q and 10-K including a “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” section and, with respect to the annual information only, a report on the
annual consolidated financial statements of the Company of its independent public accountants and
(2) the information that would be required to be contained on Form 8-K, in each case as if the
Company were required to file such forms. In addition, to the extent not satisfied by the
foregoing, the Company will agree that, for so long as any Notes are outstanding, it will furnish
to Holders and to securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

          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 Officers’ Certificates).

          Notwithstanding the foregoing, the requirements of this Section 4.3 shall be deemed satisfied
prior to the commencement of the Exchange Offer or the effectiveness of the Shelf Registration
Statement by (1) the filing with the Commission of the Exchange Offer Registration Statement or
Shelf Registration Statement, and any amendments thereto, with such financial information that
satisfies Regulation S-X of the Securities Act or (2) by posting on its website or providing to the
Trustee within 15 days of the time periods after the Company would have been required to file
annual and interim reports with the SEC, the financial information (including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section) that would be
required to be included in such reports, subject to exceptions consistent with the presentation of
financial information in the Final Memorandum.

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Section 4.4. Compliance Certificate.

          The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year,
an Officers’ Certificate stating that a review of the activities of the Company and its Restricted
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 in all material respects, and further stating, as to the
Officer signing such certificate, that to the best of his or her knowledge based upon such review
the Company has kept, observed, performed and fulfilled each and every covenant contained in this
Indenture in all material respects and is not in Default in the performance or observance of any of
the terms, provisions and conditions of this Indenture (and, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default) of which he or she may have
knowledge.

          The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee,
promptly upon any Officer of the Company becoming aware of any Default or Event of Default, an
Officers’ Certificate specifying such Default or Event of Default.

Section 4.5. Corporate Existence.

          Subject to Article V, the Company will at all times maintain its corporate existence and will
carry on and conduct its business in a proper and efficient manner and will keep or cause to be
kept proper books of account; provided, however, that nothing herein contained shall prevent the
Company from ceasing to operate any premises or property if, in the opinion of the Board of
Directors, it shall be advisable and in the best interests of the Company so to do.

Section 4.6. Limitation on Liens on Capital Stock of Restricted Subsidiaries.

          The Company will not, nor will it cause or permit any Subsidiary to, directly or indirectly,
create, assume, incur or suffer to exist any Lien, other than a Purchase Money Lien, upon any
Capital Stock, whether owned on the date of this Indenture or hereafter acquired, of any Restricted
Subsidiary, to secure any Indebtedness (other than the Notes) of the Company, any Subsidiary or any
other Person, without in any such case making effective provision whereby all of the outstanding
Notes shall be directly secured equally and ratably with such Indebtedness.

Section 4.7. Offer To Repurchase upon Change of Control.

          Upon the occurrence of a Change of Control, each Holder of Notes shall have the right to
require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of such Holder’s Notes (a “Change of Control Offer”) at a
Purchase Price in cash equal to 101% of the aggregate principal amount thereof, together with
accrued and unpaid interest, if any, thereon to the Purchase Date. The Change of Control Offer
shall be made in compliance with the applicable procedures set forth in Article III and shall
include all instructions and materials necessary to enable Holders to tender their Notes.

          The Company shall not be required to make a Change of Control Offer upon a Change of Control
if a third party makes the Change of Control Offer in the manner, at the time and otherwise in
compliance with the requirements set forth in this Indenture applicable to a Change of Control
Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer.

          The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations to the extent such laws and regulations are applicable in
connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that
the provisions of any securities laws or regulations conflict with this Section 4.7, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.7 by virtue hereof.

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ARTICLE V.

SUCCESSORS

Section 5.1. Merger, Consolidation and Sale of Assets.

          The Company shall not consolidate with or merge with or into any other Person or convey,
transfer or lease its properties and assets substantially as an entirety to any other Person,
unless:

     (1) the Company is the surviving corporation or the Person formed by such consolidation
or merger or the Person which acquires by conveyance or transfer, or which leases, the
properties and assets of the Company substantially as an entirety (A) shall be a Person
organized and validly existing under the laws of the United States of America, any state
thereof or the District of Columbia and (B) shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the
Trustee, the Company’s obligation for the due and punctual payment of the principal of (and
premium, if any, on) and interest on all the outstanding Notes and the performance and
observance of every covenant of the Notes, this Indenture and the Registration Rights
Agreement on the part of the Company to be performed or observed;

     (2) immediately after giving effect to such transaction, no Event of Default, and no
event which, after notice or lapse of time or both, would become an Event of Default, shall
have occurred or be continuing; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and
such supplemental indenture comply with this Article V and that all conditions precedent
herein provided for relating to such transaction have been complied with.

Section 5.2. Successor Corporation Substituted.

          Upon any consolidation or merger of the Company with or into any other Person or any
conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 5.1, the successor Person formed by such consolidation or with
or into which the Company is merged or the successor Person to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture, the Notes and the Registration Rights Agreement with the same
effect as if such successor Person had been named as the Company herein, and in the event of any
such conveyance or transfer, the Company (which term shall for this purpose mean the Person named
as the “Company” in the first paragraph of this Indenture or any successor Person which shall
theretofore become such in the manner described in Section 5.1), except in the case of a lease,
shall be discharged of all obligations and covenants under this Indenture, the Notes and the
Registration Rights Agreement and may be dissolved and liquidated.

ARTICLE VI.

DEFAULTS AND REMEDIES

Section 6.1. Events of Default.

          Each of the following constitutes an “Event of Default”:

     (a) the failure to pay interest on any Note when the same becomes due and payable and
the default continues for a period of 30 days;

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     (b) the failure to pay the principal (or premium if any) of any Note, when such
principal becomes due and payable, at maturity, upon acceleration, upon redemption or
otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a
Change of Control Offer);

     (c) a default in the observance or performance of any other covenant or agreement
contained in this Indenture which default continues for a period of 60 days after the
Company receives written notice specifying the default (and demanding that such default be
remedied) from the Trustee or the Holders of at least 25% of the outstanding principal
amount of the Notes;

     (d) (A) a default by the Company in the payment, at the stated maturity, of the stated
principal amount of any Indebtedness in an amount in excess of $20.0 million outstanding
under or evidenced by any single indenture or instrument, whether such Indebtedness now
exists or shall hereafter be created, and such default shall have continued after any
applicable grace period and shall not have been cured or waived or (B) the stated principal
amount of any Indebtedness of the Company in an amount in excess of $20.0 million
outstanding under or evidenced by any single indenture or instrument, whether such
Indebtedness now exists or shall hereafter be created, shall have been accelerated or
otherwise declared due and payable prior to the stated maturity thereof, and such
Indebtedness shall not have been discharged, or such acceleration shall not have been
rescinded or annulled, within 10 days after notice thereof shall have been given, by
registered or certified mail, to the Company by either Trustee, or to the Company and the
Trustee by the Holders of at least 25% of the outstanding principal amount of the Notes.

     (e) the Company or any Significant Subsidiary of the Company:

     (i) commences a voluntary case under any Bankruptcy Law,

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

     (iii) consents to the appointment of a custodian or receiver of it or for all
or substantially all of its property,

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

     (v) admits in writing its inability to pay its debts as they become due; or

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

     (i) is for relief in an involuntary case against the Company or any Significant
Subsidiary of the Company;

     (ii) appoints a custodian or receiver of the Company or any Significant
Subsidiary or for all or substantially all of the property of any of the foregoing;

     (iii) orders the liquidation of the Company or any of its Significant
Subsidiaries;

     (iv) and the order or decree remains unstayed and in effect for 60 consecutive
days.

Section 6.2. Acceleration.

          If any Event of Default (other than an Event of Default specified in clause (e) or (f) of
Section 6.1 with respect to the Company (but not any Significant Subsidiary)) shall occur and be
continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding
Notes by written notice to the Company (and the

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Trustee, if such notice is given by such Holders) may declare the principal of and accrued and
unpaid interest on the Notes to be due and payable immediately, which notice shall specify the
respective Events of Default and that it is a “Notice of Acceleration”. Upon any such
declaration, the entire principal amount of, and accrued and unpaid interest, if any, on the Notes
shall become immediately due and payable.

          Notwithstanding the foregoing, if an Event of Default specified in clause (e) or (f) of
Section 6.1 with respect to the Company (but not any Significant Subsidiary) occurs and is
continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on
all of the outstanding Notes shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder.

          The Holders of not less than a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Company and the Trustee may, on behalf of the Holders of all of the
Notes, rescind and cancel an acceleration and its consequences:

     (1) if the rescission would not conflict with any judgment or decree;

     (2) if all existing Events of Default have been cured or waived except nonpayment of
principal or interest that has become due solely because of the acceleration;

     (3) to the extent the payment of such interest is lawful, if interest on overdue
installments of interest and overdue principal, which has become due otherwise than by such
declaration of acceleration, has been paid;

     (4) if the Company has paid the Trustee its reasonable compensation and reimbursed the
Trustee for its expenses, disbursements and advances; and

     (5) in the event of the cure or waiver of an Event of Default of the type described in
clause (e) or (f) of Section 6.1, the Trustee shall have received an Officers’ Certificate
and an Opinion of Counsel that such Event of Default has been cured or waived.

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

          Notwithstanding the preceding paragraph, in the event of a declaration of acceleration in
respect of the Notes because of an Event of Default specified in Section 6.1(d) shall have occurred
and be continuing, such declaration of acceleration shall be automatically annulled if the
Indebtedness that is the subject of such Event of Default has been discharged or the Holders
thereof have rescinded their declaration of acceleration in respect of such Indebtedness, and
written notice of such discharge or rescission, as the case may be, shall have been given to the
Trustee by the Company and countersigned by the holders of such Indebtedness or a trustee,
fiduciary or agent for such holders, within 30 days after such declaration of acceleration in
respect of the Notes, and no other Event of Default has occurred during such 30-day period which
has not been cured or waived during such period.

Section 6.3. Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal, premium, if any, interest or Additional Interest, if any, on
the Notes or to enforce the performance of any provision of the Notes or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding, and any recovery or 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 Notes. A delay or omission by
the Trustee or any Holder in exercising any right

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or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent
permitted by law.

Section 6.4. Waiver of Past Defaults.

          The Holders of a majority in principal amount of the Notes may waive any existing or past
Default or Event of Default under this Indenture, and its consequences, except a default in the
payment of the principal of or interest on any Notes. 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 6.5. Control by Majority.

          Holders of a majority in principal amount of the then outstanding Notes may direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee or
exercising any trust or power conferred on it. However, the Trustee may refuse to follow any
direction that conflicts with applicable law or this Indenture that the Trustee reasonably
determines may be unduly prejudicial to the rights of other Holders of Notes or that may subject
the Trustee to personal liability and shall be entitled to the benefit of Sections 7.1(c)(iii) and
7.1(e).

Section 6.6. Limitation on Suits.

          A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if:

     (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of
Default;

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

     (c) such Holder or Holders of Notes offer and, if requested, provide to the Trustee
reasonable security or indemnity satisfactory to the Trustee against any loss, liability
or expense;

     (d) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer and, if requested, the provision of indemnity; and

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

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note
or to obtain a preference or priority over another Holder of a Note.

Section 6.7. Rights of Holders of Notes to Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal of, or premium, if any, interest or Additional Interest, if any, on
the Note, on or after the respective due dates thereon (including in connection with an offer to
repurchase), or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the written consent of such Holder.

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Section 6.8. Collection Suit by Trustee.

          If
an Event of Default specified in Section 6.1(a) or (b) occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, premium and Additional Interest, if any,
and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent
lawful, interest and Additional Interest, if any, and such further amounts as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expense,
disbursements and advances of the Trustee, its agents and counsel.

Section 6.9. Trustee May File Proofs of Claim.

          The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents (including
accountants, experts or such other professionals as the Trustee deems necessary, advisable or
appropriate) and counsel and the Holders of the Notes allowed in any judicial proceedings relative
to the Company (or any other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other property payable or
deliverable on any such claims, and any custodian 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 to 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 7.7. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 out of the
estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and
other properties that the Holders may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. 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 Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.

Section 6.10. Priorities.

          If the Trustee collects any money pursuant to this Article, it shall pay out the money in the
following order:

     First: to the Trustee, its agents and attorneys for amounts due under Section 7.7,
including payment of all compensation, expense and liabilities incurred, and all advances
made, by the Trustee and the costs and expenses of collection;

     Second: to Holders of Notes for amounts due and unpaid on the Notes for principal,
Purchase Price, Redemption Price and Additional Interest, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the
Notes for principal, Purchase Price, Redemption Price and Additional Interest, if any, and
interest, respectively; and

     Third: to the Company or to such party as a court of competent jurisdiction shall
direct in a final, non-appealable order.

The Trustee may fix a special record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10.

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Section 6.11. Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section does not apply to a suit
by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10%
in principal amount of the then outstanding Notes.

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
its exercise thereof, 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:

     (i) the duties of the Trustee shall be determined solely by the express provisions of
this Indenture and the TIA and 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 or the TIA against the Trustee; and

     (ii) in the absence of bad faith on its part, the Trustee may conclusively rely,
without investigation, as to the truth or the statements and the correctness of the opinions
expressed therein, upon and statements, certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture. However, in the case of certificates
or opinions specifically required by any provision hereof to be furnished to it, the Trustee
shall examine the certificates and opinions to determine whether or not they conform on
their face to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

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

     (i) this paragraph does not limit the effect of paragraph (b) of this Section;

     (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the
pertinent facts; and

     (iii) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 6.5.

          (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to this Section 7.1.

          (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holders, pursuant to the provisions of this
Indenture, including, without limitation, Sec-

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tion 6.5 thereof, unless such Holder shall have offered to the Trustee security and indemnity
satisfactory to it against any loss, liability or expense which might be incurred by it in
compliance with such request or direction.

          (f) The Trustee shall not be liable for interest on 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.

Section 7.2. Rights of Trustee.

          (a) The Trustee may conclusively rely and shall be protected in acting or refraining from
acting upon any 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 the document.

          (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the advice of such counsel and Opinions of Counsel shall be full and
complete authorization and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.

          (c) The Trustee may act through its attorneys, accountants, experts and such other
professionals as the Trustee deems necessary, advisable or appropriate and shall not be responsible
for the misconduct or negligence of any attorney, accountant, expert or other such professional
appointed with due care.

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it reasonably believes to be authorized or within the rights or powers conferred upon it by
this Indenture.

          (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company shall be sufficiently evidenced by a written order signed by two
Officers of the Company.

          (f) The Trustee shall not be charged with knowledge of any Default or Event of Default under
Section 6.1 (other than under Section 6.1(a) (subject to the following sentence) or Section 6.1(b))
unless either (i) a Responsible Officer shall have actual knowledge thereof, or (ii) the Trustee
shall have received notice thereof in accordance with Section 11.2 from the Company or any Holder
of the Notes. The Trustee shall not be charged with knowledge of the Company’s obligation to pay
Additional Interest, or the cessation of such obligation, unless the Trustee receives written
notice thereof from the Company or any Holder.

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

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

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

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Section 7.3. Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or any Affiliate of the Company with the same rights it
would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest within the meaning of the TIA it must eliminate such conflict within 90 days, apply
(subject to the consent of the Company) to the Commission for permission to continue as trustee or
resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to
Sections 7.10 and 7.11.

Section 7.4. Trustee’s Disclaimer.

          The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, or the Notes, it shall not be accountable for the Company’s use of the
proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any
provision of this Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with
the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

Section 7.5. Notice of Defaults.

          If a Default or Event of Default occurs and is continuing, the Trustee shall mail to Holders
of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the
case of a Default in payment on any Note (including the failure to make a mandatory repurchase
pursuant hereto), the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of
the Holders of the Notes.

Section 7.6. Reports by Trustee to Holders of the Notes.

          Within 60 days after each May 15 beginning with May 15, 2008, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted).
The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all
reports as required by TIA § 313(c).

          A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to
the Company and filed with the Commission and each stock exchange on which the Notes are listed in
accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are
listed on or delisted from any stock exchange.

Section 7.7. Compensation, Reimbursement and Indemnity.

          The Company shall pay to the Trustee from time to time such compensation for its acceptance of
this Indenture and the rendering by it of the services required hereunder as shall be agreed in
writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Company shall reimburse the Trustee promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by or on behalf of it in addition
to the compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s attorneys, accountants, experts and such other
professionals as the Trustee deems necessary, advisable or appropriate.

          The Company shall indemnify the Trustee against any and all losses, liabilities, damages,
claims or expenses, including taxes (other than those based upon, measured by or determined by the
income of the Trustee) incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture

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(including its duties under Section 9.6), including the costs and expenses of enforcing this
Indenture against the Company (including this Section 7.7) and defending itself against or
investigating any claim (whether asserted by the Company, any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability or expense is determined to have been caused by its
own negligence or willful misconduct. The Trustee shall notify the Company promptly of any claim
for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve
the Company of its obligations hereunder. The Company shall defend any claim or threatened claim
asserted against the Trustee, and the Trustee shall cooperate in the defense. The Trustee may have
separate counsel 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, which consent shall not be
unreasonably withheld.

          The obligations of the Company under this Section 7.7 shall survive the resignation or removal
of the Trustee, the satisfaction and discharge of this Indenture and the termination of this
Indenture.

          To secure the Company’s payment obligations in this Section 7.7, the Trustee shall have a Lien
prior to the Notes on all money or property held or collected by the Trustee, except that held in
trust (including the amounts held in escrow pursuant to the Escrow Agreements), to pay principal,
Redemption Price, Special Mandatory Redemption Price or Purchase Price of or Additional Interest if
any, or interest on, particular Notes. Such Lien shall survive the resignation or removal of the
Trustee, the satisfaction and discharge of this Indenture and the termination of this Indenture.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(f) occurs, the expenses and the compensation for the services (including the fees and
expenses of its agents and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

Section 7.8. 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.

          The Trustee may resign in writing at any time and be discharged from the trust hereby created
by so notifying the Company. The Holders of Notes of a majority in principal amount of the then
outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing.
The Company may remove the Trustee if:

     (a) the Trustee fails to comply with Section 7.10;

     (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, receiver or public officer takes charge of the Trustee or its property
for the purpose of rehabilitation, conversation or liquidation; 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, the Company shall promptly appoint a successor Trustee. Within one year after the date on
which the successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

          If a successor Trustee does not take office within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10% in
principal amount of the then

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outstanding Notes may petition any court of competent jurisdiction at the expense of the
Company, in the case of the Trustee, for the appointment of a successor Trustee.

          If the Trustee, after written request by any Holder of a Note who has been a bona fide holder
of a Note or Notes for at least six months, fails to comply with Section 7.10, such Holder of a
Note may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

          A 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
Trustee under this Indenture. The Company shall mail a notice of its succession to Holder of the
Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee, provided all sums owing to the Trustee hereunder have been paid and
subject to the Lien provided for in Section 7.7. Notwithstanding replacement of the Trustee
pursuant to this Section 7.8, the Company’s obligations under Section 7.7 shall continue for the
benefit of the retiring Trustee.

Section 7.9. Successor Trustee by Merger, Etc.

          If the Trustee consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation that is eligible under Section 7.10, the
successor corporation without any further act shall be the successor Trustee.

Section 7.10. Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof (including the
District of Columbia) that is authorized under such laws to exercise corporate trust power, that is
subject to supervision or examination by federal or state authorities and that has a combined
capital and surplus of at least $50 million as set forth in its most recent published annual report
of condition.

          This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b).

Section 7.11. Preferential Collection of Claims Against Company.

          The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA §
311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated therein.

ARTICLE VIII.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.1. Option To Effect Legal Defeasance or Covenant Defeasance.

          The Company may, at the option of its Board of Directors evidenced by a board resolution, at
any time, elect to have either Section 8.2 or 8.3 be applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article VIII.

Section 8.2. Legal Defeasance and Discharge.

          Upon the Company’s exercise under Section 8.1 hereof of the option applicable to this Section
8.2, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.4, be
deemed to have been discharged from its obligations with respect to all outstanding Notes on the
date the conditions set forth below

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are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means
that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by
the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.5 and the other Sections of this Indenture referred to in clauses (a) through (d)
below, and to have satisfied all of its other obligations under such Notes and this Indenture (and
the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder:

     (a) the rights of Holders to receive solely from the trust fund described in Section
8.4 and as more fully set forth in such Section payments in respect of the principal of,
premium, if any, and interest on the Notes when such payments are due;

     (b) the Company’s obligations with respect to the Notes concerning issuing temporary
Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance
of an office or agency for payments;

     (c) the rights, powers, trust, duties and immunities of the Trustee; and

     (d) the Legal Defeasance provisions of this Article VIII.

          Subject to compliance with this Article VIII, the Company may exercise its option under this
Section 8.2, notwithstanding the prior exercise of its option under Section 8.3.

Section 8.3. Covenant Defeasance.

          Upon the Company’s exercise under Section 8.1 of the option applicable to this Section 8.3,
the Company shall, subject to the satisfaction of the conditions set forth in Section 8.4, be
released from their respective obligations under the covenants contained in Sections 3.8, 4.3, 4.5,
4.6, 4.7 and 5.1 with respect to the outstanding Notes on and after the date the conditions set
forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration or Act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may
omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document, and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.1, but, except as specified above, the remainder of
this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.1 of the option applicable to this Section 8.3, subject to the
satisfaction of the conditions set forth in Section 8.4, Sections 6.1(c) and 6.1(d) shall not
constitute Events of Default.

Section 8.4. Conditions to Legal or Covenant Defeasance.

          The following are the conditions precedent to the application of either Section 8.2 or 8.3 to
the outstanding Notes:

          In order to exercise either Legal Defeasance or Covenant Defeasance:

     (1) the Company must irrevocably deposit with the Trustee (or another trustee
satisfying the requirements of Section 7.10 who has agreed to comply with the provisions of
this Section 8 applicable to it), in trust, for the benefit of the Holders cash in U.S.
dollars, U.S. Government Securities, or a combina-

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tion thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants selected by the Company, to pay the
principal of, premium, if any, and interest on the Notes on the stated date for payment
thereof or on the applicable redemption date, as the case may be;

     (2) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that:

     (a) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling; or

     (b) since the date of this Indenture, there has been a change in the applicable
federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders will not recognize income, gain or loss for federal income tax purposes as
a result of such Legal Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

     (3) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders will
not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

     (4) no Default or Event of Default shall have occurred and be continuing on the date of
such deposit or insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of 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);

     (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under this Indenture (other than a Default or an Event
of Default resulting from the borrowing of funds to be applied to such deposit and the grant
of any Lien securing such borrowings) or any other material agreement or instrument to which
the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound;

     (6) the Company shall have delivered to the Trustee an officers’ certificate stating
that the deposit was not made by the Company with the intent of preferring the Holders over
any other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company or others;

     (7) the Company shall have delivered to the Trustee an officers’ certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for or relating to
the Legal Defeasance or the Covenant Defeasance have been complied with; and

     (8) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that, assuming no intervening bankruptcy of the Company between the date of deposit and the
91st day following the date of deposit and that no Holder is an insider of the Company,
after the 91st day following the date of deposit, the trust funds will not be subject to the
effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally.

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          Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with
respect to a Legal Defeasance need not be delivered if all Notes not theretofore delivered to the
Trustee for cancellation (i) have become due and payable or (ii) will become due and payable on the
maturity date within one year or 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.

			
	Section 8.5.	 	Deposited Money and U.S. Government Securities
To Be Held in Trust; Other Miscellaneous Provisions.

          Subject to Section 8.6, all money and U.S. Government Securities (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.5 only, the “Trustee”) pursuant to Section 8.4 in respect of the outstanding
Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than
the Company) as the Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal or Redemption Price of, and Additional Interest, if any,
or interest on, the Notes, but such money need not be segregated from other funds except to the
extent required by law.

          The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or U.S. Government Securities deposited pursuant to Section 8.4 or
the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Notes.

          Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money or U.S. Government
Securities held by it as provided in Section 8.4 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to
the Trustee (which may be the opinion delivered under Section 8.4(a)), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance.

Section 8.6. Repayment to the Company.

          Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal, Redemption Price or Purchase Price of, or Additional
Interest, if any, or interest on any Note and remaining unclaimed for two years after such amount
has become due and payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look
only to the Company for payment thereof as a general creditor, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such Paying
Agent, before being required to make any such repayment, at the expense of the Company, if required
by applicable law cause to be published once, in The New York Times and The Wall Street Journal
(national editions), notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days after the date of such notification or publication,
any unclaimed balance of such money then remaining will be repaid to the Company.

Section 8.7. Reinstatement.

          If the Trustee or Paying Agent is unable to apply any United States dollars or U.S. Government
Securities in accordance with Section 8.2 or 8.3, as the case may be, by reason of any order of
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the obligations of the Company under this Indenture, and the Notes shall be
revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 until such
time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section
8.2 or 8.3, as the case may be; provided, however, that, if the Company makes any
payment

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with respect to any Note following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held
by the Trustee or Paying Agent.

ARTICLE IX.

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.1. Without Consent of Holders of Notes.

          Notwithstanding Section 9.2 of this Indenture, the Company and the Trustee may amend or
supplement this Indenture or the Notes without the consent of any Holder of a Note:

     (a) to cure any ambiguity, defect or inconsistency;

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

     (c) to provide for the assumption of the Company’s obligations to the Holders of the
Notes in the case of a merger or consolidation or sale of all or substantially all of the
Company’s assets pursuant to Article V;

     (d) to comply with the requirements of the Commission in order to effect or maintain
the qualification of this Indenture under the TIA;

     (e) to secure the Notes pursuant to the requirements of Section 4.6 or otherwise;

     (f) to evidence and provide for the acceptance of appointment by a successor Trustee;

     (g) to conform the text of this Indenture or the Notes to any provision of the
“Description of the Notes” section of the Final Memorandum to the extent that such provision
in such “Description of the Notes” section was intended to be a verbatim recitation of a
provision of this Indenture or the Notes; or

     (h) to make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights hereunder of any
Holder of the Notes in any material respect.

          Upon the request of the Company, accompanied by a resolution of the Board (evidenced by an
Officers’ Certificate) authorizing the execution of any such amended or supplemental indenture, and
upon receipt by the Trustee of any documents requested by it in accordance with Section 7.2 hereof,
the Trustee shall join with the Company in the execution of any amended or supplemental Indenture
authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated
to enter into such amended or supplemental Indenture that affects its own rights, duties or
immunities under this Indenture or otherwise.

Section 9.2. With Consent of Holders of Notes.

          Except as provided below in this Section 9.2, the Company and the Trustee may amend or
supplement this Indenture and the Notes may be amended or supplemented with the consent of the
Holders of at least a majority in principal amount of the Notes then outstanding (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for the
Notes), and, subject to Sections 6.2, 6.4 and 6.7, any existing Default or Event of Default or
compliance with any provision of this Indenture or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the Notes then outstanding (including consents
obtained in connection with a tender offer or exchange offer for the Notes).

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

     (1) reduce the principal amount of Notes at maturity whose Holders must consent to an
amendment;

     (2) reduce the rate of or change or have the effect of changing the time for payment of
interest, including defaulted interest, on any Notes;

     (3) reduce the principal of or change or have the effect of changing the fixed maturity
of any Notes, or change the date on which any Notes may be subject to redemption or reduce
the redemption price therefor;

     (4) make any Notes payable in money other than that stated in the Notes;

     (5) make any change in provisions of this Indenture protecting the right of each Holder
to receive payment of principal of and interest on such Holder’s Note or Notes on or after
the due date thereof or to bring suit to enforce such payment, or permitting Holders of a
majority in principal amount of Notes to waive Defaults or Events of Default;

     (6) make any change in these amendment and waiver provisions; or

     (7) make any change to or modify the ranking of the Notes that would adversely affect the
Holders.

          Upon the written request of the Company accompanied by a resolution of the Board (evidenced by
an Officers’ Certificate) authorizing the execution of any such amended or supplemental indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in
Section 7.2 hereof, the Trustee shall join with the Company in the execution of such amended or
supplemental indenture unless such amended or supplemental Indenture affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such amended or supplemental indenture.

          It shall not be necessary for the consent of the Holders of Notes under this Section 9.2 to
approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such
consent approves the substance thereof.

          After an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company
shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such amended or supplemental
Indenture or waiver.

Section 9.3. Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the Notes shall be set forth in a amended
or supplemental indenture that complies with the TIA as then in effect.

Section 9.4. Revocation and Effect of Consents.

          Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any

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Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the
consent as to its Note if the Trustee receives written notice of revocation before the date the
waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes
effective in accordance with its terms and therefore binds every Holder.

Section 9.5. Notation on or Exchange of Notes.

          The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee
shall authenticate new Notes that reflect the amendment, supplement or waiver.

          Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver.

Section 9.6. Trustee To Sign Amendment, Etc.

          The Trustee shall sign any amended or supplemental indenture authorized pursuant to this
Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee
shall be provided with, in addition to the documents required by Sections 11.4 and 11.5, and,
subject to Section 7.1, shall be fully protected in relying upon, an Officers’ Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture.

Section 9.7. Effect of Supplemental Indentures.

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

ARTICLE X.

SATISFACTION AND DISCHARGE

Section 10.1. Satisfaction and Discharge.

          This Indenture will be discharged and will cease to be of further effect (except as set forth
below) and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture when:

     (1) either:

     (a) all the Notes theretofore authenticated and delivered (except lost, stolen
or destroyed Notes which have been replaced or paid as provided in Section 2.7 and
Notes for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust) have been delivered to the Trustee for cancellation; or

     (b) all Notes not theretofore delivered to the Trustee for cancellation have
(i) become due and payable or (ii) will become due and payable within one year, or
are to be called for redemption within one year, under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company, and the Company has irrevocably deposited or caused
to be deposited with the Trustee funds in an

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amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore
delivered to the Trustee for cancellation, for principal of, premium, if any, and
interest on the Notes to the date of deposit together with irrevocable instructions
from the Company directing the Trustee to apply such funds to the payment thereof at
maturity or redemption, as the case may be;

     (2) the Company has paid all other sums payable under this Indenture by the Company;
and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel stating that all conditions precedent under this Indenture relating to the
satisfaction and discharge of this Indenture have been complied with.

          Notwithstanding the satisfaction and discharge of this Indenture, the Company’s obligations in
Sections 2.3, 2.4, 2.6, 2.7, 2.11, 7.7, 7.8, 11.2, 11.3 and 11.4, and the Trustee’s and Paying
Agent’s obligations in Section 10.2 shall survive until the Notes are no longer outstanding.
Thereafter, only the Company’s obligations in Section 7.7 shall survive such satisfaction and
discharge.

Section 10.2. Application of Trust.

          All money deposited with the Trustee pursuant to Section 10.1 shall be held in trust and, at
the written direction of the Company, be invested prior to maturity in U.S. Government Securities,
and applied by the Trustee in accordance with the provisions of the Notes and this Indenture, to
the payment, either directly or through any Paying Agent as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of
which money has been deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

ARTICLE XI.

MISCELLANEOUS

Section 11.1. Trust Indenture Act Controls.

          If any provision hereof limits, qualifies or conflicts with a provision of the TIA or another
provision that would be required or deemed under such Act to be part of and govern this Indenture
if this Indenture were subject thereto, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the TIA that may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded,
as the case may be.

Section 11.2. Notices.

          Any notice or communication by the Company or the Trustee to others is duly given if in
writing and delivered in Person or mailed by first class mail (registered or certified, return
receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to
the others’ address:

          If to the Company:

Crum & Forster Holdings Corp.

305 Madison Avenue

Morristown, New Jersey 07962

Attention: Mary Jane Robertson

Fax: (973) 490-6612

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With a copy to:

Shearman & Sterling LLP

Commerce Court West

199 Bay Street

P.O. Box 247

Toronto, Ontario M5L 1E8

Attention: Christopher Cummings

Fax: (416) 360-2958

If to the Trustee:

The Bank of New York

101 Barclay Street, Fl. 8W

New York, New York 10286

Attention: Corporate Trust Administration

Fax: (212) 815-5707

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

          All notices and communications (other than those sent to Holders) shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery.

          Any notice or communication to a Holder shall be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to
its address shown on the register kept by the Registrar. Any notice or communication shall also be
so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders.

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

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

Section 11.3. Communication by Holders of Notes with Other Holders of Notes.

          Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else
shall have the protection of TIA § 312(c).

Section 11.4. 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, other than actions in connection with the issuance of Notes under the Indenture, the
Company shall furnish to the Trustee:

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     (a) an Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 11.5) stating that, in the
opinion of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been satisfied; and

     (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 11.5) stating that, in the opinion
of such counsel, all such conditions precedent and covenants have been satisfied.

Section 11.5. Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply
with the provisions of TIA § 314(e) and shall include:

     (a) a statement that the Person making such certificate or opinion has read such
covenant or condition;

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

     (c) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been satisfied; and

     (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.

Section 11.6. Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

Section 11.7. No Personal Liability of Directors, Officers, Employees and Stockholders.

          No past, present or future director, officer, employee, incorporator, agent or stockholder or
Affiliate of the Company or any of its Subsidiaries, as such, shall have any liability for any
obligations of the Company or any of its Subsidiaries under the Notes, this Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of
Notes by accepting a Note waives and releases all such liabilities. The waiver and release are
part of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities law and it is the view of the Commission that such a
waiver is against public policy.

Section 11.8. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

          THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW
YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE AND THE NOTES, AND IRREVOCABLY ACCEPTS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDI-

-43-

 

TIONALLY, JURISDICTION OF THE AFORESAID COURTS. EACH OF THE TRUSTEE AND THE COMPANY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL
BY JURY AND ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN
SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY HOLDER OF THE NOTES TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY
IN ANY OTHER JURISDICTION.

Section 11.9. No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

Section 11.10. Successors.

          All agreements of the Company in this Indenture and the Notes shall bind their successors.
All agreements of the Trustee in this Indenture shall bind its successors.

Section 11.11. Severability.

          In case any provision in this Indenture or in the Notes 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 11.12. Counterpart Originals.

          The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

Section 11.13. Table of Contents, Headings, Etc.

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

Section 11.14. Qualification of Indenture.

          The Company shall qualify this Indenture under the TIA in accordance with the terms and
conditions of the Registration Rights Agreement and shall pay all reasonable costs and expenses
(including attorneys’ fees and expenses for the Company, the Trustee and the Holders of the Notes)
incurred in connection therewith, including, but not limited to, costs and expenses of
qualification of this Indenture and the Notes and printing this Indenture and the Notes. The
Trustee shall be entitled to receive from the Company any such Officers’ Certificates, Opinions of
Counsel or other documentation as it may reasonably request in connection with any such
qualification of this Indenture under the TIA.

Section 11.15. Force Majeure.

          In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear

-44-

 

or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services affecting the banking industry
generally; it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under
the circumstances.

[Signatures on following page]

-45-

 

SIGNATURES

	 	 	 	 	 	 	 
	 	 	CRUM & FORSTER HOLDINGS CORP.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Mary Jane Robertson
	 	 	 	 	 
	 

	 	 	 	Name:

Title:
	 	Mary Jane Robertson

EVP, CFO and Treasurer
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Trustee
	 
	 	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 	 
	 

	 	 	 	Title:
	 	 

[Signature Page for Indenture]

 

 

SIGNATURES

	 	 	 	 	 	 	 
	 	 	CRUM & FORSTER HOLDINGS CORP.
	 
	 	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 	 
	 

	 	 	 	Title:
	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Trustee
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert A. Massimillo
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Robert A. Massimillo
	 

	 	 	 	Title:
	 	Vice President

[Signature Page for Indenture]

 

 

EXHIBIT A-1

FORM OF NOTE

(Face of Note)

CRUM & FORSTER HOLDINGS CORP.

73/4% SENIOR NOTE DUE 2017

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY.
THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF
AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY
(OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D)
PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION
S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED
INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF SUCH AN INSTITU-

A-1-1

 

TIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH
ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) OR (F) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

A-1-2

 

CRUM & FORSTER HOLDINGS CORP.

73/4% SENIOR NOTE DUE 2017

			
	 
	 	CUSIP No.                        
	No.                    
	 	$                                        

Interest Payment Dates: May 1 and November 1

Record Dates: April 15 and October 15

          CRUM & FORSTER HOLDINGS CORP., a Delaware corporation (the “Company,” which term
includes any successor corporation under the indenture hereinafter referred to), for value received
promises to pay to                                                                               or registered assigns, the principal sum of                                                                Dollars on
May 1, 2017.

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

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

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

	 	 	 	 	 
	 

	 	Dated:	 	 
	 
	 	 	 	 
	 	 	CRUM & FORSTER HOLDINGS CORP.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

This is one of the Notes referred to

in the within-mentioned Indenture:

THE BANK OF NEW YORK

as Trustee

	 	 	 	 	 
	By:

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory	 	 

A-1-3

 

(Back of Note)

73/4% Senior Notes due 2017

          Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. Interest. The Company promises to pay interest on the principal amount of this
Note at the rate of 73/4% per annum from the date of original issuance until maturity and shall pay
Additional Interest, if any, pursuant to the Registration Rights Agreement. The Company will pay
interest semi-annually on May 1 and November 1 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on
this Note will accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from the date of issuance; provided that if there is no existing Default in
the payment of interest, and if this Note is authenticated between a record date referred to on the
face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be November 1, 2007. The Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue payments of the principal, Purchase
Price and Redemption Price of this Note from time to time on demand at the rate then borne by this
Note; it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without
regard to any applicable grace periods) hereon from time to time on demand at the same rate to the
extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

          2. Method of Payment. The Company will pay interest on this Note and Additional
Interest, if any, to the Person in whose name this Note is registered at the close of business on
the April 15 and October 15 next preceding the Interest Payment Date, even if this Note is canceled
after such record date and on or before such Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to defaulted interest. Any such installment of interest or
Additional Interest, if any, not punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holder on such Interest Payment Date, and may be paid to the registered
Holder at the close of business on a special interest payment date to be fixed by the Trustee for
the payment of such defaulted interest, notice whereof shall be given to the registered Holder not
less than 10 days prior to such special interest payment date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which this
Note may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture. The Company will pay principal, Redemption Price, Purchase Price,
interest and Additional Interest, if any, at the corporate office of the Paying Agent in New York,
New York, or, at the option of the Company, payment of interest and Additional Interest, if any,
may be paid at the Trustee’s corporate trust office or by check mailed to the Registered Holder at
its address set forth in the register of Holders, provided that payment by wire transfer of
immediately available funds will be required with respect to principal, Redemption Price and
Purchase Price of, and interest and Additional Interest (if any) on, all Global Notes and all other
Notes having an aggregate principal amount of at least $2,000,000 the Holders of which shall have
provided wire transfer instructions to the Trustee or the Paying Agent. Such payment shall be in
such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

          3. Paying Agent and Registrar. Initially, The Bank of New York, the Trustee under the
Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or
Registrar without notice to any Holder. The Company may act in any such capacity.

          4. Indenture. The Company issued $330.0 million in aggregate principal amount of the
Notes under an Indenture dated as of May 7, 2007 (the “Indenture”) between the Company and
the Trustee. The terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.C. Code §§
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. The Notes are general obligations of the Company. The
Company may issue additional Notes under the Indenture.

A-1-4

 

          5. Optional Redemption. The Company may, at its option, redeem any or all of the
Notes at any time on or after May 1, 2012, upon not less than 30 nor more than 60 days’ prior
notice in amounts of $2,000 or an integral multiple of $1,000 in excess thereof at the Redemption
Prices (expressed as a percentage of the principal amount) set forth below, if redeemed during the
12-month period beginning May 1 of the years indicated below:

	 	 	 	 	 
	Year	 	Redemption Price
	2012

	 	 	103.875	%
	2013

	 	 	102.583	%
	2014

	 	 	101.292	%
	2015 and thereafter

	 	 	100.000	%

in each case together with accrued and unpaid interest and Additional Interest, if any, to the
Redemption Date.

          If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or
portions thereof to be redeemed in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed; or if the Notes are not so listed, by
lot, pro rata or by any other method the Trustee shall deem fair and reasonable.

          6. Notice of Redemption. Subject to the provisions of the Indenture, a notice of
redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to
each Holder whose Notes are to be redeemed at its registered address. Notes in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof,
unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date
interest ceases to accrue on Notes or portions thereof called for redemption.

          7. Repurchase at Option of Holder.

          (a) If there is a Change of Control, the Company shall be required to make an offer (a
“Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of each Holder’s Notes at a Purchase Price equal to 101% of
the principal amount thereof plus accrued and unpaid interest and Additional Interest, if
any, to the date of repurchase, in accordance with the procedures set forth in the Indenture.
Within 30 days following any Change of Control, the Company shall mail a notice to each Holder
setting forth the procedures governing the Change of Control Offer as required by the Indenture.

          8. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of
any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period
between a record date and the corresponding Interest Payment Date.

          9. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner
for all purposes.

          10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture
and the Notes may be amended or supplemented with the consent of the Holders of at least a majority
in principal amount of the then outstanding Notes, and any existing default or compliance with any
provision of the In-

A-1-5

 

denture or the Notes may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture
and the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to
provide for uncertificated Notes in addition to or in place of certificated Notes, to comply with
the provisions set forth in Section 5.1 of the Indenture, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not adversely affect the
legal rights under the Indenture of any such Holder, to evidence and provide for the acceptance of
appointment of a successor Trustee, to comply with the requirements of the Commission in order to
effect or maintain the qualification of the Indenture under the Trust Indenture Act, to secure the
Notes pursuant to the requirements of Section 4.6 of the Indenture or otherwise or to conform the
text of the Indenture or the Notes to any provision of the “Description of the Notes” section of
the Final Memorandum to the extent that such provision in such “Description of the Notes” section
was intended to be a verbatim recitation of a provision of the Indenture or the Notes.

          11. Defaults and Remedies. Events of Default include: (i) default for 30 days in the
payment when due of interest or Additional Interest, if any, on the Notes; (ii) default in payment
when due of principal, Redemption Price or Purchase Price of the Notes when the same becomes due
and payable at maturity, upon redemption, repurchase or otherwise (including the failure to make a
payment to purchase Notes tendered pursuant to a Change of Control Offer); (iii) failure by the
Company to comply with any covenant contained in the Indenture for 60 days after written notice to
the Company by the Trustee or the Holders of at least 25% of the aggregate principal amount of the
Notes outstanding; (iv) (a) default by the Company in the payment, at the stated maturity, of the
stated principal amount of any Indebtedness in an amount in excess of $20.0 million outstanding
under or evidenced by any single indenture or instrument and such default shall have continued
after any applicable grace period and shall not have been cured or waived or (b) the stated
principal amount of any Indebtedness of the Company in an amount in excess of $20.0 million
outstanding under or evidenced by any single indenture or instrument shall have been accelerated or
otherwise declared due and payable prior to the stated maturity thereof, and such Indebtedness
shall not have been discharged, or such acceleration shall not have been rescinded or annulled,
within 10 days after notice thereof shall have been given, by registered or certified mail, to the
Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% of the
outstanding principal amount of the Notes; and (vi) certain events of bankruptcy or insolvency with
respect to the Company or any Significant Subsidiary of the Company. If any Event of Default
occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such
declaration, the entire principal amount of, and accrued and unpaid interest and Additional
Interest, if any, on the Notes shall become immediately due and payable. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes will become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in principal amount of the then outstanding Notes may
direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of
the Notes notice of any continuing Default or Event of Default (except a Default or Event of
Default relating to payment on any Note) if it determines that withholding notice is in their
interest. The Holders of a majority in principal amount of the Notes may waive any existing or
past Default or Event of Default under the Indenture, and its consequences, except a default in the
payment of the principal of, or interest on, any Notes. The Company is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture.

          12. Trustee Dealings with Company. Subject to certain limitations, the Trustee under
the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates as if it were not Trustee.

          13. No Recourse Against Others. No past, present or future director, officer,
employee, incorporator or stockholder of the Company or any of its Subsidiaries, as such, shall
have any liability for any obligations of the Company or any of its Subsidiaries under the Notes or
the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of the Notes.

A-1-6

 

          14. Authentication. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

          15. Additional Notes. The Company may from time to time without notice to, or the
consent of, any Holder, create and issue Additional Notes under the Indenture, equal in rank to
this Note in all respects (or in all respects except for the payment of interest accruing prior to
the issue date of such Additional Notes, or except for the first payment of interest following the
issue date of such Additional Notes ) so that the Additional Notes may be consolidated and form a
single series with this Note and have the same terms as to status, redemption and otherwise as this
Note.

          16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

          17. Discharge Prior to Maturity. If the Company deposits with the Trustee or Paying
Agent cash or U.S. Government Securities sufficient to pay the principal or Redemption Price of,
and interest and Additional Interest, if any, on, the Notes to maturity or a specified Redemption
Date and satisfies certain conditions specified in the Indenture, the Company will be discharged
from the Indenture, except for certain Sections thereof.

          18. Governing Law. The Indenture and this Note shall be governed by, and construed in
accordance with, the laws of the State of New York. The Company hereby irrevocably submits to the
jurisdiction of any New York state court sitting in the Borough of Manhattan in the City of New
York or any Federal court sitting in the Borough of Manhattan in the City of New York in respect of
any suit, action or proceeding arising out of or relating to the Indenture and the Notes, and
irrevocably accept for itself and in respect of its property, generally and unconditionally,
jurisdiction of the aforesaid courts. The Company irrevocably waives, to the fullest extent that
it may effectively do so under applicable law, trial by jury and any objection which it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in any
such court and any claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. Nothing herein shall affect the right of the Trustee or any
Holder of the Notes to serve process in any other manner permitted by law or to commence legal
proceedings or otherwise proceed against the Company in any other jurisdiction.

          19. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on
the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the correctness or accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption or repurchase and reliance may be
placed only on the other identification numbers placed thereon.

          20. Registration Rights. Pursuant to a the Registration Rights Agreement, the Company
will be obligated upon the occurrence of certain events to consummate an exchange offer pursuant to
which the Holder of this Note shall have the right to exchange this Note for the Company’s Exchange
Notes, which will be registered under the Securities Act, in like principal amount and having terms
identical in all material respects as the Notes. The Holders shall be entitled to receive certain
additional interest payments in the event such exchange offer is not consummated and upon certain
other conditions, all pursuant to and in accordance with the terms of the Registration Rights
Agreement.

A-1-7

 

          The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Request may be made to:

Crum & Forster Holdings Corp.

305 Madison Avenue

Morristown, New Jersey 07962

Fax: (973) 490-6612

Attention: Carol A. Soos

A-1-8

 

ASSIGNMENT FORM

          To assign this Note, fill in the form below:

          (I) or (we) assign and transfer this Note to

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

 

 

(Print or type assignee’s name address and zip code)

	 	 	 
	and irrevocably appoint
	 	 
	 

	 	 

agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name
appears on the face of this Note)

	 	 	 	 	 
	 

	 	Signature Guarantee:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Participant in recognized signature guarantee medallion program)

A-1-9

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you wish to elect to have all or any portion of this Note purchased by the Company pursuant
to Section 4.7 (“Change of Control Offer”) of the Indenture, check the applicable boxes

          in whole                       ̈

          in part                           ̈

          Amount to be

          purchased: $                    

	 	 	 	 	 	 	 	 	 
	 

	 	Dated:
	 	 
	 	Signature:
	 	 

	 

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

	 	 	 	 	 
	 

	 	Signature Guarantee:	 	 

	 

	 	 	 	(Participant in recognized signature guarantee medallion program)

	 	 	 	 	 
	 

	 	Social Security Number or	 	 
	 

	 	Taxpayer Identification Number:	 	 
	 

	 	 	 	 

A-1-10

 

EXHIBIT A-2

FORM OF EXCHANGE NOTE

(Face of Note)

CRUM & FORSTER HOLDINGS CORP.

73/4% SENIOR NOTE DUE 2017

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY.
THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

A-2-1

 

CRUM & FORSTER HOLDINGS CORP.

73/4% SENIOR NOTE DUE 2017

			
	 
	 	CUSIP No.                                                            
	No.                     
	 	$                                                            
               

Interest Payment Dates: May 1 and November 1

Record Dates: April 15 and October 15

          CRUM & FORSTER HOLDINGS CORP., a Delaware corporation (the “Company,” which term
includes any successor corporation under the indenture hereinafter referred to ), for value
received promises to pay to                     
                                                        or registered assigns, the principal sum of
                                         Dollars on May 1, 2017.

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

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

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

	 	 	 	 	 
	 	Dated:	 	 	 
	 	 	 	 	 
	 	CRUM & FORSTER HOLDINGS CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

This is one of the Notes referred to

in the within-mentioned Indenture:

THE BANK OF NEW YORK

as Trustee

	 	 	 	 
	By:
	 	 
	 

	 	 
	 

	 	Authorized Signatory

A-2-2

 

(Back of Note)

73/4% Senior Notes due 2017

          Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. Interest. The Company promises to pay interest on the principal amount of this
Note at the rate of 73/4% per annum from the date of original issuance until maturity. The Company
will pay interest semi-annually on May 1 and November 1 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each an “Interest Payment Date”).
Interest on this Note will accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from the date of issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue
from such next succeeding Interest Payment Date; provided, further, that the first
Interest Payment Date shall be November 1, 2007. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue payments of the
principal, Purchase Price and Redemption Price of this Note from time to time on demand at the rate
then borne by this Note; it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace periods) hereon from time to time on demand at the same rate to the extent lawful. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

          2. Method of Payment. The Company will pay interest on this Note to the Person in
whose name this Note is registered at the close of business on the April 15 and October 15 next
preceding the Interest Payment Date, even if this Note is canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect
to defaulted interest. Any such installment of interest not punctually paid or duly provided for
shall forthwith cease to be payable to the registered Holder on such Interest Payment Date, and may
be paid to the registered Holder at the close of business on a special interest payment date to be
fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to
the registered Holder not less than 10 days prior to such special interest payment date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which this Note may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. The Company will pay principal,
Redemption Price, Purchase Price, interest at the corporate office of the Paying Agent in New York,
New York, or, at the option of the Company, payment of interest may be paid at the Trustee’s
corporate trust office or by check mailed to the Registered Holder at its address set forth in the
register of Holders, provided that payment by wire transfer of immediately available funds
will be required with respect to principal, Redemption Price and Purchase Price of, and interest
on, all Global Notes and all other Notes having an aggregate principal amount of at least
$2,000,000 the Holders of which shall have provided wire transfer instructions to the Trustee or
the Paying Agent. Such payment shall be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts.

          3. Paying Agent and Registrar. Initially, The Bank of New York, the Trustee under the
Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or
Registrar without notice to any Holder. The Company may act in any such capacity.

          4. Indenture. The Company issued $330.0 million in aggregate principal amount of the
Notes under an Indenture dated as of May 7, 2007 (the “Indenture”) between the Company and
the Trustee. The terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.C. Code §§
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. The Notes are general obligations of the Company. The
Company may issue additional Notes under the Indenture.

A-2-3

 

          5. Optional Redemption. The Company may, at its option, redeem any or all of the
Notes at any time on or after May 1, 2012, upon not less than 30 nor more than 60 days’ prior
notice in amounts of $2,000 or an integral multiple of $1,000 in excess thereof at the Redemption
Prices (expressed as a percentage of the principal amount) set forth below, if redeemed during the
12-month period beginning May 1 of the years indicated below:

	 	 	 	 	 	 	 
	Year	 	Redemption Price	 	 	 	 
	2012
	 	103.875%	 	 	 	 
	2013
	 	102.583%	 	 	 	 
	2014
	 	101.292%	 	 	 	 
	2015 and thereafter
	 	100.000%	 	 	 	 

in each case together with accrued and unpaid interest to the Redemption Date.

          If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or
portions thereof to be redeemed in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed; or if the Notes are not so listed, by
lot, pro rata or by any other method the Trustee shall deem fair and reasonable.

          6. Notice of Redemption. Subject to the provisions of the Indenture, a notice of
redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to
each Holder whose Notes are to be redeemed at its registered address. Notes in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof,
unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date
interest ceases to accrue on Notes or portions thereof called for redemption.

          7. Repurchase at Option of Holder.

          (a) If there is a Change of Control, the Company shall be required to make an offer (a
“Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of each Holder’s Notes at a Purchase Price equal to 101% of
the principal amount thereof plus accrued and unpaid interest to the date of repurchase, in
accordance with the procedures set forth in the Indenture. Within 30 days following any Change of
Control, the Company shall mail a notice to each Holder setting forth the procedures governing the
Change of Control Offer as required by the Indenture.

          8. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of
any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period
between a record date and the corresponding Interest Payment Date.

          9. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner
for all purposes.

          10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture
and the Notes may be amended or supplemented with the consent of the Holders of at least a majority
in principal amount of the then outstanding Notes, and any existing default or compliance with any
provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority
in principal amount of the then

A-2-4

 

outstanding Notes. Without the consent of any Holder of a Note, the Indenture and the Notes
may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to comply with the
provisions set forth in Section 5.1 of the Indenture, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not adversely affect the
legal rights under the Indenture of any such Holder, to evidence and provide for the acceptance of
appointment of a successor Trustee, to comply with the requirements of the Commission in order to
effect or maintain the qualification of the Indenture under the Trust Indenture Act, to secure the
Notes pursuant to the requirements of Section 4.6 of the Indenture or otherwise or to conform the
text of the Indenture or the Notes to any provision of the “Description of the Notes” section of
the Final Memorandum to the extent that such provision in such “Description of the Notes” section
was intended to be a verbatim recitation of a provision of the Indenture or the Notes.

11. Defaults and Remedies. Events of Default include: (i) default for 30 days in the
payment when due of interest on the Notes; (ii) default in payment when due of principal,
Redemption Price or Purchase Price of the Notes when the same becomes due and payable at maturity,
upon redemption, repurchase or otherwise (including the failure to make a payment to purchase Notes
tendered pursuant to a Change of Control Offer); (iii) failure by the Company to comply with any
covenant contained in the Indenture for 60 days after written notice to the Company by the Trustee
or the Holders of at least 25% of the aggregate principal amount of the Notes outstanding; (iv) (a)
default by the Company in the payment, at the stated maturity, of the stated principal amount of
any Indebtedness in an amount in excess of $20.0 million outstanding under or evidenced by any
single indenture or instrument and such default shall have continued after any applicable grace
period and shall not have been cured or waived or (b) the stated principal amount of any
Indebtedness of the Company in an amount in excess of $20.0 million outstanding under or evidenced
by any single indenture or instrument shall have been accelerated or otherwise declared due and
payable prior to the stated maturity thereof, and such Indebtedness shall not have been discharged,
or such acceleration shall not have been rescinded or annulled, within 10 days after notice thereof
shall have been given, by registered or certified mail, to the Company by the Trustee, or to the
Company and the Trustee by the Holders of at least 25% of the outstanding principal amount of the
Notes; and (vi) certain events of bankruptcy or insolvency with respect to the Company or any
Significant Subsidiary of the Company. If any Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately. Upon any such declaration, the entire
principal amount of, and accrued and unpaid interest on the Notes shall become immediately due and
payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain
events of bankruptcy or insolvency, all outstanding Notes will become due and payable without
further action or notice. Holders may not enforce the Indenture or the Notes except as provided in
the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the
then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except
a Default or Event of Default relating to payment on any Note) if it determines that withholding
notice is in their interest. The Holders of a majority in principal amount of the Notes may waive
any existing or past Default or Event of Default under the Indenture, and its consequences, except
a default in the payment of the principal of, or interest on, any Notes. The Company is required
to deliver to the Trustee annually a statement regarding compliance with the Indenture.

12. Trustee Dealings with Company. Subject to certain limitations, the Trustee under
the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates as if it were not Trustee.

13. No Recourse Against Others. No past, present or future director, officer,
employee, incorporator or stockholder of the Company or any of its Subsidiaries, as such, shall
have any liability for any obligations of the Company or any of its Subsidiaries under the Notes or
the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of the Notes.

14. Authentication. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

A-2-5

 

          15. Additional Notes. The Company may from time to time without notice to, or the
consent of, any Holder, create and issue Additional Notes under the Indenture, equal in rank to
this Note in all respects (or in all respects except for the payment of interest accruing prior to
the issue date of such Additional Notes, or except for the first payment of interest following the
issue date of such Additional Notes ) so that the Additional Notes may be consolidated and form a
single series with this Note and have the same terms as to status, redemption and otherwise as this
Note.

          16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

          17. Discharge Prior to Maturity. If the Company deposits with the Trustee or Paying
Agent cash or U.S. Government Securities sufficient to pay the principal or Redemption Price of,
and interest on, the Notes to maturity or a specified Redemption Date and satisfies certain
conditions specified in the Indenture, the Company will be discharged from the Indenture, except
for certain Sections thereof.

          18. Governing Law. The Indenture and this Note shall be governed by, and construed in
accordance with, the laws of the State of New York. The Company hereby irrevocably submits to the
jurisdiction of any New York state court sitting in the Borough of Manhattan in the City of New
York or any Federal court sitting in the Borough of Manhattan in the City of New York in respect of
any suit, action or proceeding arising out of or relating to the Indenture and the Notes, and
irrevocably accept for itself and in respect of its property, generally and unconditionally,
jurisdiction of the aforesaid courts. The Company irrevocably waives, to the fullest extent that
it may effectively do so under applicable law, trial by jury and any objection which it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in any
such court and any claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. Nothing herein shall affect the right of the Trustee or any
Holder of the Notes to serve process in any other manner permitted by law or to commence legal
proceedings or otherwise proceed against the Company in any other jurisdiction.

          19. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on
the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the correctness or accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption or repurchase and reliance may be
placed only on the other identification numbers placed thereon.

          The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Request may be made to:

Crum & Forster Holdings Corp.

305 Madison Avenue

Morristown, New Jersey 07962

Fax: (973) 490-6612

Attention: Carol A. Soos

A-2-6

 

ASSIGNMENT FORM

          To assign this Note, fill in the form below:

          (I) or (we) assign and transfer this Note to

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

 

(Print or type assignee’s name address and zip code)

	 	 	 
	and irrevocably appoint
	 	 
	 

	 	 

agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name
appears on the face of this Note)

	 	 	 	 	 
	 

	 	Signature Guarantee:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Participant in recognized signature guarantee medallion program)

A-2-7

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you wish to elect to have all or any portion of this Note purchased by the Company pursuant
to Section 4.7 (“Change of Control Offer”) of the Indenture, check the applicable boxes

          in whole                        ̈

          in part                            ̈

          Amount to be

          purchased: $                    

	 	 	 	 	 	 	 	 	 
	 

	 	Dated:
	 	 
	 	Signature:
	 	 

	 

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

	 	 	 	 	 
	 

	 	Signature Guarantee:	 	 

	 

	 	 	 	(Participant in recognized signature guarantee medallion program)

	 	 	 	 	 
	 

	 	Social Security Number or	 	 
	 

	 	Taxpayer Identification Number:	 	 
	 

	 	 	 	 

A-2-8

 

EXHIBIT B(1)

FORM OF REGULATION S CERTIFICATE

___________________,_______

The Bank of New York

101 Barclay Street, Fl. 8W

New York, New York 10286

Attention: Corporate Trust Department

Attention: Corporate Trust Administration

	 	 	 	 	 
	 

	 	Re:
	 	Crum & Forster Holdings Corp. (the “Company”)

73/4% Senior Notes due 2017 (the “Notes”)

Dear Sirs:

          This letter relates to U.S. $                      principal amount at maturity of Notes represented
by a certificate (the “Legended Certificate”) which bears a legend outlining restrictions
upon transfer of such Legended Certificate. Pursuant to Section 2.1 of the Indenture (the
“Indenture”) dated as of May 7 relating to the Notes, we hereby certify that we are (or we
will hold such securities on behalf of) a person outside the United States to whom the Notes could
be transferred in accordance with Rule 904 of Regulation S promulgated under the U.S. Securities
Act of 1933, as amended.

          You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
letter have the meanings set forth in Regulation S.

	 	 	 	 	 
	 	Very truly yours,

[Name of Holder]

 	 
	 	By:  	 	 
	 	 	                         Authorized Signature 	 
	 	 	 	 

C(1)-1

 

	 	 	 	 	 

EXHIBIT B(2)

CERTIFICATE TO BE DELIVERED

UPON EXCHANGE OR REGISTRATION OF TRANSFER OF NOTES

_________________, ______

The Bank of New York

101 Barclay Street, Fl. 8W

New York, New York 10286

Attention: Corporate Trust Department

Attention: Corporate Trust Administration

	 	 	 	 	 
	 

	 	Re:
	 	Crum & Forster Holdings Corp. (the “Company”)
	 

	 	 	 	73/4% Senior Notes due 2017 (the “Notes”)

     Dear Sirs:

	 	 	 
	 

	 	This Certificate relates to $                      principal amount of Notes held in
	 
	 	 
	 

	 	 ̈ book-entry* or  ̈ certificated form*
	 
	 	 
	 

	 	by                                          (the “Transferor”).
	 
	 	 
	 

	 	The Transferor:*

           ̈ has requested the Trustee by written order to deliver in exchange for its
beneficial interest in the Global Note held by the Depositary a Note or Notes in certificated,
registered form of authorized denominations in an aggregate principal amount equal to its
beneficial interest in such Global Note (or the portion thereof indicated above); or

           ̈ has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

          In connection with such request and in respect of each such Note, the Transferor does hereby
certify that Transferor is familiar with the Indenture relating to the above captioned Notes and as
provided in Section 2.6 of such Indenture, the transfer of this Note does not require registration
under the Securities Act (as defined below) because: *

           ̈ Such Note is being acquired for the Transferor’s own account, without transfer.

 

			
	 	 	*Check applicable box

C(2)-1

 

           ̈ Such Note is being transferred to a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”)) in reliance on Rule 144A.

           ̈ Such Note is being transferred to an “Accredited Investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) in accordance with Regulation
D under the Securities Act.

           ̈ Such Note is being transferred pursuant to an exemption from registration
in accordance with Regulation S under the Securities Act.

           ̈ Such Note is being transferred in accordance with Rule 144 under the
Securities Act, or pursuant to an effective registration statement under the Securities Act.

           ̈ Such Note is being transferred in reliance on and in compliance with an
exemption from the registration requirements of the Securities Act, other than Rule 144A, 144 or
Rule 904 under the Securities Act. An Opinion of Counsel to the effect that such transfer does not
require registration under the Securities Act accompanies this Certificate.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	
[INSERT NAME OF TRANSFEROR]

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Date: __________________

C(2)-2

 

EXHIBIT C

FORM OF CERTIFICATE TO BE

DELIVERED IN CONNECTION WITH

TRANSFERS TO NON-QIB ACCREDITED INVESTORS

______________________,_______

The Bank of New York

101 Barclay Street, Fl. 8W

New York, New York 10286

Attention: Corporate Trust Department

Attention: Corporate Trust Administration

	 	 	 
	Re:

	 	Crum & Forster Holdings Corp. (the “Company”)
	 

	 	73/4% Senior Notes due 2017 (the “Notes”)

Dear Sirs:

          In connection with our proposed purchase of 73/4% Senior Notes due 2017 (the “Notes”) of
the Company, we confirm that:

          1. We understand that any subsequent transfer of the Notes is subject to certain restrictions
and conditions set forth in the Indenture dated as of May 7, 2007 relating to the Notes (the
“Indenture”) and the undersigned agrees to be bound by, and not to resell, pledge or
otherwise transfer the Notes except in compliance with such restrictions and conditions and the
Securities Act of 1933, as amended (the “Securities Act”).

          2. We understand that the Notes have not been registered under the Securities Act or any other
applicable securities law, and that the Notes may not be offered, sold or otherwise transferred
except as permitted in the following sentence. We agree, on our own behalf and on behalf of any
accounts for which we are acting as hereinafter stated, that if we should offer, sell, transfer,
pledge, hypothecate or otherwise dispose of any Notes within two years after the original issuance
of the Notes, we will do so only (A) to the Company or any Subsidiary thereof, (B) inside the
United States to a “qualified institutional buyer” in compliance with Rule 144A under the
Securities Act, (C) inside the United States to an institutional “accredited investor” (as defined
below) that, prior to such transfer, furnishes to you a signed letter substantially in the form of
this letter, (D) outside the United States to a foreign person in compliance with Rule 904 of
Regulation S under the Securities Act, (E) pursuant to the exemption from registration provided by
Rule 144 under the Securities Act (if available), (F) in accordance with another exemption from the
registration requirements of the Securities Act, or (G) pursuant to an effective registration
statement under the Securities Act, and we further agree to provide to any person purchasing any of
the Notes from us a notice advising such purchaser that resales of the Notes are restricted as
stated herein and in the Indenture.

          3. We understand that, on any proposed transfer of any Notes prior to the date that is two
years after the later of the original issue date of the Notes and the last date the Notes were held
by an affiliate of the Company pursuant to paragraphs 2(C), 2(D), 2(E) and 2(F) above, we will be
required to furnish to you and the Company such certifications, legal opinions and other
information as you and the Company may

D-1

 

reasonably require to confirm that the proposed transfer complies with the foregoing
restrictions. We further understand that the Notes purchased by us will bear a legend to the
foregoing effect.

          4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act) and have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are acquiring the Notes for investment
purposes and not with a view to, or offer of sale in connection with, any distribution in violation
of the Securities Act, and we are each able to bear the economic risk of our or its investment.

          5. We are acquiring the Notes purchased by us for our own account or for one or more accounts
(each of which is an institutional “accredited investor”) as to each of which we exercise sole
investment discretion.

          You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	(Name of Transferee)
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signature

D-2

 

EXHIBIT D

FORM OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS

PURSUANT TO REGULATION S

__________________, ______

The Bank of New York

101 Barclay Street, Fl. 8W

New York, New York 10286

Attention: Corporate Trust Department

Attention: Corporate Trust Administration

	 	 	 
	Re:

	 	Crum & Forster Holdings Corp. (the “Company”)
	 

	 	73/4% Senior Notes due 2017 (the “Notes”)

Dear Sirs:

          In connection with our proposed sale of $                     aggregate principal amount at maturity of
the Notes, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the Securities Act of 1933, as amended, and, accordingly, we represent that:

     (1) the offer of the Notes was not made to a person in the United States;

     (2) at the time the buy order was originated, the transferee was outside the United
States or we and any person acting on our behalf reasonably believed that the transferee was
outside the United States;

     (3) no directed selling efforts have been made by us in the United States in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as
applicable; and

     (4) the transaction is not part of a plan or scheme to evade the registration
requirements of the U.S. Securities Act of 1933.

          You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
letter have the meanings set forth in Regulation S.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[Name of Transferor]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signature

G-1exv4w3

 

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT dated May 7, 2007 (this “Agreement”) is entered
into by and among Crum & Forster Holdings Corp., a Delaware corporation (the “Company”),
and the several initial purchasers named in Schedule I (the “Initial Purchasers”),
for whom Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as Representative (the
“Representative”).

     The Company and the Initial Purchasers are parties to the Purchase Agreement dated April 23,
2007 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial
Purchasers of $330,000,000 aggregate principal amount of the Company’s 7 3/4% Senior Notes due 2017
(the “Securities”). On the Closing Date (as defined herein), the Initial Purchasers will
pay to the Company the net proceeds of the offering of the Securities and the Company will assume
its obligations under the Securities and the Indenture (as defined below).

     As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company
has agreed to provide to the Initial Purchasers and their direct and indirect transferees the
registration rights set forth in this Agreement. The execution and delivery of this Agreement is a
condition to the closing under the Purchase Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

     1. Definitions. As used in this Agreement, the following terms shall have the following
meanings:

     “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed.

     “Closing Date” shall mean the Closing Date, as defined in the Purchase Agreement.

     “Company” shall have the meaning set forth in the preamble and shall also include the
Company’s successors.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

     “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.

     “Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities
for Registrable Securities pursuant to Section 2(a) hereof.

     “Exchange Offer Registration” shall mean a registration under the Securities Act
effected pursuant to Section 2(a) hereof.

     “Exchange Offer Registration Statement” shall mean an exchange offer registration
statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and
supplements to such registration statement, in each case including the Prospectus contained
therein, all exhibits thereto and any document incorporated by reference therein.

 

 

     “Exchange Securities” shall mean senior notes issued by the Company under the
Indenture containing terms identical to the Securities (except that the Exchange Securities will
not be subject to restrictions on transfer or to any increase in annual interest rate for failure
to comply with this Agreement and interest thereon shall accrue from the last date on which
interest has been paid on the Securities or, if no such interest has been paid, from the date of
issuance of the Securities) and to be offered to Holders of Securities in exchange for Securities
pursuant to the Exchange Offer.

     “Holders” shall mean the Initial Purchasers, for so long as they own any Registrable
Securities, and each of their successors, assigns and direct and indirect transferees who become
holders of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and
5 of this Agreement, the term “Holders” shall include Participating Broker-Dealers.

     “Initial Purchasers” shall have the meaning set forth in the preamble.

     “Indenture” shall mean the Indenture relating to the Securities dated as of May 7,
2007, between the Company and Trustee, as the same may be amended or supplemented from time to time
in accordance with the terms thereof.

     “Majority Holders” shall mean the Holders of a majority of the aggregate principal
amount of outstanding Registrable Securities; provided that whenever the consent or approval of
Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities owned directly or indirectly by the Company or any of its affiliates shall not be
counted in determining whether such consent or approval was given by the Holders of such required
percentage or amount.

     “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a)
hereof.

     “Person” shall mean an individual, partnership, limited liability company,
corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof.

     “Prospectus” shall mean the prospectus included in a Registration Statement, including
any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other
amendments and supplements to such prospectus, and in each case including any document incorporated
by reference therein.

     “Purchase Agreement” shall have the meaning set forth in the preamble.

     “Registrable Securities” shall mean the Securities; provided that the Securities shall
cease to be Registrable Securities (i) when a Registration Statement with respect to such
Securities has been declared effective under the Securities Act and such Securities have been
exchanged, sold or otherwise disposed of pursuant to such Registration Statement, (ii) when such
Securities are eligible to be sold pursuant to Rule 144(k) (or any similar provision then in force,
but not Rule 144A) under the Securities Act or (iii) when such Securities cease to be outstanding.

2

 

     “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company with this Agreement, including, without limitation, (i) all SEC, stock
exchange or National Association of Securities Dealers, Inc. registration and filing fees, (ii) all
fees and expenses incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for any Underwriters or any Holder in
connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii)
all expenses of the Company in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus and any amendments or supplements thereto
and any other documents relating to the performance of and compliance with this Agreement, (iv) all
rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture
under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel,
(vii) the fees and disbursements of counsel for the Company and, in the case of a Shelf
Registration Statement, the reasonable fees and disbursements of one counsel for the Holders (which
counsel shall be selected by the Majority Holders and (x) which counsel may also be counsel for the
Initial Purchasers and (y) shall be satisfactory to the Company acting reasonably) and (viii) the
fees and disbursements of the independent public accountants of the Company, including the expenses
of any special audits or “comfort” letters required by or incident to the performance of and
compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters
(other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or disposition of
Registrable Securities by a Holder.

     “Registration Statement” shall mean any registration statement of the Company that
covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this
Agreement and all amendments and supplements to any such registration statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto and any document incorporated by reference therein.

     “Representative” shall have the meaning set forth in the preamble.

     “SEC” shall mean the Securities and Exchange Commission.

     “Securities” shall have the meaning set forth in the preamble.

     “Securities Act” shall mean the Securities Act of 1933, as amended from time to time.

     “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof.

     “Shelf Registration” shall mean a registration effected pursuant to Section 2(b)
hereof.

     “Shelf Registration Statement” shall mean a “shelf” registration statement of the
Company that covers all the Registrable Securities (but no other securities unless approved by the
Holders owning a majority of the Registrable Securities to be covered by such Shelf Registration
Statement) on an appropriate form under Rule 415 under the Securities Act, or any similar rule that
may be adopted by the SEC, and all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus contained therein, all
exhibits thereto and any document incorporated by reference therein.

3

 

     “Target Exchange Date” shall have the meaning set forth in Section 2(b) hereof.

     “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time
to time.

     “Trustee” shall mean The Bank of New York and its succesors under the Indenture.

     “Underwriter” shall have the meaning set forth in Section 3 hereof.

     “Underwritten Offering” shall mean an offering in which Registrable Securities are
sold to an Underwriter for reoffering to the public.

     2. Registration Under the Securities Act. (a) To the extent not prohibited by any applicable
law or applicable interpretations of the staff of the SEC, the Company shall use its reasonable
best efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to
the Holders to exchange all the Registrable Securities for Exchange Securities and (ii) have such
Exchange Offer Registration Statement remain effective until 180 days after the closing of the
Exchange Offer. The Company shall commence the Exchange Offer promptly after the Exchange Offer
Registration Statement is declared effective by the SEC and use its reasonable best efforts to
complete the Exchange Offer not later than 60 days after such effective date. For purposes of this
section “complete” shall mean compliance by the Company with the provisions set forth below in this
Section 2(a).

     The Company shall commence the Exchange Offer by mailing the related Prospectus, appropriate
letters of transmittal and other accompanying documents to each Holder stating, in addition to such
other disclosures as are required by applicable law:

	(i)	 	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable
Securities validly tendered and not properly withdrawn will be accepted for exchange;
	 
	(ii)	 	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days
from the date such notice is mailed) (the “Exchange Dates”);
	 
	(iii)	 	that any Registrable Security not tendered will remain outstanding and continue to accrue
interest but will not retain any rights under this Agreement;
	 
	(iv)	 	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange
Offer will be required to surrender such Registrable Security, together with the appropriate
letters of transmittal, to the institution and at the address (located in the Borough of
Manhattan, The City of New York) and in the manner specified in the notice, prior to the close
of business on the last Exchange Date; and
	 
	(v)	 	that any Holder will be entitled to withdraw its election, not later than the close of
business on the last Exchange Date, by sending to the institution and at the address (located
in the Borough of Manhattan, The City of New York) specified in the notice, a telegram, telex,
facsimile transmission or letter setting forth the name of such Holder, the principal amount of

4

 

	 	 	Registrable Securities delivered for exchange and a statement that such Holder is
withdrawing its election to have such Securities exchanged.

     As a condition to participating in the Exchange Offer, a Holder will be required to represent
to the Company that (i) any Exchange Securities to be received by it will be acquired in the
ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has
no arrangement or understanding with any Person to participate in the distribution (within the
meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the
Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under Securities
Act) of the Company and (iv) if such Holder is a broker-dealer, it will receive Exchange Securities
for its own account in exchange for Registrable Securities that were acquired as a result of
market-making or other trading activities, and such Holder will deliver a Prospectus in connection
with any resale of such Exchange Securities.

     As soon as practicable after the last Exchange Date, the Company shall

	(i)	 	accept for exchange Registrable Securities or portions thereof validly tendered in accordance
with the Exchange Offer Registration Statement and the letter of transmittal and not properly
withdrawn pursuant to the Exchange Offer; and
	 
	(ii)	 	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities
or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee
to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal
amount to the principal amount of the Registrable Securities surrendered by such Holder.

     The Company shall use its reasonable best efforts to complete the Exchange Offer as provided
above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and
other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer
shall not be subject to any conditions, other than that each exchange pursuant to the Exchange
Offer does not violate any applicable law or applicable interpretations of the staff of the SEC and
the due tendering of Registrable Securities in accordance with the Exchange Offer.

     (b) In the event that (i) the Company determines that the Exchange Offer Registration provided
for in Section 2(a) above is not available or may not be completed as soon as practicable after the
last Exchange Date because it would violate any applicable law or applicable interpretations of the
Staff of the SEC, (ii) the Exchange Offer is not for any other reason completed by the date that is
270 days after the Closing Date (the “Target Exchange Date”) or (iii) upon completion of the
Exchange Offer any Initial Purchaser holding an unsold allotment of Registrable Securities shall so
request or any Initial Purchaser shall otherwise reasonably request in connection with any offering
or sale of Registrable Securities, the Company shall use its reasonable best efforts to cause to be
filed as soon as practicable after such determination, date or request, as the case may be, a Shelf
Registration Statement providing for the sale of all the Registrable Securities by the Holders
thereof and to have such Shelf Registration Statement declared effective by the SEC. To the extent
that a Shelf Registration Statement is required to be filed solely pursuant to clause (ii) above,
but the Exchange Offer is completed on a date later than the Target Exchange Date, upon
consummation of such Exchange Offer, the Company will no longer be required to file, make effective
or continue the effectiveness of such Shelf Registration Statement.

5

 

     In the event that the Company is required to file a Shelf Registration Statement pursuant to
clause (iii) of the preceding sentence, the Company shall use its reasonable best efforts to file
and have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to
Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which
may be a combined Registration Statement with the Exchange Offer Registration Statement) with
respect to offers and sales of Registrable Securities held by the Initial Purchasers after
completion of the Exchange Offer.

     The Company agrees to use its reasonable best efforts to keep the Shelf Registration Statement
continuously effective until there are no longer any Registrable Securities (the “Shelf
Effectiveness Period”). The Company further agrees to supplement or amend the Shelf
Registration Statement and the related Prospectus if required by the rules, regulations or
instructions applicable to the registration form used by the Company for such Shelf Registration
Statement or by the Securities Act or by any other rules and regulations thereunder for shelf
registration or if reasonably requested by a Holder of Registrable Securities with respect to
information relating to such Holder, and to use its reasonable best efforts to cause any such
amendment to become effective and such Shelf Registration Statement and Prospectus to become usable
as soon as thereafter practicable. The Company agrees to furnish to the Holders of Registrable
Securities copies of any such supplement or amendment promptly after its being used or filed with
the SEC.

     (c) The Company shall pay all Registration Expenses in connection with the registration
pursuant to Section 2(a) and Section 2(b) hereof. Each Holder shall pay all underwriting discounts
and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s
Registrable Securities pursuant to the Shelf Registration Statement and, except as otherwise
contemplated by this Agreement, any fees and disbursements of any counsel or experts it retains in
connection therewith.

     (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf
Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective
unless it has been declared effective by the SEC.

     In the event that either the Exchange Offer is not completed or the Shelf Registration
Statement, if required hereby, is not declared effective on or prior to the Target Exchange Date,
the interest rate on the Registrable Securities will be increased, up to a maximum of 1.00% per
annum of additional interest, by (i) 0.25% per annum for the first 90-day period immediately
following the Target Exchange Date and (ii) an additional 0.25% per annum with respect to each
subsequent 90-day period, in each case until the Exchange Offer is completed or the Shelf
Registration Statement, if required hereby, is declared effective by the SEC or the Securities
become freely tradable under the Securities Act.

     If the Shelf Registration Statement has been declared effective and thereafter either ceases
to be effective or the Prospectus contained therein ceases to be usable at any time during the
Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 90
days (whether or not consecutive) in any 12-month period, then the interest rate on the Registrable
Securities will be increased by 1.00% per annum commencing on the 31st day in such
12-month period

6

 

and ending on such date that the Shelf Registration Statement has again been declared
effective or the Prospectus again becomes usable.

     (e) Without limiting the remedies available to the Initial Purchasers and the Holders, the
Company acknowledges that any failure by the Company to comply with their obligations under Section
2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or
the Holders for which there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of any such failure, the Initial
Purchasers or any Holder may obtain such relief as may be required to specifically enforce the
Company’s obligations under Section 2(a) and Section 2(b) hereof.

     3. Registration Procedures. In connection with its obligations pursuant to Section 2(a) and
Section 2(b) hereof, the Company shall as soon as practicable:

     (a) prepare and file with the SEC a Registration Statement on the appropriate form under the
Securities Act, which form (x) shall be selected by the Company, (y) shall, in the case of a Shelf
Registration, be available for the sale of the Registrable Securities by the selling Holders
thereof and (z) shall comply as to form in all material respects with the requirements of the
applicable form and include or incorporate by reference all financial statements required by the
SEC to be filed therewith; and use its reasonable best efforts to cause such Registration Statement
to become effective and remain effective for the applicable period in accordance with Section 2
hereof;

     (b) prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary to keep such Registration Statement effective for the
applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented
by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the Securities Act; and keep each Prospectus current during the period described in Section
4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or
dealers with respect to the Registrable Securities or Exchange Securities;

     (c) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to
counsel for the Initial Purchasers, to counsel for such Holders and to each Underwriter of an
Underwritten Offering of Registrable Securities, if any, without charge, upon request, as many
copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement
thereto, in order to facilitate the sale or other disposition of the Registrable Securities
thereunder; and the Company consents to the use of such Prospectus and any amendment or supplement
thereto in accordance with applicable law and the other provisions of this Agreement by each of the
selling Holders of Registrable Securities and any such Underwriters in connection with the offering
and sale of the Registrable Securities covered by and in the manner described in such Prospectus or
any amendment or supplement thereto in accordance with applicable law;

     (d) use its reasonable best efforts to register or qualify the Registrable Securities under
all applicable state securities or blue sky laws of such jurisdictions as any Holder of Registrable
Securities covered by a Registration Statement shall reasonably request in writing by the time the
applicable Registration Statement is declared effective by the SEC; cooperate with the Holders in
connection with any filings required to be made with the National Association of Securities
Dealers,

7

 

Inc.; and do any and all other acts and things that may be reasonably necessary or advisable
to enable each Holder to complete the disposition in each such jurisdiction of the Registrable
Securities owned by such Holder; provided that the Company shall not be required to (i) qualify as
a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where
it would not otherwise be required to so qualify, (ii) file any general consent to service of
process in any such jurisdiction or (iii) subject itself to taxation or tariff in any such
jurisdiction if it is not so subject;

     (e) in the case of a Shelf Registration, notify each Holder of Registrable Securities and
counsel for such Holders and counsel for the Initial Purchasers as soon as practicable and, if
requested by any such Holder or counsel, confirm such advice in writing (i) when a Registration
Statement has become effective and when any post-effective amendment thereto has been filed and
becomes effective, (ii) of any request by the SEC or any state securities authority for amendments
and supplements to a Registration Statement and Prospectus or for additional information after the
Registration Statement has become effective, (iii) of the issuance by the SEC or any state
securities authority of any stop order suspending the effectiveness of a Registration Statement or
the initiation of any proceedings for that purpose, (iv) if, between the effective date of a
Registration Statement and the closing of any sale of Registrable Securities covered thereby, the
representations and warranties of the Company contained in any underwriting agreement, securities
sales agreement or other similar agreement, if any, relating to an offering of such Registrable
Securities cease to be true and correct in all material respects or if the Company receives any
notification with respect to the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation of any proceeding for such purpose, (v) of the happening
of any event during the period a Shelf Registration Statement is required to be effective pursuant
to Section 2(b) that makes any statement made in such Registration Statement or the related
Prospectus untrue in any material respect or that requires the making of any changes in such
Registration Statement or Prospectus in order to make the statements therein not misleading and
(vi) of any determination by the Company that a post-effective amendment to a Registration
Statement would be appropriate;

     (f) use its reasonable best efforts to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement as soon as practicable and provide prompt notice to each
Holder of the withdrawal of any such order;

     (g) in the case of a Shelf Registration, upon request, furnish to each Holder of Registrable
Securities, without charge, at least one conformed copy of each Registration Statement relating to
such Shelf Registration and any post-effective amendment thereto (without any documents
incorporated therein by reference or exhibits thereto, unless requested);

     (h) in the case of a Shelf Registration, cooperate with the selling Holders of Registrable
Securities to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends and enable such
Registrable Securities to be issued in such denominations and registered in such names (consistent
with the provisions of the Indenture) as the selling Holders may reasonably request at least two
Business Days prior to the closing of any sale of Registrable Securities;

8

 

     (i) in the case of a Shelf Registration, upon the occurrence of any event contemplated by
Section 3(e)(v) hereof, use its reasonable best efforts to prepare and file with the SEC a
supplement or post-effective amendment to the relevant Registration Statement or the related
Prospectus or any document incorporated therein by reference or file any other required document so
that, as thereafter delivered to purchasers of the Registrable Securities, such Prospectus will not
contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; and the Company shall notify the Holders of Registrable Securities to suspend use of
the Prospectus as promptly as practicable after the occurrence of such an event, and such Holders
hereby agree to suspend use of the Prospectus until the Company has amended or supplemented the
Prospectus to correct such misstatement or omission;

     (j) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any
amendment to a Registration Statement or amendment or supplement to a Prospectus, provide copies of
such document to counsel for the Initial Purchasers (and, in the case of a Shelf Registration
Statement, to counsel for the Holders of Registrable Securities) and make in the case of a Shelf
Registration Statement, such of the representatives of the Company as shall be reasonably requested
by the Holders of Registrable Securities or their counsel available for discussion of such
document; and, in the case of an Underwritten Offering, until such distribution is completed the
Company shall not, at any time after initial filing of a Registration Statement, file any
Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus, or any
document that is to be incorporated by reference into a Registration Statement or a Prospectus, of
which counsel for the Initial Purchasers (and, in the case of a Shelf Registration Statement,
counsel for the selling Holders of Registrable Securities) shall not have previously been advised
and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a
Shelf Registration Statement, the selling Holders or their counsel) shall reasonably object;
provided, that the foregoing shall not prevent the Company from fulfilling its ongoing reporting
requirements under applicable law;

     (k) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case
may be, not later than the effective date of a Registration Statement;

     (l) cause the Indenture to be qualified under the Trust Indenture Act (unless an exemption
therefrom is available) in connection with the registration of the Exchange Securities or
Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect
such changes to the Indenture as may be required for the Indenture to be so qualified in accordance
with the terms of the Trust Indenture Act; and execute, and use their reasonable best efforts to
cause the Trustee to execute, all documents as may be required to effect such changes and all other
forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in
a timely manner;

     (m) in the case of a Shelf Registration, make available for inspection prior to the filing of
the Shelf Registration Statement and during the Shelf Effectiveness Period by a representative of
the Holders of the Registrable Securities (an “Inspector”), any Underwriter participating
in any disposition pursuant to such Shelf Registration Statement, and attorneys and accountants
designated by the Holders, at reasonable times and in a reasonable manner, all pertinent financial
and other records, pertinent documents and properties of the Company, and cause the respective
officers, directors and

9

 

employees of the Company to supply all information reasonably requested by any such Inspector,
Underwriter, attorney or accountant in connection with a Shelf Registration Statement as shall be
reasonably necessary to enable them to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act or to otherwise establish any applicable due diligence defense;
provided that if any such information is identified by the Company as being confidential or
proprietary it shall be maintained in confidence and shall not be disclosed to any other Person
until such time as (1) the disclosure of such information is required to be set forth in the Shelf
Registration Statement or the prospectus included therein or in an amendment to such Shelf
Registration Statement or an amendment or supplement to such prospectus in order that such Shelf
Registration Statement, prospectus, amendment or supplement as the case may be, does not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances then
existing, (in which case the subject information may only be disclosed to another Person following
such time as the Shelf Registration Statement in which such information is included is publicly
filed by the Company with the SEC), (2) such Person shall be legally compelled to disclose such
information pursuant to a subpoena or other order from a court of competent jurisdiction (but only
after such Person shall have given the Company prior written notice of such requirement) or (3) the
information has been made generally available to the public. Each such Inspector or other Person
will be required to agree to keep information obtained by it as a result of its inspections
pursuant to this Agreement confidential and not to use such information as the basis for any market
transactions in the securities of the Company unless and until such is made generally available to
the public. Each such Inspector or other Person will be required to further agree that it will,
upon learning that disclosure of such information is sought under (1) above, give notice to the
Company and allow the Company at its expense to undertake appropriate action to prevent disclosure
of the information deemed confidential;

     (n) in the case of a Shelf Registration, use its reasonable best efforts to cause all
Registrable Securities to be listed on any securities exchange or any automated quotation system on
which similar securities issued by the Company are then listed if requested by the Majority
Holders, to the extent such Registrable Securities satisfy applicable listing requirements;

     (o) if reasonably requested by any Holder of Registrable Securities covered by a Shelf
Registration Statement, promptly incorporate in a Prospectus supplement or post-effective amendment
such information with respect to such Holder as such Holder reasonably requests to be included
therein and make all required filings of such Prospectus supplement or such post-effective
amendment as soon as reasonably practicable after the Company has received notification of the
matters to be incorporated in such filing; and

     (p) in the case of a Shelf Registration, enter into such customary agreements and take all
such other actions as may be reasonably requested in connection therewith (including those
requested by the Holders of a majority in principal amount of the Registrable Securities being
sold) in order to expedite or facilitate the disposition of such Registrable Securities including,
but not limited to, an Underwritten Offering and in such connection, (i) to the extent possible,
make such representations and warranties to the Holders and any Underwriters of such Registrable
Securities with respect to the business of the Company and its subsidiaries, the Registration
Statement, Prospectus and documents incorporated by reference or deemed incorporated by reference,
if any, in each case, in form, substance

10

 

and scope as are customarily made by issuers to underwriters in underwritten offerings and
confirm the same if and when requested, (ii) in connection with an Underwritten Offering, obtain an
opinion of counsel to the Company (which counsel and opinion, in scope and substance similar to
that provided in the Purchase Agreement, as modified for a registered offering, shall be reasonably
satisfactory to the Holders and such Underwriters and their respective counsel) addressed to each
selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered
in opinions requested in underwritten offerings, (iii) in connection with an Underwritten Offering,
obtain “comfort” letters from the independent certified public accountants of the Company (and, if
necessary, any other certified public accountant of any subsidiary of the Company, or of any
business acquired by the Company for which financial statements and financial data are or are
required to be included in the Registration Statement) addressed to each selling Holder and
Underwriter of Registrable Securities, such letters to be in customary form and covering matters of
the type customarily covered in “comfort” letters in connection with underwritten offerings and
(iv) in connection with an Underwritten Offering, deliver such documents and certificates as may be
reasonably requested by the Holders of a majority in principal amount of the Registrable Securities
being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to
evidence the continued validity of the representations and warranties of the Company made pursuant
to clause (i) above and to evidence compliance with any customary conditions contained in an
underwriting agreement.

     In the case of a Shelf Registration Statement, the Company may require, as a condition to
including such Holder’s Registrable Securities in such Shelf Registration Statement, each Holder of
Registrable Securities to furnish to the Company such information regarding such Holder and the
proposed disposition by such Holder of such Registrable Securities as the Company may from time to
time reasonably request in writing.

     In the case of a Shelf Registration Statement, each Holder of Registrable Securities agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 3(e)(iii) or 3(e)(v) hereof, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to a Registration Statement until such Holder’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(i) hereof
and, if so directed by the Company, such Holder will deliver to the Company all copies in its
possession, other than permanent file copies then in such Holder’s possession, of the Prospectus
covering such Registrable Securities that is current at the time of receipt of such notice.

     If the Company shall give any such notice to suspend the disposition of Registrable Securities
pursuant to a Registration Statement, the Company shall extend the period during which the
Registration Statement shall be maintained effective pursuant to this Agreement by the number of
days during the period from and including the date of the giving of such notice to and including
the date when the Holders shall have received copies of the supplemented or amended Prospectus
necessary to resume such dispositions. The Company may give any such notice only twice during any
365-day period and any such suspensions shall not exceed 45 days for each suspension and there
shall not be more than two suspensions in effect during any 365-day period.

     The Holders of Registrable Securities covered by a Shelf Registration Statement who desire to
do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten

11

 

Offering, the investment banker or investment bankers and manager or managers (the
“Underwriters”) that will administer the offering will be selected by the Majority Holders
of the Registrable Securities included in such offering subject, in the case of any Underwriter
other than any Initial Purchaser, to the consent of the Company, such consent not to be
unreasonably withheld or delayed.

     4. Participation of Broker-Dealers in Exchange Offer. (a) The staff of the SEC has taken the
position that any broker-dealer that receives Exchange Securities for its own account in the
Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of
market-making or other trading activities (a “Participating Broker-Dealer”) may be deemed
to be an “underwriter” within the meaning of the Securities Act with respect to resales of Exchange
Securities and must deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such Exchange Securities.

     The Company understands that it is the Staff’s position that if the Prospectus contained in
the Exchange Offer Registration Statement includes a plan of distribution containing a statement to
the above effect and the means by which Participating Broker-Dealers may resell the Exchange
Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers to
satisfy their prospectus delivery obligation under the Securities Act in connection with resales of
Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the
requirements of the Securities Act.

     (b) In light of the above, and notwithstanding the other provisions of this Agreement, the
Company agrees to amend or supplement the Prospectus contained in the Exchange Offer Registration
Statement, as would otherwise be contemplated by Section 3(i), for a period of up to 180 days after
the last Exchange Date (as such period may be extended pursuant to the penultimate paragraph of
Section 3 of this Agreement), if requested by one or more Participating Broker-Dealers, in order to
expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers
consistent with the positions of the staff of the SEC recited in Section 4(a) above. The Company
further agrees that Participating Broker-Dealers shall be authorized to deliver such Prospectus
during such period (but not thereafter) in connection with the resales contemplated by this Section
4.

     (c) The Initial Purchasers shall have no liability to the Company or any Holder with respect
to any request that they may make pursuant to Section 4(b) above.

     5. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless
each Initial Purchaser and each Holder, their respective affiliates, directors and officers and
each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Indemnified
Parties”), from and against any and all losses, claims, damages and liabilities (including,
without limitation, legal fees and other expenses incurred in connection with any suit, action or
proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that
arise out of, or are based upon, any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or any Prospectus or any omission or alleged omission
to state therein a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under

12

 

which they were made, not misleading, except insofar as such losses, claims, damages or
liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any information relating to any
Initial Purchaser or any Holder furnished to the Company in writing through the Representative or
any selling Holder expressly for use therein; and provided, further, that with respect to any such
untrue statement in or omission from any related preliminary prospectus, the indemnity agreements
contained in this Section 6(a) shall not inure to the benefit of any Holder from which the person
asserting such loss, claim, damage, liability or action received Registrable Securities or Exchange
Securities to the extent that such loss, claim, damage, liability or action of or with respect to
such holder results from the fact that (A) such Holder had a duty to deliver a Prospectus in
connection with a sale of Registrable Securities by it; (B) a copy of the final prospectus was not
sent or given to such person at or prior to the written confirmation of the sale of such
Registrable Securities or Exchange Securities to such person and (C) the untrue statement in or
omission from the related preliminary prospectus was corrected in the final prospectus unless, in
either case, the Company had not provided such final Prospectus to such Holder. In connection with
any Underwritten Offering permitted by Section 3, the Company will also indemnify the Underwriters,
if any, selling brokers, dealers and similar securities industry professionals participating in the
distribution, their respective affiliates and each Person who controls such Persons (within the
meaning of the Securities Act and the Exchange Act) to the same extent as provided above with
respect to the indemnification of the Holders, if requested in connection with any Registration
Statement.

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company,
the Initial Purchasers and the other selling Holders, their respective affiliates, the directors of
the Company and each officer of the Company who signed the Registration Statement and each Person,
if any, who controls the Company, any Initial Purchaser and any other selling Holder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as
the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims,
damages or liabilities that arise out of, or are based upon, any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity with any information
relating to such Holder furnished to the Company in writing by such Holder expressly for use in any
Registration Statement and any Prospectus.

     (c) If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnification
may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified
Person”) shall promptly notify the Person against whom such indemnification may be sought (the
“Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have under this Section 5 except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided, further, that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise
than under this Section 5. If any such proceeding shall be brought or asserted against an
Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying
Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the
Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the
Indemnifying Person may designate in such proceeding and shall

13

 

pay the fees and expenses of such counsel related to such proceeding, as incurred. In any
such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the
Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the
Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory
to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there
may be legal defenses available to it that are different from or in addition to those available to
the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests
between them, in each of which cases the reasonable fees, disbursements and other charges of
counsel will be at the expense of the Indemnifying Person or Persons. It is understood and agreed
that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in
the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in
addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses
shall be reimbursed as they are incurred. Any such separate firm (x) for any Initial Purchaser,
its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be
designated in writing by the Representative, (y) for any Holder, its affiliates, directors and
officers and any control Persons of such Holder shall be designated in writing by the Majority
Holders and (z) in all other cases shall be designated in writing by the Company. The Indemnifying
Person shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the
Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or
liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at
any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the
Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the
Indemnifying Person shall be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 30 days after receipt by the
Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the
Indemnified Person in accordance with such request prior to the date of such settlement. No
Indemnifying Person shall, without the written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or
could have been a party and indemnification could have been sought hereunder by such Indemnified
Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in
form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims
that are the subject matter of such proceeding and (B) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

     (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company from the
offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from
receiving Securities or Exchange Securities registered under the Securities Act, on the other hand,
or (ii) if the allocation provided by

14

 

clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) but also the relative fault of the
Indemnifying Person on the one hand and the Indemnified Person on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities, as well as
any other relevant equitable considerations. The relative fault of the Indemnifying Person on the
one hand and the Indemnified Person on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Indemnifying
Person or by the Indemnified Person and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

     (e) The Company and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated
as one entity for such purpose) or by any other method of allocation that does not take account of
the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an
Indemnified Person as a result of the losses, claims, damages and liabilities referred to in
paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses incurred by such Indemnified Person in connection with any such action or
claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to
contribute any amount in excess of the amount by which the total price at which the Securities or
Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation.

     (f) The remedies provided for in this Section 5 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.

     (g) The indemnity and contribution provisions contained in this Section 5 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement, (ii)
any investigation made by or on behalf of the Initial Purchasers or any Holder, their respective
affiliates or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the
Company its respective affiliates or the officers or directors of or any Person controlling the
Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable
Securities pursuant to a Shelf Registration Statement.

     6. General.

     (a) No Inconsistent Agreements. The Company represents, warrants and agrees that (i) the
rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of any other outstanding securities issued by the Company
under any other agreement and (ii) the Company has not entered into, and will not after the date of
this Agreement enter into, any agreement that conflicts with or is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof.

15

 

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given unless the Company has obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or consent; provided that
no amendment, modification, supplement, waiver or consent to any departure from the provisions of
Section 5 hereof shall be effective as against any Holder of Registrable Securities unless
consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or
consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties
hereto.

     (c) Notices. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand-delivery, registered first-class mail, telex, telecopier, or any courier
guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such
Holder to the Company by means of a notice given in accordance with the provisions of this Section
6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in
the Purchase Agreement; (ii) if to the Company, initially at the Company’s address set forth in the
Purchase Agreement and thereafter at such other address, notice of which is given in accordance
with the provisions of this Section 6(c); and (iii) to such other persons at their respective
addresses as provided in the Purchase Agreement and thereafter at such other address, notice of
which is given in accordance with the provisions of this Section 6(c) (it being understood that,
any notice that is required to be provided to counsel for any Holder may be provided to counsel for
the Initial Purchasers (with reference to the fact that such item is being provided as a result of
not having such Holder’s counsel’s address for notices) unless such Holder advises the Company to
the contrary). All such notices and communications shall be deemed to have been duly given at the
time delivered by hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if
telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing
overnight delivery. Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the address specified in
the Indenture.

     (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors, assigns and transferees of each of the parties, including, without limitation and
without the need for an express assignment, subsequent Holders; provided that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Registrable Securities in
violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder
shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and
holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be
bound by and to perform all of the terms and provisions of this Agreement and such Person shall be
entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial
Purchasers) shall have no liability or obligation to the Company with respect to any failure by a
Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under
this Agreement.

     (e) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the
agreements made hereunder between the Company and the Initial Purchasers, and shall have the right

16

 

to enforce such agreements directly to the extent it deems such enforcement necessary or
advisable to protect its rights or the rights of other Holders hereunder.

     (f) Counterparts. This Agreement 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.

     (g) Headings. The headings in this Agreement are for convenience of reference only, are not a
part of this Agreement and shall not limit or otherwise affect the meaning hereof.

     (h) Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York.

     (i) Miscellaneous. This Agreement contains the entire agreement between the parties relating
to the subject matter hereof and supersedes all oral statements and prior writings with respect
thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a
court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the
remainder of the terms, provisions, covenants and restrictions contained herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated. The Company and
the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or
unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, void or unenforceable provisions.

[Signature Page Follows]

17

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	CRUM & FORSTER HOLDINGS CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Confirmed and accepted as of the date first above written:

	 	 	 	 	 
	MERRILL LYNCH & CO.

	 	 
	MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED

	 	 
	By:  	 	 	 
	 	Authorized Signatory 
	 	 
	 

For itself and on behalf of the

several Initial Purchasers

 

 

SCHEDULE I

Initial Purchasers

Merrill Lynch, Pierce, Fenner & Smith Incorporated

UBS Securities LLC

Ferris, Baker Watts, Incorporated

RBC Capital Markets Corporation

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